Press Releases

LITTLE FALLS, NJ -- (MARKET WIRE) -- 02/10/12 -- mPhase Technologies, Inc. (OTCBB: XDSL) said today that it intends to file a patent based on its Smart Surface technology for a novel drug delivery system.

The drug delivery patent is based on the ability of mPhase's Smart Surface technology to electronically control the precise flow of a fluid on a nano-structured surface.

About mPhase Technologies, Inc.

mPhase Technologies is introducing a revolutionary Smart Surface technology enabled by breakthroughs in nanotechnology, MEMS processing and microfluidics. Our Smart Surface technology has potential applications within drug delivery systems, lab-on-a-chip analytic systems, self-cleaning systems, liquid and chemical sensor systems, and filtration systems. mPhase has pioneered its first Smart Surface enabled product, the mPhase Smart NanoBattery. In addition to the Smart Surface technology, mPhase recently introduced its first product, the mPower Emergency Illuminator, an award-winning product designed by Porsche Design Studio and sold via the mPower website: http://www.mpowertech.com. More information about the company can be found at http://www.mPhaseTech.com.

Forward-Looking Statements

As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company's SEC filings, including the financial statements and related information contained in the Company's SEC Filing. mPhase assumes no obligation to update the information in this release.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Source: mPhase Technologies

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has released a briefing that provides updated estimates of insurers’ losses from the Thailand floods.

Insurers’ estimates of industry wide losses from the Thailand floods have increased 50% to USD 15 billion since A.M. Best’s last briefing on this event (“Thai Flooding Brings Industrial, Business Interruption Claims”), published Nov. 23, 2011. Such a loss would place the Thai floods in a tie for the fifth costliest insured loss event in the past 31 years.

To access a complimentary copy of the full briefing, please visit www.ambest.com/press/021001thaifloodbriefing.pdf.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best Co.Moungmo Lee, +852-2827-3402General Managermoungmo.lee@ambest.comorMatthew Coppola, 908-439-2200, ext. 5627Industry Research Analystmatthew.coppola@ambest.comorRachelle Morrow, 908-439-2200, ext. 5378Senior Manager, Public Relationsrachelle.morrow@ambest.comorJim Peavy, 908-439-2200, ext. 5644Assistant Vice President, Public Relationsjames.peavy@ambest.com

Source: A.M. Best Co.

FRANKLIN, IN -- (MARKET WIRE) -- 02/10/12 -- Heartland Bancshares, Inc. (OTCBB: HRTB) today announced that it had agreed to be acquired by Horizon Bancorp, an Indiana-based community banking company (NASDAQ: HBNC) in a stock-for-stock merger transaction. Subject to satisfaction of the terms and conditions of the merger agreement, Heartland expects that the transaction will close in the second quarter of 2012.

Under the merger agreement, Horizon has agreed to issue to Heartland's shareholders Horizon common stock at the exchange ratio of 0.54 shares (subject to adjustment) of Horizon common stock for every share of Heartland common stock that is outstanding at the time of effectiveness of the merger. Based upon the closing price of Horizon's common stock of $18.00 on February 8, 2012, the indicated value of the transaction to Heartland's shareholders as of that date was approximately $9.72 per share, which represented a 155 percent premium to the closing price of Heartland common stock on February 3, 2012, the most recent date on which the stock traded prior to February 9, 2012. The value of the transaction to Heartland shareholders will vary with fluctuations in the market price of Horizon common stock and adjustments (if any) to the exchange ratio between now and closing.

Based on Horizon's closing price per share and Heartland's 1,442,727 total dilutive common shares outstanding, the acquisition pricing is approximately $14.0 million on February 8, 2012.

This merger will be a tax-free exchange for Heartland's shareholders. In addition, Horizon has agreed to redeem all of Heartland's outstanding preferred Series B and C Shares held by the United States Treasury Department under their Capital Purchase Program.

The merger agreement provides that Heartland Bancshares, the holding company of Heartland Community Bank, will be merged into Horizon Bancorp and that Heartland Community Bank will merged with Horizon Bank, N.A., Horizon Bancorp's wholly-owned bank subsidiary. The banks will operate under a single Horizon Bank charter, and the bank will operate in Central Indiana as "Heartland Community Bank, a Horizon Company." Heartland serves Central Indiana, south of Indianapolis, and has the No. 1 deposit market share in Johnson County.

Completion of the transaction is subject to certain conditions, including the approval of Heartland's shareholders, the receipt of all necessary banking agency regulatory approvals, the maintenance of Heartland's level of certain past due or adversely-classified loans at or below certain dollar thresholds, the satisfactory completion of reviews by Horizon of the title to and environmental status of the real estate properties of Heartland, and the satisfaction of other terms and conditions. The exchange ratio may be decreased if and to the extent that Heartland's consolidated common shareholders' equity (subject to certain adjustments specified in the merger agreement) is not maintained at or above a certain level through the time of closing.

Heartland's co-founders, Steve Bechman, President and CEO, and Jeffrey Goben, Executive Vice President, will continue to manage Heartland's operations in Central Indiana. In addition, one member of Heartland's Board of Directors will be added to Horizon Bank's board, and a local advisory board will be established shortly after the closing.

"We are proud to be merging our Bank with a strong, Indiana-focused community bank like Horizon," stated Steve L. Bechman, Heartland's president and CEO. "This merger will provide the capital strength and operational capabilities to leverage the strengths we have developed since we established in 1997. Our operating philosophies, corporate culture and commitment to serving the community are an excellent fit with Horizon's philosophy and culture."

"Like many smaller community banks around the country, we have had to address the challenges of increased regulatory compliance costs, higher regulatory capital requirements, and redeeming our U.S. Treasury Capital Purchase Program preferred shares. Although we have had great success in attracting and retaining deposits, a lingering soft economy has made it difficult for smaller banks with limited resources to seek out new lending opportunities and to raise capital."

"We believe this business combination is positive for our shareholders, who will have the opportunity to own shares of a growing and profitable company with a history of 104 consecutive quarters of cash dividend payments. Our employees will have access to new products, sales and service capabilities, improved technology and greater economies of scale that will offer a competitive edge in a highly competitive banking environment."

Bechman added that Horizon has past experience with successfully integrating acquired banks, and providing a smooth transition for customers and employees.

"We believe retaining the Heartland name in our served markets will enable us to continue building the name recognition and goodwill we have established with our customers, and this is a meaningful advantage in a time when banking customers are looking for service-oriented alternatives to the one-size-fits-all approach of the larger banking franchises. We are very excited about the opportunities this merger will provide."

Additional Information Horizon will file a Registration Statement on Form S-4 that will include a proxy statement of Heartland and a prospectus of Horizon and other relevant documents concerning the proposed merger with the Securities and Exchange Commission. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain a copy of the proxy statement/prospectus, as well as other filings containing information about Horizon, without charge, at the Securities and Exchange Commission's website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the Securities and Exchange Commission that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Mary McColl, Shareholder Relations Officer, 515 Franklin Square, Michigan City, Indiana 46360, telephone: (219)874-9272 or on Horizon's website at www.accesshorizon.com under the tab "Investor Relations" and then under the heading "Information Requested."

This communication does not constitute an offer of any securities for sale.

About Horizon Bancorp Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern Indiana and Southwest Michigan. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.accesshorizon.com. Its common stock is traded on the NASDAQ Global Market under the symbol HBNC.

About Heartland Bancshares Heartland Community Bank is the wholly-owned subsidiary of Heartland Bancshares, Inc. and began banking operations December 17, 1997, in Johnson County, Indiana on the southern edge of the Indianapolis metro area. The Bank has six branches and the No. 1 deposit market share in Johnson County, Indiana. At December 31, 2011, Heartland reported total assets of approximately $246.0 million, total loans approximately $137.7 million, total deposits of approximately $217.9 million and total common shareholder equity of approximately $14.5 million (all amounts are unaudited).

Forward-Looking Statements This release contains information and "forward-looking statements" that relate to matters that are not historical facts and are usually preceded by the words: "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target," and similar expressions. These forward-looking statements are subject to significant risks, assumptions, and uncertainties. Because of these and other uncertainties, our actual results may be materially different from those described in these forward-looking statements. The forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

Contacts:
Heartland Bancshares, Inc.

Steve L. Bechman
Chief Executive Officer
317-738-3702

Jeffrey L. Goben
Executive Vice President
317- 881-3915

Source: Heartland Bancshares, Inc.

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has released a briefing on the renewed interest of hedge funds in the non-life reinsurance industry.

Hedge funds are showing renewed interest in the reinsurance business as they seek to diversify their investment strategies and deploy accumulated capital. The catastrophic losses experienced by the reinsurance industry in 2011 have piqued the hedge funds’ interest. Given the importance of Best Credit Ratings in the reinsurance community, some of these hedge fund backed reinsurers are rated, and others have inquired about initial ratings. A.M. Best’s analysis employs standard rating criteria with special attention to the risks of both the investment strategies and business/underwriting profiles of these companies.

To access a complimentary copy of the full briefing, please visit www.ambest.com/press/021002hedgefundbriefing.pdf.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best Co.Martin KennedySenior Industry Research Analyst(908) 439-2200, ext. 5308martin.kennedy@ambest.comorNicholas DranchakFinancial Analyst(908) 439-2200, ext. 5629nicholas.dranchak@ambest.comorRachelle MorrowSenior Manager, Public Relations(908) 439-2200, ext. 5378rachelle.morrow@ambest.comorJim PeavyAssistant Vice President, Public Relations(908) 439-2200, ext. 5644james.peavy@ambest.com

Source: A.M. Best Co.