SAN FRANCISCO, June 4, Jun 04, 2013 (GLOBE NEWSWIRE via COMTEX) — Tauriga Sciences Inc. (OTCQB:TAUG) (”Tauriga” or “the Company”), a life sciences company creating a diversified portfolio of medical technology assets, novel medical devices and consumer healthcare, is pleased to announce the execution of an exclusive license agreement (”License Agreement”) with Green Hygienics, Inc. (”Green Hygienics”), a wholly-owned subsidiary of Green Innovations Ltd. (OTCQB:GNIN) (”Green Innovations” or “GNIN”), to market bamboo-based 100% tree-free medical products to the North American commercial marketplace. This License Agreement was executed May 31, 2013 and is valid for a duration of 5 years. Under the terms of the License Agreement, Tauriga will realize the potential revenues generated from sales in North America, however the net profits will be split equally (50% each) between the two companies. Additionally, Tauriga shall receive an equity stake in Green Innovations amounting to 625,000 shares of restricted common stock, in consideration for both the paid in capital and joint marketing efforts. Complete terms and conditions of this License Agreement will be disclosed in a Form 8-K to be filed by the Company in the next few days.

The Company anticipates that the initial revenues (pursuant to this License Agreement) will be generated during calendar year 2013; however at this point in time, it is premature to establish any type of revenue or earnings guidance. The initial $65,000 payment from Tauriga (due at signing) has been paid to Green Innovations, so the Company has already acquired 162,500 shares of GNIN and fully expects to acquire the entirety of the 625,000 shares pursuant to the license agreement.

Tauriga’s CEO, Seth M. Shaw, stated, “By entering into this License Agreement, the Company has positioned itself to generate revenues through the marketing of a high quality product line with substantial social benefits. After extensive due diligence, management is confident in Green Hygienics’ manufacturing infrastructure as well as the potential market acceptance of such products in the marketplace of the North American continent. We are also pleased to become shareholders of Green Innovations, through this agreement, because it bolsters our balance sheet and we believe strongly in the business prospects of their company and management team.”

According to the American Hospital Association (AHA), as of 2011, there were 5,724 registered U.S. hospitals and, according to the U.S. Census Bureau Statistical Abstract of the United States: 2012, as of 2009, there were 15,700 nursing homes in the U.S. with approximately 1.4 million residents.

About Tauriga Sciences

Tauriga Sciences, Inc. (OTCQB:TAUG) is a life sciences company that focuses on proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare. The mission of the Company is to acquire and build a diversified portfolio of medical technology assets that is capital efficient and of significant value to the shareholders. The Company’s business model includes the acquisition of licenses, equity stakes, rights on both an exclusive and non-exclusive basis, and entire businesses. Management is firmly committed to building lasting shareholder value in the short, intermediate, and long terms. The Company’s new corporate website can be found at www.taurigasciences.com.

About Green Innovations Ltd.

Green Innovations Ltd. (OTCQB:GNIN), through its wholly-owned subsidiary Green Hygienics, Inc., is the exclusive licensed North American distributor of American Hygienics Corporation’s 100% tree-free bamboo-based product line, including personal care and paper-based goods. The Company provides consumers the opportunity to enjoy high-quality and performance eco-friendly goods from dedicated experts that have been producing bamboo products for over a decade, along with the cost-benefit of local raw material manufacturing, and the satisfaction of knowing that by using these products they are doing their part to reduce their carbon footprint and to continue the movement towards a more healthy and sustainable planet.

DISCLAIMER

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on TAUG’s predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which TAUG has little or no control. Such forward-looking statements are made only as of the date of this release, and TAUG assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by TAUG with the Securities and Exchange Commission.

This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Securities Act and applicable state securities laws.

Radian Group Inc.’s RDN -3.16% fourth-quarter loss widened as the year-earlier period included higher gains related to the fair value of derivatives and other impacts.

Companies such as Radian Guaranty typically insure mortgages when a borrower makes a down payment of less than 20%. Mortgage insurers pay lenders a portion of their losses if homeowners default on their loans.

While mortgage-insurance policies sold in recent years have so far proved to be highly profitable, Radian and some other players remain saddled with money-losing policies sold in the years before the housing bubble popped.

Radian’s mortgage-insurance loss provisions were $306.9 million in the fourth quarter, compared with $333.3 million a year earlier.

New mortgage insurance written was $11.7 billion, compared with $6.5 billion a year earlier.

“We hit the ground running in 2013 with $4 billion of new business written in January and another decline in our delinquent loan inventory, which better positions Radian for a return to operating profitability,” Chief Executive S.A. Ibrahim said. Last January, Radian wrote $2 billion of new business.

Radian reported a loss of $177.3 million, or $1.34 a share, compared with a loss of $121.5 million, or 92 cents a share, a year earlier. The company recorded minimal net gains on investments, compared with net gains on investments of $38.9 million and gains from the change in fair value of derivatives and other financial instruments of $102.2 million a year earlier.

Net premiums earned increased 5.1% to $193.9 million.

Analysts polled by Thomson Reuters most recently projected a loss of 50 cents a share on net premiums earned of $200 million.

Shares closed Friday at $6.72 and were inactive premarket. The stock has nearly doubled in the past year.

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SOURCE: http://www.marketwatch.com/story/radian-loss-widens-against-year-earlier-gains-2013-02-11

Cardinal Energy Group is a company managed by specialized energy experts. Combined they encompass 150 years industry experience. They have worked together for several years to build Cardinal into an independent energy producer.

Cardinal’s management is focused on a growth plan that prescribes reworking “marginal” Oil & Gas wells that are located in mature fields that are neglected or “walked-away-from” by their former operators. They have found that these marginal fields still have significant proven reserves that can be produced economically using new methods and technology.

There are thousands of mature oil and gas fields across the lower 48 states that encompass thousands of these marginal wells, commonly referred to as “stripper” wells – wells that produce less than 15 barrels of crude oil per day. Few lay people realize the importance of these wells and their significance in supplying domestic crude oil and natural gas to the US. Domestic marginal wells produced more than 335 million barrels of oil in the United States in 2006. That is equivalent to more than 60 percent of the crude oil the United States imports annually from Saudi Arabia. It has recently in 2012 been projected that United States will become the world’s largest oil producer by 2020.

Cardinal’s present strategy consists of acquiring marginal wells throughout the Appalachian Basin, which have been drilled to the reliable Clinton Sandstone or Knox formation. Therein They are focused on selecting undervalued assets or over-leveraged companies where there is a clear upside from their purchase, due to the commodity price increase and/or by the application of Cardinal’s calculated exploitation strategy.

The current production theories that recommend new drilling and fracking methods utilize today’s technology to make it possible to re-enter these older wells to recover the stranded reserves economically. In addition to remediating or reworking the existing wells they also continue development of the field by drilling and completing new wells adjacent to the existing wells, thus increasing the overall production of a given field.

They intend to deploy our Appalachian Basin strategy throughout the continental United States as opportunity arises.

Cardinal Energy Group’s dedicated, experienced team has the requisite expertise and track record necessary to maximize value in the current market.

Stripper Well*

*From Wikipedia

The top ten US stripper well states.

A stripper well or marginal well is an oil or gas well that is nearing the end of its economically useful life. In the United States of America a “stripper” gas well is defined by the Interstate Oil and Gas Compact Commission as one that produces 60,000 cubic feet (1,700 m³) or less of gas per day at its maximum flow rate; the Internal Revenue Service, for tax purposes, uses a threshold of 75,000 cubic feet (2,100 m³) per day. Oil wells are generally classified as stripper wells when they produce ten barrels per day or less for any twelve month period.

Economic Importance

In the United States of America, one out of every six barrels of crude oil produced comes from a marginal oil well, and over 85 percent of the total number of U.S. oil wells are now classified as such. There are over 420,000 of these wells in the United States, and together they produce nearly 915,000 barrels (145,500 m³) of oil per day, 18 percent of U.S. production.

Additionally, as of 2006, there are more than 296,000 natural gas stripper wells in the lower 48 states. Together they account for over 1.7 trillion cubic feet (48 km³) of natural gas, or about 9 percent of the natural gas produced in the lower 48 states. Stripper wells are more common in older oil and gas producing regions, most notably in Appalachia, Texas and Oklahoma.

Premature Abandonment

Many of these wells are marginally economic and at risk of being prematurely abandoned. When world oil prices were in the low tens in the late 1990s, the oil that flowed from marginal wells often cost more to produce than the price it brought on the market. From 1994 to 2006, approximately 177,000 marginal wells were plugged and abandoned, representing a number equal to 42 percent of all operating wells in 2006, costing the U.S. more than $3.8 billion in lost oil revenue at the EIA 2004 average world oil price.

When marginal wells are prematurely abandoned, significant quantities of oil remain behind. In most instances, the remaining reserves are not easily accessible when oil prices subsequently rise again: when marginal fields are abandoned, the surface infrastructure – the pumps, piping, storage vessels, and other processing equipment – is removed and the lease forfeited. Since much of this equipment was probably installed over many years, replacing it over a short period should oil prices jump upward is enormously cost prohibitive. Oil prices would have to rise beyond their historic highs and remain at elevated levels for many years before there would be sufficient economic justification to bring many marginal fields back into production.

FROM Department of Energy: 

One out of every seven barrels of oil produced in the United States comes from a stripper well – a well whose production has slowed to 10 barrels of oil a day or less. There are over 340,000 of these wells in the United States and together they produced 260 million of barrels of oil in 2008, enough to fuel half the jet planes flying in the United States.

Stripper gas wells, defined as wells producing less than 60 thousand cubic feet a day, are also significant contributors to the nation’s energy needs. Over 300,000 stripper gas wells produced 2 trillion cubic feet of gas in 2008, enough for about 25 million homes. Stripper wells are more common in older oil and gas producing regions, most notably in Appalachia, Texas and Oklahoma.

Many of these wells are marginally economic and at risk of being plugged, leaving significant quantities of oil remaining behind. In fact, several thousand stripper wells are plugged each year. Once a well becomes uneconomic and is plugged, any remaining oil (sometimes as much as two-thirds of the original oil) is unlikely to ever be recovered. This is because of the high cost of re-drilling the well or replacement well and installing pumping, storage and transportation facilities. Therefore, keeping stripper wells in production helps maintain a strong domestic energy supply. The Department of Energy Stripper Well Revitalization effort is committed to developing technologies to improve the performance of marginally economic wells through the Stripper Well Consortium.

Stripper Well Consortium

The Stripper Well Consortium, an industry-driven program started in 2000 and managed by the Pennsylvania State University, is co-funded by the Department of Energy and the New York State Energy Research and Development Authority. The Stripper Well Consortium has 97 members including companies/organizations from 23 states, the District of Columbia and Canada. An Executive Council selects research projects proposed by members that will lead to improving oil and natural gas production from stripper wells. The process of having industry develop, review and select projects for funding ensures that the Consortium conducts research that is relevant and timely to the oil and natural gas industry. The Consortium has committed over $10.5 million through September 2011 for over 100 projects co-funded by industry, including 11 projects selected for the October 2010 through September 2011 funding cycle.

Stripper wells produce large quantities of water in addition to the oil and natural gas. Producers not only have the added cost of pumping the water to the surface and disposing of it but when water fills the wellbore it impedes the flow of oil or gas, reducing production rates. Therefore a major focus of the Stripper Well Consortium has been on the development of technologies to more efficiently clear water from wellbores. One successful project is the Gas Operated Automatic lift (GOAL) PetroPump developed by Brandywine Energy and Development Company. The device uses the pressure of gas moving into the bottom of the wellbore to move fluid out of the well. The inexpensive, easy to operate device is more efficient than alternatives and has been shown to boost gas production as much as 300 percent.

The DOE also conducts other activities that help stripper wells. The Rocky Mountain Oilfield Test Center (RMOTC), operated by DOE at the Teapot Dome Field, located near Casper, Wyoming, provides facilities to test and validate new technologies in an operating stripper oilfield.

The Petroleum Technology Transfer Council, with support from the DOE, provides workshops and information on technologies and best practices for oil and gas producers, many of whom operate stripper wells.

SOURCE: http://www.cardinalenergygroup.com/

Pepco Holdings Inc.’s POM +0.10% third-quarter profit rose 40% as the electricity provider’s margins improved, despite a steeper-than-expected drop in revenue.

The company also cut the high-end of its full-year earnings estimate by five cents, now projecting $1.15 to $1.24 a share.

Pepco provides electricity and natural-gas service to about two million customers in Delaware, the District of Columbia, Maryland and New Jersey. Like other power companies, Pepco has seen its revenue challenged by lower demand amid last year’s mild winter and a slow economic recovery in the U.S.

The company invested nearly $900 million in its transmission and distribution infrastructure last year to improve reliability and to install advanced technology, like smart meters, and it also exited the more-volatile wholesale power-generation business in July 2010.

For the quarter, Pepco reported a profit of $112 million, or 49 cents a share, up from a year-earlier profit of $80 million, or 35 cents a share. Stripping out one-time items, per-share earnings were 47 cents versus 36 cents. Total operating revenue fell 10% to $1.48 billion.

Analysts surveyed by Thomson Reuters expected a per-share profit of 42 cents on revenue of $1.72 billion.

Operating margin improved to 17.9% from 11.8%.

Revenue at Pepco’s power-delivery segment, its largest top-line contributor, edged up 0.5% to $1.34 billion. The figure slumped 59% for the Pepco Energy Services unit.

Shares closed Monday at $19.63 and were inactive premarket. The stock is down 3.3% this year.

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SOURCE: http://www.marketwatch.com/story/pepcos-profit-rises-40-on-improved-margins-2012-11-06

SYDNEY–Bank of America Merrill Lynch BAC -1.23% has begun a new round of job cuts in Australia, a person familiar with the matter said Thursday, becoming the latest investment bank to cut costs amid light deal flow and sluggish equity markets due to the stuttering global economic recovery.

Fewer than 10 staff from the bank’s equities sales and trading division have been let go, the person said, without elaborating further.

Earlier this week, The Wall Street Journal reported BofA Merrill Lynch would cut around 40 employees from its Asia Pacific Global Markets unit which includes fixed income, equities, currencies and commodities trading. The decision was finalized on global conference calls on Tuesday, with the decision to be announced Thursday.

At the beginning of September, Deutsche Bank AG (DB) announced around 80 redundancies in Asia, with most cuts coming from its equities division.

-Write to Gillian Tan at gillian.tan@wsj.com

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SOURC: http://www.marketwatch.com/story/bank-of-america-unit-cuts-australia-jobs-report-2012-09-26

Sales of Caterpillar Inc.’s CAT -0.89% construction and mining equipment in Asia continued to rebound, and demand in North America remained strong, as the company Friday reported a 13% increase in world-wide sales in the three months to the end of August.

It was the 27th-straight three-month period of retail-sales growth for the world’s largest seller of bulldozers, excavators and wheel loaders. Growth has been decelerating lately in some of Caterpillar’s geographic markets, as tougher year-earlier comparisons and deteriorating economic conditions, particularly in Europe and Latin America, hold down demand.

World-wide dealer-reported machinery sales climbed 14% and 11% from a year earlier for the three months ended in July and June, respectively.

Caterpillar’s Asia Pacific sales rose 27% in August, benefiting from easier year-ago sales comparisons and rising demand from Asian markets besides China, where the machinery market has been mired in the slump for more than year. Sales from the region rose 28% during the July period and 16% during the June period.

North America, the Peoria, Ill., company’s largest geographic market, continued to be a pillar of strength for Caterpillar. North American sales rose 24% in the three months to Aug. 31, following a 25% increase in July and a 24% increase in June.

Caterpillar has attributed its North American sales performance to the replacement of worn-out machinery whose life cycle was extended because of the 2008 economic recession. Caterpillar dealers also have benefited from rising demand for equipment from the energy sector. Caterpillar is a major supplier of equipment to western Canada’s oil-sands industry.

Sales in Latin America remain weak in the midst of tough economic conditions, especially in Brazil. Caterpillar’s August sales from the region were down 5% from a year earlier, following a 2% decline during July and a 3% decrease in June.

Sales growth in Europe, Africa and the Middle East also remained challenging, reflecting the broad economic weakness in Europe. August sales were flat with a year ago, after falling 1% during July and being flat in June.

Caterpillar’s engine business appears to be stabilizing at moderate growth levels following a period of choppiness. Overall engine sales rose 3% in August, following a 4% increase in July and a 7% increase in June. Sales of engines for generating electric power dropped 3% in August, improving from a 6% decline during July and an 11% drop during June.

In the transportation industry, which includes engines for ships and railroad locomotives, sales rose 9% in August, following an 11% increase for July and a 19% increase in June. Meanwhile, engine sales to the petroleum industry climbed 14% in August, following a 20% increase during July and a 29% surge during June.

Caterpillar’s stock was recently trading down 0.44% at $92.13 a share.

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SOURCE: http://www.marketwatch.com/story/caterpillar-sales-up-13-june-august-2012-09-21

Xyratex Ltd. XRTX +0.37% lowered its fiscal third-quarter revenue expectations, pointing to reduced demand from large customers in its core enterprise data-storage division and the deferral in meeting acceptance testing criteria for its latest products.

The storage-systems provider’s shares were halted after hours Tuesday. Through the close, the stock has fallen 19% since the start of the year.

For the fiscal third quarter, which ended Aug. 31, Xyratex sees revenue between $271 million and $276 million. It previously had expected revenue of $313 million to $373 million.

Chief Executive Steve Barber said the company’s preliminary results reflect specific technical and performance requirements that haven’t yet been met and have delayed product acceptance and revenue recognition for the company’s latest capital equipment and high-performance computing products. The company is working closely with its customers to meet the required acceptance specifications, he said.

“In light of the macro-economic environment and concerns indicated by a number of our customers, we are reviewing our fiscal fourth quarter planning assumptions and will be aligning our business assumptions with our revised estimates of demand,” Mr. Barber said.

The company will report its fiscal third-quarter results on Oct. 2.

U.K.-based Xyratex, which sells its storage systems to makers of computer equipment and disk drives, saw earnings improve earlier this year on wider margins and lower input costs. The company previously had reported a string of quarters in which profit tumbled on weak demand for its data-storage infrastructure. Flooding last year in Thailand added another hurdle, as the company struggled to stretch a limited supply of disk drives to meet the requirements of its enterprise data-storage customers.

In July, Xyratex reported it swung to a fiscal second-quarter profit as margins improved, though revenue in the enterprise data-storage segment declined.

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SOURCE: http://www.marketwatch.com/story/xyratex-cuts-q3-revenue-view-on-reduced-demand-2012-09-11

Shuffle Master Inc.’s SHFL +1.31% fiscal third-quarter profit rose 14% as the gambling-equipment company continued to benefit from strong demand for its electronic gambling machines, helped by a client in Asia.

However, results missed Street expectations, and shares dropped 7.7% after-hours to $14.25. Through Monday’s close, the stock was up 32% so far this year.

Revenue and earnings have been on a sustained upswing for Shuffle Master, which makes automatic card shufflers, roulette chip sorters, video slot machines and electronic table game platforms. The company’s recent focus on its leasing and royalties business has lent it a predictability that is uncommon for the casino industry.

Shuffle Master in June scuttled its plans to buy online poker company Ongame Network Ltd., basing its decision on lower-than-expected results from Ongame’s operations and continued obstacles in the legalization of online gambling in the U.S.

For the quarter ended July 31, Shuffle Master posted a profit of $10.4 million, or 18 cents a share, up from $9.1 million, or 17 cents a share, a year earlier.

Revenue improved 8.7% to $63.4 million.

Analysts polled by Thomson Reuters recently predicted per-share earnings of 20 cents a share on revenue of $68 million.

Gross margin widened to 63.1% from 62.1%.

Revenue from Shuffle Master’s leasing and royalties business grew 12%, while product sales and services posted 6% higher revenue.

Revenue from electronic gambling machines grew 11%, driven by a large sale to a customer in the Philippines, as well as sales of an add-on to its popular Equinox slot machine cabinet. The electronic table systems segment’s recurring revenue increased 2%, while the proprietary table games unit reported that recurring revenue was up 17%.

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SOURCE: http://www.marketwatch.com/story/shuffle-master-q3-profit-rises-but-misses-estimate-2012-09-10

INTERTAINMENT ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS AND TERMINATES TRANSACTION WITH CAPSTREAM VENTURES INC. IN FAVOUR OF US OPPORTUNITIES

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, CANADA – September 4, 2012 – Intertainment Media Inc. (”Intertainment” or the “Company”) (TSXV: INT / US: ITMTF / FRA: I4T) is pleased to announce, further to its press releases dated August, 28, 2012, that it has completed a non-brokered private placement of 12,500,000 units of Intertainment (“Units”) at a price of $0.20 per Unit for aggregate gross proceeds of $2,500,000 (the “Placement”). Each Unit issued pursuant to the Placement consisted of one common share and one transferrable common share purchase warrant exercisable at $0.29 per share until August 31, 2017. The securities issued pursuant to the Placement are subject to a four-month hold period. In connection with the transaction, each subscriber under the Placement intends to transfer their warrants in compliance with the TSX Venture Exchange policies.

David Lucatch, Chief Executive Officer and a director of Intertainment, acquired ownership and control of the 2,500,000 Units issued under the Placement. The Company has determined that exemptions are available for the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the Units to insiders of Intertainment.

Proceeds of the Placement will be used for general working capital. Following the completion of the Placement, the Corporation has 340,064,855 common shares issued and outstanding. The completion of the Placement is subject to TSX Venture Exchange acceptance and other regulatory approval.

The Company continues work on proposed US public opportunities for Intertainment and its subsidiaries, including Ortsbo Inc., and it will no longer pursue its previously announced Canadian reverse takeover with Capstream Ventures Inc. after ongoing discussions with its US Agents and US Funds. The Company feels that it is better suited to provide higher value opportunities in the US and international markets, as it focuses on commercialization of its programs.

The Company maintains that its divestiture or spin out of assets will include dividends or similar provisions for its shareholders as previously announced.

About Intertainment – www.intertainmentmedia.com

Intertainment is one of Canada’s leading technology incubators and is focused on developing, nurturing and investing in both North American and global technologies and companies that provide technology solutions for brands and consumers alike. Intertainment also owns and operates a number of key properties including Ad Taffy, itiBiti (KNCTR), Ortsbo, Deal Frenzy and Magnum, with investments in leading edge technologies and social media platforms including theaudience.com. For more information on Intertainment and its properties, please visit www.intertainmentmedia.com.

Intertainment is headquartered in the Toronto, Canada region, with offices in New York, Los Angeles and San Mateo, CA and is listed on the TSX Venture Exchange under the symbol “INT” (TSXV:INT) and in the US on the OTCQX Market under the symbol “ITMTF”. Intertainment is also traded in Europe on the unofficial market of the Frankfurt Exchange through the XETRA trading platform under the symbol “I4T”.

Contact:

For Intertainment Media Inc.:
David Lucatch, CEO
800-395-9943
info@intertainmentmedia.com
www.intertainmentmedia.com

Forward Looking Information

This news release contains certain “forward-looking information” within the meaning of such statements under applicable securities law including statements relating to the proposed private placement of the Company.

Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.

Neither the 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.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.

Guidewire Software Inc. GWRE +2.80% swung to a fiscal fourth-quarter profit as the insurance software maker reported broad-based revenue growth, led by gains in services revenue.

Shares surged 12% to $32.90 after hours as results topped analyst expectations.

Guidewire, which went public in January, makes core system software for the property and casualty insurance industry. Its programs underpin a range of functions from underwriting to claims management and billing. The company has said it benefits from an aging technical infrastructure and scarcity of experienced technology workers at property-and-casualty insurers, as well as pressure for insurers to venture into new products and to use the Internet to reach customers.

The company had reported weaker bottom-line results in the prior two quarters, though revenue has continued to grow.

For the quarter ended July 31, Guidewire reported a profit of $3.5 million, or six cents a share, compared with a year-earlier loss of $1.2 million, or six cents a share. Excluding stock-based compensation, a year-ago litigation provision and other items, per-share earnings slipped to 10 cents from 24 cents. Revenue was up 33% at $67.6 million.

Analysts polled by Thomson Reuters most recently projected earnings of four cents a share and revenue of $62 million.

Gross margin narrowed to 59.7% from 63%. Operating expenses slipped 5.5%.

Services revenue, the biggest contributor to the top line, jumped 61%. License revenue increased 11%, while revenue at its smaller maintenance segment rose 33%.

Through the close, the stock has more than doubled from its January initial public offering price of $13 a share.

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SOURCE: http://www.marketwatch.com/story/guidewire-swings-to-q4-profit-as-revenue-rises-2012-09-04