Press Releases

SEATTLE, Dec. 5 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that that its Board of Directors has authorized a "Modified Dutch Auction" tender offer to purchase a portion or all of five series of Convertible Notes (the "Notes") as follows:

    -- 4% Convertible Senior Subordinated Notes due 2010
    -- 5.75% Convertible Senior Notes due 2011
    -- 6.75% Convertible Senior Notes due 2010
    -- 7.5% Convertible Senior Notes due 2011
    -- 9% Convertible Senior Notes due 2012

The Company currently expects to utilize up to $10 million for the tender, from cash currently on hand, cash expected to be received in connection with the closing of the recent collaboration with Spectrum Pharmaceuticals, and/or cash to be received in connection with a second closing of a sale of notes to a single institutional investor. Currently, there is an aggregate of $124 million of Notes outstanding. The tender offer is expected to commence in the near future.

Under the "Modified Dutch Auction" procedure, CTI would offer to purchase a portion or all of the outstanding principal amount of the Notes at a price currently expected to be no greater than $80 or less than $50 per $1,000 principal amount of Notes, plus accrued and unpaid interest. A "Modified Dutch Auction" tender offer allows holders of Notes to indicate the principal amount of Notes that such holders desire to tender and the price within the specified price range at which they are prepared to tender such Notes.

CTI intends to conduct the tender offer in order to reduce the principal amount of its outstanding indebtedness and to provide an opportunity to holders of the Notes to gain liquidity with respect to the Notes that they may not otherwise have. CTI believes that reducing its outstanding indebtedness will be in the best interests of its stockholders as it will reduce the substantial interest payments required on the Notes and may help to provide the company with additional flexibility to raise additional capital in 2009.

This announcement is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any Notes. The Company expects to announce further information on the details of the proposed tender offer in the near future. The tender offer, if commenced, will be made solely by and subject to the terms and conditions set forth in a Schedule TO (including the Offer to Purchase and related Letter of Transmittal) that will be filed by CTI with the Securities and Exchange Commission ("SEC"). The Schedule TO and related materials will contain important information, including complete instructions on how to tender Notes, and should be read carefully and in their entirety before any decision is made with respect to the Offer. The Offer to Purchase and Letter of Transmittal will be delivered to all holders of Notes. Once the Schedule TO and offer documents are filed with the SEC, they will be available free of charge on the SEC's website at http://www.sec.gov.

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include whether the closing conditions, including the consent of Biogen Idec Inc., will be satisfied in order to consummate the collaboration with Spectrum Pharmaceuticals, Inc.; whether the second closing of the sale of notes to an institutional investor will occur if the Company elects to sell such additional notes to them; that the Company may be unable to commence the contemplated tender offer or complete the contemplated tender offer as it continues to have a substantial amount of debt outstanding and the quarterly interest expense associated with the debt is significant; the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

     Media Contact:
     Dan Eramian
     T: 206.272.4343
     C: 206.854.1200
     E: media@ctiseattle.com
     www.CellTherapeutics.com/press_room

     Investors Contact:
     Ed Bell
     T: 206.272.4345
     Lindsey Jesch Logan
     T: 206.272.4347
     F: 206.272.4434
     E: invest@ctiseattle.com
     www.CellTherapeutics.com/investors

SOURCE Cell Therapeutics, Inc.

SEOUL, South Korea--(BUSINESS WIRE)-- ENERTECH Co., Ltd, a manufacturer of various power-saving devices in South Korea, announced today that they have launched a new power-saving device named "EnerKeeper" and expanded its distribution to the global market.

EnerKeeper is an innovative power-saving device that eliminates harmonic, unbalance, and inactive power for effective power usage and cost savings.

EnerKeeper is built through Zig-Zag Winding method in its core and coil instead of using other electronic parts, IC, or condenser. Based on this structure, ENERTECH applied its exclusive ATW (Auto Transformer Winding) technology to eliminate energy-wasting factors such as harmonics, unbalance, and reactive power in order to achieve higher energy efficiency and up to 15% in electronic cost savings.

EnerKeeper is developed for various applications such as home, commercial, and industrial uses and has already been installed Korea's major factories and facilities such as Bank of Korea, Korea District Heat Corporation, Korea Electronic Power Corporation, POSCO, Samsung Heavy Industries, Hanjin Heavy Industries, KT, Seoul National University, and other major apartment complexes.

EnerKeeper was also recognized as "highly recommended product for government facilities" by Korean government, and earned various certifications including ISO 9001, CE, and product certifications from China, Korea, and Europe.

Based on their product achievement, ENERTECH is jointly developing new products such as hybrid power-saving transformer, preventative current transformer, and photopile modules with Korea Electronic Power Corporation and 5 other major electronic power corporations.

Hoon Yang Park, the CEO of ENERTECH, said, "ENERTECH provides safe and highly efficient power-saving devices through our AWT technology. We will also become a major contributor of the global green energy movement as well when we complete the development of a new hybrid power-saving device."

About ENERTECH Co., Ltd.

Established in 2003, ENERTECH is an expert in electronic power devices as it manufactures power-saving devices, intelligent robots, and photopile modules. Their product research and development are recognized with 5 domestic patents, 3 international patents, and PCT as well as recognition from Korean government such as "INNO-BIZ" award. For more information, please visit www.enerkeeper.com.

    Source: ENERTECH Co., Ltd

SEATTLE, Dec. 5 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that a single institutional investor shall purchase, for $32.65 million, newly issued 10% Convertible Senior Notes due 2011 (the "Notes"), with a conversion price of $0.137 per share.

The new Notes would have a $32.65 million initial principal balance and feature a make-whole provision entitling the holder, upon any conversion of the Notes, to receive the interest payable through scheduled maturity, less any interest paid before conversion.

The Company has also agreed to repurchase from the investor, for approximately $29 million, approximately $30 million aggregate principal amount of outstanding 15% Convertible Senior Notes, Series B 18.33% Convertible Senior Notes and 9.66% Convertible Senior Notes (collectively, the "Repurchased Notes") that were issued in June, August and October 2008, respectively. For such repurchase, the Company will use approximately $16.4 million of the proceeds from the offering of the new Notes, plus funds to be released to the Company from the escrow account that was established to pay the make-whole and interest payments on the Repurchased Notes. Warrants to purchase approximately 5.15 million shares of common stock which are held by the investor are also being surrendered to the Company and will be cancelled. The Company expects to receive net proceeds of approximately $16.3 million from the new Notes (before payment of fees and expenses), after the repurchase of the Repurchased Notes and prior to depositing approximately $9.8 million in escrow for the new Notes' make-whole provision. The new Notes will rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company.

In addition, the Company obtained a conditional put option to require the investor to purchase up to $6 million of its Series C 10% Convertible Notes (the "C Notes"), related to a tender offer for up to $124 million principal amount of the Company's outstanding convertible notes that the Company may commence in the near future. If the Company receives tenders of at least $62 million of its outstanding convertible notes, it has the option to require the investor to purchase $3 million principal amount of the C Notes, and if the Company receives tenders of at least $93 million of its outstanding convertible notes, it has the option to require the investor to purchase $6 million principal amount of the C Notes. The C Notes would have substantially the same terms as the Notes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the transaction.

A prospectus supplement relating to the new Convertible Senior Notes to be issued in the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus may be obtained directly from Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite 400, Seattle, Washington 98119.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include that the Company continues to have a substantial amount of debt outstanding and the quarterly interest expense associated with the debt is significant; the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

     Media Contact:
     Dan Eramian
     T: 206.272.4343
     C: 206.854.1200
     E: media@ctiseattle.com
    http://www.CellTherapeutics.com/press_room

     Investors Contact:
     Ed Bell
     T: 206.272.4345
     Lindsey Jesch Logan
     T : 206.272.4347
     F : 206.272.4434
     E: invest@ctiseattle.com
    http://www.CellTherapeutics.com/investors

SOURCE Cell Therapeutics, Inc.

TAIPEI, Taiwan, Dec. 5, 2008 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq: SIMO), a leading fabless semiconductor company that designs, develops, and markets high-performance, low-power semiconductor solutions for the multimedia consumer electronics market, today announced that it will participate in the following upcoming conferences:

       The 11th Annual Needham Growth Stock Conference
       Wednesday, January 7, 2009 at 3:00 p.m. (Eastern Time)
       New York Palace Hotel - New York, NY

       Nomura AC@CES 2009
       Thursday, January 8, 2009 (meetings only; no Webcast)
       Wynn Las Vegas - Las Vegas, NV

       The 2nd CLSA Asia Investors' Forum
       Monday & Tuesday, February 9-10, 2009 (meetings only;
        no Webcast)
       Four Seasons Hotel - Las Vegas, NV

       Merrill Lynch "Taiwan, Technology & Beyond" Conference
       Wednesday & Thursday, March 18-19, 2009 (meetings only;
        no Webcast)
       Shangri-La's Far Eastern Plaza Hotel - Taipei, Taiwan

       B.Riley & Co. 10th Annual Las Vegas Investor Conference
       Wednesday & Thursday, March 18-19, 2009 (meetings and Webcast)
       Palms Casino Resort - Las Vegas, NV

Interested parties can listen to a live audio Webcast of the Company's presentation on the Investor Relations section of Silicon Motion's website at www.siliconmotion.com. A replay of the Webcast will be available for 90 days following the events.

About Silicon Motion:

We are a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market. We have three major product lines: mobile storage, mobile communications, and multimedia SoCs. Our mobile storage business is composed of microcontrollers used in NAND flash memory storage products such as flash memory cards, USB flash drives, SSDs, embedded flash applications, and card readers. Our mobile communications business is composed of mobile TV tuners, CDMA RF ICs, and electronic toll collection RF ICs. Our multimedia SoCs business is composed of products that support portable multimedia players, DAB systems, PC cameras, and embedded graphics applications.

CONTACT: Silicon Motion Technology Corporation
         Investor Contact:
         Jason Tsai, Director of IR and Strategy
           +1 408 519 7259
           Fax: +1 408 519 7101
           jtsai@siliconmotion.com
         Investor Contact:
         Selina Hsieh, Investor Relations
           +886 3 552 6888 x2311
           Fax: +886 3 560 0336
           ir@siliconmotion.com
         Media Contact:
         Sara Hsu, Project Manager
           +886 2 2219 6688 x3509
           Fax: +886 2 2219 6868
           sara.hsu@siliconmotion.com.tw

DANVILLE, Calif.--(BUSINESS WIRE)-- The first Red Flag to ever enter the United States will be unveiled in a special ceremony next week at the Blackhawk Auto Museum in California. The Red Flag is the first collector car to be exchanged in the United States with China. China's automotive history spans a short 50 years beginning with the production of the first Red Flag in 1958. The car was among a small few manufactured by China in the 50's-70's for government dignitaries. Don Williams, Museum President and owner of the prestigious Blackhawk Collection shares, "This exchange represents cultural and automotive history as a collector car has never left China before, nor has China been able to purchase collector cars from outside the country".

Williams has journeyed to China over the past three years, building many relationships along the way. Upon befriending Jason Huang, an avid car collector, prominent businessman and owner of Sanhe Group, he discovered the Red Flag. His 40 years of collector car industry experience told him the car had far more than monetary value as it represented Chinas cultural history. "I wanted the car from the moment I laid eyes on it, who wouldn't want one of China's very first cars", reflects Williams. Through a friendship built out of a common love for cars, Williams has become the new owner of The Red Flag. The exchange was a timely one that required great patience while earning trust and permission from the government of China to bring the car to America.

Wednesday, December 10, 2008, Williams will be joined by his new collector car comrade Jason along with several Chinese dignitaries and the media at the Blackhawk Museum where the historic exchange will take place. After the ceremony, The Red Flag will be on display to the general public at the museum.

Not only does Williams hope to educate people in the United States about The Red Flag, China and its culture, he has also spent a great deal of time in China helping to educate their people about classic cars. Their primary exposure has been through magazines and TV. Williams notes, "I've spent time in Chengdu, Shanghai and Beijing and have seen car enthusiasm in China grow by leaps and bounds. They are curious about movie cars and love cars with lots of chrome and detail". Williams has worked with government and private enterprise in Shanghai to bridge the collector car gap and has donated his time and expertise to help develop the Blackhawk Pavilion. He has provided 60 cars to the museum.

Blackhawk Collection: www.blackhawkcollection.com

Blackhawk Museum: www.blackhawkmuseum.org

    Source: Blackhawk Collection