SAN FRANCISCO--(BUSINESS WIRE)-- As part of its ongoing surveillance effort, Fitch Ratings has affirmed the 'A' rating on Pierce Joint Unified School District (USD), CA's (the district) general obligation bonds. The Rating Outlook remains stable.
The 'A' rating reflects the district's continued sound financial operations, low debt levels and the growing assessed value of its tax base, balanced against its limited local economy, low income levels, and the district's dependence on shares of state revenues that are shrinking in the current recession. Potential reductions in state revenues threaten large draw-downs on fund balance in out-years unless operating margins are preserved through further spending cuts. The maintenance of solid reserve levels is key to preserving credit quality.
Financial operations are sound, marked by strongly improved general fund reserves since Fitch's last review. The unaudited year-end unreserved fund balance for fiscal year (FY) 2009 is projected by the district at $2 million, equal to a strong 17.4% of total FY2009 general fund spending and transfers out. This compares with reserves of 9.8% during Fitch's last review in FY2008. FY2010 budgets for only a small draw on general fund reserves, aided by some staffing reductions. However, the district's conservative fiscal projections indicate the possibility of seriously reduced fund balances in FYs 2011 and 2012 if the current trend of large annual cuts to state funding continues. If they materialize, such cuts could necessitate further spending reductions from management.
Located approximately 40 miles from Sacramento, the district encompasses a 435-square mile area of unincorporated Colusa County and a small section of Yolo County. The local economy is heavily reliant on agriculture, in particular, rice, grain and vegetables. Unemployment in Colusa County is above the state average, rising to a high 14.5% in September 2009 versus the state's average of 12.0%. Median household income levels in the service area are slightly below the national and well below the California average. Unlike most of California, the district's total assessed valuation has so far continued to grow through the 2010 tax year, despite relatively high rates of mortgage foreclosure and delinquency in Colusa County.
Overall net debt levels are low at 1.0% of market value and $1,580 per capita, with no new issuance expected due to the district's limited capital needs. The principal pay-out rate is moderately below average.
Additional information is available at 'www.fitchratings.com'.
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.
Source: Fitch Ratings
SAN FRANCISCO, Dec. 2 /PRNewswire-FirstCall/ -- Merriman Curhan Ford Group, Inc. (Nasdaq: MERR) held its annual stockholders' meeting at its San Francisco headquarters last Tuesday, November 24, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090911/MCFLOGO)
At the meeting, stockholders voted on and overwhelmingly approved the following proposals:
-- The election of eight directors to serve on the board of directors until
the 2010 annual meeting of stockholders;
-- The adoption of the 2009 Merriman Curhan Ford Stock Incentive Plan; and
-- The ratification of Burr, Pilger & Mayer LLP as the company's registered
independent accountants.
Each of the following five directors elected by the holders of Common Stock received in excess of 92% of the votes cast:
-- John M. Thompson
-- D. Jonathan Merriman
-- Dennis G. Schmal
-- William J. Febbo
-- Jeffrey M. Soinski
Each of the following three directors elected by the Series D Preferred received in excess of 99% of the votes cast:
-- Ronald L. Chez
-- Douglas G. Bergeron
-- Andrew Arno
Each of the other proposals voted on received in excess of 98% of the votes cast, with the Common Stock and the Series D Preferred voting together as a single class.
The company's 2008 Annual Report on Form 10-K is available on the company's Web site at www.mcfco.com, as well as the Securities and Exchange Commission's Web site at www.sec.gov/edgar.shtml.
About Merriman Curhan Ford
Merriman Curhan Ford (NASDAQ: MERR) is a financial services firm focused on fast-growing companies and the institutions that invest in them. The company offers high-quality investment banking, equity research, institutional services and corporate & venture services, and specializes in five growth industry sectors: CleanTech, Consumer, Media & Internet, Health Care, Natural Resources and Technology. For more information, please go to www.mcfco.com.
Note to Investors
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of the Company. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K/A filed on April 30, 2009 and our Forms 10-Q filed on May 15, August 11, and November 16, 2009. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K/A filed on April 30, 2009 and Forms 10-Q filed on May 15, August 11, and November 16, 2009, together with this press release and the financial information contained herein, is available on our website by going to www.mcfco.com and clicking on "Investor Relations."
SOURCE Merriman Curhan Ford Group, Inc.
OTTAWA, ONTARIO--(Marketwire - Dec. 2, 2009) - Canadian athletes gave stellar performances at World Cup events on the weekend.
On November 29, Manuel Osborne-Paradis gained his first World Cup super-G podium with an impressive run of 1:32.93 at the Bombardier Lake Louise Winterstart ski races. Including the gold he won last March in Kvitfjell, Mr. Osborne-Paradis now has six World Cup podiums.
As well, Canada's mixed team won the Tiscover Team Relay at the World Cup luge event in Innsbruck-Igls, Austria. Alex Gough, Sam Edney, and doubles Chris Moffat and Mike Moffat, all from Calgary, finished with a combined time of 2:10.864.
As Minister of State (Sport) and on behalf of the Government of Canada, I would like to congratulate our gold medalists and to commend all of the other Canadian athletes who participated in these competitions. Your hard work and dedication are producing great results. As Canadians everywhere look forward to cheering on our athletes at the Vancouver 2010 Winter Games, I have no doubt that we will "Own the Podium" in less than 80 days.
FOR FURTHER INFORMATION PLEASE CONTACT:
Office of the Honourable Gary Lunn, P.C., M.P.
Minister of State (Sport)
819-934-1122
Source: Canadian Heritage
BRONX, N.Y., Dec. 2 /PRNewswire/ -- WSPT is committed to being on the cutting edge of physical therapy and having a very positive influence on their community. Proving this once again, they are adding a twist to a traditional fund raiser, creating a unique exercise experience for a great cause.
From Monday, December 7 through Saturday, December 12 WSPT will be hosting a Treadmill Walk-a-Thon to benefit the Arthritis Foundation. Participants will log time on WSPT's treadmills, including the therapy pool treadmill, to raise funds on behalf of the Arthritis Foundation.
"We thought it was a great idea to bring the cause into our practice so that our patients, their families and anyone who knows someone afflicted with arthritis can participate," said WSPT Executive Director, Daniel Seidler, "without having to be out in the cold."
In addition to raising money for a worthy cause, walkers will be rewarded with WSPT tokens of appreciation such as WSPT gear, free massages, and personal training sessions. In addition, the walkers who clock the farthest distance and raise the most funds will receive a free WSPT Gym membership.
Participation is open to anyone and all donations are tax deductible.
About WSPT
WSPT is the Bronx's world-class location for Physical Therapy, Aquatic Therapy, and Wellness. Their 11,000 square foot facility is equipped with state-of-the-art rehab equipment, a full yoga/pilates/dance studio, and a Hydroworx Aquatic Therapy Pool with built-in treadmill. WSPT - world-class care, right around the corner. For more information about WSPT, please visit - www.wspt.org
About the Arthritis Foundation
The Arthritis Foundation is the only national not-for-profit organization that supports the more than 100 types of arthritis and related conditions. Founded in 1948, the Arthritis Foundation is the largest private, not-for-profit contributor to arthritis research in the world, funding more than $380 million in research grants since 1948. The foundation helps people take control of arthritis by providing public health education; pursuing public policy and legislation; and conducting evidence-based programs to improve the quality of life for those living with arthritis. For more information about the Arthritis Foundation, please visit www.arthritis.org
SOURCE WSPT
TORONTO, CANADA -- (MARKET WIRE) -- 12/02/09 -- Canadian World Fund Limited (TSX: CWF) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2009 was $4.43, resulting in year-to-date and 12-month NAV returns of 54.4% and 49.2%, respectively. These compare with the 11.4% and 14.1% returns of the benchmark Morgan Stanley Capital International All Country World Index, in Canadian dollar terms, for the same periods.
The closing price for CWF's common shares at November 30, 2009 was $3.11, resulting in year-to-date and 12-month market returns of 36.4% and 55.5%, respectively.
The geographic sector weightings of CWF's investment portfolio at market as of November 30, 2009 were as follows:
Canada 29.5% Europe 21.3% United States 20.7% Asia 16.9% Latin America 10.5% Australia 1.1%
The top ten investments which comprised 39.8% of the investment portfolio at market as of November 30, 2009 were as follows:
Alliance Grain Traders, Inc. (Canada) 5.1% Apple Inc. (United States) 4.6% Lojas Renner S.A. (Brazil) 4.6% HDFC Bank Ltd. (India) 4.5% Baidu, Inc. (China) 4.3% Petrominerales Ltd. (Canada) 3.7% Mahindra & Mahindra Limited (India) 3.7% Silvercorp Metals Inc. (Canada) 3.2% Petrofac Limited (United Kingdom) 3.2% International Business Machines Corp. (United States) 2.9%
Contacts: Canadian World Fund Limited Jonathan A. Morgan President and CEO (416) 366-2931 (416) 366-2729 (FAX) cwffund@mmainvestments.com www.mmainvestments.com
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