2007'02.01.Thu
European Capital Invests Euro 22.5 Million in Alma Consulting Group
March 01, 2006
PARIS, March 1 /Xinhua-PRNewswire/ -- European Capital,
S.A. SICAR announced today it has invested euro 22.5 million
in the mezzanine facility of Alma Consulting Group
("Alma"), the leading French provider of tax
recovery and cost reduction services for companies.
European Capital's investment represents 50% of the
mezzanine facility arranged by Royal Bank of Scotland,
supporting Apax Partners' acquisition of Alma. European
Capital will be Agent of the mezzanine facility and will
have a Board observer seat. Alma management and employees
retain significant equity investments.
"European Capital is investing in the undisputed
leader in a dynamic market," said Ira Wagner,
President of European Capital Financial Services Limited
("European Capital Services"), the sub-investment
manager of European Capital. "In addition, we are very
pleased to be working with Apax Partners, one of the world's
leading private equity firms, and Royal Bank of Scotland,
one of the leading leveraged loan arrangers in Europe and
the world."
European Capital has invested approximately euro 300
million ($356 million) in 14 companies since its formation
in August of 2005. For more information about European
Capital, go to http://www.EuropeanCapital.com .
"Alma has developed a low cost, standardized
approach to achieving cost savings for its clients,"
said European Capital Managing Director Jean Eichenlaub.
"It has a widely diversified, loyal client base and
operates in one of the fastest growing segments of overall
consulting services. Its strong sales growth, high margins
and extraordinarily high rate of contract renewals make it a
very attractive investment."
"We are supporting a strong, experienced and well
incentivized management team that has driven Alma's growth
and remarkable success," said European Capital Vice
President Stephane Legrand.
Alma generates clearly identified, measurable and
secured savings for its customers with respect to social
charges, tax-related costs and G&A costs, as well as
obtaining Research and Development tax credits or
subsidies. The Company is paid on the basis of an agreed
percentage of the savings achieved or subsidies obtained.
Operating from its two main offices in Paris and Lyon, Alma
has a customer base of 9,000 companies, including 60% of the
top 200 largest French companies. The Company has 585
employees, operates in France, Belgium, Spain, Poland and
Israel, and has seen annualized sales growth above 20% over
the past 10 years.
"We are pleased to work with European Capital and
value our relationship with them," said Apax Partners
Director Simon Marc. "They bring a rare combination
of depth and speed to a transaction."
"European Capital immediately understood the
investment thesis and acted quickly to complete the
transaction," said Royal Bank of Scotland Managing
Director Howard Sharp. "We are impressed with their
flexibility and hard work."
ABOUT EUROPEAN CAPITAL
European Capital is a buyout and mezzanine fund with
capital resources of euro 750 million. European Capital
invests in and sponsors management and employee buyouts,
invests in private equity buyouts and provides capital
directly to private and mid-sized public companies.
European Capital invests from euro 5 million to euro 125
million per transaction in equity, mezzanine debt and
senior debt to fund growth, acquisitions and
recapitalizations.
Companies interested in learning more about European
Capital's flexible financing should contact Jean Eichenlaub
at + 33 (0)1 40 68 06 66 in Paris, or Nathalie Faure
Beaulieu or Simon Henderson at + 44 (0)207 539 7000 in
London, or visit our website at
http://www.EuropeanCapital.com .
ABOUT AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS) is a
publicly traded buyout and mezzanine fund with capital
resources of approximately $7 billion. American Capital
invests in and sponsors management and employee buyouts,
invests in private equity buyouts, provides capital
directly to early stage and mature private and small public
companies and through its asset management business is a
manager of debt and equity investments in private companies
and commercial loan obligations. American Capital provides
senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalizations and securitizations.
American Capital invests up to $300 million per
transaction.
About Apax Partners
Apax Partners is one of the world's leading private
equity investment groups, operating across Europe, Israel
and the United States. Apax Partners has raised or advised
approximately $20 billion around the world. With over 30
years of direct investing experience, Apax Partners' Funds
provide long-term equity financing to entrepreneurs. Apax
invests in late venture, growth capital and buyouts. Apax
Partners' Funds invest in companies across its global
sectors of Tech & Telecoms, Retail & Consumer,
Media, Healthcare and Financial and Business Services.
Other Apax investments include Travelex, the world's
largest foreign exchange specialist; SULO Group, one of
Germany's largest waste management companies; and UK
consumer finance group Picture Financial.
This press release contains forward-looking statements.
The statements regarding expected results of American
Capital Strategies are subject to various factors and
uncertainties, including the uncertainties associated with
the timing of transaction closings, changes in interest
rates, availability of transactions, changes in regional,
national or international economic conditions, or changes
in the conditions of the industries in which American
Capital has made investments.
For more information, please contact:
Jean Eichenlaub
Managing Director
Tel: +33-1-4068-0666
Stephane Legrand
Vice President
Tel: +33-1-4068-0666
Brian Maney
Director of Corporate Communications
Tel: +1-301-951-6122
SOURCE European Capital
PR
2007'02.01.Thu
First Annual Logistics M&A China Forum to take place in Shanghai on Apr. 4
March 01, 2006
SHANGHAI, China, March 1 /Xinhua-PRNewswire/ -- On
April 4, 2006, the China Supply Chain Council (C.S.C.C.),
in partnership with Supply Chain Asia, will organize the
first annual Logistics M&A China Forum, in Shanghai,
China, providing a platform for logistics and
transportation professionals to discuss and exchange views
on mergers, acquisitions, takeover and divesture strategies
in China.
The past few weeks have seen a rise in M&A activity
in the logistics and transportation sector.
Internationally, AP Moeller-Maersk bought P&O Nedlloyd;
Deutsche Bahn, which already owns Schenker, purchased Bax
Global; and Deutsche Post World Net, parent company of DHL,
has completed the acquisition of Exel plc. Domestically,
TNT bought Huayu Logistics; more recently, FedEx acquired
Tianjin Datian W. Group. (DTW), and China Merchants has
taken over Sinotrans.
This timely event will also bring together key players
-- both local and foreign operators -- from the logistics
sector including 3PLs, freight forwarders, trucking and
warehouse operators. It will act as a forum to meet and
exchange ideas with peers in this crucial but specialist
market segment, including advisors, investors and
logisticians.
The summit will feature a general session and panel
discussions during the morning, followed by a half-day
workshop lead by BG Strategic Advisors that managed the
deal between PWC Logistics and Transoceanic (Geo-Logistics)
as well as Translink in Asia. Benjamin Gordon, the Managing
Director and Founder of BGSA will be chairing the workshop.
Confirmed speakers already include:
-- Gary So, Vice-President, Kerry EAS
-- Graham Matthews, Partner, PricewaterhouseCoopers
Shanghai
-- Kim Woodard, CEO, Javelin Investments
-- Michael Yang, Partner, GaoDe Investment Advisory
-- Qiang Li, China Counsel, Freshfields Bruckhaus
Deringer Shanghai
Executives from Maersk, P&O, Schenker, Bax Global,
DHL, Exel, TNT, FedEx, DTW, China Merchants and Sinotrans
have also been invited to share their experience.
A selected number of privately owned Chinese 3PLs,
freight forwarders, trucking companies and warehouse
operators have also been invited to the event and, if
required, matchmaking meetings will eventually be
arranged.
The Council hopes that by meeting local and foreign
logistics operator's face to face, attending presentations
and panels, and joining in the discussions, attendees will
leave with a deeper understanding of the current
opportunities for investing, acquiring or selling logistics
operations in China.
If you have been involved in acquisitions, mergers or
integrating logistics businesses in China, and would like
to participate as a speaker or panelist, then please let us
know. As a speaker or panelist, you will receive one
complimentary pass for the full day, five-star buffet lunch
and special invitations to a dinner and wine tasting. In
addition, you may be featured in the special
"Logistics M&A" Shanghai Daily Supplement to
be published in March 2006. For more information, contact
Max Henry, Founder & Executive Director, China Supply
Chain Council at mhenry@supplychain.cn or visit
http://www.supplychain.cn .
For more information, please contact:
Christine Shi
China Supply Chain Council
Tel: +86-21-5102-1674 or +86-21-5102-1618
Fax: +86-21-5258-3864
Email: cshi@supplychain.cn
SOURCE China Supply Chain Council
2007'02.01.Thu
TCOM Announces Alpha Century Signs Letter of Intent to Acquire Wukuang Import & Export Limited, to Merge with Its SME e-Commerce Platform: Subaye.com in China
February 28, 2006
HONG KONG, Feb. 28 /Xinhua-PRNewswire/ -- Telecom
Communications, Inc. (OTC Bulletin Board: TCOM) today
announced its subsidiary, Alpha Century Holdings Limited
(Alpha) has signed a Letter of Intent to acquire Wukuang
Import & Export Limited (Wukuang). Alpha plans to
acquire a 100% interest of Wukuang in exchange for $6
million in cash and convertible notes. Wukuang Managements
will become an integral part of TCOM's SME China strategy as
Alpha's Business to Business to Consumer (BtoBtoC) value
chain Subaye.com e-commerce business.
Wukuang Import & Export Limited is a privately
owned company. Established in 2003, it's headquartered in
Guangzhou, China. Wukuang imports various products for
reselling to SMEs and purchases merchandise from SMEs to
export to oversea markets. In fiscal 2005, Wukuang had
record profitable revenue of $12 million, and fiscal 2004
was $10 million. Alpha's attorneys and accountants will be
completing further due diligence prior to the closing date.
The acquisition is also subject to approval by the board of
directors of both companies, the shareholders of the target
company, and a completion of audited financial statements in
accordance to GAAP as required by the SEC.
About Telecom Communications, Inc.
Telecom Communications, Inc. (TCOM) is a Total
Solutions Provider that offers Integrated Communications
Network Solutions and Internet Content Service in universal
voice, video, data web and mobile communications for
interactive media applications, technology and content
leaders in interactive multimedia communications. It
develops, markets and sells a universal media software
solution for enterprise-wide deployment of integrated
voice, video, data web and mobile communications and media
applications. Telecom Communications, Inc. does business
in Asia via its wholly owned subsidiaries, Alpha Century
Holdings Ltd. ( http://www.subaye.com ), IC Star MMS, Ltd.
( http://www.icstarmms.com ) and 3G Dynasty Inc. (
http://www.skyestar.com ).
Safe Harbor
The statements made in this release constitute
"forward-looking" statements, usually containing
the words "believe," "estimate,"
"project," "expect," or similar
expressions. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such
differences include, but are not limited to, changing
economic conditions, interest rates trends, continued
acceptance of the Company's products in the marketplace,
competitive factors and other risks detailed in the
Company's periodic report Filings with the Securities and
Exchange Commission. By making these forward-looking
statements, the Company undertakes no obligation to update
these statements for revisions or changes after the date of
this release.
For more information, please contact:
Ms. Sandy Tang
Telecom Communications, Inc.
Tel: +852-2782-0983
Email: pr@tcom8266.com
SOURCE Telecom Communications, Inc.
2007'02.01.Thu
British American Tobacco Preliminary Announcement - Year Ended 31 December 2005
February 28, 2006
LONDON, Feb. 28 /Xinhua-PRNewswire/ --
SUMMARY
2005 2004
Change
Profit from operations
- as reported 2,420m pounds
3,760m pounds -36%
- 'like for like' 2,607m pounds
2,398m pounds +9%
Adjusted diluted
earnings per share 89.34p
76.62p +17%
Dividends per share
declared 47.00p
41.90p +12%
-- The reported Group profit from operations was 36 per
cent lower at
2,420 million pounds Sterling, mainly due to the
impact in 2004 of a
significant 1,389 million pounds gain on the
Reynolds American
transaction. However, profit from operations would
have been 9 per
cent higher, or 5 per cent at comparable rates of
exchange, if
exceptional items and the changes in the Group
resulting from the
merger of the Group's US businesses with R.J.
Reynolds and the sale of
Etinera, with the resulting change in terms of
trade, are excluded.
This 'like for like' information provides a better
understanding of the
subsidiaries' trading results than the 'headline'
change in profit from
operations.
-- On a reported basis, Group volumes from subsidiaries
were affected by
the changes in the Group noted above, resulting in a
1 per cent
decrease to 678 billion. Excluding the impact of
these transactions,
there was good organic volume growth from
subsidiaries of 2 per cent.
The four global drive brands performed well with an
overall growth of 9
per cent on a 'like for like' basis.
-- Adjusted diluted earnings per share rose by 17 per
cent, benefiting
from the improved underlying operating performance
and reduced net
finance costs, as well as the impact of the Reynolds
American
transaction and the share buy-back programme. The
basic earnings per
share was lower at 84.53p (2004: 133.43p).
-- The Board is recommending a final dividend of 33.0p,
which will be paid
on 4 May 2006. This, together with the interim
dividend, will take
dividends declared in respect of 2005 as a whole to
47.0p, an increase
of 12 per cent.
-- The Chairman, Jan du Plessis, commented: "The
outstanding results for
2005 demonstrate that British American Tobacco's
strategy is working
well and I am confident that we can continue to
deliver quality
earnings growth and good cash flow over the long
term."
For more information, please contact:
INVESTOR RELATIONS:
Ralph Edmondson
British American Tobacco
Tel: +44-20-7845-1180
Rachael Cummins
British American Tobacco
Tel: +44-20-7845-1519
PRESS OFFICE:
David Betteridge, Teresa La Thangue, or Emily Brand
British American Tobacco
Tel: +44-20-7845-2888
SOURCE British American Tobacco
2007'02.01.Thu
Carrefour Chooses Checkpoint to Protect its Profits
February 28, 2006
As European Retailers Lose Euro 32 Billion to "Shrink", Carrefour is to "Source Tag" Products to Reduce Losses and Improve the Consumer Shopping Experience
HONG KONG, Feb. 28 /Xinhua-PRNewswire/ -- Europe's
biggest retailer Carrefour has signed a strategic agreement
with Checkpoint Systems (NYSE: CKP), the global leader in
product identification and shrink management solutions, to
roll-out the world's most ambitious "source
tagging" programme to reduce losses including customer
and staff theft.
(Photo:
http://xprnnews.xfn.info/Checkpoint/20060228/carrefour.htm
)
Carrefour's strategy to protect merchandise at the
point of manufacture, will tap into Checkpoint's global
network and provide the benchmark for other global
retailers who collectively lost euro 32 billion to
shrinkage last year (Source: European Retail Theft
Barometer No 5 published by the Centre for Retail
Research).
The eight-figure deal is a giant step forward for
Checkpoint's Radio Frequency (RF) source tagging programme,
as it creates a controlled and consistent environment for
Carrefour's product protection worldwide.
The protection of merchandise at the point of
manufacture frees up retail staff time by providing
"shelf-ready" protected items straight to stores,
making it more difficult for shoplifters and dishonest staff
to steal.
The agreement will also see Checkpoint's Digital RF
technology being installed in all 179 Carrefour's
hypermarkets in France. RF is rapidly becoming standard
technology across Europe. This move will help all
retailers improve product flows and effectively combat
shoplifting which represented a loss more than euro 5
billion in France alone, according to the fifth edition of
the European Retail Theft Barometer published in September
2005.
Checkpoint Systems will supply 7,800 third-generation
digital RF antennas and 8,300 new-generation CP IX
deactivators and scanners for checkout counters. To
optimize shrink management, the company will also deploy
179 CheckPro(TM) Manager software suites and the
accompanying remote-maintenance application. The
implementation programme should be completed by the end of
2007.
With this strategy, Carrefour will have one programme
and one technology across the group to more efficiently
fight company-wide losses. Close Global cooperation with
Carrefour's offices in Hong-Kong and China, should help
speed deployment of the source tagging programme worldwide.
The CheckPro(TM) Manager web-enabled shrink management
information system and remote-maintenance will ensure the
highest possible performance across Carrefour.
The "most ambitious" source tagging programme
in the world
Along with equipping its stores, Carrefour is launching the
most ambitious source tagging programme in the world with RF
EAS (electronic article surveillance) labels integrated into
products at the point of manufacturing. The programme has
the highest priority and will cover theft-sensitive
articles including apparel, multimedia, alcoholic
beverages, etc- from both private labels and global brands.
Source tagging helps retailers respond to consumers'
increasingly high expectations for product presentation,
speed to shelf and shelf availability.
"We needed to shift to RF technology to develop
source tagging, facilitate the consumer's shopping
experience and improve speed to shelf," said
Jean-Claude Coutant, manager of the source tagging project
for Carrefour Hyper France's non-food supply chain.
"Now we've got a skilled and committed partner to help
us develop our programme."
Bernard Theobald of the Perifem retailers' technical
association, noted: "All retailers would like to see
greater use of source tagging. Perifem will set up working
groups on this topic to support source tagging, which will
expand in France and the rest of Europe, notably with the
momentum generated by Carrefour."
"This decision from Carrefour Group is
strategically important for other leading retailers,"
declared Per Levin, President of Checkpoint Systems Europe.
"Suppliers of consumer goods and retailers now have
the opportunity to develop winning strategies together, to
sell more and lose less."
About Checkpoint Systems, Inc.
Checkpoint Systems Inc. is the global leader in product
identification and shrink management solutions for the
retail industry and its supply chain. Checkpoint's
services are aiming at increasing sales and protect the
profit of its customers. Listed on the NYSE, Checkpoint
operates in every geographic market and employs more than
4,000 personnel worldwide. It specializes in source
protection of consumer goods, RF EAS (Electronic Article
Surveillance), RFID (Radio Frequency Identification) and
merchandising solutions. A strategic platform for the
source tagging service (CheckNet) is the global network for
just in time delivery of critical information and protection
applied on products at the point of manufacturing. For more
information, please visit http://www.checkpointsystems.com
or http://www.checkpointeurope.com .
About Carrefour
Carrefour is Europe's leading retailer and ranks second
worldwide, with more than 11,000 hypermarkets, supermarkets,
hard discount and convenience stores in 30 countries and
430,000 employees. Corporate website:
http://www.carrefour.com
About Perifem
Perifem has more than 160 corporate members, including
all of the major retailers, numerous specialized banners
and networks, shopping center developers and managers, and
their manufacturing partners and service providers involved
in store base operation and innovation.
http://www.perifem.com
For more information, please contact:
Natalie Chan
Checkpoint Systems, Inc.
Tel: +852-2995-8350
Email: natalie.chan@checkpt.com
SOURCE Checkpoint Systems
2007'02.01.Thu
MEDIA ADVISORY: 300 Students From All Across China Step into the Shoes of UN Ambassadors at the Peking University; Global Classrooms(R) Model UN Conference to be Held in Beijing, China on March 3-5
February 28, 2006
Global Classrooms is an Innovative Program of UNA-USA,
in Partnership With Merrill Lynch
What: The United Nations Association of the
United States of
America's (UNA-USA) Global Classrooms
program and Merrill
Lynch are bringing the Model UN experience
to students all
over China. The Peking University National
Model UN
Conference for High School Students
(PKUNMUN), a Global
Classrooms program, presents an
opportunity for students
to negotiate critical issues such as the
transfer of
technology to developing countries, human
rights and
refugees, the Middle East conflict and
sustainable
development through realistic simulations
of UN
committees.
Who: Over 300 students from 34 middle and high
schools from all
across China will come together at this
unique event to
enhance their understanding of
international issues and to
develop strong leadership and critical
thinking skills.
Dr. Eddy Bayardelle from Merrill Lynch,
the program's
global sponsor, will address students and
teachers. As
president of the Merrill Lynch Foundation,
Bayardelle
manages the foundation, corporate and
employee
contributions and directs the firm's
philanthropic
initiatives worldwide. Another keynote
address will be
given by Ambassador William H. Luers,
president of
UNA-USA.
When: Opening Ceremonies: March 3rd, 8:30 a.m.
to 9:00 a.m.
Press Conference: March 3rd, 9:10 a.m.
Where: Peking University, Yingjie Exchange Center
Background: UNA-USA is a center for innovative
programs to engage
Americans in issues of global concern. Its
educational and
humanitarian campaigns, along with its
policy and advocacy
programs, allow people to make a global
impact at the
local level. A not-for-profit
organization, UNA-USA
encourages strong United States leadership
in the United
Nations. http://www.unausa.org
Merrill Lynch was founded on the idea that
the world is
full of opportunity. Opening the door to
that opportunity
for underserved children and youth is the
focus of the
firm's global philanthropy. In 2004,
Merrill-Lynch giving
totaled more than $35.5 million, with
education receiving
nearly half of that support. Merrill
Lynch's flagship
program Investing Pays Off(R)-or
IPO(R)-helps create a
level playing field for youngsters of all
backgrounds
through financial literacy and business
savvy. The program
's strength lies in a free curriculum, the
involvement of
Merrill Lynch volunteers and online
educational resources
at http://volunteer.ml.com .
Peking University is a comprehensive and
National key
university in China. The university has
made an effective
combination of the research on important
scientific issues
with the training of personnel with high
level specialized
knowledge and professional skills. It
strives not only for
the simultaneous improvements in teaching
and research
work, but also for the promotion of
interaction and mutual
promotion among various subjects.
http://en.pku.edu.cn
For more information, please contact:
Peggy Atherlay
Tel: +1-212-907-1320
Email: patherlay@unausa.org
SOURCE The United Nations Association of the United States
of America's Global Classrooms
2007'02.01.Thu
Vimicro Reports Record Fourth Quarter 2005 Financial Results
February 28, 2006
BEIJING, Feb. 28 /Xinhua-PRNewswire/ -- Vimicro
International Corporation (Nasdaq: VIMC), a leading fabless
semiconductor company that designs and develops multimedia
semiconductor products and solutions, today announced its
unaudited fourth quarter and fiscal year 2005 financial
results.
Net revenue in the fourth quarter of 2005 was $27.5
million, compared with $27.4 million in the third quarter
and up 113 percent from the $12.9 million reported in the
fourth quarter of 2004. Non-GAAP net income in the fourth
quarter, which excludes a $205,000 non-cash share-based
compensation charge, was $5.9 million, compared with $5.7
million in the third quarter of 2005 and $1.2 million in
the fourth quarter of 2004. Non-GAAP diluted net earnings
per ADS were $0.18, compared with $0.19 in the third
quarter of 2005 and $0.04 in the fourth quarter of 2004.
Fourth quarter 2005 net income prepared in accordance
with generally accepted accounting principles in the United
States ("GAAP") was $5.7 million, compared with
net income of $5.5 million in the third quarter of 2005 and
net income of $714,000 in the fourth quarter of 2004.
Diluted earnings per ADS (each representing four ordinary
shares) were $0.17, compared with $0.18 in the third
quarter of 2005 and $0.03 in the fourth quarter of 2004.
Gross margin in the fourth quarter of 2005 was 40.3
percent, compared with 40.5 percent in the third quarter of
2005 and approximately 32.8 percent in the fourth quarter of
2004.
For the fiscal year ended Dec. 31, 2005, net revenue
was $95.3 million, up 90 percent from $50.3 million in the
fiscal year ended Dec. 31, 2004. Non-GAAP net income for
fiscal year 2005, which excludes $1.44 million for the
amortization of stock-based compensation expenses, was
$17.8 million, up 130 percent from the non-GAAP net income
of $7.7 million in 2004. Fiscal year 2005 net income
prepared in accordance with GAAP was $16.4 million,
compared with a net loss of $5.6 million in fiscal year
2004. Diluted earnings per ADS for the fiscal year 2005
were $0.54, and non-GAAP diluted earnings per ADS for the
fiscal year 2005 were $0.59.
The strong 2005 results demonstrate Vimicro's unique
business model -- a combination of extensive technology
know-how, China's competitive cost structure, strategic
relationships with key players in the global multimedia
ecosystem and the proximity advantage to capture migration
of global semiconductor value chain to China.
"I am very proud of the significant
accomplishments and growth that we achieved in 2005,"
said Dr. John Deng, chairman and CEO. "During the
year, not only have we maintained our global leadership in
the PC multimedia market, we also successfully leveraged
our mix-signal expertise and digital signal processing
technology for multimedia to gain momentum in the fast
growing mobile handset multimedia market," said Dr.
Deng. "With our solid technology and IP foundation,
we will continue to develop innovative semiconductor
solutions for pervasive multimedia applications across PC,
mobile and other platforms. I am confident that we will
continue to deliver strong growth momentum and create value
for our shareholders."
2005 Highlights
* Achieved record annual revenue of $95.3 million, up
90 percent from
2004, and achieved record quarterly revenue of $27.5
million in the
fourth quarter of 2005, an increase of 113 percent
from the same
quarter in 2004
* Maintained global market leadership for PC desktop
multimedia
processors
* Secured additional market share in the mobile audio
processor market
* Established strategic relationships with top players
in the PC and
mobile multimedia ecosystem to introduce new
innovative products
* Began shipping embedded notebook processors to
leading vendors
* Filed 120 patent applications globally
* Dr. Deng received China Central Television's (CCTV)
Man of the Year
Award (for most outstanding economic achievement)
* Raised $59.1 million in net proceeds from the IPO
Business Outlook
Reflective of seasonal patterns in the company's
business due to the Lunar New Year holiday, net revenue for
the first quarter 2006 is expected to be in the range of
$23.5 to $25.5 million and non-GAAP diluted earnings per
ADS to be between 10 and 12 cents.
Conference Call
Vimicro will broadcast its conference call discussion
of its fourth quarter and fiscal year 2005 financial
results today, Monday, Feb. 27, 2006 at 2:00 p.m. pacific
standard time (5:00 p.m. eastern standard time).
To listen to the call, please dial (210) 234-0003
approximately 10 minutes prior to the start time. The pass
code is: Vimicro. A taped replay will be available
approximately one hour after the conclusion of the call and
will remain available for one week. To access the replay,
dial (203) 369-0647.
The Vimicro financial results conference call will be
available via a live webcast on the investor relations
section of the company's web site at http://www.vimicro.com
. Please access the web site approximately 15 minutes prior
to the start of the call to download and install any
necessary audio software. An archived webcast replay of
the call will be available at the web site for one year.
About Vimicro International Corporation
Vimicro International Corporation is a worldwide
leading fabless semiconductor company that designs,
develops and markets proprietary embedded multimedia signal
processing chips and solutions that enable multimedia
applications for mobile phones over 2.5G/3G networks and
PCs over broadband Internet. Vimicro's ADSs, each of which
represents four ordinary shares, are currently trading on
the NASDAQ global market under the ticker symbol
"VIMC."
Forward-Looking Statements
This announcement contains forward-looking statements.
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates,"
"confident" and similar statements. Among other
things, the Business Outlook section and the quotations
from management in this announcement, as well as Vimicro's
strategic and operational plans, contain forward-looking
statements. Vimicro may also make written or oral
forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission on forms 20-F and
6-K, etc., in its annual report to shareholders, in press
releases and other written materials and in oral statements
made by its officers, directors or employees to third
parties. Statements that are not historical facts,
including statements about Vimicro's beliefs and
expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual
results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our limited history of achieving net profit; our
growth strategies; our future business development, results
of operations and financial condition; our ability to
develop and sell mobile phone multimedia processors that
meet changing consumer preferences and industry standards;
decrease in the demand for our PC camera multimedia
processors and third-party image sensors which we bundle
with some of our PC camera multimedia processors; our
ability to secure sufficient foundry capacity in a timely
manner; our ability to maintain existing customers and
attract new customers; and the expected growth of the
mobile phone multimedia processor market. Further
information regarding these and other risks is included in
our registration statement on Form F-1, as amended, filed
with the Securities and Exchange Commission. Vimicro does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Non-GAAP Measures
To supplement the consolidated financial statements
presented in accordance with GAAP, Vimicro uses non-GAAP
measures of non-GAAP net income and non-GAAP diluted
earnings per ADS, which are adjusted from the most directly
comparable financial measures calculated and presented in
accordance with GAAP to exclude amortization of share-based
compensation expenses. These non-GAAP financial measures
are provided to enhance investors' overall understanding of
the company's financial performance as they exclude certain
expenses that are not expected to result in future cash
payments. The non-GAAP measures should be considered in
addition to results prepared in accordance with GAAP, but
should not be considered a substitute for or superior to
GAAP results. For more information on the non-GAAP
financial measures, please see the tables captioned
"Reconciliation of non-GAAP results of operations
measures to the nearest comparable GAAP measures" set
forth at the end of this release.
Vimicro believes that both management and investors
benefit from referring to these non-GAAP measures in
assessing the performance of Vimicro's liquidity and when
planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to Vimicro's historical liquidity. Vimicro
computes its non-GAAP financial measures using the same
consistent method from quarter to quarter. The
accompanying tables have more details on the GAAP financial
measures that are most comparable to non-GAAP financial
measures and the related reconciliations between financial
measures.
Currency Translation
This announcement contains translations of certain RMB
amounts into U.S. dollars. Unless otherwise noted, all
translations from RMB to U.S. dollars are based on the noon
buying rate in The City of New York for cable transfers of
RMB as certified for customs purposes by the Federal
Reserve Bank of New York as of Dec. 30, 2005 (the last
business day of fourth quarter and fiscal year 2005), which
was RMB8.0702 to US$1.00.
Vimicro International Corporation
Consolidated Balance Sheets
12/31/2005
9/30/2005 12/31/2004
(unaudited)
(unaudited) (audited)
Assets US$'000
US$'000 US$'000
Current assets:
Cash 100,610
31,609 34,592
Restricted cash --
-- 36
Accounts receivable, net 4,003
6,281 1,410
Notes receivable 1,001
501 178
Inventories, net 21,173
15,519 8,338
Prepayments and other current
assets, net 1,930
7,831 2,291
Deferred tax assets 2,935
858 839
Total current assets 131,652
62,599 47,684
Investment in an associated company 171
171 170
Property, equipment and software, net 4,960
4,996 2,763
Other assets 327
324 --
Total assets 137,110
68,090 50,617
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable 4,228
3,216 3,049
Taxes payable 3,278
2,247 2,334
Advances from customers 171
281 36
Due to an associated company 64
54 49
Accrued expenses and other current
liabilities 9,079
10,354 5,433
Deferred grants 895
941 1,357
Total current liabilities 17,715
17,093 12,258
Non-current liabilities:
Deferred tax liabilities 230
53 53
Total liabilities 17,945
17,146 12,311
Commitments and contingencies
Redeemable convertible preferred
shares, $0.0001 par value 15,647,132
shares authorized; 0 shares issued
and outstanding as of
December 31, 2005 --
23,923 23,923
Shareholders' equity:
Ordinary shares, $.0001 par value.
138,606,027 shares issued and
outstanding as of December 31, 2005 14
8 8
Additional paid-in capital 127,502
41,342 41,154
Deferred stock-based compensation (682)
(887) (2,122)
Accumulated other comprehensive
income (loss) 596
497 (2)
Accumulated deficit (8,265)
(13,939) (24,655)
Total shareholders' equity 119,165
27,021 14,383
Total liabilities, redeemable
convertible preferred shares
and shareholders' equity 137,110
68,090 50,617
Vimicro International Corporation
Consolidated Statements of Income
2005 4Q 2005 3Q 2004 4Q FY
2005 FY 2004
(unaudited) (unaudited) (unaudited)
(unaudited) (audited)
US$'000 (except number of shares and ADSs and per share
and per ADS data)
Net revenue 27,484 27,437 12,874
95,277 50,258
Cost of revenue(16,418) (16,337) (8,651)
(58,943) (32,404)
Gross profit 11,066 11,100 4,223
36,334 17,854
Operating expenses*
Research and
development,
net (2,661) (2,265) (917)
(8,102) (6,290)
Sales and
marketing (1,446) (1,219) (1,063)
(5,118) (7,118)
General and
administrative(1,629) (1,519) (1,555)
(6,076) (10,883)
Loss from
disposal of SPMC -- -- (75)
-- (75)
Income (loss)
from
operations 5,330 6,097 613
17,038 (6,512)
Other income
(expense):
Interest income 426 256 7
912 33
Interest expense -- -- 13
-- (27)
Tax refund 3 1 17
4 110
Others, net (9) (362) 49
(368) 99
Income(loss)
before income
taxes and share
of loss of
associated
company and
minority
interest 5,750 5,992 699
17,586 (6,297)
Income taxes
expense (75) (532) (221)
(1,192) (221)
Net income (loss)
before share of
loss of associated
company and
minority
interest 5,675 5,460 478
16,394 (6,518)
Share of loss
of associated
company, net of
tax (1) (1) (1)
(4) (4)
Net income (loss)
before minority
interest 5,674 5,459 477
16,390 (6,522)
Minority Interest -- -- 237
-- 910
Net income (loss)5,674 5,459 714
16,390 (5,612)
Amount allocated
to participating
preferred
shareholders (494) (853) (98)
(2,169) --
Other comprehensive
income (loss):
Foreign currency
translation
adjustment 99 500 --
598 (1)
Comprehensive
income (loss) 5,279 5,106 616
14,819 (5,613)
Income (loss)
per share
-Basic 0.05 0.06 0.01
0.16 (0.07)
-Diluted 0.04 0.05 0.01
0.13 --
Income (loss)
per ADS
-Basic 0.19 0.22 0.03
0.63 (0.27)
-Diluted 0.17 0.18 0.03
0.54 --
Weighted
average
number of
ordinary
shares
outstanding
(1)
-Basic 111,868,915 82,147,440 82,147,440
89,638,512 82,147,440
-Diluted 120,626,822 101,027,198 98,159,077
105,412,376 --
Weighted
average
number of
ADS
outstanding
(1)
-Basic 27,967,229 20,536,860 20,536,860
22,409,628 20,536,860
-Diluted 30,156,705 25,256,799 24,539,769
26,353,094 --
*Components
of share-
based
employee
compensation
expenses
are included
in the
following
expense
captions:
Research and
development (46) (56) (97)
(249) (2,696)
Sales and
marketing (59) (69) (115)
(304) (3,905)
General and
administrative (100) (123) (266)
(887) (6,752)
Total (205) (248) (478)
(1,440) (13,353)
Note (1) 1,970,000 outstanding ordinary shares are not
included in the
computation of basic earnings per share and
basic earnings per
ADS because these are shares issued upon the
early exercise of
stock options.
Potential dilutive securities include the
Series A preferred
shares and share options. During the years
ended December 31,
2005 and 2004, the potential dilutive
securities Series A
preferred shares were not included in the
computation of diluted
earnings per share because of its
anti-dilutive effect.
Reconciliations of non-GAAP results of operations
measures to the nearest
comparable GAAP measures (*) (in USD thousands,
unaudited)
Three months ended
Three months ended
December 31,
September 30,
2004
2005
Non-
Non-
GAAP Adjust- GAAP
GAAP Adjust- GAAP
Result ment Results
Result ment Results
Income (loss) from operations 613 478 1,091
6,097 248 6,345
Three months ended
Three months ended
December 31,
September 30,
2004
2005
Non-
Non-
GAAP Adjust- GAAP
GAAP Adjust- GAAP
Result ment Results
Result ment Results
Net income (loss) 714 478 1,192
5,459 248 5,707
Three months ended
Twelve month ended
December 31,
December 31,
2005
2005
Non-
Non-
GAAP Adjust- GAAP
GAAP Adjust- GAAP
Result ment Results
Result ment Results
Income (loss) from operations 5,330 205 5,535
17,038 1,440 18,478
Three months ended
Twelve month ended
December 31,
December 31,
2005
2005
Non-
Non-
GAAP Adjust- GAAP
GAAP Adjust- GAAP
Result ment Results
Result ment Results
Net income (loss) 5,674 205 5,879
16,390 1,440 17,830
Twelve month
ended December 31,
2004
GAAP
Non-GAAP
Result
Adjustment Results
Income (loss) from operations (6,512)
13,353 6,841
Twelve month
ended December 31,
2004
GAAP
Non-GAAP
Result
Adjustment Results
Net income (loss) (5,612)
13,353 7,741
(*) The adjustment is only for share-based
compensation.
For more information, please contact:
Deborah Stapleton,
Stapleton Communications Inc.
Tel: +1-650-470-0200
Email: deb@stapleton.com
Maria Riley,
Stapleton Communications Inc.
Tel: +1-650-470-0200
Email: maria@stapleton.com
SOURCE Vimicro International Corporation
2007'02.01.Thu
Avian Influenza and Food Safety: Statement by Dr LEE Jong-Wook, WHO Director-General
February 28, 2006
BEIJING and GENEVA, Feb. 28 /Xinhua-PRNewswire/ --
Since the beginning of February 2006, the highly pathogenic
H5N1 avian influenza virus has spread to affect wild or
domestic birds in 17 new countries in Africa, Asia, Europe,
and the Middle East.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20040610/CNTH001LOGO )
The World Health Organization reconfirms that, when
poultry products are safely handled and properly cooked,
humans are not at risk of acquiring H5N1
infection through food.
Although the H5N1 virus is highly infectious among
poultry, it is not easily transmissible to humans. Since
December 2003, this virus is known to have infected 173
people, of whom 93 have died. Not one of these cases has
been linked to the consumption of properly cooked poultry
or poultry products.
The main health risk currently is to people who are in
close contact with infected poultry, such as families with
backyard flocks and poultry workers in
wet markets or live animal markets.
Heightened surveillance among domestic and wild birds,
rapid detection of the virus, and swift implementation of
control measures are important in
supporting and maintaining consumer confidence in the
safety of poultry products.
Globally, the evidence demonstrates that there is no
risk of infection when birds and eggs are well-cooked, as
this kills the virus. Poultry products are important
sources of protein throughout the world.
Avian Influenza -- Situation in China -- Update 5
27 February 2006
The Ministry of Health in China has reported two
additional laboratory confirmed cases of human infection
with the H5N1 avian influenza virus. Both
patients are in critical conditions.
The first patient is a 9-year-old girl from the eastern
province of Zhejiang. She developed symptoms on 10
February. Symptom onset followed a visit to relatives in
the adjacent province of Anhui. No animal outbreaks have
been reported in Zhejiang Province since 2004.
The second patient is a 26-year-old female farmer from
Anhui Province. She developed symptoms on 11 February
following contact with diseased poultry.
Local agricultural officials have reported isolation of the
H5N1 virus in samples from dead poultry in her
neighbourhood.
To date, China has reported 14 laboratory-confirmed
cases. Of these, eight have been fatal.
The H5N1 virus is now considered to be endemic in birds
in large parts of China. WHO is working with national
authorities to increase public awareness of the disease,
encourage populations to report outbreaks, and warn people
to avoid contact with dead or ill birds.
Avian Influenza -- Situation in Indonesia -- Update 5
27 February 2006
The Ministry of Health in Indonesia has confirmed an
additional case of human infection with the H5N1 avian
influenza virus. The case, which was fatal, occurred in a
27-year-old woman from West Java Province. She developed
symptoms on 13 February and died on 20 February.
Investigations carried out by local authorities found
reports of chicken deaths in the woman's neighbourhood four
days prior to her onset of
symptoms.
The newly confirmed case brings the total in Indonesia
to 27. Of these, 20 were fatal.
Cumulative Number of Confirmed Human Cases of Avian
Influenza A/(H5N1) Reported to WHO
27 February 2006
Country 2003 2004 2005
2006 Total
cases deaths cases deaths cases deaths cases
deaths cases deaths
Cambodia 0 0 0 0 4 4 0
0 4 4
China 0 0 0 0 8 5 6
3 14 8
Indonesia 0 0 0 0 17 11 10
9 27 20
Iraq 0 0 0 0 0 0 1
1 1 1
Thailand 0 0 17 12 5 2 0
0 22 14
Turkey 0 0 0 0 0 0 12
4 12 4
Viet Nam 3 3 29 20 61 19 0
0 93 42
Total 3 3 46 32 95 41 29
17 173 93
Total number of cases includes number of deaths.
WHO reports only laboratory-confirmed cases.
For further information, please contact:
Aphaluck Bhatiasevi,
Communications Officer,
World Health Organization (China),
401, Dongwai Diplomatic Office Building,
23 Dongzhimenwai Dajie,
Beijing 100600,
People's Republic of China
Mobile: +86-1361-117-4072
Tel: +86-10-6532-5687
Fax: +86-10-6532-2359
Email: bhatiasevia@chn.wpro.who.int
SOURCE World Health Organization
2007'02.01.Thu
Sinovac Biotech Ltd. to Hold Annual Meeting of Stockholders and Business Objectives for 2006
February 28, 2006
BEIJING, Feb. 28 /Xinhua-PRNewswire/ -- Sinovac Biotech
Ltd. ("Sinovac" or the "Company") (Amex:
SVA - News) will hold its annual meeting of stockholders
concurrently in Beijing, China and St. John's, Antigua, at
9:00 a.m. (UTC +8) on March 22, 2006. The meeting will be
held at No. 39 Shangdi Xi Road, Haidian District, Beijing,
PRC 100085 and, at the corresponding time (9:00 p.m. on
March 21, 2006), in Antigua at No. 6 Temple Street, St.
John's, Antigua.
Business Objectives for 2006
Sinovac CEO, Mr. Weidong Yin believes that Sinovac will
rise to the challenge in 2006. Mr. Yin stated, "I
want to increase sales revenue by at least 40 to 50% from
2005 figures; begin phase II clinical trials for our
pandemic influenza vaccine; increase production capacity
for our influenza vaccine; complete pre-clinical trials for
our new Japanese encephalitis vaccine; and further develop
our corporate governance procedures."
Mr. Yin went on to say, "I believe Sinovac's hard
work in 2005 may result in significant corporate
developments in 2006."
Sales and Marketing
Sinovac will continue to focus most of its marketing
efforts on domestic sales. This strategy takes advantage of
a new State Food and Drug Administration (SFDA) initiative
to improve the quality control, safety and efficacy of
biological products, such as vaccines. The SFDA initiative
titled "Batch Release Guideline for Biological
Products", subjects every batch of domestic and
imported products to compulsory testing and review. Only
batches that pass the test and review process are approved
for sale.
Since Sinovac's inactivated hepatitis A vaccine
(Healive) is safe, effective and stable, Sinovac believes
that this regulation is expected to help Sinovac gain
market share over competitors which sell live attenuated
hepatitis A vaccines. Furthermore, Sinovac believes
enforcement of this regulation will force numerous inferior
products out of the market.
Anticipating this result, Sinovac plans to take
advantage of this opportunity to increase greatly its
domestic market share by penetrating less affluent, densely
populated areas. In order to fill the projected hepatitis A
vaccine supply shortfall, Sinovac added a vial packaging
line of Healive, which are less expensive than the premier
pre-filled single dose syringe packaging. As a result,
Healive is expected to launch into new market segments with
more affordable pricing, while maintaining excellent profit
margins. Sinovac believes Healive will continue to gain
market share in high income areas with the pre-filled
syringe packaged product.
Sinovac is confident its combined hepatitis A&B
vaccine (Bilive) sales will continue to grow, but probably
not as rapidly as Healive. Sinovac also expects sales of
its newest vaccine (Anflu) for seasonal influenza should
begin this year.
Production
Sinovac has improved the production capacity of Healive
by approximately 50%. The addition of a vial packaging line
and improved production efficiencies are expected to result
in lower unit costs; enable product growth for expected
increase in demand; resulting in a larger market share.
In 2006, Sinovac also plans to increase its flu vaccine
production capacity so that it can satisfy demand in the
event of an influenza pandemic.
R&D
Sinovac will continue Phase I clinical trials of its
proprietary pandemic influenza vaccine (Panflu) and
anticipates completion in June 2006. As soon as possible
afterwards, Sinovac expects to begin Phase II trials. As
events progress, Sinovac plans to apply for additional
government support for this nationally important project.
Sinovac's vaccine pipeline continues to grow; with
Sinovac working to complete pre-clinical trials of Japanese
encephalitis by the end of 2006. Sinovac's vaccine is a
Vero cell-cultured inactivated type, which is more
effective and safe than the other types of Japanese
encephalitis vaccine. Currently, supplies of this
cell-based vaccine are limited in China.
Corporate Governance
Sinovac plans to select a well-known accounting firm to
help improve internal control procedures to become fully
compliant with Sarbanes-Oxley Section 404. The Company
will test these internal control procedures to ensure their
effectiveness for implementing good corporate governance and
internal controls over financial reporting.
About Sinovac
Sinovac Biotech Ltd. is a world leader in the research,
development, manufacture and commercialization of vaccines
for endemic and pandemic viruses such as hepatitis and
influenza, and for fast emerging viruses such as pandemic
influenza (bird flu) and SARS. The Company's objective is
to provide Chinese children with the best vaccines in the
world, and let children in the world use vaccines made in
China.
Additional information about Sinovac is available on
the Company website, http://www.sinovac.com and the Sinovac
Investor Relations website,
http://finance.groups.yahoo.com/group/Sinovac_Biotech_IR .
For additional information, investor newsletters and
corporate updates, please email your request to:
info@sinovac.com.
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E
OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934,
AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES,
DEVELOPING ADDITIONAL PROJECT INTERESTS, SINOVAC'S ANALYSIS
OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF
VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE
STATEMENTS ARE MADE UNDER THE "SAFE HARBOR"
PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS
CONTAINED HEREIN.
For more information, please contact:
Craig H. Bird
Investor Relations
Tel: +1-215-782-8682 or Toll Free: +1-866-360-8682
(North America)
Email: sinovac@verizon.net
Sinovac Investor Relations website:
http://finance.groups.yahoo.com/group/Sinovac_Biotech_IR/?yguid=242969163
SOURCE Sinovac Biotech Ltd.
2007'02.01.Thu
The9 to Present at the Third Annual Piper Jaffray China Internet & Technology Conference and Deutsche Bank Access China 2006 Conference
February 28, 2006
SHANGHAI, China, Feb. 28 /Xinhua-PRNewswire/ -- The9
Limited (Nasdaq: NCTY), a leading online game operator in
China, today announced that it will present at the Third
Annual Piper Jaffray China Internet & Technology
Conference and Deutsche Bank Access China 2006 Conference.
Both investor conferences will be held in Beijing, China.
The Third Annual Piper Jaffray China Internet &
Technology Conference is being held from February 28 to
March 2, 2006 at St. Regis Hotel in Beijing, China. The9's
Chairman and Chief Executive Officer, Mr. Jun Zhu, will
present on a panel on Tuesday, February 28, 2006. The
panel titled "Evolution of Online Games: Mainstreaming
or Commoditizing?" will be held from 4:15pm to 5:45pm
Beijing Time to discuss key topics and industry trends of
online games in China.
In addition, The9 will also present at the Deutsche
Bank Access China 2006 Conference. The conference is being
held from February 27 to March 2, 2006 at the Grand Hyatt
Hotel in Beijing, China. The9's Chief Financial Officer,
Miss Hannah Lee, is scheduled to present at 9:30 a.m.
Beijing Time on Thursday, March 2, 2006.
About The9 Limited
The9 Limited is a leading online game operator in
China. The9's business is primarily focused on operating
and developing MMORPGs for the Chinese online game players
market. The9 directly or through affiliates operates
licensed MMORPGs, consisting of WoW, MU and Mystina Online,
in China. It has also obtained exclusive licenses to
operate additional MMORPGs in China, including Granado
Espada and Soul of The Ultimate Nation(TM). In addition,
The9 has developed its first proprietary MMORPG titled
"Joyful Journey West", which entered all-access
public open beta testing in August 2005.
For further information about The9, please contact:
Ms. Dahlia Wei
Investor Relations - Senior Manager
The9 Limited
Tel: +86-21-5172-9990
Email: IR@corp.the9.com
Web: http://www.corp.the9.com
SOURCE The9 Limited
2007'02.01.Thu
Quadrem Grows Revenues More Than 60% for Second Straight Year
February 28, 2006
Throughput Tops USD$7 Billion; Supplier Network Nearly Doubles to 25,000 Companies
SINGAPORE, Feb. 28 /Xinhua-PRNewswire/ -- Quadrem, the
global eMarketplace(TM), achieved its first cash-flow
positive calendar year in 2005, growing revenues 60% over
2004 numbers. This marks the second consecutive year the
company has achieved annual revenue increases at rates
above 60%.
Also in 2005, Quadrem customers processed more than 1.5
million purchase orders, a 30% year-over-year increase. The
value of XML based procurement transactions through the
Quadrem network was up 78% reaching USD$7.2 billion, and
the supplier network nearly doubled its customer base to
more than 25,000 companies.
"New customers and increased commitments from
current customers drive our success -- and both revenue
streams are tied to our track record of value
delivery," said Charles Jackson, Quadrem CEO.
"In the areas of procurement and sourcing, we've
proven that we mitigate the risk and complexity of supply
chain e-initiatives. We solve pain points associated with
content quality and supplier enablement to build successful
global deployments. And we continue to develop effective
solutions that work globally -- our new solutions for
supplier account financing, spend analysis, master data
management and simple sourcing activities will dramatically
enhance our value to customers in 2006."
Quadrem is a uniquely global provider with large
electronic procurement and sourcing communities in Africa,
Australia, South America and The Middle East as well as
North America, Europe and Asia.
"I'm pleased to point out that our growth
trajectories are strong across all product lines, regions
and customers," said Gary Ito, Quadrem CFO.
"Every line of revenue is up, with strategic sourcing
and catalogue-related solutions leading the way. Every
geographic region experienced double digit growth for the
year. Our track record continues to attract new customers,
and several plan to increase the spend they put through our
transaction network to 90+%. You can look for Quadrem to
continue its track record of aggressive growth in
2006."
About Quadrem
Quadrem ( http://www.quadrem.com ) provides e-business
solutions that connect buyers and suppliers to maximise
supply chain efficiencies. Established in 2000, Quadrem has
locations in Australia, Brazil, Canada, Chile, France,
Mexico, The Netherlands, Peru, Singapore, South Africa, and
the United States. Quadrem's world headquarters is
Amsterdam, The Netherlands, with a Dallas, Texas operations
base.
For more information, please contact:
Katherine Kirkpatrick
Tel: +1-972-543-8044
Email: kkirkpatrick@quadrem.com
Choon Boon Heng
Tel: +65-6550-9683
SOURCE Quadrem
2007'02.01.Thu
netomat Announces Motorola Ventures Investment
February 28, 2006
NEW YORK, Feb. 28 /Xinhua-PRNewswire/ -- netomat, Inc.,
pioneers in Mobile-PC convergence, announced today that
Motorola, Inc. (NYSE: MOT) through Motorola Ventures, its
strategic venture capital arm, made an investment in the
company. Financial terms of this agreement were not
disclosed.
netomat's IP-based platform was built from the ground
up to make it is easy to get and share content -- both
user-generated and 3rd party -- across any IP-connected
device, including mobile phones, PCs and set-top boxes.
The company recently launched netomat hub, the first
group picture, text and RSS sharing service for mobile
phones and PCs. The service seamlessly integrates multiple
essential services for real-time group communication,
including picture and text messaging with presence, RSS
syndication, trusted social networking, digital photo
storage and update alerts.
"Motorola and netomat share a common vision of
seamless mobility," said Matthew Growney, managing
director of Motorola Ventures. "Consumers want to be
connected to the people and content that matters to them
regardless of the device or network they happen to be
using."
"We are extremely pleased Motorola decided to
invest in our company," said Alan Gershenfeld, CEO of
netomat. "We share their vision for IP-based
convergence and are excited by the range and power of their
devices, which are optimized for convergent services.
Motorola's investment will further enable us to develop our
platform, which enables friends, family and colleagues to
stay connected instantly to whatever is important to
them."
About netomat
netomat is a software company whose mission is to break
down barriers to communication. The company is privately
held and financed by a group of investors including venture
capitalists, foundations and individuals reflecting the
company's genesis as a network based art project as well as
the company's goal to build an innovative, responsible and
profitable software company. For more information visit
http://www.netomat.net .
About Motorola Ventures
Motorola Ventures (MV) is the global, strategic venture
capital investment arm of Motorola, Inc. MV invests at all
stages in developing companies of strategic value to
Motorola in order to accelerate access to new technologies,
new markets and new talent. For more information, visit
http://www.motorola.com/ventures .
About Motorola
Motorola is known around the world for innovation and
leadership in wireless and broadband communications.
Inspired by our vision of Seamless Mobility, the people of
Motorola are committed to helping you get and stay
connected simply and seamlessly to the people, information,
and entertainment that you want and need. We do this by
designing and delivering "must have" products,
"must do" experiences and powerful networks --
along with a full complement of support services. A
Fortune 100 company with global presence and impact,
Motorola had sales of US $36.8 billion in 2005. For more
information about our company, our people and our
innovations, please visit http://www.motorola.com .
NOTE: netomat and netomat hub are registered
trademarks of netomat, Inc. All other registered or
unregistered trademarks are the sole property of their
respective owners.
For more information, please contact:
Gary Byrd
FortyThree, Inc.
Tel: +1-831-621-3773
Email: netomat@fortythreepr.com
SOURCE netomat, Inc.
2007'02.01.Thu
Xinhua China Reports Financial Results for Second Quarter and Six Months
February 27, 2006
BEIJING, Feb. 27 /Xinhua-PRNewswire/ -- Citing the
impact of a move into new facilities and delays in the
timing of certain orders because of the Beijing Book Fair,
Xinhua China Ltd. today reported a net loss of $2.1 million
for its second quarter ended December 31, 2005 on sales of
$9.1 million. Results for the six-months included a net
loss of $3.8 million on sales of $25.2 million. The
company noted it began operations on February 1, 2005. As
a result, comparative prior year data are not available.
The company noted gross margin in the second quarter
was 11.4 percent. This compares with gross margin of 10.4
percent in the first quarter. For the six month period,
gross margin was 10.8 percent. The increase was the result
of a higher percentage of sales stemming from non-textbook
titles, which carry a higher margin.
"The second quarter was one of considerable change
for Xinhua China," said Mr. Xianping Wang, president
and CEO. "Although we completed consolidation of four
older, less efficient distribution facilities into one
larger, more efficient facility late in the first quarter,
that process continued to impact our operations in the
second quarter as the new facility was still being
organized. That move has already begun to yield benefits
but it did disrupt the processing of orders during the
early part of the second quarter. As a result, sales were
lower than they would have been under normal conditions.
The fact that we were able to increase our gross margin
despite the disruption is an indication of the strength of
demand for books in China and our position in that market.
"Sales were also affected in the quarter by the
timing of the Beijing International Book Fair, held in
early January. A number of orders we would normally have
recorded in the second quarter were pushed into the third
quarter as buyers chose to use the book fair to further
refine and confirm the selections they intended to
purchase," Wang added.
Selling general and administrative expenses declined
modestly in the second quarter to $2.1 million from $2.3
million in the first quarter. The decline is the result of
actions taken earlier to modernize the operations, the
company said.
Just after quarter end, Wang said the company completed
the first phase of a financing that will ultimately provide
it with an infusion of $4 million in new capital. He noted
that the proceeds from this transaction will be used to
update systems and for general corporate purposes.
"We are continuing to build an organization to
meet the growing demand in China for all types of
books," Wang stated. "These steps being taken to
improve the efficiency of our operations are
well-documented. Although we have been in operation for
less than a year, those steps are beginning to show results
in the way we conduct our business, from order processing to
physical delivery of the volumes to bookstores," Wang
stated.
Wang said Xinhua China and its operating subsidiary,
Xinhua Publications Circulation & Distribution Co.,
Ltd., are complementing the improvements being made in the
physical distribution process with other measures to
stimulate sales volume. "We have not limited
ourselves to operational improvements. We are also engaged
in marketing efforts to help booksellers and publishers gain
exposure for their books. The most significant of these
efforts is the development of Chapter One China, our system
that allows buyers of books to preview the first chapter
through an on-line portal before making a purchase
decision. While still in the development stage, Chapter
one already has 10,000 titles in its database and the rate
at which books are being added is accelerating. We
envision a point in the not too distant future when any
book authorized in China may be previewed through Chapter
One China, whether in Chinese or any other language.
"The Chapter One China system will not only help
bookstore operators in managing their stock, it will
eventually help individual consumers make decisions about
books to buy. Further, Chapter One should also be valuable
in helping us capture the growing fulfillment business in
China. As on-line booksellers emerge as a significant
force in the Chinese market, they will need a partner to
fill orders they generate. We are uniquely positioned to
capture that business as the holder of the only national
license for the distribution of books and other
publications in China," Wang added.
"The outlook for our business remains bright,
although some results are taking longer to achieve than we
originally expected. The Chinese economy continues to be
one of the fastest growing in the world. The Chinese
people have greater access to information than ever before,
stimulating the demand for books. The internet is
experiencing explosive growth, making purchase of books,
even in the most remote areas, much easier. All of these
factors, along with our proactive marketing through Chapter
One and other initiatives, should be factors in the growth
of our book distribution business. It is, however,
important to note that we have still only been engaged for
a matter of months in modernizing a 70 year-old business
that was previously run to achieve political and social
objectives," Wang concluded.
About Xinhua China
Xinhua China Ltd. is a US publicly traded holding
company that, through one of its subsidiaries, Xinhua
Publications Circulation & Distribution Co., Ltd.,
holds a national license for distribution of books and
other publications in China. Xinhua China is involved in
forming strategy, operating and financing for Xinhua C
& D. Xinhua China also interfaces with the worldwide
financial communities to inform them of the combined
companies' goals and developments. For more information,
please call Mr. Alex Helmet at 1 800 884-3864 ext. 17 or
visit its website at http://www.xinhuachina.com.cn .
Safe Harbor Statement
This news release may include forward-looking
statements within the meaning of section 27a of the UNITED
STATES SECURITIES ACT of 1933, as amended, and section 21e
of the UNITED STATES SECURITIES and EXCHANGE ACT of 1934,
as amended, with respect to achieving corporate objectives,
developing additional project interests, Xinhua China's
analysis of opportunities in the acquisition and
development of various project interests and certain other
matters. These statements are made under the "safe
harbor" provisions of the United States private
securities litigation reform act of 1995 and involve risks
and uncertainties, which could cause actual results to
differ materially from those in the forward-looking
statements contained herein.
Xinhua China Ltd.
(formerly Camden Mines Limited)
CONSOLIDATED BALANCE SHEETS
[Basis of presentation and going concern uncertainty]
(Expressed in U.S. dollars)
(Unaudited)
Dec. 31, 2005
Jun. 30, 2005
Assets
Current Assets
Cash $ 3,367,004 $
1,336,269
Restricted Cash --
362,516
Account Receivable,
including related
party receivables
of $4,282,010
(June 30, 2005 - $5,926,629) 38,696,463
39,166,242
VAT receivable 4,500,038
5,964,445
Inventories 18,333,924
17,445,410
Prepayments 387,910
126,917
Total Current Assets 65,285,339
64,401,799
Property, plant and equipment 26,808,050
26,000,804
National distribution right 6,325,258
6,167,000
Goodwill 6,332,347
6,173,992
Total Assets $ 104,750,994 $
102,743,595
Liabilities and Shareholder Equity
Current Liabilities
Account payable and accrued
liabilities $ 78,828,539 $
76,231,392
Due to related parties 20,853,033
1,819,965
Total Current Liabilities 99,681,572
78,051,357
Convertible debenture net
of discount of $1,069,948 180,052
--
Warrants and beneficial
conversion 1,013,460
--
Loans from related parties -
19,514,229
Total Liabilities 100,875,084
97,565,586
Non-controlling interest 5,450,880
4,973,683
Commitments
Shareholders' Equity (Deficiency)
Common stock, $0.00001 par value,
authorized 500,000,000,
outstanding 61,779,765 618
618
Additional paid-in capital 7,895,697
5,855,525
Accumulated other
comprehensive Income 22,185
53
Accumulated deficit (9,493,470)
(5,651,870)
Total Shareholders' Equity
(Deficiency) (1,574,970)
204,326
Total Liabilities and
Shareholders' Equity $ 104,750,994 $
102,743,595
Xinhua China Ltd.
(formerly Camden Mines Limited)
CONSOLIDATED STATEMENT OF OPERATIONS
(Expressed in U.S. dollars)
(Unaudited)
3 months Ended 6 months Ended
12 months Ended
Dec. 31, 2005 Dec. 31, 2005
June 30, 2005
Revenue
Sales revenue $ 9,146,838 25,215,829
$ 15,496,537
Cost of sales 8,102,395 22,504,822
13,584,466
Gross profit 1,044,443 2,711,007
1,912,071
Expenses
Selling, general
and administrative 2,110,829 4,402,245
4,211,480
Stock-based compensation 918,550 1,873,763
3,534,507
Total operating expenses 3,029,379 6,276,008
7,745,987
Operating loss before
interest, other income
(expense) and income tax (1,984,936)
(3,565,001) (5,833,916)
Interest and other
income 186,591 252,274
66,430
Interest expense (495,743)
(785,467) (520,875)
Income tax -- --
--
Loss before non-controlling
interest (2,294,088)
(4,098,194) (6,288,361)
Non-controlling interests
share of loss 168,383 256,594
636,491
Net loss for the
period $ (2,125,705)
(3,841,600) $ (5,651,870)
Loss per share - basic
and diluted $ (0.03)
(0.06) $ (0.10)
Weighted average number
of shares outstanding
- Basic and diluted 61,779,765 61,779,765
55,733,786
For more information, please contact:
At Xinhua China Ltd.:
Alex Helmel
Investor Relations
Email: info@xinhuachina.com.cn
Tel: +1-604-681-3864 or +1-800-884-3864
At The Investor Relations Company:
Woody Wallace or Michael Arneth
Email: wwallace@tirc.com or marneth@tirc.com
Tel: +1-847-296-4200
SOURCE Xinhua China Ltd.
2007'02.01.Thu
TOM Online Extends Wireless Internet to Ourgame's Online Community
February 27, 2006
BEIJING, Feb. 27 /Xinhua-PRNewswire/ -- TOM Online Inc.
(Nasdaq: TOMO; Hong Kong GEM: 8282), China's leading
wireless Internet company, today announced it has signed a
strategic cooperation agreement with Ourgame, one of
China's largest online casual game operators.
Under the agreement, TOM Online will be the exclusive
provider of services such as SMS, MMS and IVR through
Ourgame's portal, http://www.ourgame.com . This
partnership follows TOM Online's strategy to form unique
large-scale distribution alliances allowing TOM Online to
broaden its reach to Chinese consumers and share revenues
with key distribution partners.
TOM Online Chief Executive Officer Wang Lei Lei said:
"I believe this is another example where TOM Online's
core competence of providing high-quality wireless services
is strengthened by Ourgame's focus on providing high-quality
and engaging online games. Together we are able to provide
our services to Ourgame's large base of users."
With a registered user base of more than 200 million,
Ourgame is one of the largest online games portals in China
providing a comprehensive range of board and interactive
casual games. The company has an active user base of 18
million a month as well as a concurrent user base of more
than 700,000.
About TOM Online Inc.
TOM Online Inc. (Nasdaq: TOMO; Hong Kong GEM: 8282) is
a leading wireless Internet company in China providing
value-added multimedia products and services. A premier
online brand in China targeting the young and trendy
demographics, the company's primary business activities
include wireless value-added services and online
advertising. The company offers an array of services such
as SMS, MMS, WAP, wireless IVR (interactive voice response)
services, content channels, search and classified
information, and free and fee-based advanced email. As at
September 30th, 2005, TOM Online is the only portal in
China that enjoyed a top three ranking in every wireless
Internet segment.
Safe harbour statement
This Press Release contains statements that may be
viewed as "forward-looking statements" within the
meaning of Section 27A of the United States Securities Act
of 1933, as amended, and Section 21E of the United States
Securities Exchange Act of 1934, as amended. Such
forward-looking statements are, by their nature, subject to
significant risks and uncertainties that may cause the
actual performance, financial condition or results of
operations of the Company to be materially different from
any future performance, financial condition or results of
operations implied by such forward-looking statements. Such
forward-looking statements include, without limitation,
statements that are not historical fact relating to the
financial performance and business operations of the
Company in mainland China and in other markets, the
continued growth of the telecommunications industry in
China and in other markets, the development of the
regulatory environment and the Company's latest product
offerings, and the Company's ability to successfully
execute its business strategies and plans.
Such forward-looking statements reflect the current
views of the Company with respect to future events and are
not a guarantee of future performance. Actual results may
differ materially from information contained in the
forward-looking statements as a result of a number of
factors, including, without limitation, any changes in our
relationships with telecommunication operators in China and
elsewhere, the effect of competition on the demand for the
price of our services, changes in customer demand and usage
preference for our products and services, changes in the
regulatory policies by relevant government authorities, any
changes in telecommunications and related technology and
applications based on such technology, and changes in
political, economic, legal and social conditions in China,
India and other countries where the Company conducts
business operations, including, without limitation, the
Chinese government's policies with respect to economic
growth, foreign exchange, foreign investment and entry by
foreign companies into China's telecommunications market.
Please also see "Item 3 - Key Information - Risk
Factors" section of the Company's annual report on
Form 20-F (File No. 000-50631) as filed with the United
States Securities and Exchange Commission.
For more information, please contact:
Rico Ngai
Investor and Corporate Communications
TOM Online Inc.
Tel: +86-10-6528-3399 x6940
Mobile: +86 139-118-95354
Email: rngai@tomonline-inc.com
SOURCE TOM Online Inc.
2007'02.01.Thu
FreeStar Technology Corp's Rahaxi Processing Oy. Signs Sales Agreement With Finnish-Based WinHair Cash Management Systems
February 27, 2006
SHANGHAI, China, Feb. 27 /Xinhua-PRNewswire/ --
FreeStar Technology Corp. (OTC Bulletin Board: FSRT), an
international card payments processor and technology
company, signed a sales and referral agreement with WinHair
Cash Management Systems ("WinHair"), a leading
provider of cash management software solutions for hair
salons and barbershops in Finland.
Under the terms of the agreement, WinHair is to market
Rahaxi-OTI(TM) (Open Terminal Interface); an in-house
developed and managed middleware solution, to its merchant
clients.
In addition, the agreement will enable Rahaxi to
provide WinHair's client base with its wide variety of
international standard products and services, including
fast, secure online card payment processing.
Jyrki Matikainen, sales director of Rahaxi Processing
Oy., said, "We are delighted that WinHair will be
marketing Rahaxi-OTI, which provides a secure payment
interface between the merchant, the banks and credit card
acquirers." Paul Egan, chief executive officer of
FreeStar Technology Corp added, "With our strong
commitment to EMV compliance and services development, this
agreement will enable Rahaxi access to new merchants and
help increase its established merchant base."
"I see a great opportunity to serve our customers
with a reliable, modern and a very competitive combination
of Rahaxi Processing's products and services. We're glad
to offer Rahaxi's products and services to our existing and
new customers," said Matti Ketvell, managing director
of WinHair.
Rahaxi-OTI was developed to meet high market demand.
Traditional POS vendors require companies to expand
services from platform to cash register as part of the POS
application logistics. The Rahaxi-OTI(TM) application is
managed centrally by Rahaxi and can be remotely updated
when needed.
About FreeStar Technology Corp.
FreeStar Technology Corp. is a payment processing
company. Its wholly owned subsidiary Rahaxi Processing
Oy., based in Helsinki, has a robust Northern European
BASE24 credit card processing platform. Rahaxi currently
processes in excess of 1.3 million card payments per month
for such companies as Finnair, Ikea and Stockman. The
company, based in Dublin, Ireland, maintains satellite
offices in Santo Domingo, Dominican Republic, Helsinki and
Geneva. For more information, please visit
http://www.freestartech.com .
About WinHair Cash Management Systems
WinHair Cash Management Systems, founded in 2000,
specializes in cash management software solutions
especially designed for hairsalons and barbershops.
WinHair¡äs flagship sotwares WinHair and WinHair Single
offer merchants an easy, versatile and reliable pc-based
solution for all needs created by cash transactions and
customer service. With over 400 merchant clients, WinHair
is the market leader in Finland in its chosen market
sector. For more information, please visit
http://www.winhair.net .
Forward-Looking Statements
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175
under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. When used in this
press release, the words "expects,"
"anticipates," "believes,"
"plans," "will" and similar expressions
are intended to identify forward-looking statements. These
are statements that relate to future periods and include,
but are not limited to, statements regarding our adequacy
of cash, expectations regarding net losses and cash flow,
statements regarding our growth, our need for future
financing, our dependence on personnel, and our operating
expenses. All statements, other than statements of fact,
included in this release, including, without limitation,
statements regarding potential future plans and objectives
of the companies, are forward-looking statements that
involve risks and uncertainties. Forward-looking
statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from
those projected. These risks and uncertainties include,
but are not limited to, those discussed above as well as
risks set forth above under "Factors That May Affect
Our Results." These forward-looking statements speak
only as of the date hereof. There can be no assurance that
such statements will prove to be accurate and actual
results and future events could differ materially from
those anticipated in such statements. Technical
complications that may arise could prevent the prompt
implementation of any strategically significant plan(s)
outlined above. The companies caution that these
forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in
FreeStar's Form 10-KSB filing and other filings with the
U.S. Securities and Exchange Commission (available at
http://www.sec.gov ). FreeStar undertakes no obligation to
publicly update or revise any statements in this release,
whether as a result of new information, future events, or
otherwise.
For more information, please contact:
FreeStar Technology Corporation
Paul Egan
Tel: +1-809-368-2001
Stern & Co.
Arun Chakraborty,
Tel: +1-212-888-0044
SOURCE FreeStar Technology Corporation
2007'02.01.Thu
Xinhua Far East Assigns AA- Issuer Rating to Guangzhou Development Industry (Holdings) Co., Ltd.
February 27, 2006
HONG KONG, Feb. 27 /Xinhua-PRNewswire/ -- Xinhua Far
East China Ratings today assigned Guangzhou Development
Industry (Holdings) Co Ltd ("the Company", SH A
600098) with an AA- domestic currency issuer credit rating.
The rating outlook is stable.
The rating reflects the Company's competitive market
position in terms of target region, its scale of operation
and its power generating efficiency compared with
Guangzhou's other power generation corporations. The
Company's consistent growth is underpinned by strong demand
for power in Guangzhou city, its main sales market in recent
years. The rating also takes into account the considerable
government support the Company enjoys from its indirect
controlling shareholder, the Guangzhou Municipal
Government.
On the other hand, Xinhua Far East expects the
Company's profit margin will continue to dwindle, given the
mounting operational risks associated with the deregulation
of power coal prices in China. Xinhua Far East also notes
that although the Company's new operations in energy
logistics have replaced power generation as the largest
contributor to revenue, these operations have not proved
successful but rather have placed a strain on the Company's
overall profitability. In line with this, Xinhua Far East
expects that power generation will remain the primary
source of the Company's earnings, while its plans for
business diversification face uncertainties.
Nevertheless, considering the Company's relatively low
debt ratios, stable cash flows and solid cash reserves,
Xinhua Far East believes that the Company's sound financial
situation will enable it to meet future capital expenditure
and support its current rating.
The rating outlook is stable, given the fast economic
growth in Guangdong Province, the Company's sound financial
profile and the expected growth to be gained by entering
into projects, via its strong relationship with the
government, which generate stable cash flow.
As of September 30, 2005, Guangzhou Development
Industry (Holdings) had registered capital of about RMB2.06
billion and consolidated total assets of about RMB10.8
billion. The Company's attributable installed capacity was
996.6 MW as of June 30, 2005.
Guangzhou Development Group Co Ltd is the largest
shareholder of Guangzhou Development Industry (Holdings),
with a 78.18% stake. Guangzhou Development Group Co Ltd is
100% controlled by Guangzhou Municipal Government.
Guangzhou Development Group Co Ltd is a constituent in
the Xinhua/FTSE China A50 Index. As of February 24, 2006,
the total market cap of the company accounted for RMB8.5
billion with an investable market cap of RMB3.4 billion.
For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating .
About Xinhua FTSE China A50 Index
The FTSE/Xinhua China A50 Index is a real-time tradable
index comprising the largest 50 A Share companies by full
market capitalization. Designed to meet the needs of QFIIs,
it can be used as a basis for both on-exchange and OTC
derivative products, mutual funds and ETFs. For daily data
and further information, see www.xinhuaftse.com.
About Xinhua Far East China Ratings
Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China. It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd. Shanghai Far East became
a Xinhua Finance partner company in 2003 and the first
China member of The Association of Credit Rating Agencies
in Asia in December 2003.
Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards. Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies. It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market. For more
information, see http://www.xfn.com/creditrating .
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe. For more information, please visit
http://www.xinhuafinance.com .
About Shanghai Far East Credit Rating Co., Ltd
Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China. It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China. The company
is a pioneer in conducting bond-rating business in China.
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.
Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence. The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years. With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion. For more information, see
http://www.fareast-cr.com .
For more information, please contact:
Hong Kong
Joy Tsang
Director of Corporate Communications
Xinhua Finance
Tel: +852-3196-3983, +86-21-6113-5999 or
+852-9486-4364
Email: joy.tsang@xinhuafinance.com
US
David Leeney
Taylor Rafferty (IR/PR Contact in US)
Tel: +1-212-889-4350
Email: david.Leeney@taylor-rafferty.com
SOURCE Xinhua Far East China Ratings
2007'02.01.Thu
Luxottica Group Signs Landmark Ten-Year, US$1.75 Billion Eyewear Licence Agreement with Polo Ralph Lauren
February 27, 2006
MILAN, Italy, Feb. 27 /Xinhua-PRNewswire/ -- Luxottica
Group (NYSE: LUX; MTA: LUX), the global leader in the
premium and luxury eyewear sector, announced today a
ten-year licence agreement with Polo Ralph Lauren Corp.
(NYSE: RL) for the design, production and worldwide
distribution of prescription frames and sunglasses under
the Polo Ralph Lauren name.
The agreement, which will begin on January 1, 2007, is
estimated to be worth for Luxottica Group in excess of
US$1.75 billion in sales over its duration. Terms include
an advance payment on royalties of US$199 million that will
mature over the ten-year term of the agreement.
Leonardo Del Vecchio, chairman of Luxottica Group,
commented: "We are extremely pleased to start 2006
with the announcement of a landmark agreement with one of
the world's leading brands. Polo Ralph Lauren is truly a
global brand and a perfect fit for our integrated approach
to wholesale-retail distribution."
"We have high expectations for what Polo Ralph
Lauren and Luxottica will accomplish together in years to
come. Our partnership will especially benefit from our
ability to support brands through a worldwide retail
network."
About Luxottica Group S.p.A.
Luxottica Group is a global leader in eyewear, with
nearly 5,500 optical and sun retail stores mainly in North
America, Asia-Pacific and China and a well-balanced
portfolio that comprises leading premium house and licensed
brands, including Ray-Ban, the best selling sun and
prescription eyewear brand in the world. Among others, the
Group's brand portfolio includes house brands Vogue, Persol,
Arnette and REVO and license brands Bvlgari, Burberry,
Chanel, Dolce & Gabbana, Donna Karan, Prada, Versace
and Polo Ralph Lauren, from January 2007. Luxottica
Group's global wholesale network touches 120 countries,
with a direct presence in the key 28 eyewear markets
worldwide. The Group's products are designed and
manufactured at its six Italy-based high-quality
manufacturing plants and at the only China-based plant
wholly-owned by a premium eyewear manufacturer. For fiscal
year 2005, Luxottica Group posted consolidated net sales and
net income of euro 4.3 billion and euro 342.3 million,
respectively. Additional information on the Group is
available at http://www.luxottica.com .
Safe Harbor Statement
Certain statements in this press release may constitute
"forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such
statements involve risks, uncertainties and other factors
that could cause actual results to differ materially from
those which are anticipated. Such risks and uncertainties
include, but are not limited to, fluctuations in exchange
rates, economic and weather factors affecting consumer
spending, the ability to successfully introduce and market
new products, the availability of correction alternatives
to prescription eyeglasses, the ability to successfully
launch initiatives to increase sales and reduce costs, the
ability to effectively integrate recently acquired
businesses, including Cole National, risks that expected
synergies from the acquisition of Cole National will not be
realized as planned and that the combination of Luxottica
Group's managed vision care business with Cole National
will not be as successful as planned, the impact of the
application of APB 25 (Accounting for Stock Issued to
Employees) and, as of January 1, 2006, the adoption of SFAS
123 (R) as well as other political, economic and
technological factors and other risks referred to in
Luxottica Group's filings with the U.S. Securities and
Exchange Commission. These forward-looking statements are
made as of the date hereof and Luxottica Group does not
assume any obligation to update them.
For more information, please contact:
Luca Biondolillo
Head of Communications of Luxottica Group S.p.A.
Email: LucaBiondolillo@Luxottica.com
Alessandra Senici
Senior Manager, Investor Relations of Luxottica Group
S.p.A.
Tel: +39-02-8633-4062
Email: AlessandraSenici@Luxottica.com,
SOURCE Luxottica Group S.p.A.
2007'02.01.Thu
National Nanometer Industrialization Favors TEDA
February 27, 2006
TIANJIN, China, Feb. 27 /Xinhua-PRNewswire/ -- Tianjin
Economic-Technological Development Area (TEDA) announced
today that the Ministry of Finance has appropriated RMB38
million to the National Academy of Nanometer Technology and
Engineering ("NANTE"), located in TEDA, to support
the key industrialization projects in nanometer research
during the "Eleventh Five-Year Plan." Using the
NANTE, and in virtue of the advantages of over one hundred
universities and research institutions in Beijing and
Tianjin, TEDA will build a high-tech platform in China for
the industrialization of nanometer technology.
Now the NANTE has established partnerships with many
universities and research institutions, including the
Chinese Academy of Sciences, Tsinghua University, Peking
University, the Military Medical Science Academy, Beijing
University of Aeronautics and Astronautics, Nankai
University and Tianjin University, they can not only set up
a platform for the research, development and application of
nanometer technology in fields like electro-information,
biology, medicine and micro-machinery, but also form a new
development mode for the technology industry featuring
dynamic alliances, joint technological breakthroughs and
systematic integration. This will serve as the impulsion
for the innovation of nanometer technology in TEDA.
Through governmental initiatives, such as the
formulation of industrial development planning, special
fund support and policy promotion, TEDA has created an
environment favorable for regional technology innovation,
built a platform facilitating technology innovation, thus
realizing the effect of talent aggregation. Now TEDA
serves as home to 23 national engineering and technology
research centers, 11 enterprise technology centers, 37
R&D Centers for transnational companies, 43
post-doctoral workshops for enterprises, 3 universities and
212 approved high-tech enterprises.
Brief Introduction to Tianjin Economic-Technological
Development Area
Tianjin Economic-Technological Development Area
(abbreviated to TEDA, with "Taida" as its Chinese
transliteration) was established in 1984, upon the approval
of the State Council of the People's Republic of China. It
was one of the first state-level economic and technological
development zones in the country.
Located in the centre of the Circum-Bohai economic
circle and in the east of the Eurasia continental bridge,
TEDA is a portal to such two metropolises as Beijing and
Tianjin and a vital passage to Northeast China. So far over
3,300 overseas-founded companies have settled in TEDA. Of
the Fortune 500 enterprises, 57 overseas transnational
companies from 10 countries and regions have made
investments in 123 enterprises that are based in TEDA,
including companies such as Motorola, Sumsung and Toyota.
In 2000, TEDA was acclaimed by Fortune of U.S. as "the
most admired industrial park of China." In 2002, it was
elected by the United Nations Industrial Development
Organization (UNIDO), along with five other Chinese cities
and areas including Shenzhen, Suzhou, Pudong New Area of
Shanghai, etc., "the most dynamic regions of
China."
For more information, please visit
http://www.investteda.org , or contact:
Ding Lei of TEDA
Tel: +86-22-2520-1616
Xu Hui of TEDA
Tel: +86-22-2520-1118
SOURCE Tianjin Economic-Technological Development Area
2007'02.01.Thu
Graduates of the Master of Corporate Real Estate (MCR) Programme to Receive their Honours at the 2006 CoreNet Global Asia Summit
February 27, 2006
-- MCR Professional Designation to be Awarded at CoreNet
Global's Asia Summit, the Grand Hyatt Beijing, March
28-30, 2006
HONG KONG, Feb. 27 /Xinhua-PRNewswire/ -- Twelve
leading corporate real estate practitioners from the Asia
region were today congratulated for successfully completing
the Master of Corporate Real Estate (MCR) programme and
joining a select few in Asia to earn the prestigious
designation offered through leading corporate real estate
association, CoreNet Global.
The CoreNet Global MCR programme is a professional
development programme which provides essential skills that
focus on urgent and critical business issues and
communicates competence and successful experience as a
corporate real estate expert.
In total, there were 92 international graduates in the
class of 2005, including the following successful
candidates from Asia:
-- Jeffrey F. Weidenborner, General Manager, Sienna
Commercial
Realty Advisors;
-- Peter Lu, Real Estate & Facilities Manager
Microsoft (China)
Co. Limited;
-- Eng Cheong Lim, Senior Real Estate Manager, General
Motors
Corporation;
-- William Taam, Regional Director, AIG Global Real
Estate
Investment LLC;
-- Christopher John Wu, Director of Real Estate,
Simon/Chelsea
International Limited;
-- Tony Wong, Vice President, JP Morgan Chase &
Company;
-- Michael Johnston-Smith, Director Asia Pacific,
Pears Global
Real Estate Investors Asia Limited;
-- Sammy Lee, Senior Asset Portfolio Mgr, ExxonMobil
Hong Kong
Limited;
-- John Edward A. Duarte, Property COF Senior
Specialist,
Chevron;
-- William Malone Jr., Senior Vice President, Exxon
Mobil
Corporation;
-- Regina Chia, Regional Asset Portfolio Manager,
ExxonMobil
Asia Pacific Pte. Limited;
-- Wan Nooraini Wan Md. Salleh, Property Senior
Specialist, Asia
Pacific, Caltex Oil (Malaysia) Limited.
Dr. Prentice Knight, Acting Chief Executive and Chief
Learning Office of CoreNet Global congratulated the Asian
graduates, commenting, "The MCR designation proves
your expertise within the professional real estate arena
and creates an elite core of respected leaders who can be
called upon to act as advisers and ambassadors for CoreNet
Global."
He continued, "The MCR designation communicates
professional competence and a high level of industry
knowledge to management and colleagues. We are therefore
delighted to honor the individuals who have graduated in
Asia."
As a former graduate of CoreNet Global's MCR
development programme, Ms. Irene Masterton, Head of
Strategy and Planning, CRES, for Standard Chartered Bank
expressed, "CoreNet Global's Executive Development
Programme is the ideal place to network whilst you are
learning.
"I have always found the mix of theory and
practical application that can be applied in the workplace
of immense value. This coupled with the opportunity of
discussing lessons learned has provided me with real
tangible benefits in my career. Through the programme I
have met CRE professionals and faculty members at all
stages of development in their own personal careers who
have become real friends and mentors," Ms. Masterton
stated.
The MCR programme was established in 1982 and is the
professional designation of CoreNet Global, which is the
largest worldwide organization devoted to the professional
education of corporate real estate professionals.
To receive the designation, professionals must complete
three required seminars, two elective seminars and a
Capstone within a five year period. An assessment is given
at the end of each seminar and a passing grade must be
earned to receive credit. Each designee will further their
education through continuing professional development which
must be renewed every three years.
About CoreNet Global
CoreNet Global is the world's premier association for
corporate real estate and related professionals.
Headquartered in Atlanta, USA, the global learning
organization is the industry thought and opinion leader,
plus the only professional real estate group that convenes
the entire industry.
Today, CoreNet Global's members manage US $1.2 trillion
in worldwide corporate assets totaling 700 billion square
feet of owned and leased office, industrial and other
space. With 7,500 members representing large organizations
around the world, CoreNet Global operates in five global
regions: Asia/Japan, Australia, Europe, Latin American and
North America including Canada.
For more information, please visit the CoreNet Global
website at http://www.corenetglobal.org .
For more information, please contact:
Janet Middlemiss
RFP
Tel: +852-2857-3832 / +852-9195-7829
Fax: +852-2840-1284
Email: jm@rfpmagazine.com
Jennifer Gao
CoreNet Global
Tel: +86-21-6122-1251
Fax: +86-21-6122-1481
Email: jgao@corenetglobal.org
SOURCE CoreNet Global
2007'02.01.Thu
TOM Online to Report Fourth Quarter and Fiscal 2005 Results on March 17
February 24, 2006
BEIJING, Feb. 24 /Xinhua-PRNewswire/ -- TOM Online Inc.
(Nasdaq: TOMO; Hong Kong GEM: 8282), a leading wireless
Internet company in China, will announce its financial
results for the fourth quarter and full year ended December
31st, 2005 after Hong Kong market hours on Friday, March
17th, 2006, corresponding with Friday morning, March 17th
in US time zones.
A press conference will be held at Chief Executive
Suites 2 - 3, Grand Hyatt Hotel, 1 Harbour Road, Hong Kong
at 4:00 PM Hong Kong time (or 3:00 AM EST) on March 17th,
followed by an investor conference at 5:30 PM Hong Kong
time.
Following the announcement, TOM Online's management
will hold an investor conference call at 8:00 PM Hong Kong
time (7:00 AM EST) on that day to present an overview of
the company's financial performance and business operations
during the period.
The dial-in numbers for the call are:
Australia: 1-800-750-079; China A (China Netcom
subscribers):
10800-852-0823; China B (China Telecom subscribers):
10800-152-0823; Hong Kong: +852-2258-4002; India:
000-800-852-1133; Singapore: 800-852-3412; United Kingdom:
0800-096-7428; USA: 877-542-7993.
Password: TOM Online.
The conference call will be webcast live and archived
on http://ir.tom.com . An audio replay of the call can
also be accessed by dialing +852-2802-5151; passcode:
759560. The audio replay of the conference call will be
kept for seven days.
About TOM Online Inc.
TOM Online Inc. (Nasdaq: TOMO; Hong Kong GEM: 8282) is
a leading wireless Internet company in China providing
value-added multimedia products and services. A premier
online brand in China targeting the young and trendy
demographics, the company's primary business activities
include wireless value-added services and online
advertising. The company offers an array of services such
as SMS, MMS, WAP, wireless IVR (interactive voice response)
services, content channels, search and classified
information, and free and fee-based advanced email. As at
September 30th, 2005, TOM Online is the only portal in
China that enjoyed a top three ranking in every wireless
Internet segment.
For more information, please call:
Rico Ngai
Investor and Corporate Communications
TOM Online Inc.
Tel: +86-10-6528-3399 x6940
Mobile: +86-139-118-95354
Email: rngai@tomonline-inc.com
SOURCE TOM Online Inc
2007'02.01.Thu
Xinhua Far East Upgrades Tsingtao Brewery Co. Ltd to BBB+ Issuer Rating
February 24, 2006
HONG KONG, Feb. 24 /Xinhua-PRNewswire/ -- Xinhua Far
East China Ratings today upgraded Tsingtao Brewery Co. Ltd
("Tsingtao Brewery" or "the Company";
SH A 600600; HK0168) from BBB- to BBB+ domestic currency
issuer credit rating. Its rating outlook remains stable.
The upgrade was based on Xinhua Far East's positive
view about Tsingtao Brewery's change in business focus from
external acquisition to internal consolidation, as well as
its equity relationship and strategic incorporation with
Anheuser-Busch ("AB"), its improved cash flow and
its lower debt burden since 2002. On the other hand, Xinhua
Far East recognizes that there are risks of further
profitability erosion due to intensified competition as a
result of the ever-increasing beer capacity surplus in
China, especially in lucrative regions, and due to the
company's aggressive marketing strategy.
Tsingtao Brewery's debt repayment ability has
significantly improved since 2002. This, Xinhua Far East
believes, has mainly been due to constraints on capital
expenditure and new shares issued to AB. Its gross debt/
total capital fell to 18.8% in the third quarter of 2005
from 43.2% in 2001. EBIT interest coverage increased to
6.4(X) in the first half of 2005 from 1.6(X) in 2001, while
net debt/ EBITDA changed to net cash status in 2005 from 2.8
in 2001.
Xinhua Far East notes that since 2002 Tsingtao Brewery
started to slow down the pace of acquisition and its
investment in new capacity as it shifted its focus from
capacity expansion to synergy improvement. In Xinhua Far
East's view, the Company is unlikely to resume its
large-scale capital expenditure because it has almost
finished its nationwide capacity allocation and secured its
position as one of the big two in the domestic beer market.
At the same time, Xinhua Far East expects that the
constraints on investment will continue to benefit its cash
position in the coming years. Its cash flow from operation
(CFO) began to surpass cash outflow from investment (CFI)
in 2002. The surplus between CFO and CFI recorded RMB467
million, RMB604 million, RMB1001 million and RMB1178
million from 2002 to the third quarter of 2005.
Xinhua Far East also acknowledges the contribution from
AB to the Company's rating profile. Tsingtao Brewery
approved AB to execute conversion options on accumulatively
HKD1.42 billion in convertible bonds in July 2003 and April
2005 successively; this accounted for about 50% gross debt
at the end of 2002.
On the other hand, Xinhua Far East notes that there are
factors that cloud Tsingtao Brewery's future and prevent it
from obtaining a high rating:
Although Tsingtao Brewery's EBIT margin rose to 7.2% in
the third quarter of 2005 from 4.6% in 2001, its
profitability remained weak compared to its major
competitors. Xinhua Far East attributes its margin
improvement to synergies gained from internal consolidation
and the introduction of a higher-end product mix, but
expects these two drivers might not help to the same degree
in the future.
Firstly, Xinhua Far East believes the low-median-end
products will continue to dominate the Chinese beer market.
The narrow high-end niche, which comprises less than 10%
and is slow-growing, is set to become too crowded in the
near future, with more and more foreign giants entering
into China's market and focusing first on regional and
high-end markets. Secondly, the geographic diversity of
acquired targets, management discrepancies and the residual
stakes held by local governments push further synergy
improvements a longer way into the future than expected.
As competition heats up nationwide, the Company faces
greater pressures in regions where it used to have dominant
power and lucrative profits. Since the profit from
Guangdong Province contributes considerably to the
aggregate profit of Tsingtao Brewery, Xinhua Far East
believes that the Company's profit margins could
deteriorate once a price war is initiated in Guangdong
Province as regional supply is estimated to double the size
of demand in 2007.
Xinhua Far East also believes there are somewhat higher
liquidity risks for Tsingtao Brewery as the short-term
borrowing accounted for 87.7% of gross debt in the third
quarter of 2005.
The rating outlook for Tsingtao Brewery remains
stable.
Tsingtao Brewery is current the largest beermaker in
China. As of year-end 2004, the Company recorded 37.1
million hls in beer sales and reported turnover and EBIT of
RMB7.7 billion and RMB558 million respectively. The Company
has the most extensive nationwide capacity allocation among
the native players and enjoys overwhelmingly high market
share in the Qingdao region. Sales in that region and
Guangdong Province accounted for 31.5% and 29.5% total
sales respectively in the first half of 2005. Its brand
"Tsingtao" is among the most widely recognized in
China. Being the second largest shareholder, Anheuser-Busch
Group holds a 27% stake in Tsingtao Brewery and enjoys 20%
voting rights in the Company.
Tsingdao Beer (SH A 600600) is a constituent of the
Xinhua/ FTSE China A50 Indices. As of market close on
February 23, 2006, its total market capitalization and
investible capitalization were RMB 6.27 billion and RMB
1.88 billion respectively.
For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating .
Note to Editors:
About Xinhua FTSE China A50 Index
The Xinhua FTSE China A50 Index is a real-time tradable
index comprising the largest 50 A Share companies by full
market capitalization. Designed to meet the needs of
QFIIs, it can be used as a basis for both on-exchange and
OTC derivative products, mutual funds and ETFs. For daily
data and further information, see www.xinhuaftse.com . For
daily data and further information, see
http://www.xinhuaftse.com .
About Xinhua Far East China Ratings
Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China. It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd. Shanghai Far East became
a Xinhua Finance partner company in 2003 and the first
China member of The Association of Credit Rating Agencies
in Asia in December 2003.
Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards. Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies. It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market.
For more information, see
http://www.xfn.com/creditrating .
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe. For more information, please visit
http://www.xinhuafinance.com .
About Shanghai Far East Credit Rating Co., Ltd
Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China. It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China. The company
is a pioneer in conducting bond-rating business in China.
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.
Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence. The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years. With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion. For more information, see
http://www.fareast-cr.com .
For more information, please contact:
Hong Kong
Joy Tsang
Corporate & Investor Communications Director
Xinhua Finance
Tel: +852-3196-3983 or +86-21-6113-5999
Fax: +852-9486-4364
Email: joy.tsang@xinhuafinance.com
US
David Leeney
Taylor Rafferty (IR/PR Contact in US)
Tel: +1-212-889-4350
Email: david.Leeney@taylor-rafferty.com
SOURCE Xinhua Far East China Ratings
2007'02.01.Thu
Crown to Open New Beverage Can Facility in Cambodia
February 24, 2006
PHILADELPHIA, Feb. 24 /Xinhua-PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) (Crown), a leading supplier of
packaging products worldwide, announced today that its
subsidiary, CROWN Asia Pacific Holdings Ltd will construct
a new wholly-owned beverage can production facility in
Cambodia. Located in the suburbs of the capital city Phnom
Penh and close to local customer filling plants, the plant
will have an annual production capacity of approximately
500 million two-piece, 33cl aluminum beverage cans.
Commercial production is scheduled to begin by mid 2007.
"We are excited to be moving forward with a new
beverage can plant to serve the Cambodian market,"
commented William H. Voss, President of Crown's Asia
Pacific Division. "Our beverage cans have been
imported into Cambodia at an accelerating rate over the
last few years and the market there for soft drinks and
beer continues to grow rapidly. We have been producing
beverage cans in South East Asia for over 30 years and this
is a natural extension of our commitment to support the
growing needs of our global and regional customers and to
help them continue to build their brands."
With this investment, Crown will operate ten 2-pc
beverage can plants in Asia -- four in China and six plants
in South East Asia with two in Vietnam (Ho Chi Minh City and
Hanoi) and one plant each in Malaysia, Singapore, Thailand
and Cambodia.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its affiliated companies,
is a leading supplier of packaging products to consumer
marketing companies around the world. World headquarters
are located in Philadelphia, PA.
For more information, please contact:
In Asia:
Jozef Salaerts
Senior Vice President - South East Asia;
Tel: +65-6229-4881
Email: jozef.salaerts@crowncork.com.sg
For investors:
Timothy J. Donahue
Senior Vice President - Finance,
Tel: +1-215-698-5088
SOURCE Crown Holdings, Inc.
2007'02.01.Thu
InterContinental Hotels Group to Manage World's Tallest Hotel in Nanjing
February 24, 2006
* New four-hotel deal with Shanghai Greenland Group
adds more than 1,400
rooms across Nanjing, Xi'an and Shanghai
* Includes world's tallest hotel, InterContinental
Nanjing
* Follows recent six-hotel Sichuan deal to further
reinforce leadership
position
SHANGHAI, China, Feb. 24 /Xinhua-PRNewswire/ --
InterContinental Hotels Group announced the signing of four
new management contracts with Shanghai Greenland Group, one
of the top three real estate and property management
companies in China. The deals include an InterContinental
hotel in Nanjing which will be the world's tallest hotel,
one Holiday Inn property in Xi'an and two Express by
Holiday Inn hotels in Shanghai, representing a total of
more than 1,400 rooms.
Andrew Cosslett, chief executive, InterContinental
Hotels Group, stated, "This latest signing with
Greenland Group comes hot on the heels of our landmark
six-hotel signing in Sichuan with the Chengdu International
Exhibition & Convention Group. These back-to-back
multiple-property deals with China's leading property
developers clearly illustrate our owners' and partners'
trust and confidence in us and cement our position as the
leading international hotel company in China. We are
extremely optimistic about the outlook for the
region."
Added Edmond Ip, InterContinental Hotels Group's chief
operating officer for North Asia, "This is an exciting
time for us. We are sustaining strong growth in China and
have been given the opportunity to work with some of the
largest and most respected partners in the country.
Shanghai Greenland Group is among the top three real estate
conglomerates in China and our partnership with them, on
multiple properties and hotel brands, is a great honour
that reflects their confidence in our ability to deliver
exceptional business results."
Zhang Yu Liang, president, Shanghai Greenland Group,
said: "The Greenland Group is in the midst of a
nation-wide expansion and we have great confidence in our
cooperation with the InterContinental Hotels Group. Their
understanding of the Chinese market, consistently strong
growth and broad portfolio of brands catering to different
market segments makes them the ideal hotel partner for our
newest and most impressive developments."
The scheduled openings will comprise the following
hotels:
In Nanjing, the gateway to southeastern China and a
historic city that is today one of the fastest-developing
in Asia Pacific:
-- InterContinental Nanjing, a 450-room luxury hotel
located within the
proposed Nanjing International Financial Center,
which will be the
world's tallest hotel. The hotel will offer
top-notch conference and
business facilities, three food and beverage
outlets, spa and pool.
Scheduled to open in 2010.
In Xi'an, a prosperous and rapidly growing city that is
home to the famous Terracotta Warriors:
-- Holiday Inn Greenland Xi'an, a 380-room mid-scale
hotel located in the
proposed Xi'an Hi-tech Development Zone,
approximately five kilometres
from the city centre. Facilities will include
extensive meeting
facilities, a range of food and beverage outlets,
health club and pool
. Scheduled to open in 2007.
In Putuo and Minghang, two of Shanghai's newest
industrial and commercial districts, which attract
international companies in the high-tech, light industrial
and logistics sectors:
-- Express by Holiday Inn Putuo Shanghai, a 230-room
convenience-sector
hotel located close to the express city train
station and a major
shopping mall. Scheduled to open in late 2006.
-- Express by Holiday Inn Minghang Shanghai, a 350-room
convenience-sector
hotel in the newly-developed Minghang residential
district west of
Shanghai. Scheduled to open in early 2007.
Since embarking on its nation-wide strategy in 2001,
Shanghai Greenland Group has developed successful
properties in numerous cities across China, including
Nanchang, Hefei, Changchun, Nanjing, Chengdu, and Xi'an.
Headquartered in Shanghai, the Group has received the
coveted "A" rating from the Ministry of
Construction and is widely regarded as a leader in real
estate market research, design and development.
Note to Editors
InterContinental Hotels Group PLC of the United Kingdom
(LON: IHG; NYSE: IHG (ADRs)) is the world's largest hotel
group by number of rooms. InterContinental Hotels Group
owns, manages, leases or franchises, through various
subsidiaries, almost 3,600 hotels and 539,000 guest rooms
in nearly 100 countries and territories around the world.
The Group owns a portfolio of well recognised and respected
hotel brands including InterContinental(R) Hotels &
Resorts, Crowne Plaza(R) Hotels & Resorts, Holiday
Inn(R) Hotels and Resorts, Holiday Inn Express(R),
Staybridge Suites(R), Candlewood Suites(R) and Hotel
IndigoTM, and also manages the world's largest hotel
loyalty programme, Priority Club(R) Rewards.
Asia Pacific is the fastest growing region for
InterContinental Hotels Group worldwide. The Group's
portfolio in this region includes more than 160 hotels and
over 44,000 guest rooms under the InterContinental(R)
Hotels & Resorts, Crowne Plaza(R) Hotels & Resorts,
Holiday Inn(R) Hotels and Resorts, and Express by Holiday
Inn(R) brands.
InterContinental Hotels Group offers information and
online reservations for all its hotel brands at
http://www.ichotelsgroup.com and information for the
Priority Club Rewards programme at
http://www.priorityclub.com .
For the latest news from InterContinental Hotels Group,
visit our online Press Office at http://www.ihgplc.com/media
.
For further press information and photos, please
contact:
Sharona Tao
Brand Public Relations & Communications Manager,
Greater China
InterContinental Hotels Group
Tel: +86-21-2893-3309
Fax: +86-21-2893-3399
Email: sharona.tao@ichotelsgroup.com
SOURCE InterContinental Hotels Group
2007'02.01.Thu
Xinhua Far East China Ratings Downgrades the Issuer Rating of SGIS Songshan to BB-
February 23, 2006
HONG KONG, Feb. 23 /Xinhua-PRNewswire/ - Xinhua Far
East China Ratings (Xinhua Far East) today downgraded the
issuer credit rating of SGIS Songshan Co Ltd (`SGIS' or
`the Company', SZ 000717) from BB to BB-. Its rating
outlook was changed to negative.
The downgrade was prompted by Xinhua Far East's view
about the adverse impact on SGIS' credit profile of a more
difficult operating environment. Xinhua Far East also notes
that SIGS' worse-than-expected results in 2005 reflected its
weakness in product mix and operating scale, and expects its
performance to stagnate in the adverse market. The
downgrade also reflected the company's aggressive financial
policy and its limited financial flexibility.
Xinhua Far East believes the Chinese steel sector is
still experiencing a downturn, prompting the outlook for
the next couple of years to be poor. Aggressive capital
expansion over past few years translated into oversupply in
2005. As a result, steel prices declined significantly, for
not only long products, but also the previously
import-dependent flat products. In contrast, the prices
for raw materials, including iron ore and coal, remain at
high levels, squeezing the profits of steelmakers who are
unable to pass the price rises through to consumers.
Xinhua Far East expects the adverse conditions in the
steel sector in China will worsen, given the heavy capacity
release and falling growth rates in demand from related
downstream industries. Xinhua Far East also anticipates
mergers and acquisitions will become more frequent in
China's still fragmented steel sector, a development, which
would further challenge the performance of smaller players
like SGIS.
SGIS' mainly low-value added products and its
relatively small operating scale make it very susceptible
to market risks in downturn periods. In the first three
quarters of 2005, SGIS' operating cash flow fell
remarkably, as large amounts of working capital were tied
up with mounting inventory. In the meantime, its net
profit fell 53.2% year-on-year, partly due to the lower tax
rebate benefit but also resulting from its sluggish
performance. Moreover, Xinhua Far East is concerned that
the company's poor performance will worsen, especially
considering the challenging operating environment.
Xinhua Far East also notes that SGIS employed an
aggressive financial policy, which led to escalating debt
levels. Over the past few years, SGIS invested heavily in
improving production, but most capital expenditure was
financed with short-term debt due to the pending issuance
of convertible bonds. As a result, SGIS has accumulated
substantial amounts of bank loans, which stood at RMB 5.58
billion as of September 30, 2005. Of this, short-term debt
accounted for as much as 79.8%. Accordingly, SGIS' gross
debt to total capital rose from 36% in 2003 to 51.6% by the
end of September 2005. Xinhua Far East expects SGIS' newly
completed capacity and the possible issuance of convertible
bonds will not boost the company's performance materially or
improve its credit profile.
In fact, in Xinhua Far East's view, SGIS' financial
flexibility deteriorated significantly, given its high debt
level, negative net working capital, and limited cash
reserves. Xinhua Far East believes it will be difficult
for the company to reverse its weak financial profile in a
couple of years.
The rating outlook for SGIS is negative considering the
gloomy market conditions.
SGIS Songshan Co Ltd is a small-to-medium sized steel
producer in China. The company's core products fall into
deformed bar, wire rod and medium plate. In 2005, SGIS
Songshan produced 3.39 million tons steel products.
SGIS Songshan (SZ A 000717) is a constituent of the
Xinhua/ FTSE China 200 Index. As of market close on
February 22, 2006, its total market capitalization and
investible capitalization were RMB 3.63 bn and RMB 2.73 bn
respectively.
For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating .
About Xinhua FTSE China 200 Index
Xinhua FTSE China 200 Index is the large cap index in
the Xinhua FTSE China A Share Index Series and includes the
top 200 companies in China by market cap. It is designed as
a tradable index and is calculated in real-time every 15
seconds. For daily data and further information, see
http://www.xinhuaftse.com .
About Xinhua Far East China Ratings
Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China. It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd. Shanghai Far East became a
Xinhua Finance partner company in 2003 and the first China
member of The Association of Credit Rating Agencies in Asia
in December 2003.
Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards. Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies. It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market.
For more information, see
http://www.xfn.com/creditrating .
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe.
For more information, please visit
http://www.xinhuafinance.com .
About Shanghai Far East Credit Rating Co., Ltd
Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China. It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China. The company
is a pioneer in conducting bond-rating business in China.
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.
Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence. The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years. With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion.
For more information, see http://www.fareast-cr.com .
For more Information, please contact:
Hong Kong
Joy Tsang
Corporate & Investor Communications Director
Xinhua Finance
Tel: +852-3196-3983 or +86-21-6113-5999
Fax: +852-9486-4364
Email: joy.tsang@xinhuafinance.com
US
David Leeney
Taylor Rafferty (IR/PR Contact in US)
Tel: +1-212-889-4350
Email: david.Leeney@taylor-rafferty.com
SOURCE Xinhua Far East China Ratings
2007'02.01.Thu
Ekahau Announces New Enterprise-Grade Site Survey Version
February 23, 2006
Ekahau Site Survey 2.2 Improves Performance 10x and Adds Multi-Language Support
SARATOGA, Calif., Feb. 23 /Xinhua-PRNewswire/ -- Ekahau
Inc., the industry leader in providing a Wi-Fi based Real
Time Location System (RTLS) solution and Site Survey tools,
today announced the new version 2.2 of Ekahau Site Survey
(ESS). The updated version can now provide large
enterprises with better survey capabilities for large-scale
networks.
Ekahau Site Survey 2.2 includes an optimized network
planning algorithm that delivers simulation and network
planning that is more than 10 times faster than in previous
versions. The new release also introduces enhanced device
support for quicker, more accurate surveying of dense
networks consisting of hundreds of access points. In short,
network design, verification and troubleshooting are now
even quicker than before.
Ekahau Site Survey 2.2 is currently available in an
English language version, and, by March, it will be
available in French, German, Italian, Spanish, and
Portuguese. "By offering a localized version of ESS,
Ekahau makes professional Wi-Fi tools available to users
that prefer using native language in the user interface and
documentation. Combining the native language with the clear
user interface makes ESS the easiest to use site survey
tool in the Wi-Fi market worldwide," said Arttu
Huhtiniemi, Ekahau's director of Product Management.
Ekahau Site Survey is the only available Wi-Fi design
and verification tool which combines the whole 802.11
deployment into an all-in-one solution: from planning and
surveying, to troubleshooting and reporting. Unlike other
site survey tools, ESS assumes that RF is never static, and
thus allows for simulating various changes in the RF
environment, such as density of the client devices. IT
Managers, especially, see value in the ESS monitoring and
troubleshooting features. Layer one security and
client-side RF verification, for example, cannot be
monitored by the WLAN switch, or corrected by 'Auto-RF'
features. ESS provides visual capabilities in a stunning
user interface that is well-known for its intuitive
approach.
The ESS software family is designed for IT Managers,
system integrators, professional service groups -- anyone
who has to deal with 802.11 installations and management.
The ESS plays a major role when deploying Wi-Fi based RTLS
solutions such as Ekahau RTLS. There are three optional
modules available to add to Ekahau Site Survey Standard
edition: Planner for off-site planning and simulation,
Reporter for advanced reporting needs, and GPS for outdoor
surveys.
Ekahau Site Survey 2.2 is now shipping to customers.
The price for the ESS Pro edition including all the
optional modules is $3,695. A FREE trial version of ESS is
available at http://www.ekahau.com/evaluate .
About Ekahau Inc.
Ekahau Inc. is the industry leader in providing Wi-Fi
based RTLS solutions. Ekahau's customers, including
several Fortune 500 companies worldwide, are realizing the
benefits of Wi-Fi-based location services, and innovative
Wi-Fi network planning and optimization tools. Ekahau
partners include wireless software developers, leading
system integrators, and international OEM partners, who
develop and market wireless enterprise applications. For
more information about Ekahau, please visit at
http://www.ekahau.com .
Ekahau(TM), Ekahau Positioning Engine(TM), Ekahau Site
Survey(TM), Ekahau T201 (TM), Ekahau RTLS (TM), Ekahau
Finder(TM), Ekahau Tracker(TM) and the Ekahau logo are
trademarks or registered trademarks of Ekahau. Other
product and company names may be trademarks or trade names
of their respective owners.
For more information, please contact:
Ekahau Public Relation Contacts:
Europe
Nina Mattsson,
Sr Manager, Worldwide Marketing & PR
Tel: +358-20-743-5921
Email: marketing@ekahau.com
Jussi Kiviniemi,
Product Manager
Tel: +358-20-743-5933
Email: products@ekahau.com
United States
Juliet Travis,
Rocket Science PR
Tel: +1-415-464-8110 x5
Email: juliet@rocketscience.com
SOURCE Ekahau Inc.
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