FinancialWire™

Spectral Diagnostics Names 2 Directors

bobfarley — Thu, 11 Mar 2010 20:49:34 +0000

March 11, 2010 (FinancialWire) — Spectral Diagnostics Inc. (TSX: SDI) (OTC: DIAGF), a company developing products for the treatment of sepsis, has named Kevin Giese, the president, CEO and a director of BioMS Medical and Laine Woollard, the senior legal counsel of TEC Edmonton, to the company’s board of directors.

Giese is the founding president of BioMS Medical. He is a past advisory board member of the Institute of Corporate directors and is currently a member of the board of BioAlberta.

Woollard has degrees in pharmacy and pharmaceutical science. He has been corporate counsel and practiced in the field of technology commercialization since 1990, joining the University of Alberta in 1994, and has served on the board of of six for-profit corporations. Woollard has been lead independent director for BioMS Medical since 2005.

Canada-based Spectral’s lead product is its Endotoxin Activity Assay, which it claims is the only FDA cleared assay for the measurement of endotoxin.

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Ashford Named To Miller Industries Board

bobfarley — Thu, 11 Mar 2010 20:49:17 +0000

March 11, 2010 (FinancialWire) — Miller Industries, Inc. (NYSE: MLR) has named Theodore H. Ashford III to the company’s board of directors effective as of April 1. His election will bring the number of directors on the company’s board to six, of which four will be independent directors.

Ashford is the president and chief investment officer of Ashford Capital Management, where he is responsible for overseeing the planning and operation of the company’s investment decisions, processes and related client services.

Over the past four years, he has led the expansion of the firm’s international investment research effort to areas including China, Canada, Australia, the European Union and Brazil.

Tennessee-based Miller Industries is a manufacturer of towing and recovery equipment.

The firm markets its towing and recovery equipment under a number of brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.

Sonic Automotive Prices $210 Million Of Senior Notes

bobfarley — Thu, 11 Mar 2010 20:48:38 +0000

March 11, 2010 (FinancialWire) — Sonic Automotive, Inc. (NYSE: SAH) has priced its private offering of $210 million in aggregate principal amount of 9.0% senior subordinated notes due 2018 to qualified institutional buyers.

The notes will be guaranteed by all of the company’s operative domestic subsidiaries. They were priced at 99.299% of par, resulting in a yield to maturity of 9.125%. This offering is scheduled to close on March 12.

Sonic plans to use the net proceeds to redeem a portion of the company’s 8 5/8% senior subordinated notes due 2013.

North Carolina-based Sonic Automotive is an automotive retailer operating 145 franchises.

Vermillion Names Scientific Advisory Board

bobfarley — Thu, 11 Mar 2010 20:48:17 +0000

March 11, 2010 (FinancialWire) — Vermillion, Inc. (OTC: VRML) said it has appointed a Scientific advisory board to assist in directing the company’s product development strategies.

Members of the scientific advisory board include:

Robert C. Bast, Jr., who is vice president for Translational Research and the Harry Carothers Wiess Distinguished University Professor for Cancer Research at the University of Texas M.D. Anderson Cancer Center. Bast is best known for developing the Ovarian Cancer 125 monoclonal antibody that led to the production of the CA125 radioimmunoassay.

Walter Carney, whose Head of the Oncogene Science organization, which functions as a center of Oncology Excellence for Siemens Dx. Previously, Carney was president of Oncogene Science and Corporate officer for OSI Pharmaceuticals and also held the position of vice president of Proprietary Drug Development.

Daniel W. Chan, a Professor of Pathology, Oncology, Urology and Radiology, director of Clinical Chemistry Division, Department of Pathology, and the director, Center for Biomarker Discovery at the Johns Hopkins University School of Medicine. Chan is an authority in clinical chemistry, proteomics, immunoassay, and biochemical tumor markers.

John P. Cooke, a Professor and Associate director of the Stanford Cardiovascular Institute at Stanford University School of Medicine. He directs a translational program in vascular regeneration.

Gordon Whiteley, the director of the Antibody Characterization Lab for SAIC-Frederick, which is part of the Clinical Proteomics Technologies for Cancer Initiative of the National Cancer Institute director. Prior to coming to SAIC, he was vice president of Research and Development at PB Diagnostics / Dade-Behring where he was part of the original development team responsible for the development and commercialization of tests for a range of analytes.

California-based Vermillion is focused on the discovery, development and commercialization of novel tests used by physicians diagnose, treat and improve outcomes for patients.

Vermillion, along with its scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women’s health.

The Bancorp Repays $45.2 Million Of TARP Funds

bobfarley — Thu, 11 Mar 2010 20:47:57 +0000

March 11, 2010 (FinancialWire) –The Bancorp, Inc. (NASDAQ: TBBK), a bank holding company, said it has repurchased all of the outstanding Fixed Rate Cumulative Perpetual preferred stock, series B, issued to the United States Treasury Department under its Capital Purchase Program.

As a result of the $45.2 million repayment, $3.7 million of annualized dividends and accretion which previously reduced earnings per share will be eliminated. Those charges equate to roughly $5.6 million of additional earnings potential available to common shareholders on a pre-tax basis. As a result of the repayment, a one-time, non-cash, charge of $5.6 million, comprised of the remaining accretion, will be recognized in the first quarter of 2010. After repaying the TARP funds, Bancorp’s leverage capital ratio as of December 31, 2009 continued to exceed 10%, compared to a well capitalized requirement of 5%.

Delaware-based The Bancorp is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that offers financial services and products both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank division serves the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.

Diamond Foods Closes Share Offering

bobfarley — Thu, 11 Mar 2010 20:47:40 +0000

March 11, 2010 (FinancialWire) — Diamond Foods, Inc. (NASDAQ: DMND) said that the underwriters of its recent follow-on public offering of common shares have exercised their overallotment option to acquire an additional 675,000 common shares. This brings the total number of shares issued in the offering to 5.175 million common shares.

Barclays Capital (NYSE: BCS), BofA Merrill Lynch (NYSE: BAC) and BMO Capital Markets (NYSE: BMO) acted as joint book-running managers.

The 5.175 million common shares were priced at $37 per share. After deducting the underwriting discount, the company expects to receive total net proceeds from the sale of its common shares of around $181.4 million.

Diamond Foods plans to use the net proceeds to pay a portion of the purchase price for its acquisition of Kettle Foods from Lion Capital LLP.

Diamond said it expects to close the acquisition of Kettle Foods before the end of its fiscal year 2010, subject to regulatory approvals. If the company does not consummate the acquisition of Kettle Foods, it intends to use the net proceeds for general corporate purposes, including repayment of existing indebtedness.

California-based Diamond Foods is a packaged food company that sells Diamond of California culinary nuts, Emerald snack nuts, and Pop Secret microwave popcorn.

Rosenthal Named CEO Of Hibbett Sports

bobfarley — Thu, 11 Mar 2010 20:47:22 +0000

March 11, 2010 (FinancialWire) — Hibbett Sports, Inc. (NASDAQ: HIBB), a sporting goods retailer, said that Mickey Newsome, the company’s chairman and chief executive officer, will become Executive chairman of the company. Jeffry O. Rosenthal, the company’s president and chief operating officer, has been promoted to president and chief executive officer.

Both moves are effective March 15.

Rosenthal has worked with Newsome over the last 12 years, first in his role as vice president of Merchandising and Marketing, and most recently as president and COO.

Alabama-based Hibbett Sports operates sporting goods stores in small to mid-sized markets, predominately in the Southeast, Southwest, Mid-Atlantic and the lower Midwest regions of the United States.

The company’s primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.

Airgas Prices $300 Million Of Senior Notes

bobfarley — Thu, 11 Mar 2010 20:47:04 +0000

March 11, 2010 (FinancialWire) — Airgas, Inc. (NYSE: ARG) has priced $300 million of 2.85% senior notes due October 1, 2013.

The offering is scheduled to close on March 15, 2010, with Airgas planning to use the proceeds to reduce the outstanding balances of the company’s revolving credit facilities.

Pennsylvania-based Airgas is a U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies.

KBR Wins Toledo Refinery Contract

bobfarley — Thu, 11 Mar 2010 20:46:43 +0000

March 11, 2010 (FinancialWire) — KBR (NYSE: KBR) said it has been awarded a contract with BP-Husky to provide engineering, procurement and other project related services for BP-Husky Refining LLC’s $400 million Reformer 3 equipment upgrade of its Toledo Refinery located in Oregon, Ohio.

Under the award, KBR will provide design and support services needed for the project, replacing two existing naphtha reformers and a hydrogen plant with a single, state-of-the art reformer.

The new unit is expected to increase the refinery’s gasoline yields, increase co-product hydrogen production and improve overall plant reliability, according to KBR.

Texas-based KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power and industrial markets.

Royal Gold Declares 9 Cent Dividend

bobfarley — Thu, 11 Mar 2010 20:43:18 +0000

March 11, 2010 (FinancialWire) — Royal Gold, Inc.’s (NASDAQ: RGLD) (TSX: RGL) board of directors has declared its second quarter dividend of $0.09 per share of common stock. The dividend is payable on April 16, 2010 to shareholders of record at the close of business on April 1, 2010.

The quarterly dividend of $0.09 is also payable to holders of exchangeable shares of RG Exchangeco (TSX: RXG). The exchangeable shares were issued to certain Canadian persons in connection with our acquisition of International Royalty Corp..

Colorado-based Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalty interests.

The company owns royalties on 193 properties on six continents.

CTS Declares 3 Cent Dividend

bobfarley — Thu, 11 Mar 2010 20:42:58 +0000

March 11, 2010 (FinancialWire) — CTS Corp.’s (NYSE: CTS) board has declared the company’s first quarter dividend of $0.03 per share, payable April 30, 2010, to shareholders of record at the close of business on March 26, 2010.

Indiana-based CTS is a designer and manufacturer of electronic components and sensors and a provider of electronics manufacturing services to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets.

CTS manufactures products in North America, Europe and Asia.

Equity One Prices Common Share Offering

bobfarley — Thu, 11 Mar 2010 20:42:39 +0000

March 11, 2010 (FinancialWire) — Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, has priced its offering of 4.2 million shares of its common stock on March 9, 2010, resulting in roughly $76.1 million of net proceeds to the company.

In addition and concurrently with the closing of the public offering, MGN America, LLC, and Gazit America Inc., two entities affiliated with Equity One’s largest stockholder, Gazit-Globe, Ltd., will purchase directly from the company an aggregate of 600,000 additional shares of common stock resulting in net proceeds to the company of approximately $11.0 million.

Equity One plans to use the net proceeds for the repayment of outstanding mortgage debt and general corporate purposes.

Florida-based Equity One

As of December 31, 2009, Equity One owned or had interests in 182 properties, consisting of 168 shopping centers comprising approximately 19.0 million square feet, three projects in development/redevelopment, six non-retail properties, and five parcels of land. Additionally, Equity One had joint venture interests in twelve shopping centers and one office building totaling approximately 1.9 million square feet.

Prestige Brands To Offer $150 Million Of Senior Notes

bobfarley — Thu, 11 Mar 2010 20:41:58 +0000

March 11, 2010 (FinancialWire) — Prestige Brands Holdings, Inc. (NYSE: PBH) said that its wholly-owned subsidiary Prestige Brands, Inc., is making a private placement offering of $150 million in aggregate principal amount of new senior notes due 2018 in a private offering to institutional buyers.

The company plans to use the proceeds of the notes to refinance current long-term indebtedness, including $126 million aggregate principal amount outstanding of Prestige Brands’ 9 1/4% senior subordinated notes due 2012, for which it is conducting a tender offer.

New York-based Prestige Brands markets and distributes brand name over-the-counter healthcare, personal care and household products throughout the United States, Canada and certain international markets.

KSW Declares 10 Cent Dividend

bobfarley — Thu, 11 Mar 2010 20:31:56 +0000

March 11, 2010 (FinancialWire) — KSW, Inc.’s (NASDAQ: KSW) board of directors has declared a cash dividend of $.10 per share, payable on May 24, 2010 to shareholders of record as of April 26, 2010.

New York-based KSW, through its wholly-owned subsidiary KSW Mechanical Services, furnishes and installs heating, ventilating and air conditioning systems and process piping systems for institutional, industrial, commercial, high-rise residential and public works projects.

KSW Mechanical Services also acts as trade manager on larger construction projects, such as the Mount Sinai Center for Science and Medicine.

Conference Calls Today: 7:30-9 A.M. EST

bobfarley — Thu, 11 Mar 2010 20:31:32 +0000

March 11, 2010 (FinancialWire) (Investrend Broadcast Syndicate) — Information for conference calls listed here can be accessed via the Conference Call Search Function at BestCalls (http://www.bestcalls.com) by referencing the company ticker symbol. Conference calls scheduled today at 7:30 to 9 a.m. include: Analog Devices Inc. (NYSE: ADI), Exxon Mobil Corporation (NYSE: XOM).

Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases. FinancialWire(tm) provides complete, daily conference call schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s FirstAlert(tm) Daily Electronic Newsletter (http://www.financialwire.net/news-alerts/), as well as free annual reports on those and thousands of other companies via the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

[FirstAlert(tm) was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information. The opinions expressed in FirstAlert(tm) do not necessarily reflect the opinions of Investrend.]

Conference Calls Today: 10 A.M. EST

bobfarley — Thu, 11 Mar 2010 20:31:06 +0000

March 11, 2010 (FinancialWire) (Investrend Broadcast Syndicate) — Information for conference calls listed here can be accessed via the Conference Call Search Function at BestCalls (http://www.bestcalls.com) by referencing the company ticker symbol. Conference calls scheduled today at 10 a.m. include: Quality Distribution Inc. (NASDAQ: QLTY), Western Gas Partners Lp Com Unit (NYSE: WES).

Health Management Associates Conference Call Today, 11:05 A.M.

bobfarley — Thu, 11 Mar 2010 20:30:24 +0000

March 11, 2010 (FinancialWire) (Investrend Broadcast Syndicate) — Health Management Associates (NYSE: HMA) will hold a Special Conference company conference call today at 11:05 AM Eastern time. Direct access to the call is available via the Conference Call Search function at BestCalls (http://www.bestcalls.com) by referencing the company ticker symbol.

Concur Technologies Conference Call Today, 2 P.M.

bobfarley — Thu, 11 Mar 2010 20:29:54 +0000

March 11, 2010 (FinancialWire) (Investrend Broadcast Syndicate) — Concur Technologies Inc. (NASDAQ: CNQR) will hold a Special Conference company conference call today at 2:00 PM Eastern time. Direct access to the call is available via the Conference Call Search function at BestCalls (http://www.bestcalls.com) by referencing the company ticker symbol.

The Dress Barn Conference Call Today, 3:20 P.M.

bobfarley — Thu, 11 Mar 2010 20:28:36 +0000

March 11, 2010 (FinancialWire) (Investrend Broadcast Syndicate) — The Dress Barn Inc. (NASDAQ: DBRN) will hold a Special Conference company conference call today at 3:20 PM Eastern time. Direct access to the call is available via the Conference Call Search function at BestCalls (http://www.bestcalls.com) by referencing the company ticker symbol.

Conference Calls Today: 4:30-5 P.M. EST

bobfarley — Thu, 11 Mar 2010 20:28:06 +0000

March 11, 2010 (FinancialWire) (Investrend Broadcast Syndicate) — Information for conference calls listed here can be accessed via the Conference Call Search Function at BestCalls (http://www.bestcalls.com) by referencing the company ticker symbol. Conference calls scheduled today at 4:30 to 5 p.m. include: XOMA Limited (NASDAQ: XOMA), PURE Bioscience (NASDAQ: PURE), Physicians Formula Holdings (NASDAQ: FACE), Zumiez Inc. (NASDAQ: ZUMZ).

FirstAlert(tm) Daily 3/11: Food Chain

bobfarley — Thu, 11 Mar 2010 11:49:26 +0000

- Market Commentary -

March 11, 2010 (FinancialWire) (By Bob Farley) — A recent PBS Nature program talked at length about the food chain and what happened when it was broken, at either end or the middle. The different but similar kind of food chain is troubling hospitals today, and that will spell trouble for health care services companies like Tenet Healthcare (NYSE: THC), which lost a penny yesterday amid an outstanding gain overall in the NYSE.

Hospitals are tasked with serving the uninsured, a job they’ve always done by jacking up prices to people who can pay, the insured, and the insurers. In a screwball dance of overcharges, underpayments, winks and nudges, hospitals get enough to survive another day or week, month or year.

The part of the insurance food chain breaking down now is the number of insured people falling. Many have lost jobs that once gave them insurance, and as anyone without a job and sufficient income can attest, insurance ain’t cheap.

With that piece of the food chain broken, look for the next biggest link–the hospitals–to begin failing, unless of course it gets some help. And you know it’s going to happen. As it should, probably. Without a few disasters, nothing will happen to fix the health-care problem.

[Go to http://www.financialwire.net/?s=bob+farley to see more commentaries and articles by Bob Farley.]

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, NASDAQ and AMEX 25 Most Actives and combined NYSE, NASDAQ and AMEX greatest Percentage Losers and Percentage Winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. The most recently published FirstAlert(tm) Money Index Synopses are accessible via FinancialWire.net (at http://www.financialwire.net/?s=index+synopsis). The data providing the basis for the FirstAlert(tm) Money Index is provided courtesy of Stock Smart, and complete Stock Smart charts and closing summaries are directly accessible via a dedicated Investrend.com webpage (at http://www.investrend.com/fa-index).

The FirstAlert(tm) Economics Calendar lists International Trade for January (8:30 a.m.), Initial Jobless Claims (8:30 a.m.), Treasury auctions 30-year bonds (1 p.m.).

The FirstAlert(tm) Events Calendar showcases ACM, CBI, URS, MDR at UBS Engineering & Construction One-on-One Conference; BMTI Analyst and Investor Meeting; CBRX, GILD, TSON, LGND at Cowen and Company Healthcare Conference; CERN Investor Community Meeting; CPN, EXC, WR at Morgan Stanley Utilities Conference; ENOC at CERAWeek 2010; HELE, BONT, NILE, PNRA at Bank of America Merrill Lynch Consumer Conference; IT Investor Day; NYB, HBAN, PNC, SNV at Citi Financial Services Conference; RGC, CNK, CKEC, IMAX at Gabelli & Company, Inc. Digital Cinema & Movie Conference; SONS, ATHR, CRNT at Credit Suisse Communication Equipment & Networking Conference; STEC, SHOR, KOPN, SY at Wedbush Morgan Securities New York MAC: Management Access Conference; V Investor Day.

FirstAlert(tm) Website of the Day: http://www.islandsministries.com

Quote of the Day: “I asked a ref if he could give me a technical foul for thinking bad things about him. He said, of course not. I said, well, I think you stink. And he gave me a technical. You can’t trust ‘em.” Jim Valvano

Today is: Johnny Appleseed Day.

Happy Birthday: Malcolm Campbell, Dorothy Gish, Lawrence Welk, Rupert Murdoch, Sam Donaldson, Antonin Scalia, Bobby McFerrin, Christopher Rice, Thora Birch.

Today in History: The first regular English-language newspaper, The Daily Courant, was published in London in 1702. Army Corps of Engineers for the United States was authorized by the Congress in 1779. The United States War Department created the Bureau of Indian Affairs in 1824. British citizen Henry Jones invented self-raising flour in 1845. The Great Blizzard of 1888 began along the eastern seaboard of the United States, shutting down commerce and killing more than 400. In New York City, Samuel Roxy Rothafel opened the Roxy Theatre in 1927. Former Beatle Paul McCartney was knighted in 1997. Infosys became in 1999 the first Indian company listed on the NASDAQ stock exchange.

Breakout For Starbucks, Says Market Timer Frank Kollar

bobfarley — Thu, 11 Mar 2010 11:46:05 +0000

- Analytical Commentary -

March 11, 2010 (FinancialWire) (By Frank Kollar) — Shares of Starbucks Corp (NASDAQ: SBUX) broke out to new 2009 – 2010 highs on heavy volume Wednesday, March 10.

Starbucks gained 2.6% on Wednesday. There was no news that we were able to find, unless their refusal to bar people wearing guns in those states that allow people to carry them boosted the stock.

Or maybe it was the negative rating by David Trainer from New Constructs Inc., a Nashville-based stock research firm, who said Starbucks is “the antithesis of McDonald’s” and a “doomed business” that he would not own.

Regardless, Starbucks has broken out above $24 level that held it in check since mid-December 2009. That level was also the 50% retracement for Starbuck’s entire bear market decline.

The breakout, to $24.23 a share, points to higher highs and a likely move to the next resistance level up at $27.41 a share. This is the 61.8% retracement level. It is also an 18% gain from Wednesday’s close.

Disclaimer: The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Starbucks.

Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 and 2008 bear markets, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

[cmmtry] [anlytcl] [kllrfby]

Libra Alliance Names 4 Directors

bobfarley — Thu, 11 Mar 2010 11:37:55 +0000

March 11, 2010 (FinancialWire) — Libra Alliance Corp. (OTCBB: LBAL), a provider of telecommunications services to businesses and residential consumers, has four new members to the company’s board of directors.

On February 12, 2010, Libra Alliance completed a securities exchange transaction pursuant to which it acquired Lightyear Network Solutions. Lightyear will continue to focus on servicing the telecommunications needs of its approximately 60,000 business and residential customers while pursuing a strategy to increase revenue and earnings via a combination of organic and acquisition growth.

Along with Henderson, the additional board members also serve as directors of LY Holdings, LLC, which is Libra’s majority shareholder.

The new board members are:

Chris Sullivan, a founder of the Outback Steakhouse restaurant company.

Ronald L. Carmicle, who has been the president of River City Development for more than 30 years. W. Brent Rice, an attorney and long-time partner in the firm of McBrayer, McGinnis, Leslie and Kirkland in Lexington, Kentucky and a real estate developer.

Rigdon O. “Rick” Dees, a radio and comedic performer.

Through its wholly owned subsidiary, Kentucky-based Lightyear Network Solutions, Libra provides telecommunication services to large, medium and small businesses and to residential consumers utilizing its network of independent agents and representatives throughout the United States.

Tronox Raises TiO2 Prices

bobfarley — Thu, 11 Mar 2010 11:35:18 +0000

March 11, 2010 (FinancialWire) — Tronox Inc. (OTC: TRXAQ) plans to raise the price for all Tronox titanium dioxide grades effective April 1, 2010 or as contracts allow. The company said it will raise prices in North America $.05 per pound, and in Latin America by $150 per ton.

The company said that other increases may be announced locally within each region.

Oklahoma-based Tronox is a producer and marketer of titanium dioxide pigment. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products.

The company’s pigment plants, which are located in the United States, Australia and the Netherlands, supply products to around 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide.

YM BioSciences Raises $17.5 Million

bobfarley — Thu, 11 Mar 2010 07:46:50 +0000

March 11, 2010 (FinancialWire) — YM BioSciences Inc. (AMEX: YMI) (TSX: YM) said it has closed a registered direct offering of 14.583 million units at an issue price of US $1.20 for gross proceeds of around US $17.5 million.

Each unit consists of one common share and one half common share purchase warrant. Each whole warrant may be exercised to purchase one common share at $1.60 until March 10, 2015.

Following this issue, the pro-forma total number of YM common shares outstanding is 80,187,476, including 2,380,953 common shares issued but held in escrow, and there are now outstanding 8,166,480 common share purchase warrants (including warrants issued to the agents).

According to YM, there were no warrants outstanding prior to the current issue, and there are no debt instruments and no preferred shares outstanding.

Canada-based YM BioSciences is a life sciences product development firm. Together with the products from YM Australia, the company is currently developing four late-stage products.

China In-Focus: Xu To Retire From 3SBio Board

bobfarley — Thu, 11 Mar 2010 07:43:42 +0000

March 11, 2010 (FinancialWire) — 3SBio Inc. (NASDAQ: SSRX), a chinese biotechnology firm, said that Liping Xu, the firm’s executive director and vice president, will retire from its board and her position as a company officer for health reasons, effective March 10. Xu was one of the founders of the company.

She and has been a director of 3SBio and its predecessor company, Shenyang Sunshine, since 1993.

Concurrently, effective March 10, Peiguo Cong will join the board and serve as an independent, non-executive director. Cong has been the managing partner of Beijing Jun You law firm since 1994. He also currently serves as a member of the financial securities committee of the China National Lawyers Association, member of the All China Federation of Industry and Commerce, director of the Chinese Society of Mergers and acquisitions, independent committee member of the Credit Committee of the National Development Bank, and part-time professor at Peking University.

China-based 3SBio is focused on researching, developing, manufacturing and marketing biopharmaceutical products, primarily in China.

China In-Focus: ReneSola Promotes CFO Bai To Strategy Chief

bobfarley — Thu, 11 Mar 2010 07:28:27 +0000

March 11, 2010 (FinancialWire) — ReneSola Ltd. (NYSE: SOL) (AIM: SOLA), a manufacturer of solar wafers and provider of solar module original equipment manufacturer, has appointed Charles Bai, ReneSola’s chief financial officer, as its chief strategy officer.

Julia Xu, ReneSola’s vice president of international corporate finance and corporate communications, will succeed Bai as CFO. Henry Wang has been appointed vice president of finance.

China-based ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with solar wafer products and solar module OEM services.

The company has a global network of suppliers and serves a customer base that includes global manufacturers of solar cells and modules.

MarketAxess Names CFO Rucker As COO

bobfarley — Thu, 11 Mar 2010 07:26:20 +0000

March 11, 2010 (FinancialWire) — MarketAxess Holdings Inc. (NASDAQ: MKTX), a firm that operates an electronic trading platform for U.S. and European bonds and other types of fixed-income securities, has named James N.B. Rucker as its chief operations, credit and risk officer. Antonio L. DeLise will succeed him as chief financial officer, effective March 8.

DeLise was foremerly head of accounting and finance at MarketAxess, where he was responsible for financial regulatory compliance and oversight of all controllership and accounting functions.

Prior to joining MarketAxess in July 2006, DeLise served for 11 years as CFO of PubliCard. From July 1983 through March 1995, he was a senior manager for Arthur Andersen.

New York-based MarketAxess claims that around 700 institutional investors are active users of the MarketAxess trading platform, accessing the global liquidity provided by MarketAxess’ 67 broker-dealer clients in U.S. high-grade corporate bonds, European bonds, high yield and emerging markets bonds, agency bonds and credit default swaps.

MarketAxess also offers a number of trading-related products and services, including market data, connectivity solutions, technology services and execution services for exchange-traded fund managers and other clients.

MarketAxess has other offices in London, Chicago and Salt Lake City.

Sparta Commercial Claims $5 Million Annually From Armet Deal

bobfarley — Thu, 11 Mar 2010 07:22:01 +0000

March 11, 2010 (FinancialWire) — Sparta Commercial Services, Inc. (OTCBB: SRCO) said it could receive an annual $5 million in municipal lease purchase agreements from the company’s strategic agreement with Armet Armored Vehicles, a maker tactical armored and other specialty vehicles for governmental and other markets.

Sparta said that Armet Armored has chosen it as the primary sales and financing option for municipal lease purchases by local, county, and state governmental agencies that acquire specialty vehicles from Armet.

Armet focuses on a market that represents $1 billion dollars in the United States alone. Sparta said that, based on a 0.5% market penetration, this can generate a potential $5 million in annual lease purchase agreements for Sparta Commercial Services.

New York-based Sparta Commercial Services is a nationwide financial services company focused on the powersports industry, offering financing and leasing products to consumers and retail powersports dealers, as well as a range of commercial products for governmental agencies that require motorcycles and other equipment for law enforcement activities.

Viterra To Buy Dakota Growers Pasta

bobfarley — Thu, 11 Mar 2010 07:18:47 +0000

March 11, 2010 (FinancialWire) — Viterra Inc. (TSX: VT) (OTC: VTRAF) said it has signed a definitive merger agreement with Dakota Growers Pasta Co. under which a subsidiary of Viterra will acquire all of the outstanding shares of Dakota Growers, a producer and marketer of dry pasta products in North America.

According to Viterra, an all-cash transaction, structured as a tender offer followed by a merger of a Viterra subsidiary and Dakota Growers, has been unanimously approved by the boards of both companies.

Under the terms of the agreement, a subsidiary of Viterra will launch a tender offer to purchase all outstanding shares of common stock of Dakota Growers at a price of $18.28 per share and all outstanding shares of Series D preferred stock of Dakota Growers at a price of $0.10 per share.

Dakota Growers has around 12 million shares of common stock issued and outstanding on a fully diluted basis, and around 11.3 million shares of Series D preferred stock issued and outstanding.

According to Viterra, the transaction represents a total enterprise value of $240 million, which includes equity value and anticipated net cash/debt at closing, subject to certain adjustments for transaction costs and other closing adjustments.

Dakota Growers reported revenues and EBITDA of around $275 million and $42 million respectively for the latest twelve months ended October 31, 2009.

Canada-based Viterra provides ingredients to global food manufacturers. The firm has operations across Western Canada, Australia, and New Zealand, with Adelaide, Australia as the base for Viterra’s Southeast Asian operations.

The firm’s international presence also extends to operations in the United States, offices in Japan, Singapore, China and Switzerland.

Viterra operates in the areas of grain handling and marketing, agri-products, food processing, feed products and financial services.

Pinnacle Entertainment Settles president Casino Controversy

bobfarley — Thu, 11 Mar 2010 07:16:51 +0000

March 11, 2010 (FinancialWire) — Pinnacle Entertainment, Inc. (NYSE: PNK) said it has reached a settlement agreement with the Missouri Gaming Commission regarding the license of the company’s subsidiary president Riverboat Casino-Missouri, Inc., which operates The president Casino at Laclede’s Landing in downtown St. Louis, Missouri.

Under the terms of the settlement, the company will voluntarily surrender The president’s class B gaming license and cease operations at that property no later than July 1. The commission, in turn, has agreed to withdraw and dismiss its preliminary order issued January 27.

Missouri gambling regulators had voted to close an aging St. Louis river boat casino, claiming the owners have intentionally slowed gambling and had thus limited state revenue.

In late January, the Missouri Gaming Commission voted to revoke the license of the president Casino, due to what Commission chairman James Mathewson at the time called a, “pattern of deliberately putting the president Casino in decline,” which it said led to reduced state revenues from the operation.

Missouri officials claimed that the company had removed slot machines and game tables and reduced food options and staff, resulting in a revenue decline of 48 percent since 2006, when Pinnacle had bought the casino.

The commission ordered that the casino would close by July 1, but that Pinnacle could request a hearing challenging the decision.

In the end, Pinnacle has abandoned this channel, and now said it plans to focus on “maximizing shareholder value” at its Lumiere Place facility, as well as its new River City Casino, which opened on March 4.

Nevada-based Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana, Missouri and Argentina. In March 2010, Pinnacle opened its newest casino, River City, in south St. Louis County, Missouri.

Pinnacle is also developing a second casino in Lake Charles, Louisiana, to be called Sugarcane Bay at L’Auberge du Lac, and a casino in Baton Rouge, Louisiana.

Carbon Friendly To Start Briquetting Plant

bobfarley — Thu, 11 Mar 2010 07:13:34 +0000

March 11, 2010 (FinancialWire) — Carbon Friendly Solutions Inc. (TSX Venture: CFQ) said it received TSX Venture Exchange approval for its recently formed Pacific Briquetters Inc. and its proposed business structure and issue of share purchase warrants resulting from the same.

PBI said it will own, finance, develop and operate a briquette and biomass energy manufacturing and distribution facility to be operated on premises located in Mission, British Columbia, which are owned and operated by 0733403 B.C. Ltd., an affiliate of The Clarke Group, which is a 25% shareholder in PBI.

TCG is a third generation, family owned group of cedar shake and building product companies with operations in BC, Washington and Oregon.

PBI plans to develop and sell biomass energy fuel products to industrial buyers in the initial years. The starting product line will focus on production of biomass energy briquettes from residual fibre obtained from TCG’s existing operations, local suppliers and wood waste materials obtained from its current wood waste and recycling permit application.

The briquettes are expected by Carbon Friendly to be utilized by industrial users with combined heat and power boiler systems.

Carbon Friendly said that PBI plans to start production in 2010 at around 20,000 tons of briquettes annually with an emphasis on expanding operations over time. It said the company’s initial focus is to sell to the highest priced sustainable market.

PBI said it is currently in negotiations with several potential buyers in Europe, the United Kingdom, the United States and Asia for its proposed briquette product.

Canada-based Carbon Friendly Solutions is a project proponent that provides solutions for companies, organizations and individuals looking to reduce or offset their global warming impact caused by greenhouse gas emissions while including the generation of carbon credits for sale in the global Voluntary and Compliance markets.

Through its wholly owned subsidiaries, Global CO2 Reduction Inc. and CO2 Reduction Poland Sp. z o.o., CFS is focusing on removing and offsetting carbon dioxide emissions from the completion of reforestation, biomass energy and renewable energy technology projects that are independently validated and verified to globally recognized standards and methodologies.

China In-Focus: A-Power Energy Japan Unit Wins Solar Machine Contract

bobfarley — Thu, 11 Mar 2010 04:05:05 +0000

March 10, 2010 (FinancialWire) — A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR), a provider of distributed power generation systems in China and a manufacturer of wind turbines, said that its Japan-based Evatech Co., Ltd. unit has signed a definitive contract with a Chinese leading renewable energy company to supply one set of photovoltaic solar machines.

The contract covers the design, manufacturing and installation of the photovoltaic solar machine. The total value of the contract is $1.7 million.

A-Power said that a down payment on the contract has been received, and that shipment is scheduled for May 31.

Evatech is a designer and manufacturer of industrial equipment for LCDs, PDPs and amorphous-silicon photovoltaic panels.

China-based A-Power Energy Generation Systems, through its China-based operating subsidiaries, is a provider of distributed power generation systems in China, focusing on environmentally friendly projects of 25MW to 400MW.

In 2008, A-Power entered the wind energy market and has built China’s largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with a total annual production capacity of 1,125MW.

In March 2009, A-Power entered into an agreement to establish a joint venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang.

The company has also formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies.

Sanders Named To Mid-America Apartment Communities Board

bobfarley — Wed, 10 Mar 2010 11:20:18 +0000

March 10, 2010 (FinancialWire) — Mid-America Apartment Communities, Inc. (NYSE: MAA) has appointed W. Reid Sanders to the company’s board of directors. According to MAA, Sanders qualifies as an independent director under the New York Stock Exchange’s listing standards.

Sanders is the Co-Founder and former executive vice president of Southeastern Asset Management, and the former president of Longleaf Partners Funds.

Prior to co-founding Southeastern Asset Management in 1975, Sanders served as an investment officer and worked in credit analysis and commercial lending in the banking industry from 1971 to 1975.

He currently serves on the board of directors for Two Harbors Investment, a real estate investment trust which focuses on investing in residential mortgage-backed securities, is a director of Independent Bank, serves on the Investment Committee at Cypress Realty, a limited partnership involved in commercial real estate, and is on the Advisory board of SSM Venture Partners.

Tennessee-based Mid-America is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 43,605 apartment units throughout the Sunbelt region of the U.S.

Cardium To Raise $5 Million In Direct Offering

bobfarley — Wed, 10 Mar 2010 11:19:51 +0000

March 10, 2010 (FinancialWire) — Cardium Therapeutics, Inc. (AMEX: CXM) said it has entered into agreements with certain institutional investors to sell $5 million out of its proposed $10 million registered direct offering.

According to Cardium, the balance of the registered direct offering is expected to be confirmed by additional investors on or around March 12, resulting in aggregate gross offering proceeds to the firm of up to around $10 million.

Cardium plans to use the proceeds from the offering for general corporate purposes.

In the offering, Cardium is selling 2 million Units at a per Unit purchase price of $5. Each Unit consists of 10 shares of common stock and a common stock purchase warrant to purchase 5 shares of common stock.

The common stock purchase warrants are exercisable at an exercise price of $0.64 per share, are exercisable at any time after six months from the date of closing and have a term of exercise equal to five years.

California-based Cardium is focused on the acquisition and strategic development of bio-medical product opportunities and businesses.

The company’s investment portfolio includes the Tissue Repair and Cardium Biologics, medical technology companies primarily focused on the development of innovative therapeutic products for tissue repair and cardiovascular indications.

ITEX Authorizes $2 Million Buyback

bobfarley — Wed, 10 Mar 2010 11:19:27 +0000

March 10, 2010 (FinancialWire) — ITEX Corp.’s (OTCBB: ITEX) board of directors has authorized the repurchase of up to $2 million of its outstanding common stock.

The shares will be repurchased from time to time in open market purchases or privately negotiated transactions.

ITEX said it will use its available working capital to fund the repurchase program. ITEX currently has 18,051,248 shares of common stock outstanding.

Washington-based ITEX is a payment technology platform for processing cashless business transactions.

Sonic Automotive To Offer $210 Million Of Senior Notes

bobfarley — Wed, 10 Mar 2010 11:18:50 +0000

March 10, 2010 (FinancialWire) — Sonic Automotive, Inc. (NYSE: SAH) said it plans to launch a private offering of up to $210 million of senior subordinated notes to qualified institutional buyers.

The company said it will use the net proceeds to redeem a portion of its 8 5/8% senior subordinated notes due 2013.

North Carolina-based Sonic Automotive is an automotive retailer operating 145 franchises.

NN Amends Credit Facilities

bobfarley — Wed, 10 Mar 2010 11:18:21 +0000

March 10, 2010 (FinancialWire) — NN, Inc. (NASDAQ: NNBR) said it has amended its two credit facilities. The existing facilities were previously amended and restated as of March 13, 2009.

James H. Dorton, NN’s chief financial officer said, said the company amended its previously amended revolving credit facility on March 8, with Key Bank as the administrative agent.

He said that NN had also amended the terms for its previously amended senior notes due in April 2014 with Prudential Capital.

NN said it currently has $59.2 million outstanding under the revolving credit facility and $28.6 million outstanding under the senior notes.

The company said the amendments were necessary to establish new financial covenants and to replace those that were due to expire within 2010.

NN added that the new covenants, which will be in effect through the expiration of the revolving credit facility in September 2011, reflect improving economic conditions and the resulting expected improvement in the firm’s financial results and outlook.

The revised syndicated credit agreement provides for an initial commitment of $85 million, which reduces by $1 million at the end of each of the three fiscal quarters beginning with the December 31, 2010 quarter end and ending with the June 30, 2011 quarter end. The total commitment amount will reduce to $82 million during this time.

Tennessee-based NN manufacturers and supplies precision metal bearing components, industrial plastic and rubber products and precision metal components to a range of markets on a global basis.

The firm has 12 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN posted sales of US $425 million in 2008.

Science Applications Wins $21 Million Biomass Engineering Contract

bobfarley — Wed, 10 Mar 2010 11:17:48 +0000

March 10, 2010 (FinancialWire) — Science Applications International Corp. (NYSE: SAI) said that its R.W. Beck unit has been awarded a blanket purchase agreement by the Department of Energy and the Golden Field Office to support The Office of Energy Efficiency and Renewable Energy’s Biomass Program.

The BPA’s period of performance expires Sep. 30, 2015 and has a ceiling value of $21 million.

According to SAIC, the Biomass Program works with industry, academia, and national laboratory partners on a balanced portfolio of research in biomass feedstocks and conversion technologies.

Its research, development, and demonstration efforts are geared toward the commercialization of integrated biorefineries. The Biomass Program seeks to transform the nation’s renewable and abundant biomass resources into cost competitive biofuels, bioproducts, and biopower.

As part of the program, the DOE recently said that it will partially fund via grants the design, construction, and operation of 18 integrated ethanol biorefinery pilot and demonstration projects, helping promote the development and commercialization of cellulosic and algae derived biofuel and biochemical production in the United States.

Under the BPA, R.W. Beck will serve as DOE’s independent engineer on these projects, providing services including assistance in program management, technical and financial due diligence, construction and operations monitoring, and Recovery Act compliance.

Virginia-based Science Applications International is a scientific, engineering, and technology applications firm serving customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. government civil agencies and various commercial markets.

Jacobs Wins Saudi Contract From Marafiq

bobfarley — Wed, 10 Mar 2010 11:17:13 +0000

March 10, 2010 (FinancialWire) — Jacobs Engineering Group Inc. (NYSE: JEC) said that it has received a contract from Marafiq to serve as project management contractor for Marafiq’s ongoing investment program in Saudi Arabia.

Officials did not disclose the contract value.

Under the contract, Jacobs will provide PMC services for a number of projects in Jubail and Yanbu industrial cities, under a framework that is in effect for three years, extendable for a further three.

Work includes conceptual design, front-end engineering, design and construction monitoring, and other services necessary for successful installations. Projects involve expansions, upgrades, and installations of wastewater treatment plants, electrical power generation facilities, and a seawater reverse osmosis plant. Jacobs said it is performing the work from its Reading, England, office with support from its personnel in Mumbai, India.

A multidisciplinary Jacobs team will also work with Marafiq staff in Al Jubail and Yanbu to develop master plans and conceptual studies with support from the Reading office.

Marafiq, a privately owned power and utility company, initiated an additional US $1.33 billion water and power project in 2004 to help meet the growing demand for power and water in Saudi Arabia.

California-based Jacobs is a provider of technical, professional, and construction services.