CHARLESTON, S.C., Feb. 22, 2012 (GLOBE NEWSWIRE) — First Financial Holdings, Inc. (“First Financial”) (Nasdaq:FFCH – News), the holding company for First Federal Savings and Loan Association of Charleston (“First Federal”), announced today that First Federal has converted from a federal savings and loan association to a South Carolina-chartered commercial bank and a member of the Federal Reserve System. In connection with First Federal’s conversion, First Financial also announced that it has registered with the Federal Reserve as a bank holding company.
R. Wayne Hall, President and Chief Executive Officer stated, “As an important part of our strategic re-positioning, we are delighted to complete our conversion to a state-chartered commercial bank, to be a member of the Federal Reserve System and to have become a bank holding company. Converting to a commercial bank charter reinforces our focus on commercial banking as we execute our business strategy. From our customers’ perspective, the charter conversion will be seamless; we will continue to operate through our current network of branch offices and the terms and conditions of our customers’ loans and deposit accounts will not be affected in any manner.”
As a result of the charter conversion and membership in the Federal Reserve System, the South Carolina State Board of Financial Institutions and the Federal Reserve will serve as First Federal’s primary regulators. The Federal Reserve will also serve as First Financial’s primary regulator.
About First Financial
First Financial Holdings, Inc. (“First Financial”) (Nasdaq:FFCH – News) is a Charleston, South Carolina bank holding company with $3.1 billion in total assets as of December 31, 2011. First Financial offers integrated financial solutions, including personal, business and wealth management services. First Federal Savings and Loan Association of Charleston (“First Federal”), which was founded in 1934 and is the primary subsidiary, serves individuals and businesses throughout coastal South Carolina, Florence, South Carolina and Wilmington, North Carolina. First Financial subsidiaries include: First Federal; First Southeast Investor Services, Inc., a registered broker-dealer, and First Southeast 401(k) Fiduciaries, Inc., a registered investment advisor. First Federal is the largest commercial bank headquartered in the Charleston, South Carolina metropolitan area and the third largest commercial bank headquartered in South Carolina, based on asset size. Additional information about First Financial is available at http://www.firstfinancialholdings.com/.
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2012年2月22日星期三
2012年2月13日星期一
Online ads startup snags $30 million from Temasek, SAP
SAN FRANCISCO (Reuters) – Marin Software, a startup that publishes applications used to manage online advertising campaigns, has raised $30 million in a new investment round led by Singaporean sovereign wealth fund Temasek Holdings.
Temasek was joined by SAP Ventures, the investment arm of SAP AG, Europe’s largest enterprise software firm, as well as previous investors including Benchmark Capital, Crosslink Capital and DAG Ventures.
The San Francisco-based company also announced on Monday that it has added Frank van Veenendaal, a top global sales executive at Salesforce.com, to its board.
The latest moves are meant to help Marin acquire new customers, especially in Asia, where the company looks to focus its expansion, Chris Lien, Marin’s chief executive officer, said in an interview.
Temasek will help Marin “with potential customer introductions and local market knowledge,” Lien said.
“They’ve been operating in these emerging markets for years and years.”
Marin’s products have been adopted by clients like Hotels.com, Macy’s and the University of Phoenix. The company is still focused on managing ads across search engines like Google and Yahoo, but Lien said his company is beginning to incorporate into its platform tools to manage campaigns on social media sites like Twitter, Facebook and LinkedIn.
(Reporting by Gerry Shih; Editing by Richard Pullin)
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Temasek was joined by SAP Ventures, the investment arm of SAP AG, Europe’s largest enterprise software firm, as well as previous investors including Benchmark Capital, Crosslink Capital and DAG Ventures.
The San Francisco-based company also announced on Monday that it has added Frank van Veenendaal, a top global sales executive at Salesforce.com, to its board.
The latest moves are meant to help Marin acquire new customers, especially in Asia, where the company looks to focus its expansion, Chris Lien, Marin’s chief executive officer, said in an interview.
Temasek will help Marin “with potential customer introductions and local market knowledge,” Lien said.
“They’ve been operating in these emerging markets for years and years.”
Marin’s products have been adopted by clients like Hotels.com, Macy’s and the University of Phoenix. The company is still focused on managing ads across search engines like Google and Yahoo, but Lien said his company is beginning to incorporate into its platform tools to manage campaigns on social media sites like Twitter, Facebook and LinkedIn.
(Reporting by Gerry Shih; Editing by Richard Pullin)
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2012年1月30日星期一
Founder family seeks 3 bln rupees in Milestone sale – report
MUMBAI (Reuters) – The family of late Ved Prakash Arya, founder of Indian private equity fund Milestone Capital, has sought 3 billion rupees from prospective buyers of the company, the Financial Express newspaper reported citing an unnamed source with direct knowledge.
Edelweiss Financial Services (EDEL.NS), Ashmore Investment Management, Arth Veda Capital, a unit of Dewan Housing Finance (DWNH.NS) and L&T Finance (LTFH.NS) are interested in the assets, the report said.
Standard Chartered Plc (STAN.L) is advising Milestone on the sale.
The family put Milestone on the block after its founder and chief executive Ved Prakash Arya died last year.
The fund currently manages about 36 billion rupees, the report said.
(Reporting by Indulal PM; Editing by Rajesh Pandathil)
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Edelweiss Financial Services (EDEL.NS), Ashmore Investment Management, Arth Veda Capital, a unit of Dewan Housing Finance (DWNH.NS) and L&T Finance (LTFH.NS) are interested in the assets, the report said.
Standard Chartered Plc (STAN.L) is advising Milestone on the sale.
The family put Milestone on the block after its founder and chief executive Ved Prakash Arya died last year.
The fund currently manages about 36 billion rupees, the report said.
(Reporting by Indulal PM; Editing by Rajesh Pandathil)
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2012年1月20日星期五
Credit Suisse Toxic Bonuses Rival Stock, Gold With 75% Returns
January 20, 2012, 12:44 AM EST
By Bradley Keoun
Jan. 20 (Bloomberg) — The toxic-asset bonuses given to senior Credit Suisse Group AG bankers at the depths of the 2008 financial crisis are turning out to be almost as good as gold.
Credit Suisse employees who got $5.05 billion of junk-grade loans and commercial-mortgage-backed bonds in late 2008 as part of annual bonuses have reaped gains of 75 percent on the payouts since the end of that year through Nov. 30, people with knowledge of the results said. Gold futures returned 98 percent in the period, while Credit Suisse’s shares declined 23 percent.
The gains, which also beat the 4.8 percent return of two- year Treasuries, show how the rebound in debt markets from the lows of 2008 has sweetened the Zurich-based bank’s executive bonuses compared with the cash and stock bonuses rivals paid.
“It worked out in favor of the employees,” said Ann Rutledge, a former Moody’s Investors Service analyst who’s now a principal at R&R Consulting in New York, which rates mortgage bonds and other asset-backed securities. Looking back, “market valuations would have been at all-time lows” when the internal asset pool was set up.
The stock-beating performance may help explain why Credit Suisse employees were eager to invest in a $450 million pool of residential mortgage bonds the bank created last month. Credit Suisse loaned employees the money to buy shares in the fund, and demand was so great that the bank could only fill 90 percent of the orders, the people said.
Chief Executive Officer Brady Dougan, now 52, said in December 2008 that the decision to transfer the assets to staff would position the firm “well for 2009” and strike the “appropriate balance” between employees, who might otherwise have suffered steeper pay cuts, and shareholders, who would have borne the risks of further declines.
Stock Slide
The company, which posted a loss of 8.2 billion francs ($8.8 billion) for 2008, recovered the following year with a 6.72 billion-franc profit. Suzanne Fleming, a company spokeswoman, said the fund’s results are private.
The Partner Asset Facility, or PAF, as the internal employee fund is known, has maintained gains even as the European sovereign-debt crisis weighed on Credit Suisse’s stock price. The bank’s shares, which surged 80 percent in 2009, tumbled 26 percent in 2010 and 41 percent last year.
Shares in PAF were given to about 2,000 senior Credit Suisse employees as part of their 2008 year-end bonuses, people with knowledge of the plan have said. The employees were given $800 million of equity in the fund, with Credit Suisse providing $4.25 billion of loans to bolster the fund’s buying power, the people said.
Drop Before Gain
While the plan relieved shareholders of risks, the timing proved to be a windfall for the employees. The S&P/LSTA U.S. Leveraged Loan 100 Index, which tracks prices for loans to companies with junk-grade credit ratings, fell that month to a record low of 59 cents on the dollar.
Initially, the value of the PAF shares fell, people with knowledge of the results said. As of February 2009, the equity in the PAF held 90 percent of its initial value, they said.
Then markets recovered. By May 2011, the value had doubled over the original, before sliding to the 75 percent gain estimated as of November, the people said.
The leveraged-loan index traded at 92 cents as of Jan. 13.
It could have turned out worse for the employees, said Anthony Sanders, a former Deutsche Bank AG analyst who’s now a finance professor at George Mason University in Fairfax, Virginia. Had the prices for leveraged loans or commercial mortgage-backed securities, known as CMBS, continued to plunge, “they would have gotten absolutely annihilated,” he said.
Subject to Change
The ultimate value of the PAF fund, overseen by Credit Suisse Managing Director Jonathan McHardy, won’t be determined until 2016, one person said. For now, employees’ investments are locked up, and their final payouts may change.
As of Nov. 30, assets in the PAF had been reduced to $2.6 billion, as some of the bonds and loans were paid off or sold, the people said. The equity is now estimated by the fund’s administrators at $1.4 billion.
In December, as the ratio of debt to equity in the fund shrank to less than 1-to-1 from more than 5-to-1, Credit Suisse set up the second fund, known as Expanded PAF. The move allows Credit Suisse to rid itself of residential mortgage bonds, while giving the employees a chance to use borrowed money to increase returns on their total investment, the people said.
As with the original fund, assets were transferred to the new fund at their estimated market value, people with knowledge of the matter said.
The mortgage market may be ripe for improvement, Sanders said.
“If you take a look at the data, housing prices are starting to stabilize,” Sanders said. “You’re starting to see a slowdown in serious delinquencies. So it’s like the CMBS play, it’s probably a good time.”
–With reporting by Christine Harper, Jody Shenn and Daniel Kruger in New York and Elena Logutenkova in Zurich. Editors: Peter Eichenbaum, David Scheer
To contact the reporter on this story: Bradley Keoun in New York at bkeoun@bloomberg.net.
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.
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By Bradley Keoun
Jan. 20 (Bloomberg) — The toxic-asset bonuses given to senior Credit Suisse Group AG bankers at the depths of the 2008 financial crisis are turning out to be almost as good as gold.
Credit Suisse employees who got $5.05 billion of junk-grade loans and commercial-mortgage-backed bonds in late 2008 as part of annual bonuses have reaped gains of 75 percent on the payouts since the end of that year through Nov. 30, people with knowledge of the results said. Gold futures returned 98 percent in the period, while Credit Suisse’s shares declined 23 percent.
The gains, which also beat the 4.8 percent return of two- year Treasuries, show how the rebound in debt markets from the lows of 2008 has sweetened the Zurich-based bank’s executive bonuses compared with the cash and stock bonuses rivals paid.
“It worked out in favor of the employees,” said Ann Rutledge, a former Moody’s Investors Service analyst who’s now a principal at R&R Consulting in New York, which rates mortgage bonds and other asset-backed securities. Looking back, “market valuations would have been at all-time lows” when the internal asset pool was set up.
The stock-beating performance may help explain why Credit Suisse employees were eager to invest in a $450 million pool of residential mortgage bonds the bank created last month. Credit Suisse loaned employees the money to buy shares in the fund, and demand was so great that the bank could only fill 90 percent of the orders, the people said.
Chief Executive Officer Brady Dougan, now 52, said in December 2008 that the decision to transfer the assets to staff would position the firm “well for 2009” and strike the “appropriate balance” between employees, who might otherwise have suffered steeper pay cuts, and shareholders, who would have borne the risks of further declines.
Stock Slide
The company, which posted a loss of 8.2 billion francs ($8.8 billion) for 2008, recovered the following year with a 6.72 billion-franc profit. Suzanne Fleming, a company spokeswoman, said the fund’s results are private.
The Partner Asset Facility, or PAF, as the internal employee fund is known, has maintained gains even as the European sovereign-debt crisis weighed on Credit Suisse’s stock price. The bank’s shares, which surged 80 percent in 2009, tumbled 26 percent in 2010 and 41 percent last year.
Shares in PAF were given to about 2,000 senior Credit Suisse employees as part of their 2008 year-end bonuses, people with knowledge of the plan have said. The employees were given $800 million of equity in the fund, with Credit Suisse providing $4.25 billion of loans to bolster the fund’s buying power, the people said.
Drop Before Gain
While the plan relieved shareholders of risks, the timing proved to be a windfall for the employees. The S&P/LSTA U.S. Leveraged Loan 100 Index, which tracks prices for loans to companies with junk-grade credit ratings, fell that month to a record low of 59 cents on the dollar.
Initially, the value of the PAF shares fell, people with knowledge of the results said. As of February 2009, the equity in the PAF held 90 percent of its initial value, they said.
Then markets recovered. By May 2011, the value had doubled over the original, before sliding to the 75 percent gain estimated as of November, the people said.
The leveraged-loan index traded at 92 cents as of Jan. 13.
It could have turned out worse for the employees, said Anthony Sanders, a former Deutsche Bank AG analyst who’s now a finance professor at George Mason University in Fairfax, Virginia. Had the prices for leveraged loans or commercial mortgage-backed securities, known as CMBS, continued to plunge, “they would have gotten absolutely annihilated,” he said.
Subject to Change
The ultimate value of the PAF fund, overseen by Credit Suisse Managing Director Jonathan McHardy, won’t be determined until 2016, one person said. For now, employees’ investments are locked up, and their final payouts may change.
As of Nov. 30, assets in the PAF had been reduced to $2.6 billion, as some of the bonds and loans were paid off or sold, the people said. The equity is now estimated by the fund’s administrators at $1.4 billion.
In December, as the ratio of debt to equity in the fund shrank to less than 1-to-1 from more than 5-to-1, Credit Suisse set up the second fund, known as Expanded PAF. The move allows Credit Suisse to rid itself of residential mortgage bonds, while giving the employees a chance to use borrowed money to increase returns on their total investment, the people said.
As with the original fund, assets were transferred to the new fund at their estimated market value, people with knowledge of the matter said.
The mortgage market may be ripe for improvement, Sanders said.
“If you take a look at the data, housing prices are starting to stabilize,” Sanders said. “You’re starting to see a slowdown in serious delinquencies. So it’s like the CMBS play, it’s probably a good time.”
–With reporting by Christine Harper, Jody Shenn and Daniel Kruger in New York and Elena Logutenkova in Zurich. Editors: Peter Eichenbaum, David Scheer
To contact the reporter on this story: Bradley Keoun in New York at bkeoun@bloomberg.net.
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.
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2012年1月19日星期四
Mutual Funds Invest in Brazilian Online Deals Company
SÃO PAULO, Brazil — Peixe Urbano, Brazil’s first online daily deal company, has closed a series C round of financing with mutual funds and institutional accounts managed by Morgan Stanley Investment Management and T. Rowe Price Associates. General Atlantic and Tiger Global Management, who had previously backed the company, also participated. The size of investment was not disclosed.
Julio Vasconcellos, Peixe Urbano’s chief executive and co-founder, told DealBook in an interview that the new capital would be used to finance research and development and product development. He said the company, based in Rio de Janeiro, planned to develop new features and seek to improve the daily deal business model, including a push into local e-commerce.
Mr. Vasconcellos says Peixe Urbano also plans to hire engineers and fill out its senior leadership team.
The site started in March 2010, when Brazil had no daily deal market.
Its founders, Mr. Vasconcellos, Emerson Andrade and Alex Tabor, met while at Stanford University.
Early investors in the company are Chamath Palihapitiya, Benchmark Capital and Monashees Capital, based in São Paulo. Matt Cohler of Benchmark and Eric Acher of Monashees continue to serve on Peixe Urbano’s board of directors.
The company has grown rapidly in its brief history. It says that by the end of 2010, in its first nine months, it had sold two million coupons and employed 270 people. By early this month, it had sold roughly 12 million coupons and had 1,000 employees. It has also expanded in Latin America, and is now present in more then 80 cities.
Brazil’s daily deal market initially exploded following Peixe Urbano’s founding. More than 2,000 similar sites developed, according to Guilherme Stocco, vice president of business development at the Buscapé Company, which owns intelligence-gathering units.
The market has since experienced a significant correction: there are now just 1,000 sites, and only 300 generate revenue.
While Peixe Urbano does not disclose its revenue, Mr. Stocco told DealBook that in 2011 the total daily deal market in Brazil was about $843 million. He says the top three companies — Peixe Urbano, Groupon and Click On — have been running neck and neck in the market’s brief history. The top three sites account for 40 percent of total market revenue, he said, while the top eight account for 70 percent.
Mr. Stocco said that while there had been a lot of consolidation, “the market is still growing,” adding that “the companies doing well are picking up business from those that failed.”
Benchmark’s Mr. Cohler said in an interview that he continued to see an “unbounded upside” to Peixe Urbano’s growth.
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Julio Vasconcellos, Peixe Urbano’s chief executive and co-founder, told DealBook in an interview that the new capital would be used to finance research and development and product development. He said the company, based in Rio de Janeiro, planned to develop new features and seek to improve the daily deal business model, including a push into local e-commerce.
Mr. Vasconcellos says Peixe Urbano also plans to hire engineers and fill out its senior leadership team.
The site started in March 2010, when Brazil had no daily deal market.
Its founders, Mr. Vasconcellos, Emerson Andrade and Alex Tabor, met while at Stanford University.
Early investors in the company are Chamath Palihapitiya, Benchmark Capital and Monashees Capital, based in São Paulo. Matt Cohler of Benchmark and Eric Acher of Monashees continue to serve on Peixe Urbano’s board of directors.
The company has grown rapidly in its brief history. It says that by the end of 2010, in its first nine months, it had sold two million coupons and employed 270 people. By early this month, it had sold roughly 12 million coupons and had 1,000 employees. It has also expanded in Latin America, and is now present in more then 80 cities.
Brazil’s daily deal market initially exploded following Peixe Urbano’s founding. More than 2,000 similar sites developed, according to Guilherme Stocco, vice president of business development at the Buscapé Company, which owns intelligence-gathering units.
The market has since experienced a significant correction: there are now just 1,000 sites, and only 300 generate revenue.
While Peixe Urbano does not disclose its revenue, Mr. Stocco told DealBook that in 2011 the total daily deal market in Brazil was about $843 million. He says the top three companies — Peixe Urbano, Groupon and Click On — have been running neck and neck in the market’s brief history. The top three sites account for 40 percent of total market revenue, he said, while the top eight account for 70 percent.
Mr. Stocco said that while there had been a lot of consolidation, “the market is still growing,” adding that “the companies doing well are picking up business from those that failed.”
Benchmark’s Mr. Cohler said in an interview that he continued to see an “unbounded upside” to Peixe Urbano’s growth.
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SEC charges BankAtlantic Bancorp, CEO
WASHINGTON (AP) — Federal regulators have accused BankAtlantic Bancorp Inc., the parent of one of Florida’s biggest banks, and its chief executive of misleading investors about the bank’s financial health as its holdings of commercial real estate loans soured in 2007.
The Securities and Exchange Commission announced it filed civil charges Wednesday against the company and its CEO and Chairman Alan Levan. The SEC said the bank and its chief used accounting gimmicks to hide losses on a key group of loans. The SEC is seeking unspecified penalties.
BankAtlantic Bancorp, based in Fort Lauderdale, Fla., is the parent of BankAtlantic, a savings bank with $3.7 billion in assets as of Sept. 30. In a statement, Levan disputed the charges and said the parent company will contest them in court.
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The Securities and Exchange Commission announced it filed civil charges Wednesday against the company and its CEO and Chairman Alan Levan. The SEC said the bank and its chief used accounting gimmicks to hide losses on a key group of loans. The SEC is seeking unspecified penalties.
BankAtlantic Bancorp, based in Fort Lauderdale, Fla., is the parent of BankAtlantic, a savings bank with $3.7 billion in assets as of Sept. 30. In a statement, Levan disputed the charges and said the parent company will contest them in court.
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2012年1月12日星期四
Saratoga Investment Corp. to Report Q3 2012 Financial Results and Hold Conference Call on Jan. 13, 2012
NEW YORK, Jan. 11, 2012 /PRNewswire/ – Saratoga Investment Corp. (NYSE: SAR), a business development company, will report its financial results for the quarter ended Nov. 30, 2011, on Friday, Jan. 13, 2012, at approximately 11:00 a.m. (ET). A conference call to discuss the financial results will be held on the same day. Details for the conference call are provided below.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity. Saratoga Investment Corp.’s investment objective is to create attractive risk-adjusted returns by generating current income from its debt investments and capital appreciation from its equity investments. The Company partners with business owners, management teams and financial sponsors to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives. It has elected to be regulated as a business development company under the Investment Company Act of 1940.
About Saratoga Investment Advisors, LLC
Saratoga Investment Advisors, LLC is a New York-based investment firm formed to focus on credit-driven strategies. It is the external investment adviser to Saratoga Investment Corp. and is affiliated with Saratoga Partners, a middle-market private equity investment firm that primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million. Saratoga Partners’ investment strategy focuses on companies in manufacturing and business services and it has significant experience in special situations and distressed investing.
Since Saratoga Partners was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 35 companies with an aggregate value of more than $3.7 billion. It has been an independent firm since its spinoff in 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).
SOURCE Saratoga Investment Corp.
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| Who: | Christian L. Oberbeck, Chief Executive Officer Richard A. Petrocelli, Chief Financial Officer | |||
| When: | Friday, Jan. 13, 2012 11:00 a.m. Eastern Time (ET) | |||
| How: | Call: Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada). A replay of the call will be available from 2:00 p.m. ET on Friday, Jan. 13, 2012 through 11:59 p.m. ET on Wednesday, Jan. 18, 2012 by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 42061505. | |||
| Webcast: Interested parties may also access a simultaneous webcast of the call by going to http://ir.saratogainvestmentcorp.com/events.cfm. | ||||
| Information: | Saratoga Investment Corp.’s Form 10-Q for the quarter ended Nov. 30, 2011 will be filed on Jan. 12, 2012 with the Securities and Exchange Commission. | |||
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity. Saratoga Investment Corp.’s investment objective is to create attractive risk-adjusted returns by generating current income from its debt investments and capital appreciation from its equity investments. The Company partners with business owners, management teams and financial sponsors to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives. It has elected to be regulated as a business development company under the Investment Company Act of 1940.
About Saratoga Investment Advisors, LLC
Saratoga Investment Advisors, LLC is a New York-based investment firm formed to focus on credit-driven strategies. It is the external investment adviser to Saratoga Investment Corp. and is affiliated with Saratoga Partners, a middle-market private equity investment firm that primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million. Saratoga Partners’ investment strategy focuses on companies in manufacturing and business services and it has significant experience in special situations and distressed investing.
Since Saratoga Partners was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 35 companies with an aggregate value of more than $3.7 billion. It has been an independent firm since its spinoff in 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).
| Contact: | Rich Petrocelli | |||||
| Saratoga Investment Corp. | ||||||
| 212-906-7800 | ||||||
| Roland Tomforde | ||||||
| Broadgate Consultants | ||||||
| 212-232-2222 | ||||||
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2012年1月6日星期五
Transgenomic Announces $3 Million Convertible Note Financing
OMAHA, Neb.–(BUSINESS WIRE)– Transgenomic, Inc. (OTCBB: TBIO.OB – News) today announced that it has entered into a Convertible Promissory Note Purchase Agreement (the “Purchase Agreement”) in the aggregate amount of $3.0 million with entities (the “Investors”) associated with Third Security, LLC, a leading life sciences investment firm.
“We are very pleased with the additional investment by Third Security affiliates as it increases our working capital and allows us to continue our expansion plan,” said Craig Tuttle, President and Chief Executive Officer of the Company.
Neither the Notes nor the equity securities into which the Notes are convertible have been registered under the Securities Act of 1933, as amended (the “Act”) and applicable state securities laws, but have been offered and sold in the United States pursuant to applicable exemptions from registration requirements under the Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offering would be unlawful.
About Transgenomic
Transgenomic, Inc. (www.transgenomic.com) is a global biotechnology company advancing personalized medicine in cancer and inherited diseases through its proprietary molecular technologies and world-class clinical and research services. The Company has three complementary business divisions: Transgenomic Pharmacogenomic Services is a contract research laboratory that specializes in supporting all phases of pre-clinical and clinical trials for oncology drugs in development. Transgenomic Clinical Laboratories specializes in molecular diagnostics for cardiology, neurology, mitochondrial disorders, and oncology. Transgenomic Diagnostic Tools produces equipment, reagents, and other consumables that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise. The Company actively develops and acquires new technology and other intellectual property that strengthen its leadership in personalized medicine.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” of Transgenomic within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those with respect to management’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic’s filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. All information in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
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“We are very pleased with the additional investment by Third Security affiliates as it increases our working capital and allows us to continue our expansion plan,” said Craig Tuttle, President and Chief Executive Officer of the Company.
Neither the Notes nor the equity securities into which the Notes are convertible have been registered under the Securities Act of 1933, as amended (the “Act”) and applicable state securities laws, but have been offered and sold in the United States pursuant to applicable exemptions from registration requirements under the Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offering would be unlawful.
About Transgenomic
Transgenomic, Inc. (www.transgenomic.com) is a global biotechnology company advancing personalized medicine in cancer and inherited diseases through its proprietary molecular technologies and world-class clinical and research services. The Company has three complementary business divisions: Transgenomic Pharmacogenomic Services is a contract research laboratory that specializes in supporting all phases of pre-clinical and clinical trials for oncology drugs in development. Transgenomic Clinical Laboratories specializes in molecular diagnostics for cardiology, neurology, mitochondrial disorders, and oncology. Transgenomic Diagnostic Tools produces equipment, reagents, and other consumables that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise. The Company actively develops and acquires new technology and other intellectual property that strengthen its leadership in personalized medicine.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” of Transgenomic within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those with respect to management’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic’s filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. All information in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
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2012年1月2日星期一
BTB Real Estate Investment Trust announces a $12,850,000 mortgage financing
MONTREAL, Dec. 1, 2011 /CNW Telbec/ – BTB Real Estate Investment Trust (TSXV: BTB-UN.V – News) (“BTB“) is proud to announce that it has entered into a mortgage financing agreement of $12,850,000 with Otéra Capital/Hypothèques CDPQ.
This mortgage financing pertains to three recently acquired properties, namely:
About BTB
BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $365 M, its real estate portfolio constitutes 53 properties totaling more than 3.2 million square feet. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mr. Michel LéonardThis mortgage financing pertains to three recently acquired properties, namely:
- 2175 Des Entreprises Boulevard, Terrebonne, Québec
- 2205-2225 Des Entreprises Boulevard, Terrebonne, Québec
- 5600 Côte-de-Liesse, Town of Mount-Royal, Québec
About BTB
BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $365 M, its real estate portfolio constitutes 53 properties totaling more than 3.2 million square feet. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and Chief Executive Officer
514-286-0188
ext. 228
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