Press Releases

Lumina Copper Appoints Corporate Secretary and General Counsel Feb 9, 2012 03:58PM

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/09/12 -- Lumina Copper Corp. (TSX VENTURE: LCC) (the "Company") announces that Mrs. Amber Schaefer has been appointed to replace Mr. Robert Pirooz as Corporate Secretary, effective February 8, 2012. Mrs. Schaefer is a Paralegal with 14 years' experience in the mineral resource sector and has worked with the Company since its inception. Mrs. Schaefer also previously served as Corporate Secretary for Lumina Royalty Corp. Mr. Pirooz has been appointed General Counsel of the Company and still holds his title as Director.

LUMINA COPPER CORP.

David Strang, President & CEO

Contacts:
Lumina Copper Corp.
David Strang
President & CEO
+ 604 646 1880
+ 604 687 7041 (FAX)
dstrang@luminacopper.com
www.luminacopper.com

Source: Lumina Copper Corp.

Fitch Upgrades Cape Cod Healthcare (MA) Revs to 'BBB+'; Outlook Stable Feb 9, 2012 03:59PM

CHICAGO--(BUSINESS WIRE)-- As part of its ongoing surveillance efforts, Fitch Ratings has upgraded the following Massachusetts Health and Educational Facilities Authority (Cape Cod Healthcare Obligated Group) bonds to 'BBB+' from 'BBB':

--$12.1 million, series B;

--$37.9 million, series C;

--$61 million, series D.

In addition, the rating on the series E bonds has been withdrawn as they were refinanced with a direct placement with TD Bank in January, 2012 that Fitch was not asked to rate.

The Rating Outlook is revised to Stable from Positive.

SECURITY

The bonds are secured by a pledge of the gross receipts and mortgages on the property and equipment of the core hospital campuses. In addition, a fully funded debt service fund and a liquidity covenant provide additional bondholder security.

KEY RATING DRIVERS

SUSTAINED STRONG FINANCIAL PERFORMANCE: The rating upgrade to 'BBB+' from 'BBB' reflects the continued solid improvement in Cape Cod Healthcare's (CCHC) financial performance due to realized benefits of its turnaround strategy that began in 2008. CCHC's profitability, liquidity and capital metrics all meet or exceed the 'BBB' category medians.

DOMINANT MARKET SHARE: CCHC is a sole community provider hospital with a dominant market share in its primary service area, controlling about 72% as of fiscal 2010.

STRONG DEBT SERVICE COVERAGE: Coverage of MADS in fiscal year 2011 (Sept. 30 year end) of 4.1 times (x), well exceeds the 'BBB' category median of 2.6x. CCHC expects to refinance a portion of its series B and C bonds with a direct bank loan, which will likely result in additional savings.

HIGH DEPENDENCE ON GOVERNMENT PAYORS: CCHC's payor mix is unfavorable as it has a high exposure to government payors, which exposes the organization to potential state and federal budget cuts.

CREDIT PROFILE

The rating upgrade to 'BBB+' from 'BBB' reflects CCHC's sustained strong operating performance, a result of its significant turnaround plan implemented in 2008, which has produced positive and increasing profitability ratios, improved liquidity and consistent debt service coverage, all meeting or exceeding 'BBB' category medians for the last three years.

Following a strong fiscal 2010 (operating income of $24.1 million; 3.9% operating margin), CCHC produced another year of good operating results in fiscal 2011, with operating income of $35.4 million, equating to an operating margin of 5.5% and operating EBITDA margin of 10.6%, both well exceeding Fitch's 'BBB' category medians of 1.7% and 8.5%, respectively. Positive results are a product of expense controls as well as revenue enhancements, including the expansion of its ambulatory strategy and addition of several new outpatient centers in the service area. Management historically budgets conservatively and the fiscal 2012 operating income budget is $18.7 million, which Fitch expects CCHC to meet.

Fundraising continues to be a credit strength for CCHC as it just completed a $100 million capital campaign. Three of its outpatient sites were funded with donor contributions. CCHC is beginning another capital campaign for the renovation of its emergency department.

Because of strong cash flow generation, CCHC has been able to bolster its balance sheet and liquidity metrics, which have improved consistently over the last three years and exceed Fitch's 'BBB' category medians. At Dec. 31, 2011, CCHC had $238 million of unrestricted cash and investments, which equated to 147.9 days cash on hand, 13.2x cushion ratio and 149% cash to debt, compared to the respective 'BBB' category medians of 128.6 days, 8.8x and 79.8%.

Another key credit strength is CCHC's dominant market position and designation as Sole Community Provider under the Medicare Program. CCHC maintains a leading market share position above 70% in its primary service area (PSA) and operates the only two hospitals on Cape Cod. However, utilization trends are seasonal given its location.

Fitch's main credit concern is CCHC's exposure to government payors. Medicare and Medicaid as a percentage of gross revenues has consistently been between 60% - 65%, which Fitch views negatively, as the organization remains highly exposed to reimbursement pressure at the state and federal level.

Total outstanding debt as of Jan. 14, 2012 was $167.8 million. Of this, $137.4 million is bonded debt, which is 79% fixed rate and 21% variable rate. The variable rate exposure is on a 10-year direct bank loan at an indexed floating rate. This debt is synthetically fixed with two floating to fixed rate swaps that had a negative mark-to-market of $4.4 million as of January 2012. There are no collateral posting requirements on the swaps.

Through the three months ended Dec. 31, 2011, MADS coverage by EBITDA was excellent for the rating category at 4x. MADS as a percent of revenue during the same time period was 2.7%, outperforming the 'BBB' category median of 3.3%. CCHC has no additional debt plans, but is in the process of partially refinancing its series B & C bonds with a direct placement with TD Bank. MADS is estimated at $18 million and incorporates the expected interest expense savings. Covenants for all direct placements are expected to remain on parity with outstanding debt. Fitch was not asked to rate the direct placements but considered the refinancings in its analysis.

The Stable Outlook is based on Fitch's expectation that CCHC will sustain its improved financial performance. Further positive rating pressure over the medium term could occur if CCHC continues to maintain its trend of improved financial performance.

Located in Barnstable County, Massachusetts, CCHC operates two hospitals (Cape Cod Hospital and Falmouth Hospital) with a combined total of 354 licensed beds. In fiscal 2011, CCHC had total operating revenues of $648.3 million. CCHC covenants to submit certain annual and quarterly financial and utilization information to EMMA.

Additional information is available on 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Revenue-Supported Rating Criteria' (June 20, 2011)

--'Rating Guidelines for Nonprofit Hospitals and Health Systems' (Aug. 12, 2011)

For information on Build America Bonds, visit www.fitchratings.com/BABs.

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=637130

Nonprofit Hospitals and Health Systems Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648836

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystDana N. Sodikoff, +1-312-368-3215Associate DirectorFitch, Inc.70 West MadisonChicago, IL 60602orSecondary AnalystEva Thein, +1-212-908-0674Senior DirectororCommittee ChairpersonEmily Wong, +1-212-908-0651Senior DirectororMedia Relations:Sandro Scenga, +1-212-908-0278Email: sandro.scenga@fitchratings.com

Source: Fitch Ratings

PetroAlgae Changes Name to Parabel Feb 9, 2012 03:59PM

New Name Follows Strategic Changes and Commercialization Milestones

MELBOURNE, Fla.--(BUSINESS WIRE)-- PetroAlgae Inc. (OTCQB: PALG) announced today that the company’s board of directors has approved a name change to “Parabel Inc.”

Parabel provides renewable technology and solutions to address the global demand for new sources of feed, food and fuel. The company has developed proprietary technology to enable customer licensees to grow, harvest, and process locally-available, aquatic micro-crops to create products for agriculture and energy markets. The company’s license model is designed to deliver strong economic returns to customer licensees, as well as investment and employment opportunities in emerging economies.

“In the past year, the company has significantly accelerated its commercialization as a result of key strategic changes,” said Anthony Tiarks, CEO of Parabel. “We have developed a scalable and flexible customer licensee model and our technology is now being implemented at pilot scale around the world. Our priority is to facilitate the commercial-scale production of animal feed and potentially human food ingredients, using non-genetically modified and non-algae micro-crops. We believe it is the right time for these important developments and achievements to be given expression through a new name.”

Parabel’s protein product has been validated as a replacement for fish meal protein in tilapia diets, and has been successfully tested as a feed ingredient in other aquaculture, poultry and swine applications. The company’s meal product has been confirmed as a new source of feed in ruminant diets, such as dairy cattle. Furthermore, Parabel’s protein product could qualify as the first major new plant protein source for humans since soy entered the human diet in the 1950s, with initial academic testing demonstrating that the product contains potentially valuable properties for human applications.

Unlike many other agricultural and food production systems, Parabel’s technology is designed to support year-round production operations, with the objective of providing a high degree of consistency, predictability, and profitability.

In addition, Parabel continues to work with third-party technology providers to explore opportunities for conversion of its micro-crop residues into renewable fuels.

In a further recognition of the company’s evolving identity, Mr. Tiarks will assume the role of Chairman in addition to his duties as CEO. The board simultaneously accepted the resignation of John Scott, Ph.D., who founded PetroAlgae and has served as non-executive Chairman since June 2011. In accepting Dr. Scott’s resignation, the board expressed its appreciation for his vision and leadership.

About Parabel

Parabel Inc. (OTCQB: PALG), based in Melbourne, Florida, provides renewable technology and solutions to meet the significant and growing demand for agricultural products and energy in global markets. The company’s solution is designed to deliver strong economic returns to customer licensees as a consequence of continuous, year-round production operations. Parabel also intends to provide social and environmental benefits, through job creation, community investment, and sustainable production that absorbs atmospheric carbon dioxide and does not compete with the existing food supply, require arable land, or pollute soil or water. For more information about Parabel, please visit our website at http://www.parabel.com.

Parabel Inc.James Dietz, +1 321-409-7488

Source: Parabel Inc.

Internet Broadcasting and Exact Drive to Provide Comprehensive Digital Political Advertising Solution Feb 9, 2012 03:58PM

Lumina Copper Appoints Corporate Secretary and General Counsel Feb 9, 2012 03:58PM

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Lumina Copper Corp. (TSX VENTURE: LCC) (the "Company") announces that Mrs. Amber Schaefer has been appointed to replace Mr. Robert Pirooz as Corporate Secretary, effective February 8, 2012. Mrs. Schaefer is a Paralegal with 14 years' experience in the mineral resource sector and has worked with the Company since its inception. Mrs. Schaefer also previously served as Corporate Secretary for Lumina Royalty Corp. Mr. Pirooz has been appointed General Counsel of the Company and still holds his title as Director.

LUMINA COPPER CORP.

David Strang, President & CEO


FOR FURTHER INFORMATION PLEASE CONTACT:
        Lumina Copper Corp.
        David Strang
        President & CEO
        + 604 646 1880
        Fax: + 604 687 7041(FAX)
        dstrang@luminacopper.com
        www.luminacopper.com

Source: Lumina Copper Corp.