Press Releases

WASHINGTON, Feb. 10, 2012 /PRNewswire-USNewswire/ -- The United States exported $178.8 billion in goods and services in December 2011, an increase of $1 billion over November 2011, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.

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Exports of goods and services over the last twelve months totaled $2.103 trillion, which is 33.53 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 15.6 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.

"U.S. exports play an essential role in our economic recovery, and it's vital that we provide American business owners with the resources they need to compete in a 21st century global economy," said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank). "Ex-Im Bank remains committed to reaching new customers and to helping level the playing field for our nation's exporters."

Over the last twelve months, the major export markets with the largest annualized increase in U.S. goods purchases were Turkey (43.6 percent), Panama (38.6 percent), Honduras (35.0 percent), Argentina (33.2 percent), Hong Kong (31.7 percent), Chile (30.3 percent), Peru (30.0 percent), Brazil (28.3 percent), South Africa (28.0 percent), and Guatemala (26.6 percent).

About Ex-Im Bank:Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past six years, Ex-Im Bank has earned for U.S. taxpayers $3.7 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.

SOURCE Export-Import Bank of the United States

ATLANTA, Feb. 10, 2012 /PRNewswire/ -- The Georgia Public Service Commission (PSC) today in a 5-0 vote approved Georgia Power's spending on Plant Vogtle units 3 and 4 for the period including Jan. 1, 2011 through June 30, 2011.

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The construction costs of Vogtle units 3 and 4 are monitored by the PSC via monthly filings and construction monitoring reports filed every six months. Moreover, Georgia Power expects to provide customers up to $1 billion in benefits from Department of Energy loan guarantees and production tax credits and by recovering financing costs during construction.

Southern Nuclear, a subsidiary of Southern Company (NYSE: SO), is set to begin full-scale construction of two nuclear power units. Thursday, the Nuclear Regulatory Commission (NRC) affirmed a decision directing the NRC staff to proceed with issuance of the combined construction and operating licenses (COLs) for units 3 and 4. Receipt of the COLs today allows full construction to begin on the units, with Unit 3 on track for operation in 2016 and unit 4 in 2017.

Georgia Power is the largest subsidiary of Southern Company, one of the nation's largest generators of electricity. The company is an investor-owned, tax-paying utility with rates below the national average. Georgia Power serves 2.4 million customers in all but four of Georgia's 159 counties. 

Cautionary Note Regarding Forward-Looking Statements:

Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements regarding the completion of Plant Vogtle units 3 and 4,  receipt and impact of U.S. Department of Energy loan guarantees, production tax credits, and recovery of financing costs.  Georgia Power Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power Company's Annual Report on Form 10-K for the year ended December 31, 2010, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: regulatory approvals and actions related to Plant Vogtle units 3 and 4, including Georgia PSC approvals and potential U.S. Department of Energy loan guarantees; state and federal rate regulations and the impact of future rate cases and regulations; changes in business conditions; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings or inquiries; ability to control costs and avoid cost overruns during the development and construction of Plant Vogtle units 3 and 4; catastrophic events such as fires, earthquakes, explosions, floods, hurricanes, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effect on Georgia Power Company's business resulting from terrorist incidents and the threat of terrorist incidents, including cyber intrusion; the ability of counterparties to make payments as and when due and to perform as required; interest rate fluctuations and financial market conditions and the results of financing efforts, including Georgia Power Company's credit ratings; and the impacts of any potential U.S. credit rating downgrade or other sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the availability or benefits of proposed U.S. Department of Energy loan guarantees.  Georgia Power Company expressly disclaims any obligation to update any forward-looking information. 

SOURCE Georgia Power

RIVER EDGE, N.J., Feb. 10, 2012 /PRNewswire/ -- Nephros, Inc. (OTC Bulletin Board: NEPH), a medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification, today announced that it will hold its 2012 Annual Meeting of Stockholders (the "Annual Meeting") at the Crowne Plaza Hotel, 401 South Van Brunt Street, Englewood, New Jersey, on April 23, 2012 at 10:00 a.m., Eastern Time.  Additional information regarding the Annual Meeting will be set forth in Nephros' proxy statement for the Annual Meeting.  Since the date of the Annual Meeting has been changed by more than 30 days from the prior year's annual meeting date, the deadline for submission of any stockholder proposal for inclusion in the proxy statement relating to the Annual Meeting is March 9, 2012.  Such stockholder proposals must comply with the applicable rules and regulations of the Securities and Exchange Commission (including Rule 14a-8 of the Securities Exchange Act of 1934, as amended).

About Nephros, Inc.

Nephros, Inc., headquartered in River Edge, New Jersey, is a medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification. The Nephros hemodiafiltration (HDF) system is designed to improve the quality of life for the End-Stage Renal Disease (ESRD) patient while addressing the critical financial and clinical needs of the care provider. ESRD is a disease state characterized by the irreversible loss of kidney function. The Nephros HDF system removes a range of harmful substances more effectively, and with greater capacity, than existing ESRD treatment methods, particularly with respect to substances known collectively as "middle molecules." These molecules have been found to contribute to such conditions as dialysis-related amyloidosis, carpal tunnel syndrome, degenerative bone disease and, ultimately, mortality in the ESRD patient.

The Nephros Dual Stage Ultrafilter (DSU) is the basis for the Nephros line of water filtration products, which includes the MSU and SSU ultrafilters. The patented dual stage cold sterilization ultrafilter has the capability to filter out bacteria and, due to its exceptional filtration levels, filter out many viruses, parasites and biotoxins. The Nephros DSU, MSU, and SSU are FDA cleared for the filtration of biological contaminants from water and bicarbonate concentrate used in hemodialysis procedures. Nephros' DSU ultrafilters are being evaluated at several major U.S. medical centers for infection control. Nephros ultrafilter technology has also been selected for further development by the U.S. Marine Corps for purification of drinking water by soldiers in the field.

For more information about Nephros, please visit the company's website at www.nephros.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include statements regarding the efficacy and intended use of our technologies under development, the timelines for bringing such products to market and the availability of funding sources for continued development of such products and other statements that are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. For such statements, we claim the protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors that may cause such differences include the risks that:

• we may not be able to continue as a going concern;
• we may not be able to obtain funding if and when needed or on terms favorable to us in order to continue operations;
• we may not obtain appropriate or necessary regulatory approvals to achieve our business plan or effectively market our products including, without limitation, FDA approval of our HDF system;
• products that appeared promising to us in research or clinical trials may not demonstrate anticipated efficacy, safety or cost savings in subsequent pre-clinical or clinical trials;
• we may encounter problems with our suppliers and manufacturers;
• we may encounter unanticipated internal control deficiencies or weaknesses or ineffective disclosure controls and procedures;
• HDF therapy may not be accepted in the United States and/or our technology and products may not be accepted in current or future target markets, which could lead to failure to achieve market penetration of our products;
• we may not be able to sell our ESRD therapy or water filtration products at competitive prices or profitably;
• we may not be able to secure or enforce adequate legal protection, including patent protection, for our products; and
• we may not be able to achieve sales growth in Europe and Canada or expand into other key geographic markets.

More detailed information about us and the risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as amended and our other periodic reports filed with the SEC. We urge investors and security holders to read those documents free of charge at the SEC's web site at www.sec.gov. We do not undertake to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise, except as required by law.

SOURCE Nephros, Inc.

PINGDINGSHAN, China, Feb. 10, 2012 /PRNewswire-Asia-FirstCall/ -- SinoCoking Coal and Coke Chemical Industries, Inc. (Nasdaq: SCOK) (the "Company" or "SinoCoking"), a vertically-integrated coal and coke processor, today announced its financial results for the fiscal 2012 second quarter ended December 31, 2011.  

Fiscal 2012 Second Quarter vs. Fiscal 2011 Second Quarter

• Revenue increased by 3.3% to approximately $17.3 million from approximately $16.7 million due to stronger revenue from coal products offset by weaker revenue from coke products.
• Due to tight coal supplies, revenue from the sale of coal products increased by 16.9% to approximately $8.4 million, despite a 16.3% decrease in total metric tons sold.  Coal revenue accounted for 48.7% of total revenue for the quarter as compared to 43.0% of total revenue last year.  
  • Raw coal revenue decreased by 74.4% as a result of a 2.7% decrease in average selling prices and a 73.9% decrease in sales volume.  We were unable to produce or purchase sufficient raw coal to sell as a result of the mining moratorium.
  • Washed coal revenue increased by 76.7% due to the increase in sales volume and average selling price.
• Due to weaker demand from steel mills, revenue from the sale of coke products decreased by 7.0% to approximately $8.9 million and comprised 51% of total revenue for the quarter as compared to 57% a year ago.
  • Total metric tons of coke products sold decreased 1.6% while average selling prices decreased by 1.7%.
  • Total metric tons of coal tar sold decreased 50.1% while average selling prices for coal tar increased by 5.8%.
• Gross margin decreased to 19.0% as compared to 42.5%, due to significantly increased average prices of raw coal purchased by the Company as a result of coal supply shortages.  
• Income from operations decreased to $2.3 million from $6.3 million.
• Pre-tax income, including the change in fair value of warrants, increased to $3.6 million as compared to a loss of $5.7 million. (1)
• Net income, including the change in fair value of warrants, was $2.6 million, as compared to a loss $7.0 million. (1)
• Excluding the change of fair value of warrants, net income was $1.3 million, or $0.06 per diluted share as compared to a loss $4.5 million, or $0.21 per share. (1)

Fiscal 2012 Six Months vs. Fiscal 2011 Six Months

• Revenue increased by 32.6% to approximately $39.5 million, primarily due to increased coke and coal sales.
• 50.0% of the revenue came from the sale of coke products and 50.0% from coal products, as compared to 62.7% from coke products and 37.3% from coal products for the same period a year ago.  The percentage changes reflect the decreased demand of the coke products and increased demand of coal products.
• Volume of coke and coal products sold increased by 3.1% and 18.1%, respectively, due to increased sales for both product categories.
• Gross margin decreased to 26.6% as compared to 39.5%, due to significantly increased average prices of raw coal purchased by the Company driven as a result of coal supply shortages.  
• Income from operations decreased to $9.0 million from $9.9 million.
• Pre-tax income, including the change in fair value of warrants, increased to $13.4 million from $10.7 million. (1)
• Net income, including the change in fair value of warrants, was $11.0 million, as compared to $8.5 million. (1)
• Excluding the change of fair value of warrants, net income was $6.68 million, or $0.31 per diluted share as compared to $7.0 million, or $0.33 per diluted share. (1)

(1) Change in fair value of warrants amounted to $1,343,214 and $4,362,936 in gain for the three and six months ended December 31, 2011, respectively, as compared to $11,447,532 in losses and $1,472,143 in gain for the three and six months ended December 31, 2010.

Discussing the mining operations, SinoCoking's Chairman and CEO, Mr. Jianhua Lv noted, "During the second quarter of fiscal 2012, coal supplies in Henan Province remained limited as production activities continued to be well below capacity due to the ongoing mining moratorium.  Since the shutdown of mining operations in late June 2010, our Hongchang coal mine had been operating at approximately 50% capacity until it halted operations in September 2011 to complete certain mine engineering work and safety upgrades, which were completed by the end of September 2011.  As a result, volume of coke and coal products sold (other than washed coal) decreased in the second quarter of fiscal 2012.  However, due to a significant increase in sales volume and average selling price of washed coal, our overall revenue for the three and six months ended December 31, 2011 increased by 3.3% and 32.6%, respectively.  As of December 31, 2011 and the date of this release, all our coal mines were awaiting governmental confirmation to resume operations.  We are working closely with authorities to expedite permits and clearance notices for our four mines so that we can resume mining operations at full capacity."

Discussing the new coking facility, Mr. Lv went on to say, "As previously announced, during the quarter ended December 31, 2011, we completed the construction of the coking ovens and coking chambers, which are the heart of the facility.  Severe rain during the months of September to November slowed the pace of construction as we were required to build rain- and wind-proof sheds or canopies, which enabled us to complete the construction of coking ovens through the inclement weather.  Additionally, during the quarter, we completed the construction of another key component of the facility, the quench tower, which is designed and engineered to clean and cool exhaust gases to the saturation temperature using water vapor.  We are currently working to complete the coal blending and screening portions of the facility.  Following equipment installation and testing, the Company will begin its work on the by-product recovery portion of the facility (i.e., benzene, tar and thiamine)."

Mr. Lv added, "The completion of the construction of our new coking facility was delayed due to another factor which resulted in a shift of our short-term strategic priorities.  During 2011 calendar year, we noted a weaker demand for metallurgical coke from steel mills which we believe will continue in the 2012 calendar year.  As a result, since mid of 2011, we focused our efforts on strategic alternatives and increased our trading activities by purchasing unprocessed coal from other provinces which we processed and sold as washed coal.  Additionally, we believe that our coal mines should be able to resume mining operations at full capacity in the spring of 2012, which would supply us with sufficient coal to sell, and to generate cash to fund our operations.  Despite the current weak market conditions for coke, we expect the market to recover by the end of 2012, and we continue to remain focused on our long-term business plan which includes: (1) expanding and upgrading our existing production capacity to achieve greater energy efficiency and reduce environmental impact; (2) recapturing more coking by-products for refinement into useful industrial chemicals, and production of more high value-added chemical products; (3) the acquisition of other coal mines to source raw materials; and (4) strategic cooperation with state-owned coal companies including Zhengzhou Coal Group to indirectly control coal resources, secure our internal material requirements including those for our new coking facility and ensure stable supply for coal trading, although our arrangement with Zhengzhou Coal is currently halted due to its lack of coal supply.

"We will continue to provide investors with updates related to the progress made in the construction of our new coking facility and the resumption of our coal mining operations.  Pictures of the construction of the facility are available on our website www.sinocokingchina.com."

Mr. Sam Wu, SinoCoking's Chief Financial Officer noted, "We continue to fund our business activities from cash flow from operations.  During the six months period ended December 31, 2011, we used approximately $15.8 million in investing activities, and used approximately $28.6 million in purchasing and advanced payments for the equipment and machinery for our new coking facilities. We prepaid approximately $1.9 million to purchase the land use rights for expanding our current coking site in order to accommodate the coal preparation system. For the six months period ended December 31, 2011, we received repayments of loans from two individual borrowers of approximately $8.75 million, and a refund of prepayment for mine acquisitions of approximately $7.86 million. Additionally, we have access to an aggregate of approximately RMB 360 million (approximately $56.6 million) under a medium-term loan, and also through our arrangement with Pingdingshan Rural Cooperative Bank, we have access to a $30.3 million line of credit.  We believe that cash on hand and our credit lines are sufficient for our current needs for capital."

Conference Call

SinoCoking's Chairman and CEO, Jianhua Lv, and CFO, Sam Wu, will host a conference call on Monday, February 13, 2012 at 9:00 am ET to discuss these results as well as recent corporate developments.  

Interested parties may participate in the call by dialing: (201) 493-6744. Please call in 10 minutes before the conference is scheduled to begin and ask for the SinoCoking call. After opening remarks, there will be a question and answer period. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to lcati@equityny.com.

The conference call will also be broadcast live over the Internet. To listen to the webcast, please go to www.sinocokingchina.com and then to the Presentations/Events page where the conference call is posted. Please go to the website at least 15 minutes early to register, and download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Internet Explorer as their web browser.

About SinoCoking

SinoCoking and Coke Chemical Industries, Inc., a Florida corporation, is a vertically-integrated coal and coke processor that uses coal from both its own mines and that of third-party mines to produce basic and value-added coal products for steel manufacturers, power generators, and various industrial users. SinoCoking has been producing metallurgical coke since 2002, and acts as a key supplier to regional steel producers in central China. SinoCoking also produces and supplies thermal coal to its customers in central China. SinoCoking currently owns its assets and conducts its operations through its subsidiaries, Top Favour Limited and Pingdingshan Hongyuan Energy Science and Technology Development Co., Ltd., and its affiliated companies, Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., Baofeng Coking Factory, Baofeng Hongchang Coal Co., Ltd., Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd., Zhonghong Energy Investment Company, Henan Hongyuan Coal Seam Gas Engineering Technology Co., Ltd., Baofeng Shuangrui Coal Mining Co., Ltd., Baofeng Xingsheng Coal Mining Co., Ltd. and Baofeng Shunli Coal Mining Co., Ltd.

For further information about SinoCoking, please refer to our periodic reports filed with the Securities and Exchange Commission.

Forward Looking Statement

This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans", "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think", "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's expectations and estimates. The Company provides no assurances that any potential acquisitions will actually be consummated, or if consummated that such acquisitions will be on terms and conditions anticipated on the date of this press release, and the Company makes no assurances with regard to any results of any such acquisitions.

See Accompanying Tables

SOURCE SinoCoking Coal and Coke Chemical Industries, Inc.

TARRYTOWN, N.Y., Feb. 10, 2012 /PRNewswire/ -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced that it will report its fourth quarter and full year 2011 financial and operating results on Monday, February 13, 2012, before the U.S. financial markets open.  The Company will host a conference call at 8:30 AM EST that day. The February 13, 2012 date is a change from the previously announced date of February 16, 2012.

Live audio of the conference call will be webcast online simultaneously.  A link to the webcast may be accessed from the 'Events and Presentations' page of Regeneron's website at www.regeneron.com.  A replay of the conference call and webcast will be archived on the Company's website and will be available for 30 days.  

Regeneron is a fully integrated biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. Regeneron markets two products in the United States, ARCALYST® (rilonacept) Injection For Subcutaneous Use and EYLEA® (aflibercept) Injection, and has filed regulatory applications with the U.S. Food and Drug Administration (FDA) for second indications for each of these products. A regulatory application has also been submitted to FDA for the product candidate ZALTRAP® (aflibercept) Concentrate for Intravenous Infusion. Phase 3 studies are in progress with EYLEA® in a third indication, with ZALTRAP® in a second indication, and with product candidate Sarilumab. Earlier-stage clinical programs are underway with nine additional product candidates. Regeneron has active research and development programs in many disease areas, including ophthalmology, inflammation, cancer, and hypercholesterolemia. Additional information and recent news releases are available on the Regeneron web site at www.regeneron.com.

SOURCE Regeneron Pharmaceuticals, Inc.