Archive | March, 2014

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UTi Worldwide loss narrows, revenue declines

UTi Worldwide Inc. UTIW -6.04% said its loss narrowed in the fiscal fourth-quarter, but the logistics and supply-chain management company reported a decline in revenue in its freight-forwarding segments.

UTi has taken steps to reduce costs and has been deploying a new freight-forwarding operating systems, with expectations that the system rollout will be substantially completed in its current fiscal year.

For the period ended Jan. 31, UTi Worldwide reported a loss of $50.7 million, or 48 cents a share, compared with a year-earlier loss of $142.8 million, or $1.38 a share. Excluding severance and legal expenses, bad debt write-offs and other items, the company reported a loss of 15 cents per share, from a loss of 13 cents a year earlier.

Revenue shrank 2.1% to $1.08 billion.

Analysts polled by Thomson Reuters recently expected a per-share loss of 11 cents and revenue of $1.08 billion.

Airfreight-forwarding revenue shrank 6.7% while ocean-freight forwarding revenue fell 3.5%.

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Bayer gets EU approval for lung-disease drug

FRANKFURT–Bayer AG (BAYN.XE) said Monday its pulmonary hypertension drug, Adempas, has been approved by the European Commission for the treatment of two chronic forms of hypertension, chalking up another approval for one of its five key drugs.

Adempas, also known as Riociguat, is one of Bayer’s five promising new drugs with a combined sales potential of EUR7.5 billion. Adempas, which alone has peak sales potential of more than EUR500 million annually, is the first and only drug approved for patients with chronic thromboembolic pulmonary hypertension, or CTEPH. The drug has also been approved to treat patients with pulmonary arterial hypertension, or PAH.

“With the approval of Adempas by the European Commission, an important new treatment option becomes available for patients with pulmonary hypertension in Europe,” Bayer HealthCare’s Head of Global Development Joerg Moeller said.

Adempas has been approved in the U.S. and Canada for both forms of pulmonary hypertension, while it was approved in Japan for CTEPH in January this year. In the European Union, riociguat has also been granted orphan drug designation.

Pulmonary hypertension is a severe, life-threatening disorder of the heart and lungs in which the blood pressure in the pulmonary arteries is above normal, and which can lead to heart failure and death.

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Bakken Resources Inc – BKKN

Bakken Resources Inc owns mineral rights to approximately 7,200 gross acres and 2,400 net mineral acres of land located about 8 miles southeast of Williston, North Dakota. Bakken Resources, Inc. currently receives royalties generated from leasing its mineral acreage. The net mineral acres are currently spread across 16 spacing units. The Company’s net mineral acres consist generally of 2,400 net mineral acres deriving from the sub-surface to the base of the rock unit commonly referred to as the Williston Basin Province of Montana, North Dakota, and Wyoming.“

Bakken formation. Approximately 800 of such 2,400 net mineral acres, consist also of mineral rights extending below the Bakken formation (which include, without limitation, the source rock commonly referred to as the Three Forks formation(s)).

The U.S. Geological Survey (USGS) released an updated oil and gas resource assessment for the Bakken Formation and a new assessment for the Three Forks Formation in North Dakota, South Dakota, and Montana. The following quote is from USGS Fact Sheet 2013-3013, released April 30, 2013.

“Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 7.4 billion barrels of oil, 6.7 trillion cubic of associated/dissolved natural gas, and 0.53 billion barrels of natural gas liquids in the Bakken and Three Forks Formations in the Williston Basin Province of Montana, North Dakota, and Wyoming.“

(BRI) is a non-operating participant in the Bakken and play in western North Dakota. The Company plans to focus on evolving into a growth-orientated independent energy company engaged in the acquisition, exploration, exploitation, and development of oil and natural gas properties. Our activities are focused mainly in the Williston Basin, a large sedimentary basin in eastern Montana, Western North and South Dakota, and Southern Saskatchewan known for its rich deposits of petroleum and potash.

BRI has pursued relationships to gather information on future potential oil and gas drilling projects and explored and contemplated possible joint partnerships in other drilling programs. We have acquired mineral acreage in the Duck Lake region of Western Montana, in a potential oil play commonly referred to as the Alberta Bakken, as well acquiring a 17% working interest in an operating well located in Archer County, Texas.

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BioElectronics Corp -BIEL

BioElectronics Corporation, headquartered in Frederick, Maryland, USA, is an award winning developer and manufacturer of innovative consumer medical devices that are designed to treat both acute and chronic pain.  These medical devices are a pioneering advancement of pulsed shortwave therapy.  Traditional pulsed shortwave therapies are clinically proven, effective, safe and have been used for decades by physicians and physiotherapists.  Advances in microelectronics have made it possible to deliver clinically proven and superior extended duration therapy in a small, convenient and economical medical device.  Bioelectroceuticals have an improved pulse rate and lower power level to provide superior extended duration treatments and safe home use therapy to lower the cost of care.  Their products cover a wide range of markets including the ActiPatch® for Musculoskeletal Pain, Smart Insole for Foot Care, Allay® for Menstrual Pain, RecoveryRx® for Chronic Wounds and Postoperative Recovery and HealFast® for cats, dogs and horses.

BioElectronics Product Logos

Pain is one of the most significant health issues worldwide, negatively impacting quality of life for many millions of individuals.  Today, pain is still inadequately treated, and many options, which are primarily based on pharmacological agents, have limited efficacy and cause dangerous adverse side effects.  BioElectronics’ vision is to provide a safe alternative to traditional therapies with a highly effective and safe intervention for pain.  They received the “2009 Wall Street Journal Technology Innovation Awards” and in 2013 the ActiPatch® Musculoskeletal Pain Therapy was a runner up in “Most Innovative New OTC Product” award from the OTC Bulletin, a leading UK-based Healthcare Marketing Publication.

They currently distribute and market their innovative medical devices to many countries around the world.  They hope to introduce their technology to new markets and additional countries in the near future.

Below is a list of the Company’s accomplishments to date:

  • United States Food and Drug Administration market clearance for the treatment of edema following blepharoplasty.
  • Canadian market approval for relief of pain in musculoskeletal complaints and menstrual relief in both medical and over-the-counter markets.
  • CE Mark (European Common Market) Certification for the medical and retail over-the-counter markets.
  • ISO Certification
  • Sold over 500,000 units around the world in 55+ countries.
  • A solid intellectual property portfolio covering both the product design, the pulse signature and therapies.
  • A 3-year pipeline of new products for treatment of sports injuries, bone fractures, chronic injuries, chronic wounds, skin conditions, arthritis and post-operative care.
  • Six published refereed medical journal studies. On-going medical research at Tufts Medical and Dental School; University of Chicago Medical School; University of British Columbia; University Hospital Ghent, Belgium; University Hospital G. Martin, Messina, Italy and University of Otago, Dunedin, New Zealand.
  • Chosen as “One of 9 Medical Breakthroughs That May Change Your Life” by
  • Awarded the 2009 Wall Street Journal Technology Innovation medical devices runner up award.
  • Cited for “Most Innovative New OTC Product” runner up award from the OTC Bulletin, a leading UK-based Healthcare Marketing Publication.

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Charter urges TWC holders to reject Comcast deal

Charter Communications Inc. is formally urging Time Warner Cable Inc.’s shareholders to reject the $45.2 billion buyout agreement the company reached last month with Comcast Corp.

Charter, which approached Time Warner Cable about a deal multiple times beginning last May, argued in a regulatory filing that the Comcast agreement poses a high regulatory risk, has a high risk of delay and was arrived at via a flawed process.

A representative from Time Warner Cable responded to Charter’s filing by saying, “We are fully committed to our merger with Comcast, which we believe is in the best interests of shareholders.” A representative from Comcast declined to comment.

Months of off-and-on negotiations led to Comcast’s all-stock agreement to buy Time Warner Cable in mid-February, a deal that would combine the nation’s two biggest cable operators and thwarted Charter’s monthslong pursuit.

Specifically, Charter argued the Comcast deal is subject to a high degree of regulatory risk, adding it is “difficult to imagine a transaction that could concentrate the industry more,” as Comcast would control nearly 40% of the broadband market after the deal.

In addition, the company alleged the deal could drag on to the third quarter of 2015 and then could still fail to close, hurting Time Warner Cable’s relationships with suppliers, customers and other business partners.

Charter alleged Time Warner Cable’s board refused to meaningfully engage with it on a potential business combination even after deciding to pursue a deal with Comcast. It also agreed to limit its own ability to consider any competing bid or to provide bidders with the due diligence, Charter said.

Meanwhile, Charter noted the value of the offer has declined based on Comcast’s sliding stock price, which is off about 13% since the deal was unveiled. It argued the deal fails to address Comcast’s Class B shares, which won’t be diluted, and doesn’t address divestitures, which may be discounted to some degree.

Charter is the fourth-largest cable operator in the U.S. and its biggest shareholder is Liberty Media Corp., whose chairman is cable pioneer John Malone. The company made its arguments in a filing to solicit proxies from Time Warner Cable shareholders in opposition to the deal.

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Analytica Bio-Energy Corp. – ABEC

The manufacturing industry has taken dramatic shifts from traditional methods of manual operations. To keep with the ever changing times manufactures have moved into technology operated empires. With change come new obstacles. Automated and mass production in the majority of manufacturing produces more wastewater.

Industrial Wastewater in itself is a hazardous substance. Toxic chemicals cannot be disposed of into sewers, rivers, or lakes. When left unchecked these chemicals destroy all life form in the waterways, plus endup in the water we drink..

Analytica Bio-Energy Corp. has developed new patented technology; technology that removes all toxic and hazardous chemicals prior to disposal.

Analytica’s equipment manufacturing process undergoes continuous and rigorous scrutiny during manufacturing, and assembly, Quality control inspections, and our highly trained and experienced work force insures the highest quality start to finish.

Analytica Bio-Energy Corp has developed and patented the new NH3-N Wastewater Treatment System that removes all toxic and hazardous chemicals prior to disposal! This system combines ultrafiltration equipment, microfiltration, reverse osmosis equipment, EDI equipment and other combinations.

As the world population grows and the rapid development of industrial agricultural production increases, complex chemical substances are introduced into the water, contaminating the water. It was realized that the role of NH3-N eutrophication, the wastewater treatment developed to target the removal of organic matter and ammonia was essential.
New NH3-N wastewater treatment system combines ultrafiltration equipment, microfiltration, reverse osmosis equipment, EDI equipment and other combinations developed a new system, namely-NH3-N wastewater solutions.

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AK Steel warns of first-quarter loss

AK Steel Holding Corp. AKS +1.58% predicted a surprise loss for its first quarter, saying a handful of one-time items–including an unplanned blast furnace outage–drove down results.

The company forecast a loss of 44 cents to 49 cents a share in the quarter, compared with expectations for a profit of five cents a share from analysts polled by Thomson Reuters.

The company said the weak results were caused by higher energy costs related to cold winter weather, the blast furnace outage and a charge for a tentative legal settlement.

Shipments are expected to be down 10% to 12% from the previous quarter, due to the unplanned outage at the company’s Ashland Works blast furnace, resulting in a decline in shipments of carbon steel to the spot market and a decline in shipments of electrical steel.

The company predicts average selling prices for the quarter rose about 6% from the fourth quarter.

AK Steel and other major U.S. steelmakers have benefited from rebounding demand for automobiles but face challenges from lower-priced imports.

Shares fell about 2% premarket.

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Nortek agrees to buy Thomas & Betts HVAC business

Nortek Inc. NTK +2.90% on Friday said it has agreed to buy Thomas & Betts Corp.’s heating, ventilation and air conditioning business for about $260 million in cash.

“Acquiring this business will enable us to extend our air-management business into attractive adjacent segments of the HVAC market in the United States and Europe,” Nortek Chief Executive Michael J. Clarke said.

The Thomas & Betts HVAC unit, which had $160 million in net sales last year, includes businesses in the U.K., France and Belgium, and manufacturing operations in Mexico.

Nortek, a producer of air-management and technology-solution products for residences and businesses, said it expects the deal to close in the second quarter.

Earlier this month, the company posted sales increases across its businesses, driven by U.S. residential construction activity.

Shares of Nortek were inactive premarket. The stock closed at $78.96 Thursday.

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EA again delays ‘Titanfall’ release for Xbox 360

Electronic Arts Inc. EA +0.43% again delayed the release of its “Titanfall” game for Microsoft Corp.’s MSFT -0.43% Xbox 360 console, according to a post on the videogame maker’s corporate blog.

Now, the online multiplayer combat game is slated for release in North America on April 8 and in Europe on April 11. The release had been previously delayed until March 25 and March 28, respectively.

“I’ve been playing the game a lot, and it is fantastic,” EA executive Patrick Soderlund said in a blog post. “But we see a few things that can be made even better, so we’re giving Bluepoint a little more time to do just that and deliver an epic ‘Titanfall’ experience for Xbox 360 players.”

Bluepoint Games is developing the Xbox 360 version of the game, while Respawn Entertainment developed the Xbox One and personal computer versions. EA is publishing the game.

“Titanfall” for Xbox One, Microsoft’s latest videogame console, was released earlier this month in North America and Europe to wide acclaim and popularity among gamers.

The game is exclusive to Microsoft consoles and PCs running Windows.

Shares of EA rose 1.1% to $30.58 in recent premarket trading. The stock is up 32% so far this year.

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J.P. Morgan to sell commodities business for $3.5B

LONDON– J.P. Morgan Chase & Co. has become the latest bank to scale back its commodities business, striking a deal to sell its physical assets and trading arm to Swiss trader Mercuria Energy Group Ltd. for $3.5 billion in cash.

The deal, expected to be completed in the third quarter, marks the largest ever acquisition completed by Mercuria, a closely-held company founded in 2004 by Swiss traders Marco Dunand and Daniel Jaeggi that is relatively unknown outside the physical commodities trading industry.

Mercuria had been in exclusive talks to buy the unit since earlier last month when it beat off rival bidders Australian bank Macquarie Group Ltd. and New York private-equity giant Blackstone Group LP, people familiar with the situation said at the time. J.P. Morgan initially marketed the assets to about 50 parties and received about 20 first-round bids for all or parts of the package, people familiar with the process said.

“Our goal from the outset was to find a buyer that was interested in preserving the value of J.P. Morgan’s physical business,” said Blythe Masters, head of the bank’s global commodities business, in a statement.

It is unclear whether Ms. Masters–former chief financial officer of J.P. Morgan’s investment bank and one of the highest profile women on Wall Street–will transfer to Mercuria as part of the deal.

Her fate, and that of other senior executives, may not be resolved until the deal closes, according to people familiar with the matter, amid concerns that any talks involving her position at Mercuria would conflict with the bank’s negotiating position.

The sale comes amid a realignment in the global commodities-trading business as tighter regulation and capital constraints have made it more difficult for big Wall Street banks to participate in the high-cost, low-margin business. The Federal Reserve is considering whether new rules are needed to limit banks’ exposure to the commodities trading amid concerns that these activities could pose a risk to financial stability and conflicts of interest. Such pressures have triggered a series of high-profile exits from the industry.

Morgan Stanley agreed to sell its oil storage and trading business to state-backed Russian oil giant OAO Rosneft at the end of last year. Deutsche Bank, one of the banking industry’s biggest players in the commodities sector, said in December it would exit almost all its commodity businesses around the world. Goldman Sachs Group Inc. has entertained offers for certain units, such as its Metro International Trade Services group of metals warehouses. Royal Bank of Scotland Group and UBS have also wound down physical commodities trading desks in recent years.

Meanwhile, the mostly privately-held commodities houses have been snapping up assets to support their core trading businesses, lock in access to supply and provide a steady income stream. Trading houses aren’t subject to regulatory capital requirements like banks are.

Buying J.P. Morgan’s commodities assets, which include units that trade oil, natural gas and base metals, as well as hard assets such as gas fields, storage caverns and the Henry Bath & Son Ltd. chain of metals warehouses, would boost Mercuria’s presence in North American gas and power and buttress its position in the global metals market.

Christian Berthelsen in New York contributed to this article.

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