2007'11.23.Fri
Garmin Ltd. Intends to Make a Cash Offer for Tele Atlas N.V.
October 31, 2007
CAYMAN ISLANDS, Oct. 31 /Xinhua-PRNewswire / -- Garmin
Ltd. (Nasdaq: GRMN) announced today that it notified the
supervisory and managing boards (collectively the
"Boards") of Tele Atlas N.V. ("Tele
Atlas" or "the Company") today of its
intention to make a public offer for all the outstanding
shares of Tele Atlas N.V. on a fully diluted basis at an
indicative offer price of euro 24.50 in cash per share (the
"Offer"), implying an equity value for the Company
of euro 2.3 billion. The intended Offer will be subject to
customary conditions, such as receipt of the requisite
antitrust approvals and tender of at least 66.67% of the
issued share capital. In addition to its cash balance in
excess of $1 billion, Garmin has secured financing
commitments sufficient for the intended Offer. Garmin plans
to launch the offer before December 4, 2007 (the scheduled
expiry date of TomTom's offer).
( Logo:
http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO )
Garmin believes that a combination of Garmin and Tele
Atlas provides the best value for all stakeholders for the
following reasons:
-- Garmin's intended offer is a materially higher cash
value for Tele
Atlas' shareholders than the offer made by TomTom,
15% higher than the
offer by TomTom and a 48% premium to the undisturbed
Tele Atlas share
price on July 20, 2007
-- A combined company will allow Tele Atlas' employees
and customers to
leverage Garmin's large worldwide user base and
industry leading
technology to further contribute to the creation of
superior mapping
coverage, quality and shared content for all of Tele
Atlas' current and
future customers
-- Garmin's broad international footprint, global
market share and strong
balance sheet will promote the growth ambitions and
prospects of Tele
Atlas and its employees
-- In addition to the benefits associated with the
portable navigation
market, a combined company will expand Garmin's
ability to serve more
customers in wireless, in-dash automotive, internet,
and enterprise
markets by offering a broad range of solutions
including content,
applications, and devices.
Commenting on the announcement, Garmin CEO Dr. Min Kao
said: "Given the high growth and rapid change the
navigation market has undergone to date, we feel that now
is the right time for Garmin to move ahead with this
proposed combination with Tele Atlas. Together, we believe
that we can create the best available mapping solutions for
our customers around the world. We also intend to make Tele
Atlas' content available to the entire navigation market on
a non-discriminatory basis, promoting healthy competition,
with significant benefits to the navigation market and all
its consumers."
It is Garmin's intention that Tele Atlas, following the
completion of the strategic combination with Garmin, will
continue its business as a separate entity, based and
headquartered in the Netherlands. Garmin wishes to retain
the existing management team and all of the Tele Atlas
employees and would welcome them into its global family of
nearly 8,000 employees. It also strongly believes that the
increased scale of operations of the proposed combination
will offer exciting and enhanced career opportunities to
Tele Atlas' employees and will create additional jobs in
the Netherlands.
Calls were placed earlier today by Garmin executives to
Tele Atlas executives. Prior to this there has been no
contact between the two companies or their respective
advisers concerning a strategic combination. In accordance
with section 9d(2) of the Dutch Securities Market
Supervision Decree 1995 (Besluit toezicht effectenverkeer
1995, the "Decree"), Garmin has invited the
Boards to meet with Garmin management within 7 days to
discuss the intended Offer and to determine whether the
intended Offer could receive the support and recommendation
of each of the Boards. Garmin prefers that the intended
Offer be supported by each of the Boards but such support
and recommendation is not a condition to launching and
consummating the Offer.
Garmin is a leading, worldwide provider of navigation,
communications and information devices with subsidiaries in
the United States, Canada, Taiwan, the United Kingdom,
Germany, France, Brazil and Singapore with pending
acquisitions in Denmark, Italy and Spain. Through its
operating subsidiaries the company designs, develops,
manufactures and markets a diverse family of hand-held,
portable and fixed-mount GPS-enabled products and other
navigation, communications and information products.
Garmin's projected FY 2007 revenues are nearly US$3
billion, and the company expects to ship more than 10
million devices in 2007. Garmin sells its products through
a worldwide network of approximately 3,000 independent
dealers and distributors in approximately 100 countries.
This is an announcement in accordance with section
9b(2)(b) and section 9d(2) of the Decree.
Garmin's key advisers are Credit Suisse Securities
(USA) LLC, Wachovia Capital Markets LLC, Allen & Overy,
Cleary Gottlieb Steen & Hamilton LLP, Ernst & Young,
KPMG and Finsbury.
Garmin executives will discuss this transaction today
at 10.00 CST/11.00 EST/15.00 GMT/16.00 CET during its third
quarter earnings call. For more information, visit
http://www8.Garmin.com/aboutGarmin/invRelations/irCalendar.html
.
Important Information
Not for release, publication or distribution in whole
or in part in Canada, Australia, Japan or Italy. In
connection with the proposed Offer, Garmin expects to
produce definitive offer materials, including an Offer
Memorandum pursuant to Dutch law. Investors are urged to
read any documents regarding the proposed Offer if and when
they become available because they will contain important
information regarding the proposed Offer. Investors will be
able to obtain copies of such documents from Garmin, free of
charge, once they are available. This announcement shall not
constitute an offer to buy or the solicitation of an offer
to sell any securities, nor shall there be any purchase of
securities in any jurisdiction in which such offer,
solicitation, purchase or sale would be unlawful prior to
registration or qualification of the proposed Offer under
the securities laws of any such jurisdiction. The
information on Tele Atlas in this press release has been
sourced from public disclosure by Tele Atlas and has not
been verified by Garmin.
About Garmin Ltd.
Through its operating subsidiaries, Garmin Ltd.
designs, manufactures, markets and sells navigation,
communication and information devices and applications --
most of which are enabled by GPS technology. Garmin is a
leader in the consumer and general aviation GPS markets and
its products serve aviation, marine, outdoor recreation,
automotive, wireless and OEM applications. Garmin Ltd. is
incorporated in the Cayman Islands, and its principal
subsidiaries are located in the United States, Taiwan and
the United Kingdom. For more information, visit Garmin's
virtual pressroom at http://www.Garmin.com/pressroom or
contact the Media Relations department at 913-397-8200.
Garmin is a registered trademark of Garmin Ltd.
Notice on Forward-Looking Statements
This announcement includes forward-looking statements.
These statements are based on the current expectations of
Garmin Ltd. and are naturally subject to uncertainty and
changes in circumstances. Forward-looking statements
include, without limitation, statements containing words
such as "intends" or "intended". By
their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a
number of factors that could cause actual results and
developments to differ materially from those expressed or
implied by such forward-looking statements. Other unknown
or unpredictable factors could cause actual results to
differ materially from those in the forward-looking
statements. These factors include those discussed or
identified in the filings by Garmin with the U.S.
Securities and Exchange Commission in its Annual Report on
Form 10-K. Garmin does not undertake any obligation to
update publicly or revise forward-looking statements,
whether as a result of new information, future events or
otherwise, except to the extent legally required.
For more information, please contact:
North America
Ted Gartner
Garmin International Inc.
Tel: +1-913-440-1240
Email: media.relations@Garmin.com
Jessica Myers
Garmin International Inc.
Tel: +1-913-440-1411
Email: media.relations@Garmin.com
Europe
Rollo Head or James Leviton
Finsbury Group
Tel: +44-207-251-3801
PR
2007'11.23.Fri
Thomson Scientific Partners With Australia's Department of Education, Science and Training as Primary Data Supplier
October 31, 2007
Citation Data Will be Used by Australian Government to
Determine Funds Allocation and Measure the Quality of
Research
SYDNEY, Australia, Oct. 31 /Xinhua-PRNewswire/ --
Thomson Scientific, part of The Thomson Corporation (NYSE:
TOC; TSX: TOC) and leading provider of information
solutions to the worldwide research and business
communities, announced today that it will provide citation
data to Australia's Department of Education, Science and
Training (DEST). The data will support DEST in implementing
the Research Quality Framework (RQF).
DEST is the Australian government department
responsible for administering the public funding of higher
education and for developing and administering higher
education policy and programs. This partnership quickly
follows a recent agreement between Thomson Scientific and
the Innovative Research Universities Australia to provide
National Citation Reports and University Science Indicators
to six member universities. In addition, all the
universities in Australia currently have access to Thomson
Scientific's ISI Web of Knowledge.
"We are delighted that DEST has chosen us as its
partner and proud that our data will be used to support an
important nation-wide project on the scale of the
RQF," said Jeroen Prinsen, director of sales, Thomson
Scientific ANZ. "Our ever-growing presence in
Australia reflects our position as an authoritative,
quantitative information provider."
Today, Australia ranks among the top 10 nations for the
influence enjoyed by its scientific papers, with 2894 papers
among the top one percent cited from 1996 to 2006. The RQF
will play a key role to ensure that research conducted in
Australian institutions is rigorously assessed through
internationally recognized processes to maintain its high
quality.
About The Thomson Corporation
The Thomson Corporation ( http://www.thomson.com ) is a
global leader in providing essential electronic workflow
solutions to business and professional customers. With
operational headquarters in Stamford, Conn., Thomson
provides value-added information, software tools and
applications to professionals in the fields of law, tax,
accounting, financial services, scientific research and
healthcare. The Corporation's common shares are listed on
the New York and Toronto stock exchanges (NYSE: TOC; TSX:
TOC).
Thomson Scientific is a business of The Thomson
Corporation. Its information solutions assist
professionals at every stage of research and
development-from discovery to analysis to product
development and distribution. Thomson Scientific
information solutions can be found at
scientific.thomson.com.
For more information, please contact:
Sue Besaw
Thomson Scientific
Tel: +215-823-1840
Email: susan.besaw@thomson.com
2007'11.23.Fri
CNinsure Announces Pricing of Initial Public Offering on Nasdaq
October 31, 2007
GUANGZHOU, China, Oct. 31 /Xinhua-PRNewswire-FirstCall/
-- CNinsure Inc. (Nasdaq: CISG), a leading independent
insurance agency and brokerage company operating in China,
today announced that its initial public offering of
11,762,413 American Depositary Shares ("ADSs"),
each representing 20 ordinary shares of the company, was
priced at an initial public offering price of $16.00 per
ADS. The ADSs will begin trading on the Nasdaq Global
Market on October 31, 2007 under the symbol
"CISG."
Of the 11,762,413 ADSs sold in the offering, 9,650,000
ADSs were sold by CNinsure, and 2,112,413 ADSs were sold by
selling shareholders. CNinsure has granted the underwriters
a 30-day option to purchase up to 1,764,360 additional ADSs
to cover over-allotments.
Morgan Stanley & Co International plc acted as book
runner and lead manager. William Blair & Company L.L.C.,
Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC and Piper
Jaffray & Co. acted as co-managers for the offering.
CNinsure's registration statement relating to these
securities has been declared effective by the United States
Securities and Exchange Commission. This news release does
not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein, nor shall
there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification
under the securities laws of any such state or
jurisdiction.
The offering of the securities is made only by means of
a prospectus forming a part of the effective registration
statement. A copy of the prospectus relating to the
offering may be obtained by contacting Morgan Stanley &
Co. Incorporated by mail, Attn: Prospectus Department, 180
Varick Street, New York, NY 10014, or by email at
prospectus@morganstanley.com.
About CNinsure Inc.
Cninsure Inc. (Nasdaq: CISG) is a leading independent
insurance agency and brokerage company operating in China.
CNinsure's distribution network reaches some of China's
most economically developed regions and affluent cities.
The company distributes a wide variety of property and
casualty and life insurance products underwritten by
domestic and foreign insurance companies operating in China
and provides insurance-related services.
For investor and media inquiries, please contact:
In China:
Ms. Phoebe Meng
IR Officer, CNinsure Inc.
Tel: +86-20-6122-2730
Email: mengyf@cninsure.net
Mrs. Helen Plummer
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-3090
Email: helen.plummer@ogilvy.com
In the United States:
Mr. Jeremy Bridgman
Ogilvy Public Relations Worldwide (New York)
Tel: +1-212-880-5363
Email: jeremy.bridgman@ogilvypr.com
2007'11.23.Fri
ImLive.com Is Celebrating its 10 Millionth Member this Weekend
October 31, 2007
NEW YORK and LONDON, Oct. 31 /Xinhua-PRNewswire/ --
What do we know about the forces of our times? Bill Gates
believes that five years from now, people will have
abandoned traditional television for the flexibility and
convenience of online programming. Arthur Sulzberger, the
owner of the New York Times has said that he does not know
whether they will still be printing the world renowned
Newspaper or if they will be simply publishing it online.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20070919/NYW098LOGO )
Five years ago, ImLive.com was launched and in the
space of 5 years, has become the leading webcam chat site
on the internet.
This weekend ImLive.com will be celebrating its 10
millionth member. Just to contemplate a figure as large as
this is mind boggling and one must keep in mind that there
are 140 independent countries in the World that do not have
as many citizens, the population of New York City is not
even close, and in fact only 6 states in the USA have a
larger population than 10,000,000.
Members at ImLive.com do not have an anthem or a flag
in common, they come from every conceivable part of the
planet but they have one thing in common, their membership
and access to the ImLive "secret". The internet
has given us a platform which seems to supersede any other
type of affiliation, realizing some form of a new world
order. So what is the secret behind ImLive.com?
Carole Wood, ImLive's spokes person explains it:
"In the World we live in today, we are all busy doing
the things we need to do, we need to work, we need to pay
bills, we need to pay rent, we need to travel in rush hour,
we need to take care of others we have many needs in our
everyday lives but how much time do we spend doing the
things we want to do? Well ImLive.com is the place we make
these things happen, we focus on the wants and desires and
leave the needs behind upon login. 10 million members
understand this factor and choose to do what they want and
not what they need and we are welcoming 12,000 new members
a day who realize this psychological necessity.
We also understand the need to remain on the cutting
edge of technology and employ a creative team of over 100
people to achieve this target. In addition to this we are
committed to do our best for our members in the best
atmosphere we can create. It is not trivial that 10 million
members, most of whom pay for services on ImLive.com, choose
us over the many free sites that are on the net today. To
celebrate this special occasion ImLive is throwing a huge
online party, in which ImLive will display why it's
possible to do what you want and not what you need."
A member of ImLive who chooses to identify him/herself
as OOO*** has said about ImLive "I just love spending
my free time on IMLIVE. It truly is the most fun, exciting,
and interactive on-line video and chat experience. I would
recommend IMLIVE to anyone who wants to get in, get live,
and get going."
Is the answer to world peace this ImLive message?
Perhaps or perhaps not, nevertheless in the meanwhile, as
we continue to struggle for self determination in the real
world, we can party on in the cyber one, together with
ImLive.com and its ten million members, who already know
what they want.
The ImLive.com 10 millionth member bash will commence
on Thursday 1st November 4:00 a.m. US Eastern Time. through
to Monday 5th November 4:00 a.m. US Eastern Time. During the
party the 10,000,000th member will be joining and the lucky
person will win $1000 of real credit in the account. On top
of this, the 10 biggest spenders will each win $200 in real
credit and to top it all off, every single member will
receive a gift of $10 free credit when making their first
credit purchase during the party. It's a celebration for
all and you are invited to join the festivities and to do
what you want to, for a change!
ImLive.com (
http://imlive.com/hostlist.asp?cat=232&GenderID=1&Iam=3,4
) was founded in 2002 and is today the leading webcam chat
arena on the internet. ImLive serves as an online community
to over 18,000 thousand expert hosts and 10 million members
from all around the globe. Membership is free to all, over
the age of 18 years and is extremely user friendly.
Members can connect with expert hosts in every field
and information exchange and demonstrations in hundreds of
subjects occur in real time through Video Chat and chat
using the most advanced technologies available.
For more information, please contact:
Carole Wood
Tel: +1-866-5767875
Email: pr@imlive.com
2007'11.23.Fri
3 Austria Launches Mobile Internet Using Novarra's Vision(TM) Mobile Web Platform
October 31, 2007
Service live on 30 handsets in five weeks
SAN FRANCISCO, Oct. 31 /Xinhua-PRNewswire/ -- Novarra,
the leading provider of next-generation mobile internet
platforms and services, today announces that 3 Austria has
launched its innovative high speed mobile internet service,
'MoreWWW' powered by Novarra's Vision platform. The MoreWWW
service now enables 3 Austria's customers to access the same
breadth of rich internet content that they already do on the
PC from their existing handsets. The announcement follows
upon Novarra's other successful deployments across 3 Group
properties including H3G Italy and 3 Hong Kong. The Vision
platform enabled 3 Austria to launch a high quality consumer
experience including seamless integration with their
existing billing system.
The MoreWWW application is available for download from
the Planet 3 portal and supports both German and English
languages. Other features include content download and a
customized dashboard highlighting top Austrian websites and
email services. The high performance MoreWWW service is
offered on all thirty of 3 Austria's mid- and top-tier 3
Handy handsets, including X-Series. Two service plans are
available: a daily plan and monthly subscription.
The service has been deployed using the Vision server
in conjunction with Novarra's suite of Java micro-clients
which offer superior speed, usability and personalization.
The service was launched within just five weeks due to
Novarra's open standards platform and quality of handset
support. This included full billing integration with MIA,
Austria's mobile payment platform.
Berthold Thoma, CEO, 3 Austria commented: "The
internet plays a central role in our market leading
multi-media strategy". He continued: "With
Novarra's advanced capabilities and expertise we could
confidently launch this high ARPU consumer service in time
for our Christmas push."
"Transforming the complexity of the web for mobile
networks and handsets is completely different from
WAP," said Jayanthi Rangarajan, president and CEO of
Novarra. She added, "We are pleased that 3 Austria
selected the quality that Novarra brings due to 7 years of
focus on mobile internet and mass-market handsets."
Novarra's Vision server is the industry's first
platform with dynamic support for industry WAP/HTML
browsers as well as high performance HTML micro-clients
(Java, BREW and C++) which boost consumer usability and
performance. The proven, carrier-grade platform for
next-generation content and services, delivers the benefits
of content adaptation, content reduction, acceleration,
optimization, filtering and services definition in a single
platform. Built upon open standards, with support for
portals and advertising, the Vision server fits seamlessly
within content, network and billing infrastructure.
Novarra's full browsers and micro-clients provide industry
leading performance and mobile usability across open-OS
handsets.
About Novarra:
Novarra is the leading provider of high performance
mobile web gateway platforms for operators and content
providers to create new internet-based services and revenue
streams. Novarra developed the first server-client
architecture for web content transformation and network
optimization designed for mass-market, high volume mobile
consumer deployments. Novarra's open, standards-based
platforms deliver a high quality mobile user experience for
services like full rich web, search, premium portals,
personalization and advertising. Global, commercial
deployments over 5 years on both 2.5G and 3G networks have
proven consumer satisfaction, uptake and increased data
services revenue.
Novarra and Vision are trademarks of Novarra, Inc.
For more information:
Europe:
Annie Woodhead / Alexis Dalrymple
Hotwire PR
Email: annie.woodhead@hotwirepr.com /
alexis.dalrymple@hotwirepr.com
Phone: +44-0-207-608-4664 / +44-0-207-608-4685
North America:
Doug Haslam
Topaz Partners
Email: Novarra@topazpartners.com
Phone: +1-781-404-2419
2007'11.23.Fri
Novarra Drives Mobile Internet Penetration With Two New Services for 3 Italia
October 31, 2007
Planet 3 portal seamlessly extended, building on 12 months
of successful customer adoption
CHICAGO, Oct. 31 /Xinhua-PRNewswire/ --
Novarra, the leading provider of next-generation mobile
internet platforms and services, today announces that 3
Italia has launched two new services using Novarra's
Vision(TM) mobile web gateway platform. The Planet 3
mobile portal is extended to include full internet access
so that all 3 Italia subscribers can now seamlessly consume
the breadth of portal and internet content. Additionally,
consumers with X-Series handsets can now experience major
internet brands, the WWW3 internet dashboard and the Planet
3 mobile portal from a single service offering. Novarra's
Vision platform enables both services to be immediately
available to all 3 Italia users without requiring any new
software on their existing handsets.
Novarra's Vision server is built upon open standards
and can therefore deliver any web site to any WAP, i-mode
or HTML browser. With this product, it is now possible to
provide a rich mobile experience across all phones from one
central point. Supporting 1000s of commercially deployed
industry browsers it also requires no change to the handset
software.
3 Italia's mobile internet penetration has doubled
across all service plans within three months of launch.
With the Vision server's open-browser support, 3 Italia has
expanded its mobile internet reach across its entire user
base. Usage data suggests that 3 Italia's existing Planet 3
subscriber base is quickly discovering the internet service
due to the seamless portal and off-portal offering using
existing WAP browsers.
"World wide web access should be a core
application for mobile phones alongside voice calling,
messaging and taking photographs," said Tony Cripps,
senior analyst, Ovum. "Proactive operators are
beginning not only to understand this requirement but also
the need to extend web browsing to the widest range of
handsets through the use of server-based adaptation."
"We provide quality and scalability needed for
mass-market adoption of mobile internet and next-generation
portals," added Jayanthi Rangarajan, CEO and president
of Novarra. "Operators like 3 Italia recognize the
power of Novarra's open server solution, to immediately
internet-enable the entire subscriber base. Our Java and
BREW micro-clients provide additional choices. Our
customers select us because of our experience, commitment
to innovation, quality and scalability. These are the
critical factors required for a successful mobile internet
deployment."
With flat rate plans ranging from euro 1 to euro 9,
these new services from 3 Italia build on 12 months of
successful customer uptake of its WWW3 internet offering
which also uses the Vision server in combination with
Novarra's industry leading suite of Java micro-clients.
Novarra's Vision server is the industry's first
platform with dynamic support for industry WAP/HTML
browsers as well as high performance HTML micro-clients
(Java, BREW and C++) which boost consumer usability and
performance. The proven, carrier-grade platform for
next-generation content and services, delivers the benefits
of content adaptation, content reduction, acceleration,
optimization, filtering and services definition in a single
platform. Built upon open standards, with support for
portals and advertising, the Vision server fits seamlessly
within content, network and billing infrastructure.
Novarra's full browsers and micro-clients provide industry
leading performance and mobile usability across open-OS
handsets.
About Novarra
Novarra is the leading provider of high performance
mobile web gateway platforms for operators and content
providers to create new internet-based services and revenue
streams. Novarra developed the first server-client
architecture for web content transformation and network
optimization designed for mass-market, high volume mobile
consumer deployments. Novarra's open standards-based
platforms deliver a high quality mobile user experience for
services like full rich web, search, premium portals,
personalization and advertising. Global commercial
deployments over 5 years on both 2.5G and 3G have proven
consumer satisfaction, uptake and increased data services
revenue. http://www.novarra.com/
Novarra and Vision are trademarks of Novarra, Inc.
For more information:
Europe:
Annie Woodhead / Alexis Dalrymple
Hotwire PR
Email: annie.woodhead@hotwirepr.com /
alexis.dalrymple@hotwirepr.com
Phone: +44-0-207-608-4664 / +44-0-207-608-4685
North America:
Doug Haslam
Topaz Partners
Email: Novarra@topazpartners.com
Phone: +1-781-404-2419
2007'11.23.Fri
New Opening Boutique for Gerald Genta
October 31, 2007
PARIS, Oct. 31 /Xinhua-PRNewswire/ -- On Friday night,
the Gerald Genta team hosted their guests to present the
world's very first Gerald Genta boutique located on the
famous Rue de la Paix, in Paris.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071030/279777-a )
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071030/279777-b )
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071030/279777-c )
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071030/279777-d )
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071030/279777-e )
In the course of the evening, Francesco Trapani, CEO of
Bulgari and Gerald Roden, CEO of Gerald Genta, welcomed more
than 140 people to the new flagship store.
The party began with a tour of the boutique, a chance
to discover all the collections, and a presentation of our
museum pieces organised especially for this event --
followed by a cocktail held in the "Orchid Salon"
of the Park Hyatt Hotel, beautifully decorated for the
occasion in Gerald Genta's red and black signature colours.
About Gerald Genta :
Inventive and unconventional, Gerald Genta was founded
in 1969. In that exact same spirit, the Gerald Genta
collections continue shaking up the traditionally discreet
and classic world of Haute Horlogerie.
In 1979 the company received the highly coveted
"Poincon de Geneve", a symbol of excellence and
perfection in high-end movements.
In June 2000 the Bulgari Group acquired Gerald Genta
S.A.
Today, Gerald Genta is the only Haute Horlogerie brand
offering exclusively complex movements combined with an
avant-garde design. Using innovative materials, coupled
with ingenious technology and highly complicated movements,
it daily accompanies cosmopolitan and non-conformist watch
enthusiasts.
The Manufacture Gerald Genta is located both in Geneva
and in the village of Le Sentier, at the heart of the
Vallee de Joux, where a team of highly experienced
watchmakers and technicians combines skilled craftsmanship
with cutting-edge technologies to develop and craft all
kinds of complication movements. The new building, will
open in a few weeks. The new manufacture will square 1950
m2.
For more information, please contact:
Anne-Lise Weistroff
Gerald Genta
Email: anne-lise.weistroff@gerald-genta.ch
2007'11.23.Fri
Quintiles Acquires Central American Research Organization
October 31, 2007
Bio-Trials to Complement Existing Quintiles Latin American
Organization
RESEARCH TRIANGLE PARK, N.C., Oct. 31
/Xinhua-PRNewswire/ --
Quintiles Transnational Corp. today announced that its
Latin American subsidiary has purchased Bio-Trials, a
leading Central American Clinical Research Organization
(CRO) with headquarters in Panama and offices in Costa
Rica, Guatemala, Ecuador and Peru.
Bio-Trials provides clinical monitoring, clinical site
coordination, regulatory support, study management and
supply distribution services. It has conducted about 30
clinical trials in 10 Central and South American countries,
and its customers have included a number of major
pharmaceutical companies and global CROs.
"The acquisition of Bio-Trials gives Quintiles an
experienced, well-established team as well as access to an
experienced network of independent investigators in the
increasingly important Central American region," said
Jeff Thomis, President of Global Clinical Development
Services for Quintiles. "Our customers are
increasingly including Central America as part of their
global drug development program. The Bio-Trials team will
be a welcome addition to our Latin America group."
In addition to its offices, Bio-Trials has supply
distribution points in Panama, Costa Rica, Guatemala and
Peru.
About Quintiles Latin America
Quintiles Latin America was founded in 1995 and now has
nearly 600 employees in six countries, with headquarters in
Argentina, providing project management, clinical trial
monitoring, regulatory, drug safety, site management,
quality assurance, central laboratory and clinical trial
supplies services. Quintiles Latin America has conducted
more than 300 studies involving more than 30,000 patients.
About Quintiles Transnational
Quintiles Transnational Corp. is powering the next
generation of healthcare by providing a broad range of
professional services in drug development, financial
partnering and commercialization for the pharmaceutical,
biotechnology and healthcare industries. With more than
19,000 employees and offices in more than 50 countries, it
is focused on providing customer-centric solutions that are
the gold standard of the industry. For more information,
please visit the company's Web site at http://www.qtrn.com.
For more information, please contact:
Dick Jones
Media Relations
Phone: +1-919-998-2091
Email: media.info@quintiles.com
Greg Connors
Investor Relations
Phone: +1-919-998-2000
Email: invest@quintiles.com
2007'11.23.Fri
SMIC Reports 2007 Third Quarter Results
October 30, 2007
-- All currency figures stated in this report are in US
Dollars unless
stated otherwise.
-- The financial statement amounts in this report are
determined in
accordance with US GAAP.
SHANGHAI, China, Oct. 30 /Xinhua-PRNewswire/ --
Semiconductor Manufacturing International Corporation
(NYSE: SMI; SEHK: 981) ("SMIC" or the
"Company"), one of the leading semiconductor
foundries in the world, today announced its consolidated
results of operations for the three months ended September
30, 2007.
(Logo: http://www.xprn.com/xprn/sa/200611101605-min.jpg
)
Third Quarter 2007 Highlights:
-- Revenue up by 6.1% over 3Q06 to $391.4 million and
up by 4.4% from
$374.8 million in 2Q07.
-- Gross margins were 10.8% in 3Q07 compared to 10.3%
in 2Q07.
-- Net loss of $25.6 million in 3Q07 due to severe
price declines in
the DRAM market, compared to a net loss of $2.1
million in 2Q07.
-- Fully diluted EPS was ($0.0690) per ADS.
Commenting on the quarterly results, Dr. Richard Chang,
Chief Executive Officer of SMIC remarked,
SMIC saw continued growth in our foundry business
in the third
quarter of 2007 and recorded revenue growth on a
year-on-year and a
quarter-on-quarter basis. Our logic and non-DRAM
related business
continued to grow as revenue increased 12.1% over the
second quarter to
$299.0 million. Revenues at 90-nanometer increased to
26.7%, up from
22.0% in second quarter of 2007. Gross margins
increased slightly to
10.8% in 3Q07 from 10.3% in 2Q07 primarily due to
higher utilization and a
higher proportion of logic shipments. Operationally,
wafer shipments
increased year over year by 10.7%, while capacity
utilization increased
to 94.1%, up from 84.3% in the third quarter of 2006.
Despite the strength of our non-DRAM foundry
services, our business
was impacted by ongoing severe price declines in the
DRAM market. DRAM
revenues were reduced to 23.6% of total revenues,
compared to 28.9%
reported in the second quarter of 2007. We reported a
quarterly loss
of $25.6 million which includes an additional loss
provision for DRAM
inventories of about $10 million. We expect revenues
from DRAM as a
proportion of our total revenue to decrease in the next
two quarters.
As a part of our long-term strategy to lower
capital expenditures
while increasing production capacity, we are currently
managing fabs
owned and financed by local governments. The
200-millimeter Chengdu fab
is progressing smoothly. Pilot production began in the
second quarter,
and we expect to start mass production by the end of
the year. For the
300-millimeter Wuhan fab, we still plan to start the
equipment move-in
during the fourth quarter of 2007.
Our technology roadmap is well on track, with our
65-nanometer
technology development making steady progress.
Commercial production
of 2Gb NAND flash started in September, 2007, and we
are developing an
8Gb NAND flash product. We were also pleased to
announce recently that
we have entered into a strategic agreement with
Spansion, in which
Spansion will transfer its 65nm flash technology to
SMIC. This move will
allow SMIC to enter selected segments of the flash
memory market with a
license to manufacture and sell 90nm and 65nm and
potentially future
Spansion MirrorBit(R) Quad products.
We are committed to our strategy and are confident
that prudent
development of advanced technology nodes in China for
leading customers
will position SMIC for solid, long-term growth.
Conference Call / Webcast Announcement
Date: October 31, 2007
Time: 8:00 a.m. Shanghai time
Dial-in numbers and pass code: U.S. 1-617-597-5342 or
HK 852-3002-1672 (Pass code: SMIC).
A live webcast of the 2007 third quarter announcement
will be available at http://www.smics.com under the
"Investor Relations" section. An archived
version of the webcast, along with an electronic copy of
this news release will be available on the SMIC website for
a period of 12 months following the webcast.
About SMIC
Semiconductor Manufacturing International Corporation
("SMIC"; NYSE: SMI; SEHK: 981) is one of the
leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China,
providing integrated circuit (IC) manufacturing service at
0.35um to 90nm and finer line technologies. Headquartered
in Shanghai, China, SMIC has a 300mm wafer fabrication
facility (fab) under pilot production and three 200mm wafer
fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, and an
in-house assembly and testing facility in Chengdu. SMIC
also has customer service and marketing offices in the
U.S., Europe, and Japan, and a representative office in
Hong Kong. In addition, SMIC manages and operates a 200mm
wafer fab in Chengdu owned by Cension Semiconductor
Manufacturing Corporation and a 300mm wafer fab under
construction in Wuhan owned by Wuhan Xinxin Semiconductor
Manufacturing Corporation. For more information, please
visit http://www.smics.com .
Safe Harbor Statements
(Under the Private Securities Litigation Reform Act of
1995)
This press release contains, in addition to historical
information, "forward-looking statements" within
the meaning of the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements, including statements
concerning our expectation that revenues from DRAM as a
proportion of our total revenue will decrease in the next
two quarters, SMIC's ability to grow and improve
profitability, and statements under "Capex
Summary" and "Fourth Quarter 2007 Guidance,"
are based on SMIC's current assumptions, expectations and
projections about future events. SMIC uses words like
"believe," "anticipate,"
"intend," "estimate,"
"expect," "project" and similar
expressions to identify forward-looking statements,
although not all forward-looking statements contain these
words. These forward-looking statements are necessarily
estimates reflecting the best judgment of SMIC's senior
management and involve significant risks, both known and
unknown, uncertainties and other factors that may cause
SMIC's actual performance, financial condition or results
of operations to be materially different from those
suggested by the forward-looking statements including,
among others, risks associated with cyclicality and market
conditions in the semiconductor industry, intense
competition, timely wafer acceptance by SMIC's customers,
timely introduction of new technologies, SMIC's ability to
ramp new products into volume, supply and demand for
semiconductor foundry services, industry overcapacity,
shortages in equipment, components and raw materials,
availability of manufacturing capacity and financial
stability in end markets.
Investors should consider the information contained in
SMIC's filings with the U.S. Securities and Exchange
Commission (SEC), including its annual report on 20-F, as
amended, filed with the SEC on June 29, 2007, especially in
the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results
of Operations" sections, and its registration
statement on Form A-1 as filed with the Stock Exchange of
Hong Kong (SEHK) on March 8, 2004, and such other documents
that SMIC may file with the SEC or SEHK from time to time,
including on Form 6-K. Other unknown or unpredictable
factors also could have material adverse effects on SMIC's
future results, performance or achievements. In light of
these risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may
not occur. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the
date stated, or if no date is stated, as of the date of this
press release. Except as required by law, SMIC undertakes no
obligation and does not intend to update any forward-looking
statement, whether as a result of new information, future
events or otherwise.
Material Litigation
Recent TSMC Legal Developments:
On August 25, 2006, TSMC filed a lawsuit against the
Company and certain subsidiaries (SMIC (Shanghai), SMIC
(Beijing) and SMIC (Americas)) in the Superior Court of the
State of California, County of Alameda for alleged breach of
settlement agreement, alleged breach of promissory notes and
alleged trade secret misappropriation by the Company. TSMC
seeks, among other things, damages, injunctive relief,
attorneys' fees, and the acceleration of the remaining
payments outstanding under the settlement agreement.
In the present litigation, TSMC alleges that the
Company has incorporated TSMC trade secrets in the
manufacture of the Company's 0.13-micron or smaller process
products. TSMC further alleges that as a result of this
claimed breach, TSMC's patent license is terminated and the
covenant not to sue is no longer in effect with respect to
the Company's larger process products.
The Company has vigorously denied all allegations of
misappropriation. Moreover, TSMC has not yet proven any
trade secret misappropriation by the Company. At present,
the claims rest as unproven allegations, denied by the
Company.
On September 13, 2006, the Company announced that in
addition to filing a response strongly denying the
allegations of TSMC in the United States lawsuit, SMIC
filed on September 12, 2006 a cross-complaint against TSMC,
seeking, among other things, damages for TSMC's breach of
contract and breach of implied covenant of good faith and
fair dealing.
On November 16, 2006, the High Court in Beijing, the
People's Republic of China, accepted the filing of a
complaint by the Company and its wholly owned subsidiaries,
SMIC (Shanghai) and SMIC (Beijing), regarding the unfair
competition arising from the breach of bona fide (i.e.
integrity, good faith) principle and commercial defamation
by TSMC ("PRC Complaint"). In the PRC Complaint,
the Company is seeking, among other things, an injunction
to stop TSMC's infringing acts, public apology from TSMC to
the Company and compensation from TSMC to the Company,
including profits gained by TSMC from their infringing
acts.
TSMC filed with the California court in January 2007 a
motion seeking to enjoin the PRC action. In February 2007,
TSMC filed with the Beijing High Court a jurisdictional
objection, challenging the competency of the Beijing High
Court's jurisdiction over the PRC action.
In March 2007, the California Court denied TSMC's
motion to enjoin the PRC action. TSMC has appealed this
ruling to California Court of Appeal.
In July 2007, the Beijing High Court denied TSMC's
jurisdictional objection and issued a court order holding
that the Beijing High Court shall have proper jurisdiction
to try the PRC action. TSMC has appealed this order to the
Supreme Court of the People's Republic of China.
On August 14, 2007, the Company filed an amended
cross-complaint against TSMC seeking, among other things,
damages for TSMC's breach of contract.
On August 15-17, 2007, the California Court held a
preliminary injunction hearing on TSMC's motion to enjoin
use of certain process recipes in certain of the Company's
0.13 micron logic process flows. On September 7, the Court
denied TSMC's preliminary injunction motion, thereby
leaving unaffected the Company's development and sales.
Instead, the court only required the Company to provide 10
days' advance notice to TSMC if the Company plans to
disclose logic technology to non-SMIC entities under
certain circumstances, to allow TSMC to object to the
planned disclosure.
Under the provisions of SFAS 144, the Company is
required to make a determination as to whether or not this
pending litigation represents an event that requires a
further analysis of whether the patent license portfolio
has been impaired. We believe that the lawsuit is at a very
early stage and we are still evaluating whether or not the
litigation represents such an event. The Company expects
further information to become available to us which will
aid us in making a determination. The outcome of any
impairment analysis performed under SFAS 144 might result
in a material impact to our financial position and results
of operations. Because the case is in its early stages, the
Company is unable to evaluate the likelihood of an
unfavorable outcome or to estimate the amount or range of
potential loss.
Summary of Third Quarter 2007 Operating Results
Amounts in US$ thousands, except for EPS and operating
data
3Q07 2Q07 QoQ
3Q06(3) YoY
Revenue 391,398 374,829 4.4%
368,926 6.1%
Cost of sales 349,148 336,339 3.8%
342,046 2.1%
Gross profit 42,250 38,490 9.8%
26,880 57.2%
Operating expenses 62,435 47,113 32.5%
40,317 54.9%
Loss from operations (20,185) (8,623) 134.1%
(13,437) 50.2%
Other income
(expenses), net (4,342) 6,085 --
(21,819) -80.1%
Income tax (expenses)
benefit (966) 1,621 --
3,047 --
Net loss after
income taxes (25,493) (917) 2680.0%
(32,209) -20.9%
Minority interest 859 (137) --
(2,674) --
Share of loss of
affiliate company (919) (1,001) -8.2%
(1,097) -16.2%
Net loss (25,553) (2,054) 1144.1%
(35,980) -29.0%
Gross margin 10.8% 10.3%
7.3%
Operating margin -5.2% -2.3%
-3.6%
Net loss per ordinary
share -- basic(1) (0.0014) (0.0001)
(0.0020)
Net loss per ADS --
basic (0.0690) (0.0056)
(0.0980)
Net loss per ordinary
share -- diluted(1) (0.0014) (0.0001)
(0.0020)
Net loss per ADS -
diluted (0.0690) (0.0056)
(0.0980)
Wafers shipped (in 8"
wafers)(2) 458,466 443,445 3.4%
413,985 10.7%
Capacity utilization 94.1% 88.9% --
84.3% --
Note:
(1) Based on weighted average ordinary shares of 18,523
million
(basic) and 18,523 million (diluted) in 3Q07,
18,477 million
(basic) and 18,477 million (diluted) in 2Q07 and
18,356 million
(basic) and 18,356 million (diluted) in 3Q06
(2) Including copper interconnects
(3) As restated
-- Revenue increased to $391.4 million in 3Q07, up 4.4%
QoQ from
$374.8 million in 2Q07 and up 6.1% YoY from $368.9
million in 3Q06.
As compared to 2Q07, logic revenue increased by
13.0% while DRAM
revenue fell by 14.6% in 3Q07.
-- Cost of sales increased to $349.1 million in 3Q07,
up 3.8% QoQ from
$336.3 million in 2Q07, primarily due to an increase
in loss
provision for DRAM inventories as of the end of 3Q07
resulting from
the ongoing severe price declines in the DRAM
market.
-- Gross profit increased to $42.3 million in 3Q07, up
9.8% QoQ from
$38.5 million in 2Q07 and up 57.2% YoY from $26.9
million in 3Q06.
-- Gross margins increased to 10.8% in 3Q07 from 10.3%
in 2Q07 primarily
because of the positive impact from higher
utilization and higher
logic shipments which were partially offset by price
decline for DRAM
products.
-- Total operating expenses increased to $62.4 million
in 3Q07 from
$47.1 million, an increase of 32.5% QoQ, primarily
due to increased
R&D and G&A expenses.
-- R&D expenses increased to $25.9 million in 3Q07,
up 11.7% from $23.2
million due to costs relating to the new 12-inch
project in Shanghai
and 65nm R&D activities.
-- G&A expenses increased to $23.8 million in 3Q07
from $14.7 million
in 2Q07. G&A expenses excluding foreign
exchange loss remained flat
at $18.1 million. The foreign exchange loss from
operating activities
in 3Q07 was $5.7 million as compared to a gain of
$4.8 million in 2Q07.
However, combining the foreign exchange gain from
non-operating
activities, which was recorded in other income, a
total gain of $2.0
million was recorded in 3Q07 as compared to a gain
of $3.3 million
in 2Q07.
-- Selling & marketing expenses increased to $4.9
million in 3Q07, up
15.8% QoQ from $4.2 million in 2Q07.
Analysis of Revenues
Sales Analysis
By Application 3Q07 2Q07
3Q06
Computer 22.7% 25.2%
33.0%
Communications 50.0% 40.7%
37.1%
Consumer 18.3% 24.3%
25.2%
Others 9.0% 9.8%
4.7%
By Service Type 3Q07 2Q07
3Q06
Logic(3) 66.8% 61.8%
65.4%
DRAM 23.6% 28.9%
30.1%
Management Services 3.1% 3.2%
0.4%
Mask Making, testing, others 6.5% 6.1%
4.1%
By Customer Type 3Q07 2Q07
3Q06
Fabless semiconductor companies 45.5% 43.8%
36.9%
Integrated device manufacturers (IDM) 40.0% 42.3%
50.4%
System companies and others 14.5% 13.9%
12.7%
By Geography 3Q07 2Q07
3Q06
North America 44.7% 39.6%
38.6%
Asia Pacific (ex. Japan) 26.4% 29.1%
25.4%
Japan 10.1% 8.9%
7.5%
Europe 18.8% 22.4%
28.5%
Wafer Revenue Analysis
By Technology (logic, DRAM & copper
interconnect only) 3Q07 2Q07
3Q06
0.09mm 26.7% 22.0%
4.9%
0.13mm 28.6% 33.0%
41.2%
0.15mm 2.0% 1.2%
7.2%
0.18mm 28.8% 30.8%
36.1%
0.25mm 1.0% 0.7%
2.6%
0.35mm 12.9% 12.3%
8.0%
By Technology (Logic Only)(1) 3Q07 2Q07
3Q06
0.09mm 13.7% 15.3%
4.6%
0.13mm(2) 22.7% 19.0%
11.1%
0.15mm 2.7% 1.9%
11.8%
0.18mm 41.0% 43.6%
55.3%
0.25mm 1.4% 0.9%
4.1%
0.35mm 18.5% 19.3%
13.1%
Note:
(1) Excluding 0.13mum copper interconnects
(2) Represents revenues generated from manufacturing
full flow wafers
(3) Including 0.13mum copper interconnects
Capacity(1)
Fab / (Wafer Size) 3Q07
2Q07
Shanghai Mega Fab (8")(2)
98,000 94,000
Beijing Mega Fab (12")(3)
61,200 54,000
Tianjin Fab (8")
21,000 21,000
Total monthly wafer fabrication
capacity 180,200
169,000
Note:
(1) Wafers per month at the end of the period in
8" wafers
(2) Shanghai Mega Fab is now comprised of Fab 1, Fab 2,
and Fab 3
(3) Beijing Mega Fab is now comprised of Fab 4, Fab 5,
and Fab 6
-- Total capacity increased to 180,200 8-inch wafer
equivalent per
month at the end of 3Q07.
Shipment and Utilization
8" equivalent wafers 3Q07
2Q07 3Q06
Wafer shipments including copper
interconnects 458,466 443,445
413,985
Utilization rate(1) 94.1% 88.9%
84.3%
Note:
(1) Capacity utilization based on total wafer out
divided by
estimated capacity
-- Wafer shipments increased 3.4% QoQ to 458,466 units
of 8-inch
equivalent wafers in 3Q07 from 443,445 units of
8-inch equivalent
wafers in 2Q07, and up 10.7% YoY from 413,985 8-inch
equivalent
wafers in 3Q06.
Detailed Financial Analysis
Gross Profit Analysis
Amounts in US$ thousands 3Q07 2Q07 QoQ
3Q06 YoY
Cost of sales 349,148 336,339 3.8%
342,046 2.1%
Depreciation 151,720 159,154 -4.7%
196,993 -23.0%
Other manufacturing
costs 189,069 168,408 12.3%
136,327 38.7%
Deferred cost
amortization 5,886 5,886 --
5,886 --
Share-based compensation 2,473 2,891 -14.5%
2,840 -12.9%
Gross Profit 42,250 38,490 9.8%
26,880 57.2%
Gross Margin 10.8% 10.3% --
7.3% --
-- Cost of sales increased to $349.1 million in 3Q07,
up 3.8% QoQ from
$336.3 million in 2Q07, primarily due to an increase
in loss
provision for DRAM inventories as of the end of 3Q07
resulting from
the ongoing severe price declines in the DRAM
market.
-- Gross profit increased to $42.3 million in 3Q07, up
9.8% QoQ from
$38.5 million in 2Q07 and up 57.2% YoY from $26.9
million in 3Q06.
-- Gross margins increased to 10.8% in 3Q07 from 10.3%
in 2Q07 primarily
because of the positive impact from higher
utilization and higher
logic shipments which were partially offset by price
decline for DRAM
products.
Operating Expense Analysis
Amounts in US$ thousands 3Q07 2Q07 QoQ
3Q06 YoY
Total operating expenses 62,435 47,113
32.5% 40,317 54.9%
Research and development 25,906 23,194
11.7% 27,319 -5.2%
General and administrative 23,836 14,746
61.6% 4,216 465.4%
Selling and marketing 4,901 4,234
15.8% 3,614 35.6%
Amortization of intangible
assets 7,751 6,213
24.8% 6,040 28.3%
Loss (Income) from disposal of
properties 41 (1,274)
-- (872) --
-- Total operating expenses increased to $62.4 million
in 3Q07 from
$47.1 million, an increase of 32.5% QoQ, primarily
due to increased R&D
and G&A expenses.
-- R&D expenses increased to $25.9 million in 3Q07,
up 11.7% from $23.2
million due to costs relating to the new 12-inch
project in Shanghai
and 65nm R&D activities.
-- G&A expenses increased to $23.8 million in 3Q07
from $14.7 million
in 2Q07. G&A expenses excluding foreign
exchange loss remained flat
at $18.1 million. The foreign exchange loss from
operating activities
in 3Q07 was $5.7 million as compared to a gain of
$4.8 million in 2Q07.
However, combining the foreign exchange gain from
non-operating
activities, which was recorded in other income, a
total gain of $2.0
million was recorded in 3Q07 as compared to a gain
of $3.3 million in
2Q07.
-- Selling & marketing expenses increased to $4.9
million in 3Q07, up
15.8% QoQ from $4.2 million in 2Q07.
Other Income (Expenses)
Amounts in US$ thousands 3Q07 2Q07 QoQ
3Q06 YoY
Other income (expenses) (4,342) 6,085 --
(21,819) -80.1%
Interest income 2,204 2,679 -17.7%
2,970 -25.8%
Interest expense (14,791) 3,343 --
(12,247) 20.8%
Other, net 8,245 63 12987.3%
(12,542) --
-- Other non-operating loss of $4.3 million in 3Q07 as
compared to a
gain of $6.1 million in 2Q07, primarily due to
government interest
subsidies received in 2Q07 in conjunction with the
ramp up of the
12-inch fabs.
-- The increase in Other, net is due to foreign
exchange gain of $7.7
million from non-operating activities recorded in
3Q07 as compared to
a loss of $1.5 million in 2Q07. Combined with the
foreign exchange
loss from operating activities, total foreign
exchange gain was $2.0
million in 3Q07 as compared to a total gain of $3.3
million in 2Q07
Liquidity
Amounts in US$ thousands 3Q07
2Q07
Cash and cash equivalents 382,987
372,449
Short term investments 69,947
73,080
Accounts receivable 308,020
300,379
Inventory 254,875
237,966
Others 80,614
125,413
Total current assets 1,096,443
1,109,287
Accounts payable 387,356
483,925
Short-term borrowings 70,000
108,000
Current portion of long-term
debt 290,744
290,533
Others 144,326
124,086
Total current liabilities 892,426
1,006,544
Cash Ratio 0.4x
0.4x
Quick Ratio 0.9x
0.7x
Current Ratio 1.2x
1.1x
Capital Structure
Amounts in US$ thousands 3Q07
2Q07
Cash and cash equivalents 382,987
372,449
Short-term investment 69,947
73,080
Current portion of promissory note 29,493
29,242
Promissory note 64,996
64,443
Short-term borrowings 70,000
108,000
Current portion of long-term debt 290,744
290,533
Long-term debt 587,091
574,564
Total debt 947,835
973,097
Shareholders' equity 3,007,379
3,027,635
Total debt to equity ratio 31.5%
32.1%
Cash Flow
Amounts in US$ thousands
3Q07 2Q07
Net cash from operating activities
142,910 152,999
Net cash from investing activities
(107,751) (146,800)
Net cash from financing activities
(24,571) 24,593
Net change in cash
10,538 30,745
Capex Summary
-- Capital expenditures for 3Q07 were $139 million.
-- Total planned capital expenditures for 2007 will be
approximately
$700 million and will be adjusted based on market
conditions.
Fourth Quarter 2007 Guidance
The following statements are forward looking statements
which are based on current expectation and which involve
risks and uncertainties, some of which are set forth under
"Safe Harbor Statements" above.
-- Revenues expected to increase 2% to 5% from the
third quarter.
-- Operating expense as a percentage of sales expected
to be in the
mid-teens.
-- Capital expenditures expected to be approximately
$60 million to
$90 million.
-- Depreciation and amortization expected to be
approximately $185
million to $205 million.
Recent Highlights and Announcements
-- SMIC Holds 2007 Technology Symposium in Shanghai
[2007-9-21]
-- Announcement of Unaudited Interim Results for the
Six Months Ended
June 30, 2007 [2007-9-20]
-- U.S. Court Denies Preliminary Injunction Sought By
TSMC Against
SMIC [2007-9-9]
-- SMIC holds 2007 Technology Symposium in Shenzhen
[2007-8-30]
-- Resignation and Appointment of Non-Executive
Director [2007-8-30]
-- Synopsys and SMIC Jointly Address China Mobile TV
Market with Low
Power Design Solution [2007-8-29]
-- Qimonda Expands Foundry Agreement with SMIC
[2007-8-21]
-- Cadence and SMIC Collaboration Validates RF Design
Kit for Wireless
IC Design [2007-8-2]
-- SMIC Reports 2007 Second Quarter Results [2007-7-26]
Please visit SMIC's website at
http://www.smics.com/website/enVersion/Press_Center/pressRelease.jsp
for further details regarding the recent announcements.
Semiconductor Manufacturing International
Corporation
BALANCE SHEET
(In US dollars)
As of
September
30, June 30,
2007
2007
ASSETS
Current assets:
Cash and cash equivalents
$382,987,357 $372,449,095
Short term investments
69,946,991 73,079,577
Accounts receivable, net of allowances
of $4,496,016 and $4,688,098,
respectively
308,020,158 300,379,234
Inventories
254,874,702 237,966,018
Prepaid expense and other
current assets
27,310,047 13,059,060
Receivable for sale of plant and equipment
and other fixed assets
50,180,365 109,907,931
Assets held for sale
3,123,567 2,445,806
Total current assets
1,096,443,187 1,109,286,721
Land use rights, net
47,133,249 47,139,822
Plant and equipment, net
3,275,509,427 3,375,543,336
Acquired intangible
assets, net
72,925,914 62,413,712
Deferred cost
76,523,714 82,410,154
Equity investment
10,782,486 11,407,056
Other long-term prepayments
3,179,173 3,551,063
Deferred tax assets
34,582,059 33,036,474
TOTAL ASSETS
$4,617,079,209 $4,724,788,338
LIABILITIES AND STOCKHOLDERS'
Current liabilities:
Accounts payable
387,356,058 483,925,496
Accrued expenses and other
current liabilities
114,781,960 94,683,683
Short-term
borrowings
70,000,000 108,000,000
Current portion of
promissory note
29,492,873 29,242,001
Current portion of
long-term debt
290,744,282 290,533,471
Income tax
payable
51,233 159,421
Total current
liabilities
892,426,406 1,006,544,072
Long-term liabilities:
Promissory note
64,995,655 64,442,787
Long-term debt
587,090,705 574,563,677
Long-term payables relating
to license agreements
26,453,014 14,458,131
Deferred tax liabilities
2,633,174 184,367
Total long-term liabilities
681,172,548 653,648,962
Total liabilities $1,573,598,954
$1,660,193,034
Minority interest
36,101,510 36,960,657
Stockholders' equity:
Ordinary shares£¬$0.0004 par
value, 50,000,000,000
shares authorized, shares
issued and outstanding
18,536,981,058 and
18,493,184,050,
respectively 7,414,793
7,397,274
Warrants 32,387
32,387
Additional paid-in capital 3,307,574,393
3,302,244,424
Accumulated other
comprehensive income 14,195
64,874
Accumulated deficit (307,657,023)
(282,104,312)
Total stockholders' equity 3,007,378,745
3,027,634,647
TOTAL LIABILITIES AND STOCKHOLDERS' $4,617,079,209
$4,724,788,338
EQUITY
Semiconductor Manufacturing International
Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
(In US dollars)
For the
three months ended
September
30, June 30,
2007
2007
Sales
391,397,891 374,829,258
Cost of sales
349,147,976 336,338,574
Gross profit
42,249,915 38,490,684
Operating expenses:
Research and development
25,906,095 23,193,707
General and administrative
23,835,922 14,746,510
Selling and marketing
4,900,813 4,234,048
Amortization of acquired
intangible assets
7,750,931 6,213,171
Loss (Income) from sale of plant and
equipment and other fixed assets
41,576 (1,274,018)
Total operating expenses
62,435,337 47,113,418
Loss from operations
(20,185,422) (8,622,734)
Other income (expenses):
Interest income
2,203,909 2,678,460
Interest expense
(14,790,753) 3,343,327
Foreign currency exchange gain (loss)
7,722,330 (1,514,169)
Other income, net
522,314 1,577,151
Total other income (expenses), net
(4,342,200) 6,084,769
Net loss before income tax, minority
interest, and loss from equity
investment
(24,527,622) (2,537,965)
Income tax benefit (expense)
(965,676) 1,621,322
Minority interest
859,147 (136,518)
Loss from equity investment
(918,560) (1,001,034)
Net loss
$(25,552,711)$(2,054,195)
Net loss per share, basic
(0.0014) (0.0001)
Net loss per ADS, basic
(0.0690) (0.0056)
Net loss per share, diluted
(0.0014) (0.0001)
Net loss per ADS, diluted
(0.0690) (0.0056)
Ordinary shares used in calculating basic loss
per ordinary share 18,523,392,676
18,476,528,957
Ordinary shares used in calculating diluted
loss per ordinary share 18,523,392,676
18,476,528,957
-- Share-based compensation related to each
account balance as follows:
Cost of sales
2,472,711 2,890,848
Research and development
880,402 1,274,430
General and administrative
427,639 1,291,079
Selling and marketing
875,343 549,542
Semiconductor Manufacturing International
Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS
(In US dollars)
For the
three months ended
September
30, June 30, 2007
2007
Operating activities
Net loss
(25,552,711) (2,054,195)
Adjustments to reconcile net
loss to net cash provided
by (used in) operating activities:
Minority interest
(859,147) 136,518
Loss (Gain) on disposal of
plant and equipment
41,576 (1,274,018)
Depreciation and amortization
176,792,146 175,187,932
Amortization of acquired
intangible assets
7,750,931 6,213,171
Share-based compensation
4,656,095 6,005,899
Non cash interest expense on
promissory notes
1,051,275 1,195,552
Loss from equity investment
918,560 1,001,034
Changes in operating
assets and liabilities:
Accounts receivable, net
(7,640,924) (12,352,703)
Inventories
(16,908,684) (346,549)
Prepaid expense and
other current assets
(7,675,557) (52,120)
Accounts payable
(7,269,481) (4,132,746)
Accrued expenses and
other current liabilities
16,811,333 (14,740,560)
Income tax payable
(108,188) (46,650)
Deferred tax assets
(1,545,585) (1,679,557)
Deferred tax liabilities
2,448,807 (62,328)
Net cash provided by
operating activities
142,910,446 152,998,680
Investing activities:
Purchase of plant and
equipment
(161,067,992) (159,994,428)
Proceeds from disposal of plant
and equipment
53,182,673 7,926,063
Proceeds received from sale of
assets held for sale
935,393 2,501,868
Purchases of acquired intangible
assets
(3,933,399) (3,984,011)
Purchase of short-term
investments
(28,807,101) (15,006,035)
Sale of short-term
investments
31,939,688 21,756,260
Net cash used in investing
activities
(107,750,738) (146,800,283)
Financing activities:
Proceeds from short-term
borrowing
17,000,000 105,000,000
Proceeds from
long-term debt
12,737,840 --
Repayment of
promissory notes
-- (15,000,000)
Repayment of
long-term debt
-- (25,438,892)
Repayment of
short-term debt
(55,000,000) (40,000,000)
Proceeds from exercise of
employee stock options
691,393 1,031,855
Repurchase of redeemable preference
shares
-- (1,000,000)
Net cash provided by (used in)
financing activities
(24,570,767) 24,592,963
Effect of exchange
rate changes
(50,679) (46,154)
NET INCREASE IN CASH AND CASH
EQUIVALENTS
10,538,262 30,745,206
CASH AND CASH EQUIVALENTS,
beginning of period
372,449,095 341,703,889
CASH AND CASH EQUIVALENTS, end
of period
382,987,357 372,449,095
For more information, please contact:
Theresa Teng
Tel: +86-21-5080-2000 x16278
Email: Theresa_Teng@smics.com
Adam Weng
Tel: +86-21-5080-2000 x16275
Email: Adam_Weng@smics.com
Phyllis Liu
Tel: +86-21-5080-2000 x12315
Email: Phyllis_Liu@smics.com
2007'11.23.Fri
Kirtas Technologies to Provide High Quality Digitization Services to Yale University and Microsoft Corp.
October 30, 2007
Books will be Digitized and Searchable on Microsoft Live
Search Books
ROCHESTER, N.Y., Oct. 30 /Xinhua-PRNewswire/ -- Kirtas
Technologies, a leading innovator and provider of digital
scanning solutions, today announced it will provide
high-quality digitization services to Yale University
Library, in conjunction with the company's agreement with
Microsoft Corp. to digitize books for Live Search Books.
The project will initially focus on digitization of
100,000 out-of-copyright English-language books that may
not be available at other institutions. Beginning in early
2008, the University's collection will gradually become
available through Microsoft's Live Search interface
(http://books.live.com), enabling students, scholars, and
readers to use them anywhere in the world. With
approximately thirteen million volumes throughout its
system, Yale University boasts one of the most extensive
and unique academic libraries in the world.
"We are delighted and honored to be selected by
Yale University and Microsoft to digitize some of the
unique and amazing items that they hold," said Dr.
Lotfi Belkhir, CEO and Founder of Kirtas Technologies.
"Through this relationship, hundreds of years of
invaluable knowledge will be moved from books to bytes and
become accessible to millions around the world."
Yale and Microsoft selected Kirtas Technologies for its
radically innovative book-scanning technology and its unique
digitization expertise. The Library has successfully worked
with Kirtas in a previous digitization project, as well.
"As part of our agreement with Yale, we'll be
opening a satellite service bureau in New Haven," said
Mark Klein, Director of Operations at Kirtas. "And
while our New Haven facility will be fully staffed, our
production process allows for remote access, which means it
will be fully integrated with our Victor operation."
In addition to being the fastest robotic book scanner
in the world, Kirtas' APT BookScan 2400, coupled with the
BookScan Editor PRO software, delivers unrivaled image
quality while handling books more gently than the human
hand.
Kirtas Quality Services-the company's in-house service
bureau that employs more than 75 image technicians and
operates three shifts- has mastered a proprietary
digitization process that guarantees an overall error rate
lower than one per 10,000 pages, ensuring quality mass
digitization that will meet the highest standards and
endure the test of time.
"This collaboration will allow the Yale Library to
give international digital access to our rare and uniquely
held materials," said Alice Prochaska, Yale University
Librarian. "We have been extremely pleased by the work
that Kirtas has done for us in the past and we look forward
to working with them again on this exciting project. We
are also delighted that Kirtas will be opening an office in
the New Haven area."
"This is a significant alliance for Microsoft, and
we look forward to collaborating with the Yale University
Library," said Danielle Tiedt, General Manager of the
Live Search Books selection team at Microsoft. "The
Library has a wealth of materials in its general and
special collections, and we are delighted to help bring
these treasures to the attention of a broader
audience."
About Kirtas Technologies
Kirtas Technologies was founded in 2001 with the vision
of bringing to the digital realm the massive knowledge
sitting on library shelves, government archives and
corporate storerooms. Today, the company's revolutionary
technology redefines digitization of all bound documents,
delivering gentler handling and higher image quality
faster, with fewer errors, and at a lower cost than any
other solution in the marketplace. For more information,
visit http://www.kirtastech.com .
About Yale University Library
One of the world's leading research libraries, Yale
University Library is a full partner in teaching, research,
and learning at Yale and is visited by scholars from around
the world. A distinctive strength is its rich spectrum of
resources, including approximately thirteen million volumes
and information in all media, ranging from ancient papyri to
early printed books to electronic databases. The Library is
engaging in numerous projects to expand access to its
physical and digital collections. Housed in twenty-two
buildings including the Sterling Memorial Library and the
Beinecke Rare Book and Manuscript Library, it employs a
dynamic staff of nearly six-hundred who offer innovative
and flexible services to library readers. To learn more
about Yale University Library and its collections and
services, visit http://www.library.yale.edu .
The names of actual companies and products mentioned
herein may be the trademarks of their respective owners.
For more information, please contact:
Linda A. Becker
Tel: +1-585-924-2420 x3017
Email: lbecker@kirtas.com
2007'11.23.Fri
Grifols Announces Capital Investment Plan of Euro 400 Million Over the Next Five Years
October 30, 2007
Investment Plan 2008-2012
The Board of Directors has approved a plan for investing in
production and plasma collection facilities that will
position the Company as an industry leader for the
foreseeable future.
BARCELONA, Spain, Oct. 30 /Xinhua-PRNewswire/ --
Grifols' Board of Directors, which met on October 23, 2007
in Los Angeles, California, has approved a euro 400 million
investment plan that will be carried out between now and the
year 2012. Among other things, the new investments will be
to increase capacity for plasma fractionation and
purification, as well as to increase plasma supply.
Within the scope of the approved investment plan, euro
230 million will be designated for ensuring growth in
production and sales during the 2008-2012 period, and the
remaining euro 170 million will support growth from 2013
onward. This will allow the company to prepare for
sustained growth over the next 8 to 10 years.
In order to ensure growth through the year 2012,
Grifols will invest euro 230 million in its production
facilities in Spain and the USA.
Investments to be made in the Spanish facilities
include euro 130 million for the construction of a new
fibrin glue (biological adhesive) production facility and
expansion of the albumin and coagulation factor VIII
purification areas. Albumin and coagulaton factor VIII are
two of the principal plasma proteins that Grifols markets.
In the USA, euro 100 million will be invested in the
Los Angeles facilities for the completion of the
purification and sterile filling areas for coagulation
factors (such as Factor VIII), the opening of new plasma
collection centers and the construction of a new analytical
laboratory in Austin, Texas. This laboratory, which will be
located near Grifols existing US-based laboratory, will
allow the company to handle the growing amount of plasma
samples to be analyzed. Additionally, the new laboratory
will serve the strategic purpose of providing Grifols an
alternate testing location.
Forty-two percent (42%) of the 2008-2012 investment
plan will be set aside for ensuring growth after the year
2013.
These investments, designated for ensuring Grifols'
growth from the year 2013 onward, will also be allocated to
the Spanish and US facilities. Sixty million Euros will be
invested in facilities located in Barcelona, Spain mainly
for the purpose of doubling current plasma fractionation
capacity from 2 million liters in 2007 to 4 million liters
in 2013. In the USA, the company will invest euro 110
million at its current location in Los Angeles, California
to build a new Flebogamma DIF(R) (IVIG) production
facility. The new facility will be designed to match the
existing Flebogamma DIF(R) facility in Barcelona, Spain.
Grifols will also continue to expand the number of plasma
collection centers it owns and operates in the USA.
The investment plan takes into account the fact that
biological production facilities require an average of five
years from the time the investment is approved to the time
regulatory authorizations (FDA, EMEA, etc.) are likely to
be obtained for the marketing of products.
All of the engineering projects related to the
investments to be carried out at the various Grifols'
facilities have already been designed and will be executed
by Grifols Engineering S.A., a wholly owned subsidiary of
Grifols that designs, fabricates and installs custom
production equipment for the biologics industry.
Grifols' euro 400 million five-year investment plan is
expected to be funded with both internal and external
resources.
About Grifols
Grifols is a Spanish holding company specializing in
the pharmaceutical-hospital industry, with a presence in
more than 90 countries. Since May of 2006 its shares have
been traded on the Spanish Stock Exchange (Mercado Continuo
Espanol) and it is included in the Spanish index of medium
capitalization firms (IBEX MEDIUM CAP). It is currently the
leading European company in the plasma therapies industry
and the fourth-largest producer in the world. In the coming
years, Grifols will leverage its market leadership as a
vertically integrated company through past and future
investments that will allow it to ensure its plasma supply
through 77 plasmapheresis centers located in the United
States, while at the same time expanding fractionating
capacity with production facilities in Barcelona and Los
Angeles, capable of meeting the growing market demand.
For more information, please contact:
Raquel Lumbreras
Duomo Comunicacion
Mobile: +659-57-21-85
Email: raquel_lumbreras@duomocomunicacion.com
Grifols Press Office
Tel: +34-91-311-92-90
Fax: +34-91-311-92-89
2007'11.23.Fri
Otis' Leading Technology in Prestigious Abu Dhabi Towers
October 30, 2007
FARMINGTON, Conn., Oct. 30 /Xinhua-PRNewswire/ -- Otis
Elevator Company, a unit of United Technologies Corp.
(NYSE: UTX), has won a 59-unit contract that features the
first Compass(TM) destination entry system sold in the
United Arab Emirates.
The contract calls for Otis to provide 53 elevators and
six escalators in two oval-shaped office and residential
towers, which are part of a sweeping development on Al Reem
Island, a 2.5-square mile natural island on the Arabian Gulf
located 300 meters off the coast of downtown Abu Dhabi.
With the Compass system, passengers enter their
destinations before boarding the elevator. The system
immediately assigns passengers traveling to nearby floors
to the same elevator, reducing wait and travel times, and
eliminating crowding in front of elevator doors.
"We are proud to be involved in this prestigious
development and pleased to provide our industry-leading
Compass technology," said Otis President Ari Bousbib.
"For thousands of residents and visitors it will mean
quicker and more efficient travel to their
destinations."
The towers are being built on a four-story,
400,000-square foot podium that will house a shopping mall.
One of the towers is 72 stories and 292 meters high and the
other is 60 stories and 276 meters high. Otis' contract is
with The Arabian Construction Co.
Otis Elevator Company is the world's largest
manufacturer and maintainer of people-moving products
including elevators, escalators and moving walkways. With
headquarters in Farmington, Connecticut, Otis employs
62,000 people, offers products and services in more than
200 countries and territories and maintains 1.6 million
elevators and escalators worldwide. United Technologies
Corp., based in Hartford, Connecticut, is a diversified
company providing high technology products and services to
the building and aerospace industries.
For more information, please contact:
Tizz Weber
Director, Communications
Otis Elevator Company
Tel: +1-860-676-6127
Email: Tizz.Weber@Otis.com
2007'11.23.Fri
Xinhua Finance Media Schedules 2007 Third Quarter Earnings Results on Tuesday, November 13, 2007
October 30, 2007
Earnings Conference Call to be Held on November 13, 2007
at 5:00 PM (New York) / November 14, 2007 at 6:00 AM
(Beijing)
BEIJING, Oct. 30 /Xinhua-PRNewswire-FirstCall/ --
Xinhua Finance Media Limited ("XFMedia"; Nasdaq:
XFML), China's leading diversified financial and
entertainment media company, today announced that it will
release financial results for the third quarter ended
September 30, 2007 on Tuesday, November 13, 2007, after the
US markets close. Xinhua Finance Media's earnings release
and any related materials will be available on the investor
relations page of its website at
http://www.xinhuafinancemedia.com/earnings .
Following the earnings announcement, Xinhua Finance
Media's senior management will host a conference call on
November 13, 2007 at 5:00 pm (New York) / November 14, 2007
at 6:00 am (Beijing) to review the results and discuss
recent business activities.
Interested parties may dial into the conference call at
(US) +1 480 293 1744/ (UK) +44 20 7190 1232 / (Asia Pacific)
+852 3009 5027. A telephone replay will be available
shortly after the call for one week at (US) +1 303 590
3030/ (UK) +44 207 154 2833, Passcode: 3800017# and (Asia
Pacific) +852 2287 4304, Passcode: 124110#
A real-time webcast and replay will be also available
at: http://www.xinhuafinancemedia.com/earnings-webcast .
Notes to Editors
About Xinhua Finance Media Limited
Xinhua Finance Media ("XFMedia"; Nasdaq:
XFML) is China's leading diversified financial and
entertainment media company targeting high net worth
individuals nationwide. The company reaches its target
audience via TV, radio, newspapers, magazines and other
distribution channels. Through its five synergistic
business groups, Advertising, Broadcast, Print, Production
and Research, XFMedia offers a total solution empowering
clients at every stage of the media process and keeping
people connected and entertained.
Headquartered in Beijing, the company has offices and
affiliates in major cities of China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. For more
information, please visit http://www.xinhuafinancemedia.com
.
For more information, please contact:
Media Contact
China
Ms Joy Tsang
Xinhua Finance Media
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinancemedia.com
IR Contact
China
Ms Jennifer Chan Lyman
Xinhua Finance Media
Tel: +86-21-6113-5960
Email: jennifer.lyman@xinhuafinancemedia.com
2007'11.23.Fri
Digi Provides Migration Path for Analog Modem Devices to Cellular Data Networks
October 30, 2007
New Digi DialServ(TM) provides cellular IP connectivity to
remote legacy devices with built-in modems
MINNETONKA, Minn., Oct. 30 /Xinhua-PRNewswire/ -- Digi
International (Nasdaq: DGII) today introduced the Digi
DialServ, a phone line simulator that integrates with
Digi's cellular gateways to allow legacy devices with
built-in modems to easily drop-in to cellular IP networks.
Remote legacy devices with built-in modems include devices
like programmable logic controllers (PLCs), security
panels, automated teller machines and point-of-sale
devices. Digi DialServ extends the life of existing remote
equipment by allowing devices to communicate with a
centralized location as if they were TCP/IP devices.
Replacing old phone lines with IP communications eliminates
the cost of additional phone lines and speeds transaction
times.
(Logo: http://www.xprn.com/xprn/sa/200706131247.jpg )
"The Digi DialServ provides a migration path for
customers from old analog dial-up networks to more
efficient, lower cost wireless IP networks," said
Larry Kraft, senior vice president of global sales and
marketing, Digi International. "Best of all,
customers can get these benefits without changing their
applications."
When used with Digi cellular gateways, the Digi
DialServ works with both dial-in and dial-out applications
by simulating the Telco network and converting the
requested phone number to an IP address. It makes the
device think it is still communicating over Plain Old
Telephone Service (POTS). When coupled with a Digi
cellular VPN gateway/router, the Digi DialServ is able to
create a secure connection, even across public networks.
The Digi DialServ is easy to deploy and requires minimal
configuration.
Digi DialServ is designed to integrate with the Digi
Connect WAN family, Connecport WAN VPN and Connectport X
family of cellular gateways. By facilitating wireless IP
connectivity to legacy devices where wired connectivity no
longer satisfies customer needs, the Digi DialServ also
intelligently integrates with Digi's Drop-in Networking
solutions. For more information about the Digi DialServ,
please visit
http://www.digi.com/products/cellulargateways/digidialserv.jsp
.
About Digi International
Digi International, the leader in device networking for
business, develops reliable products and technologies to
connect and securely manage local or remote electronic
devices over the network or via the web. Digi offers the
highest levels of performance, flexibility and quality, and
markets its products through a global network of
distributors and resellers, systems integrators and
original equipment manufacturers (OEMs).
For more information, visit Digi's Web site at
http://www.digi.com , or call 877-912-3444.
All brand names and product names are trademarks or
registered trademarks of their respective companies.
Press Contacts:
Caren Xiao
Marketing Communication Specialist -- China BeiJing
Tel: +86-10-6561-8310 ext 12
Email: caren.xiao@digi.com
2007'11.23.Fri
Dubai International Capital LLC to Acquire 9.9% Equity Stake in Och-Ziff Capital Management Group LLC
October 30, 2007
DUBAI, United Arab Emirates and NEW YORK, Oct. 30
/Xinhua-PRNewswire/ -- Dubai International Capital LLC
("DIC"), the international investment arm of
Dubai Holding, and Och-Ziff Capital Management Group LLC
("Och-Ziff") today announced that DIC will
acquire a 9.9% outstanding equity stake in Och-Ziff's
business upon completion of Och-Ziff's planned initial
public offering. The purchase price per share paid by DIC
will be determined based on the pricing of the public
offering, less the underwriting fees and commissions, but
in any event will not exceed $33.00 per share.
Sameer Al Ansari, Executive Chairman and Chief
Executive Officer of DIC, said: "Since inception, DIC
has always been keen to align itself with like-minded
investors. We hold Och-Ziff in very high regard both as a
sophisticated investor and a prominent alternative asset
manager. We believe that Och-Ziff is uniquely positioned
to take advantage of the anticipated strong growth in the
alternative asset space based upon its global platform and
experienced management team. This transaction serves as
the foundation on which DIC and Och-Ziff can build
synergies going forward. DIC is thrilled to be part of the
Och-Ziff story and we are committed to making progress with
the strategic aspects of our new alliance."
Daniel Och, Chairman, Chief Executive Officer and
Executive Managing Director of Och-Ziff, said: "We are
proud that DIC has agreed to join our firm as an equity
investor. We look forward to working together to advance
our global growth strategies, and believe this development
strengthens our efforts to build an enduring world class
investment management business."
DIC's investment in Och-Ziff is intended to create a
strategic relationship between the two firms and to provide
many mutual benefits related to deal access, sharing of
resources and global office footprint, undertaking joint
initiatives and pursuing co-investment opportunities. The
sale is conditioned on, and will be consummated
concurrently with, the closing of Och-Ziff's planned
initial public offering.
The after-tax proceeds from this transaction will be
reinvested into certain funds managed by Och-Ziff.
About Dubai International Capital LLC
Established in 2004, DIC is a Dubai-based international
investment company. It is a wholly owned subsidiary of Dubai
Holding. DIC manages an international portfolio of diverse
assets that provide its stakeholders with value growth,
diversification, and strategic investments and
relationships. DIC has a broad investment directive, which
consists of direct private equity, private equity funds and
co-investments, listed equities and strategic investments.
About Och-Ziff Capital Management Group LLC
Och-Ziff, founded by Daniel Och in 1994, is a leading
institutional alternative asset management firm and one of
the largest alternative asset managers in the world, with
approximately $30.1 billion of assets under management for
over 700 fund investors as of September 30, 2007.
Advisors
J.P. Morgan Securities Inc. acted as Och-Ziff's lead
financial advisor and Goldman, Sachs & Co. also advised
Och-Ziff. Affiliates of Merrill Lynch & Co. acted as
DIC's sole financial advisor.
Forward-Looking Statements
This press release contains forward-looking statements
that involve risks and uncertainties. These
forward-looking statements include the ability of Och-Ziff
to consummate the sale to DIC and its planned initial
public offering and DIC's percentage ownership in
Och-Ziff's business. Actual results may differ, possibly
materially, from the views or expectations expressed in
these forward-looking statements as a result of, among
other things, the inability to close the transactions due
to market or other conditions. Och-Ziff disclaims any
obligation to update such forward-looking statements after
the date of this release.
For more information, please contact:
For Och-Ziff Capital Management Group LLC
Steve Bruce or Chuck Dohrenwend
The Abernathy MacGregor Group
Tel: +1-212-371-5999
For Dubai International Capital LLC
Alex Blake-Milton
Brunswick
Tel: +97-14-319-9228
Mobile: +97-150-694-7589
2007'11.23.Fri
AIAG, HKPC and Fujian ETC Collaborate on Supplier Program in China
October 30, 2007
Chinese auto suppliers are gaining the support they need to
meet worldwide standards, while U.S. automakers and
suppliers find new fertile ground for partnering and
expanding their own global sourcing options.
FUZHOU, China, Oct. 30 /Xinhua-PRNewswire/ --
The Automotive Industry Action Group (AIAG), Hong Kong
Productivity Council (HKPC) and Economic and Trade
Commission of Fujian Province (Fujian ETC) have signed a
memorandum of understanding today in Fujian to help Chinese
suppliers there become global suppliers to the automotive
industry.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20040719/DEM007LOGO )
"This new program is simply another important step
in AIAG's ongoing commitment to work with the Chinese
government to accelerate the development of the automotive
supply base in China," said J. Scot Sharland,
executive director of AIAG. "A significant number of
AIAG member companies - both OEMs and suppliers alike - are
looking for partners that can supply the components they
need within China as well as help them leverage the cost
advantages there to supply other markets around the world.
By collaborating with Fujian ETC and HKPC, AIAG can help
Fujian auto parts suppliers to develop strategies for
participating in one of the fastest growing markets in the
world in terms of pure organic growth."
Dr. Stephen Lee, Director of HKPC, said, "HKPC is
pleased to collaborate with AIAG to assist the auto parts
sector in Fujian to enhance their capabilities. Leveraging
our expertise and experience in the industry, this
strategic partnership will facilitate industry players to
enter the global supply chain."
Mr. Zhang Jin Zhu, Vice Director of Fujian ETC said,
"We are pleased to collaborate with these professional
organizations - AIAG and HKPC - to enhance the capability of
Fujian auto parts companies by helping them meet global
standards and become global suppliers."
Under the agreement, all three organizations will work
together to enhance the competitiveness of automotive
suppliers in Fujian by improving their capabilities in
development, production and management through gap
analysis, training and other tools for improvement.
About AIAG
Founded in 1982, AIAG is a globally recognized
organization where OEMs and suppliers unite to address and
resolve issues affecting the worldwide automotive supply
chain. AIAG's goals are to reduce cost and complexity
through collaboration; improve product quality, health,
safety and the environment; and optimize speed to market
throughout the supply chain. Headquartered in the metro
Detroit area, its member companies include North American,
European and Asia-Pacific OEMs and suppliers to the
automotive industry. Visit the organization's newly
redesigned Web site at http://www.aiag.org.
About HKPC
HKPC's mission is to promote productivity excellence
through the provision of integrated support across the
value chain of Hong Kong firms, in order to achieve a more
effective utilization of resources, enhance the value-added
content of products and services, and increase international
competitiveness.
In 2006, the Hong Kong Automotive Parts and Accessory
Systems R&D Centre was set up to undertake market-led
R&D and commercialization programs. The areas of focus
include electronics, safety systems, new materials and
processes, as well as hybrid, electric drives and
environment; engaging in platform technology, collaborative
and contract research projects.
For more information, please visit HKPC's website at
http://www.hkpc.org.
About Fujian ETC
Fujian Economic & Trade Commission is founded by
the department in provincial government that is responsible
for industry and domestic trade as well as adjusting
national economy operation. The main functions of Fujian
ETC include study, propose, organize and implement the new
industrial development strategy; promote export for
business enterprise; lead enterprises to international
communication, cooperation and international operation; and
response for managing the investment project in business
scope etc.
For more information, please contact:
Leslie Santos
AIAG
Phone: +1-248-358-9794
Vincent W T Chung
HKPC
Phone: +852-2788-5723
Chen Chuan Fang
FJETC
Phone: +86-591-8755-5823
2007'11.23.Fri
Supermicro Unleashes Dual-port 10 Gigabit Ethernet Solutions
October 30, 2007
Energy-efficient Standard PCI-Express and Universal I/O
Adapters
SAN JOSE, Calif., Oct. 29 /Xinhua-PRNewswire/ --
Super Micro Computer, Inc. (Nasdaq: SMCI), a leader in
application optimized high performance server solutions,
today announced its first 10 Gigabit Ethernet (10GbE)
solutions. The energy-efficient Supermicro AOC-UTG-i2
Universal I/O (UIO) and AOC-STG-i2 standard PCI-Express
network adapters, based on the Intel(R) 82598 10 Gigabit
Ethernet Controller, enable the mainstream server market
with dual-port PCI-Express-based 10GbE connectivity for
optimal I/O performance.
"These new Supermicro 10GbE adapters empower our
existing customers to upgrade right away to dual-port 10
Gigabit Ethernet," said Charles Liang, CEO and
president of Supermicro. "The flexibility of our UIO
architecture enables the AOC-UTG-i2 card for installation
in 1U, 2U, 3U and 4U systems equipped with UIO
motherboards, while the low-profile AOC-STG-i2 can be
installed in any standard PCI-Express x8 slot. With
outstanding performance and power efficiency, these
products are ideal for a wide range of enterprise server
environments like those running virtualization, demanding
storage and high performance computing applications."
"We are pleased that Supermicro has selected the
energy-efficient Intel(R) 82598 10 Gigabit Ethernet
Controller for the new AOC-UTG-i2 Universal I/O card and
the AOC-STG-i2 card," said Tom Swinford, general
manager of Intel's LAN Access Division. "The Intel(R)
82598 is designed for today's multi-core processor-based
servers and has optimizations to address the I/O
bottlenecks associated with server consolidation and
virtualization. Its low power and outstanding performance
make it ideally suited for multi-port adapter and LAN On
Motherboard (LOM) designs."
Providing dual-port 10GbE at an average of just 6.5
watts, these network adapters address the need created by
the extensive growth in dense computing environments for
efficient, high-bandwidth designs. Both the AOC-UTG-i2 and
AOC-STG-i2 feature the reliability necessary for storage
applications such as iSCSI, the dual-port redundancy needed
for networking applications, as well as the throughput and
low memory latency required for high-performance computing
applications.
For even greater flexibility, Supermicro offers a
CX4-to-Optical cable option, which increases the viable
cable length from 15 meters over CX4 copper cable to up to
100 meters over optical cable. These controller cards also
support Intel(R) Virtualization Technology for Connectivity
including Virtual Machine Device Queues (VMDq) and Intel(R)
I/O Acceleration Technology (I/OAT). These new technologies
improve overall system performance, lower CPU utilization,
reduce system latency and, improve networking and I/O
throughput in a virtualized environment.
Supermicro Server Building Block Solutions(R) offer
exceptional flexibility and feature advantages. For more
information on Supermicro's complete line of server and
workstation solutions go to http://www.supermicro.com.
About Super Micro Computer, Inc. (Nasdaq: SMCI)
Supermicro emphasizes superior product design and
uncompromising quality control to produce industry-leading
serverboards, chassis and server systems. These Server
Building Block Solutions provide benefits across many
environments, including data center deployment,
high-performance computing, high-end workstations, storage
networks and standalone server installations. For more
information on Supermicro's complete line of advanced
motherboards, SuperServers, and optimized chassis, visit
http://www.Supermicro.com, email Marketing@Supermicro.com
or call the San Jose, CA headquarters at +1-408-503-8000.
SMCI-F
Supermicro and Server Building Block Solutions are
registered trademarks, and 1U Twin is a trademark of Super
Micro Computer, Inc. All other trademarks are the property
of their respective owners.
For more information, please contact:
Michael Kalodrich
Super Micro Computer, Inc.
Phone: +1-408-503-8000
Email: michaelk@supermicro.com
2007'11.23.Fri
Platts and IntercontinentalExchange Announce Comprehensive Forward Curve Products for North American Natural Gas and Power Markets
October 29, 2007
NEW YORK, and ATLANTA, Oct. 29 /Xinhua-PRNewswire/ --
Platts, a leading energy and commodities information
provider and a division of The McGraw-Hill Companies (NYSE:
MHP), and IntercontinentalExchange, Inc. (NYSE: ICE), a
leading global commodity exchange operator, have agreed to
integrate market data generated by trading in ICE's
over-the-counter (OTC) markets into Platts forward curve
data products available to the North American natural gas
and electricity markets. These forward-pricing data
products will provide risk managers, planners, traders and
analysts with daily assessments of pricing in the forward
markets.
"The Platts-ICE Forward Curve data products offer
the industry a comprehensive and independent view of
forward pricing in the natural gas and power markets in
North America," said Platts President Victoria Chu
Pao. "By combining the data already collected by
Platts editors with a rich stream of additional
transactional data provided by ICE, we now offer the
industry forward curve products with a depth and breadth
unparalleled in the marketplace today."
The enhancement of the natural gas and electricity
forward curve products is in response to rising industry
demand for independent, market-based forward curve price
assessments based on the fullest range of market data
available. Platts, with nearly a century of experience
reporting energy and price information, has been producing
forward curve price assessments in a variety of energy
markets since 2001. ICE, the leading electronic OTC energy
marketplace, offers trading and risk management in hundreds
of products, resulting in a rich set of data to augment the
Platts data.
"Platts' reputation for quality and accuracy
within energy markets made them a natural choice to develop
and deliver enhanced North American forward curve
products," said Jeffrey C. Sprecher, ICE chairman and
chief executive officer. "As a neutral and liquid
source of market information, we are able to support the
coverage of these innovative products. The Platts-ICE
Forward Curves will provide the marketplace with a complete
and independent set of curves tailored to meet the growing
risk management needs of the trading community."
For more information on the products, visit
http://www.risk.platts.com .
About Platts:
Platts, a division of The McGraw-Hill Companies (NYSE:
MHP), is a leading global provider of energy and metals
information. With nearly a century of business experience,
Platts serves customers across more than 150 countries.
From 14 offices worldwide, Platts serves the oil, natural
gas, electricity, emissions, nuclear power, coal,
petrochemical and metals markets. Platts' real time news,
pricing, analytical services, and conferences help markets
operate with transparency and efficiency. Traders, risk
managers, analysts, and industry leaders depend upon Platts
to help them make better trading and investment decisions.
Additional information is available at
http://www.platts.com .
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP)
is a leading global information services provider meeting
worldwide needs in the financial services, education and
business information markets through leading brands such as
Standard & Poor's, McGraw-Hill Education, BusinessWeek
and J.D. Power and Associates. The Corporation has more
than 280 offices in 40 countries. Sales in 2006 were $6.3
billion. Additional information is available at
http://www.mcgraw-hill.com .
About IntercontinentalExchange:
IntercontinentalExchange(R) (NYSE: ICE) operates global
commodity and financial products marketplaces, including the
world's leading electronic energy markets and soft commodity
exchange. ICE's diverse futures and over-the-counter (OTC)
markets offer contracts based on crude oil and refined
products, natural gas, power and emissions, as well as
agricultural commodities including canola, cocoa, coffee,
cotton, ethanol, orange juice, wood pulp and sugar, in
addition to foreign currency and equity index futures and
options. ICE(R) conducts its energy futures markets through
ICE Futures Europe(sm), its London-based futures exchange,
which offers the world's leading oil benchmarks and trades
nearly half of the world's global crude futures in its
markets. ICE conducts its soft commodity, foreign exchange
and equity index markets through its U.S. futures exchange,
ICE Futures U.S.(sm), which provides global futures and
options markets, as well as clearing services through ICE
Clear U.S.(sm) In August 2007, ICE acquired the Winnipeg
Commodity Exchange Inc., the leading agricultural futures
exchange in Canada. ICE's state-of-the-art electronic
trading platform brings market access and transparency to
participants in more than 50 countries. ICE was added to
the Russell 1000(R) Index in June 2006 and the S&P 500
Index in September 2007. Headquartered in Atlanta, ICE
also has offices in Calgary, Chicago, Dublin, Houston,
London, New York, Singapore and Winnipeg. For more
information, please visit http://www.theice.com .
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995 - Statements in this press
release regarding IntercontinentalExchange's business that
are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For
a discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the
forward-looking statements, see ICE's Securities and
Exchange Commission (SEC) filings, including, but not
limited to, the risk factors in ICE's Annual Report on Form
10-K for the year ended December 31, 2006, and the Quarterly
Reports on Form 10-Q for the quarters ended March 31 and
June 30, 2007, each as filed with the SEC on February 26,
2007, May 4, 2007 and July 27, 2007, respectively.
For more information, please contact:
Platts
US -- Kathleen Tanzy
Tel: +1-212-904-2860
Email: kathleen_tanzy@platts.com
Asia -- Casey Yew
Tel: +65-653-06552
Email: casey_yew@platts.com
Europe -- Shiona Ramage
Tel: +44-207-176-6153
Email: shiona_ramage@platts.com
ICE
US -- Kelly L. Loeffler
Tel: +1-770-857-4726
Email: kelly.loeffler@theice.com
2007'11.23.Fri
WuXi PharmaTech (NYSE: WX) CEO Honored with Ernst & Young Entrepreneur Of The Year China 2007 Award
October 29, 2007
SHANGHAI, China, Oct. 29 /Xinhua-PRNewswire/ -- WuXi
PharmaTech (NYSE: WX), China's premier provider of
pharmaceutical R&D outsourcing services announced today
that Dr. Ge Li, the company's Chairman and Chief Executive
Officer received the Ernst & Young Entrepreneur Of The
Year (EOY) China 2007 Award. This prestigious award was
presented to Dr. Li and 10 other elite entrepreneurs on
October 26 in the China World Hotel, Beijing, China.
(Logo: http://www.xprn.com/xprn/sa/200708281726-min.jpg
)
The Ernst & Young Entrepreneur of the Year Awards
China program was founded by Ernst & Young to champion
entrepreneurs, whose ideas, vision and energy have prompted
profound change in the Chinese economy and who have shown
entrepreneurial spirit. This year's recipients include
Charles Zhang, Chairman and CEO of Sohu.com Inc. -- the
fourth most popular website in China and 22nd most popular
website in the world, and Zhengrong Shi, Chairman and CEO
of Suntech Power Holdings Co. Ltd. -- the leading solar
energy company in China and the fourth largest solar energy
equipment maker in the world.
The judges of the selection panel are drawn from those
at the forefront of the business and academic communities.
According to the panel, winners are selected based on the
following criteria: entrepreneurial spirit, corporate
financial performance, strategic direction, national or
global impact, innovation, and personal integrity and
influence.
Dr. Li is honored as the only winner to represent the
pharmaceutical sector in China. "He has influenced
the way big pharmaceutical companies think about China, and
China's respect for intellectual property," according
to Ernst & Young.
"I'm deeply honored to be listed among China's
finest entrepreneurs," commented Dr. Ge Li, Chairman
and Chief Executive Officer of WuXi PharmaTech. "I'm
very proud to see WuXi PharmaTech's success recognized by
Ernst & Young. Our business has grown in leaps and
bounds from an ordinary start-up to an NYSE listed company,
but our entrepreneurial spirit has never diminished. This
award will spur us on to pursue the highest levels of
integrity, quality, and professionalism in providing a full
range of sophisticated drug R&D services to our
customers.
"Winners at the Ernst & Young Entrepreneur of
the Year Award China 2007 will join the China EOY Academy,
comprising current and past winners from China. All award
winners will also be inducted into the World EOY Academy, a
global forum.
About The Ernst & Young Entrepreneur Of The Year
(EOY) Awards
The Ernst & Young Entrepreneur Of The Year (EOY)
Awards program is the world's most prestigious business
accolade for entrepreneurs. Recognized globally, the
awards honor the most outstanding entrepreneurs who inspire
others with their vision, leadership and achievement.
Created in the United States in 1986, the Ernst & Young
Entrepreneur of the Year Awards program has now expanded to
more than 125 cities in 40 countries, with awards presented
to over 900 of the world's most successful and innovative
entrepreneurs.
About Ernst & Young
Ernst & Young is one of the world's largest
professional services firms, it provides clients with
assistance in all kind of business issues including audit,
tax, corporate finance, transactions, online security, and
enterprise risk management. For more information please
visit http://www.ey.com .
About WuXi PharmaTech
Founded in 2000, Shanghai-based WuXi PharmaTech is the
leading China-based pharmaceutical and biotechnology
R&D outsourcing company. As a research- driven and
customer-focused company, WuXi PharmaTech provides
pharmaceutical and biotechnology companies a broad and
integrated portfolio of laboratory and research
manufacturing services throughout the drug discovery and
development process. WuXi PharmaTech's services are
designed to assist its global partners in shortening the
cycle and lowering the cost of drug discovery and
development by providing cost-effective and efficient
outsourcing solutions that save its customers both time and
money. Its operations are grouped into two segments:
laboratory services, consisting of discovery chemistry,
service biology, analytical, toxicology, pharmaceutical
development and process development services, and
manufacturing, focusing on manufacturing of advanced
intermediates and active pharmaceutical ingredients for
R&D use. In 2006, WuXi PharmaTech provided services to
70 pharmaceutical and biotechnology customers, including
nine of the top ten pharmaceutical companies in the world,
as measured by 2006 total revenues. For more information,
please visit: http://www.wuxipharmatech.com .
For more information, please contact:
Sherry Shao
Tel: +86-21-50464002
Email: pr@pharmatechs.com
2007'11.23.Fri
Mr. Joichi Ito Joins Sanrio Digital Board of Directors
October 29, 2007
HONG KONG, Oct. 29 /Xinhua-PRNewswire/ -- Sanrio
Digital today announced that Joichi Ito has joined the
Company's Board of Directors.
Mr. Joichi Ito is the founder and CEO of the venture
capital firm Neoteny. He is a co-founder and board member
of Digital Garage. He is the Chairman of Six Apart Japan
the weblog software company. He is on the board of
Technorati and helps run Technorati Japan. He has created
numerous Internet companies including PSINet Japan, Digital
Garage and Infoseek Japan.
Besides business achievements, Mr. Ito is also the
board of a number of various non-profit organizations
including The Mozilla Foundation, The Internet Corporation
For Assigned Names and Numbers (ICANN) and WITNESS. He is
the chairman of the board of Creative Commons, a non-profit
organization which proposes a middle way to rights
management, rather than the extremes of the pure public
domain or the reservation of all rights. He has served and
continues to serve on numerous Japanese central as well as
local government committees and boards, advising the
government on IT, privacy and computer security related
issues. He is currently researching "The Sharing
Economy" as a Doctor of Business Administration
candidate at the Graduate School of International Corporate
Strategy at Hitotsubashi University in Japan.
He maintains a weblog "joi.ito.com" where he
regularly shares his thoughts with the online community.
He enjoys the famous online game World of Warcraft (WoW)
and is known as Guild Custodian of the WOW Guild "We
Know".
"I think that Hello Kitty and the Sanrio brand is
one of the few global content assets from Japan that makes
me proud to be Japanese," said Mr. Joichi Ito.
"That combined with the game and Internet savvy of
Typhoon Games is an explosive (in a good way) combination
and I'm super-excited to be part of this process"
About Sanrio Digital
Sanrio Digital is a joint venture between Typhoon Games
(HK) Ltd., and Sanrio Co. Ltd. whose aim is to focus on the
digital expansion of Sanrio intellectual property assets.
This effective collaboration will capitalize on the great
number of IP assets that have not yet been fully digitally
developed. Furthermore, Sanrio Digital will hold exclusive
rights to produce offline products based on its online
productions, which is expected to create synergy between
the Sanrio traditional offline business and the digital
venture; studies have shown that higher revenue generation
can be expected if Sanrio online and offline business
complement each other.
For more information, please contact:
Ms. Michelle Ho
Sanrio Digital (HK) Ltd.
Tel: +852-2540-2237
Fax: +852-2803-0211
Email: michelle@sanriodigital.com
2007'11.23.Fri
Microsoft to Acquire Innovative Healthcare Technology and Assets From Global Care Solutions
October 29, 2007
Collaborative alliance with Bumrungrad International
Hospital in Bangkok will help bring enterprise-class health
information system solutions to market around the world.
BANGKOK, Thailand, Oct. 29 /Xinhua-PRNewswire/ --
Building on a worldwide commitment to improving health
through software technology, Microsoft Corp. has agreed to
acquire software, intellectual property and other assets
from Global Care Solutions (GCS), a privately held company
based in Bangkok, Thailand, that develops enterprise-class
health information systems. The acquisition complements
Microsoft's already strong portfolio of health solutions
and will provide hospitals across international markets
with a new alternative to achieve improved workflow and
patient safety through information technology. GCS
employees will join Microsoft's Health Solutions Group,
which will manage product development and delivery.
Financial terms were not disclosed.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO )
"We were impressed by Global Care Solutions'
state-of-the-art health information system, which has
enabled a hugely complex facility like Bumrungrad
International hospital to achieve amazing outcomes related
to improved workflow and patient safety," said Peter
Neupert, corporate vice president for the Health Solutions
Group at Microsoft. "The international, fully
integrated nature of the GCS technology, and the fact that
it is built from the ground up on scalable Microsoft
technology, makes this a great addition to our portfolio of
health enterprise products as we look to power developing
and emerging hospital systems around the globe."
Global Care Solutions designed and developed its
end-to-end system in collaboration with Bumrungrad, an
internationally accredited facility based in Bangkok. The
hospital, which treats more than 1.2 million patients from
190 countries each year, uses the GCS solution to
efficiently manage clinical workflow, billing, regulatory
compliance and medical records. Microsoft will continue to
work closely with Bumrungrad to further build out the
functionality and features of the GCS technology.
"We have a diverse patient population at
Bumrungrad, with over 400,000 foreign patients every year;
half of the 3,200 patients we see each day arrive without
appointments," said Mack Banner, the chief executive
officer of the hospital. "The GCS solution has allowed
us to manage scheduling demands, multiple languages and
medical records so efficiently that the average waiting
time to see a doctor is only 17 minutes. The GCS software
is a key to our service delivery, medical quality and
financial performance, and we look forward to collaborating
with Microsoft on extending its applications across our
organization."
The offering from GCS, which has been on the market
since 2000, won a Microsoft Certified Partner award for
Data Management Solution of the Year in 2003 as an
industry-leading acute care, clinical-patient information
solution. Global Care Solution's system is a fully
integrated suite of 50 clinical and back-office application
modules designed and optimized to run all hospital clinical
and administrative operations on Microsoft Windows Server
2003 and Microsoft SQL Server 2005. It is implemented and
in use in seven hospitals around the Asia-Pacific region.
The new Microsoft offering based on the GCS technology will
complement the company's current Azyxxi solution, which
provides a data integration capability for hospitals with
legacy systems already in place.
"We have been developing this product passionately
for several years and are thrilled to see a company with the
resources of Microsoft poised to bring it to a bigger world
stage," said Pat Downing, CEO of Global Care
Solutions. "This is the perfect time in our company's
history to accelerate worldwide availability and allow our
product to bring new light to health organizations across
the globe, where the deployment of information technology
can translate directly to better healthcare and,
ultimately, healthier people."
Founded in 1975, Microsoft (Nasdaq: MSFT) is the
worldwide leader in software, services and solutions that
help people and businesses realize their full potential.
NOTE TO EDITORS: If you are interested in viewing
additional information on Microsoft, please visit the
Microsoft Web page at http://www.microsoft.com/presspass on
Microsoft's corporate information pages. Web links,
telephone numbers and titles were correct at time of
publication, but may since have changed. For additional
assistance, journalists and analysts may contact
Microsoft's Rapid Response Team or other appropriate
contacts listed at
http://www.microsoft.com/presspass/contactpr.mspx./
For more information, please contact:
Rapid Response Team
Waggener Edstrom Worldwide
Phone: +1-503-443-7070
Email: rrt@waggeneredstrom.com
2007'11.23.Fri
Prince Arthur Eze and Atlas Petroleum International Offer 2.2 Billion Barrels of Resource Potential in the Offshore Niger Delta
October 29, 2007
HOUSTON and LAGOS, Nigeria, Oct. 29 /Xinhua-PRNewswire/
-- Atlas Petroleum International Ltd, and partner Summit Oil
and Gas Worldwide are evaluating the sale of up to 40
percent of the working interest in Block OML 109, located
just 12 miles offshore in the shallow waters of the Niger
Delta.
"Following on the heels of our recent success with
Noble Energy on Block I in Equatorial Guinea, we believe now
is the time to explore opportunities with prospective new
partners in this as yet under-explored block, OML
109," said Prince Arthur Eze, owner and chairman of
Atlas Petroleum International Ltd.
Recently a complete review of OML 109 was conducted and
the results revealed an exploration potential of 2.2 billion
barrels of oil in the under-explored block.
Encompassing 191,000 acres or 773 square kilometers,
the OML 109 block has only been addressed with three
exploration wells in its entire history, the first in 1966.
Extensive oil and gas infrastructure exists in and around
the block including that of the Ejulebe Field currently
producing 1,300 barrels of oil a day with remaining 2P
reserves of 6.4 million barrels. OML 109 is adjacent to
Chevron's Sonam discovery and near such noteworthy fields
as Okan and Mefa.
Prince Eze and Summit Oil and Gas Worldwide are working
with Simco in London and Bunker Hill in Houston in
discussions with investors.
Atlas Petroleum International Ltd is a privately owned,
independent Nigerian oil company. Launched more than 10
years ago by its owner and chairman, the Nigerian
entrepreneur Prince Arthur Eze, the company has oil and gas
interest throughout West Africa, including Equatorial
Guinea, the Ivory Coast and Nigeria.
For more information, please contact:
Tricia Coghlan
Richards Carlberg
Tel: +1-713-964-3606
Email: Tricia_coghlan@richardscarlberg.com
Mack Fowler
Bunker Hill Associates
Tel: +1-713-223-5730
Email: mmf@bunkerh.com
2007'11.23.Fri
3rd Global Plastic Electronics Conference 2007: Emerging High-Tech Industry Thriving In Germany
October 29, 2007
FRANKFURT, Germany, Oct. 29 /Xinhua-PRNewswire/ --
Leaders in the emerging printed electronics sector will
be showcasing technological advances at the 3rd Global
Plastic Electronics Conference from October 29-30th in
Frankfurt, Germany. Printed electronics technology enables
new products or significant improvements, in applications
such as hand-held devices, flexible displays, or printed
sensors and batteries. Germany is a leading center for
innovations in printed electronics and its investment
promotion agency, Invest in Germany, is on hand to promote
the industry's success in Germany.
At a pre-conference reception, Konrad Herre, Vice
President for Manufacturing at Plastic Logic Limited, spoke
about his company's first volume production plant in the
eastern German state of Saxony. In May 2007, Plastic Logic
broke ground on a euro 100 million manufacturing facility
in Dresden, Germany. The state-of-the-art plant, which is
set to be in operation by the second half of 2008, will
produce the world's first commercially viable polymer-based
displays. This revolutionary technology will, among other
applications, enable end users to read books in hand-held
electronic form.
The Plastic Logic example shows that pioneering
international companies trust Germany as a location for
groundbreaking investments. The country is ideally suited
for printed electronics investments: Germany is leading in
the development of printing technologies and offers an
unparalleled density of top microelectronics device
manufacturers. This infrastructure, together with the
strength of Germany's chemical and machinery industries,
provides the ideal base for the market implementation of
printed electronics technologies. Furthermore, Germany
hosts strong application markets for printed electronics
products such as lighting, photovoltaics, healthcare, or
logistics. These industries are helping to make printed
electronics applications, such as RFID, flexible displays,
and organic photovoltaics commercially successful.
Printed electronics is a young but extremely promising
industry. Over the past two years, Invest in Germany has
assembled an expert team to support investments in this
field at all stages, from development to series production.
It not only advised Plastic Logic, but also guided the
Scottish company MicroEmissive Displays (MED) on the
company's euro 10 million investment in September of 2006,
also in Dresden. "We see printed electronics as an
industry with much potential for investors and therefore we
expect and are prepared to accompany more projects in this
area in the near future," noted Oliver Seiler, Senior
Manager for Electronics at Invest in Germany.
Media Contact:
Eva Henkel
Invest in Germany
Phone: +49-30-200099-173
Fax: +49-30-200099-111
Email: henkel@invest-in-germany.com
Website: http://www.invest-in-germany.com
2007'11.23.Fri
Given Imaging Partners with Fujinon to Distribute PillCam(R) Capsule Endoscopy in China
October 27, 2007
- Company to Display the PillCam Platform at China
International Medical Equipment Fair -
YOQNEAM, Israel and SAITAMA CITY, Japan, Oct. 27
/Xinhua-PRNewswire/ --
Given Imaging Ltd. (Nasdaq: GIVN), the global leader in
capsule endoscopy, and Fujinon Corporation, a global leader
in optical technologies and endoscopic equipment, today
announced that as part of their strategic cooperation
announced earlier this year Fujinon will serve as Given's
master distributor for PillCam capsule endoscopy in China.
Financial details were not disclosed.
"China is the only country in this region where we
have regulatory approval for both PillCam(R) SB and
PillCam(R) ESO and it was important that we have a strong
partner to deliver our products to physicians," said
Kazem Samandari, Senior Vice President, Asia Pacific/Japan
Region of Given Imaging. "We look forward to expanding
our collaboration with Fujinon on this important initiative
for us in Asia-Pacific."
Capsule endoscopy for the small bowel was cleared in
China in 2002 and capsule endoscopy for the esophagus was
cleared in 2007. Fujinon has been operating in China since
1996 and has 4 offices and employs 200 people.
Given will be demonstrating the PillCam Platform at the
China International Medical Equipment Fair, the largest
medical device show in China and Asia, October 24 to 27 at
the New International Convention and Exposition Center in
Chengdu, China. For more information visit
http://en.cmef.com.cn/tabid/349/Default.aspx.
About Given Imaging Ltd.
Given Imaging is redefining gastrointestinal diagnosis
by developing, producing and marketing innovative,
patient-friendly products for detecting gastrointestinal
disorders. The company's technology platform is the
PillCam(R) Platform, featuring the PillCam video capsule, a
disposable, miniature video camera contained in a capsule,
which is ingested by the patient, a sensor array, data
recorder and RAPID(R) software. Given Imaging has a number
of commercially available capsules: the PillCam SB video
capsule to visualize the entire small intestine which is
currently marketed in the United States and in more than 60
other countries; the PillCam ESO video capsule to visualize
the esophagus; the Agile(TM) patency capsule to determine
the free passage of the PillCam capsule in the GI tract;
and the PillCam COLON video capsule to visualize the colon
that has been cleared for marketing in the European Union
and is pending clearance with the United States Food and
Drug Administration. More than 600,000 patients worldwide
have benefited from the PillCam capsule endoscopy
procedure. Given Imaging's headquarters, manufacturing and
R&D facilities are located in Yoqneam, Israel. It has
operating subsidiary companies in the United States,
Germany, France, Japan and Australia. For more
information, visit http://www.givenimaging.com.
About Fujinon
Fujinon has continually developed as an optical
equipment manufacturer of Fujifilm Group. The company has
developed numerous products compatible with
high-performance and high-quality images using the
established optical techniques and provided them to the
whole world. In the broadcast fields, the company developed
lens compatible with Hi-Vision early and got various lineup
including the 101x lens which is the highest quality zoom
lens in the world, to have more than 50% of the worldwide
market share. Regarding the lens unit for a mobile phone
with camera function getting popular in the market, the
company leads the world with high-resolution, compact lens
unit using aspherical lenses.
In the fields of endoscopes, the company has developed
continuously various innovative products promoted the
expansion of business by introducing the products such as
Double-Balloon Endoscope System, which make the examination
and treatment in whole small intestine possible, endoscopic
diagnostic imaging support functions FICE, and trans-nasal
gastroscope which is prevailing in Japan and Asia for the
examination with less pain to be inserted through the nose.
Endoscope business of the company maintains two-digit
growth every year, and aims at further expansion and growth
in the fields of gastroenterological endoscopy.
This press release contains forward-looking statements
within the meaning of the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements include, but
are not limited to, projections about our business and our
future revenues, expenses and profitability.
Forward-looking statements may be, but are not necessarily,
identified by the use of forward-looking terminology such as
"may," "anticipates,"
"estimates," "expects,"
"intends," "plans,"
"believes," and words and terms of similar
substance. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may
cause the actual events, results, performance,
circumstances or achievements of the Company to be
materially different from any future events, results,
performance, circumstances or achievements expressed or
implied by such forward-looking statements. Factors that
could cause actual events, results, performance,
circumstances or achievements to differ from such
forward-looking statements include, but are not limited to,
the following: (1) satisfactory results of clinical trials
with PillCam Colon (2) our ability to receive regulatory
clearance or approval to market our products or changes in
regulatory environment, (3) our success in implementing our
sales, marketing and manufacturing plans, (4) protection and
validity of patents and other intellectual property rights,
(5) the impact of currency exchange rates, (6) the effect
of competition by other companies, (7) the outcome of
future litigation, including patent litigation with Olympus
Corporation, (8) the reimbursement policies for our product
from healthcare payors, (9) quarterly variations in
operating results, (10) the possibility of armed conflict
or civil or military unrest in Israel, and (11) other risks
and factors disclosed in our filings with the U.S.
Securities and Exchange Commission, including, but not
limited to, risks and factors identified under such
headings as "Risk Factors," "Cautionary
Language Regarding Forward-Looking Statements" and
"Operating Results and Financial Review and
Prospects" in the Company's Annual Report on Form 20-F
for the year ended December 31, 2006. You are cautioned not
to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release. Except for the Company's ongoing obligations to
disclose material information under the applicable
securities laws, it undertakes no obligation to release
publicly any revisions to any forward-looking statements,
to report events or to report the occurrence of
unanticipated events.
For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
Phone: +1-212-867-2355
Email: flazar@lazarpartners.com /
dcarey@lazarpartners.com
2007'11.23.Fri
Premier Electronics Announces its International Panel of Expert Judges for the 2007 LiveEdge Competition - First Ever Electronic Design Competition for the Global Environment
October 27, 2007
3,200 engineers from 102 countries have already signed up
to submit designs for the prize valued at $100,000 U.S.
SHANGHAI, China, Oct. 27 /Xinhua-PRNewswire/ -- Premier
Electronics, the leading multi-channel, high service
distributor supporting millions of engineers and purchasing
professionals globally, has announced its expert panel of
judges for the international design competition, 'Live
Edge' - Electronic Design for the Global Environment.
Since its launch in May 2007 over 3,200 design engineers
and students from 102 countries have registered to submit
their designs to create an innovative product that utilises
electronic components and has a positive impact on the
environment. There's still time to register. The top 10
countries currently for registrations are (in order) the
U.S., U.K., China, India, Spain, Germany, Mexico, Italy,
Brazil and France.
The 2007 LiveEdge competition panel of judges
comprises; Sir Peter Gershon, - Chairman of Premier
Farnell, plc - Fellow of the Royal Academy of Engineering
and a governor of Imperial College, Professor Sir David
King - UK Government Chief Scientific Adviser and Head of
the Government Office for Science, Mr. Mark Kenber -
Director of The Climate Change Group, Dr. Alla Cordery -
Head of Electronic Engineering, Oxford, Mr. Rob Rodin -
President of eConnections USA, Mr. Max Huber - President
Sharp Microelectronics, Mr. Yu Donghai, Dean of Electronics
Engineering, Southeast University, China and Mr. Mingtao
Jiang, Section Chief, Information Technology Development,
China Ministry of Information Industry (MII).
The LiveEdge judging criteria include usefulness of the
application, originality and innovation, technical merit,
its effect on the global environment, feasibility of the
design, efficient use of energy, end of life consideration,
innovative use of components, cost optimisation,
completeness of design dossier and clarity of supporting
documentation.
The 2007 LiveEdge awards will be presented at a virtual
awards ceremony via the Internet on 31st January 2008. This
year's LiveEdge winner will also have the honour to be a
member of the 2008 panel of judges for next year's
competition and will be supported by Premier Electronics to
take their design through to prototype.
In addition to an outright winner the Awards will also
recognise 5 Highly Commended designs.
"We are immensely proud to have such a
distinguished world-renowned group of industry
professionals as our panel of judges for this first ever
electronic design competition for the global
environment," said Harriet Green, Chief Executive
Office of Premier Farnell plc. "With over 3,200
designs registered, and the feedback we have received it is
clear that the design engineering community has really
embraced this opportunity to have a positive impact on the
future of the environment and see their own vision become a
reality."
About LiveEdge:
The winning entrant will receive a cash prize of US
$50,000 as well as the support to move the design towards
production. The support package, estimated to be worth an
additional US $50,000, will include the services of an
electronic design consultancy that will develop the design
to prototype stage, assistance with legal matters and IP
registration, marketing and publicity, as well as Premier
Electronics' help in securing investment funding. The group
will actively market the end product to millions of
customers globally through their leading edge Web site,
catalogue and direct marketing.
In addition, up to five entrants will be eligible for
'honourable mentions', each receiving a cash prize of US
$5,000.
The closing date for registration is October 31st 2007
and entries must be submitted by November 30th 2007. The
competition is open to anyone aged 18 or over and the
winner will be announced in January 2008.
More information about Live Edge is available at
http://www.Live-Edge.com.
About Premier Farnell
Premier Farnell plc (LSE: pfl) is a leading high
service, multi-channel distributor of electronic,
maintenance, repair and operation products and specialist
services throughout Europe, the Americas and Asia Pacific.
It goes to market with a differentiated value proposition,
world-class marketing, a stocked range of 400,000+
products, with access to more items from over 3,000 of the
world's leading manufacturers. The company has group sales
of 823.1m pounds Sterling and 4,100 employees globally.
While global in scope, Premier Farnell recognizes the
individual needs of each market and has continued to
internationalize its model accordingly, trading locally
under different brand names. Its primary electronics
businesses trade as Farnell in the UK, Europe, Australia
and New Zealand, Newark in the US, Canada and Mexico, and
Premier Electronics in China. In Singapore, Malaysia, Hong
Kong and Brazil the operation is known as Farnell Newark.
For more information visit the website at
http://www.premierfarnell.com
Contact details for publication and editorial
enquiries:
Athena Wang
Managing Director
Premier Electronics
Mobile: +86-1592-1663-937
Email: awing@premierfarnell.com
Issued by:
Jonathan Roberts, Account Director, Pinnacle Marketing
Communications Ltd,
Prosperity House, Dawlish Drive, Pinner, Middlesex, HA5
5LN, UK
Email: jonathan@pinnaclemarcom.com
Tel: +44-0-208-869-9401
Website: http://www.pinnacle-marketing.com
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