Press Releases

ATHENS, GREECE -- (MARKET WIRE) -- 02/09/10 -- Paragon Shipping Inc. (NASDAQ: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today that it will release its results for the fourth quarter and full year ending December 31, 2009, after the market closes in New York on Monday, February 22, 2010. Paragon's management team will host a conference call to discuss the Company's financial results on Tuesday, February 23, 2010, at 10:00 a.m. Eastern Standard Time (EST).

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "Paragon"

A replay of the conference call will be available until March 2, 2010. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 55939564#

Slides and audio webcast:

There will also be a simultaneous live webcast over the Internet, through the Paragon Shipping website (www.paragonship.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Paragon Shipping Inc.

Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of eleven vessels with a total carrying capacity of 719,273 dwt.

Cautionary Statement Regarding Forward-Looking Statement

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contacts:
Christopher Thomas
Chief Financial Officer
Paragon Shipping Inc.
15 Karamanli Ave.
GR 166 73
Voula, Greece
Tel: +30 (210) 8914 600

Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue
Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: paragon@capitallink.com

Company Approved to Relist on NASDAQ Stock Market

BURLINGTON, Mass.--(BUSINESS WIRE)-- Aspen Technology, Inc. (NASDAQ: AZPN, as of February 10, 2010) a leading provider of software and services to the process industries, today announced its financial results for its second quarter of fiscal 2010, ended December 31, 2009.

Mark Fusco, Chief Executive Officer of AspenTech, said, "We are pleased with the company's performance in the second quarter, as solid transaction flow drove product-related bookings of approximately $95 million. Within product related bookings, the license portion was consistent with the year ago period. Early customer response to our new aspenONE licensing model has been very favorable, which is driving both renewal activity and expanded usage with customers across each of our target markets. As we look to the second half of our fiscal year, customer interest levels remain high and we are encouraged by the positive impact of our new aspenONE licensing model on both our competitive position and long-term market opportunity."

Fusco added, "After bringing our financial statements current with the filing of our first quarter results and subsequently filing our second quarter results in a timely manner, we have been approved to relist the company's common stock on the NASDAQ stock market effective tomorrow morning under the ticker 'AZPN'. We are excited to complete this process so that investors can focus exclusively on AspenTech's business performance, strong competitive position and market opportunity."

AspenTech's total revenue of $42.7 million decreased from $82.6 million in the second quarter of the prior year, due primarily to the ratable revenue recognition associated with the company's new aspenONE licensing model.

    --  Subscription revenueincludes all revenue associated with the company's
        new aspenONE licensing model. Subscription revenue was approximately
        $1.2 million in the second quarter of fiscal 2010. No subscription
        revenue was recorded in the year ago period as the company's new
        aspenONE licensing model was launched during the first quarter of fiscal
        2010. Subscription revenue is recognized over the course of the
        multi-year agreement, and recognition begins when the first payment is
        due, which is typically 30 days after the contract is signed.
    --  Software revenueincludes all non-subscription-based license revenue,
        including term-based contracts for point products as well as perpetual
        licenses. Software revenue was $9.0 million in the second quarter of
        fiscal 2010, compared to $47.3 million in the year ago period. In fiscal
        year 2010, software revenue related to term contracts is recognized over
        the contract term, generally as payments become due. In prior fiscal
        year periods, the company predominantly recognized term license revenue
        on an up-front basis, and what was previously categorized as license
        revenue typically equaled license bookings. However, in the second
        quarter of fiscal year 2009, license revenue was approximately $17
        million lower than license bookings as a result of certain license
        bookings not meeting the criteria for up-front revenue recognition.
    --  Services & other revenue,which includes professional services,
        maintenance and other revenue, was $32.5 million in the second quarter
        of fiscal 2010, a decrease compared to $35.4 million in the year ago
        period. The year-over-year decline was primarily a result of the more
        challenging economic environment compared to the year ago period.
        Services and other revenue was up sequentially compared to $28.7 million
        in the first quarter of fiscal 2010.

For the quarter ended December 31, 2009, AspenTech reported a loss from operations of $29.3 million due primarily to the ratable revenue recognition associated with the company's new aspenONE licensing model. For the quarter ended December 31, 2008, the company reported income from operations of $18.8 million. Net loss was $30.7 million in the second quarter of fiscal 2010, leading to net loss per basic and diluted share of $0.34 compared to net income per diluted share of $0.25 in the same period last year.

AspenTech had a cash balance of $109.4 million at December 31, 2009, compared to $109.0 million at the end of the first quarter of fiscal 2010. The company did not sell any installments receivable to raise cash during the second quarter of fiscal 2010 and it continued to reduce its secured borrowings balance, which was $96.5 million at the end of the quarter, down $12.3 million compared to $108.8 million at the end of the first quarter of fiscal 2010.

Other Second Quarter Business Metrics

    --  The company closed 18 product-related bookings of over $1 million during
        the second quarter, and 57 product related bookings between $250,000 and
        $1 million.
    --  Average deal size for product-related bookings over $100,000 was
        $778,000 in the second quarter.

Conference Call and Webcast

AspenTech will host a conference call and webcast today, February 9, at 5:00 p.m. (Eastern Time), to discuss the company's financial results for the first quarter of fiscal 2010. The live dial-in number is (877) 245-0126, conference ID code 53424224. Interested parties may also listen to a live webcast of the call by logging on to the Investor Relations section of AspenTech's website, http://www.aspentech.com/corporate/investor.cfm, and clicking on the "webcast" link. A replay of the call will be archived on AspenTech's website and will also be available via telephone at (800) 642-1687 or (706) 645-9291, conference ID code 53424224 through February 16, 2010.

About AspenTech

AspenTech is a leading supplier of software that optimizes process manufacturing - for energy, chemicals, pharmaceuticals, engineering and construction, and other industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement best practices for optimizing their engineering, manufacturing and supply chain operations. As a result, AspenTech customers are better able to increase capacity, improve margins, reduce costs and become more energy efficient. To see how the world's leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com.

(C) 2010 Aspen Technology, Inc., AspenTech, aspenONE and the Aspen leaf logo are trademarks of Aspen Technology, Inc. All rights reserved. All other trademarks are property of their respective owners.

Forward-Looking Statements

The second paragraph of this press release may contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to the anticipated benefits of AspenTech's new subscription-based licensing model. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including, without limitation: customers' failure to adopt the new AspenONE licensing model at the rate expected by AspenTech or at all; AspenTech's failure to realize the anticipated financial and operational benefits of the new AspenONE licensing model; unforeseen difficulties or uncertainties in the application of accounting standards; weaknesses in our internal controls, including our controls over the recognition of license revenue; and other risk factors described from time to time in AspenTech's periodic reports filed with the Securities and Exchange Commission.

AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.

ASPEN TECHNOLOGY, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data)

                              Three Months Ended       Six Months Ended

                              December 31,             December 31,

                              2009         2008        2009         2008

Revenue:

Subscription                  $ 1,214      $ -         $ 1,239      $ -

Software                        8,976        47,272      20,058       96,909

Total subscription and          10,190       47,272      21,297       96,909
software

Services and other              32,496       35,355      61,185       72,124

Total revenue                   42,686       82,627      82,482       169,033

Cost of revenue:

Subscription and software       1,677        2,877       3,450        5,524

Services and other              14,792       15,287      30,488       31,806

Total cost of revenue           16,469       18,164      33,938       37,330

Gross profit                    26,217       64,463      48,544       131,703

Operating costs:

Selling and marketing           23,757       19,988      44,309       42,113

Research and development        12,515       10,514      23,409       23,166

General and administrative      19,226       14,276      34,640       28,391

Restructuring charges           32           231         303          265

Loss (gain) on sales and        2            (1     )    2            3
disposals of assets

Impairment of goodwill and      -            623         -            623
intangible assets

Total operating costs           55,532       45,631      102,663      94,561

(Loss) income from              (29,315 )    18,832      (54,119 )    37,142
operations

Interest income                 5,083        5,955       10,532       11,870

Interest expense                (2,480  )    (2,743 )    (4,891  )    (5,597  )

Other income (expense), net     (222    )    2,920       2,047        (661    )

(Loss) income before            (26,934 )    24,964      (46,431 )    42,754
provision for income taxes

Provision for income taxes      (3,723  )    (2,003 )    (5,288  )    (8,140  )

Net (loss) income             $ (30,657 )  $ 22,961    $ (51,719 )  $ 34,614

(Loss) earnings per common
share:

Basic                         $ (0.34   )  $ 0.26      $ (0.57   )  $ 0.38

Diluted                       $ (0.34   )  $ 0.25      $ (0.57   )  $ 0.37

Weighted average shares
outstanding:

Basic                           91,002       90,043      90,538       90,031

Diluted                         91,002       92,030      90,538       93,055

ASPEN TECHNOLOGY, INC.

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands)

                                                      December 31,  June 30,

                                                      2009          2009

ASSETS

Current assets:

Cash and cash equivalents                             $ 109,437     $ 122,213

Accounts receivable, net of allowance for doubtful      35,507        49,882
accounts of $3,840 and $5,809

Current portion of installments receivable, net of      52,405        64,531
allowance for doubtful accounts of $990 and $1,015

Current portion of collateralized receivables, net      30,874        38,695
of unamortized discount

Unbilled services                                       1,859         298

Prepaid expenses and other current assets               6,075         9,413

Prepaid income taxes                                    13,593        13,159

Deferred tax assets                                     3,839         3,795

Total current assets                                    253,589       301,986

Non-current installments receivable, net of
allowance for doubtful accounts of $1,682 and           104,144       113,390
$1,663

Non-current collateralized receivables, net of          49,607        57,671
unamortized discount

Property, equipment and leasehold improvements, net     9,154         9,604
of accumulated depreciation of $28,703 and $27,438

Computer software development costs                     2,560         3,918

Goodwill                                                17,672        16,686

Non-current deferred tax assets                         10,737        10,788

Other non-current assets                                1,854         1,933

Total assets                                          $ 449,317     $ 515,976

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current portion of secured borrowing                  $ 33,166      $ 83,885

Accounts payable                                        6,972         5,135

Accrued expenses                                        39,819        47,882

Income taxes payable                                    3,387         1,888

Deferred revenue                                        57,592        62,801

Current deferred tax liability                          2,496         2,481

Total current liabilities                               143,432       204,072

Long-term secured borrowing                             63,347        28,211

Deferred revenue                                        15,401        16,070

Non-current deferred tax liability                      2,362         2,354

Other non-current liabilities                           33,065        35,859

Commitments and contingencies

Stockholders' equity:

Series D redeemable convertible preferred stock,
$0.10 par value--

Authorized-- 3,636 shares as of December 31, 2009
and June 30, 2009

Issued and outstanding-- none as of December 31,        -             -
2009 and June 30, 2009

Common stock, $0.10 par value--
Authorized--210,000,000 shares

Issued-- 91,741,941 shares as of December 31, 2009
and 90,326,513

shares at June 30, 2009

Outstanding-- 91,508,477 shares at December 31,         9,174         9,033
2009 and 90,093,049 shares at June 30, 2009

Additional paid-in capital                              509,880       497,478

Accumulated deficit                                     (335,312 )    (283,593 )

Accumulated other comprehensive income                  8,481         7,005

Treasury stock, at cost--233,464 shares of common
stock as of December 31,                                (513     )    (513     )

2009 and June 30, 2009

Total stockholders' equity                              191,710       229,410

                                                      $ 449,317     $ 515,976

    Source: Aspen Technology, Inc.

HALLANDALE BEACH, FL -- (MARKET WIRE) -- 02/09/10 -- Specialty finance company Structured Asset Funding (d/b/a 123LumpSum) announced today that it has secured financing from an additional credit facility allowing the company the ability to continue giving customers competitive rates for their structured settlement and annuity payments.

"We believe in our mission to help our customers in this difficult economy. This exciting news will permit us to continue to offer the best rates to our customers and to improve the speed of our execution," says President Andrew Savysky.

About Structured Asset Funding (d/b/a 123LumpSum) -- Located in Hallandale Beach, Florida, Structured Asset Funding (d/b/a 123LumpSum), a leading purchaser of structured settlement payments and annuities, is a specialty finance company that applies institutional financing, underwriting and legal expertise to purchase future cash flows from individuals whose life circumstances have changed suddenly and need immediate cash from their insurance annuities.

Contact:
Valerie Bleus
(954) 367-0717
E-Mail - Email Contact

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has placed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the life/health and property/casualty insurance subsidiaries of MetLife, Inc. (MetLife) (Delaware) under review with negative implications. A.M. Best also has placed the ICR of MetLife under review with negative implications. (Please see link below for a detailed listing of the companies and ratings.)

The rating actions reflect MetLife's recent public comments that it is in discussions with American International Group, Inc. (AIG) over the potential acquisition of American Life Insurance Company (ALICO). A.M. Best notes that a definitive agreement has not been reached with AIG nor is there any assurance that an agreement will be reached.

A.M. Best views the magnitude of this potential transaction as significant. As a result, there is uncertainty with respect to the impact on MetLife's balance sheet, capitalization and financial metrics; thus, the ratings have been placed under review with negative implications.

The addition of ALICO, if consummated, would be transformational from a strategic perspective--augmenting MetLife's earnings capability via increased scale, enhancing international market positions and increasing product diversity on a globalized platform.

All ratings will remain under review pending A.M. Best's review of this potential acquisition, as well as the financing and integration plans to determine the transaction's overall impact on MetLife's ratings.

For a complete listing of MetLife, Inc. and its life/health and property/casualty subsidiaries' FSRs, ICRs and debt ratings, please visit www.ambest.com/press/020909metlife.pdf

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

    Source: A.M. Best Co.