Life Settlement Investor Education Events Expand to European Countries Feb 9, 2010 05:30PM

Annual Series of ILIAM(R) Life Settlement Investment Educational Events in February

SAN DIEGO--(BUSINESS WIRE)-- The tumult in the capital markets over the past 18 months has caused financial institutions and investors to evaluate risk and asset correlation in a new light, both in the United States and across the globe.

United States-based Life Solutions International (LSI) is hosting the second annual Insurance-Linked Investments Awareness Month (ILIAM)(R) in February 2010 and has been met with so much overseas interest that it has added an event at a time that is convenient for European investors.

The web-based European event will be held, Thursday, Feb. 18 at 3 p.m. Western European Time (UTC) (GMT); 7 a.m. Pacific time, and is titled "Life Settlement Investments: Yesterday's Distress. Tomorrow's Success." The event is free to attend and will cover distressed asset investments, a brief history of the market, the life expectancy elongation, the capital crisis, portfolio transactions, where the market is now and what the opportunities are moving forward.

"European investors are discovering that life settlements are one of the few non-correlated asset classes with receivables issued by highly rated insurance carriers and potentially attractive returns," said Larry Simon, president, LSI. "The obstacle has been a lack of resources and education about the life settlement industry, particularly, in the areas of portfolio construction and mitigation of longevity risk. As a result, this year's ILIAM(R) series carries added importance to ensure that current and potential institutional investors have quality resources to bridge their education gap."

All events, including web-based training sessions, expert panels and live seminars, are free of charge to professionals in the financial services sector. Limited space is available and registration is required for each event; participants must sign up at least 48 hours in advance.

For a full schedule of ILIAM(R) events or to register, visit www.lifesolutionsint.com/ILIAM or contact Angie Robert at 858/576-8067 or arobert@lifesolutionsint.com.

Life Solutions International, LLC. ("LSI") and its affiliates develop and implement asset accumulation programs in the US life settlement industry for purchasers worldwide. LSI and its affiliates work with clients with varying needs, including major institutions who structure custom managed life settlement purchase accounts. For more information, visit www.lifesolutionsint.com.


    Source: Life Solutions International


Cydcor Community Service Helps Haitian Earthquake Survivors Feb 9, 2010 05:29PM

WESTLAKE VILLAGE, Calif., Feb. 9 /PRNewswire/ -- Cydcor, the leading provider of outsourced, face-to-face sales teams, has donated 25 large boxes of items, ranging from clothing and shoes to first aid supplies, to earthquake survivors in Haiti through Haiti Gospel Mission, a charitable organization based in Despinos, Haiti.

(Photo:  http://www.newscom.com/cgi-bin/prnh/20100209/LA52450)

Community outreach and volunteerism are a key part of Cydcor's culture, and team members were eager to do something to help the earthquake victims of Haiti. In just over a week, they collected enough clothing, shoes, and first aid supplies to fill 25 large boxes.

"We were all humbled by the terrible tragedy in Haiti and wanted to help out in any way possible," said Vera Quinn, senior vice president of operations of Cydcor. "We're happy to be able to send items that will go to men, women, and children who lost everything in the earthquake."

Cydcor learned about Haiti Gospel Mission (HGM) through an owner of one of Cydcor's independently owned and operated sales offices. In addition to running a successful business, the owner does work in Haiti through the HGM and made Cydcor aware of specific needs in the country.

Cydcor has taken Haiti Gospel Mission in as part of the Cydcor community and plans to stay in touch with the organization so that future support and donations can be made.

Follow Cydcor on Facebook and on Twitter.

About Cydcor, Inc.

Cydcor, Inc., is the leading provider of outsourced, face-to-face sales teams to a diverse client base of companies in a range of industries, including telecommunications, office products, retail energy, and financial services. Cydcor works with a network of independently owned corporate licensee (ICL) Cydcor sales offices providing clients with access to more than 2,700 sales professionals and nearly 200 offices in North America. The privately held company is based in Westlake Village, California.  For more information about Cydcor, log on to www.cydcor.com.

SOURCE Cydcor, Inc.


Amazon Defense Coalition: Chevron Caught Misrepresenting Facts about Expert Report in Ecuador Trial Feb 9, 2010 05:28PM

Oil Giant "Desperate" to Derail $27 Billion Liability

QUITO, Ecuador--(BUSINESS WIRE)-- In its latest attempt to evade a $27 billion liability in Ecuador, Chevron is misrepresenting key facts about a court-appointed expert who conducted a damages assessment not to the company's liking, representatives of the plaintiffs announced.

"Chevron is again trying to strong-arm the court by misrepresenting facts," said Steven R. Donziger, an American legal advisor to the plaintiffs. "This is part of an underhanded attempt to derail a trial Chevron is losing based on the voluminous scientific evidence."

On Tuesday, Chevron in a press release announced it had "newly discovered" evidence that the court-appointed Special Master who conducted a damages assessment, Richard Cabrera, owns a remediation company in Ecuador that stands to benefit from a clean-up should the plaintiffs win the case. The filing is the 29th official motion Chevron has made to the court to disqualify Cabrera but the court has never accepted Chevron's arguments, said Donziger.

Chevron is accused in the underlying lawsuit of deliberately dumping more than 18 billion gallons of waste into Ecuador's Amazon when it operated oil fields in that country from 1964 to 1990, causing a spike in cancer rates and decimating indigenous groups. The communities claim the pollution left is still leaching into soils and groundwater and has poisoned an area the size of Rhode Island.

Cabrera, working with a team of 14 scientists, found damages could be as high as $27.3 billion. A court will make a final determination on liability and damages later this year.

According to Pablo Fajardo, the lead Ecuadorian lawyer in the case, in its latest court filing Chevron fails to note that:

    --  Cabrera disclosed to the court that he owned a clean-up company before
        his appointment as Special Master. This fact was properly cited by the
        court as one of the reasons he was qualified to do the damages
        assessment.
    --  Chevron thought so highly of Cabrera's qualifications that it accepted
        him as a court-appointed expert in an earlier part of the case and paid
        his fees as required by court rules.
    --  The fact Cabrera's company is qualified to bid on clean-up contracts
        offered by Ecuador's state-owned oil company is irrelevant. That
        company, Petroecuador, is not a party to the case against Chevron and
        would have no role in any eventual cleanup.
    --  Cabrera by virtue of his role in the case would be barred from having a
        role in a future clean-up.
    --  Chevron misrepresents Cabrera's role. Contrary to Chevron's assertions,
        Cabrera did not rule on the critical question of liability and did not
        "exculpate" Petroecuador. Liability can only be determined by the court.

The case was transferred in 2002 to Ecuador from U.S. federal court (where it was originally filed in 1993) at Chevron's request. Once the trial began in Ecuador in 2003 and the evidence pointed to Chevron's culpability, the company began to try to delay the proceedings and discredit the court and Cabrera.

In the 1990s, in its effort to move the case to Ecuador, Chevron filed 14 sworn affidavits in U.S. federal court praising the fairness and competency of Ecuador's courts. Once it was clear the company could lose the trial in Ecuador, Chevron filed multiple legal actions in the U.S. to shift the potential liability to Ecuador's government, said Donziger.

Not one of the U.S.-based legal actions -- including one that was denied by the U.S. Supreme Court -- have succeeded. Chevron's latest move is to seek a closed-door international arbitration under a trade pact between the U.S. and Ecuador, but the Amazon communities and Ecuador's government have filed separate motions in U.S. federal court to block that proceeding, said Donziger.

"Chevron loses credibility in front of the court and the world each time it files a frivolous motion based on unsubstantiated facts," said Donziger. "Each of these motions is part of an evidentiary record that we will use to prove that Chevron completely abused the court process in Ecuador to evade a judgment, in violation of the law."

"We believe all of these Chevron attacks will backfire against the company in a later enforcement action to collect on any judgment," said Donziger. "Judges are not as naive as Chevron seems to think they are."

About the Amazon Defense Coalition

The Amazon Defense Coalition represents dozens of rainforest communities and five indigenous groups that inhabit Ecuador's Northern Amazon region. The mission of the Coalition is to protect the environment and secure social justice through grass roots organizing, political advocacy, and litigation. Two of its leaders, Luis Yanza and Pablo Fajardo, are the 2008 winners of the prestigious Goldman Environmental Prize.


    Source: Amazon Defense Coalition


Silvercorp Reports Net Income of $12.4 Million and Cash Flow of $15.9 Million in Third Quarter Feb 9, 2010 05:28PM

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/09/10 -- Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM)(NYSE: SVM) reports its unaudited financial and operating results for the third quarter ended December 31, 2009. The financial results are expressed in thousands of US dollars (US$) unless stated otherwise and all production figures are approximate.

THIRD QUARTER HIGHLIGHTS

During the quarter ended December 31, 2009 ("Q3 2010"), financial highlights included:

- Net earnings of $12.4 million, compared with a loss of $33.7 million in the same quarter last year, and up 39% compared to $8.9 million in the previous quarter ("Q2 2010");

- Earnings per share of $0.08, compared with a loss of $0.22 per share in the same quarter last year, and $0.02 higher compared to earnings per share of $0.06 in Q2 2010;

- Record silver production of 1.22 million ounces and 16.2 million pounds of lead, representing 12% and 10% increases, respectively, compared to the same quarter last year;

- Total production cost of negative $6.87 per ounce of silver and cash cost of negative $7.73 per ounce of silver, net credit of other metals, making Silvercorp an industry leading low-cost silver producer;

- Cash flows from operating activities of $15.9 million, or $0.10 per share;

- Paid $3.0 million in quarterly dividend payments; and

- Total cash, cash equivalents and short term investments increased to $87.8 million.

FINANCIALS

Sales revenue for the third quarter was $31.3 million, a 106% increase from $15.2 million in the same quarter last year. The increase is due to the partial recovery of commodity prices and an increase in production. For the quarter, a record of 1.22 million ounces of silver, 16.2 million pounds lead and 4.5 million pounds zinc were produced, representing increases of 12%, 10% and 50%, respectively, over the same quarter last year.

During the nine months ended December 31, 2009, the Company recorded sales of $78.9 million, an increase of $12.8 million or 19% compared with the nine months ended December 31, 2008. The quantity of silver, lead and zinc sold in this year period was 12%, 19%, and 26% higher, respectively, than a year ago. The respective silver and zinc selling prices have increased by 6% and 28% while the lead price decreased 3% compared to the prior year period.

Cost of sales for the quarter was $6.0 million, representing a 19% decrease compared to the same quarter last year. During the nine months ended December 31, 2009, cost of sales was $16.2 million, down 30% compared to a year ago. This is despite a greater quantity of metals sold in the quarter.

Gross profit margin this quarter improved to 77% from 35% in the same quarter last year.

Consolidated net income for this quarter was $12.4 million or $0.08 per share, representing an increase of 39% compared to $8.9 million or $0.06 per share in the previous quarter, and an increase of $46.1 million compared to the same quarter last year, as a net loss of $33.7 million was reported in Q3 2009 as a result of $47.4 million impairment charges.

For the nine months ended December 31, 2009 and 2008, gross profit margin was 76% and 56%, respectively.

Net income for the nine months ended December 31, 2009 was $28.8 million or $0.18 per share compared to a net loss of $17.2 million in the same period last year.

Cash and cash equivalents plus short-term investments increased by $22.3 million to $87.8 million since March 31, 2009 of $65.4 million. The 34% increase is mainly due to $42.2 million cash generated by operating activities, offset by $12.4 million of capital expenditures and $8.9 million of cash dividend payments.

OPERATIONS

Silvercorp mined 119,335 tonnes of ore during the third quarter, 2,610 tonnes less than the same quarter last year, as operations at the TLP, LM and HPG mines are still ramping up after being suspended at the end of 2008. The average grades of silver, lead and zinc have improved to 440.8g/t, 8.3% and 3.0% from 323.9g/t, 6.1% and 1.8% in the same period last year, respectively. Silvercorp achieved record silver production of 1.22 million oz.

Consolidated cash cost per ounce of silver for the third quarter improved to negative $7.73, compared with $0.25 per ounce of silver in the same quarter last year and negative $6.33 per ounce in the prior quarter. The improvement in cash cost per ounce of silver was driven by higher realized prices for by-product credits and operational improvements which reduced dilution and improved head grades at the Company's flagship Ying Mine.

During the quarter, production was primarily from the Ying Mine where 86,068 tonnes of ore was mined, an increase of 6% over the same quarter last year. Silver head grades at the Ying Mine improved to 489 g/t from 420 g/t in the prior year period.

The operating results for the past five quarters at the Ying Mine are summarized as follows:


---------------------------------------------------------------------------
                        Q3 2010    Q2 2010    Q1 2010    Q4 2009    Q3 2009
                      31-Dec-09  30-Sep-09  30-Jun-09  31-Mar-09  31-Dec-08
---------------------------------------------------------------------------
Ores Mined (tonne)
  Direct Smelting Ores
   (tonne)                3,357      3,550      3,773      2,610      3,114
  Ores to be milled
   (tonne)               82,711     79,713     82,475     55,232     77,968
                       ----------------------------------------------------
                         86,068     83,263     86,248     57,842     81,082
---------------------------------------------------------------------------
Run of Mine Ores
 (tonne)
  Direct Smelting Ores
   (tonne)                3,357      3,550      3,773      2,726      3,114
  Ores Milled (tonne)    70,776     80,657     77,330     60,167     70,854
                       ----------------------------------------------------
                         74,133     84,207     81,103     62,893     73,968
---------------------------------------------------------------------------
Head Grades of Run of
 Mine Ores
  Silver (gram/tonne)     488.5      452.5      488.1      486.7      420.2
  Lead (%)                  9.0        8.1        9.1        9.1        7.7
  Zinc (%)                  3.4        3.0        3.1        3.1        2.6
---------------------------------------------------------------------------
Recovery Rate of the
 Run of Mine Ores
  Silver (%)               91.0       92.8       93.3       93.1       93.0
  Lead (%)                 95.8       96.6       96.5       97.2       96.7
  Zinc (%)                 76.0       71.2       76.3       69.4       78.1
---------------------------------------------------------------------------
Cash Mining Cost
 ($ per tonne)            45.75      46.16      42.27      45.44      45.10
Total Mining Cost
 ($ per tonne)            56.90      54.71      52.70      58.71      61.60
Cash Milling Cost
 ($ per tonne)            10.45       9.19      10.84      10.57      10.32
Total Milling Cost
 ($ per tonne)            11.48      10.16      11.74      11.76      11.24
---------------------------------------------------------------------------
Production Cost per
 Ounce of Silver,
 adjusted for
 by-product credits       (7.47)     (5.51)     (4.19)     (3.24)      0.18

Cash Cost per Ounce
 of Silver, adjusted
 for by-product credits   (8.36)     (6.24)     (5.00)     (3.62)     (1.39)
---------------------------------------------------------------------------

NSR PRICES

The Net Smelter Return (NSR) prices (net of smelter charges and 17% value added tax) for the past five quarters are as follows:


----------------------------------------------------------------------------
                        December  September       June      March   December
                        31, 2009   30, 2009   30, 2009   31, 2009   31, 2008
----------------------------------------------------------------------------
Silver (US$/oz)            12.99      10.99       9.89       8.68       7.34
Gold (US$/oz)                572        627        573        648        449
Lead (US$/lb)               0.76       0.67       0.56       0.52       0.41
Zinc (US$/lb)               0.64       0.53       0.46       0.37       0.28
----------------------------------------------------------------------------

Compared to the quarter ended December 31, 2008, the NSR prices for silver, lead and zinc all increased as a result of improved quoted metal prices and reduced smelter charges. NSR prices of silver and lead were approximately 85% of quoted Shanghai metal prices, excluding a 17% value added tax.

OUTLOOK

The Company will begin production at its new mill within this quarter, which will first process about 50,000 tonnes of stockpiled ores from Ying, HPG, LM, and TLP. Once fully ramped it will process 1,200 to 1,500 tonnes of ore per day. The new mill, together with the existing 1,000 tpd mill, provides sufficient capacity to accommodate anticipated increases in mine production in fiscal 2011 as production from HPG, TLP and LM mines continue to increase as mine development progresses.

For the fiscal year 2011, the Company's production plan is to produce approximate 500,000 tonnes of ore at grades of 360 g/t silver, 8% lead, and 1.2% zinc to yield 5.3 million oz of silver, 83.7 million pounds of lead, and 10.3 million pounds of zinc.

Using the average metal prices in Q3 2010 and the above production projection, the Company's mining operations are projected to generate revenue of $140 million, resulting in expected cash flows from mine operations of $95 million to $100 million. Capital expenditures for fiscal 2011 are budged at $13 million at the Ying Mine Camp, including $7 million for the Ying mine, $4 million for the TLP mine and $2 million for the HPG and LM mines.

At the GC project in Guangdong Province, China, the Company is engaged in the environmental permitting process. The environmental permitting process has taken longer than expected as the environmental authorities in China are drafting new regulations to address heavy metal discharge concerns in response to several environmental accidents in the country. The new regulations are expected to be completed and implemented in the first half of 2010.

In the meantime, the Company is in the process of compiling a feasibility study, which includes detailed mine and mill designs.

Silvercorp continues to pursue future growth opportunities by carrying out an aggressive exploration program within the existing exploration and mining permit areas and seeking out acquisitions projects in China and other jurisdictions.

CONFERENCE CALL AND WEBCAST INFORMATION

A conference call and live audio webcast to discuss these results is scheduled as follows:


Date:                 Wednesday, February 10, 2010
Time:                 9:00 am PT (12:00 noon ET)
Dial-In Number:       1-612-288-0329
Live audio webcast:   www.silvercorp.ca (click on the link on the home page)
Playback webcast can be accessed at: www.silvercorp.ca

About Silvercorp Metals Inc.

Silvercorp Metals Inc., China's largest primary silver producer, is engaged in the acquisition, exploration and development of silver related mineral properties located in the People's Republic of China ("China"). Silvercorp Metals Inc. is operating and developing four Silver-Lead-Zinc mines at the highly profitable Ying Mining Camp, Henan Province, China. Silvercorp is also applying for a mining permit at its 95% owned GC & SMT property to profitably mine and produce silver, lead and zinc in Guangdong Province, China. The Company's common shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, or the Company's future plans and objectives, or expected production levels, exploration, head grades, recovery rates, cash flows, acquisitions, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development, and mining. Production projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. There can be no assurance that such forward-looking statements, including those in the outlook section, will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.


SILVERCORP METALS INC.
Unaudited Consolidated Balance Sheets
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)

                                                 December 31,      March 31,
                                                        2009           2009
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ASSETS
Current Assets
 Cash and cash equivalents                    $       53,503 $       41,470
 Short term investments                               34,267         23,962
 Restricted cash                                           -            732
 Accounts receivable, prepaids and deposits            1,829          2,933
 Inventories                                           6,327          1,529
 Current portion of future income tax assets               -            143
 Amounts due from related parties                        312            249
---------------------------------------------------------------------------
                                                      96,238         71,018

Long term prepaids                                       669          1,058
Long term investments                                 14,449         12,186
Restricted cash                                            -            293
Plant and equipment                                   29,330         29,072
Mineral rights and properties                        112,197         89,413
Future income tax assets                               1,728          2,162
---------------------------------------------------------------------------
                                              $      254,611 $      205,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------

LIABILITIES

Current Liabilities
 Accounts payable and accrued liabilities     $        9,747 $        8,533
 Deposits received                                     1,914          1,290
 Bank loan and notes payable                           2,930            658
 Dividends payable                                     3,109          2,564
 Income tax payable                                    1,952          3,041
 Amounts due to related parties                          117          7,353
---------------------------------------------------------------------------
                                                      19,769         23,439

Future income tax liabilities                         19,470         19,678
Asset retirement obligations                           2,124          2,029
---------------------------------------------------------------------------
                                                      41,363         45,146

Non-controlling interests                             18,413          7,610

SHAREHOLDERS' EQUITY

Share capital                                        137,044        135,604
Contributed surplus                                    4,473          3,764
Reserves                                              31,893         31,893
Accumulated other comprehensive income (loss)         10,184        (10,167)
Retained earnings (Deficit)                           11,241         (8,648)
---------------------------------------------------------------------------
                                                     194,835        152,446
---------------------------------------------------------------------------

                                              $      254,611 $      205,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------



SILVERCORP METALS INC.
Unaudited Consolidated Statement of Operations
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for share and per share
 figures)

                             Three months ended          Nine months ended
                                 December 31,               December 31,
                         --------------------------------------------------

                             2009          2008          2009          2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Sales               $      31,283 $      15,168 $      78,940 $      66,131
---------------------------------------------------------------------------

Cost of sales               6,010         7,439        16,157        23,046
Amortization and
 depletion                  1,043         2,489         2,796         6,259
---------------------------------------------------------------------------
                            7,053         9,928        18,953        29,305
---------------------------------------------------------------------------

Gross profit               24,230         5,240        59,987        36,826
---------------------------------------------------------------------------

Expenses
 Accretion of asset
  retirement
  obligations                  32            27            93            87
 Amortization                 407           354           776           794
 Foreign exchange
  loss (gain)                 791           830          (643)       (2,199)
 General exploration
  and property
  investigation
  expenses                    941           196         4,207         1,825
 Impairment charges
  and bad debt                  -        47,433           698        47,800
 Investor relations           131            87           312           441
 General and
  administrative            2,688         2,416         7,221         7,296
 Professional fees            201           185         1,439         1,358
---------------------------------------------------------------------------
                            5,191        51,528        14,103        57,402
---------------------------------------------------------------------------
                           19,039       (46,288)       45,884       (20,576)

Other income and
 expenses
 Equity loss in
  investment                 (107)          (22)         (325)       (1,467)
 Loss on disposal of
  mineral rights and
  property                      -          (819)            -          (819)
 Loss on disposal of
  plant and equipment        (244)          (10)       (1,371)          (19)
 Loss on held for
  trading securities          (10)            -           (22)            -
 Interest income              237           246           635         1,266
 Other income                  72           365           285           481
---------------------------------------------------------------------------
                              (52)         (240)         (798)         (558)

Income (loss)
 before income taxes
 and non-controlling
 interest                  18,987       (46,528)       45,086       (21,134)

Income tax expense
 (recovery)
  Current                   2,556           779         6,074         4,183
  Future                      125        (7,212)          351        (7,600)
---------------------------------------------------------------------------
                            2,681        (6,433)        6,425        (3,417)

Income (loss)
 before
 non-controlling
 interests                 16,306       (40,095)       38,661       (17,717)

Non-controlling
 interests                 (3,897)        6,400        (9,874)          482
---------------------------------------------------------------------------

Net income (loss)   $      12,409 $     (33,695)$      28,787 $     (17,235)
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Basic earnings
 (loss) per share          $ 0.08 $       (0.22)$        0.18 $       (0.11)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Diluted earnings
 (loss) per share          $ 0.08 $       (0.22)$        0.18 $       (0.11)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Average
 Number of Shares
 Outstanding - Basic  162,379,441   151,689,501   161,853,198   151,760,854
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Average
 Number of Shares
 Outstanding -
 Diluted              163,912,759   151,689,501   163,487,318   151,760,854
---------------------------------------------------------------------------
---------------------------------------------------------------------------



SILVERCORP METALS INC.
Unaudited Consolidated Statements of Comprehensive Income
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)


                             Three months ended          Nine months ended
                                 December 31,               December 31,
                         --------------------------------------------------
                                2009         2008         2009         2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net income (loss)           $ 12,409 $    (33,695)$     28,787 $    (17,235)
Other comprehensive
 income (loss), net of
 taxes:
  Unrealized gain (loss)
   on available for sale
   securities                    101          (43)         135         (107)
  Reclassification
   adjustment for losses
   included in income              -            -          195            -
  Unrealized exchange
   gain (loss) on
   translation of
   self-sustaining
   foreign operations           (624)       9,642      (11,229)      10,191
  Unrealized exchange
   gain(loss) on
   translation of
   functional currency
   to reporting
   currency                    3,643      (23,343)      31,250      (29,634)
---------------------------------------------------------------------------
Other comprehensive
 income (loss)                 3,120      (13,744)      20,351      (19,550)
---------------------------------------------------------------------------
Comprehensive income
 (loss)                     $ 15,529 $    (47,439)$     49,138 $    (36,785)
---------------------------------------------------------------------------
---------------------------------------------------------------------------



SILVERCORP METALS INC.
Unaudited Consolidated Statements of Cash Flows
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)

                             Three months ended          Nine months ended
                                 December 31,               December 31,
---------------------------------------------------------------------------

                                2009         2008         2009         2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cash provided by (used
 for)
Operating activities
 Net income (loss) for
  the period             $    12,409 $    (33,695)$     28,787 $    (17,235)
 Add (deduct) items not
  affecting cash :
  Accretion of asset
   retirement obligation          32           27           93           87
  Amortization                 1,450        2,843        3,572        7,053
  Equity Investment loss         107           22          325        1,467
  Future income tax
   expenses (recovery)           125       (7,212)         351       (7,600)
  Impairment charges and
   bad debt                        -       47,433          698       47,800
  Loss on held for
   trading securities             10            -           22            -
  Loss on disposal of
   mineral property                -          819            -          819
  Loss on disposal of
   plant and equipment           244           10        1,371           19
  Non-controlling
   interests                   3,897       (6,400)       9,874         (482)
  Stock-based
   compensation                  423          727        1,322        1,996
  Unrealized foreign
   exchange loss (gain)           48        2,523         (970)       3,494
---------------------------------------------------------------------------
                              18,745        7,097       45,445       37,418

 Net change in non-cash
  working capital
  Accounts receivable and
   prepaids                      622        2,162          734        2,174
  Inventory                   (2,288)        (113)      (4,596)      (2,532)
  Restricted cash                  -            -          732            -
  Accounts payable and
   accrued liabilities        (1,054)        (621)         370          899
  Income tax payable           1,041          653       (1,084)         (61)
  Deposits received           (1,140)        (669)         623       (1,538)
---------------------------------------------------------------------------
 Cash provided by
  operating activities        15,926        8,509       42,224       36,360
---------------------------------------------------------------------------

Investing activities
 Acquisition,
  exploration and
  development
  expenditures                (3,290)        (996)     (11,031)     (36,402)
 Acquisition of plant
  and equipment                 (574)      (2,563)      (1,382)     (11,173)
 Purchase of long term
  investments                      -         (145)      (1,323)        (145)
 Decrease (increase) of
  short term investments      (4,532)      (2,458)      (5,251)      22,396
 Decrease (increase) in
  long term prepaids           1,360       (2,429)        (638)      (1,853)
 Proceeds from disposal
  of mineral rights and
  properties                       -          814            -          814
 Proceeds from disposal
  of plant and equipment          14            2          133            2
---------------------------------------------------------------------------
 Cash used in investing
  activities                  (7,022)      (7,775)     (19,492)     (26,361)
---------------------------------------------------------------------------

Financing activities
 Repayment from (advance
  to) related parties             49       (1,101)         (56)         188
 Bank loan                         -            -        2,927            -
 Repayment of bankers
  acceptance                       -            -         (658)           -
 Distribution to
  non-controlling
  interest shareholder        (3,898)           -       (7,191)     (11,199)
 Non-controlling
  interest contribution            -          215            -          215
 Cash dividends
  distributed                 (3,366)      (2,990)      (8,898)      (2,990)
 Share subscriptions for
  cash, net of commission
  and expenses                   770            -          828           21
 Repurchase of shares to
  treasury for
  cancellation                     -         (421)           -       (9,473)
---------------------------------------------------------------------------
 Cash used in financing
  activities                  (6,445)      (4,297)     (13,048)     (23,238)
---------------------------------------------------------------------------

Effect of exchange rate
 changes on cash and
 cash equivalents              1,228       (4,123)       2,349       (5,046)

Increased (decrease) in
 cash and cash
 equivalents                   3,687       (7,686)      12,033      (18,285)

Cash and cash
 equivalents, beginning
 of period                    49,816       36,494       41,470       47,093
---------------------------------------------------------------------------

Cash and cash
 equivalents, end of
 period                 $     53,503 $     28,808 $     53,503 $     28,808
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Supplemental
 information:
  Interest paid         $         23 $          - $        116 $         30
  Income tax paid       $      1,517 $          - $      7,175 $      4,149

Non-cash investing
 activities:
  Common shares issued
   for mineral rights
   and properties       $          - $          - $          - $     36,485



SILVERCORP METALS INC.
Unaudited Consolidated Statements of Shareholders' Equity
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for numbers of shares
 figures)

                      Share capital
               --------------------
                                                     Accum-
                                                    ulated     Ret-
                                                     other   ained
                                    Contri-         compre-   earn-   Total
                                     buted         hensive    ings    share-
                 Number of             sur-    Res- income    (def- holders'
                    shares   Amount   plus   erves   (loss)   icit)  equity
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Balance, March
 31, 2008      149,416,476 $ 78,334 $1,722 $ 2,078 $14,122 $52,736 $148,992
Options
 exercised           4,482       35    (13)      -       -       -       22
Shares issued
 for property    4,532,543   36,485      -       -       -       -   36,485
Financing       10,000,000   24,205      -       -       -       -   24,205
Net of share
 issuance costs          -   (1,570)     -       -       -       -   (1,570)
Cancellation of
 shares under
 normal course
 issuer bid     (2,366,500)  (1,885)   (47)      -       -  (7,542)  (9,474)
Stock-based
 compensation            -        -  2,102       -       -       -    2,102
Unrealized loss
 on available
 for sale
 securities              -        -      -       -    (155)      -     (155)
Appropriation
 to reserves             -        -      -  29,815       - (29,815)       -
Cash dividends
 declared and
 distributed             -        -      -       -       -  (8,030)  (8,030)
Loss of the
 period                  -        -      -       -       - (15,997) (15,997)
Unrealized gain
 on translation
 of self-
 sustaining
 operation               -        -      -       -  11,270       -   11,270
Unrealized loss
 on translation
 functional
 currency to
 reporting
 currency                -        -      -       - (35,404)      -  (35,404)
---------------------------------------------------------------------------
Balance, March
 31, 2009      161,587,001  135,604  3,764  31,893 (10,167) (8,648) 152,446
Options
 exercised       1,107,428    1,440   (613)      -       -       -      827
Stock-based
 compensation            -        -  1,322       -       -       -    1,322
Unrealized gain
 on available
 for sale
 securities              -        -      -       -     135       -      135
Reclassification
 adjustment for
 losses included
 in income               -        -      -       -     195       -      195
Cash dividends
 declared and
 distributed             -        -      -       -       -  (8,898)  (8,898)
Income of the
 period                  -        -      -       -       -  28,787   28,787
Unrealized loss
 on translation
 of self-
 sustaining
 operation               -        -      -       - (11,229)      -  (11,229)
Unrealized gain
 on translation
 functional
 currency to
 reporting
 currency                -        -      -       -  31,250       -   31,250
---------------------------------------------------------------------------
Balance,
 December 31,
 2009          162,694,429 $137,044 $4,473 $31,893 $10,184 $11,241 $194,835
---------------------------------------------------------------------------
---------------------------------------------------------------------------



SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------

The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended December 31, 2009:

                                Three months ended December 31, 2009
                       ----------------------------------------------------
                                                                     Consol-
                           YING        HPG        TLP         LM    idation

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ores
    (tonne)               3,357         72          -          -      3,428
   Stockpiled Ores
    (tonne)              82,711      8,629     15,995      8,571    115,907
                        ---------------------------------------------------
                         86,068      8,701     15,995      8,571    119,335
                       ----------------------------------------------------

  Run of Mine Ore
   (tonne)
   Direct Smelting Ores
    (tonne)               3,357         72          -          -      3,428
   Stockpiled Ores
    Milled (tonne)       70,776      8,734      1,313      6,208     87,032
                       ----------------------------------------------------
                         74,133      8,807      1,313      6,208     90,460
                       ----------------------------------------------------

  Mining cost per
   tonne of ore mined
   ($)                    56.90      66.13      60.40      53.70      57.81
   Cash mining cost per
    tonne of ore mined
    ($)                   45.75      59.16      58.30      53.00      48.93
   Non cash mining cost
    per tonne of ore
    mined ($)             11.15       6.97       2.10       0.70       8.88

  Unit shipping costs
   ($)                     3.60       3.90       2.80       2.10       3.38

  Milling cost per
   tonne of ore milled
   ($)                    11.48      12.41      61.21      11.25      12.28
   Cash milling cost
    per tonne of ore
    milled ($)            10.45      11.36      44.28      10.13      11.01
   Non cash milling
    cost per tonne of
    ore milled ($)         1.02       1.06      16.92       1.12       1.27

  Average Production
   Cost
   Silver ($ per ounce)    2.58       4.35      13.10       7.28       2.93
   Gold ($ per ounce)     83.44     234.04          -      246.9     128.91
   Lead ($ per pound)      0.15       0.26       0.87       0.35       0.17
   Zinc ($ per pound)      0.13       0.19          -          -       0.14

  Total production
   cost per ounce of
   Silver ($)             (7.47)    (17.91)     15.00       5.62      (6.87)
  Total cash cost per
   ounce of Silver ($)    (8.36)    (19.11)     14.00       5.38      (7.73)

  Total Recovery of
   the Run of Mine Ores
   Silver (%)              91.0       85.4       86.4       86.4       92.1
   Lead (%)                95.8       94.5       90.5       80.9       96.7
   Zinc ( %)               76.0       75.0          -          -       75.9

  Head Grades of Run
   of Mine Ores
   Silver (gram/tonne)    488.5      179.1       86.9      306.4      440.8
   Lead (%)                 9.0        7.0        2.7        2.1        8.3
   Zinc (%)                 3.4        1.5          -          -        3.0

Sales Data
  Metal Sales
   Silver (in thousands
    of ounce)             1,086         44          1         89      1,220
   Gold (in thousands
    of ounce)               0.2        0.3          -        0.0        0.5
   Lead (in thousands
    of pound)            14,327      1,366         11        508     16,211
   Zinc (in thousands
    of pound)             4,038        416          -          -      4,454

  Metal Sales
   Silver ($)            14,094        555         11      1,184     15,844
   Gold ($)                  84        210          -          9        303
   Lead ($)              10,917      1,037          8        321     12,283
   Zinc ($)               2,618        235          -          -      2,853
                       ----------------------------------------------------
                         27,713      2,037         19      1,514     31,283
                       ----------------------------------------------------
  Average Selling
   Price, Net of Value
   Added Tax and
   Smelter Charges
   Silver ($ per ounce)   12.98      12.76      11.00      13.27      12.99
   Gold ($ per ounce)    420.00     686.27          -     450.00     571.70
   Lead ($ per pound)      0.76       0.76       0.73       0.63       0.76
   Zinc ($ per pound)      0.65       0.56          -          -       0.64



SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------

The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended December 31, 2008:

                                Three months ended December 31, 2008
                       ----------------------------------------------------
                                                                     Consol-
                           YING        HPG        TLP         LM    idation

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ores
    (tonne)               3,114        162          8          4      3,288
   Stockpiled Ores
    (tonne)              77,968     20,237     10,946      9,506    118,657
                       ----------------------------------------------------
                         81,082     20,399     10,954      9,510    121,945
                       ----------------------------------------------------

  Run of Mine Ore
   (tonne)
   Direct Smelting Ores
    (tonne)               3,114        162          8          4      3,288
   Ores Milled (tonne)   70,854     23,692     10,563     10,118    115,227
                       ----------------------------------------------------
                         73,968     23,854     10,571     10,122    118,515
                       ----------------------------------------------------

  Mining cost per
   tonne of ore mined
  ($)                     61.60      61.33      62.44      95.96      64.30
   Cash mining cost per
    tonne of ore mined
   ($)                    45.10      30.44      44.40      44.96      42.57
   Non cash mining cost
    per tonne of ore
    mined ($)             16.50      30.89      18.04      51.00      21.73

  Unit shipping costs
   ($)                     3.75       4.03       2.81       4.06       3.73

  Milling cost per
   tonne of ore milled
  ($)                     11.24      14.49      13.36      18.14      12.70
   Cash milling cost
    per tonne of ore
    milled ($)            10.32      13.40      11.74      18.14      11.76
   Non cash milling
    cost per tonne of
    ore milled ($)         0.92       1.09       1.62          -       0.94

  Average Production
   Cost
   Silver ($ per ounce)    3.49      10.55       8.77       9.81       4.81
   Gold ($ per ounce)    161.62     631.58     467.33     726.36     294.24
   Lead ($ per pound)      0.20       0.46       0.51       0.96       0.27
   Zinc ($ per pound)      0.13       0.43          -          -       0.19

  Total production
   cost per ounce of
   Silver ($)              0.18      17.59      10.04      11.13       2.54
  Total cash cost per
   ounce of Silver ($)    (1.39)      8.13       6.14       7.45       0.25

  Total Recovery of
   the Run of Mine Ores
   Silver (%)              93.0       76.5       90.8       87.9       91.4
   Lead (%)                96.7       92.6       87.0       86.8       95.4
   Zinc ( %)               78.1       74.2          -          -       77.6

  Head Grades of Run
   of Mine Ores
   Silver (gram/tonne)    420.2      108.8      181.4      307.3      323.9
   Lead (%)                 7.7        4.6        2.8        1.9        6.1
   Zinc (%)                 2.6        1.2          -          -        1.8

Sales Data
  Metal Sales
   Silver (in thousands
    of ounce)               880         53         79         78      1,090
   Gold (in thousands
    of ounce)                 -        0.6          -          -        0.6
   Lead (in thousands
    of pound)            11,419      2,003        972        398     14,792
   Zinc (in thousands
    of pound)             2,894         71          -          -      2,965

  Metal Sales
   Silver ($)             6,481        401        555        570      8,007
   Gold ($)                   3        245          6         15        269
   Lead ($)               4,708        659        397        283      6,047
   Zinc ($)                 823         22          -          -        845
                       ----------------------------------------------------
                         12,015      1,327        958        868     15,168
                       ----------------------------------------------------

  Average Selling
   Price, Net of Value
   Added Tax and
   Smelter Charges
   Silver ($ per ounce)    7.37       7.50       7.02       7.27       7.34
   Gold ($ per ounce)    341.03     449.00     373.94     538.66     449.52
   Lead ($ per pound)      0.41       0.33       0.41       0.71       0.41
   Zinc ($ per pound)      0.28       0.31          -          -       0.28



SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------

The following table summarizes historical operating information for each
mine and consolidated totals for the nine months ended December 31, 2009:

                                Nine months ended December 31, 2009
                       ----------------------------------------------------
                                                                     Consol-
                           YING        HPG        TLP         LM    idation

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ores
    (tonne)              10,680        216          8          -     10,904
   Stockpiled Ores
    (tonne)             244,899     23,100     27,724     19,093    314,816
                       ----------------------------------------------------
                        255,579     23,316     27,732     19,093    325,720
                       ----------------------------------------------------

  Run of Mine Ore
   (tonne)
   Direct Smelting Ores
    (tonne)              10,680        217          8          -     10,904
   Ores Milled (tonne)  228,763     24,175      2,844      7,287    263,070
                       ----------------------------------------------------
                        239,443     24,392      2,852      7,287    273,974
                       ----------------------------------------------------

  Mining cost per
   tonne of ore mined
   ($)                    54.83      54.68      64.43      59.61      55.91
   Cash mining cost per
    tonne of ore mined
    ($)                   44.77      51.01      61.53      58.62      47.45
   Non cash mining cost
    per tonne of ore
    mined ($)             10.06       3.67       2.90       0.99       8.46

  Unit shipping
   costs($)                3.53       3.65       2.88       2.42       3.42

  Milling cost per
   tonne of ore milled
   ($)                    11.24      12.10      34.40      10.55      11.53
   Cash milling cost
    per tonne of ore
    milled ($)            10.23      11.08      26.01       9.54      10.45
   Non cash milling
    cost per tonne of
    ore milled ($)         1.00       1.03       8.38       1.01       1.08

  Average Production
   Cost
   Silver ($ per ounce)    2.54       4.09       3.16       7.34       2.72
   Gold ($ per ounce)    101.90     243.21          -          -     140.05
   Lead ($ per pound)      0.15       0.24       0.20       0.36       0.16
   Zinc ($ per pound)      0.12       0.19          -          -       0.13

  Total production
   cost per ounce of
   Silver ($)             (5.70)    (13.75)     (3.00)      5.66      (5.61)
  Total cash cost per
   ounce of Silver ($)    (6.51)    (14.52)     (3.25)      5.42      (6.40)

  Total Recovery of
   the Run of Mine Ores
   Silver (%)              91.3       85.7       85.4       86.0       92.6
   Lead (%)                95.4       93.5       90.1       84.0       96.4
   Zinc (%)                75.8       72.3          -          -       75.7

  Head Grades of Run
   of Mine Ores
   Silver (gram/tonne)    476.3      151.1       91.7      312.5      439.5
   Lead (%)                 8.7        6.3        4.8        2.6        8.4
   Zinc (%)                 3.2        1.2          -          -        2.9

Sales Data
  Metal Sales
   Silver (in thousands
    of ounce)             3,327        104         15         99      3,545
   Gold (in thousands
    of ounce)               0.4        0.7          -        0.0        1.1
   Lead (in thousands
    of pound)            43,428      3,236        201        588     47,453
   Zinc (in thousands
    of pound)            11,324        669          -          -     11,993

  Metal Sales                 -
   Silver ($)            37,500      1,160        160      1,283     40,103
   Gold ($)                 190        464          1         10        665
   Lead ($)              28,952      2,130        134        374     31,590
   Zinc ($)               6,244        338          -          -      6,582
                       ----------------------------------------------------
                         72,886      4,092        295      1,667     78,940
                       ----------------------------------------------------

  Average Selling
   Price, Net of Value
   Added Tax and
   Smelter Charges
   Silver ($ per ounce)   11.27      11.15      10.39      12.96      11.31
   Gold ($ per ounce)    452.38     662.86          -     500.00     583.33
   Lead ($ per pound)      0.67       0.66       0.67       0.64       0.67
   Zinc ($ per pound)      0.55       0.51          -          -       0.55



SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------

The following table summarizes historical operating information for each
mine and consolidated totals for the nine months ended December 31, 2008:

                                Nine months ended December 31, 2008
                       ----------------------------------------------------
                                                                     Consol-
                           YING        HPG        TLP         LM    idation

Production Data
 Mine Data
  Ore Mined (tonne)
   Direct Smelting Ores
    (tonne)               8,572        490         95         71      9,228
   Stockpiled Ores
    (tonne)             223,920     52,870     58,472     34,844    370,106
                       ----------------------------------------------------
                        232,492     53,360     58,567     34,915    379,334
                       ----------------------------------------------------

  Run of Mine Ore
   (tonne)
   Direct Smelting Ores
    (tonne)               8,572        490         95         71      9,228
   Ores Milled (tonne)  215,037     59,334     62,499     30,074    366,944
                       ----------------------------------------------------
                        223,609     59,824     62,594     30,145    376,172
                       ----------------------------------------------------

  Mining cost per
   tonne of ore mined
  ($)                     67.95      74.48      56.79     109.45      71.58
   Cash mining cost per
    tonne of ore mined
    ($)                   52.68      44.75      48.26      68.73      52.81
   Non cash mining cost
    per tonne of ore
    mined ($)             15.27      29.73       8.53      40.72      18.77

  Unit shipping costs
   ($)                     3.61       4.03       2.11       4.75       3.54

  Milling cost per
   tonne of ore milled
   ($)                    11.58      13.10      13.89      17.88      12.67
   Cash milling cost
    per tonne of ore
    milled ($)            10.64      11.97      12.67      17.88      11.73
   Non cash milling
    cost per tonne of
    ore milled ($)         0.94       1.13       1.22          -       0.94

  Average Production
   Cost
   Silver ($ per ounce)    3.62       7.37       9.88      14.44       4.72
   Gold ($ per ounce)    129.02     396.82     372.59     728.07     244.28
   Lead ($ per pound)      0.24       0.45       0.60       0.92       0.31
   Zinc ($ per pound)      0.15       0.27          -          -       0.19

  Total production
   cost per ounce of
   Silver ($)             (3.21)      0.34       9.31       9.73      (1.02)
  Total cash cost per
   ounce of Silver ($)    (4.45)     (6.78)      5.46       6.02      (3.01)

  Total Recovery of
   the Run of Mine Ores
   Silver (%)              90.6       81.6       84.2       88.1       89.0
   Lead (%)                95.5       93.2       80.4       86.8       93.7
   Zinc ( %)               78.6       71.4          -          -       78.0

  Head Grades of Run
   of Mine Ores
   Silver (gram/tonne)    363.4      155.9      162.3      307.2      291.7
   Lead (%)                 6.3        5.9        2.4        2.0        5.2
   Zinc (%)                 2.7        0.9          -          -        1.8

Sales Data
  Metal Sales
   Silver (in thousands
    of ounce)             2,477        187        246        243      3,153
   Gold (in thousands
    of ounce)                 -          1          -          -          1
   Lead (in thousands
    of pound)            30,764      5,338      2,699      1,083     39,884
   Zinc (in thousands
    of pound)             9,257        227          -          -      9,484

  Metal Sales
   Silver ($)            26,379      1,982      2,630      2,606     33,597
   Gold ($)                  27        790         33         45        895
   Lead ($)              21,593      3,461      1,762        738     27,554
   Zinc ($)               3,996         89          -          -      4,085
                       ----------------------------------------------------
                         51,995      6,322      4,425      3,389     66,131
                       ----------------------------------------------------
  Average Selling
   Price, Net of Value
   Added Tax and
   Smelter Charges
   Silver ($ per ounce)   10.65      10.58      10.71      10.71      10.65
   Gold ($ per ounce)    379.67     569.60     403.99     539.93     551.26
   Lead ($ per pound)      0.70       0.65       0.65       0.68       0.69
   Zinc ($ per pound)      0.43       0.39          -          -       0.43

Contacts:
Silvercorp Metals Inc.
Rui Feng
Chairman & CEO
(604) 669-9397 or Toll Free: 1 (888) 224-1881

Silvercorp Metals Inc.
Lorne Waldman
Corporate Secretary
(604) 669-9397 or Toll Free: 1 (888) 224-1881
(604) 669-9387 (FAX)
info@silvercorp.ca
www.silvercorp.ca


Manhattan Bancorp Announces Departure of Jeffrey Watson Feb 9, 2010 05:27PM

LOS ANGELES--(BUSINESS WIRE)-- Manhattan Bancorp ("Company") (OTCBB: MNHN) and its wholly-owned banking subsidiary, Bank of Manhattan, N. A. ("Bank"), announced today the departure of Jeffrey M. Watson as President, Chief Executive Officer and member of the board of directors. The Company and the Bank also announced the appointment of Harry W. Chenoweth as interim Chief Executive Officer, pending the selection of a permanent replacement for Mr. Watson.

"We would like to thank Mr. Watson for his dedicated service to the Company and the Bank during his tenure as our President and Chief Executive Officer," said Kyle A. Ransford, the Company's Chairman of the Board. "We have had great success under his leadership, growing to $150 million in assets in just over two years since our organization."

Mr. Chenoweth was a founding member of the board of directors of the Company and the Bank. With over 32 years of banking industry experience, Mr. Chenoweth most recently served as President of Barrister Executive Suites, Inc. and as Executive Vice President of Imperial Bank of Los Angeles.

Bank of Manhattan, which opened for business on August 15, 2007, is a full service bank headquartered in the South Bay area of Los Angeles, California. Bank of Manhattan's primary focus is relationship banking to entrepreneurs, family-owned and closely-held middle market businesses, real estate investors and professional service firms. At October 1, 2009, Manhattan Bancorp, through its wholly owned subsidiary, MBFS Holdings, Inc., acquired a 70% interest in Banc of Manhattan Capital, LLC, a full service mortgage-centric broker/dealer. Additional information is available at www.BankManhattan.com.

FORWARD LOOKING STATEMENTS

Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the Company's current expectations regarding deposit and loan growth, operating results and the strength of the local economy. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers on Bank of Manhattan's operating results, ability to attract deposit and loan customers and the quality of Bank of Manhattan's earning assets; (2) government regulation; and (3) the other risks set forth in the Company's December 31, 2008 10-K, ITEM 1A. Risk Factors filed with the Securities and Exchange Commission. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.


    Source: Manhattan Bancorp


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Feb 9, 2010 05:18PM Morgan Stanley Municipal Income Opportunities Trust II Today Declared a Monthly Income Dividend from Tax-Free Income
Feb 9, 2010 05:18PM Terreno Realty Corporation Announces Pricing of Initial Public Offering
Feb 9, 2010 05:18PM As Temperatures Drop, Energy Consumption Doesn't Have to Rise
Feb 9, 2010 05:17PM Ultrashort Russell MidCap Value ProShares Class Action Filed By Murray, Frank & Sailer LLP
Feb 9, 2010 05:16PM Morgan Stanley Municipal Income Opportunities Trust Today Declared a Monthly Income Dividend from Tax-Free Income
Feb 9, 2010 05:16PM Pall Corporation Introduces New Filtration Process to Improve Safety and Quality of Infant Formula
Feb 9, 2010 05:15PM Aero Media Ltd: North West Businesses Ready to Profit from New Technology
Feb 9, 2010 05:14PM RX Extends Drumlummon D-Block Zone With High-Grade Gold Over Width
Feb 9, 2010 05:14PM RX Extends Drumlummon D-Block Zone With High-Grade Gold Over Width
Feb 9, 2010 05:13PM PepsiAmericas Declares First Quarter Dividend
Feb 9, 2010 05:13PM Algonquin Power & Utilities Corp. announces dates for 2009 fourth quarter and year end financial results release and conference call
Feb 9, 2010 05:13PM Izard Nobel LLP Announces Class Action Lawsuit Against Toyota Motor Corporation
Feb 9, 2010 05:12PM Cardiac Network, Inc. Confirms LOI for Exclusive License Agreement With Pacific Innovations
Feb 9, 2010 05:10PM GT Legend Automotive Holdings Announces Negotiations With Compassionate Therapeutic Solutions, LLC
Feb 9, 2010 05:10PM BancVue Takes Aim at Financial Literacy With Acquisition of Skill-Life, Inc.
Feb 9, 2010 05:09PM Cover-All Technologies Inc. to Report 2009 Fourth Quarter and Year End Financial Results on February 16, 2010
Feb 9, 2010 05:09PM ING Clarion Global Real Estate Income Fund "IGR" Declares Monthly Distribution for February
Feb 9, 2010 05:08PM Derma Sciences, Inc. to List Its Common Stock on NASDAQ
Feb 9, 2010 05:08PM RenaissanceRe Reports Net Income of $211.8 Million for the Fourth Quarter of 2009 or $3.38 Per Diluted Common Share; Operating Income of $177.7 Million or $2.82 Per Diluted Common Share
Feb 9, 2010 05:08PM Aspen Insurance Holdings Reports Results for Fourth Quarter and Twelve Months of 2009
Feb 9, 2010 05:08PM Morgan Stanley Insured Municipal Trust Today Declared a Monthly Income Dividend from Tax-Free Income
Feb 9, 2010 05:08PM Award-Winning FIRST TODDLE(R) to Launch Play and Development System at Toy Fair 2010
Feb 9, 2010 05:07PM Zounds Hearing's New Clareza Hearing Aid Has Competition Watching
Feb 9, 2010 05:07PM Feb. 10 Webcast on State of the Medical Professional Liability Market to Continue Despite Inclement Weather
Feb 9, 2010 05:06PM CAIR, Muslim Leaders Welcome Calif. Mayor's Apology for 'Christian Community' Remarks
Feb 9, 2010 05:06PM Taubman Centers Issues 2009 Results and 2010 Guidance
Feb 9, 2010 05:06PM NASDAQ OMX Hosts IPO Boot Camp Seminar
Feb 9, 2010 05:06PM Cagle's, Inc. Today Announces Results for the Third Quarter Ended January 2, 2010
Feb 9, 2010 05:05PM Morgan Stanley Insured Municipal Securities Today Declared a Monthly Income Dividend from Tax-Free Income
Feb 9, 2010 05:05PM Eurasian Minerals Inc.: Granting of Incentive Stock Options
Feb 9, 2010 05:05PM Brazilian Sugarcane Industry Association Stresses Need for Brazil's Government to Announce Ethanol Import Tariff Cut as Soon as Possible
Feb 9, 2010 05:04PM Texas Eye Physicians Endorse Gov. Rick Perry for Reelection
Feb 9, 2010 05:04PM Eurasian Minerals Inc.: Granting of Incentive Stock Options
Feb 9, 2010 05:04PM Nelnet to Announce Fourth Quarter and Year-end Results; Declares Dividend
Feb 9, 2010 05:03PM HealthFitness Recognized in The 2009 Minnesota Census of Women in Corporate Leadership
Feb 9, 2010 05:02PM Suncor Energy Agrees to Sell Non-Core Assets in Northeast B.C. to Progress Energy Resources Corp.
Feb 9, 2010 05:02PM MRV OptiSwitch to Participate in EANTC Interoperability Demo at MPLS & Ethernet World Congress 2010
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