Clear Align to Present Innovative Technologies at SPIE Defense, Security, and Sensing Conference
PHILADELPHIA, March 25 -- Michael G. Bush and Dean P. Kossives of Clear Align, an electro-optic systems company focused on custom imaging, fiber optic and laser sensors for military and aerospace applications, will present papers documenting two novel technologies during the SPIE Defense, Security, and Sensing Conference in Orlando, Florida, April 5-9, 2010.
"Inventors Bush and Kossives have done cutting-edge research and development in the quest to find creative and cost-effective solutions to protect our soldiers in the most adverse conditions," said Angelique X. Irvin, President and CEO of Clear Align. "Lock-In Imager(TM) and Miniature Soldier Sensor Platform (M-SSP)(TM) are the results of their efforts; both technologies are too early in development for concrete adaptation to current threats, however the solutions they present show great promise for future adaptation to threat detection."
As part of the Imaging and Sensing track at the SPIE Conference, Michael G. Bush will present proof of concept data on a novel low-cost multipurpose imaging architecture that enables high-resolution lock-in imaging. His presentation details the development of Clear Align's Lock-In Imager(TM), an ultra-high-sensitivity, high-resolution camera platform that is ideal for search and rescue, identification of friend or foe, and covert surveillance. One of the greatest benefits of this technology is that it functions by leveraging the capabilities of standard commercial off the shelf components, providing a lower cost, previously-qualified solution. Bush will present during the Airborne Intelligence, Surveillance, Reconnaissance (ISR) Systems and Applications VII on Wednesday, April 7, 2010 from 8:20 AM - 8:40 AM during Conference 7668 in the World Center Marriot Crystal Ballroom L.
As part of the Emerging Technologies track of the conference, Dean P. Kossives will present a newly-patented, novel approach for chemical detection called Miniature Solider Sensor Platform(TM) (M-SSP). His presentation will detail the M-SSP(TM) concept, including the identification of improvised explosive device precursors. The technology, although very early in development with high developmental risks, promises a miniaturized device (wristwatch-sized) that delivers real-time, short-range, tactical analysis of chemical threats to soldiers and civilians. Dean Kossives will present during the Photonic Microdevices/Microstructures for Sensing II on Thursday, April 8, 2010 during Conference 7682 from 2:50 PM - 3:10 PM in the World Center Marriot Crystal Ballroom K.
About SPIE Defense, Security, and Sensing Conference & Exhibition
SPIE Defense, Security, and Sensing is the leading event for scientists and engineers from industry, military, government agencies, and academia throughout the world. The event will assemble key professionals from universities, laboratories, government agencies and commercial organizations to exchange latest innovations. The exhibition will showcase a wide array of infrared, sensing and imaging technologies and contemporary hardware and software. For more information, visit http://spie.org/x6765.xml.
About Clear Align
Clear Align designs, prototypes and manufactures custom electro-optic products used to gather intelligence, surveillance and reconnaissance information for defense, homeland security, and aerospace applications. Clear Align builds custom imaging solutions spanning the ultraviolet, visible and infrared portions of the optical spectrum with a specialization in night-vision systems. Clear Align's custom fiber optic solutions include optical integration for targeting, laser development, and remote sensing with expertise in low-phase-noise laser development. Clear Align is a certified WOSB, 8(a) SDB, and SB. More information about the company is available at http://www.clearalign.com.
NIVS Announces Full Year and Fourth Quarter 2009 Results
Company reports Fiscal year 2009 net income of $23.5 million, or $0.59 per diluted share, on sales of $185.2 million, versus $13.0 million net income, or
$0.41 per diluted share, in 2008 on sales of $143.6 million
HUIZHOU, China, March 25 -- NIVS IntelliMedia Technology Group, Inc. ("NIVS" or the "Company") (NYSE:NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, announced today that net sales for the three months ended December 31, 2009, were $62.7 million compared to $42.6 million in the comparable prior year period, an increase of 47.2%. The increase in sales during the fourth quarter of 2009 compared to the fourth quarter of 2008 was attributed primarily to an increased demand for the Company's intelligent audio and video products as a result of the economic recovery that began in China, and market expansion efforts. Net sales for the full year ended December 31, 2009 were $185.2 million, an increase of $41.6 million, or 29.0% compared to $143.6 million for the year ended December 31, 2008. The increase in revenue was also attributed primarily to the increased demand for and sales of the Company's intelligent audio and video products, which the Company believes was the result of its market expansion efforts.
Income from operations during the fourth quarter 2009 was $12.5 million, an increase of $8.6 million or 220.5% compared to $3.9 million in the comparable prior year period. The increase in income from operations was attributable in part to the reversal of $2.7 million of bad debt charges in the fourth quarter. For the year ended December 31, 2009, the Company reported income from operations of $28.5 million, an increase of $10.0 million, or 54.1% from $18.5 million in the comparable prior year period.
Mr. Tianfu Li, NIVS' Chairman and CEO, said, "I am delighted at our strong 2009 fourth quarter and full year performance and completing our first year of trading on the NYSE Amex. We acquired our U.S. listing during a challenging economic environment and succeeded in expanding our business within the Chinese domestic market as well as in international markets. We believe our 2009 performance provides a solid foundation from which to grow in 2010. Our management team is focused on achieving outstanding operational performance and the continuance of increasing shareholder value."
During the fourth quarter of 2009, the Company reported net income of $11.0 million, or $0.28 per diluted share compared to $1.9 million, or $0.04 per diluted share, in the comparable period of 2008, an increase of $9.1 million. For the year ended December 31, 2009, the Company reported net income of $23.5 million, or $0.59 per diluted share, an increase of $10.5 million, or 80.8% from $13 million, or $0.41 per diluted share, in 2008.
Liquidity and Capital Resources
The Company had unrestricted cash and cash equivalents of approximately $5.9 million at December 31, 2009, compared with $0.5 million at December 31, 2008. In addition, the Company had approximately $4.8 million in restricted cash at December 31, 2009, as compared to $11.7 million at December 31, 2008. The Company had working capital of approximately $3.3 million at December 31, 2009 and a working capital deficit of $18.6 million at December 31, 2008.
The Company had short-term bank loans of approximately $51.7 million and $54.7 million as of December 31, 2009 and 2008, respectively.
During 2009, the Company spent $9.6 million on capital expenditures compared to $16.8 million in 2008. Depreciation and amortization was $5.9 million in 2009 compared to $4.9 million in 2008.
Business Outlook
For the remainder of 2010, the Company intends to continue its strong marketing and new product launch momentum, and remain focused on executing the goal of becoming China's preeminent integrated consumer electronics company. The Company intends to further enhance its balance sheet by focusing on cutting operating costs and streamlining operating efficiencies. In addition, the Company will continue to focus on R&D and add to its product portfolio, such as 3G mobile handsets, for example. As demonstrated by the tripling of revenue year-over-year of the intelligent audio and visual products in the fourth quarter of 2009, the Company believes that its integration of solid technology, design, manufacturing, distribution, product and marketing continues to be well-received by its customers and end users.
The Company intends to sustain its strong growth across all its operating segments and remains confident about the business and growth of the AV consumer electronics industry, and believes that its integrated strengths should allow it to expand market share within its core market and help to capture opportunities in new markets, enabling the Company to deliver sustained strong financial results and greater share value.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Greater Asia, Europe, and North America. The NIVS brand has received "Most Popular Brand" distinction in China's acoustic industry for three consecutive years, among numerous other awards. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company's intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting ("DVB") set-top boxes, peripherals and more.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company's ability to remediate the significant deficiencies and/or material weakness(es) in its internal controls; the Company's ability to effectively integrate the operations and management of acquisition targets, including Dongri; the Company's entry into the mobile phone manufacturing business; the Company's ability to timely deliver products; the Company's ability to timely develop and market new products; the Company's ability to continue to borrow and raise additional capital to fund its operations; the Company's ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; fluctuations in the availability of raw materials and components needed for the Company's products; protection of the Company's intellectual property rights; and changes in the laws of the PRC that affect the Company's operations. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the discussed above and in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume an obligation to update these forward-looking statements.
Investor Conference Call
The Company's 2009 year-end earnings conference call will take place on Thursday, March 25, 2010, at 11:00 a.m. Eastern Time and will also be webcast over the internet.
To participate, callers should dial 800- 867-0938, callers dialing from China or Hong Kong should dial U.S. 1 -480-293-0647. Participants should ask for the "NIVS IntelliMedia Conference Call."
In addition, a replay of the conference call will be archived and available until April 25, 2010 at the following numbers: Domestic callers - 800-406-7325 or 303-590-3030, access code: 4263795. Callers from China or Hong Kong: U.S. 1-800-406-7325, access code 4263795.
For more information, please contact:
Company Contact:
Jason Wong
Vice President Investor Relations
Tel: +86-138-299-16919
Email: jason@nivsgroup.com
Investor Contact:
United States & Canada
BPC Financial Marketing
John Baldissera
Tel: +1-800-368-1217
NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In US Dollars)
December 31, December 31,
2009 2008
Assets
Current Assets
Cash and cash equivalents $5,916,224 $461,504
Trade receivables, net 33,228,955 20,364,356
Inventories, net 9,626,048 11,279,832
Prepaid expenses, deposit and other
receivables 8,641,448 81,690
VAT refundable 869,202 1,094,090
Restricted cash 4,840,137 11,681,595
Total current assets 63,122,014 44,963,067
Property, equipment and construction
in progress, net 58,409,374 56,331,487
Advances to suppliers 16,649,904 15,286,028
Intangible assets, net 2,295,244 2,343,383
Total Assets $140,476,536 $118,923,965
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable - trade $3,932,115 $2,020,363
Accrued liabilities and other
payable 1,485,577 1,441,922
Wages payable 801,972 800,744
Corporate tax payable 1,372,117 2,744,518
Various taxes payable 494,678 470,860
Customer deposits -- 1,393,171
Short-term loans 43,987,358 35,871,715
Bank notes payable 7,712,609 18,849,201
Total current liabilities 59,786,426 63,592,494
Due to shareholder -- 7,842,780
Total Liabilities 59,786,426 71,435,274
Shareholders' Equity
NIVS IntelliMedia Technology Group,
Inc.'s shareholders' equity
Preferred stock, $0.0001 par value,
10,000,000 shares authorized, 0
shares issued and outstanding at
December 31, 2009 and December 31,
2008, respectively -- --
Common stock, $0.0001 par value,
100,000,000 shares authorized,
40,675,347 and 36,855,714 shares
issued and outstanding at December
31, 2009 and December 31, 2008,
respectively 4,068 3,686
Additional paid-in capital 21,717,239 12,663,513
Accumulated other comprehensive
income 3,979,941 3,960,012
Statutory reserve fund 5,722,107 3,568,869
Retained earnings (unrestricted) 47,497,211 26,193,371
Total NIVS IntelliMedia Technology
Group, Inc. Shareholders' Equity 78,920,566 46,389,451
Noncontrolling interest 1,769,544 1,099,240
Total Shareholders' Equity 80,690,110 47,488,691
Total Liabilities & Shareholders'
Equity $140,476,536 $118,923,965
The accompanying notes are an integral part of these consolidated
financial statements.
NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In US Dollars)
For the Year Ended
December 31, December 31, December 31,
2009 2008 2007
Revenues $185,197,972 $143,630,679 $77,626,516
Other Revenues 282,289 414,968 516,415
Cost of Goods Sold (142,416,067) (109,762,476) (58,864,342)
Gross Profit 43,064,194 34,283,171 19,278,589
Selling Expenses 6,761,597 5,376,083 3,269,414
General and
administrative
Amortization 78,665 68,788 62,175
Depreciation 331,153 337,445 327,575
Bad debts (recovery) (2,745,003) 2,531,479 473,218
Merger cost -- 1,785,696 --
Stock-based
compensation -- 765,000 --
Other general and
administrative 4,850,370 3,171,458 2,548,047
Total general and
administrative 2,515,185 8,659,866 3,411,015
Research and
development 5,314,781 1,737,323 373,472
Total operating
expenses 14,591,563 15,773,272 7,053,901
Income from
operations 28,472,631 18,509,899 12,224,688
Other income
(expenses)
Government grant 575,870 31,713 28,138
Write-down of
inventory -- (131,837) (105,106)
Interest income 6 91 234,655)
Interest expense (1,566,976) (2,208,051) (1,791,490)
Imputed interest -- (656,167) (526,428)
Sundry income
(expense), net 11,407 (51,714) (111,405)
Total other
income (expenses) (979,693) (3,015,965) (2,271,636)
Income before
non-controlling
interest and
income taxes 27,492,938 15,493,934 9,953,052
Income taxes (3,406,230) (2,031,031) (1,268,963)
Net income 24,086,708 13,462,903 8,684,089
Net income
attributable to
the non-
controlling
interest (629,630) (429,490) (217,569)
Net income
attributable NIVS
IntelliMedia
Technology Group,
Inc. $23,457,078 $13,033,413 $8,466,520
Basic earnings
per share - net
income
attributable to
NIVS's common
shareholders $0.59 $0.41 $0.31
The accompanying notes are an integral part of these consolidated
financial statements.
NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US Dollars)
For the Year Ended
December 31,
2009 2008 2007
Cash Flows From
Operating
Activities
Net income $24,086,708 $13,462,903 $8,684,089
Adjustments to
reconcile net
income to net
cash provided by
operating
activities:
Imputed interest -- 656,167 526,428
Bad debt expense
(recovery) (2,745,003) 2,531,479 473,218
Depreciation
expense 5,850,550 4,887,386 1,169,319
Amortization
expense 78,665 68,788 62,175
Stock-based
compensation -- 765,000 --
Write-down of
inventory -- 131,837 105,106
Changes in
operating assets
and liabilities:
Trade receivables (10,117,126) (18,385,002) (4,838,184)
Advances to
suppliers 350,934 1,318,827 (13,640,207)
Prepaid expenses
and deposits -- (63,105) 38,265
Inventories, net 1,655,152 6,067,538 (15,908,385)
VAT refundable 225,021 (1,094,090) --
Accounts payable,
accrued
liabilities and
customer deposits 561,647 (12,650,271) 12,402,518
Various taxes
payable 23,761 283,149 (315,905)
Wages payable 1,131 192,522 436,329
Corporate tax
payable (1,372,734) 1,018,753 1,092,944
Net cash
provided by
(used in)
operating
activities 18,598,706 (808,119) (9,712,290)
Cash Flows From
Investing
Activities
Restricted cash 6,842,875 (9,698,348) (276,104)
Deposits for
Dongri
Acquisition (8,559,748) -- --
Purchases of
property, plant
and equipment (5,232,911) (15,326,949) (15,297,640)
Payments made for
construction in
progress (4,405,199) (1,480,627) --
Purchases of
intangible assets (31,605) (28,830) --
Due from related
parties -- 2,213,370 4,801,648
Short-term
investment,
marketable
securities -- -- (650)
Net cash used in
investing
activities (11,386,588) (24,321,384) (10,772,746)
Cash Flows From
Financing
Activities
Net borrowing
from bank loans
payable 8,111,292 3,230,239 15,985,886
Net borrowing
(repayment) in
bank notes
payable (11,138,878) 12,744,638 (145,438)
Capital lease
payable -- -- (61,669)
Net proceeds of
share issuances 1,212,382 10,487,474 --
Due to
shareholder -- (3,165,990) 4,916,614
Net cash
provided by
(used in)
financing
activities (1,815,204) 23,296,361 20,695,393
Effect of
exchange rate
changes on cash 57,806 855,995 668,904
Net increase in
cash and cash
equivalents 5,454,720 (977,147) 879,261
Cash and cash
equivalents,
beginning of
period 461,504 1,438,651 559,390
Cash and cash
equivalents, end
of period $5,916,224 $461,504 $1,438,651
Non cash
investing and
financing
activities:
Exchange of
investment for
equipment $-- $-- $12,824,623
Conversion of Li
debt to common
stock $7,841,726 $-- $--
The accompanying notes are an integral part of these consolidated
financial statements.
Source: NIVS IntelliMedia Technology Group, Inc.
CONTACT: Jason Wong, Vice President Investor Relations of NIVS
IntelliMedia Technology Group, Inc., +86-138-299-16919, jason@nivsgroup.com;
or in the United States & Canada, John Baldissera of BPC Financial Marketing,
+1-800-368-1217, for NIVS
BIO-key(R) Reports Fourth Quarter and Full Year 2009 Financial Results
WALL, N.J., March 25 -- BIO-key International, Inc. (BULLETIN BOARD: BKYI) , a leader in biometric identification solutions, today reported selected financial results for the fourth quarter and full year ended December 31, 2009. These results reflect the sale of its Law Enforcement Division, which was completed on December 8, 2009. For clarity and consistency, the data presented in this press release includes the results of the Company's fingerprint-based Biometrics Division for the fourth quarter and the full year, with the Law Enforcement Division presented as discontinued operations.
Revenues from operations for the quarter ended December 31, 2009 was $1,014,052, a revenue increase of 93% from that reported in the third quarter of 2009.
Gross margin was 90% for the fourth quarter of 2009, compared to 63% for the third quarter of 2009.
The continuing operations loss in the quarter ended December 31, 2009 was reduced to a net loss of ($188,496) compared to a loss of ($794,172) for the quarter ended September 30, 2009.
Net income for the quarter ended December 31, 2009 was $4.4 million, including a $4.5 million gain from the sale of the Law Enforcement Division and income of $105,735 from discontinued operations.
Full Year 2009 Revenue and Income
Revenues from operations for the year ended December 31, 2009 was $2.4 million, a revenue decrease of 30% from the year ended December 31, 2008. The 2008 results reflected revenues from a large project for the FBI. Excluding that transaction, revenues grew year over year by 71%.
Gross margin was 79% for 2009, compared to 90% for 2008. Adjusting for the large project for the FBI, gross margin improved from approximately 76% in 2008.
The continuing operations loss in 2009 was ($2.5 million) compared to a loss of ($1.7 million) in 2008.
Net income for the full year ended December 31, 2009 was $4.7 million compared to net income of $0.1 million for 2008. The significant increase in year over year net income is attributable to the gain from the sale of the Law Enforcement Division.
2009 Balance Sheet
Profitable combined continuing and discontinued operations and the gain on the sale of the Law Enforcement Division provided the company with sufficient cash flow to retire $7.5 million of its outstanding preferred stock.
The company ended 2009 with substantial liquidity of approximately $800,000 in cash and about $850,000 in receivables. Further, the company's remaining outstanding preferred stock is approximately $1 million less than the notes receivable owed to the company.
For the first time since the early years of the company's inception, the company achieved positive stockholders equity.
Management Discussion
Commenting on the fourth quarter and full year, Mike DePasquale, BIO-key CEO said, "We are thrilled that we were able to complete and profitably close the sale of our Law Enforcement business enabling us to dramatically improve and strengthen our Balance Sheet; and providing us with the resources to focus on our high-margin, high-growth leadership biometrics business."
"I am particularly pleased with the strong revenue results of our fourth quarter biometrics business which nearly doubled in the fourth quarter from the preceding quarter. With 90% gross margins and continued cost discipline, we have calculated a break even profitability model of about $1 million dollars a quarter. This will give us the opportunity to grow profits as our revenue increases."
2009 Highlights include:
-- BIO-key selected as part of the Next Generation FBI AFIS System with
the fusion of BIO-key and MorphoTrak biometric algorithms. This fusion
was a key component to delivering the speed, accuracy and reliability
of the solution chosen.
-- Retained Thomas Bush III, former senior FBI official as a strategic
advisor and consultant. Tom brings 30 years of experience with the
FBI, including large-scale biometrics systems expertise.
-- Awarded biometric contract with Federal Probation and Pretrial
Services Office of US Courts as part of the project to deploy
fingerprint biometric enabled identity management kiosks nationwide.
-- Granted US patent for 'Trusted Biometric Device'. This security
solution patent digitally secures private data in transit from capture
point and protects privacy of users.
-- Announced with our partner, Healthcare-ID, the integration of our
biometric software intoHealthcare-ID's Donor-ID Web(TM) application,
used by blood collection centers nationwide.
-- Minnesota Counties deployed a new criminal charging system with
BIO-key® fingerprint biometrics. This paperless eCharging solution
saves time and increases efficiency.
-- Broadening of our software platform support to include Microsoft®
Windows Terminal Services, Citrix® Clients and Wyse CE terminals.
-- Selected by SC Magazine as the 2009 Industry Innovator in Biometrics.
-- January 8th edition of This Week in Consumer Electronics (TWICE)
profiled AT&T's nationwide deployment of tablet PCs, secured with
BIO-key fingerprint biometric software to identify in-store customer
representatives.
-- Completion of the sale of our Law Enforcement Division to InterAct
Public Safety Systems for $11 Million giving the company positive
equity and liquidity to sustain and invest in biometric technology.
DePasquale concluded, "Throughout our history, dating back to the founding of SAC technology in 1993 and the formation of BIO-key International in 2002 and up to the latter part of this decade, we have never been more optimistic about the future of the biometric industry and, in particular, the opportunity for BIO-key to prosper."
Conference Call Details
BIO-key has scheduled a call for Thursday, March 25th at 10:00 a.m. Eastern Time to discuss 2009 financial results. Dialing 800-860-2442 and asking for the BIO-key call at least 10 minutes prior to the start time. The conference call will also be broadcast live over the Internet by logging onto http://www.bio-key.com. A streaming audio replay of the webcast will be available shortly after the call on the Company's website (http://www.bio-key.com) for a period of thirty days.
About BIO-key
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key's award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world's largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key's technology is offered directly or by market leading partners around the world. (http://www.bio-key.com/)
BIO-key Safe Harbor Statement
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue, our ability to develop new products and evolve existing ones, the impact on our business of the recent financial crisis in the global capital markets and negative global economic trends, and our ability to attract and retain key personnel. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, Inc., see "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
BURLINGTON, Massachusetts, March 25, 2010-- Attunity Ltd. (OTC Bulletin Board: ATTUF.OB), a leading provider of
real-time data integration and event capture software, announced today that
is has entered into an extension agreement with the holders of its
Convertible Promissory Notes due November 4, 2010.
Under the extension agreement, the maturity date of the Convertible Notes
will be extended from November 4, 2010, such that the aggregate principal
amount of the Convertible Notes (currently, $2 million) will become due and
payable in six equal quarterly installments of $333,333 starting from
November 4, 2010. Other key terms of the extension agreement, as approved by
Attunity' s shareholders on December 31, 2009 include a change of the
interest rate from an annual rate of a floating annual rate of the LIBOR rate
plus five percent (5%) to a fixed annual rate of nine percent (9%), payable
in cash together with the applicable payments of principal.
Dror Harel-Elkayam Attunity' s VP Finance, stated, "We are pleased with
the confidence our holders of convertible notes have placed in the Company as
evidenced by the extension of the maturity date. We believe that this
agreement, along with previous financing activities we implemented during
2009, further improves our cash and working capital position."
About Attunity
Attunity is a leading provider of real-time data integration and event
capture software. Using our software solutions such as Attunity Connect, a
real-time connectivity software, or Attunity Stream, our log-based, real-time
change-data-capture software, Attunity's customers enjoy dramatic business
benefits by driving down the cost of managing their operational systems,
creating flexible, service-based architectures for increased business
agility, and by detecting critical actionable business events, as they
happen, for faster business execution.
Attunity has supplied innovative software solutions to its
enterprise-class customers for nearly 20 years and has successful deployments
at thousands of organizations worldwide. Attunity provides software directly
and indirectly through a number of strategic and OEM agreements with partners
such as Microsoft, Oracle, IBM, HP and SAP/Business Objects. Headquartered in
Boston, Attunity serves its customers via offices in North America, Europe,
and Asia Pacific and through a network of local partners. For more
information, visit http://www.attunity.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995 and other Federal Securities laws. Statements preceded by,
followed by, or that otherwise include the words "believes", "expects",
"anticipates", "intends", "estimates", "plans", and similar expressions or
future or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical facts. For
example, when we discuss the cash and working capital position, we are using
a forward-looking statement. Because such statements deal with future events,
they are subject to various risks and uncertainties and actual results could
differ materially from Attunity's current expectations. Factors that could
cause or contribute to such differences include, but are not limited to: the
impact on revenues of economic and political uncertainties and weaknesses in
various regions of the world, including the commencement or escalation of
hostilities or acts of terrorism; our liquidity challenges and the need to
raise additional capital in the near future which may not be available to us
on acceptable terms or at all; any unforeseen developmental or
technological difficulties with regard to Attunity's products; changes in the
competitive landscape, including new competitors or the impact of competitive
pricing and products; a shift in demand for products such as Attunity's;
unknown factors affecting third parties with which Attunity has formed
business alliances; timely availability and customer acceptance of Attunity's
new and existing products; and other factors and risks on which Attunity may
have little or no control. This list is intended to identify only certain of
the principal factors that could cause actual results to differ. For a more
detailed description of the risks and uncertainties affecting Attunity,
reference is made to Attunity's Annual Report on Form 20-F for the year ended
December 31, 2008, which is on file with the Securities and Exchange
Commission (SEC) and the other risk factors discussed from time to time by
Attunity in reports filed or furnished to the SEC. Except as otherwise
required by law, Attunity undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
(c) 2010 Attunity Ltd. All rights reserved. Attunity is a trademark of
Attunity Inc.
KVH mini-VSAT Broadband Service Receives Network License that Enables Broadband and Voice Coverage in the Indian Ocean
KVH mini-VSAT Broadband Service expected to commence in April 2010
MIDDLETOWN, R.I., March 25 -- KVH Industries, Inc., (NASDAQ:KVHI) today announced that its mini-VSAT Broadband(SM) satellite communications service has received operating authority that enables coverage of the Indian Ocean region. This is the latest step in the joint effort by KVH and ViaSat to offer seamless global broadband connectivity for vessels and aircraft, and the service in the Indian Ocean region is expected to be available in April 2010 via the JSCAT-85 satellite. The network will bring broadband Internet and voice service to commercial and leisure boaters in and around the Indian Ocean, as well as provide network coverage to the ViaSat Yonder(R) in-flight broadband network for business and commercial aircraft.
"We are very gratified to have license authority to provide broadband communications and voice service to mobile subscribers in the Indian Ocean region," remarked Brent C. Bruun, KVH's vice president of satellite sales and business development. "The activation of our Ku-band VSAT service in this region in April will be a major milestone for mini-VSAT Broadband. This versatile network will then truly span the globe, enabling mariners to circumnavigate without ever leaving the mini-VSAT Broadband coverage area. No other Ku-band VSAT service provider can match this combination of seamless service, spread spectrum-based efficiency and affordability, and our fully integrated hardware solution."
The mini-VSAT Broadband service, along with the KVH TracPhone® V7 antenna, comprise the first end-to-end 24-inch VSAT antenna, service, and support package available for maritime communications. Together, KVH and ViaSat are providing two-way mobile broadcast services from eight secure teleports around the globe utilizing eight beams on seven of the world's most powerful communications satellites. The resulting seamless network offers voice service and Internet access as fast as 512 Kbps (upload) and 2 Mbps (download) at fixed monthly rates.
Visit http://www.minivsat.com/ for additional details regarding the TracPhone V7 and mini-VSAT Broadband service and coverage as well as case studies of customers who have successfully solved critical maritime communications challenges thanks to the compact and affordable mini-VSAT Broadband solution.
Note to editors: High-resolution, press-ready images of the TracPhone V7 and maritime installations are available at http://press.kvh.com/ for download and editorial use.
Middletown, RI-based KVH Industries, Inc., and its wholly owned subsidiary, KVH Europe A/S, are leading providers of in-motion satellite TV and communications systems, having designed, manufactured, and sold more than 150,000 mobile satellite antennas for applications on vessels, vehicles, and aircraft. KVH's mission is to connect mobile customers around the globe with the same digital television entertainment, communications, and Internet services that they enjoy in their homes and offices.
This release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements include, for example, the service rollout plans, the functionality, characteristics, quality and performance of KVH's products and technology; anticipated innovation and product development; and customer demand, preferences, requirements and expectations. The actual results could differ materially. Factors that may cause such differences include, among others, the successful launch and deployment of new satellites; uncertainty about the scope of customer demand; the potential inability to secure the licenses necessary for the network; risks associated with the delivery or performance of critical hardware; future decisions about the expected profitability of additional satellite regions; changes in the costs and capabilities of competing offerings; and those other risk factors discussed in KVH's most recent Form 10-K filed with the SEC. KVH does not assume any obligation to update its forward-looking statements to reflect new information or developments.
KVH and TracPhone are registered trademarks of KVH Industries. "mini-VSAT Broadband" is a service mark of KVH Industries. All other trademarks are the property of their respective companies.
Source: KVH Industries, Inc.
CONTACT: Chris Watson of KVH Industries, +1-401-845-8138,
cwatson@kvh.com
Ness Strengthens Position as Leading Provider of Enterprise Solutions
TEL AVIV, Israel, March 25, 2010-- Ness Technologies, Inc. (NASDAQ: NSTC and TASE: NSTC), a global provider
of IT services and solutions, today announced that it has signed a definitive
agreement to acquire Gilon Business Insight Ltd., a leading provider of
business intelligence (BI) consulting and implementation solutions and
services. The acquisition further positions Ness Technologies as a leading
provider of enterprise solutions, with a proven blend of ERP, BI and CRM
capabilities. Ness will utilize Gilon's capabilities to help fulfill the
growing demand for business intelligence applications, solutions and services
around the world.
The purchase price in the all cash transaction is 65 million New Israeli
Shekels (NIS), or approximately $17.5 million. In addition, should Gilon
achieve certain performance goals, Ness will pay an additional amount of up
to NIS 9 million, or approximately $2.4 million. In fiscal year 2009, Gilon
generated revenues of about $22 million and was profitable. The acquisition
is expected to be accretive for 2010, on a non-GAAP basis. As of the end of
December 2009, Gilon had approximately 230 employees and it currently has 280
employees, mainly in Israel. The acquisition is expected to close during Q2.
"The acquisition of Gilon is an important step enhancing our global
business intelligence offerings," said Larry Scott, President of Ness Global
Industries. "Gilon complements our strong presence in the North American
business intelligence marketplace, enabling us to deliver state-of-the-art
business intelligence solutions and systems using a multi-shore delivery
model. Business intelligence solutions are one of our most important global
capabilities, as enterprises around the world struggle to turn massive
amounts of data into meaningful, actionable business knowledge."
"Business intelligence is one of our value added solutions for enterprise
customers, and especially for their strategic decision makers," said Effi
Kotek, President of Ness Israel. "In Israel, this acquisition strengthens our
position as a leading provider of enterprise solutions in general, and
business intelligence in particular. We look forward to having Gilon's
employees and management join the Ness team to cement and grow our market
leading position for BI solutions and services."
"We are very excited to become part of Ness Technologies and we look
forward to contributing to the company's service offerings and success around
the globe," said Guy Greenberg, Gilon's CEO. "Our integration with Ness is a
natural step for us. We bring to Ness a highly experienced team in
consulting, implementation, training and management of large scale BI
projects."
"We were fortunate to join forces with Gilon's founders and management to
turn Gilon into the leading BI provider in Israel," said Avi Zeevi, Active
Chairman of Gilon, who led the investment in Gilon on behalf of DPartners and
Viola Group. "The acquisition by Ness will enable Gilon to accelerate its
growth as a true global player."
About Ness Technologies
Ness Technologies (NASDAQ: NSTC and TASE: NSTC) is a global provider of
IT and business services and solutions with specialized expertise in software
product engineering; system integration, application development and
consulting; and software distribution. Ness delivers its portfolio of
solutions and services using a global delivery model combining offshore,
near-shore and local teams. With about 7,800 employees, Ness maintains
operations in 18 countries, and partners with numerous software and hardware
vendors worldwide. For more information about Ness Technologies, visit http://www.ness.com.
About Gilon Business Insight
Gilon Business Insight is a business intelligence consulting group
offering a wide array of BI solutions and services, including high-level
strategic consulting, enterprise analytical services, industry-specific
out-of-the-box solutions, strong on-time delivery and proven implementation
capabilities. Gilon's client portfolio comprises large and medium size
organizations with main focus and expertise in financial services,
telecommunications companies, and large enterprises. Gilon is headquartered
in Israel and also has operations in Turkey. For more information about Gilon
Business Insight, visit http://www.gilon.com.
About D Partners
D Partners, an affiliate of the Viola Group, is an innovative
private equity investment fund focused primarily on growth opportunities in
Israel. The D Partners funds have approximately $300 million under
management. These funds are uniquely structured to offer private investors
investment opportunities that normally are only available to institutional
investors. D Partners applies a diversified approach, and benefits from
unique access to investing in the Viola Group funds in a special economic
efficient structure, and in a complementary portfolio of Israeli and
Israeli-related companies. For more information visit: http://www.vpartnersfund.com
Forward Looking Statement
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements often are preceded by words such as "believes," "expects," "may,"
"anticipates," "plans," "intends," "assumes," "will" or similar expressions.
Forward-looking statements reflect management's current expectations, as of
the date of this press release, and involve certain risks and uncertainties.
Ness' actual results could differ materially from those anticipated in these
forward looking statements as a result of various factors. Some of the
factors that could cause future results to materially differ from the recent
results or those projected in forward-looking statements include the "Risk
Factors" described in Ness' Annual Report of Form 10-K filed with the
Securities and Exchange Commission on March 15, 2010. Ness is under no
obligation, and expressly disclaims any obligation, to update or alter its
forward-looking statements, whether as a result of such changes, new
information, subsequent events or otherwise.
Media Contact:
Maya Lustig
Intl: +972-54-677-8100
Email: maya.lustig@ness.com
Gen2Media Corporation Online Video Platform Version 2.1 Strengthens Market Dominance With Radio Partners; Retailers Can Use Advanced Social Media Integration and Video Search Optimization Tools
ORLANDO, Fla., March 25 -- Gen2Media Corporation (BULLETIN BOARD: GTWO) , an innovative video technology company offering an Online Video Platform, video production, and online video advertising, reports their Online Video Platform Version 2.1 has many features that answer the demands of today's marketplace. Businesses small and large looking to leverage social media and online search functions can utilize the notable components that set the Gen2Media platform miles ahead in the OVP landscape. Several features continue to strengthen the Company's market dominance with its over 200 radio station partners from Clear Channel, Emmis, Regent, Salem, Black Crowe, Nassau Broadcasting and more. In addition, retailers can take advantage of the sophisticated social media integration tools and the video search optimization elements.
"We continue to evolve our online video platform to meet industry and client needs. This 2.1 iteration is a milestone achievement bringing capabilities that continue to push the envelope for online video both in delivery and management," notes Micheal Morgan, Chief Operating Officer/Chief Technical Officer, Gen2Media Corporation.
Gen2Media Online Video Platform Version 2.1 includes:
* Auto Post to Social Destinations
Social integration with Facebook, MySpace, Twitter and others: (example) Facebook will embed the player directly including advertising. Social destinations like Twitter will post a link to the player.
* Thumbnail Selection through Video Traversal
Simplifies the management process of deriving thumbnails or selecting a thumbnail from a specific frame.
* Advanced Time of Day Programming
Simple calendar based content can be scheduled quickly through the browser. Programming can also be imported from remote sources including scheduling software like Music Master or others that provide exports.
* New Advertising User Interface
The in-stream and banner user interface has been completely redesigned, consolidating scheduling allowing easier-than-ever creation of complex ad campaigns.
* New Analytics Module going live
This includes high level daily breakdowns in chart form and a more detailed data table breakdown. Reports include individual videos with percentage view breakdowns, channel with video breakdowns, locations of where player has been embedded, and full campaign reporting with per unit breakdowns.
* Syndication
Creating syndicate embeds is more robust and easier. The power of embeds is in the ability to make mass changes via one simple interface. This will include the ability to preview player themes by launching the "player browser" during the embed creation process.
* Plus more...
Along with the new User Interface design is a more elegant and simpler data table for searching, sorting, pagination, etc. A series of changes to the player API provide greater performance when embedding multiple players on a single page.
About Gen2Media Corporation
Gen2Media Corporation is a video technology company that provides the best-in-breed Online Video Platform, video production, and advertising on its Online Video Network that reaches over 10 million visitors monthly. Gen2Media has earned the trust of a growing customer base including advertising agencies, iconic artists, media companies, organizations, businesses, and national brands such as Microsoft, Coca-Cola Company, Tribune News Company, Toyota, Emmis Communications, Clear Channel, Black Eyed Peas, Mary J. Blige, Britney Spears, Justin Timberlake and more. Gen2Media's Online Video Publishing Technology enables firms to easily create, deliver and monetize video and advertising. The Company has offices in New York City and Orlando. For more information, please visit http://www.Gen2Media.com .
Some of the above statements may be 'forward-looking' statements as defined by section 27A(c)(1)(A)(i) of the Securities Act of 1933.
North West Group Uses Isilon IQ to Map New Territory in Aerial Imaging
Aerial Data Acquisition Leader Deploys Isilon Scale-out NAS to Accelerate Image Processing and Photogrammetric Analysis, Doubling Productivity While Reducing Storage Management
SEATTLE, March 25 -- Isilon® Systems (NASDAQ:ISLN) today announced that the North West Group has deployed Isilon scale-out NAS to power its entire aerial mapping and geospatial services workflow. Using the Isilon IQ X-Series, North West Group has unified both its image processing and photogrammetric analysis onto a single, high performance, highly scalable, shared pool of storage, doubling workflow productivity, while reducing storage management to less than one full-time equivalent (FTE). With Isilon IQ, North West Group can now effectively support its aerial mapping missions, which produce more than one Terabyte (TB) of data per day, completing more projects in less time and with greater accuracy to drive new business growth.
"While customer demand for our services continues to increase, so does their appetite for higher-resolution final products delivered in less time," said John Welter, vice president of technology, North West Group. "This scenario is great for business but was simply too much for our previous clustered NAS system to handle. With Isilon IQ, we've doubled the rate at which we can deliver final product, while significantly cutting down on storage management, enabling us to stay ahead of market demand."
North West Group specializes in digital remote sensing, digital aerial photography, Light Detection and Ranging (LiDAR) and related services in North America and the international market. As the scope, size and complexity of client projects increased, North West Group's previous clustered NAS System reached a performance ceiling of 350-400 Megabytes per second (MBps), limiting workflow productivity and burdening its IT staff with unnecessary and continual data management challenges. With six aircrafts each flying aerial mapping missions around the world, North West Group needed a high performance storage system that could accelerate its image processing and photogrammetric operations without the need for additional capital or operating expense.
Working with Isilon value-added reseller and integrator PowerByte, North West Group deployed 15 Isilon IQ 12000X nodes, 15 Isilon IQ 12000EX capacity extension nodes and one Isilon IQ Accelerator performance extension node to unify its entire workflow onto a single storage resource with more than 350 TB of capacity and 1.2 Gigabytes per second (GBps) of aggregate throughput. With Isilon scale-out NAS, North West Group can complete more projects in less time and at less cost, driving increased operating leverage across its organization and enabling the company to accommodate previously unattainable levels of new business.
"The time- and data-sensitive nature of leading-edge aerial imaging and geospatial services is simply too much for other vendors' SAN and NAS systems," said Sam Grocott, vice president of marketing, Isilon Systems. "North West Group helped pioneer the geospatial services industry and by using Isilon scale-out NAS to double their productivity, they are now setting a best practice for not only their own industry but any business looking to maximize the performance of large file-based applications."
"At PowerByte, we're committed to providing best-of-breed IT solutions that enable our clients to do more with less and grow their bottom line," said Arnold Woelfe, president, PowerByte Solutions. "Isilon complements our mission perfectly, as its scale-out NAS solutions enable customers to accelerate mission-critical applications, while reducing capital and operating expense. North West Group's success is a great example of exactly these kinds of results."
About Isilon Systems
Isilon Systems (NASDAQ:ISLN) is the proven leader in scale-out NAS. Isilon's clustered storage and data management solutions drive unique business value for customers by maximizing the performance of their mission-critical applications, workflows, and processes. Isilon enables enterprises and research organizations worldwide to manage large and rapidly growing amounts of file-based data in a highly scalable, easy-to-manage, and cost-effective way. Information about Isilon can be found at http://www.isilon.com/.
The names of companies mentioned herein are the trademarks of their respective owners.
Source: Isilon Systems
CONTACT: Lucas Welch of Isilon Systems, +1-206-315-7621,
lucas.welch@isilon.com; or James McIntyre of McClenahan Bruer,
+1-503-546-1016, james@mcbru.com, for Isilon Systems
Live help meets on-demand support to offer businesses the complete Software as a Service picture
BALTIMORE, March 25 -- Velaro, Inc., developer of the multi award-winning click-to-chat and click-to-call product, today announced its integration with Zendesk, an online solution that helps companies provide better customer support. This integration allows SMB and enterprise businesses to leverage powerful customer service tools collectively to more efficiently assist online consumers.
Velaro's intuitive e-commerce solution helps to personalize the online visitor experience by offering real-time engagement points, intelligence rules, conversion tracking, and customer segmentation to manage customer segments based on their shopping behavior.
"We are thrilled with Velaro's live chat integration with Zendesk. Now we can actively engage visitors to Toktumi.com and send custom invitations to specific customer segments, and all the information we gather can be sent directly from Velaro's live chat window back to our Zendesk help desk account. Because customers of our hosted PBX service are typically small businesses, they are demanding and expect a quality support experience. Velaro plus Zendesk makes a great impression," said Peter Sisson, Founder and CEO of Toktumi.
Several key components of customer service and support processes benefit from Velaro's click-to-chat for Zendesk with real-time case creation from chat sessions, as well the automation of another significant customer touch point. For example, Live Chat for Zendesk allows businesses to search for or create Zendesk cases in real-time while being in the Velaro chat session. Upon completion of the chat, each transcript is automatically attached and archived to the associated Zendesk records.
"This integration with Velaro gives businesses using Zendesk another way to turn customer touch points into customer conversations," said Mikkel Svane, CEO of Zendesk. "At Zendesk we're focused on providing tools that improve interactions with customers and in turn create better customer experiences."
"We're big fans of Zendesk's online customer support solution and this was an obvious win-win situation," said Alex Bloom, President of Velaro. "Our team did an amazing job integrating click-to-chat with Zendesk's help desk product. Our deep integration enables businesses to create and retrieve help desk tickets right from the Velaro chat window, letting agents instantly access important customer information."
Founded in 2000, Velaro is an established leader in click-to-chat and click-to-call engagements. Velaro won independently rated live chat awards in '05, '06, '08, '09 and 2010. With 99.98% uptime guaranteed, Velaro is the solution of choice for leading companies such as LG Electronics, Blue Cross Blue Shield, MarketStar, Experian, Toro, and Epicor. Visit http://www.velaro.com/ for more information.
Source: Velaro, Inc.
CONTACT: Chad Ritchie, Velaro, Inc., 1-800-983-5276 ext. 741,
chad@velaro.com
Really Simple Systems Launches Integration With KashFlow
- Largest UK vendors of simple hosted CRM and Accounting systems partner to bring integrated online CRM and Accounting -
LONDON, March 25 -- Really Simple Systems http://www.reallysimplesystems.com/ and KashFlow, respectively the largest UK vendors of simple hosted CRM and accounting systems, today announce a product and marketing partnership to offer integrated web based CRM and Accounts to SMEs in the UK. Both products are now linked in real-time to provide users with an integrated online CRM, marketing, sales and accounting system.
Users of the web based CRM system are now able to view data such as, the balance on a customer's account, the date of the last invoice, the total sales value and the overdue balance. New customers can also be added to KashFlow from the CRM system at the click of a button.
Via the integrated solution, sales personnel are now able to immediately and securely view customers' accounting data without leaving the online CRM system, and can generate quotes and invoices into their accounting system without re-keying data. For complete visibility of a customer's account users are able to select a link in Really Simple Systems that brings up the detailed account information within the KashFlow system.
Duane Jackson, Managing Director of KashFlow, comments, "The ability to generate accounting transactions within the CRM system eliminates re-typing errors and speeds up the issuing of invoices and ultimately cash collection. By clicking straight through to KashFlow from Really Simple Systems, sales personnel will be able to resolve account issues in a more timely fashion, providing better customer service."
Green Diesel Direct - http://www.greendieseldirect.co.uk - is an early adopter of the combined CRM and accounting solution from Really Simple Systems and KashFlow. Finance Director, Richard Noble, comments, "Turning closed opportunities seamlessly into invoices is now a much faster and more robust process. We can lock down the sales once they are in KashFlow and it greatly improves data integrity."
Commenting on the marketing partnership, John Paterson, CEO, of web based CRM provider Really Simple Systems, says, "Both Really Simple Systems Simple Hosted CRM and KashFlow will be promoting the partnership to our respective user bases, so we expect many customers to pick up the other's product, especially as there will be no charge to either existing or new users for the integration module."
Paterson concludes, "It's a great opportunity for both companies to expand and an ideal time for KashFlow's clients to take advantage of an online CRM service they may not have previously considered."
About Really Simple Systems
Really Simple Systems Simple Hosted CRM is aimed at small and medium sized organisations with between 5 and 200 people who want a straightforward online CRM sales, marketing and support system. The hosted model is particularly suitable for companies with multiple locations and sales people who work remotely or at home. Really Simple Systems, winner of the Software Satisfaction Award 2008 Small Business Software CRM, is the largest United Kingdom provider of web based CRM systems with offices in the UK, North America and Australia. Users include the Royal Academy of Arts, the British Library, the Red Cross, NHS and the Department of Health as well as many small and medium sized companies.
For further information, please contact:
John Paterson
Really Simple Systems
Tel +44 (0)1730 823300
Max Deeley
itpr
Tel +44 (0)1932 578 800
About KashFlow
KashFlow is an online tool specifically designed to help owner managers in small businesses manage their accounts. KashFlow's aim is to take the boredom out of managing a company's accounts and to make the day to day tasks easier to achieve so that less small businesses neglect this area. KashFlow keeps accounts management simple: it requires no installation, software training or prior knowledge of accountancy. All users benefit from a free, no obligation 60-day trial. The monthly subscription price is 15.99 pounds a month - including free support and upgrades.
For further information please contact:
Cimma PR
Carolyn Gordon-Smith
Tel +44 (0)1386 859090
Source: Really Simple Systems
CONTACT: John Paterson, Really Simple Systems, +44 (0)1730 823300, or
Max Deeley, itpr, +44 (0)1932 578 800, or Carolyn Gordon-Smith, Cimma PR, +44
(0)1386 859090, mobile: +44 (0)7710 537928
AppTech Corp Signs NDA with NYSE/AMEX Company to Test Translation and Marketing of Existing Apps
HOUSTON, March 25 -- AppTech Corp (Pink Sheets: APCX) http://www.apptechglobal.com announced today it has signed a technical non disclosure agreement with a NYSE/AMEX listed company to commence a test of AppTech's translation and marketing services for distribution of existing English language apps for sale in emerging markets throughout the world.
Sean Connolly of AppTech commented, "AppTech provides developers and owners of app libraries the unique opportunity to leverage their previously developed applications for the US market by providing language translation and localization services with no cash outlay in return for a revenue sharing basis on all sales in emerging markets. This allows the app owner the luxury of expansion into growing, non English based markets such as China, India, and Latin America without the expenditure of additional capital. AppTech services give the owners of existing apps pure upside potential, with incremental income opportunity at no upfront cost."
App Tech is developing multi-lingual mobile application market places serving emerging countries throughout the world, including Latin America, Brazil, China, India, Japan and the USA. App Tech is focused on multi-platform mobile apps designed to run on device operating systems such as Apple iPhone, Google Android Nexus One, Research In Motion, Microsoft Mobile, Palm, Verizon Droid, the O-Phone in China, and others.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
Source: AppTech Corp
CONTACT: Sean Connolly, Vice President, AppTech Global, Inc.,
+1-713-337-3700, sean@apptechglobal.com
Smartvue S9 Mobile Video Surveillance Solution Wins Honor
LAS VEGAS, March 25 -- At CTIA, the International Association for Wireless Telecommunications Industry conference in Las Vegas, Smartvue® (http://www.smartvue.com) today announced that its Smartvue S9 all-in-one wireless network video surveillance solution won the 2010 Mobility Award for Mobile Video Surveillance.
The 2010 Mobility Awards honor the best and finest mobile computing and wireless data communications products and services that were announced during the past year. "There's a need to recognize the hard work that the vendors and wireless operators are doing to provide subscribers with great services," said J. Gerry Purdy, Ph.D., Principal Analyst with MobileTrax LLC. "The Mobility Awards have honored the best and finest mobile computing and wireless data communications products and services for the past 15 years."
"S9 is one of the very best ways for people to monitor what's important to them," said Martin Renkis, Smartvue's CEO. "S9 makes professional surveillance technologies simple to use in ways that other surveillance solutions just can't do with self-configuring technologies that support most mobile platforms including iPhone®, iPad, Android and BlackBerry® among many others."
Smartvue S9 comes complete with high-resolution wireless H.264 network video cameras, 20- camera wireless network video servers with up to 2TB of storage, and a peer-to-peer network video management platform called InsightServer that supports thousands of cameras through a single web interface on Windows or Apple as well as most mobile platforms. Smartvue S9 offers self- configuring cameras and servers to make system installation and remote management as simple as plug-and-play. Advanced 802.11N wireless is built-in to make long-range wireless easy, secure, and reliable.
"Smartvue S9 is the result of more than 10 years of engineering and customer experience," said Joseph Barnes, CTO of Smartvue Corporation. "We have made the installation, maintenance and scalability of professional network video surveillance cost effective and elegant with integrated NAT traversal and advanced peer-to-peer technologies as well as support for the broadest range of personal computer and mobile devices."
Pricing & Availability
Smartvue S9 will be available in May for a suggested retail price of $1,999 (US) for the 20-camera 1TB 802.11N wireless network video server and $599 (US) for the H.264 802.11N D1 resolution dual-streaming wireless network video camera. InsightServer is free for the first user and $99 a year for additional users. International pricing and worldwide availability will be announced later.
Since 1998, Smartvue (http://www.smartvue.com) has been predicting the future of video surveillance by inventing it. The privately held Nashville-based company commercialized the world's first 802.11N network video camera, H.264 camera, wireless network video recorder and introduced the first self- configuring peer-to-peer surveillance platform. The company has won many awards including Best of Show and Innovations awards at CES. Smartvue products are architected, designed and developed by Smartvue Corporation, supported by over a decade of experience and more than thirty published or granted patents in the US, China, and Europe.
Smartvue, the Smartvue logo, See for Yourself, and Eyeonic are all registered trademarks of Smartvue Corporation. Apple and iPhone are registered trademarks of Apple Inc., BlackBerry is a registered trademark of Research In Motion Limited, and Windows is a registered trademark of Microsoft Corporation in the United States and other countries. Other company and product names may be trademarks of their respective owners.
Source: Smartvue
CONTACT: Martin Renkis of Smartvue, +1-615-866-2650 x801,
mar@smartvue.com
.Fox Networks and comScore Reveal Ground-Breaking Findings About the Branding Impact of Online Advertising
Research confirms ability of video and display advertising to drive sustained brand engagement regardless of users clicking on ads or not
LONDON, March 25 -- .Fox Networks (pronounced "dot-fox"), the leading global online network from Fox International Channels (FIC) and comScore, a leader in measuring the digital world, today unveiled the findings of a ground-breaking U.K. study. The study, commissioned by online video specialist .Fox, used comScore's single-source panel methodology to confirm that video and display advertising are effective at driving significant uplift in site visitation and advertiser search queries, even in the face of minimal clicks on ads.
The study evaluated results from four campaigns across four industry sectors and produced the following key findings:
-- Video and display advertising both successfully increased brand
engagement in each of the four campaigns analysed. The average uplift
across the campaigns saw site visitation increase by more than a
factor of seven over a four week period following exposure to an ad,
with consumers three times more likely to conduct search queries using
brand or relevant generic terms in the same time period.
-- When evaluating video and display side by side, consumers exposed to
video advertising were 28 percent more likely to visit the brand site
and nearly twice as likely to conduct a trademark search.
-- Confirming expectations and previous industry understanding, video was
able to generate a more immediate impact in the first five exposures
than display ads in terms of increases in site visitation and search
queries; however, behavioural response for those exposed to display
climbed steadily as the number of ad impressions increased.
The results, which were released in full at the Advertising Research Foundation's 2010 conference in New York on Wednesday, are also particularly significant given sharp decreases in online advertising click-through-rates over recent years, with the U.K. being the worst affected of leading global markets.
The study underscores the fact that consumer search behaviour is positively impacted by the presence of display or video advertising -- even in the face of minimal clicks. In each of the four campaigns, search activity increased significantly when consumers were exposed to these online ad formats, suggesting that the last click on a search ad should not be given 100 percent of the credit in attribution studies.
Commenting on the findings, Hernan Lopez, President of .Fox Networks and COO of FIC said, "This study proves that online display and video advertising drives significant results that are either being ignored by click-through-based metrics, or wrongly attributed to search. We make an open invitation to global advertisers to work with us and comScore in a follow-up to the study, measuring the impact on actual sales."
"As the online industry seeks to increase its share of branding advertising budgets, it's more important than ever to prove the value of display and video ad formats", said Gian Fulgoni, chairman of comScore. "This research and our recent Whither the Click study for Europe are helping marketers understand that the internet is indeed a powerful branding medium and how vital it is to measure campaign effectiveness using the appropriate behavioural metrics rather than just the click."
Anthony Rhind, Global Co-CEO, Havas Digital, one of the agencies that sponsored the study adds, "This .Fox research is valuable because it looks beyond the usual data used by the industry for media trading. As opposed to relying on the usual simplistic denominators of click-thru & last event attribution, this research centres on consumer behaviour proxies that are better placed to reflect communication goals, defining success based on a mix of visitation, engagement and search behaviour across a four week period. By addressing difficult planning considerations such as cross format and multiple touchpoint attribution, this .Fox research better reflects the way Havas Digital believes campaigns must be evaluated if the digital media industry is to continue to grow in terms of significance for major advertisers."
The study was compiled examining four campaigns conducted in 2009 across the Travel, Finance, Government and Utilities sectors. These campaigns utilized various combinations of video and display formats and delivered a total of 300 million impressions to U.K. Internet users.
comScore's panel of over 80,000 U.K. consumers was used to passively track behaviour and understand the impact over time of ad exposure on specific activities linked to campaign effectiveness, namely:
-- Advertiser Site Visitation
-- Search Term Usage
The studies compared the behaviour of internet users who were exposed to the online campaigns with a control group of comScore panelists who were not exposed. The control group was generated using a sophisticated pair-wise matching process along a number of important demographic and behavioural variables. The process ensured that control panelists visited websites in the same category where the advertising was delivered but were not exposed to the campaigns. It also paired test panelists with relevant control subjects based on demographics, internet usage, connection speed, and other relevant factors.
The full study was presented by Gian Fulgoni and Hernan Lopez at the annual conference of the Advertising Research Foundation in New York, yesterday, March 24th at 10:30am EDT.
Notes to editors:
About the study
Full study results were presented by Hernan Lopez, President of .Fox Networks and Gian Fulgoni, Chairman and co-founder of comScore at the annual Advertising Research Foundation conference on Wednesday 24th March in New York.
About .Fox Networks
.FOX Networks (pronounced "dot FOX") the online division of FOX International Channels, is one of the largest international ad networks, with 150 employees in 20 countries in the Americas, Europe and Asia.
The network serves +10 billion impressions to +50 million unique users each month and leverages FIC's TV and online teams around the world to facilitate the convergence of TV and online video planning and buying. .Fox Networks is a wholly-owned subsidiary of News Corporation (NYSE:NWS).
CONTACT: Emma Murphy of .Fox Networks UK, +44 207 751 7680,
emma.murphy@fox.com ; or Cathy McCarthy, Sr. Director of Marketing of comScore
Europe, +44 203 111 1746, worldpress@comScore.com
UTRECHT, The Netherlands, March 25, 2010-- Starting today a new Iphone App is launched by AcademicTransfer for the
"war for talent". The search for international top talented researchers
started years ago en will become even more severe in the years to come.
Universities, research-schools and business companies are actively searching
worldwide for PhD candidates, Post doctorates and researchers.
AcademicTransfer will be using this App to get in touch with the new
generation researchers.
Starting today you can download the iPhone App via http://www.academictransfer.com. You will have access to hundreds of
worldwide PhD and research positions, offered by the websites
AcademicTransfer and Career.edu. Over 90% of our mobile visitors view these
sites with an iPhone or iPod touch. With this App, AcademicTransfer makes it
easier to find the right research jobs like PhD candidates, assistant-,
associate- and full professors. The App offers location based searches, e-
mail links and marking jobs as favorites. Download the AcademicTransfer
iPhone App for free via http://www.academictransfer.com or directly from the
iTunes AppStore (link: http://itunes.apple.com/us/app/academictransfer/id362534486).
Source: AcademicTransfer
Need more information? Contact Jeroen Sparla, CEO AcademicTransfer and Career.edu, sparla@academictransfer.nl, +31-(0)880-282800, +31-(0)6-24-66-1402
Adaptec MaxIQ SSD Caching Solution With Microsoft Technology Demonstrates Dramatic I/O Acceleration
SSD & Storage Controller Combo Delivers 3.2 Times Performance Increase in an OLTP Workload Simulating a Demanding Brokerage Firm
MILPITAS, Calif., March 25 -- Adaptec, Inc. (NASDAQ:ADPT), a global leader in data center hardware and software storage solutions, today revealed benchmarking results for its MaxIQ(TM) SSD Cache Performance Solution. Integrating an advanced solid state storage control technology developed by Microsoft Corp., the solution is licensed and has been further enhanced by Adaptec. Using a simulation of a dynamic brokerage application environment, Adaptec consistently demonstrated a 3.2 times increase in system I/O (input/output) performance over the best results of a similar system without SSD caching. An increase in performance of 3.2 times can translate into a savings in capital and operating costs of up to 70 percent.
"These benchmark tests provide data center managers working with high-traffic transactional workloads with quantifiable evidence that storage controllers utilizing SSD caching in SSD/HDD High-Performance Hybrid Arrays can dramatically increase system performance," said Jon Flower, vice president of Advanced Technology, Adaptec. "Accelerating throughput, particularly during peak transactional periods, along with reducing capital and operating costs, minimizing system footprint, and consuming less energy are critical issues for data center managers today. Adaptec MaxIQ SSD Caching solutions were designed to address all of these issues."
This application is a database application benchmark which models a brokerage firm with customers who generate transactions related to trades, account inquiries, and market research. The brokerage firm in turn interacts with financial markets to execute orders on behalf of the customers and updates relevant account information. Simulating a 50,000 user environment, Adaptec MaxIQ consistently achieved system I/O performance that was 3.2 times greater than the best results for a hard disk drive-only system without SSD caching.
"When our datacenter team came up with some innovative ideas around using solid state devices as read caching devices, we determined it made good sense to license these advances to Adaptec because Microsoft itself doesn't sell these types of products," said David Kaefer, general manager of Intellectual Property Licensing at Microsoft. "By collaborating through licensing, Adaptec customers benefit from a product that delivers impressive performance and cost savings over alternatives in the market."
Adaptec's MaxIQ SSD Cache Performance Solution creates High-Performance Hybrid Arrays (HPHAs) by pairing tuned 32GB Intel® X25-E Extreme Solid-State Drives, used as high-performance cache, with Adaptec's MaxIQ SSD caching software and standard hard disk drives. The hybrid SSD/HDD solution provides I/O intensive data center and cloud computing customers with maximum I/O performance, up to 70 percent savings in capital and operating costs and cost-effective scalability, all without disrupting existing operations. More information about Adaptec MaxIQ can be found at http://www.adaptec.com/MaxIQ.
About Adaptec
Adaptec, Inc. (NASDAQ:ADPT) provides innovative data center I/O solutions that protect, accelerate, optimize, and condition data in today's most demanding data center environments. Adaptec products are used in IT environments ranging from traditional enterprise environments to fast growing, on-demand cloud computing data centers. The company's products enable data center managers, channel partners and OEMs to deploy best-in-class storage solutions to meet their customers' evolving IT and business requirements. Around the world, leading corporations, government organizations, and medium and small businesses trust Adaptec technology. More information is available at http://www.adaptec.com, on its blog, storageadvisors.adaptec.com, and at adaptec.com/facebook and twitter.com/Adaptec_Inc.
Adaptec is a registered trademark and Unified Serial is a trademark in the United States and other countries. Other company names are trademarks or registered trademarks of their respective owners. Adaptec disclaims any and all rights in these trademarks.
Contact:
Sara Lee
Walt & Company for Adaptec
408.369.7200 x2980
slee@walt.com
Source: Adaptec, Inc.
CONTACT: Sara Lee of Walt & Company, +1-408-369-7200, ext. 2980,
slee@walt.com, for Adaptec
Toshiba Introduces Highest-Capacity 2.5-inch Hard Disk Drives in Two New Product Families
Industry-Leading Areal Density and Up to 1TB Capacities Provide Compact and Low-Power Solutions for Storage-Hungry Applications
IRVINE, Calif., March 24 -- Toshiba America Storage Device Division, the pioneer in small form factor hard disk drives (HDDs), today announced two additions to its 5,400 RPM line of 2.5-inch HDDs featuring industry-leading storage capacities. In the standard 9.5 millimeter-high, two-platter design, the MK7559GSXP HDD incorporates both the industry's highest areal density and capacity at 750GB(1).
Toshiba also introduced a new three-platter 12.5-millimeter-high platform with the MKxx59GSM series, which offers 750GB and 1TB of storage. These capacity points were predominantly supported by larger form factor 3.5-inch HDDs until the introduction of high-end 2.5-inch solutions, providing low-power, space-saving opportunities to system manufacturers looking to differentiate or update their products.
These two new product offerings expand Toshiba's mobile HDD product line into the highest-capacity segment of the 2.5-inch HDD market and represent the company's first mobile HDD platforms developed with the combined engineering resources from the integration of Fujitsu's HDD business, which Toshiba acquired last fall.
To deliver these next-generation storage capacities, Toshiba has implemented Advanced Sector Format technology in both families. This technology uses 4K byte-per-sector formatting and improved error-correcting code (ECC) functions, providing maximum data integrity and making efficient use of the storage surface area. Toshiba is guiding efforts to ease industry transition to the advanced 4K byte-per-sector format, while continuing to provide a full line of mobile HDDs, including models that support the legacy 512 byte-per-sector configuration.
"Toshiba continues to lead in integrating state-of-the-art technologies such as 4K byte-per-sector formatting to drive capacity increases and help system manufacturers succeed in their markets," said Maciek Brzeski, vice president of marketing at Toshiba Storage Device Division. "Since the introduction of our first 4K byte-per-sector offering on a 1.8-inch HDD in 2007, we have leveraged our miniaturization expertise to perfect this technology, balancing storage advancements and reliability with solid performance. As a result, Toshiba can deliver performance benefits with high capacity drives using the 4K byte-per-sector implementation by working with product manufacturers to maintain compatibility with the host device's operating system and software packages."
High Capacity for Digital Content Proliferation
The MK7559GSXP HDD features an areal density of 541.4G bit/in^2, making it ideal for mobile applications in which capacity is key, including notebook computers and portable storage products. These HDDs also are well-suited for devices that value high capacity in a smaller footprint with improved acoustic performance and lower power operation compared to larger form factor HDDs. Those applications include all-in-one desktops, televisions and set top boxes.
At 12.5 millimeters-high, the MKxx59GSM series is geared to external add-on and removable storage, tape replacement and docking station applications, as well as addresses the escalating demand for capacity and portability in gaming notebooks, mobile workstations and other capacity-hungry applications. The 1TB MK1059GSM model can store up to 285,000 digital photos, 263,000 digital music files or 820 digital movies(2).
The 1TB and 750GB capacity points target the strongest growth segment of the personal storage market. According to IDC, demand for these two capacity points will increase from 11 percent of the external add-on storage market to 46 percent by 2012(3).
"The HDD industry is extending its established, long-term trend of delivering more storage capacity in smaller form factors, giving system manufacturers new options for creating product designs in smaller, more economical footprints with lower power profiles," said John Rydning, research director at IDC. "Toshiba's new 750GB and 1TB 2.5-inch hard disk drives provide viable, smaller form factor alternatives to 3.5-inch HDDs in certain applications, as well as expand the storage capacity for removable HDDs and 2.5-inch personal storage solutions."
Both the MK7559GSXP and the MKxx59GSM HDDs incorporate Toshiba's "silent seek" technology, which makes every seek operation as quiet as an idling drive. These products also adhere to Toshiba's environmental initiatives in their use of power efficiency techniques and components that reduce reliance on harmful chemicals, materials and compounds.
Information and Availability
Toshiba's MKxx59GSM series and MK7559GSXP drives are scheduled to ship to PC manufacturers and distributors in the second and third quarters of 2010, respectively. Design samples of the MKxx59GSM are currently available to system manufacturers, followed by samples of the MK7559GSXP in April. For more information on Toshiba's line of industry-leading small form factor hard drives, visit http://www.toshibastorage.com.
Product Specifications
Model Number MK7559GSXP
Maximum Capacity
(Formatted) (1) 750GB
Number of platters 2
Areal density
(max) 541.4G bit/in^2
Media transfer
rate (max) 1,363 Mbps
Average seek time 12 ms
Rotational speed 5,400 RPM
Buffer memory 8 MB
Serial ATA Revision 2.6
Interface /ATA-8
Interface transfer
rate 3Gb/s
External
dimensions 69.85 mm x 100.0 mm x
(WxDxH; mm) 9.5 mm
Weight (g) 102g (max)
Energy consumption
efficiency 0.00074 W/GB(4)
Shock resistance:
-----------------
Operating 3,920 m/s^2 (400 G) 2ms
--------- -----------------------
8,820 m/s^2 ( 900 G)
Non-operating 1ms
------------- ---------------------
Acoustics:
----------
Idle 25 dB
---- -----
Seek 25 dB
---- -----
Model Number MKxx59GSM
Maximum Capacity
(Formatted)(1) 1,000GB / 750GB
Number of platters 3
Areal density
(max) 482 Gb/in^2
Media transfer
rate (max) 1,196 Mbps
Average seek time 12 ms
Rotational speed 5,400 RPM
Buffer memory 8 MB
Serial ATA Revision 2.6
Interface /ATA-8
Interface transfer
rate 3Gb/s
External
dimensions 69.85 mm x 100.0 mm x
(WxDxH; mm) 12.5 mm
Weight (g) 148g (max)
Energy consumption 0.00065 / 0.00087 W/
efficiency GB(4)
Shock resistance:
-----------------
Operating 3,920 m/s^2 (400 G) 2ms
--------- -----------------------
8,820 m/s^2 ( 900 G)
Non-operating 1ms
------------- ---------------------
Acoustics:
----------
Idle 25 dB
---- -----
Seek 25 dB
---- -----
About Toshiba Storage Device Division
Toshiba is a one-of-a-kind global storage company, offering hard disk drives (HDDs), optical disk drives (ODDs), solid state drives (SSDs) and NAND flash memories - technologies that drive a wide range of consumer electronics, computer and automotive applications, as well as enterprise solutions for the global marketplace. Through its Storage Device Division, Toshiba leads in the development, design and manufacturing of mobile, retail and enterprise hard disk drives. Toshiba SDD markets high-quality peripherals to original equipment manufacturers, original design manufacturers, value-added resellers, value-added dealers, systems integrators, distributors and retailers worldwide. Inherent in the Toshiba storage family are the high-quality engineering and manufacturing capabilities that have established Toshiba products as innovation leaders worldwide. For more information, visit http://www.toshibastorage.com.
About Toshiba America Information Systems, Inc. (TAIS)
Headquartered in Irvine, Calif., TAIS is comprised of four business units: Digital Products Division, Imaging Systems Division, Storage Device Division and Telecommunication Systems Division. Together, these divisions provide mobile products and solutions, including industry-leading portable computers; projectors; imaging products for the security, medical and manufacturing markets; storage products for automotive, computer and consumer electronics applications; and telephony equipment and associated applications.
TAIS provides sales, marketing and services for its wide range of information products in the United States and Latin America. TAIS is an independent operating company owned by Toshiba America, Inc., a subsidiary of Toshiba Corporation. Toshiba Corporation is a world leader and innovator in high technology, a diversified manufacturer and marketer of advanced electronic and electrical products. These products span from information and communication systems: digital consumer products; electronic devices and components; as well as power systems including nuclear energy; industrial and social infrastructure systems; and home appliances. Toshiba was founded in 1875, and today operates a global network of more than 730 companies, with 199,000 employees worldwide and annual sales surpassing U.S. $67 billion (FY2008). For more information on Toshiba's leading innovations, visit the company's Web site at http://www.toshiba.com.
1. One Gigabyte (1GB) means 10^9 = 1,000,000,000 bytes and One Terabyte
(1TB) means 10^12 = 1,000,000,000,000 bytes using powers of 10. A
computer operating system, however, reports storage capacity using
powers of 2 for the definition of 1GB = 2^30 = 1,073,741,824 bytes and
1TB = 2^40 = 1,099,511,627,776 bytes, and therefore shows less storage
capacity. Available storage capacity (including examples of various
media files) will vary based on file size, formatting, settings,
software and operating system and other factors.
2. Examples of the number of photos, songs, movies, and any other files
that can be stored on a hard drive are provided for illustrative
purposes only. Your results will vary based on file size and format,
settings, features, operating system, software and other factors.
3. Source: IDC, Worldwide Hard Disk Drive 2009-2013 Forecast Update,
December 2009.
4. Energy consumption efficiency is calculated in accordance with the
Energy Consumption Law in Japan, which was enacted in 1979 to promote
energy conservation and reduce energy consumption. The energy saving
law was most recently revised in 2009 with specific measurement
criteria reflected in the specification indicated.
CONTACT: Wes Robinson, +1-213-438-8722, wrobinson@golinharris.com, or
Katherine Manning, +1-213-438-8788, kmanning@golinharris.com, both of
GolinHarris, for Toshiba Storage Device Division
Earvin "Magic" Johnson, The Magic Johnson Foundation and Best Buy Empower Harlem
WHAT: The Magic Johnson Foundation and Best Buy will unveil a technology makeover at the Magic Johnson Foundation Community Empowerment Center at Taino Towers in Harlem. Established in the 1960s, Taino Towers sits at the entry to Spanish Harlem. This ethnically diverse housing development is home to approximately 4,500 residents of which 77% are Hispanic or Latino. Through new product integration, and on-site support from Best Buy's Geek Squad, the updated center will have a more effective configuration to create a connected classroom environment as well as expanded curriculum enabled by new technology. Tours and demonstrations will be conducted by Best Buy and center representatives.
WHO: Earvin "Magic" Johnson, the Magic Johnson Foundation and Best Buy
WHEN: Friday, March 26th from 9:00am - 10:30am
NOTE: Media check-in will be on the 3rd floor, please check in no later than 8:45 am.
WHERE: Magic Johnson Foundation Community Empowerment Center
Taino Towers
240 East 123rd Street; 3rd Floor
Harlem, NY 10035
WHY: Magic Johnson Enterprises and Best Buy formed a strategic partnership in support of urban development and community enrichment programs. The Magic Johnson Foundation Community Empowerment Center and Best Buy have supported Harlem in a variety of ways, including hosting a 2009 Geek Squad Summer Academy (GSSA) for the kids of Taino Towers. GSSA's mission is to inspire younger generations' direct involvement with technology and better prepare them to adapt to the technological world in which we live. More recently, Best Buy hosted a hiring fair at Taino Towers in preparation for a new Best Buy store opening in Harlem.
About Magic Johnson Enterprises
Magic Johnson Enterprises, formed in 1987, serves as a catalyst for community and economic empowerment by making available high-quality entertainment, products and services that answer the demands of ethnically diverse urban communities. Through investment, partnership and consultation, Magic Johnson Enterprises has a portfolio of companies that strategically work together to reinforce the organization's focus on serving emerging, multicultural communities. Learn more at http://www.magicjohnsonenterprises.com
About the Magic Johnson Foundation
The Magic Johnson Foundation was established in 1991 as a single-disease organization that worked to raise funds for community-based organizations dealing with HIV/AIDS education and prevention programs. The Foundation since expanded the mission to focus on developing programs and supporting community-based organizations that address broader educational, health and social needs of ethnically diverse, urban communities. Learn more at http://www.magicjohnson.org
About Best Buy Co., Inc.
With operations in the United States, Canada, Europe, China, Mexico and Turkey, Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $49 billion in annual revenue and includes brands such as Best Buy; Best Buy Mobile; Audiovisions; The Carphone Warehouse; Future Shop; Geek Squad, Jiangsu Five Star; Magnolia Audio Video; Napster; Pacific Sales; The Phone House; and Speakeasy. Approximately 165,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centers and Web sites, in-home solutions, product delivery and activities in our communities. Community partnership is central to the way we do business at Best Buy. In fiscal 2010, we donated a combined $33.4 million to improve the vitality of the communities where our employees and customers live and work. For more information about Best Buy, visit http://www.bby.com
CONTACT: Tammy Warren, The Magic Johnson Foundation, +1-310-247-2033, tammyw@magicjent.com
ADDITIONAL INFO: Broadcast-quality B-Roll and high-resolution images of the Skype mobile app are also available in the Verizon Wireless Multimedia Library.
WHEN: Available now
BACKGROUND: From CTIA WIRELESS 2010 in Las Vegas, Verizon Wireless and Skype announced earlier today that Skype mobile will be available on Thursday, March 25, starting with nine Verizon Wireless 3G smartphones. Skype mobile uses the Verizon Wireless voice network for the wireless connection of the Skype-to-Skype calls, providing Verizon Wireless customers with a superior experience and top-notch call quality. Learn more at http://news.vzw.com/news/2010/03-- March 24
Franklin Wireless Unveils the R536 Portable Embedded WiMax Hotspot Router for Easy Wi-Fi Connection
LAS VEGAS, March 24 -- CTIA Wireless 2010 -- Franklin Wireless Corp. (BULLETIN BOARD: FKWL) (http://www.franklinwireless.com/), the market leader in dual-mode WiMAX/CDMA modems for 3G and 4G wireless broadband data communications, today announced the availability of its R536 WiMax Wave II embedded Wi-Fi hotspot router for U.S., Latin American and Caribbean markets.
Like all of Franklin's products, the R536 is ideal for consumers who need to stay connected on the go. This device features a replaceable and rechargeable lithium-ion battery as well as an intuitive web-based user interface that allows for simple set up and network configuration.
"Franklin Wireless is pleased to announce the availability of the R536 WiMax embedded Wi-Fi hotspot router," said OC Kim, co-founder and president of Franklin Wireless. "We feel that this new router will offer consumers served by WiMax networks both affordability and ease of use."
Featuring enhanced portability, Franklin's new WiMax hotspot router is smaller and weighs less (approximately 2.46 ounces or 70 grams) than other products available in the market today. This is R536 is a 2.5 GHz band device that features 802.11 b/g Wi-Fi, supports Windows, Macintosh and Linux operating systems and does not require any special software to access network connections.
The R536 is expected to be available in May 2010 through Franklin Wireless and many of its carrier partners. Additional information about the R536 and the company's other products is available at the Franklin Wireless Booth (#235, Central Hall, M2M Zone) during CTIA Wireless 2010 at the Las Vegas Convention Center on March 23-25.
About Franklin Wireless
Franklin Wireless Corp. designs and sells broadband high speed wireless data communication products such as third generation ("3G") and fourth generation ("4G") wireless modems and modules. The Company focuses primarily on wireless broadband Universal Serial Bus ("USB") modems, which provide a convenient way for wireless subscribers to connect to broadband networks with any laptop or desktop PC. The company's products are positioned at the convergence of wireless communications, mobile computing and the Internet. Recently, Franklin Wireless opened its first regional office in Asia and also expanded its R&D and product design capabilities through a strategic investment in South Korea based Diffon Corporation.
Founded in 1982 and headquartered in San Diego, CA, the company is committed to serving the global wireless community by catering to the dynamic needs of its customers. For additional information, please visit http://www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Contact: Lora Friedrichsen or Kate Mossbarger
Global Results Comms (GRC)
+1 949 608 0276
fw@globalresultspr.com
Source: Franklin Wireless Corp.
CONTACT: Lora Friedrichsen or Kate Mossbarger, both of Global Results
Comms (GRC), +1-949-608-0276, fw@globalresultspr.com, for Franklin Wireless
Corp.
Franklin Wireless Announces the Worldwide Availability of its New CDMA Rev. A M210 Module for Wireless Data Applications
LAS VEGAS, March 24 -- CTIA Wireless 2010 -- Franklin Wireless Corp. (BULLETIN BOARD: FKWL) (http://www.franklinwireless.com), the market leader in dual-mode WiMAX/CDMA modems for 3G and 4G wireless broadband data communications, today announced the worldwide launch of its M210 module, a single-mode module using EVDO (Evolution Data-Optimized) Rev. A technology. This device is expected to be sold to original equipment manufacturers (OEMs) or others who seek a reliable embedded module solution for their wireless data applications.
The M210 module provides a flexible way for mobile users to connect to wireless broadband networks. Franklin's M210 USB modem supports SMS, contains a built-in GPS receiver and operates with Windows, Macintosh and Linux operating systems.
"Using the same technology as our U210 USB modem, the M210 module will address a new market for Franklin Wireless," said David Lee, chief operating officer of Franklin Wireless. "OEMs and others who require proven and reliable wireless data solutions will find both in the M210 module."
The M210 is a tri-band device (800MHz/1900MHz/AWS) and where CDMA EVDO 1x/Rev. 0/ Rev. A and AWS networks are available, the M210 module can deliver superior data rates, giving users the power to send and receive email with large file attachments, play interactive games, and download high-resolution pictures, video and music files.
The M210 is expected to be available in June 2010 directly through Franklin Wireless. Additional information about the M210 and the company's other products is available at the Franklin Wireless Booth (#235, Central Hall, M2M Zone) during CTIA Wireless 2010 at the Las Vegas Convention Center on March 23-25.
About Franklin Wireless
Franklin Wireless Corp. designs and sells broadband high speed wireless data communication products such as third generation ("3G") and fourth generation ("4G") wireless modems and modules. The Company focuses primarily on wireless broadband Universal Serial Bus ("USB") modems, which provide a convenient way for wireless subscribers to connect to broadband networks with any laptop or desktop PC. The company's products are positioned at the convergence of wireless communications, mobile computing and the Internet. Recently, Franklin Wireless opened its first regional office in Asia and also expanded its R&D and product design capabilities through a strategic investment in South Korea based Diffon Corporation.
Founded in 1982 and headquartered in San Diego, CA, the company is committed to serving the global wireless community by catering to the dynamic needs of its customers. For additional information, please visit http://www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Contact: Lora Friedrichsen or Kate Mossbarger
Global Results Comms (GRC)
+1 949 608 0276
fw@globalresultspr.com
Source: Franklin Wireless Corp.
CONTACT: Lora Friedrichsen or Kate Mossbarger both of Global Results
Comms (GRC), +1-949-608-0276, fw@globalresultspr.com, both for Franklin
Wireless Corp.
Mobile Star's Karaoke Vending Machine Used Record 60 Times on Single Day
Potential to Distribute Over 1,000 Karaoke Vending Units in First 12 Months
NEW YORK, March 24, 2010-- Mobile Star Corp. (OTCBB: MBST), a developer of karaoke vending machines,
announced today that its proprietary vending machine was used over 60 times,
nearly to full capacity during it's busiest day ever in New York.
Following the pilot, the company reached a preliminary distribution
agreement with Apple Industries, one of North America's premier manufacturers
and distributors of coin-operated electronic entertainment.
Apple Industries plans to distribute the Mobile Star's next-generation
entertainment vending booth, utilizing its well-established marketing
channels. Apple Industries currently operates a vast distribution network,
placing products in shopping centers, amusement parks, theaters, casinos,
restaurants, pubs, and various other tourist attractions.
Apple Industries' professional team closely monitored the New York pilot,
which confirmed the quality of the vending system and demonstrated greater
return on investment potential than initially anticipated.
Each vending machine is expected to generate over $30,000 in gross annual
revenues.
"We plan to begin marketing the machine in the second half of 2010, and
we reasonably expect to distribute over 1,000 units in the first 12 months,"
said Allen Weisberg, President of Apple Industries. "Today there are over
40,000 bars nationwide with jukeboxes. We anticipate placing the Mobile Star
in many of these locations in the coming years, in addition to other
locations such as nationwide theater chains, etc."
"The Mobile Star fits right into our lineup of machines that are
innovative and fun, and bring owners a satisfying return on investment. With
the growing national interest in karaoke, stemming from song contests like
American Idol, we are confident that the Mobile Star will quickly become a
market winner," Weisberg added.
"The Mobile Star performed incredibly well during our recent pilot,
producing over 60 recordings on a single-day," said Danny Elbaz, CEO of
Mobile Star Corp. "Such demand for the machine creates even greater return on
investment potential for a vending booth owner than previously anticipated."
About Apple Industries
Apple Industries is a premiere manufacturer and distributor of coin
operated electronic entertainment, representing some of the finest vending
manufactures in the World. Apple Industries is a wholly-owned private US
company with 45 years of history, and distribution channels throughout the
U.S. and Canada. Apple's products can be found in shopping centers, amusement
parks, theaters, casinos, tourist attractions, Restaurants and Pubs and more.
About Mobile Star
Mobile Star has developed a free-standing entertainment vending machine
that enables an individual to digitally record his or her voice singing to
hundreds of songs. The patented karaoke technology utilizes a proprietary
digital-media software platform, and professional-grade hardware to publish a
high quality CD of the performance.
This letter contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 as amended and Section 21E of the
Securities Exchange Act of 1934 as amended. All forward-looking statements
are inherently uncertain, based on current expectations and assumptions
concerning future events or future performance of Mobile Star Corp., and its
technologies. In evaluating such statements, prospective investors should
review carefully various risks and uncertainties identified in this release,
as actual results may differ materially from those indicated. Mobile Star
Corp. public filings may be viewed at http://www.sec.gov.
Contact:
CEO, Danny Elbaz
danny@themobilestar.com
+972-54-465-5341
Source: Mobile Star Corp.
Contact: CEO, Danny Elbaz, danny@themobilestar.com, +972-54-465-5341
inTEST Reports Final Audited Fourth Quarter 2009 Results
CHERRY HILL, N.J., March 24 -- inTEST Corporation (NASDAQ:INTT), an independent designer, manufacturer and marketer of semiconductor automatic test equipment (ATE) interface solutions and temperature management products, today announced final audited results for the quarter and year ended December 31, 2009. We had previously reported preliminary unaudited results for the fourth quarter of 2009 on February 17, 2010.
Net revenues for the quarter ended December 31, 2009 were $8.4 million, compared to $6.0 million for the third quarter of 2009. Our net income for the quarter ended December 31, 2009 was $142,000 or $0.01 per diluted share, compared to a net loss of $(278,000) or $(0.03) per diluted share for the third quarter of 2009. We had previously reported preliminary net income for the fourth quarter of $145,000 or $0.02 per diluted share; while the difference in reported net income is only $3,000, the diluted earnings per share decreased due to rounding. The net income for the fourth quarter included restructuring charges of $307,000 or $0.03 per diluted share. The net loss for the third quarter included restructuring charges of $27,000 or $0.00 per diluted share. The restructuring charges recorded during the fourth quarter of 2009 were incurred by our Thermal Products segment and represent one-time termination benefits and facility closure costs related to the relocation of our Sigma Systems subsidiary. The restructuring charges recorded during the third quarter of 2009 were incurred by our Mechanical Products segment and represent facility closure costs related to the closure of our Japanese subsidiary.
Bookings for the quarter ended December 31, 2009 were $9.4 million, an increase of 19% over the $7.9 million in bookings for the third quarter of 2009.
Robert E. Matthiessen, President and Chief Executive Officer of inTEST commented, "During the fourth quarter of 2009, we continued to experience the momentum that began to build at the end of the third quarter. In fact, "momentum" does not adequately describe what is currently happening in the business. We have been experiencing a strong growth in bookings that began during the third quarter of 2009 and continues today. We ended the fourth quarter of 2009 with $9.4 million in bookings and $4.6 million in backlog. As of March 19, 2010, our first quarter 2010 bookings have reached $11.6 million and our backlog is $8.6 million. When we entered the downturn, our semiconductor related business was the first to decline. This business included practically all of the products manufactured by our Mechanical Products and Electrical Products segments, as well as the semiconductor-related products manufactured by our Thermal Products segment. Fortunately, at the time, our Thermal Products segment had maintained significant business outside of semiconductor products, which helped us to generate revenues during the downturn. Our historical experience has been that the semiconductor business usually is the first to decline into downturns and the first to experience recovery at the end of downturns. This is indeed happening as our semiconductor related products are those displaying strong growth today. As I said at the end of the third quarter of 2009, the real challenge now is to continue production ramp-up without overspending to achieve this goal. Our productivity as expressed in output-per-employee has dramatically increased while we are proceeding with discretion in manpower expansion and are continuing to closely monitor expenses."
The dial-in number for the live audio call beginning at 5 p.m. ET on March 24, 2010 is +1-201-689-8560 (international) or 1-877-407-0784 (domestic). A live web cast of the conference call will be available on inTEST's website at http://www.intest.com. A replay of the call will be available 2 hours following the call through midnight on Wednesday, March 31, 2010 at http://www.intest.com and by telephone at +1-201-612-7415 (international) or 1-877-660-6853 (domestic). The account number to access the replay is 3055 and the conference ID number is 342963.
Conference Call Information
There will be a conference call with investors and analysts this evening at 5:00 pm ET to discuss the Company's fourth quarter 2009 results and management's current expectations and views of the industry. The call may also include discussion of strategic, operating, product initiatives or developments, or other matters relating to the Company's current or future performance.
About inTEST Corporation
inTEST Corporation is an independent designer, manufacturer and marketer of ATE interface solutions and temperature management products, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. Specific products include positioner and docking hardware products, temperature management systems and customized interface solutions. The Company has established strong relationships with semiconductor manufacturers globally, which it supports through a network of local offices. For more information visit http://www.intest.com.
CONTACT:
Hugh T. Regan, Jr., Treasurer and Chief Financial Officer, inTEST Corporation, 856-424-6886, ext 201.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, changes in business conditions and the economy, generally; changes in the demand for semiconductors, generally; changes in the rates of, and timing of, capital expenditures by semiconductor manufacturers; progress of product development programs; increases in raw material and fabrication costs associated with our products; implementation of additional restructuring initiatives; costs associated with compliance with Sarbanes Oxley and other risk factors set forth from time to time in our SEC filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
Three Months Ended Year Ended
------------------------- ------------------
12/31/ 12/31/ 9/30/ 12/31/ 12/31/
2009 2008 2009 2009 2008
Net revenues $8,423 $6,830 $6,009 $23,499 $38,790
Gross margin 3,162 1,847 2,432 7,813 13,785
Operating expenses:
Selling expense 1,172 1,695 988 4,333 7,875
Engineering and
product develop-
ment expense 570 1,002 515 2,418 5,064
General and
administrative
expense 1,226 2,024 1,161 5,445 8,062
Impairment of
long-lived assets - 1,244 - - 1,377
Impairment of
goodwill - 130 - - 130
Restructuring and
other charges 307 456 27 663 717
Operating loss (113) (4,704) (259) (5,046) (9,440)
Other income (expense) 209 193 (18) 151 360
Income (loss) before
income taxes 96 (4,511) (277) (4,895) (9,080)
Income tax
expense (benefit) (46) (93) 1 (52) 53
Net income (loss) 142 (4,418) (278) (4,843) (9,133)
Net income (loss)
per share - basic $0.01 $(0.45) $(0.03) $(0.49) $(0.97)
Weighted average
shares outstanding
- basic 9,987 9,888 9,983 9,975 9,465
Net income (loss)
per share - diluted $0.01 $(0.45) $(0.03) $(0.49) $(0.97)
Weighted average
shares outstanding
- diluted 9,987 9,888 9,983 9,975 9,465
Condensed Consolidated Balance Sheets Data:
As of:
-------------------------------
12/31/2009 9/30/2009 12/31/2008
---------- --------- ----------
Cash and cash equivalents $2,647 $3,428 $7,137
Trade accounts receivable, net 5,413 4,169 3,758
Inventories 3,064 3,237 4,193
Total current assets 11,501 11,301 15,904
Net property and equipment 297 358 617
Total assets 15,144 14,844 20,492
Accounts payable 2,576 2,249 1,830
Accrued expenses 2,156 2,124 3,095
Total current liabilities 5,249 4,504 5,224
Noncurrent liabilities 1,301 1,712 1,801
Total stockholders' equity 8,594 8,628 13,467
Source: inTEST Corporation
CONTACT: Hugh T. Regan, Jr., Treasurer and Chief Financial Officer,
inTEST Corporation, +1-856-424-6886, ext 201
Document Security Systems, Inc. Reports 4th Quarter and 2009 Year End Financial Results
- 4th Quarter Sales Revenue increased 78% - 4th Quarter Gross Profit increases 40% - 4th Quarter Net Loss decreases 47% - 2009 Sales Revenue increased 49% - 2009 Operating Expenses decrease 31% - 2009 Net loss decreases 52%
ROCHESTER, N.Y., March 24 -- Document Security Systems, Inc. (NYSE AMEX: DMC; "DSS"), a leader in patented protection against counterfeiting and unauthorized copying, scanning and photo imaging, reported results for the fourth quarter and year ended December 31, 2009. Management will host a teleconference and web cast today at 4:30 pm ET to discuss the results with the investment community:
-- Sales of $2.3 million increased 78% compared to the fourth quarter of
2008.
-- Operating expenses decreased by 21% compared to the fourth quarter of
2008.
-- Net Loss decreased by 47% to $1.1 million compared to $2.1 million in
the fourth quarter of 2008.
-- Net loss per share of $(0.07) compared to $(0.15) in the fourth
quarter of 2008.
-- Adjusted EBITDA. (See Reconciliation of GAAP to Non-GAAP Financial
Measures table) loss of $189,000 as compared to a loss of $857,000 in
the fourth quarter of 2008.
-- Improved balance sheet from refinancing of $3.9 million of short-term
debt to $2.0 million of equity and $1.9 million of long-term debt.
2009 Financial Highlights
-- Sales of $9.9 million increased 49% compared to 2008.
-- Gross profit of $3.7 million compared to $3.6 million in 2008, an
increase of 1%.
-- Operating expenses decreased by 31% compared to 2008.
-- Net Loss decreased by 52% to $4.0 million compared to a net loss of
$8.3 million in 2008.
-- Net loss per share of $(0.27) compared to $(0.59) in 2008.
-- Adjusted EBITDA. (See Reconciliation of GAAP to Non-GAAP Financial
Measures table) loss of $1,527,000 as compared to a loss of $2,119,000
in 2008.
Robert Fagenson, Chairman of the Board of Document Security Systems, stated: "As we entered 2009, our goals included expanding our sales and product offerings, leveraging our expanded production capacity to attract major end-user customers, continuing to streamline our cost structure and seeking strategic acquisitions. As we enter 2010, believe we have achieved many of those goals. Our recent purchase of Premier Packaging in February 2010 offers significant opportunity to expand use of our technology and positions us in the brand packaging protection market. Furthermore, during the fourth quarter of 2009, we successfully refinanced and converted $3.9 million of short-term debt to equity or longer term debt on more favorable terms significantly improving our balance sheet and working capital position."
Document Security System's CEO Patrick White said, "Despite a difficult economic environment for our business partners and licensee's we still continued to grow and strengthen our business. Our valuable intellectual property holdings continued to grow and show value which further advanced our position in the anti-counterfeiting market that has resulted in wins with well known customers during the year. During 2009, we initiated our entrance into the brand packaging market that culminated in the acquisition of Premier Packaging in February 2010, commenced the divestiture of our Legalstore.com division, strengthened our relationship with a key licensee, and achieved sales successes with several large consumer product companies. Due to these accomplishments along with our lower cost structure the company is well positioned in 2010 and beyond."
About Document Security Systems, Inc.
Document Security Systems is a world leader in the development of optical deterrent technologies that help prevent counterfeiting and brand fraud from the use of the most advanced scanners, copiers and imaging systems in the market. The company's patented and patent-pending technologies protect valuable documents and printed products from counterfeiters and identity thieves. Document Security Systems' customers, which include international governments, major corporations and world financial institutions, use its covert and overt technologies to protect a number of applications including, but not limited to, currency, vital records, brand protection, ID Cards, internet commerce, passports and gift certificates. Document Security Systems' strategy is to become the world's leading producer of cutting-edge security technologies for paper, plastic and electronically generated printed assets.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding expectations for future financial performance, potential sales from new and existing customers, expected benefits from the Company's cost cutting efforts, the potential sale of Legalstore.com, and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions. all of which involve uncertainty and risk. Many of these risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at http://www.sec.gov. It is possible the company's future financial performance may differ from expectations due to a variety of factors including, but not limited to, the risks referred to above, and changes in economic and business conditions in the world, increased competitive activity, achieving sales levels to fulfill revenue expectations, consolidation among its competitors and customers, technology advancements, unexpected costs and charges, adequate funding for plans, changes in interest and foreign exchange rates, regulatory and other approvals and failure to implement all plans, for whatever reason. It is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on current conditions; expected future developments and other factors it believes are appropriate in the circumstances. Prospective investors are cautioned that such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected. The company makes no commitment to update any forward-looking statement included herein, or disclose any facts, events or circumstances that may affect the accuracy of any forward-looking statement.
TABLES FOLLOW.
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended
-----------------------------------------
December 31, December 31, %
2009 2008 Change
------------ ------------ ------------
Revenue
Security and commercial
printing $2,168,000 $966,000 124%
Technology license
royalties and digital
solutions 165,000 220,000 -25%
Legal products - 127,000 -100%
------------ ------------ ------------
Total Revenue 2,333,000 1,313,000 78%
Costs of revenue
Security and commercial
printing 1,517,000 635,000 139%
Digital solutions 4,000 4,000 0%
Legal products - 94,000 -100%
------------ ------------ ------------
Total cost of revenue 1,521,000 733,000 108%
Operating Expenses
General and administrative
compensation 915,000 708,000 29%
Professional Fees 105,000 116,000 -9%
Sales and marketing 66,000 63,000 5%
Research and development 68,000 111,000 -39%
Other 331,000 434,000 -24%
------------ ------------ ------------
Total selling, general and
administrative 1,485,000 1,432,000 4%
Depreciation and
amortization 32,000 42,000 -24%
Stock based payments 146,000 241,000 -39%
Impairment of patent
defense costs and other
intangible assets - 505,000 0%
Amortization of intangibles 371,000 367,000 1%
------------ ------------ ------------
Total other operating
expenses 549,000 1,155,000 -52%
Total Operating Expenses 2,034,000 2,587,000 -21%
Other income (expense):
Interest income - -
Gain/(Loss) on foreign
currency transactions 5,000 (42,000) -112%
Interest expense (52,000) (49,000) 6%
Amortizaton of note
discount (61,000) 0%
Loss on sale of patent
assets - - 0%
Other income 442,000 - 0%
Income tax (5,000) (5,000) 0%
Other expense- equity
based payments (224,000) - 0%
------------ ------------ ------------
Total other income (loss),
net 105,000 (96,000) -209%
Net loss $(1,117,000) $(2,103,000) -47%
============ ============ ============
Net loss per share, basic
and diluted (0.07) (0.15) -50%
============ ============ ============
Weighted average common
shares outstanding, basic
and diluted 15,276,109 14,364,473 6%
============ ============ ============
Year Ended
------------------------------------------
December 31, December 31, %
2009 2008 Change
------------ ------------ ------------
Revenue
Security and commercial
printing $8,773,000 $4,386,000 100%
Technology license
royalties and digital
solutions 783,000 1,647,000 -52%
Legal products 355,000 610,000 -42%
------------ ------------ ------------
Total Revenue 9,911,000 6,643,000 49%
Costs of revenue
Security and commercial
printing 6,063,000 2,663,000 128%
Digital solutions 14,000 14,000 0%
Legal products 179,000 352,000 -49%
------------ ------------ ------------
Total cost of revenue 6,256,000 3,029,000 107%
Operating Expenses
General and administrative
compensation 3,638,000 2,966,000 23%
Professional Fees 539,000 896,000 -40%
Sales and marketing 154,000 340,000 -55%
Research and development 292,000 432,000 -32%
Other 1,187,000 1,316,000 -10%
------------ ------------ ------------
Total selling, general and
administrative 5,810,000 5,950,000 -2%
Depreciation and amortization 148,000 167,000 -11%
Stock based payments 68,000 1,747,000 -96%
Impairment of patent
defense costs and
other intangible assets - 797,000
Amortization of
intangibles 1,342,000 1,972,000 -32%
------------ ------------ ------------
Total other operating
expenses 1,558,000 4,683,000 -67%
Total Operating Expenses 7,368,000 10,633,000 -31%
Other income (expense):
Interest income 18,000 1,000 1700%
Gain/(Loss) on foreign
currency transactions 15,000 (59,000) -125%
Interest expense (259,000) (136,000) 90%
Amortizaton of note
discount (250,000) (8,000) 3025%
Loss on sale of patent
assets - (1,170,000) -100%
Other income 442,000 126,000 251%
Income tax (19,000) (19,000) 0%
Other expense-equity
based payments (224,000) - 0%
------------ ------------ ------------
Total other income (loss),
net (277,000) (1,265,000) -78%
------------ ------------ ------------
Net loss $(3,990,000) $(8,285,000) -52%
============ ============ ============
Net loss per share, basic
and diluted (0.27) (0.59) -54%
============ ============ ============
Weighted average common
shares outstanding,
basic and diluted 14,700,453 14,002,034 5%
============ ============ ============
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
As of December 31,
2009 2008
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $448,895 $87,820
Restricted cash - 131,004
Accounts receivable,
net of allowance of
$66,000 ($50,000-2008) 1,143,939 1,284,208
Inventory 184,174 359,034
Loans to employees - 67,781
Prepaid expenses and
other current assets 91,310 75,066
----------- -----------
Total current assets 1,868,318 2,004,913
Fixed assets, net 1,286,226 1,517,357
Other assets 305,507 264,529
Investment 350,000 -
Goodwill 1,315,721 1,396,734
Other intangible assets,
net 1,588,969 2,873,789
----------- -----------
Total assets $6,714,741 $8,057,322
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,673,901 $1,411,942
Accrued expenses & other
current liabilities 909,432 1,312,745
Deferred revenue &
customer deposits 25,163 30,193
Short-term debt, net
of unamortized
discount of $247,000 -
2008 - 652,511
Current portion of
capital lease obligations 78,167 78,367
----------- -----------
Total current
liabilities 2,686,663 3,485,758
Revolving notes from
related parties 583,000 2,283,000
Long term debt, net of
unamortized discount
of $420,000 ($0 -2008) 954,616 -
Capital lease obligations 182,424 210,365
Deferred tax liability 70,830 51,878
Stockholders' equity
Common stock, $.02 par
value; 200,000,000 shares
authorized, 16,397,887 shares
issued and outstanding
(14,369,764 in 2008)
(325,000 subscribed in
2008) 327,957 287,395
Additional paid-in
capital 38,399,033 35,538,695
Common stock subscriptions
receivable - (1,300,000)
Accumulated deficit (36,489,782) (32,499,769)
----------- -----------
Total stockholders'
equity 2,237,208 2,026,321
----------- -----------
Total liabilities and
stockholders' equity $6,714,741 $8,057,322
=========== ===========
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Years Ended December 31,
2009 2008
----------- -----------
Cash flows from operating
activities:
Net loss $(3,990,013) $(8,285,142)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Depreciation and amortization 1,661,522 2,288,061
Stock based compensation 67,709 1,747,368
Stock based payments for legal
settlements 115,101 -
Warrants issuable for
registration rights penalty 109,464 -
Impairment of patent defense
costs and other intangible
assets - 797,143
Amortization of note discount 250,102 8,227
Gain on deconsolidation of
division (25,755)
Loss of sale of patent assets - 1,169,947
Decrease in restricted cash for
foreign currency loss - 46,341
(Increase) decrease in assets:
Accounts receivable 109,108 209,399
Inventory 73,849 (32,342)
Prepaid expenses and other
assets (81,547) (36,653)
Increase (decrease) in
liabilities:
Accounts payable 276,070 31,096
Accrued expenses and other
liabilities (155,681) 383,884
Deferred revenue and customer
deposits (5,030) (718,100)
----------- -----------
Net cash used by operating
activities (1,595,101) (2,390,771)
Cash flows from investing
activities:
Purchase of fixed assets (62,522) (334,800)
Decrease in restricted cash 131,004 -
Acquisition of business - (1,082,537)
Proceeds from the sale of patent
assets - 500,000
Purchase of other intangible
assets (176,083) (1,348,666)
----------- -----------
Net cash used by investing
activities (107,601) (2,266,003)
Cash flows from financing activities:
Borrowing on revolving note-
related parties 1,030,000 1,983,000
Repayment on revolving note-
related parties (730,000) -
Borrowings on short-term credit
facility - 500,000
Repayment on short-term credit
facility - (500,000)
Borrowings on short- term debt - 900,000
Payments on short-term debt (900,000) -
Borrowings on long-term debt 575,000 -
Borrowings on long-term
convertible notes 800,000 -
Payments of capital lease
obligations (86,124) (86,037)
Issuance of common stock, net 1,374,901 1,205,163
----------- -----------
Net cash provided by financing
activities 2,063,777 4,002,126
Net increase (decrease) in cash
and cash equivalents 361,075 (654,648)
Cash and cash equivalents
beginning of period 87,820 742,468
----------- -----------
Cash and cash equivalents end of
period $448,895 $87,820
=========== ===========
Three Months Ended
------------------------------------------------
December 31, December 31,
2009 2008 % Change
------------- ------------- --------
Net Loss $(1,117,000) $(2,103,000) -47%
Add back:
Depreciation 69,000 79,000 -13%
Amortization of
Intangibles 371,000 367,000 1%
Stock based payments 370,000 241,000 54%
Impairment of
patent defense
costs and other
intangible assets - 505,000 -100%
Loss on sale of
patent assets - - 0%
Interest Income - - 0%
Interest Expense 52,000 41,000 27%
Amortization of
bond discount 61,000 8,000 663%
Income Taxes 5,000 5,000 0%
---
Adjusted EBITDA
loss per share,
basic and diluted (0.01) (0.09) -87%
===== ===== ===
Weighted average
common shares
outstanding,
basic and diluted 15,276,109 14,364,473 6%
========== ========== ===
Year Ended
---------------------------------------------
December 31, December 31, %
2009 2008 Change
------------- ------------- -------
Net Loss $(3,990,000) $(8,284,000) -52%
Add back:
Depreciation 319,000 316,000 1%
Amortization
of Intangibles 1,342,000 1,972,000 -32%
Stock based payments 292,000 1,747,000 -83%
Impairment of patent
defense costs and
other intangible assets - 797,000 -100%
Loss on sale
of patent assets - 1,170,000 -100%
Interest Income (18,000) (1,000) 1700%
Interest Expense 259,000 145,000 79%
Amortization
of bond discount 250,000
Income Taxes 19,000 19,000 0%
---
Adjusted EBITDA loss
per share, basic and
diluted (0.10) (0.15) -31%
===== ===== ===
Weighted average
common shares
outstanding,
basic and diluted 14,700,453 14,002,034 5%
========== ========== ===
The Company uses Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adding back to net income (loss) interest, income taxes, depreciation and amortization expense as further adjusted to add back stock-based compensation expense and non-recurring items. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes Adjusted EBITDA is useful to help investors analyze the operating trends of the business before and after the adoption of ASC 718 and to assess the relative underlying performance of businesses with different capital and tax structures. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing its financial results with other companies in the industry, many of which also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and income taxes, investors can evaluate the Company's operations and its ability to generate cash flows from operations and can compare its results on a more consistent basis to the results of other companies in the industry. Management also uses Adjusted EBITDA to evaluate potential acquisitions, establish internal budgets and goals, and evaluate performance of its business units and management.
Document Security Systems considers Adjusted EBITDA to be an important indicator of the Company's operational strength and performance of its business and a useful measure of the Company's historical and prospective operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest income and expense and income taxes, all of which impact the Company's profitability and operating cash flows, as well as depreciation, amortization and stock based compensation. Document Security Systems believes that these limitations are compensated by clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities.
The Data Decade Means Companies Are Hungry for Qualified New Workers
DAYTON, Ohio, March 24 -- -- A recent survey shows universities around the world lack the
technology and content to prepare the next-generation work force in
the science of business intelligence
-- Their instructors are struggling to teach to the expanding demands for
data analytics
-- With the rapid growth of business data, professors need access to
larger systems and data sets to teach proper analysis of information
-- Now universities are partnering with Teradata for free access to
needed data warehouses, databases and data sets
News Facts
-- Survey respondents reported the challenges are: Technology (43%),
Content (41%), Marketing (11%) and Staffing (5%).
-- Most frequently cited problems:
-- Teachers can't adequately prepare students because they lack
access to the needed software, hardware and real-world business
problems;
-- Students are ill-prepared for the rigorous statistical analysis
required. They shy away from the tough preparatory courses needed
to make sense of query results.
-- Teradata University Network has stepped forward with the needed tools,
including free software, hardware, and real world business problems.
-- Responding to the survey were professors from more than 80
universities around the world, including Canada, China, Germany,
Netherlands, Singapore, South Africa, Spain and the United States.
-- The survey findings were presented to the Business Intelligence
Congress in Phoenix on December 14.
-- The Internet survey was distributed to university professors who are
members of the Association for Information Systems listserv.
-- The survey was conducted by Barbara Wixom, co-Executive Director of
the Teradata University Network, an associate professor at the
University of Virginia's McIntire School of Commerce, and Director of
UVA's M.S. in M.I.T. graduate program. She is an associate editor of
the Business Intelligence Journal and a research fellow of The Data
Warehousing Institute (TDWI).
Universities around the world struggle to develop the next-generation business intelligence work force. The two largest areas of concern are an inability to provide relevant and meaningful problems for students to solve, and the cost of providing the database technology needed to solve the problems. Teradata Corporation has stepped forward to provide the needed tools, including free software, hardware through the Teradata University Network.
Barbara Wixom, associate professor at the University of Virginia's McIntire School of Commerce:
"It's clear from the survey that instructors want to change the way students learn about business intelligence. Professors want to provide large data sets, contemporary software tools, and real-world content within their classrooms. But, factors like high technology costs, complex maintenance requirements, and steep learning curves present insurmountable obstacles."
"When we can help students understand what it means to use business intelligence to address problems faced by companies today, they are much better prepared to become productive employees."
Scott Gnau, vice president and general manager, Research and Development, Teradata Corporation:
"We recognize the obstacles universities face in teaching BI. By helping them prepare students, we're helping the business world capitalize on data analytics, one of the top technology priorities for companies today."
"Increasingly, companies compete on knowledge about their own business. Leveraging business intelligence for that strategic advantage requires a well-prepared workforce. We currently need to develop those capabilities in people after they are hired. Our strategy of assisting universities with tools is so they can scale the talent pool and prepare the next generation of BI professionals.
About Teradata University Network
Teradata University Network is a free web-based portal for faculty and undergraduate and graduate students in data warehousing, business intelligence/decision support, and database. Led by academics, Teradata University Network currently has more than 2,000 registered faculty members from over 1000 universities in 85 countries, and thousands of student users.
Teradata is a trademark or registered trademark of Teradata Corporation in the United States and other countries.
NOTE: the full social media release is available in the Teradata News Room at http://www.teradata.com/t/news-and-events/ It contains links to A and B-roll video and to related videocasts and audiocasts.
Groundbreaking Reality Show Reproduces Doomsday Scenario
The Vault Airs April 2010 on a Web Browser Near You
CHICAGO, March 24 -- In less than a month, the reality of doomsday will come to life in a ground-breaking internet-based "reality show" that places a dozen people underground for an entire year to find out how humans would survive a catastrophic event. The Vault, launching April 2010, will be broadcast over the web and for a moderate price the world will have the opportunity to watch what happens.
Spawned by doomsday enthusiast and writer Russ McCullough, The Vault evolved out of Russ's own fears about the end of the world. "I personally believe at least one of the predictions will happen," says Russ. "But for me, the most important question is not, IF it will happen, but what you will DO if it happens?"
Created by a group of business-minded visionaries at Inlighten Film Productions, The Vault will film for an anticipated year, posting daily episode updates to the website. Located at an undisclosed location in the Central United States, The Vault will take place in an original fallout shelter built during the Cuban Missile Crisis. Outfitted with cameras at every angle and little more than the basic supplies they'll need to survive, the cast will be tested in a variety of ways, primarily the isolation itself. There will be no access to LIVE media of any kind including television, radio, newspapers or current events. In addition, there will be no cell phones or communication with loved ones. The Vault will be virtually and literally sealed off from the entire world - we can see in, but they cannot see out.
Advising on the psychological implications of the premise and helping to select the personalities most apt to handle the stresses of the situation is Dr. Larry Grimm of the University of Illinois at Chicago.
"We anticipate these cast members will go through a full range of emotions from fear and panic to depression and stress," remarks Dr. Grimm. "The societal norms that typically set the parameters of acceptable behavior will eventually weaken. A new micro-society will develop."
To test this micro-society, there will be organized "interventions" that represent the challenges they would face if this were not a test. They will be asked to make difficult decisions, learn new skill sets, resolve conflicts and ultimately evolve. As in the real scenario, their performance will determine their fate.
The ultimate goal is to see exactly how a group of people would respond if the predictions about society's end come true. It's a group dynamic that has never been tried before, according to The Vault's Executive Producer, John St. Anthony. "We're in uncharted territory here. This is not 'scripted reality.' This is real. No one knows what will happen in The Vault but we believe it's a critical question to answer and we know the world will want to watch."
For more information on The Vault or to subscribe, please visit the website at http://www.thevault12.com.
About The Vault
The Vault is a groundbreaking internet-based reality show placing about a dozen strangers in an underground fallout shelter for a year. Airing in April 2010, the objective is to see first hand what life underground will be like for a group of strangers who just might happen to survive should the doomsday predictions come true.
About Inlighten Film Productions
Inlighten Film Productions is a visionary media company using break-through production strategies to give voice to innovative, original ideas that ordinarily would not have the capital to hit mainstream media.
Source: Inlighten Film Productions
CONTACT: Chris Shaw, +1-910-616-6258, christina@shawmarketing.org, for
Inlighten Film Productions
RiskMetrics Recommends In Favour Of The Resolutions For The Proposed Acquisition Of SkillSoft By Private Investor Group
DUBLIN, IRELAND and NASHUA, N.H., March 24 -- SkillSoft PLC (NASDAQ:SKIL), a leading Software as a Service (SaaS) provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small to medium-sized businesses, announced that RiskMetrics Group (formerly Institutional Shareholder Services or "ISS") is recommending that its clients vote in favour of the recommended acquisition of SkillSoft by SSI Investments III Limited, a company formed by funds sponsored by each of Berkshire Partners LLC, Advent International Corporation and Bain Capital Partners, LLC.
RiskMetrics is widely recognized as one of the leading independent proxy voting and corporate governance advisory firms. Their analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries.
Registered SkillSoft American Depositary Share ("ADS") holders are encouraged to sign and return the ADS Voting Instruction Card enclosed with the Definitive Proxy Statement (comprising the Scheme Document) as soon as possible and in any event so as to be received by The Bank of New York Mellon, at Proxy Tabulator for SkillSoft PLC, P.O. Box 8016, Cary, North Carolina 27512-9903 United States by 5:00 p.m. (EDT) on March 29, 2010.
If shareholders have any questions about how to vote their ADSs, they should contact the firm assisting SkillSoft in the solicitation of proxies: Georgeson at 1-866-357-4029 (if calling from within the United States) or at +001 212-806-6859 (if calling from outside the United States) between 9:00 am EDT and 5:00 pm EDT on any business day.
The full terms and conditions of the Scheme of Arrangement and the notices of the Court Meeting to be convened by direction of the Irish High Court and the related Extraordinary General Meeting required to approve the Scheme and related resolutions were included in the Definitive Proxy Statement (comprising the Scheme Document) which was posted/mailed to SkillSoft Shareholders on March 12, 2010.
The Court Meeting will be held at Fitzwilton House, Wilton Place, Dublin 2, Ireland, at 9:00 a.m. (GMT) on April 6, 2010. The related Extraordinary General Meeting will be held at Fitzwilton House, Wilton Place, Dublin 2, Ireland, at 9:15 a.m. (GMT) on April 6, 2010 (or as soon thereafter as the Court Meeting shall have been concluded or adjourned).
Enquiries:
SkillSoft
Tom McDonald, Chief Financial Officer +1(603)324-3000
Geoff Grande, FD Investor Relations +1(617)747-1721
Jonathan Neilan, FD Media Relations, Ireland +353(0)16633686
Financial Adviser to SkillSoft
Credit Suisse
North America
Adam Nordin +1(312)750-3000
Storm Duncan +1(415)249-2100
UK & Ireland
Zachary Brech +442078888888
About SkillSoft
SkillSoft PLC (NASDAQ:SKIL) is a leading SaaS provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small to medium-sized businesses. SkillSoft enables business organizations to maximize business performance through a combination of comprehensive e-learning content, online information resources, flexible learning technologies and support services.
Content offerings include business, IT, desktop, compliance and consumer/SMB courseware collections, as well as complementary content assets such as Leadership Development Channel video products, KnowledgeCenter(TM) portals, virtual instructor-led training services and online mentoring services. SkillSoft's Books24x7(R) product offering includes access to more than 18,000 digitized IT and business books, as well as book summaries and executive reports. Technology offerings include the SkillPort(R) learning management system, Search-and-Learn(R), SkillSoft(R) Dialogue(TM) and virtual classroom.
SkillSoft courseware content described herein is for information purposes only and is subject to change without notice. SkillSoft has no obligation or commitment to develop or deliver any future release, upgrade, feature, enhancement or function described in this press release except as specifically set forth in a written agreement.
SkillSoft, the SkillSoft logo, SkillPort, Search-and-Learn, SkillChoice, Books24x7, ITPro, BusinessPro, OfficeEssentials, GovEssentials, EngineeringPro, FinancePro, AnalystPerspectives, ExecSummaries, ExecBlueprints, Express Guide and Dialogue are trademarks or registered trademarks of SkillSoft PLC in the United States and certain other countries. All other trademarks are the property of their respective owners, countries.
Legal Information
The directors of SkillSoft accept responsibility for the information contained in this announcement, other than that relating to SSI Investments III Limited, Berkshire Partners LLC, Advent International Corporation and Bain Capital Partners, LLC and the directors of SSI Investments III Limited and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of SkillSoft (who have taken all reasonable care to ensure such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
The directors of SSI Investments III Limited accept responsibility for the information contained in this Announcement relating to SSI Investments III Limited, Berkshire Partners LLC, Advent International Corporation and Bain Capital Partners, LLC and the directors of SSI Investments III Limited and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of SSI Investments III Limited (who have taken all reasonable care to ensure such is the case, the information contained in this announcement for which they accept responsibility) is in accordance with the facts and does not omit anything likely to affect the import of such information.
Credit Suisse Securities (USA) LLC ("Credit Suisse"), which is regulated under the laws of the United States of America, is acting for SkillSoft and for no one else in connection with the Acquisition and will not be responsible to any person other than SkillSoft for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the Acquisition, the content of this announcement or any transaction or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any transaction, any statement contained herein or otherwise.
Morgan Stanley, which is regulated under the laws of the United States of America, is acting as lead financial advisor to SSI Investments and the Investor Group and no one else in connection with the Acquisition and will not be responsible to anyone other than SSI Investments and the Investor Group for providing the protections afforded to clients of Morgan Stanley or for providing advice in relation to the Acquisition, the contents of this announcement or any transaction or arrangement referred to herein. Neither Morgan Stanley nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Morgan Stanley in connection with this announcement, any transaction, any statement contained herein or otherwise.
WilmerHale and William Fry are acting as legal advisors to SkillSoft. Ropes & Gray LLP and Mason Hayes+Curran are acting as legal advisors to SSI Investments III Limited, Berkshire Partners LLC, Advent International Corporation and Bain Capital Partners, LLC.
This announcement does not constitute an offer to purchase, sell, subscribe for or exchange or the solicitation of an offer to purchase, sell, subscribe for or exchange any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise.
Capitalised terms used but not otherwise defined herein shall have the meanings given to such terms in the Definitive Proxy Statement (comprising the Scheme Document).
Any response in relation to the Acquisition should be made only on the basis of the information contained in the definitive Proxy Statement (comprising the Scheme Document). SkillSoft Securityholders are advised to read carefully the formal documentation in relation to the proposed transaction.
SAFE HARBOUR FORWARD-LOOKING STATEMENTS
This announcement includes information that constitutes forward-looking statements made pursuant to the safe harbour provision of the Private Securities Litigation Reform Act of 1995. Statements in this announcement regarding the proposed transaction between SSI Investments III Limited and SkillSoft, the expected timetable for completing the transaction and any other statements about SSI Investments III Limited's and SkillSoft's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements. Factors that could cause or contribute to such differences include competitive pressures, changes in customer demands or industry standards, adverse economic conditions, loss of key personnel, litigation and other risk factors disclosed under the heading "Risk Factors" in SkillSoft's Quarterly Report on Form 10-Q for the quarterly period ended 31 October 2009, as filed with the Securities and Exchange Commission. The forward-looking statements provided by SSI Investments III Limited and SkillSoft in this announcement represent the views of SSI Investments III Limited and SkillSoft as of the date of this announcement. SSI Investments III Limited and SkillSoft anticipate that subsequent events and developments may cause their views to change. However, while SSI Investments III Limited and SkillSoft may elect to update these forward-looking statements at some point in the future, SSI Investments III Limited and SkillSoft specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing SSI Investments III Limited's or SkillSoft's views as of any date subsequent to the date of this announcement.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007, as amended (the "Irish Takeover Rules"), if any person is, or becomes, 'interested' (directly or indirectly) in, one per cent., or more of any class of 'relevant securities' of SkillSoft, all 'dealings' in any 'relevant securities' of SkillSoft (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by not later than 3:30 pm GMT on the business day following the date of the relevant transaction. This requirement will continue until the date on which the scheme becomes effective or on which the 'offer period' otherwise ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an 'interest' in 'relevant securities' of SkillSoft, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.
Under the provisions of Rule 8.1 of the Irish Takeover Rules, all 'dealings' in 'relevant securities' of SkillSoft by SSI Investments III Limited or SkillSoft, or by any of their respective 'associates' must also be disclosed by no later than 12 noon (GMT) on the business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed can be found on the Panel's website at http://www.irishtakeoverpanel.ie.
'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Irish Takeover Rules, which can also be found on the Irish Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a dealing under Rule 8, please consult the Panel's website at http://www.irishtakeoverpanel.ie or contact the Panel on telephone number +353 (0)1 678 9020; fax number +353 (0)1 678 9289.
The release, publication or distribution of this announcement in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this announcement and all other documents relating to the Acquisition are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any jurisdiction in respect of which it would be unlawful to do so, including (but not limited to) Canada, South Africa, Australia and Japan. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies involved in the proposed Acquisition disclaim any responsibility or liability for the violations of any such restrictions by any person.
Source: SkillSoft PLC
CONTACT: SkillSoft, Tom McDonald, Chief Financial Officer,
+1-603-324-3000, or Geoff Grande, FD Investor Relations, +1-617-747-1721, or
Jonathan Neilan, FD Media Relations, Ireland, +353(0)16633686; or Financial
Adviser to SkillSoft, Credit Suisse, North America, Adam Nordin,
+1-312-750-3000, or Storm Duncan, +1-41-249-2100; UK & Ireland, Zachary Brech,
+442078888888
Femtocell Service from AT&T Supports 3G Voice and Data, Will Offer Attractive Price Point and Plan Options
DALLAS, March 24 -- AT&T* today announced that AT&T 3G MicroCell plans to begin its national roll out beginning in mid April, with new markets activating in cities across the continental U.S. for the next several months. AT&T 3G MicroCell is an innovative solution that allows residential customers to route wireless phone calls and data connections (or sessions) across a home broadband connection. This solution is designed to benefit customers who live in homes that have coverage impediments that consistently interrupt wireless spectrum, such as dense wall and roof construction or unfavorable terrain.
AT&T 3G MicroCell is the only femtocell to support both 3G data and voice services. Developed in conjunction with Cisco and in a public trial in select markets since September, AT&T 3G MicroCell is available for a one-time cost of $149.99.
Consumers with AT&T 3G MicroCell will be able to easily activate the device the same day it is purchased, thanks to easy, self-install instructions. Technical support is available for customers who need it.
Consumers manage AT&T 3G MicroCell though their online MyWireless account at http://www.att.com/mywireless. Through this online management, only those phones chosen by the customer may use the MicroCell. Customers may define up to 10 lines to have access and up to four may operate on it simultaneously. Minutes used through the MicroCell affect only the account of the phone making the call - there is no requirement to purchase separate service for the 3G MicroCell.
In addition, AT&T will offer a companion rate plan option for MicroCell customers - especially customers on Family Talk plans -- who want to supplement their existing voice plans. For $19.99 a month, individual or Family Talk customers can make unlimited calls through a 3G MicroCell, without using minutes in their monthly wireless voice plan.
Consumers who select 3G MicroCell calling plans at purchase are also eligible to receive a $100 mail-in-rebate toward the purchase of AT&T 3G MicroCell - effectively making the device about $50. Customers who also purchase a new line of broadband service with AT&T (DSL or U-verse 1.5MB or higher) are also eligible for $50 via mail-in-rebate- effectively making the device about $100. If a customer is eligible for both rebate options, the customer will be able to get the device for $0, after mail-in rebate.
For more information and detailed disclaimer information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
*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. AT&T offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(SM) and AT&T | DIRECTV(SM) brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T's Yellow Pages and YELLOWPAGES.COM organizations are known for their leadership in directory publishing and advertising sales. In 2009, AT&T again ranked No. 1 in the telecommunications industry on FORTUNE® magazine's list of the World's Most Admired Companies.
Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/. 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.
ThePerfectRug.com -- A New Online Destination for Customizable, Hand-Cut Rugs at Affordable Prices
SAN FRANCISCO, March 24 -- The Perfect Rug (http://www.theperfectrug.com), a new online destination for customizable rugs, has just launched. The Perfect Rug is first in its category - dedicated to creating custom rugs online, in any size, and without paying a custom price. Customers of theperfectrug.com can expect to receive the same quality rugs one would find from big box stores, but available in any size and often several hundreds of dollars cheaper in price with shipping to the 48 contiguous states.
Do you need a wide runner for the upstairs hallway? A square sisal-bound rug with matching border to fit under the perfectly round kitchen table? Now you can get that made quickly and easily on The Perfect Rug. The rugs are hand-cut, hand-bound and sewn together to create exactly the color, material and shape you need.
Once the customer has logged into theperfectrug.com they will be guided - via clear and concise instructions - to create their custom rug. Once the materials, finishing and color(s) are chosen, The Perfect Rug combines its expertise in hand-cutting, hand-binding, and its unmatched resources, from sisal to New Zealand pure wools and traffic-friendly blends, to make the "perfect rug." Sampling is encouraged - as The Perfect Rug understands just how important a choice this can be.
"The genesis of the idea behind The Perfect Rug," says Lisa Joss of The Perfect Rug, "came from John Wilson's experience as owner of California Carpets. He immediately noticed a high demand from customers needing to create off-size rugs instead of buying off the rack. He created The Perfect Rug to allow customers to easily create an off-size, custom rug to suit any room and without paying a custom price. Accessibility, wide selection of materials, and instant gratification are the hallmarks of The Perfect Rug."
The Perfect Rug maintains its own workroom where the rugs are hand-cut to the perfect size and then hand-bound using a variety of different edging techniques. Completed rugs are then shipped in as short as 2 weeks. Attention to detail, true craftsmanship, and personalization are the three cruxes on which The Perfect Rug holds itself to as both an online store and a provider of customizable rugs.
Source: ThePerfectRug.com
CONTACT: Adrienne Arieff, aa@arieff.com, or Jason Mitchell,
jason@arieff.com, both of Arieff Communications, +1-415-538-9363,
+1-212-537-0552, for ThePerfectRug.com
Light Reading & 4G World Announce New Backhaul Summit
LR's Fall 2010 Backhaul Strategies and Core Convergence for Carriers will take place on the first day of 4GWorld in Chicago, chaired by Heavy Reading Analysts Berge Ayvazian and Patrick Donegan
NEW YORK, March 24 -- UBM TechWeb's Light Reading (http://www.lightreading.com), the leading research-led media company serving the global communications marketplace, is collocating a new mobile backhaul summit at the Yankee Group's 4GWorld, being held in Chicago, Oct. 18-21, 2010.
Light Reading has been producing the telecom industry's leading mobile backhaul conferences for four years, with this June's event (http://www.lightreading.com/backhaulcore) in New York City drawing senior speakers from AT&T and Verizon and platinum sponsors Cisco and Tellabs. 4GWorld is the second largest telecom conference in the US, and is targeting 10,000 attendees and 140 exhibitors this year.
Light Reading's Backhaul Strategies & Core Convergence for Carriers summit will be led by Heavy Reading Senior Consultant Berge Ayvazian, who runs Heavy Reading's 4G Consulting Practice and is also an Advisory Board member of 4GWorld, as well as Senior Analyst Patrick Donegan, who is acknowledged to be a leading expert in mobile backhaul and who has led all of the LR backhaul conferences.
"In addition to running 15 standalone events around the world, including India and China, Light Reading aggressively partners with major associations and telecom show organizers, and we're very excited to be able to present the fall edition of our Backhaul Conference franchise at 4GWorld," says Joseph Braue, SVP/Group Director of Light Reading.
4G World 2010 (http://www.4gworld.com) is expected to draw more than 10,000 global attendees and more than 140 exhibitors, with participation from Alvarion and Motorola as Corporate Hosts and Cisco, Huawei, Nokia Siemens Networks, and Samsung as Premier Sponsors. "We look forward to adding Light Reading's backhaul summit to our great content lineup," says Eliot Weinman, president of Yankee Group's Events Division and conference founder and chair.
Founded in 2000, Light Reading (http://www.lightreading.com) is the leading online media, research, and focused event company serving the $3 trillion worldwide communications market. Lightreading.com is the ultimate source for technological and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, and TelcoTV Asia, Ethernet Expo New York and Ethernet Europe, and The Tower Summit @ CTIA, as well as focused one-day events tailored for cable, mobile, and wireline executives in the US, Europe, India, and China. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of UBM TechWeb, a division of United Business Media.
About 4G World
4G World(TM), is the first and only conference and expo covering the entire ecosystem of next-generation technologies that enable the mobile Internet revolution, including mobile network infrastructure, advanced devices, applications, and content. Drawing 10,000 attendees and 250 sponsors and exhibitors from across the entire 4G wireless, mobile broadband, and mobile internet ecosystem, 4G World is the premier 4G business transformation event, where the entire industry gathers to chart its future direction.
4G World is produced by the Events and Media division of Yankee Group Research. The 2010 event will take place October 18-21 at Chicago's McCormick Place.
Contact:
Kate Walsh
Sr. Director of Marketing
Yankee Group Events and Media
kwalsh@yankeegroup.com
Source: Light Reading
CONTACT: Amy Averbook, Light Reading, +1-212-600-3373,
averbook@lightreading.com; or Kate Walsh, Sr. Director of Marketing, Yankee
Group Events and Media, kwalsh@yankeegroup.com
Demand for Google's Nexus One Smartphone Jumps on the Global Parallel Market
TEL AVIV, Israel, March 24, 2010-- RCS Limited (http://www.rcs.com), the world's largest international
trader of cellular phones, digital cameras and other portable electronics,
has announced today that demand for Google's Nexus One Smartphone has been
increasing steadily since the beginning of the year. In February, worldwide
demand for the Nexus One was 16% higher than that of the iPhone, and this
trend is expected to continue toward the end of the first quarter.
Unlike the Apple iPhone, Google's Nexus One is unlocked and can be
purchased without a service plan from a cellular operator.
"According to the trading data from RCS' global network, Nexus One is
expected to continue to increase its market share in the Smartphone market
moving into Q2," said Rami Feller, President of RCS. "In our opinion, the
main factors that lead to the increased demand for Nexus One are the lower
unit price compared to other Smarthphones, Google's unlocked business model
and the easy interface with other Google web-based applications."
About RCS
RCS, a privately held company established in 1995, is the
world's largest international trader of cellular phones, digital cameras and
other portable electronics. The company's international sales team maintains
strong connections with over 3,000 manufacturers, operators, distributors and
wholesalers of cellular phones, digital cameras, game consoles, LCDs,
portable media devices and original accessories in 128 countries, enabling it
to source and close deals at the best possible price in the shortest possible
time.
The company's sophisticated website (http://www.rcs.com)
offers the industry's leading online trading platform, with its continuous
selection of offers, requests and auctions. Thousands of buyers and sellers
from around the world use this online platform daily to close lucrative
deals, backed by RCS' superb logistics.
With over 30 professional sales agents, and 20 logistics
experts, RCS is unmatched in its trading capabilities. The main offices are
in the Isle of Man, Israel, United States, United Kingdom, Italy, the
Netherlands and Australia.
For additional information contact: Bluma Nussbaum,
T: +972-3-615-9999 ext. 133, E: bluma@rcs.com
Source: RCS Limited
For additional information contact: Bluma Nussbaum, T: +972-3-615-9999 ext. 133, E: bluma@rcs.com