CANNES, France, May 25, 2013 /PRNewswire/ –

Superstar Chinese actress chooses Mouawad diamond jewellery to step out in style at this year’s Cannes Film Festival

Hollywood glamour reigned supreme at the Cannes Film Festival this week as Superstar Chinese actress Zhang Ziyi stepped on to the red carpet at amFAR wearing a stunning Diamond set by Mouawad. This perfectly offset her recently unveiled pixie-cut hairdo. Zhang looked picture perfect at the star-studded amFAR charity benefit at Cannes with over 21 carats of diamonds worth a pretty sum of a 1 million US dollars.

(Photo: http://photos.prnewswire.com/prnh/20130525/PIV617284)

Pascal Mouawad, Co-Guardian of the Mouawad brand, said: “At Mouawad we have more than 123 years of heritage and over that time, our jewellery has graced some of the world’s most beautiful and influential women. We’re proud to continue in that tradition this week at Cannes, with Zhang Ziyi choosing to be seen and to sparkle on the red carpet in some of our very finest diamonds; gems which have helped to make our family name synonymous with glamour, elegance and style over four generations.”

Ms Ziyi is just the latest in a list of international superstars who have chosen to wear Mouawad in recent months.

For more information on Mouawad and its exquisite collections, please visit http://www.mouawad.com.

About Mouawad

MOUAWAD – Enchanting customers with magnificent jewels since 1890

Led by 4th generation Co-Guardians, Fred, Alain Pascal Mouawad, and backed by more than a century of excellence in its field, Mouawad remains a family business built upon artistic excellence, superb craftsmanship, trust and relationships. Mouawad designs, manufactures and sells its own exclusive jewellery and timepiece collections ranging from boutique collections and haute joaillerie to magnificent bespoke masterpieces and objects of art. The Mouawad brand has penetrated continents across the world, while retaining its eminent position as jewellers to royalty, high society, celebrities and those that appreciate the finest standards of dazzling craftsmanship. The vision at Mouawad has always been to enchant and build lifelong relationships with customers by offering a wide range of jewels and timepieces for all occasions.

Diamond Manufacturing

In addition to its jewellery and timepiece design and production, Mouawad also manufactures rough diamonds as a Diamond Trading Company (DTC) Sightholder through its joint venture company, Premier Diamond Alliance.

Diamonds and gemmology have always been a passion for the Mouawads and besides being renowned for fine jewellery and timepieces, over the years the Mouawad family has acquired some of the largest and rarest diamonds in the world and many of these historic gems carry Mouawad as part of their designated name. The family’s on-going support of the global industry through research and education led to third generation, Robert Mouawad, receiving a Lifetime Achievement Award from the Gemological Institute of America (GIA) and having the GIA campus named in his honour.

Guinness World Records

Mouawad has been honoured by the Guinness World Records four times with their most recent award for the MouawadL’Incomparable Diamond Necklace-the most valuable necklace in the world ($55M)-featuring the world’s largest internally flawless diamond, the Incomparable diamond (407.48 carats). In 2010 Guinness awarded Mouawad for creating the most valuable handbag in the world-the Mouawad 1001 Nights Diamond Purse ($3.8M). In 2003 the Very Sexy Fantasy Bra received a Guinness for being the most luxurious and expensive piece of lingerie ever made ($11M), and in 1990 a GWR was awarded for the Mouawad Splendor-at the time, the most expensive single pear-shaped diamond in the world ($12.8M).

With brothers Fred Mouawad heading the diamond division, Alain, the watch division and Pascal, the retail division, each Co-Guardian brings his unique business acumen and creativity to the 123 year old brand with the mission of continuing the rich heritage of creating fine jewellery and timepiece collections-while widening distribution through contemporary and accessible price points in order to increase the reach of the brand internationally.

http://www.mouawad.com

http://www.facebook.com/mouawad

Article source: http://en.prnasia.com/story/80164-0.shtml

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DALLAS, May 24, 2013 – Flowserve Corp. (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced plans to present at the Keybanc Capital Markets Industrial, Automotive and Transportation Conference in Boston, Massachusetts, on May 30, 2013, beginning at 2 p.m. Eastern Standard Time. Presenting at the conference for Flowserve is Michael Taff, senior vice president, chief financial officer.

Webcast information is available on the Flowserve.com website under the Investor Relations section and through Keybanc by following this link: http://wsw.com/webcast/key3/fls/.

Investor Contacts:
Jay Roueche, vice president, treasurer investor relations, (972) 443-6560
Mike Mullin, director, investor relations, (972) 443-6636

Media Contact:
Steve Boone, director, global communications and public affairs, (972) 443-6644

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.

# # #

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Flowserve Corporation via Thomson Reuters ONE

Article source: http://trone.acnnewswire.com/us-press-release/51918/

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BEIJING, May 24, 2013 /PRNewswire/ — Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced that Sinovac Beijing, the main operating subsidiary company of Sinovac, obtained the Certificate of Good Manufacturing Practices for Pharmaceutical Products (GMP Certificate) from the China State and Food Administration (CFDA) for its proprietary vaccines, its Haidian district bulk production plants, and its Changping filing and packaging facility. The GMP certificate covers Sinovac Beijing’s vaccines commercialized in China and approved for stockpiling, inclusive of hepatitis A vaccine (human diploid cell), inactivated; hepatitis A and B combined vaccine; influenza vaccine (split virion), inactivated; pandemic influenza vaccine (inactivated, adjuvanted); pandemic influenza vaccine (split virion, adjuvanted); H1N1 influenza A vaccine (Split Virion, inactivated) The GMP certificate is valid for five years starting from April 17, 2013.

New GMP standards were implemented in China by the CFDA in March 2011. These new standards are in line with international standards. According to the notice for the implementation of new GMP guidelines (2010 version) issued by CFDA in February 2011, all China-based vaccine manufacturers are required to pass the new GMP certification by the end of 2013.

In December 2012, the CFDA conducted a on-site inspection on Sinovac Beijing’s production plants in Haidian district and the new filling and packaging line in Changping district according to the Good Manufacturing Practice for Drugs (2010 Revision), the new GMP guidelines. The CFDA granted Sinovac the GMP Certification in April 2013 following the March 2013 public notification period.

Dr. Weidong YIN, Chairman, President and CEO, commented, “Sinovac Beijing’s vaccine products, its bulk production plants, and its Changping filling and packaging facility have passed the GMP inspection and received the GMP certificate under the new version of GMP guidelines ahead of the year end 2013 deadline. The GMP guidelines adopted in China in March 2011 are consistent with international standards.”

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu) and mumps, as well as animal rabies vaccine for canines. The Company recently concluded the phase III clinical trial for enterovirus 71 (against hand, foot and mouth disease). In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured it for the Chinese Central Government, pursuant to the government-stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program. Sinovac is developing a number of new pipeline vaccines including vaccines for pneumococcal polysaccharides, pneumococcal conjugate, varicella and rubella. Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and the Philippines. Sinovac has also been granted a license to commercialize seasonal flu vaccine in Mexico.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Helen Yang/Chris Lee
Sinovac Biotech Ltd.
Tel: +86-10-8279-9871/9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com

Investors:
Stephanie Carrington
The Ruth Group
Tel: +1-646-536-7017
Email: scarrington@theruthgroup.com

Media:
Aaron Estrada
The Ruth Group
Tel: +1-646-536-7028
Email: aestrada@theruthgroup.com

Article source: http://en.prnasia.com/story/80136-0.shtml

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BEIJING and SANTA CLARA, Calif., May 24, 2013 /PRNewswire-FirstCall/ — AsiaInfo-Linkage, Inc. (NASDAQ: ASIA) (“AsiaInfo-Linkage” or the “Company”), a leading provider of telecommunication software solutions and services in China, and the largest Business Support System (“BSS”) supplier to the telecommunications industry in Asia, today announced that it has sold interests in two contractually controlled entities.

As previously announced, on May 12, 2013, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Skipper Limited, a Cayman Islands exempted company with limited liability (“Parent”) and Skipper Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation (the “Merger”). In connection with the Merger, certain subsidiaries and employees of the Company entered into a number of agreements with two unaffiliated individuals pursuant to which such individuals purchased the Company’s interests in Beijing Zhongxinjia Sci-Tech Development Co., Ltd. (“ZXJ”) and Beijing Star VATS Technologies Co., Inc. (“Star VATS”). ZXJ and Star VATS were previously controlled by the Company through a series of contractual arrangements. The transfer of the Company’s interests in ZXJ and Star VATS has been completed and the Company no longer has any legal right to control ZXJ and Star VATS. The consideration payable to the Company for its interests in ZXJ and Star VATS is the fair market value of such interests as determined on the basis of an appraisal undertaken by an independent asset appraisal firm.

About AsiaInfo-Linkage, Inc.

AsiaInfo-Linkage, Inc. (NASDAQ: ASIA) is a leading provider of high-quality software solutions and IT services to the telecommunications industry. Headquartered in Beijing, AsiaInfo-Linkage employs more than 11,000 professionals worldwide. AsiaInfo-Linkage provides a full suite of business and operational support solutions (BSS/OSS) and associated professional services. AsiaInfo-Linkage’s core Veris product line includes billing and customer care systems that serve nearly a billion subscribers globally – almost one seventh of the world’s population – plus business intelligence, network management, and security solutions.

AsiaInfo-Linkage’s customers work with it to converge large scale pre- and post-paid mobile operations; improve time to market for new products and services; and develop cost-effective new business models. AsiaInfo-Linkage aims to be the leading IT solutions provider to the global telecommunications industry, enabling the Connected Digital Lifestyle, and helping its customers build, maintain, operate and constantly improve their network infrastructure and IT environment.

For more information about AsiaInfo-Linkage, please visit www.asiainfo-linkage.com.

Additional Information about the Merger

The Company will file a proxy statement with the SEC in connection with the Merger. In addition, certain participants in the Merger will prepare and mail to the Company’s stockholders a Schedule 13E-3 transaction statement. These documents will be filed with or furnished to the SEC as soon as practicable. Investors and stockholders are urged to read carefully and in their entirety these materials and other materials filed with or furnished to the SEC when they become available, as they will contain important information about the company, the merger, the persons soliciting proxies in connection with the merger on behalf of the company, and the interests of those persons in the merger and related matters. In addition to receiving the proxy statement and Schedule 13E-3 transaction statement by mail, stockholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger and related matters, without charge, from the SEC’s website (http://www.sec.gov) or at the SEC’s public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549. In addition, these documents can be obtained, without charge, by contacting the Company at 4th Floor, Zhongdian Information Tower, 6 Zhongguancun South Street, Haidian District, Beijing 100086, China, telephone: +86-10-8216-6688.

The Company and certain of its directors, executive officers and other members of management and employees may, under the SEC rules, be deemed to be “participants” in the solicitation of proxies from the Company’s stockholders with respect to the Merger. Information regarding the persons who may be considered “participants” in the solicitation of proxies will be set forth in the proxy statement and Schedule 13E-3 transaction statement relating to the Merger when it is filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and Schedule 13E-3 transaction statement and the other relevant documents filed with the SEC when they become available.

This announcement is not a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that may be made with the SEC should the Merger go forward.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology. Such forward-looking statements involve inherent risks, uncertainties and assumptions. Further information regarding these and other risks is included in the Company’s filings with the SEC. These forward-looking statements reflect the Company’s expectations as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Mr. Jimmy Xia
AsiaInfo-Linkage, Inc.
Tel: +86-10-8216-6039
Email: ir@asiainfo-linkage.com

Mr. Justin Knapp
Ogilvy Financial, Beijing
Tel: +86-10-8520-6556
Email: asia@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: asia@ogilvy.com

Article source: http://en.prnasia.com/story/80139-0.shtml

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BEIJING, May 24, 2013 /PRNewswire/ — UTStarcom Holdings Corp. (“UTStarcom” or “the Company”) (NASDAQ: UTSI), a leading provider of media operational support services and broadband equipment products and services, today reported its unaudited financial results for the first quarter ended March 31, 2013.

As previously announced, the Company closed the divestiture of its IPTV business in August 2012, but has not yet met the requirements for reporting those results as discontinued operations because of the Company’s continuing involvement. Therefore, to enable a comparison of results excluding the IPTV business and the amortization of PHS deferred revenue the Company is including non-GAAP comparisons throughout this press release.

Mr. William Wong, UTStarcom’s President and Chief Executive Officer, stated, “Overall, we are pleased with our performance in the first quarter of 2013. We continued and advanced many of the strategic initiatives that we launched in late 2012 and made a concerted effort to accelerate the Company’s transition to a higher growth and more profitable business. Furthermore, during the first quarter we concluded several important initiatives to enhance shareholder value as part of our longstanding commitment to our shareholders, including a $30 million cash tender offer and a one-for-three reverse share split. All of our efforts are geared towards better positioning the Company for the long term and ensuring that we are delivering value to our business partners and our shareholders. While there is certainly more to do, we are pleased with the progress we are making and the improvements that have been made in a short time.”

First Quarter 2013 Highlights

• On January 3, 2013, completed a $30 million tender offer to improve shareholder value.
• On March 21, 2013, effected a one-for-three reverse share split of its ordinary shares. As a result, the Company’s authorized share capital was amended by the consolidation of 750,000,000 ordinary shares of US$0.00125 par value each prior to the reverse share split into 250,000,000 ordinary shares of US$0.00375 par value each after the reverse share split. Unless otherwise specified, all share and per share information in this press release has been retroactively adjusted to reflect this reverse share split.
• GAAP revenues in the first quarter of 2013 were $37.2 million, a 20.3% decrease from the first quarter of 2012.
• Non-GAAP revenues in the first quarter of 2013 were $36.7 million, a 6.9% decrease from the first quarter of 2012.
• GAAP gross margin for the first quarter of 2013 was 31.4%, compared to 39.5% for the first quarter of 2012.
• Non-GAAP gross margin for the first quarter of 2013 was 31.8%, compared to 38.3% for the first quarter of 2012.
• GAAP net loss attributable to UTStarcom shareholders was $5.0 million and GAAP basic loss per share was $0.13 for the first quarter of 2013, compared to GAAP net loss attributable to UTStarcom shareholders of $4.2 million and GAAP basic loss per share of $0.08 for the first quarter of 2012.
• Non-GAAP net loss attributable to UTStarcom shareholders was $5.0 million and non-GAAP basic loss per share was $0.13 for the first quarter of 2013, compared to non-GAAP net loss attributable to UTStarcom shareholders of $2.1 million and non-GAAP basic loss per share of $0.04 for the first quarter of 2012.
• As of March 31, 2013, cash, cash equivalents and short-term investments were $136.0 million.

Mr. Robert Pu, UTStarcom’s Chief Financial Officer, commented, “The Company delivered reasonably sound financial performance in the first quarter of 2013. Our non-GAAP revenues were within our expectations, we made significant progress in lowering operating expenses as planned, and we worked hard to hold our overall gross margin relatively stable during a time of transition. In addition, our balance sheet remains strong with a cash position of approximately $136 million as of March 31, 2013. This enabled our shareholder value enhancements, including the tender offer and an additional investment in our strategic partner, iTV Media. We will continue to manage our cash wisely, with a view to balancing growth, profitability and shareholder return.”

First Quarter 2013 Financial Results

As part of a plan to transition the Company into higher-growth, more profitable areas, UTStarcom successfully closed the divestiture of its IPTV business on August 31, 2012. As of March 31, 2013, the Company did not meet the requirements to report results from the IPTV division separately as discontinued operations. To enable a comparison of the financial results in year-to-date and future periods, the Company has prepared non-GAAP results. Included below are quarterly and year-to-date non-GAAP comparisons that exclude financial results from the IPTV business and amortization of PHS deferred revenue. The Company’s GAAP financial results and reconciliation with the non-GAAP numbers discussed in this release are at the end of this press release.

Total Revenues

Total revenues for the first quarter of 2013 were $37.2 million, a decrease of 20.3% from $46.7 million for the corresponding period in 2012.

Non-GAAP total revenues for the first quarter of 2013 were $36.7 million, a decrease of 6.9% from $39.4 million for the corresponding period in 2012.

• Non-GAAP net sales from equipment for the first quarter of 2013 were $30.3 million, a decrease of 9.4% year-over-year. The decrease was mainly caused by decreased sales of Multi-Service Access Network (“MSAN”) products in Japan and Multi-Service Optical Transport (“MSTP”) products in Taiwan which was partially offset by increased sales of Packet Transport Network (“PTN”) products in Japan.
• Non-GAAP net sales from equipment-based services for the first quarter of 2013 were $6.4 million, an increase of 10.6% year-over-year.

Gross Profit

Gross profit was $11.7 million and gross margin was 31.4% for the first quarter of 2013, compared to $18.4 million and 39.5%, respectively, for the corresponding period in 2012.

Non-GAAP gross profit was $11.7 million and non-GAAP gross margin was 31.8% for the first quarter of 2013, compared to $15.1 million and 38.3%, respectively, for the corresponding period in 2012.

• Non-GAAP gross profit for equipment sales for the first quarter of 2013 was $11.5 million, a decrease of 21.7% year-over-year. Non-GAAP gross margin for equipment sales for the first quarter of 2013 was 37.8%, compared to 43.8% for the corresponding period in 2012. The decrease in gross margin was primarily due to decreased gross margins in MSAN and PTN products in the first quarter of 2013.
• Non-GAAP gross profit for equipment-based services for the first quarter of 2013 was $0.2 million, compared to gross profit of $0.5 million for the corresponding period in 2012. Gross margin for equipment-based services for the first quarter of 2013 was 3.4%, compared to 8.0% for the corresponding period in 2012. The decrease in gross margin was primarily due to lower margins in MSAN product-related services provided in the first quarter of 2013.

Operating Expenses

Operating expenses for the first quarter of 2013 were $15.4 million, a decrease of 30.6% from $22.2 million for the corresponding period in 2012.

Non-GAAP operating expenses for the first quarter of 2013 were $15.4 million, a decrease of 8.6% from $16.8 million for the corresponding period in 2012.

• Non-GAAP selling, general and administrative expenses in the first quarter of 2013 were $9.2 million, a decrease of 23.0% year-over-year. The decrease was primarily due to a decrease in personnel costs as a result of the Company’s restructuring efforts and the bad debt provision reversal due to collection of a previously reserved receivable, partially offset by the accelerated depreciation of the leasehold improvement in the Hangzhou office building due to early termination of the lease.
• Non-GAAP research and development expenses in the first quarter of 2013 were $3.0 million, a decrease of 28.2% year-over-year. The decrease was primarily due to a decrease in research and development personnel costs as a result of the Company’s restructuring efforts.
• Non-GAAP impairment of long-term investment in the first quarter of 2013 was $0.1 million.
• Non-GAAP net loss on the divestiture in the first quarter of 2013 was $3.0 million, compared to non-GAAP net gain of $0.2 million in the corresponding period in 2012. The net loss on the divestiture in the first quarter of 2013 was due to the disposal of the Company’s Next Generation Network related assets, specifically the mSwitch product related assets, which included $2.7 million payment to the buyer and $0.5 million of severance for the transferred employees, signing bonus, and retention bonus to incentivize certain key employees to sign employment contracts with the buyer. As of March 31, 2013, the payments had not been made.

Operating Loss

Operating loss for the first quarter of 2013 was $3.7 million, compared to operating loss of $3.8 million for the corresponding period in 2012.

Non-GAAP operating loss for the first quarter of 2013 was $3.7 million, compared to non-GAAP operating loss of $1.8 million for the corresponding period in 2012.

Other Income (Expense), Net

Net other income for the first quarter of 2013 was $1.5 million, compared to net other income of $0.6 million for the corresponding period of 2012. Net other income in the first quarter of 2013 primarily consisted of income of $1.3 million from the release of the remaining reserve related to tax liabilities provided to the buyers of our subsidiary in Korea due to expiration of the statute of limitation.

Equity Pick Up of Losses of an Associate

Equity pick up of losses of an associate for the first quarter of 2013 was $2.0 million due to 49% loss pick up from the Company’s equity investment in iTV Media.

The Company consolidated iTV Media since Oct 2010 due to our investment of 75% controlling interest in it. Upon the exercising of shares repurchase right in June 2012, our ownership in iTV Media decreased from 75% to below approximately 49%. At that point, the Company deconsolidated iTV Media and presented it by using the cost method after the first quarter of 2012 as the remaining Series A preference shares of iTV owned by the Company did not qualify as in-substance common stock due to their substantive liquidation preference and the existence of other substantive common shareholders.

In January 2013, the Company invested an additional $5.0 million convertible bond into iTV Media which triggered a reassessment of the Company’s accounting for its investment in the Series A preference shares. Management concluded the remaining Series A preference shares of iTV owned by the Company now substantively participated in the risks and rewards of iTV, irrespective of the liquidation preferences, and as such qualified as in-substance common stock. Therefore, the equity method criteria had been met and the equity accounting commenced in Q1 2013.

The Company consolidated a net loss of $1.5 million from iTV Media in the first quarter of 2012.

Net Income (Loss)

Net loss attributable to UTStarcom’s shareholders for the first quarter of 2013 was $5.0 million, compared to net loss attributable to UTStarcom’s shareholders of $4.2 million for the corresponding period in 2012. Basic loss per share for the first quarter of 2013 was $0.13, compared to basic loss per share of $0.08 for the first quarter of 2012.

Non-GAAP net loss attributable to UTStarcom’s shareholders for the first quarter of 2013 was $5.0 million, compared to non-GAAP net loss attributable to UTStarcom’s shareholders of $2.1 million for the corresponding period in 2012. Non-GAAP basic loss per share for the first quarter of 2013 was $0.13, compared to non-GAAP basic loss per share of $0.04 for the first quarter of 2012.

Cash Flow

• Cash used by operating activities for the first quarter of 2013 was $4.7 million.
• Cash used by investing activities for the first quarter of 2013 was $5.8 million, primarily driven by $5.0 million in investments in iTV Media.
• Cash used in financing activities for the first quarter of 2013 was $30.7 million, primarily driven by $30.0 million for the tender offer transaction.

As of March 31, 2013, UTStarcom had cash, cash equivalents and short-term investments of $136.0 million.

Overview of Recent Key Events

Returning Cash to Shareholders

The Company completed a $30 million cash tender offer in the first quarter of 2013 for 25,000,000 of the Company’s outstanding ordinary shares at a purchase price of $1.20 per share (number of shares and price per share have not been adjusted to reflect the reverse stock split). In addition, at an extraordinary meeting of shareholders held on March 21, 2013, the Company’s shareholders approved a one-for-three reverse share split of the Company’s ordinary shares. Following the purchase of the tendered shares and the effectiveness of the reverse share split, the Company had approximately 39,400,398 ordinary shares outstanding as of March 31, 2013. Both of these actions are expected to help enhance shareholder value in the short and long term.

Further, the Company’s continued commitment to its share repurchase program reflects management’s long-term confidence in the Company’s prospects.

To date, the Company has repurchased approximately 12.5 million shares (number of shares has not been adjusted to reflect the reverse stock split) for a total of $15 million, out of the total authorized repurchase amount of $20 million in the share repurchase program.

Regains NASDAQ Listing Compliance

On March 15, 2013, the Company received formal notice from NASDAQ that it was not in compliance with listing requirements relating to the price per share at which the Company’s shares trade and was given 180 days to regain compliance with the listing standards. On April 11, 2013, the Company received formal notice from NASDAQ that it had regained compliance with Listing Rule 5450(a)(1) as a result of the closing bid price of the Company’s ordinary shares being at $1.00 per share or greater for the previous 11 consecutive business days.

Receipt of “Going-Private” Proposal

The Company’s board of directors received a preliminary non-binding proposal letter dated March 27, 2013 from a consortium consisting of one of the Company’s directors, Mr. Hong Liang Lu, and entities affiliated with him, and Shah Capital Opportunity Fund LP and Himanshu H. Shah to acquire all of the outstanding shares of the Company in a going private transaction for $3.20 per ordinary share in cash, subject to certain conditions. The board of directors has formed a special committee of independent directors (the “Special Committee”) to consider this proposal. In addition, the Special Committee has appointed legal counsel and retained a financial advisor to assist it in its work. No decisions have been made by the Special Committee with respect to the Company’s response to the proposal.

Business Outlook

The Company views 2013 as a year of investment and continued transition. At the same time, the Company reiterates its expectation that for 2013 it will achieve a degree of incremental improvement in overall financial performance versus 2012. Unprofitable revenues that were removed with the IPTV divestiture will need to be replaced, and as a result total revenues for 2013 are expected to decrease from 2012 while this process is ongoing and revenue sources are in transition. At the same time, with respect to operating performance, the Company will focus on holding margins relatively stable by maintaining a similar product mix to 2012, as well as continuing to lower operating expenses.

Additionally, the Company’s current outlook is based on constant currency exchange rates compared to 2012. The depreciation of the Japanese Yen against the U.S. dollar may have a negative impact on the Company’s gross profit and gross margin, as sales generated in Japan has accounted for an increasing portion of the Company’s total revenues.

From a long-term perspective, the Company’s new strategic initiatives is expected to in time result in a more predictable, recurring revenue stream and higher rates of growth beginning in 2014. More specifically, the Company anticipates profit from the new TV over IP services to become the major contributor for UTStarcom by 2015, as the new TV over IP business is expected to have gross margin exceeding 50%.

Mr. Wong concluded, “Looking ahead, we currently remain comfortable with our operating expectations for full year 2013 and we are confident that our new strategy positions us very well in the evolving media environment. We expect our actions will enable us to capture the long-term opportunities that will translate into significant overall improvement in the Company’s business performance and enable us to deliver enhanced shareholder value over the long-term.”

About Non-GAAP Financial Measures

To supplement the Company’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), the Company uses certain non-GAAP financial measures, which are adjusted from results based on GAAP to exclude the effects of the results of its divested IPTV business and PHS-related deferred revenue amortization from the results of each reported period. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and non-GAAP Financial Data” set forth at the end of this press release.

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance by excluding amortization of PHS net sales and results from IPTV-related business that may not be indicative of the Company’s operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its operating performance and when planning for and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons of the Company’s current performance to its historical performance. The Company computes its non-GAAP financial measures on a consistent basis from quarter to quarter. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial information prepared in accordance with GAAP.

First Quarter 2013 Conference Call Details

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on May 24, 2013 (7:00 p.m. Beijing/Hong Kong Time on May 24, 2013).

The conference call dial-in numbers are as follows:

A replay of the call will be available one hour after the end of the conference until 9:00 a.m. U.S. Eastern Time on May 31, 2013.

The conference call replay numbers are as follows:

Investors will also have the opportunity to listen to the live conference call and the replay over the Internet through the investor relations section of UTStarcom’s web site at: http://www.utstar.com.

About UTStarcom Holdings Corp.

UTStarcom is focused on providing next generation media operational support services in the rapidly growing markets for TV over IP services and broadband equipment products and services. UTStarcom is committed to meeting the evolving needs of cable and broadband service providers to enable a more personalized entertainment experience. The Company sells its media operational support services and broadband equipment products and services to operators in both emerging and established broadband and cable markets around the world.

UTStarcom was founded in 1991 and listed on the NASDAQ in 2000. It has operational headquarters in Beijing, China and research and development operations in China and India. In 2011, the Company deployed a revamped growth strategy that concentrates on providing media operation support services. For more information about UTStarcom, visit the Company’s website at http://www.utstar.com.

Forward-Looking Statements

This press release includes forward-looking statements, including statements regarding the Company’s strategic initiatives, the effects of the tender offer and reverse share split, and the Company’s business outlook. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially and adversely from the Company’s current expectations. These include risks and uncertainties related to, among other things, changes in the financial condition and cash position of the Company, changes in the composition of the Company’s management and their effect on the Company, the Company’s ability to realize anticipated results of operational improvements and benefits of the divestiture transaction, the ability to successfully identify and acquire appropriate technologies and businesses for inorganic growth and to integrate such acquisitions, the ability to internally innovate and develop new products, assumptions the Company makes regarding the growth of the market and the success of the Company’s offerings in the market, and the Company’s ability to execute its business plan and manage regulatory matters. The risks and uncertainties also include the risk factors identified in the Company’s latest annual report on Form 20-F and current reports on Form 6-K as filed with the Securities and Exchange Commission. The Company is in a period of strategic transition and the conduct of its business is exposed to additional risks as a result. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, which may change, and the Company assumes no obligation to update any such forward-looking statements.

Article source: http://en.prnasia.com/story/80138-0.shtml

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BEIJING, May 24, 2013 /PRNewswire-FirstCall/ — China Biologic Products, Inc. (Nasdaq: CBPO, “China Biologic” or the “Company”), a leading fully integrated plasma-based biopharmaceutical company in China, today announced that the Company has recently learned from a public announcement issued by Shanghai RAAS Blood Products Co., Ltd. (“Shanghai RAAS”), a public company listed on Shenzhen Stock Exchange, that on May 21, 2013, Ms. Siu Ling Chan (“Ms. Chan”), one of the shareholders of the Company, and her spouse, Mr. Tung Lam, entered into a stock purchase agreement with Shanghai RAAS. According to the stock purchase agreement, Ms. Chan agreed to sell to Shanghai RAAS an aggregate of 2,657,660 shares of the Company’s common stock, representing 9.9% of the Company’s outstanding shares (the “Proposed Shanghai RAAS Transaction”). Pursuant to Shanghai RAAS corporate regulations and Chinese law, the transaction is subject to obtaining approval from Shanghai RAAS’s shareholders and all necessary governmental authorities or agencies, as well as satisfying certain other closing conditions. Shanghai RAAS also stated in its announcement it has an intention to develop strategic business cooperation with the Company.

China Biologic would like to clarify that the Company had no knowledge of the Proposed Shanghai RAAS Transaction prior to the public announcement issued by Shanghai RAAS, nor has the Company had any communication or discussion with Shanghai RAAS regarding this transaction. The Company considers Shanghai RAAS as one of its direct competitors in China and therefore does not view the Proposed Shanghai RAAS Transaction as a viable transaction. Given the competition between Shanghai RAAS and the Company and the differences between the two companies in terms of business strategies and technological capabilities, the Company currently has no intention to discuss or explore any business cooperation with Shanghai RAAS.

As disclosed in Shanghai RAAS’ public announcement, it is apparent that Shanghai RAAS is aware of the fact that Ms. Chan’s shareholding status with the Company is under dispute in a pending case in Hong Kong. As previously disclosed by the Company on March 12, 2013 on a Form 8-K filed with the United States Securities and Exchange Commission, the Company was notified, by a Hong Kong solicitors firm representing a group of individuals, of a litigation (the “Hong Kong Litigation”) filed in the High Court of Hong Kong against Ms. Chan and her spouse, Mr. Tung Lam as well as certain other defendants. Based on information provided by the Hong Kong solicitors firm, the Company understands that up to 5,178,962 shares of the Company’s common stock held by Ms. Chan may be brought into question during the Hong Kong Litigation. Based on the Company’s shareholder records, Ms. Chan is currently a registered shareholder of 5,362,624 shares of the Company’s common stock.

China Biologic will closely monitor this case and further developments associated with the Proposed Shanghai RAAS Transaction and reserves the right to take any necessary and appropriate actions, including but not limited to implementing the shareholders rights plan to block the Proposed Shanghai RAAS Transaction.

About China Biologic Products, Inc.

China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated plasma-based biopharmaceutical company in China. The Company’s products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 plasma-based products through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has an equity investment in Xi’an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company’s website www.chinabiologic.com.

Safe Harbor Statement

This news release may contain certain “forward-looking statements” relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.

Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including its potential inability to achieve the expected operating and financial performance in 2012, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:

China Biologic Products, Inc.
Mr. Ming Yin
Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com

ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com

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ZHENGZHOU, China, May 25, 2013 /PRNewswire-FirstCall/ — China Gerui Advanced Materials Group Limited (NASDAQ: CHOP) (“China Gerui,” or the “Company”), a leading high-precision, cold-rolled strip steel producer in China, today announced that the Company plans to host a conference call to discuss its first quarter financial results ended March 31, 2013 at 9:00 am EDT on Thursday, May 30, 2013.

The Company will release its financial results prior to the conference call. Listeners may access the call by dialing +1 (877) 407-8133 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (201) 689-8040.

A replay of the conference call will be available for 14 days starting from 12:00 pm EDT on Thursday, May 30, 2013. To access the replay, dial +1 (877) 660-6853. International callers should dial at +1 (201) 612-7415. The pass code is 415403.

A live and archived webcast of the call will be available on the Company’s website at http://www.geruigroup.com/Investors.html. To listen to the live webcast, please go to the Company’s website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software.

About China Gerui Advanced Materials Group Limited

China Gerui Advanced Materials Group Limited is a leading niche and high value-added steel processing company in China. The Company produces high-end, high-precision, ultra-thin, high- strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui’s products are not standardized commodity products. Instead, they are tailored to customers’ requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers with an emerging presence with international customers in a diverse range of industries, including the food and industrial packaging, construction and household decoration materials, electrical appliances, telecommunications wires and cables. For more information, please visit http://www.geruigroup.com.

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GONGYI, China, May 25, 2013 /PRNewswire/ — China GengSheng Minerals, Inc. (NYSE MKT: CHGS) (the “Company” or “GengSheng”), a leading China-based high-tech industrial materials manufacturer producing heat-resistant, energy-efficient materials for a variety of industrial applications, today announced it received a letter from NYSE MKT LLC (“NYSE MKT” or the “Exchange”) on May 21, 2013 notifying the Company that it is not in compliance with Section 134 and 1101 of the Exchange’s Company Guide (the “Company Guide”) because the Company has yet to file it Form 10-Q for the quarter ended March 31, 2013.

Receipt of the NYSE MKT’s letter does not have any immediate effect upon the listing of the Company’s common stock. Pursuant to the NYSE MKT’s rules, the Company has until June 4, 2013 to submit a plan advising the NYSE MKT of actions it has taken, or will take, that will bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than August 15, 2013.

As previously disclosed by the Company, the Company experienced delay in closing its books for the quarter ended March 31, 2013 because of turnover in some of its accounting staff in China. It nevertheless is working diligently to finalize its financial statements and aims to file its Form 10-Q no later than June 14, 2013.

The Company will submit to the NYSE MKT a compliance plan to this effect, as referred to in the previous paragraph.

About China GengSheng Minerals, Inc.

China GengSheng Minerals, Inc. (“GengSheng”) develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics, fracture proppants and fine precision abrasives. A market leader offering customized solutions, GengSheng sells its products primarily to the iron and steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment, while reducing their consumption of energy. Founded in 1986 and based in China‘s Henan province, GengSheng currently has over 170 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and other countries. GengSheng conducts business through GengSheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan GengSheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., Henan GengSheng Micronized Powder Materials Co., Ltd, Guizhou SouthEast Prefecture Co., Ltd., GengSheng New Materials Co., Ltd, Henan GengSheng High Temperature Materials Co., Ltd. and Henan Yuxing Proppant Co., Ltd.

For more information about the Company, please visit http://www.gengsheng.com.

For more information, please contact:

China GengSheng Minerals, Inc.
Investor Relations
Mr. Shuai Zhang
ir@gengsheng.com
+86-371-6405-9846

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During the period under review, Kingsoft recorded a revenue of RMB456.9 million which increased by 6% quarter-over-quarter and 56% year-over-year. Revenue from the online game and the application software businesses represented 58% and 41%, respectively, of the Company’s total revenue in the first quarter. Gross profit for the first quarter increased by 4% quarter-over-quarter and by 63% year-over-year to RMB395.3 million. As at 31 March 2013, cash and cash equivalent amounted to RMB2.65 billion.

Dr. HongJiang Zhang, Chief Executive Officer of Kingsoft, said, “The first quarter of 2013 is another harvest quarter for Kingsoft and the Company has delivered a strong performance in both top-line and bottom-line. Thanks to the strong reception to the key products of major business lines, the total revenue reached a record high of RMB456.9 million, representing a quarter-over-quarter increase of 6% and a year-over-year increase of 56%. The operating profit also posted a growth of 45% quarter-over-quarter and 93% year-over-year to RMB162.0 million.”

FINANCIAL HIGHLIGHTS

--------------------------------------------------------------------
RMB'000                  For the 3 months ended March 31     Change
(unaudited)                           2013          2012        (%)
--------------------------------------------------------------------
Revenue                            456,859       292,585       56%
--------------------------------------------------------------------
-Entertainment software            266,666       191,090       40%
--------------------------------------------------------------------
-Applications software             188,029        90,754      107%
--------------------------------------------------------------------
-Others                              2,164        10,741      -80%
--------------------------------------------------------------------
Gross Profit                       395,278       242,931       63%
-------------------------------------------------------------------
Profit Attributable to
 Owners of the Parent              195,914        87,526      124%
--------------------------------------------------------------------
Basic EPS (RMB Cents)                17.08          7.68      122%
--------------------------------------------------------------------

OPERATIONAL HIGHLIGHTS OF ONLINE GAMES
--------------------------------------------------------------------
                                  March 31    March 31      Dec 31
                                      2013        2012        2012
--------------------------------------------------------------------
Daily Av. Peak Concurrent Users    631,098     631,485     633,084
--------------------------------------------------------------------
Monthly Average Paying Users     1,768,190   1,330,868   1,650,636
--------------------------------------------------------------------
Monthly Average Revenue per
     Paying User (RMB)                  47          47          48
--------------------------------------------------------------------

BUSINESS REVIEW

Online Games Business

Despite the adverse impact of Chinese New Year holiday, revenue from online game business for the first quarter of 2013 increased by 11% quarter-over-quarter and by 40% year-over-year to RMB266.7 million. The quarter-over-quarter increase was primarily fueled by the strong growth of JX Online III, the Company’s flagship product, and MAT, the Company’s first 3D shooting game; while the year-over-year increase was also contributed by the newly launched games.

Furthermore, Kingsoft has been actively developing web games and mobile games, with new talents and studios joining in early 2013. The Company has started closed beta testing for two web games, T3 and Sinomon Master, and also launched several casual mobile games. The Company believes that these initiatives will enable Kingsoft to establish a foothold in these rapid growing new market segments which will enrich its game portfolio and make greater contributions to the future revenue.

Kingsoft Internet Security and Kingsoft WPS Office

In the first quarter of 2013, revenue from the application software business was RMB188.0 million, representing a slight quarter-over-quarter decrease of 1% and a year-over-year increase of 107%. Kingsoft Internet Security (KIS) has successfully transformed from a traditional software company to an internet company, contributing to the robust growth of online advertising revenue. Meanwhile, the remarkable year-over-year growth was also driven by the strong sales of Kingsoft WPS Office in domestic market.

During the period under review, the monthly PC-based active user base of KIS family further expanded and reached 155 million in March. The advertising revenue and value-added revenue from KIS increased by 9% quarter-over-quarter and increased fourfold year-over-year. The monthly active mobile users of KIS family reached 54 million by the end of the first quarter, and the Company will continue to invest to further explore mobile product market.

Due to seasonality effect, revenue from Kingsoft WPS Office decreased by 7% quarter-over-quarter but posted an 8% growth year-over-year. The monthly active users of WPS Personal Edition continued to rise to over 48 million at the end of the first quarter; and the global monthly active users of WPS mobile office jumped to 17 million in May. Since its official release in February, WPS Office for IOS ranked top in Apple’s App Store in the category of Free Chinese business APPs, and it received very positive feedbacks from users. In April, WPS for mobile was upgraded to version 5.5 to further integrate cloud storage in mobile office application, which represented a significant breakthrough in mobile office functionality.

In addition, the commercial version of Kingsoft Cloud for business users and cloud service platform was officially released on 27 March. The total registered users for Kingsoft Cloud has exceeded 35 million in the increasingly competitive cloud computing and cloud storage market.

Dr. HongJiang Zhang, Chief Executive Officer of Kingsoft, concluded, “We are pleased to see that Kingsoft has attained a solid and impressive start for 2013. In addition to the exciting growth of the flagship product JX Online III, the increasing monetization capabilities of KIS business, and the continued strong sales of WPS Office, we also achieved fast expansion into mobile services in major business lines. Furthermore, Kingsoft Cloud, the Company’s strategic business, also recorded stable development. We believe the outstanding performance in the first quarter has laid a solid foundation for success in 2013. We will continue our dedication to providing the best products and services to our users and boosting the profitability of all business lines.”

About Kingsoft Corporation Limited

Kingsoft is a leading developer, distributor and service provider of entertainment software, Internet security service and application software in China. Headquartered in Beijing, Kingsoft has set up RD centers in Zhuhai, Beijing, Dalian and Chengdu. Since the commercial launch of its first office applications software, WPS 1.0, in 1989 followed by over 20 years of innovative endeavors, Kingsoft has become well recognised as a leading brand in China. Kingsoft has also rejuvenated itself by successfully transiting from “the King of package software” to an Internet technologies and service provider.

Kingsoft’s main business encompasses Internet security, office software, entertainment software, cloud computing and on-line translation. The Company utilises the Internet as an effective channel to market and distribute its products, and has built an extensive sales and distribution network. Kingsoft provides a range of products and services across all devices and platforms, such as WPS Office, Kingsoft PowerWord, Kingsoft Internet Security and online games to retail customers, corporate clients and Government bodies in China.

Enhancing the quality of digital lifestyle has been the mission of Kingsoft. Kingsoft will continue developing new products, expanding our products and services to Internet especially mobile Internet and expanding its market share in China, while vigorously penetrating into overseas markets. For more information, please visit www.kingsoft.com.

Contact:

Kingsoft Corporation Limited
Ms. Michelle Feng Harnett 
Tel: +86 10 82325515
Email: ir@kingsoft.com

May 24, 2013
Source: Kingsoft Corporation Limited