Press Releases

HOUSTON--(BUSINESS WIRE)-- OYO Geospace (NASDAQ: OYOG) today announces it received an order for $4.3 million of geophysical equipment, including 3,000 channels of the Geospace Seismic Recorder (GSR), the company's new wireless seismic data acquisition system. Delivery of the GSR system and related equipment is expected to occur in the company's fourth fiscal quarter.

"We are pleased that a new seismic contractor has selected the GSR system as their first seismic system purchase. We believe that the future of seismic exploration will focus on wireless systems like the GSR to overcome the expensive cable repairs and replacements and reduce the operational downtime associated with today's cabled systems. Oil and gas companies are now demanding seismic surveys with higher channel counts, continuous recording capabilities using multiple simultaneous sources, and lower overall costs. The GSR system meets these requirements by allowing unlimited channel deployments, and yielding higher operational efficiencies because of its reduced weight and lower operating costs. All of these attributes give the GSR-owner a competitive edge," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.

OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures equipment and film for the thermal printing industry worldwide.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the availability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading "Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.

    Source: OYO Geospace

DETROIT, July 6 /PRNewswire-USNewswire/ -- More than 35,000 Metro Detroit area children between the ages of 8 and 15 years of age will gather Wednesday, July 8 on the Athletic Field of Belle Isle for a day of supervised free fun. It's all part of the 27th annual Metro Detroit Youth Day sponsored by the food industry, national and local major corporations, small businesses and civic and children's organizations.

Youngsters will start arriving at 8:30 a.m. with the official opening ceremony scheduled for 10 a.m. (at 8:30 the children will begin relays and games).

More than 1,300 volunteers will be helping.

After the opening ceremonies there will be sports clinics with sports celebrities, martial arts demonstrations, games, pie eating contests and entertainment with Motown highlights, including a special tribute to Michael Jackson by various Motown artists. At 12 noon, a free lunch will be served. The activities will conclude at 2:30 p.m.

Co-founder and coordinator of Metro Detroit Youth Day, Ed Deeb, president of the Michigan Food & Beverage Association, a major sponsor of Youth Day, is available for interviews prior to Wednesday morning, or at Youth Day itself.

Print and electronic media are invited. Special parking will be available. All activities will be on or near the athletic field on the South side of the Island. Press kits with lists of participating organizations and sponsors, schedule of events and maps, etc. will be available.

SOURCE Michigan Food and Beverage Association

LONDON, July 6 /PRNewswire/ -- The majority of global financial services companies expect no return to growth until the first six months of 2010 or even later, according to new Ernst & Young research published today.

Accelerating the change finds that while a third of the 125 global financial services respondents expected some expansion this year, 34% of those polled expect the return to growth to begin in the first six months of 2010, with 32% believing it would be further out.

As an indication of just how deep the recession is impacting the financial services sector, just over two thirds of those polled expect to increase the amount of time they spend on securing the future of their business.

The industry was clearly taken aback by the ferocity and depth of the downturn: 72% of respondents were surprised at the severity and 70% were surprised by the speed of the financial crisis. Only 30% had seen any improvement in their business over the last 12 months, compared to almost 50% that had not.

Tom McGrath, managing partner of Ernst & Young's EMEIA financial services business, comments: "The end of the recession and a return to profitability is a tough one for any industry to call. But financial services are naturally more cautious - and possibly more realistic - about when the return to profitability might happen."

The reorganization of the industry will be fundamental and it will vary by sector. However, managers are working hard to position their organizations to emerge stronger when the recovery comes - but there may well be some more casualties."

Pennies being pinched, as profitability continues to decline

What is clear is the business-changing impact that the recession is having on the structure of financial services companies - and the toll it is taking on their bottom lines.

The majority (70%) of institutions have permanently changed their risk management strategy as a result of the crisis: 68% had implemented permanent differences to their regulatory framework and over half (54%) have changed their operating model. And it is easy to see why: almost six in ten financial institutions have seen their profitability decline and 56% have seen overall revenues decline in the same period.

If there is any silver lining, it is that 61% of respondents have had more opportunity to improve cost cutting in the last six months. Four in ten also plan to hive off their non-core or non-performing business, compared to five in ten in a similar survey earlier in the year.

Keith Pogson, managing partner for Ernst & Young's financial services business in the Far East, said: "Fierce competition, volatility in the capital markets and business complexity are key concerns for any large enterprises, but they weigh more heavily on global financial institutions."

Financial services clear on action from authorities

The sticky issue of pay and reward strongly divided respondents: 45% thought it needed more regulation while just under a third disagreed.

Financial services were also found to be broadly supportive of national and global initiatives aimed at stimulating the capital markets and easing the impact of the recession. However, only a third believed that their government should retain a stake in the financial services industry, with banking and insurance respondents the most skeptical suggesting that the time for bailouts may have come to an end.

Almost two thirds were inclined to agree that cooperation between international governments had played a central role in helping domestic and international economies in the last 12 months. Two thirds were supportive of their national governments economic policies in the past six months and half of the respondents believed their governments were powerful enough to solve their economy's woes although a distinct minority (29%) felt they were ineffective in the face of the global recession.

Carmine DiSibio, managing partner for Ernst & Young's Americas Financial Services Office, comments: "The financial services industry has been battered, but will certainly emerge from this recession stronger and healthier, with more focus on risk management. As the industry recovers, we are likely to see changes in operating models and regulatory frameworks. It's likely to be a new world, and financial services firms will find their way together."

About this report

For this study, the Economist Intelligence Unit surveyed 569 C-suite and board level executives. Respondents were drawn from across the world and across industry sectors. Over half the executives polled worked for companies with annual global revenues in excess of US$1 billion. The research was carried out in June 2009.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 135,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. For more information, please visit www.ey.com.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.

SOURCE Ernst & Young

RANCHO CUCAMONGA, Calif., July 6 /PRNewswire/ -- Irvine, CA-based Premier Office Centers, LLC dba Premier Business Centers has entered into a management contract with Bear Gulch Properties, Inc., to manage and operate the executive office suites at 8333 Foothill Boulevard in Rancho Cucamonga, CA.

Bear Gulch Properties, Inc. is located at 8333 Foothill Boulevard in Rancho Cucamonga on the Historic Route 66 between Grove Avenue and Vineyard Avenue with easy access to the 15, 10 and 210 Freeways. Local amenities include the Redhill County Club, Upland Hills Country Club, Upland Memorial Park, San Antonio Community Hospital, The California Speedway, Ontario Mills & Victoria Gardens shopping centers, as well as the Ontario International Airport. Bear Gulch Offices will serve the San Bernardino communities of Rancho Cucamonga, Upland, Ontario, Cucamonga/Guasti, Alta Loma, Montclair, San Antonio Heights, Etiwanda and Fontana.

"We are happy to offer small businesses in the Inland Empire access to Premier Business Centers' space and services," remarked Jeff Reinstein, CEO of Premier Business Centers. "Bear Gulch Offices is an affordable alternative for executives looking for quality office space in a prime Inland Empire location." This is the 48th location in Premier Business Centers' portfolio. The 12,007-s.f. executive suites are located on the ground level and 2nd floor. The space has already been demised into 32 private offices, plus one 5-office mini-suite that includes a private kitchen, two restrooms, and a balcony. The center also has 2 conference rooms, a shared kitchen, a beautiful reception area, separate storage facilities, and plenty of free parking. This space is perfect for short-term office space, traditional office users and small retail users, since some of the offices have storefront access and signage options. The full-time offices start at $500 per month.

Bear Gulch Offices also offers four Virtual Office Plans, starting at $95 per month.

About Premier Business Centers:

Premier Business Centers (http://www.pbcenters.com) currently operates the largest privately owned executive suite operation in the United States with forty-seven locations (18 in Los Angeles County, 17 in Orange County, 3 in San Diego County, 2 in San Francisco County, 3 in Seattle, WA area, 4 in Dallas, TX and the Miami, FL area). Premier Business Centers is a full-service executive office suite operator and provides businesses with professionally staffed office space along with a variety of shared services, including administrative/secretarial service, T1 high-speed Internet access, telephone service, furniture, information technology services/consulting and conference rooms on a full- or part-time basis.

For additional information regarding this transaction, please contact:

    Jeff Reinstein, Chief Executive Officer
    Premier Business Centers
    2102 Business Center Drive
    Irvine, CA
    949-253-4130 Voice
    949-253-4151 Fax
    jreinstein@pbcenters.com

http://www.pbcenters.com

This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.

SOURCE Premier Business Centers

CLEVELAND--(BUSINESS WIRE)-- Diversified industrial manufacturer Eaton Corporation (NYSE: ETN) today announced it has entered into a joint venture in the United Arab Emirates. The joint venture will operate through SEG Middle East Power Solutions & Switchboard Manufacture LLC, a manufacturer of low voltage switchboards and control panel assemblies for use in the Middle East power generation and industrial markets. Terms of the deal were not disclosed.

SEG Middle East Power Solutions & Switchboard Manufacture LLC, which is based in Abu Dhabi, United Arab Emirates, had sales of $10 million in the fiscal year ended December 31, 2008.

"This joint venture provides Eaton with an established operation that has built a successful business supplying switchboard and control solutions in the Middle East," said Frank Campbell, president - Europe, Middle East and Africa region for Eaton's Electrical Sector. "This provides Eaton with a local manufacturing presence and positions us for continued success in this high growth region."

Eaton Corporation is a diversified power management company with 2008 sales of $15.4 billion. Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 75,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com.

    Source: Eaton Corporation