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Apr 02, 2008 -- Advanced Cell Technology, Inc. (PINKSHEETS: ACTC) announced today that an ABC Television's special report titled, "Live to 150, Can You Do It? Secrets to Living Longer," which aired last night and was hosted by Barbara Walters, highlighted the role that the company's blastomere program for creating human embryonic stem cell (hESC) lines without impacting the developmental potential of embryos could play in extending life and slowing down the aging process. The special also highlighted Advanced Cell Technology's research into developing a universal O negative red blood cell bank using human embryonic stem cell science. The report, which included an interview with Dr. Robert Lanza, MD, Chief Scientific Officer at Advanced Cell Technology, featured the company's research platforms and included a discussion of the role that the company's stem cell science could play in treating various diseases.
The show profiled the lives of several people who are currently 100 years old or older and described some of the most promising scientific developments that could extend life. Advanced Cell Technology's technology platform was included among the scientific breakthroughs.
In August 2006, Advanced Cell Technology reported in the journal Nature that company scientists had successfully generated hESCs using its blastomere technology, an approach that does not destroy the developmental potential of embryos. The blastomere technology has been reproduced and peer-reviewed on several occasions. In June 2007, ACT announced at the fifth annual meeting of the International Society for Stem Cell Research in Cairns, Australia, that it had reproduced its work by successfully producing an hESC line without destroying an embryo at its lab in Worcester, Massachusetts. In January 2008, ACT together with colleagues announced the development of five hESC lines without the destruction of embryos. The method was published in the journal Cell Stem Cells, published by Cell Press. The peer-reviewed technique was initially carried out by ACT scientists under the direction of Dr. Lanza and then independently replicated by scientists on the West Coast. In addition, the NIH announced in 2007 that it would begin implementing President George W. Bush's Executive Order to explore methods to expand the number of approved pluripotent stem cell lines "without creating a human embryo for research purposes or destroying, discarding, or subjecting to harm a human embryo or fetus." ACT's blastomere program was cited by the NIH as an alternative method in its implementation plan; therefore, should the company's blastomere technique satisfy NIH qualifications, ACT could qualify for federal funding from the NIH.
In addition to its blastomere research platform, Advanced Cell Technology has made progress on the therapeutic front. ACT published positive data in the journal NATURE Methods for its HG (hemangioblast) cell program for the treatment of blood and cardiovascular diseases. The company published positive data from animal studies for its RPE (retinal pigment epithelial) cell program for the treatment of retinal degenerative disorders completed in collaboration with the Casey Eye Institute at Oregon Health and Science University. The company also has GLP Safety Studies in process for its RPE Program. Finally, ACT's Myoblast program, an autologous adult stem cell therapy for the treatment of heart disease, has successfully completed four Phase I clinical trials and has clearance from the FDA to begin Phase II trials shortly.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine. The company operates facilities in California and Massachusetts.
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April 1, 2008, 2008 -- China Public Security Technology, Inc., (PINKSHEETS: CPBY) (''China Public Security'' or the ''Company''), a leading provider of public security information technology and Geographic Information Systems (''GIS'') software services in China, today announced strong financial results for the fourth quarter and fiscal year ended December 31, 2007.
Fourth Quarter 2007 Results
For the three months ended December 31, 2007, revenues grew 222% to $11.7 million, compared to $3.6 million in the same period of 2006. The increase in revenues was largely due to the Company's expansion in the market, the development of new product lines and the procurement of several large-scale system integration projects in 2007. During the quarter, the Company completed several project phases, including the Shenzhen City Police Geographic Information System, the Shantou City First Responder Coordination Platform, and the Intelligent Border Control and Security Surveillance System for Huangang Port. In addition, after iASPEC Software Co., Ltd. (''iASPEC'') became the Company's variable interest entity (''VIE''), and ISDT became the Company's wholly owned subsidiary, their financial results were consolidated effective July 1 and November 1, 2007, respectively.
Gross profit for the fourth quarter of 2007 grew 89.2% year over year to $5 million, compared to the same period of 2006, representing a 43% gross margin. The Company's gross margin declined during the 2007 period, compared to the same period of the prior year, mainly due to higher costs for procured hardware and other subcontracting costs related to the implementation of several large-scale system integration projects. Another factor was the increasing proportion of hardware sales with higher related costs after the Company's acquisition of ISDT in November 2007.
Administrative expenses increased to $1.7 million in the fourth quarter of 2007, from $0.7 million in the same period last year. The increase was attributable to an increase in the Company's administrative staff and increased administrative costs due to the expansion of the Company's operations. The number of employees increased from 180 in 2006, to 460 in 2007.
Selling expenses for the quarter ended December 31, 2007 were around $0.1 million and remained stable as a percentage of revenues.
Income from operations, excluding stock based compensation of $0.7 million, grew 85.4% to $3.3 million in the fourth quarter of 2007, representing an operating margin of 28.6%, as compared to $1.8 million and 49.7% in the same period of 2006. The improvement was a result of the strong increase in the Company's revenues. However, the operating margin declined due to higher costs for procured hardware and other subcontracting costs related to the implementation of several large-scale system integration projects, and increased operating expenses due to market expansion.
The Company's subsidiaries, Information Security Technology (China) Co., Ltd (''IST''), ISDT, and its VIE, iASPEC, are subject to an enterprise income tax (''EIT'') rate of 15% of assessable profits. In addition, IST is a Foreign Investment Enterprise or FIE engaged in the advanced technology industry, which entitles it to a two-year exemption from the EIT, followed by a 7.5% tax exemption for the next 3 years. On August 10, 2007, IST was granted the EIT exemption by PRC tax authorities, retroactive to as of January 1, 2007. Income tax expense for the year ended December 31, 2007 was $0.1 million, and represents taxes on iASPEC's income not attributable to the Company under the Management Services Agreement between the Company and iASPEC. Income tax expenses were $1.0 million for the year ended December 31, 2006.
Net income, excluding stock based compensation of $0.7 million, grew 135%, to $3.6 million in the fourth quarter of 2007, or $0.09 per basic and diluted share, compared to $1.5 million during the same period of 2006.
Full Year 2007 Results
Total revenues for 2007 were $37.5 million, up 182% from $13.3 million in 2006. Gross profit for 2007 was $18.2 million, an increase of 112% from $8.6 million in 2006. Gross margin was 48.6% in 2007, compared to 64.8% in 2006. Operating income for 2007 was $13.2 million, up 98% from $6.7 million in 2006 (and if stock based compensation of $677,891 in 2007 were excluded, operating income was $13.9 million or 37.1% of sales).* Operating margin was 35.3% in 2007, compared to 50.3% in 2006. The lower margin in 2007 was primarily due to higher costs for procured hardware and other subcontracting costs related to the implementation of several large-scale system integration projects compared to pure software development projects which were the Company's main business in 2006. Net income for 2007 grew 135% from 2006 to $13.3 million, or $0.34 per basic share, or $0.33 per diluted share (and if stock based compensation of $677,891 in 2007 were excluded, net income was $14.0 million or $0.35 per basic and diluted share).*
For 2007, cash flow from operations totaled $1.6 million. Cash used in investing activities totaled $32.0 million, including $15.0 million (net) in short term investments and $16.1 million in cash paid for the acquisitions of Bocom Technology and ISDT. Cash provided by financing activities totaled $49.5 million in 2007, largely as a result of the proceeds from two private placements.
Financial Condition
As of December 31, 2007, the Company had $19.8 million in cash and cash equivalents, marketable securities of $15.0 million, total current assets of $54.0 million and total assets of $88.9 million. The Company's stockholders' equity increased to $74.0 million, from $1.6 million as of December 31, 2006, as a result of shares issued for acquisition of Fortune Fame, net income earned during the year, as well as the private placements.
Outlook for 2008
The Company plans to leverage its strength and brand recognition in Guangdong Province in order to win business across China. The Company intends to manage its national operations from six centers located in Guangzhou, Beijing, Shanghai, Wuhan, Chongqing and Xi'an. To date it has set up offices in Guangzhou and Beijing.
Management expects that the acquisitions of ISDT, Bocom Technology, and Geo will also accelerate the Company's geographic expansion, enhance its technological capabilities or competitive advantages, provide licensing and recurring revenue opportunities, and serve to fulfill its planned expansion into civil-use GIS markets. Furthermore, the Company expects to capitalize on its strong R&D capability and outstanding contract win ratio, to seize contract opportunities during Phase II of China's ''Golden Shield Project'' nationwide.
''The market for security information technology continues to increase at a very rapid rate,'' said Mr. Lin. ''With our technological capabilities, diverse and growing range of products, high barriers to entry and dedicated employees, we believe that we are well positioned to execute on our business plan and to create long term value for our stockholders.''
Fiscal Year 2008 Guidance With the acquisitions of ISDT, Bocom Technology and Geo, and its increased visibility from the first quarter, the Company has raised its 2008 financial guidance for pro forma revenues, from $63 million, to $85 million, and for pro forma net income, from $24 million to $27 million, an increase of $22 million and $3 million, respectively, from its previous forecast. The estimated pro forma net income for 2008 excludes charges related to any non-cash charges as a result of employee stock option grants in 2007 and 2008 and amortization of intangible assets associated to the recent acquisitions of ISDT and Bocom Technology and the planned closing of Geo.
The Company uses non-GAAP financial measures in this press release due to the inclusion of financial information of iASPEC which is considered to be the Company's ''Predecessor'' for these purposes. Although CPSH (the ''Successor''), was formed on January 17, 2006, it had no significant operations in the period from January 17, 2006 through December 31, 2006. Accordingly, the accompanying financial statements for the period from January 1, 2006 through October 8, 2006 (the ''Predecessor Period'') reflect the results of operations of iASPEC. The accompanying financial data for the period from January 1, 2007 through December 31, 2007, the Successor Period, reflect the results of operations of CPSH for the period from January 1, 2007 through December 31, 2007 and the results of operations of iASPEC from July 1, 2007 through December 31, 2007. Accordingly, the results of operations of the Predecessor and the Successor are not comparable in all respects. We have provided non-GAAP financial measures through the reallocation of net related party revenues from iASPEC, which is not in accordance with US GAAP. The reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the following section. The Company's management believes that these non-GAAP financial measures are necessary because the abnormally high financial ratios calculated using GAAP would be misleading to investors and would not reflect the substance of the Company's performance.
About China Public Security Technology, Inc.
Through its wholly-owned Chinese subsidiaries, China Public Security is focused on the development and implementation of large scale, high-tech public security and Geographic Information System (''GIS'') related projects. The Company provides a broad portfolio of fully integrated solutions and services, including public security information technology (First Responder Coordination Platform, Intelligent Border Control and Intelligent Security Surveillance), Geographic Information System (Police-use GIS and Civil-use GIS), and e-Government Platform services, software sales and maintenance. Through its exclusive contractual arrangement with Shenzhen iASPEC Software Engineering Company Limited (iASPEC), China Public Security has the licenses to 16 registered and copyrighted software applications in China. In addition, since July 1, 2007, iASPEC is considered to be the Company's variable interest entity, and its financial data and information is consolidated into the Company's accounts.
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Mar 31, 2008 -- Strict regulations are limiting the amount of time trucks can idle to as little as three minutes in some states and, as a result, trucks are relying more on back-up power to run heaters, air conditioners, entertainment and communication devices when drivers are at rest. Delphi Corp. (PINKSHEETS: DPHIQ) is ready to provide commercial vehicle manufacturers with a battery monitoring device to help manage the additional power load placed on the battery in this situation.
The Delphi Battery Monitoring Device combines an innovative IVT sensor with software that calculates the battery state of health (SOH) and state of charge (SOC) and will alert drivers to batteries that are in need of replacement or charging. It helps ensure optimal battery performance, making more electronics possible while ensuring sufficient power for starting the engine. When integrated into a vehicle as part of active battery management, the Delphi Battery Monitoring Device can also help improve fuel efficiency and extend battery life.
"Without the use of their engines, commercial vehicle drivers must rely on back-up power sources to remain comfortable and connected during rest stops. Traditional methods of determining battery SOC by measuring voltage do not provide the high level of accuracy, range of measurement and resolution that Delphi's Battery Monitoring Device provides," Paul Falete, commercial vehicle customer business unit director, Delphi Packard Electrical/Electronic Architecture, said.
"For commercial vehicle drivers trying to do their jobs in harsh weather conditions, this extremely precise information is helpful in allowing them to get proper rest on the road while complying with no-idle regulations to improve air quality and lessen the vehicle's overall environmental impact."
Delphi's Battery Monitoring Device features Local Interconnect Network (LIN) or Controller Area Network (CAN) interface for data and diagnostic communication. It is mounted on the negative battery post or in a pre-fuse box on the battery, and is designed for use in passenger and commercial vehicles beginning with model year 2010. It can also be adapted for use in off-road vehicles and the marine industry.
Delphi Electrical/Electronic Architecture delivers power and signal distribution networks for today's increasingly complex vehicles. Delphi engineers act as master architects by using proprietary design tools and software to create a virtual model of a vehicle's E/E architecture -- down to the last connector, electrical center, electronic module and wiring harness. In doing so, they evaluate the impact of various trade-offs to deliver a fully optimized E/E architecture system backed by Delphi technical centers and manufacturing facilities in 31 countries around the globe.
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Mar 31, 2008 -- Gran Tierra Energy Inc. (TSX: GTE / PINKSHEETS: GTRE), a company focused on oil exploration and production in South America, today announced that Nadine Smith has resigned from the Board of Directors effective March 27, 2008. Ms. Smith recently became the Chair of the Board of Directors of La Cortez Energy, Inc., where she will need to devote her time and efforts.
Nick Kirton, FCA, ICD.D has joined the Board of Directors of Gran Tierra Energy effective March 27, 2008, and will also assume the role of Chairman of the Audit Committee. Mr. Kirton is a Chartered Accountant and retired after a thirty-eight year career at KPMG. He currently sits on the boards of directors of four public companies and one private company. In addition, he is also a member of the Board of Governors of the University of Calgary and is a member of the Education and Qualifications Committee of the Canadian Institute of Chartered Accountants.
Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy Inc., stated, "The Board of Directors wishes to thank Ms. Smith for her past contribution to the Board of Gran Tierra Energy and wish her success in her new endeavor. We look forward to having the experience and skills of Mr. Kirton as we continue to grow our international oil and gas company."
Gran Tierra Energy Inc. is an international oil and gas exploration and production company operating in South America, headquartered in Calgary, Canada, incorporated in the United States, and trading on the Toronto Stock Exchange (GTE) and the OTC Bulletin Board (GTRE). The company holds interests in producing and prospective properties in Argentina, Colombia and Peru. The company has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth.
Apr 01, 2008 -- JayHawk Energy, Inc. (PINKSHEETS: JYHW)("JayHawk") announces the commencement of its drilling program on the Uniontown Project, and the closing of the Purchase and Sale Agreement with Galaxy Energy Inc., a private company.
The closing of the acquisition completes the purchase of assets in the Crawford and Bourbon counties of Kansas, obtaining a 100% working interest in a sixteen (16) mile gas pipeline as well as the gas production within 6,500 acres of contiguous land adjacent to the pipeline, for a total of $2 million. The production consists of a modest 16BOEPD (100Mcf) of Coalbed Methane Gas from seven (7) connected wells out of thirty-four (34) wells. No debt has been assumed from the acquisition, which closed on Monday March 31, 2008, subject to terms and conditions of the Purchase and Sale Agreement.
"Our first step will be to dewater the seven (7) tied-in wells, and then connect the additional 27 wells on our way to maximizing production in this area," stated Lindsay Gorrill, President and CEO of JayHawk Energy Inc. "These assets combined with our Uniontown project provide over 4,100 drilling locations with a net interest of 100% to JayHawk Energy, significantly expanding our South Eastern sector asset base as a 'core area' with the acreage positions adjacent to each other," added Gorrill.
"We have also commenced our drilling program on the previously acquired Uniontown acreage, in which we expect to drill a maximum of four (4) wells per month with, and with weather permitting, tie-in all productive candidates. We anticipate production of approximately 40 Mcf per well, and with increased gas prices, aim to be cash-flow positive on this project by December of this year, with up to 36 new wells, and up to 70 tied-in," concluded Gorrill.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Examples of such disclosures would be statements regarding "probable," "possible," or "recoverable" reserves among others.
Management hopes these transactions will bring additional value to the shareholders of JayHawk Energy. There is no guarantee that the projects that JayHawk has recently acquired will increase the value of its shares of common stock, or that JayHawk will acquire rights to explore and operate any other such projects, or that in the event that it acquires rights to explore and operate other such projects, that these actions will be successful or increase the value of JayHawk's common stock.
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