Imperial Metals Corporation (TSX:III) reports financial results for its fiscal year ended December 31, 2010. Operating income was $51.4 million, an increase from $24.8 million in 2009 as result of higher contribution margins from mine operations.
Net income was $35.3 million ($0.98 per share) compared to net loss of $12.8 million ($0.39 per share) in 2009. The increase was primarily due to the change in realized and unrealized gains and losses on derivative instruments, which resulted in a net loss of $11.2 million in 2010 versus a net loss of $42.7 million in 2009. Adjusted net income was $42.6 million ($1.18 per share) compared to $41.1 million ($1.27 per share) in 2009.
Cash flow increased to $65.5 million in 2010 from $54.6 million in 2009. The $10.9 million increase is primarily the result of increased operating margins at Mount Polley and Huckleberry mines due to higher copper prices and slightly higher sales volumes. Cash flow is a measure used by the Company to evaluate its performance, however, it is not a term recognized under generally accepted accounting principles. Cash flow is defined as cash flow from operations before the net change in non-cash working capital balances. The Company believes cash flow is useful to investors and it is one of the measures used by management to assess the financial performance of the Company.
| Selected Annual Financial Information | Years Ended December 31 | ||
| [expressed in thousands of Canadian dollars, except share amounts] | 2010 | 2009 | 2008 |
| Total Revenues | $246,851 | $201,137 | $229,745 |
| Net Income (Loss) | $35,323 | $(12,759) | $59,617 |
| Net Income (Loss) per share | $0.98 | $(0.39) | $1.83 |
| Diluted Income (Loss) per share | $0.96 | $(0.39) | $1.83 |
| Adjusted Net Income(2) | $42,643 | $41,112 | $55,468 |
| Adjusted Net Income per share(2) | $1.18 | $1.27 | $1.71 |
| Working Capital(3) | $65,589 | $28,054 | $54,211 |
| Total Assets | $440,041 | $373,071 | $384,901 |
| Total Long Term Debt (including current portion) | $2,515 | $2,656 | $4,648 |
| Cash dividends declared per common share | $0.00 | $0.00 | $0.00 |
| Cash Flow(1) | $65,518 | $54,552 | $76,334 |
| Cash Flow per share(1) | $1.81 | $1.68 | $2.35 |
| (1) | Cash flow and cash flow per share are measures used by the Company to evaluate its performance however, they are not terms recognized under generally accepted accounting principles. Cash flow is defined as cash flow from operations before the net change in non-cash working capital balances and cash flow per share is the same measure divided by the weighted average number of common shares outstanding during the period. |
| (2) | Adjusted net income is calculated by removing the gains or losses, net of related income taxes, resulting from mark to market revaluation of copper and foreign exchange hedging not related to the current period and removing the unrealized share based compensation expense, net of taxes. |
| (3) | Defined as current assets less current liabilities. |
| The Company believes these measures are useful to investors because they are included in the measures that are used by management in assessing the financial performance of the Company. | |
| The reporting currency of the Company is the CDN Dollar. The Company prepares its financial statements in accordance with Canadian generally accepted accounting principles. | |
Capital expenditures were $48.5 million, up from $27.8 million in 2009 as the Company increased capital expenditures, primarily in the exploration and development of its mineral properties. Expenditures in 2010 were financed by cash flow from the Mount Polley and Huckleberry mines except for two mobile mining units financed by long term debt.
At December 31, 2010 the Company had $30.3 million (2009-$23.9 million) in cash and cash equivalents and short term investments, inclusive of the Company’’s share of cash and cash equivalents of Huckleberry of $28.7 million (2009-$24.1 million).
Revenues were $246.9 million compared to $201.1 million in 2009. The increase is the result of higher copper prices and slightly higher sales volumes. The London Metals Exchange cash settlement copper price per pound averaged US$3.42 in 2010 compared to US$2.34 in 2009. The US Dollar compared to the CDN Dollar averaged about 10% lower in 2010 than in 2009. In CDN Dollar terms the average copper price in 2010 was 32% higher than the 2009 average copper price.
Revenue of $55.3 million in the fourth quarter of 2010 included a $6.1 million positive revenue revaluation due to increasing copper prices compared to a positive $4.1 million revenue revaluation included in the $63.6 million fourth quarter 2009 revenue. Positive revenue revaluations are the result of the copper price on the settlement date and/or the current period balance sheet date being higher than when the revenue was initially recorded or the copper price at the last balance sheet date.
Derivative Instruments
The Company has no derivative instruments related to gold or silver, only copper and the CDN/US Dollar exchange rate. During 2010 the Company recorded losses of $11.2 million on derivative instruments, primarily for copper, compared to losses of $42.7 million in 2009. These gains and losses result from the mark to market valuation of the derivative instruments based on changes in the price of copper and the CDN/US Dollar exchange rate. These amounts include realized losses of $10.1 million in 2010 and gains of $19.7 million in 2009. The Company does not use hedge accounting therefore accounting rules require that derivative instruments be recorded at fair value on each balance sheet date, with the adjustment resulting from the revaluation being charged to the statement of income as a gain or loss.
The Company utilizes a variety of derivative instruments including the purchase of puts, forward sales and the use of min/max zero cost collars. Imperial’’s income or loss from derivative instruments may be very volatile from period to period as a result of changes in the copper price and exchange rates compared to the copper price and exchange rate at the time when these contracts were entered into and the type and length of time to maturity of the contracts.
Derivative instruments for Mount Polley cover about 70% of copper settlements through the first quarter of 2012 via min/max zero cost collars. For Huckleberry derivative instruments include puts, forwards and min/max zero cost collars extending out to the second quarter of 2012 covering about 80% of copper settlements in the period.
During the year ended December 31, 2008 a portion of the Company’’s derivative instruments were with Lehman Brothers Commodity Services Inc. (“LBCS”), a subsidiary of Lehman Brothers Holdings Inc. (“Lehman”). Both LBCS and Lehman filed for bankruptcy protection and as a result of the uncertainty regarding the timing of, and the ultimate recovery of the LBCS derivatives totalling $28.3 million (US$21.9 million), the Company made a provision for the full amount of the LBCS derivatives in 2008. The Company would have recognized gains in 2008 and 2009 on these derivative instruments of $8.2 million (US$7.0 million) if LBCS and Lehman had not filed for bankruptcy and settled the derivative instruments in the normal course.
During the last quarter of 2010 the Company’’s claims were confirmed by the Trustee for LBCS and Lehman at US$18.5 million. There is an active market for LBCS claims and the Company could monetize the contingent gain however management’’s intention is continue to hold the claims as it expects this will provide a higher recovery than selling the claims. Claim buyers are offering to purchase the claims at between 50% and 60% of the US$18.5 million claim amount.
Update for 2010
Mount Polley
The reserve estimate for Mount Polley has been updated as of March 30, 2011. The current estimate incorporates open pit mining of the Springer, Boundary, C2 and WX zones, and reflects twelve months of mine production since the January 1, 2010 estimate.
As of January 1, 2011 total Mount Polley reserves are 45.8 million tonnes of 0.306% copper, 0.262 g/t gold and 0.471 g/t silver compared to 40.5 million tonnes of 0.318% copper, 0.282 g/t gold and 0.606 g/t silver at January 1, 2010. The current mine life for Mount Polley is to the third quarter of 2016.
Additional information is provided in the Company’’s Annual Information Form available on www.sedar.com and on www.imperialmetals.
| Annual Production For the Years Ended December 31 | 2010 | 2009 | 2008 |
| Ore milled (tonnes) | 7,894,596 | 7,045,737 | 6,848,983 |
| Ore milled per calendar day (tonnes) | 21,629 | 19,303 | 18,713 |
| Grade % — Copper | 0.322 | 0.371 | 0.552 |
| Grade g/t — Gold | 0.281 | 0.322 | 0.306 |
| Recovery % — Copper | 62.19 | 58.80 | 72.41 |
| Recovery % — Gold | 65.62 | 67.70 | 69.71 |
| Copper (lbs) | 34,842,611 | 33,860,500 | 60,305,759 |
| Gold (oz) | 46,771 | 49,412 | 47,001 |
| Silver (oz) | 206,812 | 202,992 | 522,340 |
In 2010 the Springer pit supplied 77% of the mill feed, with the balance from the Southeast and Pond zone pits. The Southeast and Pond zone pits were completed by January 2011 and the mill feed for the remainder of 2011 is scheduled to come from the Springer pit. Daily mill throughput in the fourth quarter 2010 averaged 21,203 tonnes per day up from the 19,869 tonnes per day achieved in the fourth quarter 2009. Mill throughput for 2010 set a new record, with 7,894,596 tonnes being milled for the year, up 12% from the 2009 level. Weather in January and February 2011 was more adverse than the mild conditions experienced in 2010 and, as a result, mill throughput during this period in 2011 was down about 9% from the same period in 2010.
A circuit was installed at Mount Polley in late 2010 to recover magnetite from the tailings. The magnetite is sold to coal mines for use in coal wash plants.
Mount Polley exploration expenditures totalled $7.1 million in 2010 compared to $5.4 million in 2009. A total of 108 holes totalling 44,822.8 metres of surface drilling, along with 374 metres of underground ramping, were completed at Mount Polley in 2010.
Exploration at Mount Polley was highlighted by completion of the first underground development at the property. A 500 metre ramp was driven to provide access for underground drilling of the high grade mineralization in the Boundary zone at depth. This drilling is now underway. Following the drilling, we anticipate completing the design of a test stope that we intend to mine in 2011 to confirm an appropriate underground mining method for the Boundary zone mineralization.
Huckleberry
The financial results of Huckleberry continue to have a significant impact on Imperial’’s results. Imperial’’s share of Huckleberry’’s net income in 2010 was $18.8 million compared to net loss of $9.6 million in 2009. Huckleberry’’s net income increased due to lower losses on derivative instruments and improved operating margins.
The reserve estimate for Huckleberry has been updated as of December 31, 2010. The current estimate incorporates open pit mining of the Main Zone Extension, including the Pushback Plan, and reflects twelve months of mine production since the December 31, 2009 estimate.
As of December 31, 2010 total Huckleberry reserves are 11.75 million tonnes of 0.359% copper. The current mine life for Huckleberry is to January 2014.
Additional information is provided in the Company’’s Annual Information Form available on www.sedar.com and on www.imperialmetals.
| Annual Production(*) For the Years Ended December 31 | 2010 | 2009 | 2008 |
| Ore milled (tonnes) | 5,684,300 | 6,133,700 | 6,031,300 |
| Ore milled per calendar day (tonnes) | 15,573 | 16,805 | 16,479 |
| Grade % — Copper | 0.396 | 0.377 | 0.316 |
| Grade % — Molybdenum | 0.007 | 0.006 | 0.006 |
| Recovery % — Copper | 91.7 | 90.2 | 88.5 |
| Copper (lbs) | 45,510,000 | 45,931,532 | 37,219,000 |
| Gold (oz) | 3,195 | 3,482 | 3,058 |
| Silver (oz) | 223,557 | 266,940 | 245,781 |
| Molybdenum (lbs) | 84,027 | 14,467 | 187,798 |
| *50% allocable to Imperial |
Lower throughput in 2010 was offset by higher copper grades and better recovery. As a result, copper production was down just under 1%. All mill feed continues to come from the Main Zone Extension pit, and a further expansion (the “Pushback Plan) of this pit will provide feed for milling operations to the end of 2013. This plan extends the life to 2013, and includes low grade stockpiles providing a significant portion of the 2011 mill feed. As a result, 2011 Huckleberry copper production will decline to about 39 million pounds in 2011.
A mine plan for extending Huckleberry’’s mine life by expanding the Main Zone pit is currently being developed. A study, which includes the construction of a new tailings storage facility, is expected to be completed by the third quarter of 2011.
Red Chris
The 2010 exploration program focused on drilling the Red Chris mineralized system to at least 1,000 metres below surface in the area of the proposed open pit. A total of 110 drill holes totalling 58,179 metres were completed in 2010, including 46 exploration, 23 condemnation and 41 geotechnical holes at the proposed open pit, tailings impoundment and plant site areas.
Exploration and development expenditures in 2010 totaled $17.5 million compared to $4.9 million for the year ended 2009. The Red Chris exploration budget for 2011 is $2.7 million.
Positive assay results were received, in particular from drill hole RC10-393, which included 317.5 metres grading 1.08% copper, 1.46 g/t gold and 4.28 g/t silver within a 1,112.5 metre mineralized section grading 0.54% copper, 0.61 g/t gold and 1.96 g/t silver. This is one of the longest mineralized intercepts obtained to date at Red Chris. Drill hole RC10-388, one of the first holes in the deep Main Zone since 2007, tested the western edge of the known Main Zone and intersected five intervals of copper/gold mineralization including 380.0 metres grading 0.34% copper and 0.50 g/t gold.
Assaying of the core from 2010 drilling was suspended in June 2010 by agreement with the Special Committee of American Bullion Minerals Ltd. to allow the parties to complete negotiations for the buy out of the minority shareholders of American Bullion Minerals Ltd. Core from holes RC10-402 to 425 remain unassyed.
The Northwest Transmission Line received its Environment Assessment approval on February 24, 2011 from the Provincial government. Construction is expected to be completed in late 2013. The Northwest Transmission Line will extend from Meziadin Junction through to Bob Quinn, a distance of 120 kilometres from the Red Chris mill site. The Red Chris project has Federal and Provincial approvals, and is in the final stage of Mines Act permitting.
The Red Chris property in northwest British Columbia is 80 kilometres south of Dease Lake and 18 kilometres southeast of the village of Iskut.
Sterling
Initiated in mid-February 2010, the 3220 access ramp provides access to the western edge of the 3220 level of the 144 Zone. The 3220 level was driven east along the footwall of the 144 Zone breccia to confirm gold grades and provide samples for further metallurgical testing. Gold grades from face and wall sampling of the 3220 level exceeded expectations and averaged 4.11 g/t gold over 368.5 feet, including several higher grade assays up to 16.46 g/t.
Extension of the underground drifts will provide additional samples to further characterize the gold mineralization, information on the limits of the 144 Zone and access for additional exploration drilling. The underground development is being completed to confirm mining methods, complete further metallurgical testing and to define a reserve sufficient to justify reopening of the Sterling gold mine.
The Sterling property is located 115 miles northwest of Las Vegas, Nevada.
Ruddock Creek
Exploration at the Ruddock Creek zinc/lead property restarted in early July 2010 and included surface diamond drilling testing the Creek Zone, and the installation and operation of a pumping system to dewater the E Zone decline. The Creek Zone drilling, completed mid-October with 17 holes totalling 3583.0 metres, confirmed the massive sulphide mineralization is continuous over a length down plunge to the west of over 400 metres and down dip to the north for approximately 150 metres. The objective of the current Ruddock Creek underground exploration program is to extend the lower E Zone to the west in a previously undrilled area with a view to increasing the resource defined to date and advance the project toward mine development. The program will include 400 metres of underground development and 11,000 metres of underground diamond drilling together with additional surface exploration, geological mapping, sampling and further diamond drilling of the Creek Zone and other selected zones within the Ruddock Creek Sulphide Horizon The existing workings have been dewatered and development work has started. The current program of underground development and drilling is expected to continue to mid-2011.
Mitsui Mining and Smelting Co. Ltd. (“Mitsui”) and Itochu Corporation (“Itochu”) have an option to earn a 50% interest in the Ruddock Creek Property. Their commitment is to spend at least $14 million before March 31, 2012 to earn a 35% working interest with the right to spend a further $6 million before March 31, 2013 to earn an additional 15% working interest at which point the property will be held by Imperial 50%, Mitsui 30% and Itochu 20%. Imperial will continue to operate the project through its wholly owned subsidiary Selkirk Metals Corp.
Ruddock Creek is located in the Scrip Range of the Monashee Mountains in southeast British Columbia, approximately 155 kilometres northeast of Kamloops.
Catface
The 2010 diamond drill program at the Catface copper/molybdenum property was completed in late September. A total of 3,547.9 metres of diamond drilling was completed in 13 NQ2 drill holes. Due to difficult drilling conditions, of the thirteen holes started, only six were successful in reaching the target depth.
The Catface property is located on Catface Peninsula on the west coast of Vancouver Island, west of Port Alberni, British Columbia.
Outlook for 2011
Operations, Earnings and Cash Flow
Imperial’’s production from the Mount Polley mine and its share from the Huckleberry mine is expected to be about 51.5 million pounds of copper, 45,400 ounces of gold and 149,000 ounces of silver during 2011. At current metal prices it is expected to generate sufficient cash flow for repayment of debt and to fund the Company’’s exploration and development plans. Cash flow protection for 2011 is supported by derivative instruments that will see the Company receive certain minimum average copper prices and exchange rates as disclosed under the heading Derivative Instruments. However, the quarterly revenues will fluctuate depending on copper and gold prices, the US Dollar/CDN Dollar exchange rate, and the timing of concentrate sales which is dependant on the availability and scheduling of transportation.
Exploration
Exploration plans for 2011 include programs at the Mount Polley, Red Chris, Ruddock Creek and Sterling properties. Ruddock Creek exploration will be funded by joint venture partners earning an interest in the project. Mount Polley exploration will continue to focus on defining underground, higher grade mineralization, and further testing of the mineralized zones in the vicinity of the Springer pit. Red Chris exploration will focus on completing a 10,000 metre diamond drill program with two diamond drills in operation. At Sterling the underground development and drilling will continue in the 144 Zone and some surface drilling may be conducted to test near surface mineralization in the vicinity of the historic Sterling workings.
Financing
Based on current plans and assumptions, the Company expects to have sufficient cash resources to support its normal operating requirements on an ongoing basis. The Company expects to continue to utilize short term debt facilities to manage its day to day financing needs. The Company is looking at alternatives to secure debt financing that will be required to fund 2012 and 2013 construction costs for the Red Chris project.
Detailed financial information provided in the Company’’s 2010 Annual Report available on www.sedar.com and www.imperialmetals.com.
CAUTIONARY NOTE REGARDING “FORWARD-LOOKING INFORMATION”:
THIS INFORMATION IS A REVIEW OF THE COMPANY”S OPERATIONS AND FINANCIAL POSITION AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2010, AND PLANS FOR THE FUTURE BASED ON FACTS AND CIRCUMSTANCES AS OF MARCH 31, 2011. EXCEPT FOR STATEMENTS OF HISTORICAL FACT RELATING TO THE COMPANY, INCLUDING OUR 50% INTEREST IN HUCKLEBERRY, CERTAIN INFORMATION CONTAINED HEREIN CONSTITUTES FORWARD-LOOKING STATEMENTS. WHEN WE DISCUSS MINE PLANS; OUR COSTS AND TIMING OF CURRENT AND PROPOSED EXPLORATION; DEVELOPMENT; PRODUCTION AND MARKETING; CAPITAL EXPENDITURES; THE CONSTRUCTION OF THE NORTHWEST TRANSMISSION LINE; CASHFLOW; WORKING CAPITAL REQUIREMENTS; AND THE REQUIREMENT FOR ADDITIONAL CAPITAL; OPERATIONS; REVENUE; MARGINS AND EARNINGS; FUTURE PRICES OF COPPER AND GOLD; FUTURE FOREIGN CURRENCY EXCHANGE RATES; FUTURE ACCOUNTING CHANGES; FUTURE PRICES FOR MARKETABLE SECURITIES; FUTURE RESOLUTION OF CONTINGENT LIABILITIES; ACQUISITION OF MINORITY INTEREST IN AMERICAN BULLION MINERALS LTD.; RECEIPT OF PERMITS; OR OTHER THINGS THAT HAVE NOT YET HAPPENED IN THIS REVIEW WE ARE MAKING STATEMENTS CONSIDERED TO BE FORWARD-LOOKING INFORMATION OR FORWARD-LOOKING STATEMENTS UNDER CANADIAN AND UNITED STATES SECURITIES LAWS. WE REFER TO THEM IN THIS REVIEW AS FORWARD-LOOKING INFORMATION.
THE FORWARD-LOOKING INFORMATION IN THIS REVIEW TYPICALLY INCLUDES WORDS AND PHRASES ABOUT THE FUTURE, SUCH AS: PLAN, EXPECT, FORECAST, INTEND, ANTICIPATE, ESTIMATE, BUDGET, SCHEDULED, BELIEVE, MAY, COULD, WOULD, MIGHT, WILL. WE CAN GIVE NO ASSURANCE THAT THE FORWARD-LOOKING INFORMATION WILL PROVE TO BE ACCURATE. IT IS BASED ON A NUMBER OF ASSUMPTIONS MANAGEMENT BELIEVES TO BE REASONABLE, INCLUDING BUT NOT LIMITED TO: THE CONTINUED OPERATION OF THE COMPANY”S MINING OPERATIONS, NO MATERIAL ADVERSE CHANGE IN THE MARKET PRICE OF COMMODITIES AND EXCHANGE RATES, THAT THE MINING OPERATIONS WILL OPERATE AND THE MINING PROJECTS WILL BE COMPLETED IN ACCORDANCE WITH THEIR ESTIMATES AND ACHIEVE STATED PRODUCTION OUTCOMES, VOLATILITY IN THE COMPANY”S SHARE PRICE AND SUCH OTHER ASSUMPTIONS AND FACTORS AS SET OUT HEREIN.
IT IS ALSO SUBJECT TO RISKS ASSOCIATED WITH OUR BUSINESS, INCLUDING BUT NOT LIMITED TO: RISKS INHERENT IN THE MINING AND METALS BUSINESS; COMMODITY PRICE FLUCTUATIONS AND HEDGING; COMPETITION FOR MINING PROPERTIES; SALE OF PRODUCTS AND FUTURE MARKET ACCESS; MINERAL RESERVES AND RECOVERY ESTIMATES; CURRENCY FLUCTUATIONS; INTEREST RATE RISK; FINANCING RISK; ENVIRONMENTAL RISK; FOREIGN ACTIVITIES; LEGAL PROCEEDINGS; AND OTHER RISKS THAT ARE SET OUT IN OUR ANNUAL INFORMATION FORM AND BELOW.
IF OUR ASSUMPTIONS PROVE TO BE INCORRECT OR RISKS MATERIALIZE, OUR ACTUAL RESULTS AND EVENTS MAY VARY MATERIALLY FROM WHAT WE CURRENTLY EXPECT AS SET OUT IN THIS REVIEW.
WE RECOMMEND THAT YOU REVIEW OUR ANNUAL INFORMATION FORM AND THIS NEWS RELEASE, WHICH INCLUDE A DISCUSSION OF MATERIAL RISKS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM OUR CURRENT EXPECTATIONS. FORWARD-LOOKING INFORMATION IS DESIGNED TO HELP YOU UNDERSTAND MANAGEMENT”S CURRENT VIEWS OF OUR NEAR AND LONGER TERM PROSPECTS, AND IT MAY NOT BE APPROPRIATE FOR OTHER PURPOSES. WE WILL NOT NECESSARILY UPDATE THIS INFORMATION UNLESS WE ARE REQUIRED TO BY SECURITIES LAWS.
Imperial Metals Corporation
Brian Kynoch
President
604.669.8959
604.687.4030
Imperial Metals Corporation
Andre Deepwell
Chief Financial Officer
604.488.2666
Imperial Metals Corporation
Sabine Goetz
Investor Relations
604.488.2657
info@imperialmetals.com
www.imperialmetals.com
Firestone Management Group Reports on India’s Remarkable Private Jet Growth
Today, Firestone Management Group, a boutique private jet advisory practice focused on assisting multinational private jet organizations interested in penetrating the emerging markets of Asia-Pacific, releases a current report on the private jet landscape within the Republic of India. This is the inaugural issue of a bi-annual report on India from the Firestone Management Group.
As of March 15, 2011 there are currently a combined total of 136 private jets registered in India made by the following private jet manufacturers:
- Hawker Beechcraft leads the industry with 35 private jets registered representing 26 percent of the entire installed base.
- Cessna Aircraft Company closely follows with 31 private jets currently registered in the country, representing 23 percent of the installed base.
- Bombardier has 24 private jets representing 18 percent of the installed base.
- Dassault Falcon Jet has 17 private jets representing 13 percent of the total installed base.
- Gulfstream Aerospace Corp. has 15 private jets equaling 11 percent of the total installed base.
- Embraer, Boeing, and Airbus have yet to reach double digits with 9, 3 and 2 private jets respectively.
Of the combined total of 136 private jets, 95 were manufactured less than 10 years ago, representing nearly 70 percent of the current installed base of aircraft currently registered in India. In the last 36 months alone, 43 jets have been added to the registry representing a 46 percent growth.
“The growth opportunity for private jet manufacturers to deliver their products into India is tremendous,” says Justin Firestone, managing director of Firestone Management Group. “As the world’s largest democracy, the second most populous country and one of the fastest growing major economies, this quantitative data indicates India is clearly embracing the need for safe and efficient business jet travel.”
Data used within this report was collected using AMSTAT, the leading source for worldwide corporate aircraft fleet operator and market information, and other primary and secondary research.
About Firestone Management Group
Firestone Management Group is a boutique advisory practice focused on assisting multinational private jet organizations interested in penetrating the emerging markets of Asia-Pacific. The company was founded in 2010 by Justin Lee Firestone, a pioneer and leader in the private jet industry. Prior to starting Firestone Management Group, Firestone spent over a decade in the private jet industry holding senior management positions with Hawker Beechcraft, Asia Jet and Marquis Jet, a wholly owned subsidiary of NetJets. Firestone, a full time resident in Asia-Pacific from 2007 to 2010, currently splits time between his offices in Asia and North America. For more information, please contact Firestone Management Group in Asia-Pacific at +852-6583-8888, in the USA at +1-305-255-5400, or online at www.FirestoneManagementGroup.com.
Media Contact:
Jami Thompson
Shine Factory Public Relations
Email Contact
+1-480-442-7377
FORT LAUDERDALE, FL, March 31, 2011 /24-7PressRelease/ — David Drucker and Joel Bruckenstein, producers of the “T3″ Technology Tools for Today newsletter and annual conference, today released additional statistics and comments about the sixth annual T3 conference, held at the Grand Hyatt Weston in Florida February 16-19th, 2011. In addition, the conference organizers have now announced the dates and location for T3 2012.
OVERVIEW OF T3 2011
“T3 2011 was well received, with over 500 professionals in attendance,” reported David Drucker. “Attendees enjoyed visiting with a wide variety of technology solutions providers — 75 booths in all — spread out in two exhibit halls, grouped based on type of solution provided. Conference sponsors, as well, were pleased with the groupings and overall success of the event.”
“This is our sixth year organizing and producing the conference,” added Joel Bruckenstein. “It’s gratifying work. We had record attendance at T3 2011 and were very pleased with the enthusiastic support provided by the speakers, sponsors and industry allies who helped to make the event such a big success.”
“What we know after attending the last couple of T3 events is that the conference is really one of the financial planning industry’s leading technology conferences. As providers of the industry’s first online practice manager, Quantuvis sees the annual T3 conference as a unique opportunity to promote our products and solutions not only to our potential clients but also to ensure that our peers and potential partners are aware of the possibilities we bring in the practice management technology arena,” said Dana Marino, Consulting Manager with Quantuvis Consulting Inc.
“We were pleased to see familiar faces and meet new friends,” Marino continued. “This year the conference provided great thought leadership and appeared to be well attended by not only the big players, movers and shakers, but also several newcomers with innovative, creative and helpful solutions for our industry.”
Conrad Foster, President and CEO of CEO Imaging Systems, Inc. agreed, saying: “CEO Imaging Systems and Fujitsu have been proud Platinum sponsors of T3 from the very first conference. Both the T3 newsletter and the T3 conference are the leading technology resources for the financial advisor industry. The conference attracts a wide spectrum of both small and large firms including large broker-dealer networks, independent RIAs and technology consultants involved within the industry. The conference also brings together the leading technology developers and providers, including our company; we collaborate and integrate our technology with many of the other solutions providers there. The conference also attracts many of our current as well as prospective new clients so it presents a great business opportunity for our company. T3 is a valuable forum for both education and transacting business. In our view, it is one of the most important events for the industry we attend every year.”
In addition to interacting with sponsors in the exhibit hall, participants had many educational opportunities including seven general sessions and 25 breakout sessions on Friday and Saturday, plus 26 pre-conference sessions the preceding Wednesday and Thursday.
“Year after year, Joel Bruckenstein and David Drucker put on the industry’s best technology focused conference,” said Michael Wilson, Director of Marketing at Morningstar. “They have a knack for building an agenda that deals with issues that advisors face now, as well as the ones that they will face in the future. Integration is always a big topic of discussion at T3 conferences. It’s clear that many advisors are still struggling with how to integrate the disparate software upon which their firms run. It’s a hot topic among the software vendors, custodians and advisors because it’s clear that many advisors are struggling with antiquated and inefficient software. What’s great about T3 is that it gives us the opportunity to talk about how our 2500+ Morningstar Office users are working smarter and more efficiently using our all-in-one platform for their Portfolio Management, Research, Planning, CRM, Billing, and Client Web Portal needs. It’s a great conference and we are pleased to be one of its main sponsors,” Wilson said.
Networking opportunities for both sponsors and attendees were abundant, according to Brain Davis, Director of Advisor Services at Scottrade Advisor Services. “The T3 Conference is not only a great conference for us to reach our existing customers and potential new customers, but it provides an excellent venue for us to create new partnerships with technology vendors who can help our advisors streamline their technology and operational processes. Many of our current partnerships were the result of our attendance and sponsorship of the T3 Conference,” Davis said.
Photos and a number of short video interviews from this and past T3 Conferences can be viewed at www.T3Conference.blogspot.com and www.technologytoolsfortoday.com.
ANNOUNCING T3 2012
“We are pleased to announce the dates and location for the T3 2012 conference, and look forward to seeing both old friends and new at the Hilton Anatole in Dallas, Texas, February 16-18, 2012,” Drucker said. “The pre-conference sessions, which are really more like free bonus sessions for attendees, will be held Thursday, February 16th.”
“Additional details will be available soon,” added Bruckenstein. “Meanwhile, the best thing for people to do is become a part of the T3 Community. They can follow us on Twitter under the handle @t3fan and read the Twitter stream at www.Twitter.com/t3fan, or sign up to follow our blog postings at www.T3Conference.blogspot.com. T3 newsletter information is available on our website, www.technologytoolsfortoday.com. Our newsletter subscribers are always the first to know about breakthrough technology and new outsource solutions, events and other breaking news.”
T3 2011 Media Partner:
Financial Planning magazine
T3 2011 Platinum Plus Sponsors:
Asset Dedication
Envestnet
Laserfische
TD Ameritrade Institutional
Quantuvis
T3 2011 Platinum Sponsors:
Cash Edge
CEO Image Systems / Fujitsu
Charles Schwab
Fidelity Investments
Morningstar
Portfolio Director / Scottrade Advisor Services
Tamarac
T3 2011 Gold and Silver Sponsors:
ActiFi, Inc.
Advisor Websites
Advisors Assistant
Arcons Technology, Inc.
AllBackoffice Consulting LLC
AssetBook, Inc.
B-Ready Outsourcing Solutions
Big Brain Works
BOSS – Back Office Support Service Inc.
ByAllAccounts
Charles Schwab
Commonwealth Financial Network
eAllocator
EISI
Finance Logix
iNautix (USA) LLC / Pershing Advisor Solutions
IPS AdvisorPro
iRebal
Junxure
LightPort
MarketingLibrary.net, Inc.
Mobile Assistant
MoneyGuidePro
NetDocuments
Nine Mile Software/TradeWarrior
Orion Advisor Services
ProTracker Software, Inc.
Redtail Technology.com
Spectrum Input (PreciseFP)
Tamarac, Inc.
Total Rebalance Expert
TradePMR, Inc.
Trust Company of America
Virtual Resources, LLC
Virtual Solutions Consortium
About the T3 and the Technology Tools for Today brand
David J. Drucker, MBA, CFP
Under the banner of “Drucker Knowledge Systems,” David J. Drucker, MBA, CFP provides the benefit of his more than 25 years of experience and research to other members of the financial services industry.
He is the co-author of The One Thing… You Need to Do As Told by the Financial Advisory Industry’s Top Coaches, Consultants and Visionaries (The Financial Advisor Literary Guild, 2005), Tools & Techniques of Practice Management (The National Underwriter Company, 2004) and Virtual Office Tools for a High-Margin Practice: How Client-Centered Financial Advisors Can Cut Paperwork, Overhead, and Wasted Hours (Bloomberg Press, 2002). He is also editor of T3: The Newsletter.
Drucker writes on technology and practice management issues for financial advisors as a columnist or contributor to Financial Advisor and Financial Planning magazines. He recently resigned from monthly columnist duties for www.MorningstarAdvisor.com so that he could spend more time writing white papers, editing the T3 Newsletter and producing the T3 Conference.
Joel P. Bruckenstein, CFP, CMFC
Freelance magazine writer, book author, virtual office consultant and fee-only financial advisor Joel P. Bruckenstein, CFP , is the Publisher of T3: The Newsletter. He frequently contributes articles to other financial planning publications including Financial Advisor Magazine and Financial Planning Magazine. For many years, he was the Senior Technology Editor at www.MorningstarAdvisor.com.
Virtual Office Tools for a High-Margin Practice, Bruckenstein’s practice management and technology book co-authored with David Drucker, has garnered universal praise from industry experts. The duo’s second book, Tools and Techniques of Practice Management which was published by National Underwriter Company in 2004, has also received good reviews.
Bruckenstein’s expert opinions have appeared in The Wall Street Journal, The New York Times, Business Week, The Baltimore Sun, The Washington Post Investment Advisor Magazine, Investment News, Gannett Newspapers, and the New York Daily News, Kiplinger’s Retirement Report, the Journal of Financial Planning and other publications.
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Jani-King of Phoenix’s latest victory comes with their recent collaboration with the prestigious Arizona Biltmore in Phoenix. They have once again proven themselves to be among the leading housekeeping services in the Phoenix, Arizona hospitality industry. As a result of their amazing services and unmatched performance in working with high-end establishments, Jani-King has left a lasting impression on Phoenix.
The Biltmore’s seamless transition with Jani-King took place during the busy holiday season, adding to an already challenging process. During this time Jani-King organized specialized crews to match the hotel’s diverse needs, assembling specifically trained crews for the spa, the kitchens, as well as the front and back of the house to assure maximum satisfaction. As a testament to the high level of service Jani-King offers the Biltmore’s very own Executive Chef expressed his approval by claiming to be a “very big fan” of Jani-King’s service with his kitchen.
Jani-King hotel cleaning success stems from their diverse qualifications and ability to form customized crews for each hotel element and cleaning task, providing specialized services with the expertise and flexibility needed to pull off such a demanding job. Whether its hotel housekeeping, kitchen cleaning, or spa maintenance, it is this attention to detail that allows them to maintain their track record within the Phoenix hospitality industry and be a leader in the resort cleaning arena.
This wasn’t the first high-end establishment for Jani-King’s regional office in Phoenix; they have been working with the Four Seasons and Fairmont Princess Resorts, all of which have been recognized by Travel and Leisure Magazine as, “500 World’s Best Hotels.” The Biltmore, Four Seasons, and Fairmont Princess Resorts have all been recognized with top awards in the hospitality industry, all having received AAA’s Four and Five Diamond Awards. These resorts also have award-winning golfing, restaurants, and spas. Jani-King has now claimed three of the five “crown jewels” in the Phoenix high-end luxury hotel scene, firmly placing them among the leaders in the high-end establishment commercial cleaning service industry.
Not simply a hotel housekeeping service, Jani-King has also participated in many high profile community events such as teaming up with Sports One and Bud Light for a screening of the BCS Championship game in downtown Scottsdale. As many as four rows of forty-yard dumpsters filled with garbage were emptied multiple times during the event. This level of garbage was a result of an estimated 80,000 people attending the screening, which included live entertainment and pep rallies. Jani-King’s flexibility in handling such an event with many unknown challenges shows their ability to adapt and handle whatever is needed to continue to play their part in the successful tourism industry Phoenix enjoys.
So, once more Jani-King hotel cleaning experts positioned themselves to be the champions of commercial cleaning services in the Phoenix hospitality industry. With consistent performance and outstanding attention to detail they will continue to offer their superior service in support of the Phoenix area. Their work with award-winning resorts and community events is what places them before other commercial cleaning services and demonstrates their commitment to excellence.
About Jani-King International
Jani-King commercial cleaning offers superior hotel cleaning service through cleaning practices that maximize efficiency, dedicated and experienced support to handle any commercial cleaning challenge, and 24-hour operations support and measured inspections. They specialize in providing top quality hotel housekeeping and event cleaning services to many high-end resorts and popular community events. Jani-King is a recognized leader in the commercial cleaning industry and a top choice for anyone looking to start a cleaning business.
For media inquiries, please contact:
Robert Kindred
Jani-King International
972-991-0900
Email Contact
Jani-King has participated in many high profile community events such as teaming up with Sports One and Bud Light for a screening of the BCS Championship game in downtown Scottsdale.
MONTREAL, QC, March 31, 2011 /24-7PressRelease/ — Many companies seek increased energy efficiency solutions, while some even strive for LEED certification. How the company chooses to go about it can be the difference between unnecessary down-time and a quicker investment payback. Especially in the case of companies who opt to retrofit existing facilities, Cypress Envirosystems offers innovative technologies that actually improve productivity while saving money.
Founded by CEO Harry Sim in 2006, Cypress Envirosystems’ goal is simple: to help older plants and buildings save energy and improve productivity. The company specializes in products, such as the Wireless Pneumatic Thermostat, Wireless Gauge Reader or Wireless Steam Trap Monitor, which can be installed with a minimum of disruption and expense. Their products use the latest Silicon Valley technology and apply it to the oldest building systems to make them more efficient.
“Our products take minutes instead of hours to install, therefore the cost is much lower and the payback is much faster – about 12 to 18 months,” said Sim. “That’s what people are looking for these days and it has really resonated with the attendees at the FMA Congress in Chicago.”
At the event, Sim lead a presentation on retrofitting existing facilities and found the audience to be “fairly large and focused exactly on and primed for this topic.”
“Our message hit home. Within two to three hours of the presentation we had a lot of visitors to our booth and had already scheduled a lot of site visits,” said Sim.
This is the second FMA event attended by Cypress Envirosystems, and Sim said he already has the schedule for 2011 so that he can plan ahead to attend future events.
“Attendees at FMA events are more focused on the energy space and are at a more senior level (than at other events) and seem to have specific projects to complete. I find their interest to be relevant to our offerings and they are in the position to make decisions.”
For more press releases, video testimonials, congress webcasts, or if you wish to attend, speak at, or sponsor an upcoming event, please visit our website – www.fmaintl.com or contact Joe Piazza, Vice President and Director of Business Development for FMA Congresses at 514-787-1710 ext 2307, or by email at jpiazza@fmaintl.com.
FMA Congresses develops specialized conferences and trade meetings for the industrial, commercial and government sectors. These events range in focus from sustainability, energy and environmental initiatives, to developing infrastructure and international trade.
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Zoolander Corporation (“Zoolander” or the “Corporation”) (TSX VENTURE:ZOO.H) is pleased to announce that the TSX Venture Exchange Inc. (the “Exchange”) has conditionally accepted the acquisition of all of the issued and outstanding shares of Adsani Exploration (Proprietary) Limited (“Adsani”) as Zoolander’’s qualifying transaction pursuant to the policies of the Exchange (the “Qualifying Transaction”). Final approval of the Exchange is subject to Zoolander fulfilling all of the requirements of the Exchange.
In connection with the Qualifying Transaction, Zoolander has today filed on SEDAR a filing statement dated March 31, 2011 regarding the Qualifying Transaction and the business of Adsani in accordance with Policy 2.4 of the Exchange. Zoolander expects to close the proposed Qualifying Transaction on or about April 15, 2011.
Zoolander also announced today that, following the expiration of an aggregate of 680,000 options to purchase common shares of Zoolander on March 17, 2011, the Corporation has granted options to purchase up to 380,000 commons shares of the Corporation to Mr. Michael Cooper, the President, Chief Executive Officer, Chief Financial Officer and Secretary of the Corporation, and options to purchase up to 300,000 commons shares of the Corporation to Mr. Roger Rai, a director of the Corporation. The options are exercisable at $0.10 per share and expire on March 30, 2016, subject to acceleration in accordance with the policies of the Exchange. All of the options, and the common shares issuable upon exercise thereof, remain subject to the terms and conditions of a CPC escrow agreement dated November 24, 2005.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be closed as completed or at all. Exchange approval requires, among other things, satisfaction by the Resulting Issuer of the initial listing requirements, including adequate financial resources and working capital, sponsorship, background review of the proposed directors, officers and insiders and share distribution. Zoolander believes that the minimum listing requirements will be satisfied or waived.
The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction.
Investors are cautioned that, except as disclosed in the filing statement or information circular of Zoolander to be prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Zoolander should be considered to be highly speculative. All of Zoolander’’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Zoolander. These risks and uncertainties could cause actual results and Zoolander’’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Zoolander assumes no obligation to update forward-looking information should circumstances or management’’s estimates or opinions change. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Zoolander with the Exchange, NEX and securities regulators. Zoolander does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Zoolander Corporation
Roger Rai
Director
(416) 704-4140
COSTA MESA, CA, March 31, 2011 /24-7PressRelease/ — The Magellan Group, a leading Southern California real estate investment and development firm, has sold the final industrial condominium in its 220,000-square-foot Valencia Business Center in Fullerton, Calif. The sale marks the successful completion of the industrial redevelopment that started with a favorable acquisition in 2003, endured through the recent market challenges and culminated with the sale of the 25th and final industrial condominium this past week.
Valencia Business Center, located at 1300 East Valencia Blvd., was built by Millie & Severson with a classic design by HPA Architects. The project includes 25 industrial condominiums ranging in size from 6,000 square feet to 13,000 square feet, with 16- and 22-foot clear heights, grade-level loading and large secured yard areas, a feature highly sought by users in the market.
“We set out to develop an attractive, highly functional product for small building owners at a time when market demand for owner-user industrial space was high. The initial market response was extremely favorable, as we had presale activity for 50% of the project,” said Kevin Staley, Principal and Co-founder of The Magellan Group.
“The project subsequently met with extraordinary obstacles,” added Staley. “However, our favorable basis in the development gave us the capacity to withstand a declining market, our design and construction gave us a strong competitive position and our brokerage team did an outstanding job helping us navigate through a very challenging business and market environment.”
Mike Hefner and Mike Vernick of Voit Real Estate Services represented The Magellan Group in the sale of the project. Lehman Brothers was Magellan’s equity partner and Chinatrust Bank provided construction financing.
About The Magellan Group
The Magellan Group is a leading Southern California real estate investment and development firm with in-house acquisition, development, finance, leasing and property management expertise. Co-founded by Martin Slusser and Kevin Staley in 1990, The Magellan Group has acquired and developed more than 4 million square feet of industrial, self-storage and aviation properties with a total value in excess of $500 million. The Magellan Group utilizes its Magellan Industrial Fund to acquire properties that can benefit from the company’s proven ability to add value through repositioning, renovation, leasing and improved management operations. The firm also operates Magellan Storage, a regional leader in self-storage facilities, and Magellan Aviation, one of the top providers of hangars and services at McClellan-Palomar Airport in Carlsbad, Calif. www.magellangrp.com.
Idea Hall is a full-service marketing agency with offices in downtown Los Angeles and in Orange County (Costa Mesa), California.
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Adherex Technologies Inc. (TSX:AHX)(PINK SHEETS:ADHXF), a biopharmaceutical company focused on the development of eniluracil and 5-fluorouracil, today reported its financial results for the fiscal year ended December 31, 2010. All amounts are in U.S. dollars unless otherwise specified.
Recent Developments
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Eniluracil Phase 2 Study Update – Adherex has received approval from the Ministry of Healthcare and Social Development in Russia to conduct the Company’’s Phase 2 Clinical Study with Eniluracil. The Company anticipates enrollment to commence shortly. Adherex is also in the process of opening several clinical sites in the United States.
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Rights Offering – The subscription period for the Company’’s previously announced rights offering expired 5:00pm New York City time, on March 29, 2011. The subscription agent has informed the Company that based on a preliminary tabulation the total gross proceeds anticipated to be received by the Company is approximately CAD$2.5 million. Based on the preliminary tabulation the Company sold approximately 85 million units which consist of 85 million shares of common stock and 85 million warrants underlying such units.
“The recently concluded rights offering provided our stockholders with an opportunity to invest in our Company on the same economic terms as the participants in the Company’’s April, 2010 private placement. We would like to thank our current investors for their continuing support. Now that we have received all of the regulatory approvals in Russia, we are in a position to shortly commence the Phase 2 Study comparing the efficacy and safety profile of Eniluracil/5-FU/Leucovorin versus Capecitabine in metastatic breast cancer patients. We are committed to driving shareholder value and look forward to updating you on our progress as we strive to produce important clinical results in the next 18 months,” said Mr. Rosty Raykov, Chief Executive Officer of Adherex.
Financial Update
The Company reported a net loss for the fiscal year ended December 31, 2010 of $7.8 million, or a loss of $0.03 per share, compared to a net loss of $3.0 million, or a loss of $0.02 per share, in the same period in 2009. The increase in the reported net loss is primarily due to an unrealized loss on the Company’’s derivative warrant liability and an increase in stock based compensation. The Company reported an unrealized loss of $3.2 million on derivative warrants as compared to nil in the same period in 2009. The Company reported $2.5 million in stock based compensation for the fiscal year ended December 31, 2010 as compared to $0.4 million in the same period in 2009. Research and development expenses totaled $0.7 million, as compared to $2.1 million in the same period in 2009 as the Company focused its resources primarily on the development of eniluracil.
Cash and cash equivalents totaled $5.9 million at December 31, 2010, compared to $0.7 million at December 31, 2009. The increased cash balance is due to the April 30, 2010 closing of the private placement transaction for net proceeds of $7.2 million. At December 31, 2010, the Company had working capital totaling approximately $5.5 million compared to $0.4 million as of December 31, 2009.
The selected financial data presented below is derived from our audited consolidated financial statements which were prepared in accordance with U.S. generally accepted accounting principles. The complete consolidated financial statements for the year ended December 31, 2010 and management’’s discussion and analysis of financial condition and results of operations will be available via www.sec.gov and www.sedar.com.
FINANCIAL CHARTS FOLLOW
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Adherex Technologies Inc. |
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| Consolidated Balance Sheets: | December 31, 2010 |
December 31, 2009 |
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| Assets: | |||
| Cash and cash equivalents | $ 5,947 | $ 685 | |
| Other current assets | 46 | 148 | |
| Total assets | $ 5,993 | $ 833 | |
| Liabilities and stockholders” equity: | |||
| Current liabilities | $ 467 | $ 420 | |
| Derivative warrant liability | 10,450 | - | |
| Other long-term liabilities | - | 7 | |
| Total stockholders” equity | (4,924 | ) | 406 |
| Total liabilities and stockholders” equity | $ 5,993 | $ 833 |
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Consolidated Statements of Operations: |
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| December 31, 2010 |
December 31, 2009 |
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| Revenue | $ | - | $ | - | |||
| Operating expenses: | |||||||
| Research and development | 708 | 2,113 | |||||
| Impairment of Capital Assets | — | 386 | |||||
| (Gain) on Deferred Lease Inducements | — | (497 | ) | ||||
| General and administrative | 3,896 | 1,214 | |||||
| (Loss) from operations | (4,604 | ) | (3,216 | ) | |||
| Other income (expense) | - | 157 | |||||
| (Loss) on derivative warrants | (3,251 | ) | - | ||||
| Interest income | 32 | 47 | |||||
| Net (loss) and comprehensive (loss) | $ | (7,823 | ) | $ | (3,012 | ) | |
| Basic and diluted net (loss) per common share | $ | (0.03 | ) | $ (0.02 | ) | ||
Except for historical information described in this press release, all other statements are forward-looking. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company’’s business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company’’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’’s products will not be as large as expected, the Company’’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital needs, and its ability to obtain additional funding, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company’’s filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2009. Adherex Technologies, Inc. disclaims any obligation to update these forward-looking statements except as required by law.
For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.
Adherex Technologies Inc.
Rosty Raykov
Chief Executive Officer
919-636-5144
FORT LAUDERDALE, FL, March 31, 2011 /24-7PressRelease/ — Galt Mile Media, trusted experts in website design for small businesses on a small budget, has announced the highly anticipated investment by Ocean Rock Ventures. Jon Groshong of Ocean Rock Ventures, is investing over $50,000 into Galt Mile Media Group to help the company expand in the corporate owned markets of Florida, Texas, and Hawaii. In return, Jon Groshong acquires 25% ownership interest and a seat on the board of directors.
“We’re excited to see Jon Groshong taking an interest in Galt Mile Media,” said Nick J Roy, Chief Executive Officer and President of Galt Mile Media Group, Inc. This enables Galt Mile Media to hire additional web designers and a PHP programmer to further develop its proprietary content management system. All employees from this point forward will enjoy health insurance, a membership to LA Fitness, and an ESOP plan.
“Jon Groshong and Galt Mile Media have had a good working relationship for the past year for the design and management of the Ocean Rock Ventures website. Jon says, “we are looking to help them further expand in the small business market for website design and marketing.”
About Galt Mile Media Group, Inc.
Galt Mile Media, founded and operated under conservative Christian values and principles providing small businesses on a small budget with affordable website design solutions. For more information, visit www.GaltMileMedia.com.
About Ocean Rock Ventures
Ocean Rock Ventures (ORV) is a global management venture firm that is comprised of 4 specialized groups. Each group is uniquely organized within our organization to create synergy for our clients to leverage their vision of success. ORV provides unparalleled experience, comprehensive capabilities across all industries and business functions. For more information, visit www.OceanRockVentures.com .
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