Reliance Communications announces special offers for Christmas and New Year
Mumbai, December 24, 2007- With the objective of enhancing customers delight during the upcoming Christmas season, Reliance Mobile has launched cool videos, wall papers, animations, ringtones, caller tunes on Reliance Mobile World (R World) for millions of its esteemed customers. With this latest initiative, Reliance Mobile has taken the lead to offer superior value and choicest opportunities for the customers during Christmas season.
During the week long Christmas celebrations leading to New Year people are on a shopping spree purchasing gifts and accessories. There is also an upsurge on mobile spending and customers always look for innovative content to celebrate the festive spirit of the season. Keeping this mood and spirit Reliance Mobile World allows customers to download their favourite Christmas videos, wallpapers, animations, ring tones of celebrations, at a price which ranges between Rs 10 – Rs 25.
To access the above features on Reliance Mobile World, users have to click on – Rworld>>HotNNew>>Xmas Special.
Also, Reliance Mobile is offering a unique opportunity to its subscribers to light a candle at the famous Velankanni Church in Tamil Nadu from anywhere in India and at anytime. The users will be will be able to participate through Reliance Mobile World.
All one has to do is enter his/her name in the “LightCandle” service on Reliance Mobile World which has been specially developed under the Christmas Zone and a candle will be lit in the famous Velankanni Church on his/her behalf. This Church is one of its kind in India and has its popularity cutting across states, religions, and nations. Pilgrims visit this Church from as far as Singapore, Malaysia and Sri Lanka.
In addition, on the eve of the New Year the company has introduced E – Recharge vouchers for its pre-paid customers with a variable talktime of Rs. 2,008, Rs. 3,008, Rs. 4,008 and Rs. 5,008 respectively and a validity of 2 to 5 years.
About Reliance Communications: :
Reliance Communications Limited founded by the late Shri. Dhirubhai H Ambani (1932-2002) is the flagship company of the Reliance Anil Dhirubhai Ambani Group. The Reliance Anil Dhirubhai Ambani Group currently has a market capitalization of over Rs. 2,70,000 crore, net worth in excess of Rs. 40,000 crore, cash flows of Rs. 9,000 crore, net profit of Rs. 5,000 crore and zero net debt.
Rated among “Asia’s Top 5 Most Valuable Telecom Companies”, Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of over 38 million including over 1.3 million individual overseas retail customers, ranks among the Top 10 Asian Telecom companies by number of customers. Reliance Communications’ corporate clientele includes 600 Indian and 250 multinational corporations, and over 200 global carriers.
Reliance Communications has established a pan-India, next generation, integrated (wireless and wireline), convergent (voice, data and video) digital network that is capable of supporting best-of-class services spanning the entire infocomm value chain, covering over 13,000 towns and 500,000 villages. Reliance Communications owns and operates the world’s largest next generation IP enabled connectivity infrastructure, comprising over 165,000 kilometers of fibre optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region.
For further Information Please contact:
Mrinal Sapre
9323612892
Solar Integrated Announces £14m Financing
Filed under: Americas, Energy, Europe, Renewable Energy
Solar Integrated Announces £14m Financing And Significant Balance Sheet Repositioning; Announces Trading Update
London, UK, and Los Angeles, California, December 20, 2007 – Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today that it has raised £14.0 million (£13.2 million or US $26.4 million after cash expenses) by the issue of 16,470,588 new Common Shares at a price of 85p per share, representing a discount of 1.7% to the closing mid-market price on 19 December 2007. The Placing Shares have been placed by Mirabaud Securities with institutional and other investors. Approximately £8.5 million of the net proceeds of the Placing will be used to retire US $16.2 million of outstanding convertible debt (plus accrued interest), with the remaining £4.7 million (US $9.4 million) of the net placing proceeds to be used for general corporate and working capital purposes, so as to enable the Company to meet the rapidly growing demand for its products.
At the same time, the Company has successfully negotiated the conversion of US $6.9 million of its outstanding convertible debt into equity at the placing price and significantly restructured the remaining US $8.0 million of convertible debt.
Commenting on today’s developments, R. Randall MacEwen, President & CEO, stated: “2007 has been a transformational year for Solar Integrated. In addition to significantly improving the fundamentals of the business, we will now eliminate US $23.1 million of debt from our balance sheet, reduce our annual interest costs by $2.1 million, and provide the necessary working capital to fuel our growth in 2008. We are well positioned for profitability in 2008.”
John M. Palumbo, Chief Financial Officer, stated: “With the US $70 million Italian contract win announced earlier today, we exit 2007 with confidence high. We also reiterate our earlier revenue and gross margin guidance provided to the market for 2007. We expect 2007 revenues coming in towards the top end of the previously stated guidance range of US $60 million to US $80 million, and we reiterate that we expect full year consolidated gross margins to be in excess of 15%.”
The Company will host a conference call on 20 December 2007 at 1:00 pm London time / 8:00 am ET / 5:00 am PT to further discuss these developments. Investors and analysts can participate in the call by dialing (+44) 1296 311 650 with access code 845720#.
Background to and reasons for the Placing
As the Company did not consummate a qualified U.S. public offering by 1 May 2007, the holders of the Company’s Convertible Notes with an outstanding aggregate face value of US $31.08 million have the right to require the Company to repurchase for cash, on 1 November 2008, all or a portion of their notes at a repurchase price equal to 100% of the face amount, plus accrued interest. Throughout 2007, the Company has been focused on de-risking the November 2008 put option and the related refinancing risk. The Placing therefore represents a very positive development at de-risking and repositioning the Company’s balance sheet. In a deal struck with the holders of the Convertibles Notes, and given the capital raise with the Placing, the Company is now positioned to retire US $16.2 million of aggregate principal amount of the Convertible Notes. At the same time, the Company has successfully negotiated the conversion of US $6.9 million of Convertible Notes principal into equity and amend the terms of the remaining US $8.0 million of Convertible Notes principal. Under the terms of agreements reached with the holders of the Convertible Notes:
- US $16.2 million of aggregate principal amount of Convertible Notes will be redeemed at a premium of 3% to nominal value, together with accrued interest to redemption date, at an aggregate cost of approximately US $17.0 million;
- US $6.9 million of aggregate principal amount of Convertible Notes will be converted into equity (at the 85p per share Placing Price) at a premium of 5% to nominal value, resulting in the issue of 4,246,324 new Common Shares (“Conversion Shares”); and
- the remaining US $8.0 million of Convertible Notes, held by one institutional investor, have been significantly restructured as follows:
- the coupon has been reduced from 8.5% to 6.5% and is now payable, at the Company’s election, in cash or Common Shares;
- the November 2008 put option, at the noteholder’s election, has been removed;
- the conversion make-whole payment has been removed; and
- the conversion price has been reduced from US $3.392 (approximately £1.70) to £1.00, representing a 17.6% premium to the Placing Price.
The total net proceeds of the Placing will accordingly be used to meet the full cash cost of the proposals set out above, amounting to US $17.0 million (approximately £8.5 million), with the balance of the proceeds of the Placing, amounting to US $9.6 million (approximately £4.8 million), being used for general corporate and working capital purposes.
Details of the Placing
Under the terms of the Placing, the Company has raised £14 million in gross proceeds (£13.2 million or US $26.4 million after cash expenses) by the issue of 16,470,588 new Common Shares at a price of 85p per share, representing a discount of approximately 1.7% to the closing mid-market price on 19 December 2007. The Placing Shares have been placed with institutional and other investors by Mirabaud Securities.
Application has been made for Admission and it is expected that dealings in the Placing Shares (and the Conversion Shares) will commence at 8.00 a.m. on 28 December 2007. The Placing Shares and the Conversion Shares will be issued as fully paid and will rank pari passu in all respects with the existing issued and outstanding Common Shares, including as to voting rights and the right to receive any future dividends and other distributions.
The Placing is conditional, inter alia, on:
- Admission becoming effective by 8:00 am on 28 December 2007 (or such other later date being no later than 11 January 2008); and
- the Placing Agreement not being terminated in accordance with its terms prior to Admission occurring.
Under the terms of the Placing Agreement, certain customary representations and warranties have been provided to Mirabaud Securities, including certain representations and warranties, the benefit of which are extended to investors in the Placing, relating to the factual accuracy of the related issue documentation (including this announcement), the status of the Company’s borrowings and working capital, the accuracy of the Company’s last interim results, and the running of the Company since the last interim accounts date.
The Placing Shares equate to 23.3% of the Company’s current issued share capital. Following Admission of the Placing Shares and the Conversion Shares, the number of issued and outstanding Common Shares will be 91,379,863. After giving effect to the exercise or conversion of all outstanding warrants, options and all remaining Convertible Notes in existence immediately after Admission, the total number of Common Shares on a fully diluted basis will be 100,400,751.
Under the terms of the IPO Placing Agreement, the Company is required to obtain written consent from a majority of its Shareholders and from KBC Peel Hunt (the Company’s Nominated Adviser) to non pre-emptive issues in any rolling 12-month period of in excess of 10% of the Company’s issued share capital from time to time. Such written consents have been obtained from KBC Peel Hunt and from Shareholders holding, in aggregate, more than 50% of the Company’s issued share capital.
Definitions
The following definitions apply throughout this announcement unless the context requires otherwise:
| Admission | admission of all the Placing Shares to trading on AIM becoming effective in accordance with the AIM Rules, expected to take place on 28 December 2007 |
| AIM | a market operated by the London Stock Exchange |
| Common Shares | shares of common stock in the Company |
| Convertible Notes | the subordinated convertible notes due 1 November 2010 issued by the Company on 4 November 2005 |
| IPO Placing Agreement | the conditional agreement dated 7 May 2004 between the Company, the Directors and KBC Peel Hunt |
| KBC Peel Hunt | KBC Peel Hunt Ltd, the Company’s nominated adviser, a member of the London Stock Exchange and authorised and regulated by the Financial Services Authority |
| Mirabaud Securities | Mirabaud Securities Limited, a member of the London Stock Exchange and authorised and regulated by the Financial Services Authority |
| Placing | the conditional placing by Mirabaud Securities of 16,470,588 new Common Shares on the terms of the Placing Agreement |
| Placing Price | 85p per Placing Share |
| Placing Shares | the 16,470,588 new Common Shares to be issued by the Company pursuant to the Placing |
| Solar Integrated or the Company | Solar Integrated Technologies, Inc. |
For more information, please contact:
Solar Integrated Investor Contacts:
Solar Integrated Technologies, Inc. Solar Integrated Technologies, Inc.
R. Randall MacEwen John M. Palumbo
President & Chief Executive Officer Chief Financial Officer
Los Angeles, California, USA Los Angeles, California, USA
+1.562.299.0136 +1.562.299.0121
KBC Peel Hunt Ltd. Mirabaud Securities Limited
Nominated Advisor and Joint-Broker Joint-Broker
Julian Blunt or Oliver Stratton Peter Krens or Kim Richardson
+44.20.7418.8900 +44.20.7878.3362
Solar Integrated Media Contacts:
Gavin Anderson & Company
Ken Cronin or Deborah Walter
London, UK
+44.20.7554.1400
About Solar Integrated:
Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that manufactures, designs and installs building integrated photovoltaic (BIPV) roofing systems for non-residential, low-slope rooftops. We are a leader in the development of an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale commercial and industrial applications. Our BIPV roofing system enables our customers to transform a traditional rooftop into a value-generating asset. Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, Metro, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, UPC Solar, U.S. Air Force, U.S. GSA, U.S. Navy, Wal-Mart and Westfield. For more information, please visit www.solarintegrated.com.
Mirabaud Securities and KBC Peel Hunt (both of which are authorized and regulated by the FSA) are acting as respectively, broker and Nominated Adviser to Solar Integrated in relation to the Placing. They are not acting for anyone else and will not be responsible to any other person for providing the protections afforded to their clients or for advising any other person in relation to the Placing or any other matter referred to in this announcement.
Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the Australia, Canada, Japan, New Zealand, South Africa, Switzerland or the United States. Any failure to comply with this restriction may constitute a violation of Australian, Canadian, Japanese, New Zealand, South African, Swiss or US securities laws.
THIS ANNOUNCEMENT IS NOT AN OFFER OF NEW COMMON SHARES FOR SALE IN THE UNITED STATES. THE NEW COMMON SHARES REFERRED TO IN THIS ANNOUNCEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THERE WILL BE NO PUBLIC OFFER OF THE NEW COMMON SHARES IN THE UNITED STATES.
Forward-Looking Statements:
This release includes forward-looking statements which are based on certain assumptions and reflect management’s current expectations as contemplated under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: uncertainty as to whether our strategies, partnerships and business plans will yield the expected benefits; general global economic conditions; the availability and cost of capital; general industry and market conditions and growth rates; increasing competition; the ability to identify, develop and achieve commercial success for new products, services and technologies; changes in technology; changes in laws and regulations, including government incentive programs; intellectual property rights; our ability to secure and maintain strategic relationships, including key supply relationships; and the availability of, and our ability to retain, key personnel. Additional factors are discussed in our public disclosure materials from time to time. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Evergreen Solar and Silpro Announce Polysilicon Supply Agreement
Filed under: Americas, Energy, Engineering, Renewable Energy
MARLBORO, Mass.–Dec 13,2007 -Evergreen Solar, Inc. (Nasdaq: ESLR ), a manufacturer of solar power products with its proprietary, low-cost String Ribbon™ wafer technology, announced today that it has signed a ten-year polysilicon supply agreement with Silicium de Provence S.A.S. (“Silpro”) with shipments beginning in mid 2010.
“With the Silpro agreement, we now have contracts for 100% of the silicon that we need to meet our previously stated cumulative sales goal of over 1 gigawatt of solar panels from 2008 to 2012 including over 500 megawatts of sales in 2012,” said Richard M. Feldt, Chairman, President and Chief Executive Officer of Evergreen Solar. “At less than 5 grams per watt today, we believe we are the clear industry leader in efficient polysilicon usage. Our new Quad wafer technology should enable us to further reduce our silicon usage to approximately 2.5 grams per watt over the next few years.”
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company’s patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen Solar’s products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com. Evergreen Solar® is a registered trademark and String Ribbon™ is a trademark of Evergreen Solar, Inc.
About Silicium de Provence S.A.S.
Using proven technology, Silpro is dedicated to the production of highly pure silicon for the solar power industry. Located in Saint Auban, France, Silpro’s initial capacity will total approximately 4,000 metric tons starting in 2010. Long term, Silpro’s capacity is expected to double to approximately 8,000 metric tons.
Silpro is owned by SOL Holding (a joint venture formed between Econcern and SOLON), Photon Power Industries (a wholly owned subsidiary of Photon Power Technologies) and Norsun.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to: the Company’s ability to achieve its sales goals, the Company’s ability to design, construct, open and commence operation of new facilities as scheduled and at the expected cost, the Company’s ability to use its Quad technology platform and realize its yield, efficiency and silicon usage potential, and the Company’s expectations regarding the market penetration and growth of its technologies. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Such risks and uncertainties include, among other things, the following factors: the Company’s business and results of operations could be materially impaired as a result of poor manufacturing or product performance; the market for solar power products is emerging and rapidly developing and market demand for solar power products such as the Company’s products is uncertain; the Company has limited experience manufacturing large volumes of solar power products on a commercial basis at acceptable costs, which it will need to do in order to be successful; the Company faces intense competition from other companies producing solar power and other distributed energy generation products; the risk that the Company may fail to bring to market new products under development or that any such products may not achieve commercial acceptance; the risk that technological changes in the solar industry could render its solar products uncompetitive or obsolete; the Company sells via a small number of reseller partners, and the Company’s relationships with current or prospective marketing or strategic partners may be affected by adverse developments in the Company’s business, the business of the Company’s strategic partners, competitive factors, solar power market conditions, or financial market conditions; the market for products such as the Company’s solar power products is heavily influenced by federal, state, local and foreign government regulations and policies, as well as the availability and size of government subsidies and economic incentives, over which the Company has little control; and the Company may not have sufficient specialized silicon available to it based on general shortages in the availability of such silicon or the failure of the Company’s suppliers to fulfill their obligations under existing silicon supply agreements. In addition to the foregoing factors, the risk factors identified in the Company’s filings with the Securities and Exchange Commission – including the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2007, as amended on Form 10-K/A on April 30, 2007, the Form S-3 filed with the SEC on May 16, 2007, and the Quarterly Report on Form 10-Q filed with the SEC on November 8, 2007 (copies of which may be obtained at the SEC s website at: http://www.sec.gov) – could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact:
Evergreen Solar, Inc.
Michael El-Hillow, 508-357-2221 x3244
Chief Financial Officer
investors@evergreensolar.com
Source: Evergreen Solar, Inc.
Biogen Idec completes Review of Strategic Alternatives
BIOGEN IDEC COMPLETES REVIEW OF STRATEGIC ALTERNATIVES
Company to Remain Independent
Cambridge, MA, December 12, 2007 – The Board of Directors of Biogen today announced that, after completing a review of strategic alternatives to maximize shareholder value, Biogen Idec will continue on its present course as an independent Company.
On October 12, the Board announced the start of a process to determine whether potential strategic interest on the part of major pharmaceutical companies might result in superior value for stockholders in the current environment. Biogen Idec, which was represented by independent financial advisors Goldman Sachs & Co. and Merrill Lynch & Co., conducted a comprehensive and thorough sale process. At the conclusion of this process, Biogen Idec did not receive any definitive offers to purchase the Company.
The Board emphasized that Biogen Idec’s business strategy is working and generating strong operating and financial performance. The Board noted that it is confident that continued execution of the Company’s business plan will result in attractive value for stockholders. As previously announced, Biogen Idec’s business plan is focused on achieving a series of goals by year-end 2010:
- 100,000 patients on TYSABRI® (natalizumab);
- More than 40% of the Company’s revenue coming from its International business;
- Four new products and/or existing products launched in new indications;
- Six programs in late-stage clinical development; and,
- Generating revenue growth at a 15% compound annual growth rate (CAGR) and non-GAAP EPS at a 20% CAGR from 2007 through 2010.
The Company reiterated guidance for the full-year 2007, which was first announced on July 24, in reporting its second-quarter financial results.
GAAP EPS Reconciliation for 2010 Goals
On a reported basis, calculated in accordance with accounting principles generally accepted in the U.S. (GAAP), the Company aims to grow GAAP EPS from 2007 through 2010 at a 25% CAGR. The long-term non-GAAP EPS goal excludes the impact of purchase accounting, merger-related adjustments, stock option expense, and their related tax effects. In order to reconcile long-term GAAP and non-GAAP EPS figures, the Company has excluded the following items for the years 2008 through 2010 from our non-GAAP EPS goal provided above:
- Purchase accounting charges, including amortization of acquired intangible assets and IPR&D, estimated to be $800-$840 million for already completed transactions;
- Stock option expense due to FAS 123R is estimated to be in the range of $80-$90 million;
- Tax benefit of $220-$240 million related to the pre-tax reconciling items.
Because the Company cannot predict with certainty the nature or the amount of non-operating or unusual charges through 2010, it has made no assumption regarding new purchase accounting charges in this GAAP EPS goal. The Company may incur charges or realize income through 2010 that could cause actual results to vary from the goal.
Use of Non-GAAP Financial Measures
Our “non-GAAP EPS” financial measure is defined as reported, or GAAP, EPS excluding, for the reasons discussed below, (1) purchase accounting and merger-related adjustments and (2) stock option expense. We believe it is important to share these non-GAAP financial measures with shareholders as they: better represent the ongoing economics of the business, reflect how we manage the business internally and set operational goals, and form the basis of our management incentive programs. Accordingly, we believe investors’ understanding of the Company’s financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP EPS should not be viewed in isolation or as a substitute for reported, or GAAP, EPS.
Purchase accounting and merger-related adjustments – Non-GAAP EPS excludes certain purchase accounting impacts such as those related to the merger with Biogen, Inc. (the “Merger”) and the acquisitions of Fumapharm AG, Conforma Therapeutics and Syntonix Pharmaceuticals. These charges relate to in-process research and development charges incurred upon the payment of future milestones and incremental charges related to the amortization of the acquired intangible assets. Excluding these charges allows management and investors an alternative view of our financial results “as if” the acquired intangible asset had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which the Company’s acquired intellectual property is treated in a comparable manner to its internally developed intellectual property.
Stock option expense – Non-GAAP EPS excludes the impact of our stock option expense recorded in accordance with SFAS No. 123R. We believe that excluding the impact of expensing stock options better reflects the recurring economic characteristics of our integrated business. We do include the P&L impact of restricted stock awards and cash incentives in our non-GAAP results.
About Biogen Idec
Biogen Idec creates new standards of care in therapeutic areas with high unmet medical needs. Founded in 1978, Biogen Idec is a global leader in the discovery, development, manufacturing, and commercialization of innovative therapies. Patients in more than 90 countries benefit from Biogen Idec’s significant products that address diseases such as lymphoma, multiple sclerosis, and rheumatoid arthritis. For product labeling, press releases and additional information about the Company, please visit www.biogenidec.com.
Safe Harbor
This press release contains forward-looking statements about our expected revenues, earnings, cash flows, product sales, product development and other matters. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from that which we expect. Important factors that could cause our actual results to differ include our continued dependence on our two principal products, AVONEX® (Interferon beta-1a) and RITUXAN® (rituximab), the uncertainty of success in commercializing other products including TYSABRI, the occurrence of adverse safety events with our products, the failure to execute our growth strategy successfully or to compete effectively in our markets, our dependence on collaborations over which we may not always have full control, possible adverse impact of government regulation and changes in the availability of reimbursement for our products, problems with our manufacturing processes and our reliance on third parties, fluctuations in our operating results, our ability to protect our intellectual property rights and the cost of doing so, the risks of doing business internationally and the other risks and uncertainties that are described in Item 1A Risk Factors in our most recent Form 10-Q filing with the SEC. These forward-looking statements speak only as of the date of this press release, and we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
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