General Motors (GM) Reports Execution of $12.5 Billion Revolving Credit Facility Oct 17, 2014 04:33PM

General Motors (NYSE: GM) today announced the execution of an unsecured $12.5 billion revolving credit facility consisting of a $5 billion three-year facility and a $7.5 billion five-year facility. The facility amends and extends GM's existing $11 billion credit facility.

"This credit facility further strengthens our fortress balance sheet with an appropriate level of liquidity to support the needs of the business," said Chuck Stevens, GM executive vice president and chief financial officer. "The broad support from our global banking partners is important as we continue to target a capital structure that is consistent with strong investment grade ratings."

The facility offers improved pricing and terms and the ability to borrow in currencies other than U.S. dollars. GM Financial, GM's captive finance company, will also be able to borrow under the facility.

A total of 40 financial institutions from 14 countries participated in the broadly syndicated transaction, underscoring the global scope of GM's operations


ARC Group Worldwide (ARCW) Reports Receipt Of Nasdaq Deficiency Notice Oct 17, 2014 04:31PM

ARC Group Worldwide, Inc. (NASDAQ: ARCW), a leading global provider of advanced manufacturing and 3D printing solutions, announced today that on October 15, 2014, it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1), Obligation to File Periodic Financial Reports, because it did not timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2014 with the Securities and Exchange Commission. As previously announced in the Company's press release dated October 14, 2014, the Company determined that it needs to delay the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2014.

The Company has been provided an initial grace period of 60 calendar days, or until December 15, 2014, to submit a plan to regain compliance and if Nasdaq accepts the Company's plan, an additional grace period of up to 180 calendar days from the original due date, or until April 13, 2015, can be provided to regain compliance. In the event Nasdaq determines that the Company's plan is not sufficient to regain compliance, Nasdaq staff will send written notice that the Company's common stock will be subject to delisting. At that time, the Company may appeal the delisting determination to a Nasdaq hearings panel. The Company is working diligently on this matter and intends to file its Annual Report on Form 10-K as soon as reasonably possible.


Digital Ally (DGLY) Receives Additional Purchase Orders from Mexico-Based TDN Oct 17, 2014 03:35PM

Digital Ally (NASDAQ: DGLY) announced the receipt of additional purchase orders for the refurbishment of DVM-500 and DVM-500Plus In-Car Digital Video Systems, including the purchase of spare parts for such units.

Technologica y Diagnosticos del Norte S.A. de C.V. ("TDN") represents the Company as its exclusive distributor in Mexico and is securing additional spare parts and services from the Company to support one of its largest law enforcement customer's comprehensive refurbishment program for in-car video systems deployed in its fleet of vehicles. The total amount of the additional orders received is expected to approximate $850,000, with deliveries beginning immediately and continuing over the next 12 months as the refurbishment program progresses.

"We are excited to continue our long exclusive relationship with TDN, which is one of the most productive and well-respected international distributors in our network," stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc. "TDN has demonstrated a high-level commitment to the satisfaction of its customer's needs with respect to our products and services. The receipt of these important follow-on orders represents a clear indication of the confidence that TDN's customer has in both TDN and our legacy in-car video systems."

"TDN is placing this follow-on purchase order with us to ensure immediate access to spare parts as its customer continues to implement its refurbishment program. We expect to receive additional purchase orders for this program throughout the balance of 2014 and in 2015. We believe TDN's customer places a high priority on the refurbishment program and expect the entire project to be completed over the next 12 to 18 months," concluded Ross.


Hudson Technologies (HDSN) Says EPA's Final Rule on HCFC Allowances More Aggressive Than Original Preferred Approach Oct 17, 2014 01:47PM

Hudson Technologies, Inc. (NASDAQ: HDSN), announced that on October 16, 2014 the Environmental Protection Agency (EPA) Administrator Gina McCarthy signed the final rule pertaining to allowances for virgin production of HCFCs, primarily R-22, for 2015 through 2019. The final rule, which was the lowest proposed approach, provides for virgin R-22 allowances of approximately 22 million pounds in 2015, 18 million pounds in 2016, 13 million pounds in 2017, 9 million pounds in 2018 and 4 million pounds in 2019, with a final ban on all production effective January 1, 2020.

Kevin Zugibe, Hudson's Chairman and CEO, stated, "The EPA’s final rule provides much needed clarity to our industry and delivers a significantly more aggressive step down approach for the phase-out of R-22, which we have consistently stated is the best method to achieve an orderly phase-out of virgin R-22 and for the establishment of reclamation as the principal, and ultimately the sole source of supply of R-22. Under the EPA’s more aggressive approach, the 2015 allowances of 22 million pounds represent a nearly 60% reduction from the 2014 levels. As we approach 2020 when virgin R-22 production will be fully eliminated, the reclamation industry will become the primary provider of R-22 to service aftermarket demand. As one of the leading reclaimers in the marketplace, the R-22 phase-out provides a significant, long-term opportunity for Hudson.”

The final rule will become effective on the date of publication in the Federal Register. A pre-publication copy of the rule is available at:http://www.epa.gov/ozone/title6/downloads/CAA_Part_82A_2060_AR04_Final_Rule_Pre-pub_version_for_web_10-16-14.pdf

Mr. Zugibe continued, “Additionally, we are encouraged by last month’s announcement from the Administration related to new executive actions to curtail the production of HFCs, the next generation of refrigerants. We currently reclaim HFCs and have the capabilities to reclaim the next generation products so we are positioned to be a key player in supporting an orderly phase out as that evolves.”


The Brink's Company (BCO) Plans to Restructure Netherlands Ops; Sees Q3 Charge Up to $22M Oct 17, 2014 12:46PM

The Brink's Company (NYSE: BCO) announced its plan to restructure its Netherlands operations in response to a loss of business with Rabobank, its largest customer in that country. Brink's expects to incur a charge of $16 million to $22 million against third-quarter GAAP earnings. The expected charge is related to asset impairments, severance and other costs associated with the expected cessation of service to Rabobank on July 1, 2015. The restructuring plan includes the potential closure of three branches and a workforce reduction of approximately 600 employees.

In 2013, the Netherlands operations generated approximately $120 million of revenue at an operating margin rate that was slightly above the company average. Upon completion of restructuring activities, the remaining business is expected to generate annual revenue of approximately $40 million, primarily from retail customers.

In 2011, the country's three largest banks -- Rabobank, ING Bank and ABN AMRO -- with the support of the central bank of the Netherlands, founded a collaborative entity known as Geldservice Nederland B.V. (GSN). GSN has provided money processing services for the three banks since 2011. Brink's currently provides all ATM managed services to Rabobank. In July 2015, GSN will provide these services to Rabobank.

Brink's challenged the validity of the GSN entity, based on antitrust regulations. The challenge was unsuccessful.

The potential loss of business in the Netherlands was considered prior to the company's July 24 disclosure of its goal to achieve a non-GAAP segment margin rate of 8% by the end of 2016, and the goal remains unchanged. Brink's will provide additional details on the restructuring plan on its third-quarter earnings conference call, which is scheduled for October 30.


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