BUSINESS WIRE / ME NewsWire MCLEAN, Va. - Thursday, November 1st 2012
Today, on World Food Day, Hilton Worldwideannounced multi-year partnerships with Feeding Americaand The Global FoodBanking Networkto secure food and reduce hunger in communities where it operates around the globe. The collaborations will enable Hilton Worldwide hotels to collect safe, surplus food from conferences and daily food and beverage operations that would otherwise be thrown away and make it available to those in need.
Feeding America and The Global FoodBanking Network will each connect Hilton Worldwide hotels with local food banks and their networks of local community agencies to facilitate food delivery to school feeding programs, food pantries, soup kitchens, hospices, after-school programs and other community programs that provide food to families in need of nourishing meals. In year one, Hilton Worldwide will pilot food donation systems in New York City, Washington, D.C., Chicago, San Francisco, Minneapolis, Orlando and Kansas City in the United States working with Feeding America. Working with The Global FoodBanking Network, the company will provide food to food banks in international markets, with initial efforts in Egypt.
“Each year billions of pounds of food go to waste, while at the same time more than 850 million people do not have enough to eat,” said Jennifer Silberman, vice president of corporate responsibility, Hilton Worldwide. “For one in eight people globally, hunger is a reality, and Hilton Worldwide is committed to securing food resources where we live, work and travel. Partnering with Feeding America and The Global FoodBanking Network will help us collect safe, unused food from our hotels and distribute it to local people and organizations in need across the globe.”
Pilot activities will focus on optimizing food and beverage operations to minimize food waste, educating hotels on food banking opportunities, developing relationships between hotels and local food banks and establishing systems for donating safe and nutritious food. The partnerships will leverage key learnings from the pilot locations to expand into markets where Feeding America and Global FoodBanking Network are involved and to develop tools and resources that enable Hilton Worldwide’s more than 3,900 properties across 90 countries to connect with food donation opportunities locally.
“The partnership with Hilton Worldwide shows how fighting hunger is a collaborative effort and not something we can solve alone,” said Matt Knott, interim president and chief executive officer of Feeding America, the nation’s leading anti-hunger organization. “We have to continue to find innovative ways to make sure that people have enough food to nourish them.”
Jeffrey D. Klein, president and chief executive officer of The Global FoodBanking Network, said, “Our work with Hilton Worldwide takes a proactive approach to solving hunger and reducing food waste that produces greenhouse gas and contributes to global warming. The Global FoodBanking Network is excited to help Hilton Worldwide deepen its commitment to community through this innovative collaboration.”
Hilton Worldwide will also work with Feeding America and The Global FoodBanking Network to provide volunteer opportunities with local food bank partners through its Global Team Member Volunteer Program, and will track food donations through LightStay™, its proprietary sustainability measurement system. These donations will further contribute to Hilton Worldwide’s goal of reducing waste output and complement its partnerships with the Global Soap Projectto recycle and donate hotel soap to vulnerable populations and Good360to donate reusable goods to charitable organizations. Since 2008, the properties in the company’s portfolio have reduced waster by 23.3 percent.
Hilton Worldwide’s partnerships with Feeding America and The Global FoodBanking Network align with the company’s efforts to Travel with Purposeand provide shared value to its business and communities around the world. Together with its corporate global partners, Hilton Worldwide focus on: creating opportunitiesfor individuals to reach their full potential; strengthening communitieswhere it operates; celebrating culturesand the power of travel; and living sustainablythrough the measurement, analysis and improvement of its use of natural resources.
About Feeding America
Feeding America provides low-income individuals and families with the fuel to survive and even thrive. As the nation's leading domestic hunger-relief charity, our network members supply food to more than 37 million Americans each year, including 14 million children and 3 million seniors. Serving the entire United States, more than 200 member food banks support 61,000 agencies that address hunger in all of its forms. For more information on how you can fight hunger in your community and across the country, visit http://www.feedingamerica.org.
About The Global FoodBanking Network
The Global FoodBanking Network (GFN) is the only not-for-profit organization committed to creating, supplying and strengthening food banks and food bank networks throughout the world. GFN currently supports food bank operations in 24 countries – representing more than one-third of the world’s hungry – and is working to establish food banks in six additional countries in the next year. One way GFN works to achieve its mission of alleviating global hunger is to create efficient and sustainable processes that provide environmentally friendly alternatives to surplus food product disposal. This keeps perfectly edible food out of landfills and makes it available for distribution to hungry people. Additional information about GFN’s activities can be found at www.foodbanking.org.
About Hilton Worldwide
Hilton Worldwide is a leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For 93 years, Hilton Worldwide has offered business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,900 hotels and timeshare properties, with 640,000 rooms in 90 countries and territories and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors®. Visit www.hiltonworldwide.comfor more information and connect with Hilton Worldwide at www.facebook.com/hiltonworldwide, www.twitter.com/hiltonworldwide, www.youtube.com/hiltonworldwide, www.flickr.com/hiltonworldwideand www.linkedin.com/company/hilton-worldwide.
About LightStay™
LightStay™ is a proprietary system developed to calculate and analyze sustainability performance. LightStay measures multiple utility and operational metrics such as (but not limited to) energy, water, carbon, housekeeping, paper product usage, waste, chemical storage, air quality and transportation. In addition, LightStay provides social networking tools that allow properties to communicate and share information, and features a "meeting impact calculator" element that calculates the sustainability impact of any meeting or conference held at a property.
Contacts
Dasha Ross
Hilton Worldwide
+ 1 (703) 883-5805
dasha.ross@hilton.com
www.hiltonworldwide.com/media
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NEW YORK - Thursday, November 1st 2012 [ME NewsWire]
Transaction Values Warnaco at $2.9BN – a 34% Premium Over its Last Closing Price
Reunites the House of “Calvin Klein” to Ensure Single Brand Vision
PVH Will Have Established Operations in Every Major Consumer Market Worldwide
Acquisition Enhances PVH’s Long-Term Growth and Profitability Driven by “Calvin Klein” and “Tommy Hilfiger”
Transaction Accretive to Year One Earnings by $0.35 Per Share, Excluding One-Time and Transaction Related Costs
(BUSINESS WIRE)-- PVH Corp. (NYSE: PVH) and The Warnaco Group, Inc. (NYSE: WRC) today announced that they have entered into a definitive merger agreement pursuant to which PVH will acquire Warnaco and holders of Warnaco common stock will receive $51.75 in cash and .1822 of a share of PVH common stock for each share of Warnaco common stock. The transaction values Warnaco at approximately $2.9 billion. With over $8 billion in pro forma revenue, PVH will be one of the largest and most profitable global branded lifestyle apparel companies in the world, with a diversified portfolio of iconic brands led by Calvin Klein and Tommy Hilfiger, as well as heritage brands –Van Heusen, IZOD, ARROW, Bass, Speedo, Olga and Warner’s.
Based on PVH’s last closing stock price, the per share value of the consideration to be received by Warnaco stockholders is $68.43, a 34% premium over the last closing price of Warnaco common stock. The merger, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in early 2013, at which time the former Warnaco stockholders will own approximately 10% of the outstanding common stock of PVH. In addition, Helen McCluskey, Warnaco’s President and Chief Executive Officer, is expected to join PVH’s Board of Directors. The Warnaco Board of Directors has unanimously recommended that Warnaco stockholders approve the transaction.
PVH anticipates approximately $100 million of annual run rate synergies from the transaction, which will be fully realized over three years. In order to achieve these synergies, PVH expects to incur one-time costs of approximately $175 million over three years. PVH expects the transaction to be $0.35 per share accretive to earnings in the first full year (fiscal 2013, if the deal closes when currently anticipated), excluding one-time integration costs and transaction expenses but including the effect of the potential loss of a license. When the $100 million of expense synergies are fully realized in year 3, PVH would expect the transaction to be accretive to earnings by $1.00 per share, excluding one-time integration costs and including the effect of the potential loss of a license.
“This is a unique opportunity to reunite the ‘House of Calvin Klein’ and reinforces our strategy to drive the global growth of Calvin Klein,” said Emanuel Chirico, Chairman and Chief Executive Officer of PVH. “Having direct global control of the two largest apparel categories for Calvin Klein – jeans and underwear – will allow us to unlock additional growth potential of this powerful designer brand across all major product categories, geographies and distribution channels. The Warnaco Calvin Klein businesses will be moved onto our Calvin Klein platform under the leadership of Tom Murry, President & Chief Executive Officer, Calvin Klein, to ensure a single brand vision globally.”
Helen McCluskey, President and Chief Executive Officer of Warnaco, said, “This transaction delivers compelling value to our stockholders and significant benefits for the combined company. We are proud of what we have accomplished, driving growth and profitability and increasing our share price by roughly 500% since our restructuring in 2003. Our team has built a strong global infrastructure, expanded our direct-to-consumer footprint and created a solid foundation for long-term growth. We look forward to the opportunities this combination brings to the continued success of Calvin Klein Jeans and Calvin Klein Underwear, the increased potential for our heritage brands, and the future for our associates.”
“PVH has a proven track record of successfully integrating acquisitions. We are confident this transaction will create tremendous value for stockholders, as well as provide enhanced opportunities around the world for both companies’ respective associates, vendors and other business partners,” said Mr. Chirico. “We plan to align Warnaco’s established operations in Asia and Latin America with our strong operations in North America and Europe to fuel our growth strategies for both Calvin Klein and Tommy Hilfiger. We remain firm in our belief that the strength of our brands, the sound execution of our business strategies, and our strong credit profile will continue to drive long-term growth and improvements in our financial performance and business returns in 2013 and beyond.”
The closing of the transaction is subject to customary conditions, including approval by the holders of a majority of the outstanding shares of Warnaco common stock and approval under applicable antitrust and competition laws. Commitments for $4.325 billion of financing (consisting of a bridge credit facility and a senior secured credit facility) have been received from Barclays, BofA Merrill Lynch and Citigroup Global Markets Inc. subject to customary conditions. The facility will be used to refinance debt, fund the cash portion of the consideration, pay other transaction related expenses, and provide liquidity for PVH going forward.
Third Quarter and Full Year 2012 Guidance
PVH Corp. currently expects its non-GAAP earnings per share for the third quarter and full year 2012 to be at least at the top end of its guidance range previously announced on October 2, 2012.
Warnaco plans to report its third quarter 2012 earnings results on Monday, November 5, 2012. While its reported results of operations are not yet final, Warnaco expects third quarter net revenues of approximately $612 million and expects third quarter earnings per share from continuing operations in line with analyst consensus expectations. Warnaco is also reaffirming its previously announced fiscal 2012 guidance, excluding any one-time costs related to the transaction announced today.
Advisors
Peter J. Solomon Company is serving as lead financial advisor to PVH in connection with the acquisition and financing of the transaction and sole advisor to the PVH Board of Directors, and provided a fairness opinion to PVH. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to PVH.
Barclays, BofA Merrill Lynch and Citigroup Global Markets Inc. will arrange and lead the financing for the transaction. Barclays, BofA Merrill Lynch and Citigroup also acted as financial advisors to PVH.
J.P. Morgan is serving as exclusive financial advisor to Warnaco, and provided a fairness opinion to Warnaco. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Warnaco.
Conference Call and Webcast Details
PVH will provide further details regarding this announcement on a conference call and webcast with the investment community scheduled for Wednesday, October 31, 2012 at 8:30AM Eastern Time. The webcast can be accessed at www.pvh.com via the PVH News Announcement icon or dial 888-205-6743 in the U.S. or 913-312-0413 (toll) from outside the U.S., using passcode number 1476035. Additional materials related to the transaction are available under the Investors tab at www.pvh.com.
The live webcast of the Company’s presentation, as well as the audio replay, which will be available beginning three hours after the conference ends, may be accessed by logging onto www.pvh.com by using the PVH News Announcement icon or going to the Webcasts section under the Investors tab. Materials for this presentation will also be available onwww.pvh.com in the Webcasts section under the Investors tab.
About PVH Corp.
PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos.
About Warnaco Group, Inc.
The Warnaco Group, Inc., headquartered in New York, is a leading global apparel company engaged in the business of designing, sourcing, marketing and selling men’s, women’s and children’s sportswear and accessories, intimate apparel, and swimwear under such owned and licensed brands as Calvin Klein®, Speedo®, Chaps®, Warner's® and Olga®.For more information, visit www.warnaco.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and information about our current and future prospects and our operations and financial results, which are based on currently available information. Actual future results and financial performance could vary significantly from those anticipated in such statements. The forward looking statements include assumptions about our operations, such as cost controls and market conditions, and the proposed merger (including its benefits, results, effects and timing) that may not be realized.
Risks and uncertainties related to the proposed merger include, among others: the risk that Warnaco’s stockholders do not approve the merger; the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; the risk that the other conditions to the closing of the merger are not satisfied; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; uncertainties as to the timing of the merger; competitive responses to the proposed merger; costs and difficulties related to the integration of Warnaco’s businesses and operations with PVH’s business and operations; the inability to obtain, or delays in obtaining, cost savings and synergies from the merger; unexpected costs, charges or expenses resulting from the merger; litigation relating to the merger; the inability to retain key personnel; and any changes in general economic and/or industry specific conditions. Additional factors that could cause future results or events to differ from those we expect are those risks discussed under Item 1A, “Risk Factors,” in PVH’s Annual Report on Form 10-K for the fiscal year ended January 29, 2012, Warnaco’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, Warnaco’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and other reports filed by PVH and Warnaco with the Securities and Exchange Commission (SEC). Please read our “Risk Factors” and other cautionary statements contained in these filings. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise. As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and our financial condition and results of operations could be materially adversely affected.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed merger discussed in this press release, PVH will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Warnaco and a Prospectus of PVH, as well as other relevant documents concerning the proposed transaction. WARNACO STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about PVH and Warnaco, may be obtained at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from PVH at www.pvh.com under the heading “Investors” or from Warnaco by accessing Warnaco’s website at www.warnaco.com under the heading “Investor Relations.”
PVH and Warnaco and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Warnaco in connection with the merger. Information about the directors and executive officers of PVH and their ownership of PVH common stock is set forth in the proxy statement for PVH’s 2012 annual meeting of stockholders, as filed with the SEC on Schedule 14A on May 10, 2012. Information about the directors and executive officers of Warnaco and their ownership of Warnaco common stock is set forth in the proxy statement for Warnaco’s 2012 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 11, 2012. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the merger when it becomes available. This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50460388&lang=en
Contacts
Investors:
PVH Corp.
Dana Perlman
Treasurer, SVP Business Development & Investor Relations
danaperlman@pvh.com
(212) 381-3502 (temporarily unavailable)
(908) 698-5518
Deborah Abraham
Vice President, Investor Relations
(212) 287-8289
Media:
PVH Corp.
Meghan Gavigan /
Dan Gagnier / Jonathan Doorley /
Nathaniel Garnick
Sard Verbinnen & Co
mgavigan@sardverb.com
(312) 895-4737 /
(212) 687-8080
Jeffrey Taufield / Wendi Kopsick
Kekst and Company
(212) 521-4800
HIGHLAND HEIGHTS, Ky. - Thursday, November 1st 2012 [ME NewsWire]
(BUSINESS WIRE)-- General Cable Corporation(NYSE: BGC), one of the most globally diversified industrial companies, reported today results for the third quarter ended September 28, 2012. Non-GAAP adjusted earnings per share of $0.60 were within management’s range of expectations. Included in this result is $0.12 per share of additional tax expense recorded in the third quarter reflecting an increase in the Company’s estimated full year effective tax rate with the cumulative adjustment of the first half of the year being reported in the third quarter as well as other incremental discrete tax items. Operating income of $75.4 million exceeded management’s range of expectations for the third quarter as operating results in the Company’s Rest of World (ROW) segment and increased submarine and land based turnkey project activity more than offset seasonal declines in many of the businesses in the Company’s North American and Europe and Mediterranean segments. Diluted earnings per share for the third quarter of 2012 were $0.62. A reconciliation of Non-GAAP earnings per share to GAAP earnings per share and adjusted operating income to reported operating income is included on page 5 of this press release.
The Company’s reported results for the third quarter of 2012 include less than one fiscal month of incremental net sales and unit volume from the Alcan Cable North America acquisition completed on September 4, 2012. The business contributed approximately $48 million of net sales on 21 million aluminum pounds sold during this period. As expected, Alcan Cable North America earnings for this period were de minimis as purchase accounting adjustments offset the base earnings in the business. All unit volume comparisons on the Company’s base business discussed throughout this press release exclude the 21 million incremental contribution of metal pounds sold attributable to this acquisition unless otherwise noted.
Highlights
Adjusted EPS of $0.60 within management’s guidance and operating income of $75.4 million exceeded management’s guidance of $65 to $75 million
Completed the acquisition of the North American portion of Alcan Cable which further enhances the Company’s electric utility and construction product offering in North America
Completed the acquisition of a majority interest in Procables, S.A. of Colombia on October 1, 2012; expanding the Company’s market position in the Andean region and its geographic coverage throughout the Americas, which is one of the most extensive in the wire and cable industry
Signed definitive agreement to acquire Prestolite Wire, LLC which offers a broad range of wire and cable products serving predominately transportation original equipment manufacturers (OEM) and distributors
Amended and enlarged the Company’s U.S. and Canadian asset-based revolving credit facility by increasing the size to $700 million and extending its maturity date to 2017; enhancement principally supports the acquisition of Alcan Cable while maintaining financial flexibility and liquidity
Solidified the capital structure while tranching out the debt maturity profile with the issuance of $600 million of 5.75% senior notes due in 2022; completed the call of $200 million of 7.125% senior fixed rate notes due in 2017 on October 12th; retired $11 million of 1.0% senior convertible notes due in 2012 on October 15th
Board of Directors authorized another $125 million share repurchase program; under the existing share repurchase authorization, which expired on October 28th, the Company repurchased $63.7 million or about 5% of its common shares over the past 12 months
Restatement
The Company has identified certain inventory related accounting errors in two facilities located in Brazil and a third facility located in South Africa within the Company’s ROW segment that were erroneously computing cost of sales over the course of several years, resulting in an understatement of cost of goods sold and an overstatement of ending inventory. All three locations were utilizing the same system and related process, which, with respect to work-in-process and finished goods, incorrectly computed cost of sales. In addition, because the erroneous process was in place at one of the Brazilian facilities prior to the Company’s acquisition of Phelps Dodge International Corporation (“PDIC”) in 2007, the Company overstated inventory in its allocation of the purchase price among assets acquired, resulting in an understatement of goodwill.
On October 26, 2012, the Audit Committee of the Company’s Board of Directors, upon the recommendation of the Company’s executive officers, concluded that due to these inventory related accounting errors within the Company’s ROW segment in two countries as described above, the Company’s previously issued consolidated financial statements for fiscal years 2009 through 2011 and the related reports of its independent registered public accounting firm, the interim periods during those years, and the financial statements as of, and for the periods ended March 30, 2012 and June 29, 2012 should no longer be relied upon.
To view the full report and tables please click here.
Contacts
General Cable Corporation
Len Texter, Manager, Investor Relations, 859-572-8684
The Netherlands - Thursday, November 1st 2012 [ME NewsWire]
EMC Momentum Europe 2012
(BUSINESS WIRE/ME NewsWire)-- euroscript is proud to announce that DSM, the global Life Sciences and Materials Sciences company, has decided to use the eDRG integrated within Documentum D2 because of its simple configuration and customization capabilities.
DSM was searching for a product that could handle all reporting needs for their Documentum system.
“We chose the eDRG for its integration in D2 Client, the ways queries are built for reports, its flexibility in defining report templates, functionalities as adhoc reports and scheduled reports and the rules to define if the final report is sent, stored or opened. Even with lots of functionality in eDRG, learning eDRG to use reports, build reports and report templates and manage them is found quite easy,” says Mark Boon, Solution Designer at DSM ICT.
“For a few years now, the euroscript Delt Netherlands team has been working on the development of a Documentum add-on that generates customized reports, available in a variety of formats. This resulted recently in the Designed for EMC Documentum accreditation. We are very happy to welcome DSM as our latest customer for the eDRG. It shows that the eDRG meets all the criteria a big multinational like DSM has,” says René Blanken, Managing Director of euroscript Delt Netherlands.
The euroscript Delt Report Generator is the only fully D2 integrated reporting solution in the world, currently used by many companies from a variety of industry sectors. Its success is such that DMS has been invited to detail their Documentum D2 environment and how eDRG is used within the organization, at EMC Momentum Europe 2012 next edition due to take place in Vienna.
euroscript is a leading provider in global content lifecycle management solutions. The euroscript International divisions deliver comprehensive solutions that help customers design, build and run content management operations of all sizes. Thanks to its employees’ expertise in the fields of consulting, system integration, language services as well as content and document management, euroscript is able to help businesses worldwide to manage content more efficiently.
With a market presence in over 18 countries, euroscript serves customers in a variety of business sectors. www.euroscript.com
Contacts
Euroscript
Press Relations Contacts
Isabelle Pericarpin, + 352 314 411 446
isabelle.pericarpin@euroscript.com
INGELHEIM, Germany - Wednesday, October 31st 2012 [ME NewsWire]
Presentation of RELY-ABLE® study results: First and only long-term efficacy & safety data on a novel oral anticoagulant for stroke prevention in atrial fibrillation (AF) to be announced in the Clinical Science: Special Reports session
New sub-analyses from the 18,000 patient landmark trial RE-LY® also discussed
Real-world clinical data for VTE prevention in total knee or hip replacement to be presented
(BUSINESS WIRE)-- For Non-US, Non-UK & Non-Canadian Media Only
Widely anticipated results from RELY-ABLE®, the first long-term follow-up study of a novel oral anticoagulant treatment for stroke prevention in AF, will be among the numerous clinical reports on Pradaxa® (dabigatran etexilate) to be presented at the American Heart Association’s (AHA) Scientific Sessions in Los Angeles from 3-7 November.1 The wealth of evidence being presented for Pradaxa® at this year’s AHA sheds light on the clinical, long-term and real-world benefits of the treatment for patients at risk for thromboembolic events worldwide.
The RELY-ABLE® results presented are the first randomized follow-up data indicating how a novel oral anticoagulant is performing over more than four years of treatment duration.1These important results will provide knowledge on the consistency of benefits offered by the treatment and support physicians in their search for optimal stroke protection. RELY-ABLE® is the long-term extension study of the RE-LY® trial, one of the largest phase III trials to investigate the prevention of stroke and systemic embolism in patients with non-valvular atrial fibrillation.1-3
RELY-ABLE® oral presentation information:
Title
Lead Author
Presentation details
Randomized Comparison of the Effects of Two Doses of Dabigatran Etexilate on Clinical Outcomes Over 4.3 Years: Results of the RELY-ABLE Double-blind Randomized Trial
Stuart J Connolly, McMaster Univ, Hamilton, ON, Canada
CS.04. Clinical Science: Special Reports: Valvular Heart Disease, PAD, Atrial Fibrillation: International Perspectives
Wed, Nov 7, 11:55 - 12:05 PT
The RELY-ABLE® study conclusions will be discussed during an exclusive online data webcast available on demand for medical media from 9 a.m. CET on Thursday 8 November –www.newshome.com.
Additional studies on Pradaxa® being presented at the AHA Scientific Sessions
In addition to RELY-ABLE®, several reports including novel RE-LY® subanalyses, clinical real-world experience and preclinical studies on Pradaxa® will be presented at the AHA Scientific Sessions. Of particular note will be results from real-world practice examining the safety and efficacy of Pradaxa® for the prevention of venous thromboembolism after total knee or hip replacement,4 as well as updates from the Boehringer Ingelheim Research & Development Programme regarding an antibody fragment antidote for rapid reversal of the anticoagulant effect of Pradaxa®.5
Further Pradaxa® abstracts being presented at AHA:*
ATRIAL FIBRILLATION
RE-LY® trial sub-analyses:
Comparison of Dabigatran versus Warfarin in Diabetic Patients with Atrial Fibrillation: Results from the RE-LY Trial Lead Author: H. Darius, Poster No. 15937, Sunday 4 November, 3:00 p.m. - 4:30 p.m.
Dabigatran Versus Warfarin in Very Elderly Patients with Atrial Fibrillation: Results from the RE-LY Trial Lead Author: M. Coppens, Oral Presentation 15537, Monday 5 November, 9:30 a.m. - 9:45 a.m.
Balancing the Benefits and Risks of Two Doses of Dabigatran Compared with Warfarin in Atrial Fibrillation Lead Author: J. Eikelboom, Presentation 14433, 11:30 a.m. - 11:45 a.m.
Importance of Persistent Elevation of Cardiac Biomarkers in Atrial Fibrillation - A RE-LY Substudy Lead Author: Z. Hijazi, Oral Presentation 14808, Tuesday 6 November, 4:45 p.m. - 5:00 p.m.
Other key AF abstracts:
Cluster Randomized Controlled Trial to Test The Effect of a Multifaceted Comprehensive Cardiovascular Care Intervention on Clinical Outcomes in Atrial Fibrillation Patients Receiving Dabigatran Lead Author: R. Nieuwlaat, Oral Presentation 12618, Monday 5 November, 9:00 a.m. - 9:15 a.m.
Regional Variation in Ischemic Stroke Rates and Oral Anticoagulant Use Among the Non-Valvular Atrial Fibrillation Medicare Population Lead Author: K. Fitch, Poster No. 12992, Tuesday 6 November, 9:30 a.m. – 11:00 a.m., presented by K. Siu
Association between Outpatient Visits Following Hospital Discharge and Readmissions among Medicare Beneficiaries with Atrial Fibrillation Lead Author: M. Hubbard, Poster No. 11367, Tuesday 6 November, 9:30 a.m. - 11:00 a.m., presented by K. Siu
Incidence of Bleeding Events in Patients with Atrial Fibrillation Lead Author: T. Murray-Thomas, Poster No. 14178, Tuesday 6 November, 3:00 p.m. - 4:30 p.m., presented by A. Clemens
Cost-Effectiveness of Dabigatran Etexilate versus Rivaroxaban for Stroke and Systemic Embolism Risk Reduction in Atrial Fibrillation: A US Third Party Payer Perspective Lead Author: D. Walker, Poster No. 14964, Wednesday 7 November, 9:30 a.m. – 11:00 a.m.
Primary prevention of VENOUS THROMBOEMBOLISM in patients after total knee or hip replacement surgery:
Safety and Efficacy of Once Daily 220 mg Dabigatran Etexilate in a Real-World Non-Interventional Study of More Than 5000 Patients After Total Knee or Hip Replacement Lead Author: N. Rosencher, Poster No. 10001, 3:00 p.m. - 4:30 p.m.
PRE-CLINICAL STUDIES:
The Influence on Plaque Formation and Endothelial Function in ApoE-Deficient Mice by Direct Thrombin Inhibition with Dabigatran Lead Author: M.T. Kratz, Poster No. 14060, Sunday 4 November, 9:30 a.m. - 11:00 a.m.
Reversal of Anticoagulant Activity of Dabigatran and Dabigatran-induced Bleeding in Rats by a Specific Antidote (Antibody Fragment) Lead Author: J. van Ryn, Oral Presentation 9928, Monday 5 November, 9:15 a.m. - 9:30 a.m.
Successful Reversal of Dabigatran-Induced Bleeding by 3-Factor Coagulation Concentrates in a Rat Tail Bleeding Model: Lack of Correlation with ex vivo Markers of Anticoagulation Lead Author: J. van Ryn, Oral Presentation 11955, Monday 5 November, 11:30 a.m. - 11:45 a.m.
* Abstracts will be available on the AHA Scientific Sessions Website on Saturday, November 3, 2012
~ENDS~
Please click on the link below for ‘Notes to Editors’ and ‘References’:
http://www.boehringer-ingelheim.com/news/news_releases/press_releases/2012/31_october_2012_dabigatranetexilate.html
Contacts
Boehringer Ingelheim GmbH
Corporate Communications
Media + PR
Julia Meyer-Kleinmann
Phone: +49 6132 77 8271
E-mail: press@boehringer-ingelheim.com
Twitter: http://twitter.com/Boehringer
More information: www.boehringer-ingelheim.com
BUSINESS WIRE / ME NewsWire BERTRANGE, Luxembourg - Thursday, November 1st 2012
euroscript chooses Interverbum Technology's TermWeb terminology management solution as a component of its Global Content Management solution.
This will allow euroscript to better support its modular offering of tailored terminology services and add tangible value to its customers’ terminology assets.
“Our customers recognize the value of their corporate terminology assets to strengthen their unique footprint and to streamline internal information management," says Karina Martínez Ferber, Director Processes & Technology at euroscript International S.A."Such assets need to be accessible for employees and other stakeholders and well-integrated in the content lifecycle. euroscript provides customers with the right services and tools along the entire lifecycle. Interverbum’s TermWeb will enable us to offer to our customers secured online access to their multilingual dictionaries and true terminology collaboration. Together with euroscript’s solutions for terminology extraction and consolidation, combined with our training and consultancy services, this rounds out our terminology services line.”
Ioannis Iakovidis, Managing Director at Interverbum Technology adds, “euroscript has gained its prominence in the European and global language sector thanks to its ability to proactively invest in serving its customers with the most advanced solutions available. We look forward to supporting their customers’ branding and communication efforts through the addition of our best-in-class terminology management solutions.”
euroscript is a leading provider in global content lifecycle management solutions. The euroscript International divisions deliver comprehensive solutions that help customers design, build and run content management operations of all sizes. Thanks to its employees’ expertise in the fields of consulting, system integration, language services as well as content and document management, euroscript is able to help businesses worldwide to manage content more efficiently.
With a market presence in over 18 countries, euroscript serves customers in a variety of business sectors. www.euroscript.com
Interverbum Technologyis a software company dedicated to solving the content creation and translation challenges of global organizations. Its terminology management system, TermWeb, is a Web-based solution that integrates seamlessly with content and translation management systems and processes. It is compatible with software platforms such as SDL Trados Studio, Microsoft Office, Ontram, XTM and Acrolinx IQ. Interverbum Technology has offices in Sweden, Germany, Singapore and the United States. www.interverbumtech.com
Contacts
Press Relations Contacts
euroscript
Isabelle Pericarpin, + 352 314 411 446
isabelle.pericarpin@euroscript.com
Interverbum Technology
Ioannis Iakovidis, + 46 13 32 98 40
ioannis.iakovidis@interverbumtech.com
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ALERT: Thanking All members Nationwide who have applied for distributorship of our monthly book magazine The 9jabook .please bear with us as we go to press for the first Edition billed for mid November All those that have been selected will get an email of confirmation before the end of Next week Thanks for the massive applications . We were truly overwhelmed . Weboga,for 9jabook
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BUSINESS WIRE / ME NewsWire SAN FRANCISCO - Tuesday, October 30th 2012
“Past practice” royalties waived for companies taking advantage of a license in Via’s LTE standard essential patent licensing program by April 12, 2013
Via Licensing Corporation today announced an “early-adopter” incentive for initial signing licensees of its LTE (Long-Term Evolution) patent pool announced earlier this month. Any entity that executes the LTE patent license with Via by April 12, 2013, will benefit from a waiver of license fees (and interest) that would have been due for products sold prior to October 15, 2012, implementing the LTE standard.
“Our early-adopter incentive provides great value to licensees that have already been delivering LTE products to the market,” said John Ehler, Director of Wireless Programs, Via Licensing. “This limited-time incentive offers a significant cost savings for companies that need access to the broad coverage of LTE essential patents provided through the pool.”
Full details of the incentive and the complete terms of the license agreement can be obtained directly from Via Licensing. Parties manufacturing or selling LTE devices or components and other implementers of the LTE standard should contact Via by visiting http://vialicensing.com/lte/index.aspxor by sending an email message to lte@vialicensing.comto obtain more information about the LTE patent pool and to request an LTE Patent License Agreement.
AT&T, Clearwire Corporation, Deutsche Telekom AG, DTVG Licensing, HP, KDDI Corporation, NTT DOCOMO, SK Telecom, Telecom Italia, Telefónica, and ZTE Corporation are the initial companies that have agreed to offer their essential LTE patents through Via Licensing’s patent pool. Via’s LTE patent pool provides convenient access to the LTE essential IP of the participating companies in a single, cost-effective transaction.
Participation as a licensor in the LTE licensing program is open to all owners of LTE essential patents. Any party that believes they hold a patent essential to the LTE standard is encouraged to submit the patent for evaluation and, once qualified, to offer their essential patents through the LTE patent pool.
About Via Licensing Corporation
Via Licensing Corporation is a wholly owned subsidiary of Dolby Laboratories Inc. (NYSE: DLB), a company with more than 40 years of experience in technology licensing.
Via Licensing is dedicated to the development and administration of licensing programs for mandated, de facto, and emerging standards on behalf of innovative technology companies in the audio, broadcast, wireless, and automotive markets. For more information about Via Licensing Corporation, please visit vialicensing.com.
Contacts
Via Licensing Corporation
Sean Durkin, +1 415-645-5176
sean.d@vialicensing.com
TriplePoint PR
Jay Nichols, +1 408-772-1551
jnichols@triplepoint.com
ME Newswire / Business Wire
LONDON - Tuesday, October 30th 2012
Ernst & Young supports the recommendations in the report released yesterday by the Financial Stability Board’s (FSB) private sector Enhanced Disclosure Task Force (EDTF) initiative. The EDTF was convened in May 2012 with the objectives of developing principles for enhanced disclosures for banks, based on current market conditions and risks, and identifying leading practice risk disclosures among banks.
The EDTF was unique in its approach by bringing together interested constituents in the process - preparers, investors, rating agencies and auditors - to work toward solutions to enhance disclosures that benefit the investing public.
Ernst & Young encourages all affected stakeholders to carefully consider and work to implement the recommendations of the EDTF. We believe these recommendations are an important step to improving confidence in global systemic financial institutions and financial institutions more broadly, which is fundamental to economic recovery and growth around the world.
“The FSB EDTF has been an important undertaking. I am pleased Ernst & Young participated in this effort and supports the recommendations of this report. Our profession’s role in contributing to the public’s trust in the world’s capital markets has never been more important and efforts such as this are central to the role Ernst & Young has as auditors of or advisors to, many financial institutions”, said Jim Turley, Global Chairman and CEO of Ernst & Young.
-Ends-
Notes to editors
The EDTF report is available: https://www.financialstabilityboard.org
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transactions and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit www.ey.com.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.
Contacts
Ernst & Young
Daniel Cusworth
Office: +44 (20) 7980 0402
daniel.cusworth@uk.eycom
Book Review: End Times book: THERE IS A STRIVING....! Finding the Gospel Truth in an age of deception By Mazino Abraham Egbuwoku
ALL books written and their reviews by 9jabook members Do not pay for broadcasts to our network of websites/emails .. thanks Enjoy 9jabook it is yours ! http://bit.ly/own9jabook
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ecommerce cart developer and any online accounting .
Salary 80k post NYSC
EMBED CV do not attach .Attached emails will NOT be read. in email to choomboojobs@systemini.net with subject (online warehouse developer)
2.Contract Web uploader Also Wanted skills internet user excel word .
Salary 30k a month email to choomboojobs@systemini.net with subject (uploader)
OUR NEW BBPIN IS 28CF2E4B
9jabook.com is an Idea a supposition that men not only make books. books also make men.Give your Friends the gift of Knowledge invite them to 9jabook.com A knowledge content social network with a strong focus on educating/mentoring our youth ..if interested pls inbox knowledge@systemini.net for our programs ..the book of 9ja ! facebook is great but face your books and 9jabook rent-an-effico Internet consulting for your business simple straight & affordable
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ALERT: Thanking All members Nationwide who have applied for distributorship of our monthly book magazine The 9jabook .please bear with us as we go to press for the first Edition billed for mid November All those that have been selected will get an email of confirmation before the end of Next week Thanks for the massive applications . We were truly overwhelmed .
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Collaboration to utilize respective strengths of each organization
BUSINESS WIRE / ME NewsWire HOUSTON - Tuesday, October 30th 2012
KBR (NYSE:KBR) and Southern Company subsidiary, Southern Generation Technologies, today announced a cooperation agreement through which both organizations will collaborate in an effort to expand the global adoption of Transport Integrated Gasification – or TRIG™ – technology.
Under the terms of this agreement, KBR will lead the sale and delivery of all TRIG™ licenses worldwide, including those for power applications. KBR will provide sales, delivery and project management capabilities, and KBR’s Technology Business Unit will be supported in the power market by its Power Business Unit for the delivery of services. Southern Company’s subsidiary will provide operating and engineering expertise, along with ongoing research and development and technical support.
“This new collaboration between KBR and Southern Company will utilize the respective strengths of each organization to deploy commercial TRIG™ licensed processes worldwide and accelerate the adoption of TRIG™ in the marketplace,” said Bill Utt, KBR Chairman, President & CEO. “Expanding the licensing rights of the technology to encompass power projects now positions KBR into a larger market. This agreement expands KBR’s Technology Business Unit portfolio and is consistent with KBR’s strategy to grow its technology business consistent with the needs of the market.”
TRIG™ technology was jointly developed by KBR and Southern Company with the support of the U.S. Department of Energy. KBR is presently a technology licensor of TRIG™ processes for industrial applications and demonstrates particular strengths in the global sale, marketing, packaging and delivery of technology licenses. Southern Company subsidiary, Southern Generation Technologies, is a technology licensor of TRIG™ for the power industry and specializes in the development, design, deployment and operation of this technology.
“Southern Company is an industry leader in energy innovation,” said Southern Company Chairman, President and CEO Thomas A. Fanning. “Through our continued collaboration with KBR, we are developing and making available real solutions to generate clean, safe, reliable and affordable power – across America and around the world.”
With 4.4 million customers and more than 43,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices below the national average. Southern Company also is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas rankings. Visit our website at www.southerncompany.com.
KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial, and commercial markets. For more information, visit www.kbr.com.
Contacts
KBR
Zac Nagle, 713-753-3625
Vice President,
Investor Relations and Communications
Investors@kbr.com
Marianne Gooch
Director, Corporate Communications
Media Relations Hotline: 713-753-3800
Mediarelations@kbr.com
Business Wire / ME Newswire
LAKE MARY, Fla. - Monday, October 29th 2012
Harland Financial Solutions announced today its alliance with South Africa-based IZAZI Analytics. IZAZI’s expertise in process and business analysis and in-depth knowledge of the financial industry, combined with Harland Financial Solutions’ CreditQuest® software solution, will provide organizations with a complete credit risk management solution that successfully aligns with their business processes.
CreditQuest is a suite of integrated solutions that are built around the unique needs of credit management. It brings financial analysis, portfolio management, executive reporting, rating model administration and workflow management together into one system that can be deployed as a full suite or individually, depending on the specific needs of the organization. Harland Financial Solutions offers CreditQuest worldwide and has clients in the U.S., Europe, the Middle East and Africa.
“The IZAZI Analytics team brings a strong risk management and software support skill set to our offering for banks and financial institutions in South Africa. IZAZI Analytics will help us provide financial organizations in South Africa with superior end-to-end credit risk management solutions tailored to their unique needs,” said Noel Gilmer, managing director of Harland Financial Solutions Worldwide.
“We are delighted to be working with Harland Financial Solutions to combine our expertise in process and business analysis and consulting with their experience in providing powerful credit risk management software,” said Walter Stevens, CEO of IZAZI Analytics.
About Harland Financial Solutions
Harland Financial Solutions, Inc. (www.harlandfinancialsolutions.com) supplies software and services to thousands of financial institutions of all sizes, offering its solutions in both an in-house and service bureau environment. It is a leader in core systems, business intelligence, branch automation, payment processing, enterprise content management, lending solutions, risk management, compliance, financial accounting, mortgage solutions, and self-service solutions. The company is an indirect wholly-owned subsidiary of Harland Clarke Holdings Corp., which also owns Harland Clarke, Scantron and Faneuil.
About IZAZI
IZAZI Solutions is a leading provider of technology enabled business solutions with a key focus on the banking industry. IZAZI has a remarkable track record in providing customized, innovative and efficient solutions for clients, enabling them to realize tangible "bottom line" results from their technology investments. IZAZI currently consults to the majority of South Africa’s banking industry and has a growing presence in the banking industry globally.
The information contained in this press release is accurate at the time of publication. However, service offerings and availability, relationships, contacts and other specified information may change over time.
Contacts
Harland Financial Solutions
Stacey Leone, 407-804-6653
Director, Public Relations
stacey.leone@harlandfs.com
Donna Hinkelman, 210-694-1034
VP, Corporate Communications
donna.hinkelman@harlandclarke.com
BUSINESS WIRE / ME NewsWire IRVINE, Calif. - Monday, October 29th 2012
Appointment of Prominent Commercial Nuclear Executive Completes Kurion’s Board Expansion
Kurion, Inc., an innovator in nuclear, mixed and hazardous waste management, announced today the appointment of Dr. Aris S. Candris to its board of directors. Dr. Candris is the fourth outside director to join the company’s board in the last two months.
“I’m delighted to welcome Dr. Candris to Kurion’s board of directors,” said John Raymont, Kurion founder and CEO. “His decades of experience in the global commercial nuclear industry will give Kurion important insight into the distinct needs of this growing sector as we seek to expand our commercial nuclear waste management business.”
Dr. Candris is a notable executive and worldwide leader in the commercial nuclear industry. He spent more than 35 years at Westinghouse Electric Co., most recently as president and CEO, until his retirement in March 2012. His prior roles at Westinghouse include senior vice president of the nuclear fuel and nuclear services business units. Candris holds a doctorate and a master of science degree in nuclear engineering from Carnegie Mellon University and a bachelor of arts degree from Transylvania University. He also serves on the boards of directors of NiSource (NYSI:NI), the Nuclear Energy Institute, the World Nuclear Association, and Pittsburgh's Allegheny Conference on Community Development; he is a member of the boards of trustees for Carnegie Mellon University, Transylvania University, and the Pittsburgh Cultural Trust; and he serves on the advisory board of the Carnegie Institute of Technology.
“The appointment of Dr. Candris completes the current expansion of Kurion’s board,” said Ralph DiSibio, Kurion’s chairman of the board. “Dr. Candris complements Kurion’s executive team and board of advisors, providing valuable experience and relationships in the commercial nuclear sector.”
ABOUT KURION
KURION PROVIDES INNOVATIVE, EASILY DEPLOYABLE TECHNOLOGIES TO ACCELERATE PROJECT PERFORMANCE AND COMPLIANCE AND SUBSTANTIALLY REDUCE CUSTOMER RADIOACTIVE WASTE MANAGEMENT LIFE-CYCLE COSTS. FOUNDED IN 2008, KURION IS BACKED BY LEADING ENERGY INVESTORS LUX CAPITAL, FIRELAKE CAPITAL MANAGEMENT AND ACADIA WOODS PARTNERS. HEADQUARTERED IN IRVINE, CALIF., KURION OPERATES A TECHNOLOGY DEVELOPMENT CENTER AT ITS RADIOACTIVE MATERIALS LICENSED FACILITY IN OAK RIDGE, TENN., TWO FACILITIES IN RICHLAND, WASH., FOR TESTING, EQUIPMENT STORAGE, ENGINEERING AND “COLD” NON-RADIOACTIVE TESTING, AND PERFORMS “HOT” RADIOACTIVE TESTING AT PNNL IN RICHLAND, WASH. FOR MORE INFORMATION, PLEASE VISIT WWW.KURION.COM.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50457117&lang=en
Contacts
For Kurion, Inc.
Katie Wood Znameroski
Phone: +1 650-801-7952
Katie.Wood@Zenogroup.com
|
HOUSTON - Friday, October 26th 2012 [ME NewsWire]
(BUSINESS WIRE)-- Schlumberger Limited (NYSE:SLB) will hold a conference call on January 18, 2013 to discuss the results for the fourth quarter and full year ending December 31, 2012.
The conference call is scheduled to begin at 9:00 a.m. (US Eastern Time) – 3:00 p.m. (Paris time). A press release regarding the results will be released prior to the call that same day.
To access the conference call, listeners should contact the Conference Call Operator at +1-800-230-1059 within North America or +1-651-291-5254 outside of North America approximately 10 minutes prior to the start of the call, and ask for the “Schlumberger Earnings Conference Call.”
A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcaston a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcastuntil February 18, 2013, and can be accessed by dialing +1-800-475-6701 within North America or +1-320-365-3844 outside of North America, and giving the access code 269201.
About Schlumberger
Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 115,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $36.96 billion in 2011. For more information, visit www.slb.com.
Contacts
Schlumberger Limited
Malcolm Theobald, +1-713-375-3535
Vice President of Investor Relations
or
Joy V. Domingo, +1-713-375-3535
Manager of Investor Relations
investor-relations@slb.com
ME Newswire / Business Wire
HONG KONG & ATLANTA - Friday, October 26th 2012
On September 6, 2012, the U.S. Bankruptcy Court for the Northern District of Georgia (the “Court”) entered an order (the “Confirmation Order”) confirming the Second Amended Joint Plan of Reorganization of CDC Corporation (the “Amended Reorganization Plan”). The Amended Reorganization Plan contemplates, inter alia, the sale or disposition of all of CDC Corporation’s (“CDC” or the “Company”) Assets for the benefit of its Creditors and Eligible Equity Interest Holders.
Under such plan, Mr. Marcus A. Watson, the Company’s Chief Restructuring Officer (“CRO”), will act as the Disbursing Agent and reserve sufficient funds from the sale proceeds of the Company’s Assets to pay all Allowed Claims in full. All of the Company’s remaining Assets will be transferred to a liquidation trust (the “Liquidation Trust”) to be liquidated for the benefit of the holders of Allowed Equity Interests pursuant to the Amended Reorganization Plan. Upon establishment of the Liquidation Trust, Mr. Watson will be the initial Liquidation Trustee who is granted the authority to sell and/or dispose of the Trust Assets in an expeditious but orderly manner.
CDC Corporation’s remaining Assets consist primarily of the following:
a 74.2% equity interest in China.com, Inc. (“China.com”), which is listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange (HK: 8006)
100% ownership of certain URLs, including china.com; hongkong.com; and taiwan.com
a 100% equity interest in CDC Games, which owns a 19.9% equity interest in Menue, Inc.
a 100% indirect equity interest in DAE Advertising
China.com
CDC Corporation owns a 74.2% equity interest in China.com (HK: 8006), with the remaining equity interests owned by non-affiliated shareholders. China.com’s operations and assets are summarized as follows:
a.
The listing status of China.com in the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange with the ticker symbol “8006.”
b.
Cash and cash equivalents of USD$30.4 million as of June 30, 2012
c.
The Travel Media segment, a publisher and event organizer for the travel and tourism market in the Asia Pacific region, which had Revenues of USD$11.8 million and a Reportable Segment Profit of USD$2.3 million for the 12 months ended June 30, 2012.
d.
The Internet Portal segment, a provider of internet content, internet search and online advertising services, which had Revenues of USD$5.2 million and a Reportable Segment Loss of USD$(0.9) million for the 12 months ended June 30, 2012.
e.
Limited partner interests in:
i. Two reputable Cayman Islands private equity funds, including a USD$14.0 million commitment (at cost) for which USD$12.4 million has been funded to date, and a USD$4.0 million commitment (at cost) for which USD$50,000 has been funded to date.
ii. A limited partner interest in a reputable Delaware venture capital fund which is represented by a USD$1.0 million commitment (at cost) for which USD$1.0 million has been funded to date.
CDC believes that the fair market value of these three limited partner interests, in aggregate, exceed the costs basis of these commitments.
URLs
CDC Corporation owns the URL domains of “china.com,” “hongkong.com,” and “taiwan.com.” The URL china.com is owned by CDC Corporation and is currently licensed to China.com for USD$1 per year for use in its business operations under an automatically renewing annual licensing agreement which grants China.com the non-transferable right to utilize the domain name in connection with the operation of its internet portal segment. The URLs hongkong.com and tawian.com are currently not utilized in any revenue-generating capacity.
CDC Games
CDC Corporation owns a 100% equity interest in CDC Games, a publisher and operator of online games in China. CDC Games’ assets include a 19.9% equity interest in Menue, Inc., based in Tokyo, which is a leading mobile content provider in the Japanese digital comic market.
DAE Advertising
CDC Corporation owns a 100% indirect equity interest in DAE Advertising, based in San Francisco, which is a full service advertising agency specializing in multicultural marketing with a focus on Asian America.
Sale/Disposition Process
After a detailed review of its ownership interests in conjunction with its financial advisor, the Company has determined that it will explore monetization alternatives for its entire 74.2% ownership interest in China.com. However, in the event that the Company is not able to maximize the value of its 74.2% ownership interest in a single sale transaction, the Company will consider divestiture or liquidation alternatives, in conjunction with the Board of Directors of China.com, for each of China.com’s respective assets.
Inquiries
CDC Corporation has retained Moelis & Company as its Exclusive Financial Advisor in conjunction with its ongoing Chapter 11 bankruptcy proceedings in the United States, as well as with respect to the sale or disposition of its remaining assets including its 74.2% equity stake in China.com. Inquiries can be directed to John Joliet, Managing Director, Moelis & Company at john.joliet@moelis.comor at +1 310.443.2328.
Forward-looking Statements
This Press Release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook," or similar expressions. Additionally, forward-looking statements may include statements regarding: (i) any course of action the Company may take in the future with respect to the Bankruptcy Proceeding, including, without limitation, any considerations, procedures, or timelines relating to the Second Amended Joint Plan of Reorganization of CDC Corporation which may be subject to change; (ii) any statements relating to the Sale/Distribution Process; (iii) any course of action the Company may take in the future with respect to the sale or disposition of any of its assets; (iv) the Company’s beliefs regarding the fair market value of its investments; and (v) other matters or events that are not historical fact, the achievement of which involve risks, uncertainties and assumptions, many of which are beyond the Company's control. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results could differ materially from the results expressed or implied by the forward-looking statements contained herein. All forward-looking statements included in this Press Release are based upon information available to management as of the date of this Press Release, and you are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Press Release. The Company assumes no obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise. For these and other reasons, investors are cautioned not to place undue reliance upon any forward-looking statement in this Press Release.
Contacts
Moelis & Company
John Joliet, +1 310-443-2328
Managing Director
john.joliet@moelis.com
BUSINESS WIRE / ME NewsWire LONDON & NEW YORK - Friday, October 26th 2012
Deployment of capital by private equity funds has slowed down even in emerging markets
However, most fund managers remain cautiously optimistic andexpect new funds to raise as much or more capital as previous funds
Real estate private equity fund managers around the world continue to face major challenges stemming largely from ongoing illiquidity within the capital markets. This has left few able to secure bank financing and stifled deal flow, according to Global Market Outlook: Trends in real estate private equity, a new report by Ernst & Young. The report, based on a survey of 300 global real estate funds, found that even in heavily favored emerging markets, like Brazil and India, deployment of capital by private equity funds has slowed down. This is largely because of the Eurozone crisis and the uncertainty it has brought to markets around the world. The one exception is Russia, where domestic banks continue to fund transactions and new development despite their already high exposure to real estate, providing local investors with the means to execute transactions.
Mark Grinis, Global Real Estate Fund Practice Leader at Ernst & Young comments, “The still tough global financing market has had a dampening effect on real estate funds but there have been other challenges too, most notably in the significant structural and cultural changes funds are having to navigate coming out of the recession.”
The challenges outlined in the report include: tougher regulatory requirements imposed on fund managers – such as the Alternative Investment Fund Manager Directive (AIMFD) in Europe and the Dodd-Frank Act in the US — and tighter ‘regulation’ from investors in the form of calls for greater transparency and oversight on their investments. The real estate fund managers highlighted several key challenges for them to get a new fund to its first close, 52% responded that investors required greater due diligence before committing to the fund. Fifty-four percent of respondents also cited agreement on deal terms and fees as the biggest stumbling block. According to Grinis, although these challenges have caused short term pain for many fund managers, the outlook for most from this structural change is a much more efficient, transparent and scalable platform from which to build future growth.
“This is a period during which creative investors can thrive,” says Grinis. “Real estate fund managers that can successfully navigate the current changes, including demands from investors for greater transparency and lower fees, and who can devise and offer creative niche solutions for investors moving forward will have a key differentiator in the next phase of market growth,” he adds.
Real estate fund managers have already seen this. The report details two clear trends — the emergence in the US market of funds created to take advantage of investment opportunities in the single family residential market, and the growing appeal of senior debt funds. Senior debt funds are particularly showing appeal in markets like China, where banks are more limited by regulation than liquidity, and Europe where there is a need for alternative financing. And, in spite of the challenges, fund managers clearly remain cautiously optimistic. When asked if their next fund would raise more, the same or less capital than the last, an overwhelming majority (more than 71%) predicted raising about the same or more with less than 29% expecting to raise less than the prior fund.
Operational issues
Operational efficiency and performance improvement is critical for funds moving forward, according to the report. “The back office is no longer back-of-mind,” says Grinis. “In the face of declining fees, increased regulatory costs and investor demands for greater transparency, funds are far more focused today on performance, efficiency and cost control,” he adds. About a third of fund managers surveyed indicated that operating costs have risen by more than 5% as a result of compliance with new regulatory regimes such as AIMFD and the Dodd-Frank Act. Another 38% have yet to calculate that cost and just under a third estimated that costs have risen less than 5%. In an effort to control costs, more funds are looking to outsource functions like property management, property and fund accounting and fund administration and reporting. Funds are also increasingly looking to lower cost options offshore for some of these outsourced functions.
Sovereign wealth
One potential area of opportunity for fund managers could be the growing global involvement in real estate investing of sovereign wealth funds (SWF). Over half of the respondents to the survey are already working with SWFs. The clear trend among these investors is to opt for separate account or joint venture (JV) relationships with fund managers rather than the typical commingled fund arrangement. Twenty-two percent of respondents indicated they had separate account or JV relationships compared with just 5% who counted an SWF investor in one of their fund vehicles. Fund managers flexible enough to embrace the separate account structure or JVs, and also accommodate SWFs’ often unique transparency and disclosure requirements, have a definite advantage in attracting SWF capital.
In addition to an overall discussion of the global fund sector, this year’s report includes analysis of the major emerging markets – Brazil, Russia, India and China.
ENDS
To download the complete report or to access sections relating to these countries specifically, visit www.ey.com/us/realestate.
About Ernst & Young’s Global Real Estate Center
Today’s real estate industry must adopt new approaches to address regulatory requirements and financial risks, while meeting the challenges of expanding globally and achieving sustainable growth. Ernst & Young’s Global Real Estate Center brings together a worldwide team of professionals to help you achieve your potential — a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately it enables us to help you meet your goals and compete more effectively. It’s how Ernst & Young makes a difference.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.
This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.
Contacts
Ernst & Young Global Media Relations
Bijal Tanna
+ 44 20 7951 8837
btanna@uk.ey.com
or
Gallen Neilly Associates
Andrew Neilly/Tim Gallen
+1 925 930 9848
andrew@gallen.com/ tim@gallen.com
New UtilityIQ™ Software Offering Broadens Choice For Customers Worldwide
RIO DE JANEIRO & REDWOOD CITY, Calif. - Friday, October 26th 2012 [ME NewsWire]
(BUSINESS WIRE)-- Today at the SENDI Brazil 2012 Conference, Silver Spring Networks, a leading networking platform and solutions provider for smart energy networks, unveiled enhanced standards support for Latin America, Europe, Asia, and other international markets with the latest version of its UtilityIQ™ 4.7 AMM application. The new offering includes native support for the DLMS/COSEM protocol, the accepted IEC (International Electrotechnical Commission) standard for utility meter data exchange, and expanded language support for Brazilian Portuguese. Silver Spring’s IPv6-based networking platform already connects more than 12 million homes and businesses worldwide. These additions extend Silver Spring’s leadership in offering the market’s broadest range of device choice, eliminating vendor lock-in and delivering the full promise of open systems.
“We are in the midst of a global transformation in energy that will have profound operational, societal and economic benefits,” said Eric Dresselhuys, Executive Vice President of Global Development, Silver Spring Networks. “Addressing this enormous opportunity will require broad support for appropriate international standards to ensure that our customers have the flexibility and choice to realize all of the benefits from our ‘one platform, many applications’ approach.”
These new capabilities also enable a broader ecosystem of international industry partners to rapidly integrate and interoperate with Silver Spring technologies, giving customers even greater choice and diversity. With more than 60 partners globally and growing, the Silver Spring Partner Program is delivering comprehensive smart grid solutions for customers around the world. For more details on partnering with Silver Spring Networks please visit www.silverspringnet.com/partners.
The new UtilityIQ 4.7 Advanced Metering Manager with expanded international support will be available later this quarter. For more information please visit www.silverspringnet.com/utilityiq.
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About Silver Spring Networks
Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. With its pioneering IPv6 networking platform, Silver Spring has connected more than 12 million homes and businesses throughout the world with the goal of achieving greater energy efficiency for the planet. Silver Spring’s innovative products enable utilities to gain efficiencies, integrate renewable energy sources, and empower customers to monitor and manage energy consumption. Silver Spring Networks is used by major utilities around the globe including Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, CPFL Energia, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Inc. and United Energy among others. For more information please visit www.silverspringnet.com.
Contacts
Silver Spring Networks
Noel Hartzell, 650-298-4184
Global Communications
nhartzell@silverspringnet. om
