NEW YORK, Feb. 10, 2012 (GLOBE NEWSWIRE) -- Gainey & McKenna and the Egleston Law Firm today announced that a class action has been commenced on behalf of an investor in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of New Energy Systems Group ("New Energy" or the "Company") (AMEX: NEWN) between April 15, 2010 and November 14, 2011, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at tjmckenna@gaineyandmckenna.com or Gregory M. Egleston, Esq. of the Egleston Law Firm at (212) 683-3400, or via e-mail at egleston@gme-law.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that, during the Class Period, Defendants knew, or recklessly disregarded, that the Company's financial statements during the Class Period contained materially false and misleading statements because (i) the Company did not have loyal customers; (ii) the Company did not manufacture quality products; and (iii) there was no basis for the statements that the Company would continually receive orders from its customers or that the battery business will be profitable due to an outstanding battery quality and the strong distribution network. In addition, the Company's SEC filings, during the Class Period, were materially false and misleading because they failed to disclose that a significant portion of the Company's battery products were obsolete; that the quality of the Company's battery products had declined; that increased competition and counterfeit battery products were materially cutting into the Company's sales; and that, as a result of the foregoing, the Company's battery business had materially declined and the goodwill associated with the Company's battery business had become worthless.
Plaintiff seeks to recover damages on behalf of all purchasers of New Energy common stock during the Class Period (the "Class"). The plaintiff is represented by Gainey & McKenna and the Egleston Law Firm (http://www.gme-law.com), whose attorneys have decades of experience in prosecuting securities class actions and investor class actions throughout the United States.
CONTACT: Gainey & McKenna
(212) 983-1300
Source: Gainey & McKenna
FOLSOM, Calif., Feb. 10, 2012 /PRNewswire/ -- Folsom Lake Bank (OTC Bulletin Board: FOLB), announced unaudited financial results for the quarter and full year ending December 31, 2011. For the year the Bank reported significant growth and improvements over the prior year, with total assets increased by $4.5 million and net income growing 38.7% to $492,960, up from $355,386 in 2010. The Bank reported its eighth profitable quarter with net income of $251,539 for the three-month period ending December 31, 2011, compared to $194,847 for the fourth quarter of 2010, a quarter-to-quarter increase of 29.1%. Earnings per share for the 12-month period ending December 31, 2011, were $0.31 for 2011, which compares favorably to the $0.22 reported for 2010.
Net Interest Income for 2011 was $4,487,083, up $424,624, or 10.5% compared to 2010, reflecting growth in loans as well as a low cost deposit base. General and administrative expenses for the year ending December 31, 2011, were $3,983,750, an increase of $236,872 or 6.3% for 2010. "The Bank continues to focus on moderate and conservative growth and we are pleased to report increases in both revenue and earnings, which supports our model for a classic community bank serving local clients in our local market areas," said Robert J. Flautt, President and CEO.
For the year ended December 31, 2011, total assets were $116.5 million, up 4.0% from the year end totals reported in 2010 of $112.0 million. Total deposits were $97.5 million, up 4.6% from the year earlier $93.1 million; however, checking, savings and money market deposit balances were up $11.7 million, as the Bank continued to focus on core deposit growth. Total loans ended the year at $73.5 million, an increase of $0.8 million from the prior year. According to Flautt, "Our focus over the past year has been on profitability, bringing in new customer deposits and maintaining a high level of liquidity. We are especially proud of the large increase in our relationship deposits including checking, savings and money market deposits over the past year, with core deposits now representing 78.3% of our total deposit base." Investment securities were $29.8 million, up $0.6 million compared to the year December 31, 2010 total of $29.2 million. At year end the bank maintained a healthy loan loss reserve with the Allowance for Loan and Lease Losses (ALLL) at $1,690,756, or 2.3% of loans outstanding.
"Our classic community bank provides local clients in our local communities the best in personal service as we custom tailor banking solutions to fit each client's personal needs – our growth in deposits, loans, revenue and earnings are a testament to the strength of our business model. Although the economic times present some interesting challenges to successfully managing and growing a local independent bank, we have worked hard to position our bank for success even in the current difficult economy. We are committed to focus on the classic community bank values of customer service, local knowledge of our communities, and delivering what the customer needs and wants," concluded Flautt.
At December 31, 2011, shareholders equity totaled $12.6 million and the Bank's Tier 1 Capital Ratio was 10.25% compared to 10.15% at December 31, 2010. Total Risk Based Capital to Risk Weighted Assets was 15.65% for the current quarter compared to 15.43% for year ending December 31, 2010. Both capital ratios are well above minimum regulatory standards to be considered a well-capitalized bank by the FDIC. Liquidity remains healthy at $40.9 million as of December 31, 2011, and a moderate loan to deposit ratio of 75.5%. The Bank's investment portfolio consists primarily of safe U.S. Government agency bonds, mortgage-backed securities and high grade corporate bonds.
The Bank did not participate in the government TARP program or any other government subsidized capital program and has no preferred stock that will need to be repaid and replaced with new capital. The Bank has no sub-prime loans and does not do sub-prime or any predatory lending. Additionally, the Bank participates in the Federal Deposit Insurance Corporation program which provides unlimited FDIC coverage on all non-interest bearing transaction accounts through December 31, 2012.
The Bank continues to be involved heavily in the community and in turn enjoys great support from the local customer base. Among the many organizations the Bank supports are: Mercy Hospital Foundation, Sutter Roseville Medical Center Foundation, Folsom Lake College Foundation and Three Stages at Folsom Lake College, Eureka Schools Foundation, Folsom Economic Development Corporation, Folsom Chamber of Commerce, Roseville Chamber of Commerce, Rotary International, Kiwanis, Placer County SPCA, Folsom Pro Rodeo, Folsom Historical Society and The Folsom, El Dorado & Sacramento Historical Railroad Association. Folsom Lake Bank has two locations, one in the heart of the Folsom's historic district on Sutter Street, and one in Roseville on Douglas Boulevard. The Bank is a locally owned and locally operated full service commercial bank focused on small business owners, professionals and individuals in the communities surrounding Folsom Lake. If you would like to receive periodic updates via e-mail, please e-mail RFlautt@FolsomLakeBank.com and we will add you to our email list or call Robert Flautt direct at 916-235-4570.
This correspondence may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act. All of the statements contained in this correspondence, other than statements of historical fact, should be considered forward-looking statements. Although the Bank believes the expectations reflected in those forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results.
SOURCE Folsom Lake Bank
PITTSBURGH, Feb. 10, 2012 /PRNewswire-USNewswire/ -- Three rising young classical musicians who happen also to be enrolled in the Pennsylvania Cyber Charter School will be featured in nationwide radio broadcasts of "From the Top," a preeminent showcase for young musicians heard weekly by 700,000 listeners on National Public Radio stations.
PA Cyber students Daniel Orsen, 17, a violist from Pittsburgh, and pianist/composer Aleksandr Voinov, 14, of Sewickley, Pa., will be among teenage musicians on stage at 8 p.m. this Tuesday, Feb. 14, in Pittsburgh's Carnegie Music Hall.
A third PA Cyber Charter School student, Gordon Neidinger, 17, also from Pittsburgh, traveled to Boston and played the mandolin in a Feb. 4 episode of "From the Top" before a live audience at New England Conservatory's Jordan Hall.
The three PA Cyber students, all of whom are training for high-level careers in music, are acquainted with each other but applied and auditioned completely independently for the chance to perform on the nationally broadcast show. "From the Top" public relations officials said Orsen, Neidinger and Voinov were chosen on their merits; the fact that all three attend the same school was both unusual and coincidental.
PA Cyber CEO Dr. Nick Trombetta said talented, self-motivated students who are achieving at elite levels in music, performing arts, and athletics choose PA Cyber because it gives them the scheduling flexibility to pursue their passions and begin their careers while still in high school.
Parents of the three young musicians cited the quality of instruction and curriculum offered by PA Cyber along with scheduling flexibility as reasons for enrolling. They said their sons practice music four to six hours daily, with frequent intense periods of preparation for performances and competitions – a life schedule hampered by daily attendance requirements of a traditional classroom school. All three have won numerous musical honors, and perform and compete across the country at major events.
PA Cyber is Pennsylvania's first, largest, and most successful public cyber charter school, with an enrollment of 11,000 students in grades K-12. Contacts are www.pacyber.org and 1.888.PACYBER.
In Tuesday's concert at Carnegie Music Hall, Orsen is to play the fourth movement from Sonata in F-minor by Johannes Brahms, accompanied on the piano by "From the Top" host, and Pittsburgh's own, Christopher O'Riley. Voinov is to perform Polonaise in A-flat major, Op. 53 by Frederic Chopin.
(People may purchase tickets to the Pittsburgh show at http://www.showclix.com/event/204745 or calling 1-888-71-TICKETS. Tickets range from $12 to $30 for adults and $6 to $15 for students and senior citizens. To learn more about "From the Top," people may go to www.fromthetop.org.)
The Pittsburgh episode, presented locally by the School of Music at Carnegie Mellon University, will air nationally the week of March 5 and on local media sponsor Classical WQED-FM 89.3 Saturday, March 10, at 5 p.m.
In the Boston show taped on Feb. 4, Neidinger played mandolin, accompanied by host Christopher O'Riley on the piano. Neidinger performed Doina and Variations on the E-flat Sirba, an original composition of his mandolin teacher, Charley Rappaport.
The Boston episode will air nationally the week of Feb. 20,and locally on WQED 89.3FM on Saturday, Feb. 25 at 5 p.m.
About "From the Top"
What began as a radio experiment in 2000 quickly became one of the fastest growing and most popular weekly classical music programs on public radio. Broadcast on nearly 250 stations nationwide to an audience of more than 700,000 listeners each week, "From the Top" has been described by the Boston Globe as, "an entertaining, accessible and inspirational mix of outstanding musical performances, informal interviews, skits and games, the show is a celebration of extraordinary musicians who happen to be teenagers leading fairly normal lives."
Contact: Fred Miller, 724.777.5918
SOURCE PA Cyber Charter School
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/10/12 -- Digital Shelf Space Corp. (TSX VENTURE: DSS)(OTCQX: DTSRF) (the "Company" or "DSS") is pleased to announce that subject to approval of the TSX Venture Exchange, the Company intends to complete a brokered private placement through Fin-XO Securities Inc. ("Fin-XO") to raise up to $1,500,000 in funds (the "Offering"). The Offering will consist of up to 10,000,000 units at a price of $0.15. Each unit will consist of one common share and one half common share purchase warrant. Each whole purchase warrant entitles the holder to purchase one common share of the Company at the price of $0.25 per common share on or before the date occurring 18 months following the closing of the Offering (the "Offering Warrants"). In the event the Company's common shares trade above $0.35 for ten (10) consecutive trading days, the Offering Warrants, if unexercised, will expire 30 days thereafter. Prior to closing Fin-XO shall have the right to increase the number of units issued pursuant to the Offering by up to 5,000,000 Units under the same terms and conditions described herein. The private placement is expected to close on or about February 28, 2012.
The Company has agreed to pay a cash commission to Fin-XO equal to 7% of the gross proceeds received by the Company from purchasers of units sold in the Offering, excluding units sold to purchasers that are insiders or affiliates of the Company. The Company has also agreed to pay Fin-XO a corporate finance fee of up to Cdn$15,000, as well as reimburse Fin-XO's reasonable expenses. Additionally, the Company has agreed to issue Fin-XO broker warrants (the "Broker Warrants") for the purchase of common shares in the Company representing that number of common shares equal to seven (7%) of the units issued, excluding purchasers that are insiders or affiliates of the Company. The Broker Warrants have an exercise price of $0.15 per common share on or before the date occurring 18 months following the closing of the Offering, and in the event the Company's common shares trade above $0.35 for ten (10) consecutive trading days, the Broker Warrants, if unexercised, will expire 30 days thereafter.
Monies raised from this financing will be used toward marketing and advertising, content development and new projects, transaction and related expenses, and working capital and general corporate purposes.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent creator, producer and distributor of home entertainment content targeted at the fitness and sports instruction market. Digital Shelf Space's overall content partnership strategy is to align itself with world-class, global brand partners. For more information please visit www.digitalshelfspace.com and to view our flagship project with Georges St-Pierre, please visit www.gsprushfit.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the intention to complete and the details concerning a private placement offering.
In connection with the forward-looking information contained in this news release, Digital Shelf Space has made numerous assumptions, regarding, among other things, expected investor interest and pricing of the proposed private placement offering. While Digital Shelf Space considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Digital Shelf Space's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the private placement offering may not close or close on the terms currently contemplated by Digital Shelf Space; reliance on the health and marketability of celebrity fitness talent in productions owned by Digital Shelf Space; actual results from the use of celebrity fitness products may differ substantially from anticipated results; the substantial investment of capital required to produce and market video and entertainment productions, limitations imposed by our financing abilities, unpredictability of the commercial success of our programming, difficulties in integrating technological changes and other trends affecting the entertainment industry.
A more complete discussion of the risks and uncertainties facing Digital Shelf Space is disclosed in Digital Shelf Space's Filing Statement dated November 16, 2010 and continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Digital Shelf Space disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Contacts: Digital Shelf Space Corp. Jeff Sharpe President and CEO 604-736-7977 ext. 111 604-736-7944 (FAX) jeff(at)digitalshelfspace.com www.digitalshelfspace.com
Source: Digital Shelf Space Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2012) - Digital Shelf Space Corp. (TSX VENTURE: DSS)(OTCQX: DTSRF) (the "Company" or "DSS") is pleased to announce that subject to approval of the TSX Venture Exchange, the Company intends to complete a brokered private placement through Fin-XO Securities Inc. ("Fin-XO") to raise up to $1,500,000 in funds (the "Offering"). The Offering will consist of up to 10,000,000 units at a price of $0.15. Each unit will consist of one common share and one half common share purchase warrant. Each whole purchase warrant entitles the holder to purchase one common share of the Company at the price of $0.25 per common share on or before the date occurring 18 months following the closing of the Offering (the "Offering Warrants"). In the event the Company's common shares trade above $0.35 for ten (10) consecutive trading days, the Offering Warrants, if unexercised, will expire 30 days thereafter. Prior to closing Fin-XO shall have the right to increase the number of units issued pursuant to the Offering by up to 5,000,000 Units under the same terms and conditions described herein. The private placement is expected to close on or about February 28, 2012.
The Company has agreed to pay a cash commission to Fin-XO equal to 7% of the gross proceeds received by the Company from purchasers of units sold in the Offering, excluding units sold to purchasers that are insiders or affiliates of the Company. The Company has also agreed to pay Fin-XO a corporate finance fee of up to Cdn$15,000, as well as reimburse Fin-XO's reasonable expenses. Additionally, the Company has agreed to issue Fin-XO broker warrants (the "Broker Warrants") for the purchase of common shares in the Company representing that number of common shares equal to seven (7%) of the units issued, excluding purchasers that are insiders or affiliates of the Company. The Broker Warrants have an exercise price of $0.15 per common share on or before the date occurring 18 months following the closing of the Offering, and in the event the Company's common shares trade above $0.35 for ten (10) consecutive trading days, the Broker Warrants, if unexercised, will expire 30 days thereafter.
Monies raised from this financing will be used toward marketing and advertising, content development and new projects, transaction and related expenses, and working capital and general corporate purposes.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent creator, producer and distributor of home entertainment content targeted at the fitness and sports instruction market. Digital Shelf Space's overall content partnership strategy is to align itself with world-class, global brand partners. For more information please visit www.digitalshelfspace.com and to view our flagship project with Georges St-Pierre, please visit www.gsprushfit.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the intention to complete and the details concerning a private placement offering.
In connection with the forward-looking information contained in this news release, Digital Shelf Space has made numerous assumptions, regarding, among other things, expected investor interest and pricing of the proposed private placement offering. While Digital Shelf Space considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Digital Shelf Space's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the private placement offering may not close or close on the terms currently contemplated by Digital Shelf Space; reliance on the health and marketability of celebrity fitness talent in productions owned by Digital Shelf Space; actual results from the use of celebrity fitness products may differ substantially from anticipated results; the substantial investment of capital required to produce and market video and entertainment productions, limitations imposed by our financing abilities, unpredictability of the commercial success of our programming, difficulties in integrating technological changes and other trends affecting the entertainment industry.
A more complete discussion of the risks and uncertainties facing Digital Shelf Space is disclosed in Digital Shelf Space's Filing Statement dated November 16, 2010 and continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Digital Shelf Space disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Digital Shelf Space Corp.
Jeff Sharpe
President and CEO
604-736-7977 ext. 111
Fax: 604-736-7944(FAX)
jeff(at)digitalshelfspace.com
www.digitalshelfspace.com
Source: Digital Shelf Space Corp.
More Press Releases
View Older Stories-
Satisfy Your Valentine in 10 Minutes from Your Mobile Phone or Tablet
-
Heartland Express, Inc. Announces Participation in Upcoming Conferences
-
Liquor Stores N.A. Ltd Announces New $150 Million Revolving Credit Agreement
-
The Ensign Group Schedules Year-End 2011 Earnings Call for Thursday, February 16, 2012
-
Fitch Places 2 Classes of JPMCC 2006-CIBC15 on Rating Watch Negative
-
Marauder Resources East Coast Inc. Announces Non-Brokered Private Placement
-
Wintrust Financial Corporation Acquires Charter National Bank and Trust in FDIC-Assisted Transaction
-
Meeting of Barrett Business Services Shareholders Called for March 13th Announces Kimberly J. Jacobsen Sherertz
-
First Merchants Bank Acquires Loans and Assumes Deposits of SCB Bank Through a Modified Whole Bank FDIC Transaction
-
Fitch Places 5 Classes of JPMCC 2006-CIBC17 on Rating Watch Negative
-
American Airlines Assists Customers Affected by Weather in Northeast
-
Closure Takes Top Spot at 2012 Indie Game Challenge
-
Official Marvel Colognes and Perfume to Launch at TIA Toy Fair in New York
-
California Rent-A-Car Adds 2012 Models to an Already Great Fleet
-
Give Your Sweetie a Gift With a Longer Shelf Life This Valentine's Day, From Informa Research Services
-
With New Lexus Hybrids, MPG is Miles Ahead of the Competition
-
White Castle Crowns Slider Bowl Champion
-
China Minerals Announces Resignation of Directors and Executive Vice President
-
United Community Bancorp Reports Second Quarter Results
-
China Minerals Announces Resignation of Directors and Executive Vice President
-
Italsuit Brings Bargain-Hunting Thrills to Shopping Online
-
PTSD Foundation of America Announces Termination of Relationship With Paul Schroeder
-
Bacterin Study at AAOS 2012 Annual Meeting Shows OsteoSponge® Equivalence to rhBMP-2 in Spinal Fusion; Presented Specifically to Orthopaedic Surgeons
-
Liberator, Inc. Announces the Retirement of 25 Million Shares
-
Fitch Places 10 Classes of MSCI 2007-HQ12 on Rating Watch Negative
-
Interneer Sees Record Growth 2011
-
Riadh Ben Aissa gives notice to SNC-Lavalin to set the record straight
-
Dickey's Barbecue Pit Continues its Expansion in California
-
Zhongrun Invests in Canadian Zinc Corporation
-
Zhongrun Invests in Canadian Zinc Corporation
-
dick clark productions (dcp LLC) Reports Second Quarter Fiscal 2012 Conference Call
-
BancorpSouth Insurance Hires Texas Region Marketing Manager
-
Fitch Rates Roanoke, VA's GO's 'AA+'; Outlook Stable
-
Photo Release -- Travis Street Plaza, LP Celebrates Groundbreaking for New Housing Community
-
Dynasty Financial Partners Honored as Best Newcomer – Advisory Consulting by Private Asset Management Magazine
-
Fitch Affirms Imperial Irrigation Dist, CA Water COPs at 'AA-'; Outlook Stable
-
Fitch Launches REITs in Brief
-
Mylan Intends to Challenge Unfavorable Verdict in Patent Trial Related to Mylan's Generic Version of Sunovion's Xopenex® Inhalation Solution
-
Fitch Places LBUBS 2006-C7 on Rating Watch Negative
-
NGEx Corporate Update
-
NGEx Corporate Update
-
Hillman Group Capital Trust Announces Cash Distribution on Trust Preferred Securities
-
Media Advisory: Governor General in Calgary and Vancouver to Discuss Innovation and Social Causes
-
Media Advisory: Governor General in Calgary and Vancouver to Discuss Innovation and Social Causes
-
ArthroCare Announces Date for Fourth Quarter and Full Year 2011 Financial Results Press Release and Conference Call
-
MGA Entertainment Steps Up Fight Against Cancer
-
Jeffrey S. Moorad VSL ’81 Commits $5 Million to Villanova University School of Law for Creation of The Jeffrey S. Moorad Center for the Study of Sports Law
-
Fitch Places 5 Classes of CD 2007-CD4 on Rating Watch Negative
-
Evergreen Healthcare the First in the Puget Sound to Perform Robot-Assisted General Surgery
-
Premiere Global Sports Announces the Hiring of Peter Rosenberger as Vice President of Corporate Division
