Monthly Archives: March 2014

Novacab International Inc. Announces Pilot Project With Papineau Transport

Novacab International Inc. (OTC Pink: NVOB) (PINKSHEETS: NVOB) is pleased to announce, the Pilot Project with Papineau Transport International using the Novacab System. The fuel economy, using the Novacab System having been validated by Transport Canada, this specific Pilot project is monitored by a telemetric system.

 

Papineau Transport International and immediate affiliates manages more than 100/175 combined Class 8 trucks just at one Hub. Following the positive results of the fuel economy with the use of the Novacab System, a proposal for the retrofitting addition of the Novacab system is to be elaborated. For the Papineau International Transport and immediate affiliates at this Hub, this represents a potential of $2,000,000 in retrofitting over the next 3 to 4 years.

 

Once the results of the savings of the Papineau Transport trucks using the Novacab System have been tabulated, the information of the savings will be readily transmitted to all members of the Group, therefore increasing the potential of retrofitting to all the Group.

 

Papineau is also a member of Transforce Group working with and/or supervising 20+ transport companies. The possibilities of retrofitting all trucks overseen by Transforce Group, 1,000 / 1,200 trucks, is also on a period of 3 to 4 years. Please note that for all their trucks 80 % travel to the United States.

 

Papineau Transport International is also Environmentally Responsible following same guidelines implemented by the Transforce Group.

 

Novacab International also announces the opening of our first Regional Office in Palm Springs California. The opening should be in the month of April 2014.

 

We will be strategically located at the Courtyard at Palm Springs on 777 Tahquitz Canyon Way Blvd. Palm Springs, CA 92262

 

The decision for Palm Springs as the first Regional Office stems from a large number of clients, interested in pursuing negotiations for both our Novacab Systems (Thermal Energy Storage), Novacab Automotive (TES) and Novacab Commercial, Industrial and Institutional Stationary (TES/S).

 

More updates are forthcoming.

 

Forward-Looking Statements
This news release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

 

Contact:
Donna Giroux
dgiroux

 

SOURCE: Novacab International Inc

Innovative Food Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Innovative Food Holdings (OTCQB:IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market, today announced financial results for the fourth quarter and year ended December 31, 2013. The Company will host an investor conference call at 5:00 pm EDT today to discuss 2013 results.

 

Full Year 2013 Highlights Compared with Full Year 2012:

 

Revenue increased 26% to $23.5 million from $18.6 million

 

Operating Cash flow grew 68% to $1.35 million as compared to $806,000 in 2012

 

Operating Income grew approximately 65% to approximately $965,000 vs approximately $586,000

 

Adjusted Net Income (Net Income without non-recurring/non-ongoing/stock related gains/losses and amortization expenses “Adjusted Net Income”) grew 72% to approximately $1.8 million from approximately $1 million in 2012

 

Adjusted EPS (EPS without non-recurring/non-ongoing/stock related gains/losses and amortization expenses “Adjusted EPS”) grew approximately 60% to $0.28 per share in 2013 from $0.18 per share in 2012

 

Cash EBITDA (EBITDA without non-recurring gains/losses, equity related gains/losses “Cash EBITDA”) grew 65 % to over $2 million year, from over $1.2 million in 2012

 

Fourth Quarter 2013 Financial and Operational Highlights:

 

Q4 2013 revenue of $6.4 million, up 9% compared to $5.8 million for Q4 2012

 

December 2013 represented 53rd consecutive month of increased month-over-month revenue

 

Adjusted Net Income grew 21% to approximately $515,000 vs approximately $423,000 in the 4th quarter of 2013

 

Adjusted EPS grew over 13% to approximately $.08 per share for Q4 2013 vs. $.07 per share in Q4 of 2012

 

Cash EBITDA grew over 17% to approximately $557,000 for the fourth quarter of 2013 vs. approximately $476,000 in Q4 2012

 

Stronger balance sheet and cash position; the Company generated more than $527,000 in operating cash flow in the fourth quarter and ended the year with over $2 million in cash 

 

Sam Klepfish, CEO of Innovative Food Holdings, commented, “At the beginning of 2013, we planned to achieve several key goals: increased revenues, higher profits, and continuing to solidify our financial strength. We succeeded with all three of these targets in fiscal 2013, delivering another record year. Revenues increased 26%, as we secured new program customers, increased sales to our current end user chefs and expanded the number of chefs with which we have relationships. Additionally, we made strategic progress in our direct-to-consumer business, ‘For the Gourmet.’ Leveraging existing infrastructure, our focus in the online specialty food retail and direct to consumer space, is to expand our core business model into the consumer space and to access the sizable consumer market with a low cost shared risk, incremental approach.

 

Mr Klepfish added, “Our Food Hatch accelerator program, which is designed to provide shareholders additional upside through a portfolio of equity positions in early stage food related companies, continues to provide access to new food ideas, serving as a valuable incubator for promising seed and early stage food related and foodtech related companies. In addition, we believe that the potential appreciation in the value of the current and future holdings in the Food Hatch portfolio can offer additional shareholder upside and create additional incremental positive capital markets opportunities for Innovative Food Holdings shareholders in the future.”

 

Mr Klepfish noted, “In addition, we believe that the accomplishment of several complex, but highly important, strategic initiatives taken in 2013 have strengthened Innovative Food Holdings as a company and has strongly solidified our unique and growing position in the specialty food market.

 

These accomplishments included:

 

Despite an extremely tight and difficult small business lending environment we were able to establish a commercial banking relationship with one of the top 20 banks in the United States which included a $2.0 million credit line extended to the Company. The availability of credit, and the credibility of the banking relationship combined with our stronger balance sheet, have led to significantly expanded strategic and business development opportunities. 

 

Additional beneficial note restructurings including subordination of noteholders which placed the company into the position to enter into the commercial banking relationship and we believe, has further enhanced the company’s profile for institutional investors.

 

The company purchased and moved into new headquarters further cutting costs and expanding warehouse capabilities with room for expansion. The building had a purchase price of $770,000 and had a current estimated replacement value of $1.8 million.

 

The Company paid down in full, the loan associated with the purchase of Artisan Specialty Foods. 

 

Mr. Klepfish concluded, “During the year we grew sales, cash flow and profits ending the year with over $2.0 million in cash. In addition to a number of key strategic initiatives targeted for 2014, our goal is to continue generating profitable sustainable growth and significant cash flows from operations, enter into new market segments, and expand market share through existing and new partners in order to fuel growth in 2014, and over the longer term.”

 

Financial Results
Fourth quarter 2013 revenue was approximately $6.4 million, up approximately 9% as compared to $5.8 million in the fourth quarter of 2012. 

 

Fourth quarter Adjusted Net Income grew 21% to approximately $515,000 and 4th quarter Adjusted EPS was $.08 per share compared to $.07 per share in the fourth quarter of 2012, an increase of close to 14%. Cash EBITDA, increased approximately 17% to more than $557,000 for the fourth quarter of 2013 compared to approximately $476,000 in the fourth quarter last year.

 

Full year revenue increased 26% to $23.5 million compared to $18.6 million in the same period last year. The Company’s financial results for a portion of 2012 did not include sales and profits associated with the Company’s subsidiary, Artisan Specialty Foods, which was purchased by Innovative Food Holdings in May 2012.

 

Full year Adjusted EPS was $0.28 per share compared to $0.18 per share in 2012, an increase of over 50%. Cash EBITDA grew 65% to over $2 million vs. approximately $1.2 million in 2012.

 

Operating Cash flow increased 68% to $1.35 million and the Company ended 2013 with over $2 million in cash on the balance sheet.

 

Conference Call Information

 

Date and time: Monday, March 31, 2014 at 5:00 p.m. ET

 

Dial-in number: 1-877-941-8416 (domestic) or 1-480-629-9808 (international)

 

Call/Conference ID: 4676395

 

Replay number: Dial 1-877-870-5176 (domestic) or 1-858-384-5517 (international). Please use passcode 4676395 to access the replay. The replay will be available until April 7, 2014.

Webcast link: http://public.viavid.com/index.php?id=108475

 

About Innovative Food Holdings, Inc.
Innovative Food Holdings, is a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market. IVFH also markets those products directly to the consumer, through its website at www.forthegourmet.com. Many of Innovative Food Holdings’ 7,000+ products are used on a daily basis by approximately 30,000 of some of the leading professional chefs across the United States.

 

Forward-Looking Statements
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (IVFH) (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release and in our public filings. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” or “expect.” The Company does not intend to update these forward-looking statements

 

 

 

CONTACT INFORMATION

 

Management Contact
Sam Klepfish
CEO 
(239) 449-3235 
sklepfish

Investor Relations Contact
James Carbonara
Regional Vice President
Hayden IR
Office: (646) 755-7412
James

Follow us on Twitter: @IVFHcompany

 

SOURCE: Innovative Food Holdings, Inc.

 

 

Innovative Food Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Innovative Food Holdings (OTCQB:IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market, today announced financial results for the fourth quarter and year ended December 31, 2013. The Company will host an investor conference call at 5:00 pm EDT today to discuss 2013 results.

 

Full Year 2013 Highlights Compared with Full Year 2012:

 

Revenue increased 26% to $23.5 million from $18.6 million

 

Operating Cash flow grew 68% to $1.35 million as compared to $806,000 in 2012

 

Operating Income grew approximately 65% to approximately $965,000 vs approximately $586,000

 

Adjusted Net Income (Net Income without non-recurring/non-ongoing/stock related gains/losses and amortization expenses “Adjusted Net Income”) grew 72% to approximately $1.8 million from approximately $1 million in 2012

 

Adjusted EPS (EPS without non-recurring/non-ongoing/stock related gains/losses and amortization expenses “Adjusted EPS”) grew approximately 60% to $0.28 per share in 2013 from $0.18 per share in 2012

 

Cash EBITDA (EBITDA without non-recurring gains/losses, equity related gains/losses “Cash EBITDA”) grew 65 % to over $2 million year, from over $1.2 million in 2012

 

Fourth Quarter 2013 Financial and Operational Highlights:

 

Q4 2013 revenue of $6.4 million, up 9% compared to $5.8 million for Q4 2012

 

December 2013 represented 53rd consecutive month of increased month-over-month revenue

 

Adjusted Net Income grew 21% to approximately $515,000 vs approximately $423,000 in the 4th quarter of 2013

 

Adjusted EPS grew over 13% to approximately $.08 per share for Q4 2013 vs. $.07 per share in Q4 of 2012

 

Cash EBITDA grew over 17% to approximately $557,000 for the fourth quarter of 2013 vs. approximately $476,000 in Q4 2012

 

Stronger balance sheet and cash position; the Company generated more than $527,000 in operating cash flow in the fourth quarter and ended the year with over $2 million in cash 

 

Sam Klepfish, CEO of Innovative Food Holdings, commented, “At the beginning of 2013, we planned to achieve several key goals: increased revenues, higher profits, and continuing to solidify our financial strength. We succeeded with all three of these targets in fiscal 2013, delivering another record year. Revenues increased 26%, as we secured new program customers, increased sales to our current end user chefs and expanded the number of chefs with which we have relationships. Additionally, we made strategic progress in our direct-to-consumer business, ‘For the Gourmet.’ Leveraging existing infrastructure, our focus in the online specialty food retail and direct to consumer space, is to expand our core business model into the consumer space and to access the sizable consumer market with a low cost shared risk, incremental approach.

 

Mr Klepfish added, “Our Food Hatch accelerator program, which is designed to provide shareholders additional upside through a portfolio of equity positions in early stage food related companies, continues to provide access to new food ideas, serving as a valuable incubator for promising seed and early stage food related and foodtech related companies. In addition, we believe that the potential appreciation in the value of the current and future holdings in the Food Hatch portfolio can offer additional shareholder upside and create additional incremental positive capital markets opportunities for Innovative Food Holdings shareholders in the future.”

 

Mr Klepfish noted, “In addition, we believe that the accomplishment of several complex, but highly important, strategic initiatives taken in 2013 have strengthened Innovative Food Holdings as a company and has strongly solidified our unique and growing position in the specialty food market.

 

These accomplishments included:

 

Despite an extremely tight and difficult small business lending environment we were able to establish a commercial banking relationship with one of the top 20 banks in the United States which included a $2.0 million credit line extended to the Company. The availability of credit, and the credibility of the banking relationship combined with our stronger balance sheet, have led to significantly expanded strategic and business development opportunities. 

 

Additional beneficial note restructurings including subordination of noteholders which placed the company into the position to enter into the commercial banking relationship and we believe, has further enhanced the company’s profile for institutional investors.

 

The company purchased and moved into new headquarters further cutting costs and expanding warehouse capabilities with room for expansion. The building had a purchase price of $770,000 and had a current estimated replacement value of $1.8 million.

 

The Company paid down in full, the loan associated with the purchase of Artisan Specialty Foods. 

 

Mr. Klepfish concluded, “During the year we grew sales, cash flow and profits ending the year with over $2.0 million in cash. In addition to a number of key strategic initiatives targeted for 2014, our goal is to continue generating profitable sustainable growth and significant cash flows from operations, enter into new market segments, and expand market share through existing and new partners in order to fuel growth in 2014, and over the longer term.”

 

Financial Results
Fourth quarter 2013 revenue was approximately $6.4 million, up approximately 9% as compared to $5.8 million in the fourth quarter of 2012. 

 

Fourth quarter Adjusted Net Income grew 21% to approximately $515,000 and 4th quarter Adjusted EPS was $.08 per share compared to $.07 per share in the fourth quarter of 2012, an increase of close to 14%. Cash EBITDA, increased approximately 17% to more than $557,000 for the fourth quarter of 2013 compared to approximately $476,000 in the fourth quarter last year.

 

Full year revenue increased 26% to $23.5 million compared to $18.6 million in the same period last year. The Company’s financial results for a portion of 2012 did not include sales and profits associated with the Company’s subsidiary, Artisan Specialty Foods, which was purchased by Innovative Food Holdings in May 2012.

 

Full year Adjusted EPS was $0.28 per share compared to $0.18 per share in 2012, an increase of over 50%. Cash EBITDA grew 65% to over $2 million vs. approximately $1.2 million in 2012.

 

Operating Cash flow increased 68% to $1.35 million and the Company ended 2013 with over $2 million in cash on the balance sheet.

 

Conference Call Information

 

Date and time: Monday, March 31, 2014 at 5:00 p.m. ET

 

Dial-in number: 1-877-941-8416 (domestic) or 1-480-629-9808 (international)

 

Call/Conference ID: 4676395

 

Replay number: Dial 1-877-870-5176 (domestic) or 1-858-384-5517 (international). Please use passcode 4676395 to access the replay. The replay will be available until April 7, 2014.

Webcast link: http://public.viavid.com/index.php?id=108475

 

About Innovative Food Holdings, Inc.
Innovative Food Holdings, is a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market. IVFH also markets those products directly to the consumer, through its website at www.forthegourmet.com. Many of Innovative Food Holdings’ 7,000+ products are used on a daily basis by approximately 30,000 of some of the leading professional chefs across the United States.

 

Forward-Looking Statements
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (IVFH) (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release and in our public filings. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” or “expect.” The Company does not intend to update these forward-looking statements

 

 

 

CONTACT INFORMATION

 

Management Contact
Sam Klepfish
CEO 
(239) 449-3235 
sklepfish

Investor Relations Contact
James Carbonara
Regional Vice President
Hayden IR
Office: (646) 755-7412
James

Follow us on Twitter: @IVFHcompany

 

SOURCE: Innovative Food Holdings, Inc.

 

 

Rosetta Genomics Reports 2013 Financial Results

Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics and therapeutics, today reported financial results for the year ended December 31, 2013.

 

Highlights for the second half of 2013 and recent weeks include:

 

Continued to enhance awareness of and demand for the Rosetta Cancer Origin Test™, which resulted in a 100% increase in revenues compared with 2012;

 

Recorded gross billings for 2013 of $1.1 million, which more than doubled from $490,000 in 2012, with commercial initiatives continuing to gain significant traction as evidenced by gross billings of nearly $600,000 in the first quarter of 2014;

 

Executed credentialing agreements for the Rosetta Cancer Origin Test with four U.S. national healthcare network providers as well as a managed care contract with a large Blue Cross/Blue Shield affiliate, increasing coverage for this test to approximately 170 million Americans;

Received three important U.S. patents that cover the Company’s microRNA-based technology as a diagnostic for pre-eclampsia, as a treatment for liver cancer and as a therapeutic for non-small cell lung cancer (NSCLC) in p53-negative patients;

 

Announced a master service provider agreement with an undisclosed major global biopharmaceutical company under which Rosetta will provide its microRNA profiling and other services in important areas of unmet medical need;

 

Closed 2013 with cash and equivalents and short term bank deposits of $24.5 million to support commercial expansion and product development.

 

Management Commentary

 

“Throughout 2013 we made considerable progress in all three areas critical to long-term revenue generation including current product sales, new product development and third-party collaborations. On the commercial front we made inroads enhancing awareness and driving demand for the Rosetta Cancer Origin Test and expanded coverage through Medicare and private healthcare network providers,” said Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. 

 

“Investments in our commercial infrastructure are yielding results as evidenced by the significant increase in product revenues and billings in 2013. Moreover, we have seen continued growth in product demand for the Rosetta Cancer Origin Test, with first quarter 2014 billings of nearly $600,000 maintaining the momentum we saw in the fourth quarter of 2013. We look forward to further increases in billings and product revenues as we continue to expand reimbursement coverage to additional commercial carriers.

 

“The recently announced reinvigoration of our Research and Development efforts is already producing results as we now expect to launch at least one new diagnostic assay per year beginning in 2015. We have a number of promising product candidates under development including our assay for indeterminate thyroid fine need aspirate, which is scheduled to launch next year, as well as assays for chronic kidney rejection, heart failure, Alzheimer’s disease and a therapeutic for cytomegalovirus (CMV) infection. We look forward to reporting our progress with these initiatives over the coming months.

 

“We were especially pleased to execute a master service agreement with an undisclosed global biopharmaceutical company for our microRNA profiling services, and expect to collaborate on the utilization of a novel therapeutic approach in important areas of unmet medical need. In addition, we continue to have high-level discussions with a number of potential collaborators that could allow us to leverage our leading microRNA biomarker platform in both diagnostic and therapeutic applications. We anticipate executing agreements with pharmaceutical and biotech companies to assist their therapeutic efforts.

 

“In support of both our commercial and our development efforts, we were pleased to publish several important articles in peer-reviewed journals and to have clinically-validated data presented at several key medical conferences. In tandem, we remained focused on fortifying our leading patent position in microRNA technology as this allows us to protect current products, provides the backbone for new product development and offers multiple opportunities for potential development partnerships as well as transactions to monetize our intellectual property,” concluded Mr. Berlin.

 

Financial Results for the Year Ended December 31, 2013

 

For the year ended December 31, 2013, the Company recorded revenues from continuing operations of $405,000, more than double the $201,000 of revenues recorded for the year ended December 31, 2012. 

 

Cost of revenues increased to $709,000 for 2013, up from $258,000 for 2012 primarily due to higher volume of processed samples as well as increases in personnel and infrastructure to meet current and anticipated sample volume.

 

Research and development expenses for 2013 increased to $1.7 million from $1.2 million for 2012 primarily due to an increase in headcount and lab materials to create and advance our expanded pipeline of R&D projects.

 

Marketing and business development expenses for 2013 increased to $7.0 million from $4.0 million for 2012, primarily due to the Company’s ongoing investment in its U.S. commercialization efforts, as well as to increases in business development initiatives to procure collaborative and/or licensing agreements.

 

General and administrative expenses in 2013 were $4.3 million compared with $3.0 million in 2012, with the increase primarily due to higher overhead as the Company added key executives and other personnel.

 

The operating loss for 2013 was $13.3 million, including $847,000 of non-cash stock-compensation expense. This compares with an operating loss for 2012 of $8.3 million, including $549,000 of non-cash stock-compensation expense.

 

The Company’s net loss after discontinued operations for 2013 was $12.9 million or $1.34 per ordinary share on 9.6 million shares outstanding, compared with a net loss after discontinued operations for 2012 of $10.5 million or $2.35 per ordinary share on 4.4 million shares outstanding.

 

On a non-GAAP basis, excluding stock-based compensation expense and income/loss from revaluation of warrants, which are presented as a liability on the balance sheet, as well as the embedded conversion feature in the 2012 convertible debenture, the net loss for 2013 was $12.1 million or $1.26 per ordinary share, compared with a net loss for 2012 of $7.7 million or $1.74 per ordinary share.

 

Details reconciling non-GAAP amounts with GAAP amounts are provided below.

Balance Sheet Highlights

 

As of December 31, 2013, Rosetta Genomics had $24.5 million in cash and cash equivalents, restricted cash and short-term bank deposits, compared with $31.0 million as of December 31, 2012. The Company used approximately $12 million in cash to fund operations in 2013. The 2013 cash position included net proceeds of $4.8 million from the sale of 1.3 million ordinary shares through the previously announced Cantor Sales Agreement and $625,000 received from a settlement with Sanra Laboratories in connection with the previous sale of Parkway Clinical Laboratories by Rosetta Genomics to Sanra.

 

Cash Guidance

 

The Company plans to continue to invest in the expansion of its U.S. commercial operations and will fund further clinical development of its microRNA technology. As a result, the Company estimates that net cash requirements to fund operations in 2014 will be in the range of $14 million to $15 million. Rosetta Genomics believes that its cash balance of $24.5 million as of December 31, 2013, combined with projected revenue growth, will be sufficient to fund operations until late 2015.

 

Conference Call

 

Rosetta Genomics management will host a conference call on April 1, 2014 at 10:00 a.m. Eastern time to discuss these financial results and recent corporate developments, and to answer questions. To access the live conference call, U.S. and Canadian participants may dial(866) 239-5859; international participants may dial (702) 495-1913. The access code for the call is 19429704.

 

To access the audio replay, beginning two hours after the event U.S. and Canadian participants may dial (855) 859-2056; international participants may dial (404) 537-3406. The access code for the replay is 19429704. The replay will be available through April 8, 2014.

 

A live audio webcast of the call will also be available in the “Investors” section of the Company’s website atwww.rosettagenomics.com/investors. An archived webcast will be available on the Company’s website for 30 days beginning approximately two hours after the event.

 

About Rosetta Cancer Testing Services 
Rosetta Cancer Tests are a series of microRNA-based diagnostic testing services offered by Rosetta Genomics. The Rosetta Cancer Origin Test™ can accurately identify the primary tumor type in primary and metastatic cancer including cancer of unknown or uncertain primary (CUP). Rosetta Mesothelioma Test™ diagnoses mesothelioma, a cancer connected to asbestos exposure. The Rosetta Lung Cancer Test™accurately identifies the four main subtypes of lung cancer using small amounts of tumor cells. The Rosetta Kidney Cancer Test™ accurately classifies the four most common kidney tumors: clear cell renal cell carcinoma (RCC), papillary RCC, chromophobe RCC and oncocytoma. Rosetta’s assays are designed to provide objective diagnostic data; it is the treating physician’s responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000 patients a year may benefit from the Rosetta Cancer Origin Test™, 60,000 from the Rosetta Mesothelioma Test™, 65,000 from the Rosetta Kidney Cancer Test™ and 226,000 patients from the Rosetta Lung Cancer Test™. The Company’s assays are offered directly by Rosetta Genomics in the U.S., and through distributors around the world. For more information, please visit www.rosettagenomics.com. Parties interested in ordering the test can contact Rosetta Genomics at (215) 382-9000.

 

About Rosetta Genomics
Founded in 2000, Rosetta’s integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools and therapeutics. Rosetta currently commercializes a full range of microRNA-based molecular diagnostics. Rosetta’s cancer testing services are commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab. Frost & Sullivan recognized Rosetta Genomics with the 2012 North American Next Generation Diagnostics Entrepreneurial Company of the Year Award. For more information, please visit www.rosettagenomics.com.

 

Use of Non-GAAP Financial Measures

 

This press release contains certain non-GAAP financial measures. A “non-GAAP financial measure” refers to a numerical measure of historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the financial statements. In this release, Rosetta provides gross billings, non-GAAP net loss and non-GAAP net loss per share data as additional information relating to its operating results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net loss or net loss per share prepared in accordance with GAAP.

 

Pursuant to the requirements of Regulation G promulgated by the SEC, the Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release and related conference call or webcast to the most directly comparable financial measure prepared in accordance with GAAP. This reconciliation is presented in a table below under the heading “Reconciliation of GAAP to Non-GAAP Consolidated Statement of Operation.” Investors are encouraged to review these reconciliations to ensure they have a thorough understanding of the reported non-GAAP financial measures and their most directly comparable GAAP financial measures.

 

Management uses these non-GAAP measures for internal reporting and forecasting purposes. The Company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP financial measures provide useful information to certain investors and financial analysts for comparison across accounting periods not influenced by certain non-cash items that are not used by management when evaluating the Company’s historical and prospective financial performance.

 

Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta’s future expectations, plans and prospects, including without limitation, Rosetta’s plans to launch one new product per year beginning in 2015, that significant increases in billings will translate to product revenue, that discussions with potential collaborators could allow Rosetta to leverage its leading microRNA biomarker platform in both diagnostic and therapeutic applications and that Rosetta’s cash balance of $24.5 million as of December 31, 2013, combined with projected revenue growth, will be sufficient to fund operations into 2015, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those risks more fully discussed in the “Risk Factors” section of Rosetta’s Annual Report on Form 20-F for the year ended December 31, 2012 as filed with the SEC. In addition, any forward-looking statements represent Rosetta’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Rosetta does not assume any obligation to update any forward-looking statements unless required by law.

 

-Tables to Follow-

 

 

 

 

CONTACT INFORMATION

 

Company Contact: 
Rosetta Genomics 
Ken Berlin
President & CEO 
(609) 419-9003 
investors

Investor Contacts: 
LHA 
Anne Marie Fields
(212) 838-3777
afields
or
Bruce Voss
(310) 691-7100
bvoss

 

SOURCE: Rosetta Genomics, Ltd.

 

 

Novacab International Inc. Announces Pilot Project With Papineau Transport

Novacab International Inc. (OTC Pink: NVOB) (PINKSHEETS: NVOB) is pleased to announce, the Pilot Project with Papineau Transport International using the Novacab System. The fuel economy, using the Novacab System having been validated by Transport Canada, this specific Pilot project is monitored by a telemetric system.

 

Papineau Transport International and immediate affiliates manages more than 100/175 combined Class 8 trucks just at one Hub. Following the positive results of the fuel economy with the use of the Novacab System, a proposal for the retrofitting addition of the Novacab system is to be elaborated. For the Papineau International Transport and immediate affiliates at this Hub, this represents a potential of $2,000,000 in retrofitting over the next 3 to 4 years.

 

Once the results of the savings of the Papineau Transport trucks using the Novacab System have been tabulated, the information of the savings will be readily transmitted to all members of the Group, therefore increasing the potential of retrofitting to all the Group.

 

Papineau is also a member of Transforce Group working with and/or supervising 20+ transport companies. The possibilities of retrofitting all trucks overseen by Transforce Group, 1,000 / 1,200 trucks, is also on a period of 3 to 4 years. Please note that for all their trucks 80 % travel to the United States.

 

Papineau Transport International is also Environmentally Responsible following same guidelines implemented by the Transforce Group.

 

Novacab International also announces the opening of our first Regional Office in Palm Springs California. The opening should be in the month of April 2014.

 

We will be strategically located at the Courtyard at Palm Springs on 777 Tahquitz Canyon Way Blvd. Palm Springs, CA 92262

 

The decision for Palm Springs as the first Regional Office stems from a large number of clients, interested in pursuing negotiations for both our Novacab Systems (Thermal Energy Storage), Novacab Automotive (TES) and Novacab Commercial, Industrial and Institutional Stationary (TES/S).

 

More updates are forthcoming.

 

Forward-Looking Statements
This news release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

 

Contact:
Donna Giroux
dgiroux

 

SOURCE: Novacab International Inc

China Commercial Credit Announces 2013 Results

China Commercial Credit, Inc. (NASDAQ: CCCR)

 

Net income of $7,704,970 on revenue of $12,541,075.

 

Year-end cash position of $9,405,865 vs. $1,588,061 at year-end 2012.

 

Loan capacity expanded with approval of IPO proceeds as contributed registered capital.

 

Total Shareholders’ Equity at $84,949,906 versus $67,249,079 at year-end 2012.

 

China Commercial Credit, Inc. (NASDAQ: CCCR), a microfinance company whose current major business is providing microcredit loans and loan guarantees to small-to-medium enterprises (SMEs), farmers and individuals in Jiangsu Province, today reported that, for the year ended December 31, 2013, the company had net revenue of $12,541,075 compared to net revenue of $12,586,724 in 2012.

 

Net income for the year ended December 31, 2013 was $7,704,970, or $.81 per share, on total average shares outstanding of 9,535,161. This compares to net income of $8,312,469, or $1.04 per share, on total average shares outstanding of 7,960,662 in the prior year period. Accounting for non-cash expenses of $752,500 related to the conversion of Series A and B Preferred Shares at the closing of the company’s IPO in August 2013, net income attributable to common stock shareholders was $6,952,470 for the year ended 2013 vs. $8,312,469 for the year ended 2012.

 

The decrease in 2013 net income compared to 2012 was primarily the result of an increase in total non interest expenses of $733,448, the majority of which comprised various travel expenses and legal and consulting costs. The 2013 net income was also negatively impacted by an increase in the provision for loan losses of $399,034, a charge assessed to reflect the added risk associated with the company’s increase in loan receivables of approximately $4.4 million, to $90,203,413 in 2013 from $85,781,293 in 2012.

 

The company’s cash position was $9,405,865 as of December 31, 2013, compared to $1,588,061 at year-end 2012. It included net IPO proceeds of $7.6 million, of which approximately $5.6 million has been approved by relevant government authorities as contributed registered capital to the company’s operating entity as of the end of Q1 2014. Therefore, as of April 1, 2014, such funds can be used to expand the company’s lending and guarantee capacity going forward.

 

Total Shareholders’ Equity at year-end 2013 increased to $84,949,906 from $67,249,079 at year-end 2012.

 

“While net income fell moderately in 2013, we anticipate improved operating results in the current year based on an improved cash and registered capital base for expanding our microcredit lending and guarantee business, as well as contributions from our three new ventures anticipated for launch in 2014,” said CEO and founder Mr. Huichun Qin. These ventures include a loan guarantee service for applicants on the Jiangsu Financial Bureau’s Internet-based lending platform, utilized by thousands of SMEs, farmers and individuals in Jiangsu Province; and Pride Financial Leasing, designed to offer leases on machinery and equipment, transportation vehicles, and medical devices to municipal government agencies, hospitals and SMEs in Jiangsu Province and beyond; and Pride Lending Club, an online loan portal pairing prospective borrowers with willing lenders and loan guarantors throughout China.

 

The company’s 2013 annual report on Form 10-K will be available online at www.sec.gov or by visiting the investor relations section of the China Commercial Credit website at http://www.ir-site.com/china-commercial-credit/default.asp.

 

About China Commercial Credit

 

China Commercial Credit (http://www.chinacommercialcredit.com), founded in 2008, provides business loans and loan guarantee services to more than 280 small-to-medium enterprises (SMEs), farmers and individuals in China’s Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals — which historically had been excluded from borrowing funds from State-owned and commercial banks — are now able to borrow money at competitive rates from microfinance lenders. According to 2012 data, SMEs account for eight of ten jobs in China and comprise nearly 60 percent of the nation’s GDP.

 

Investors wishing to receive CCC’s corporate communications as they become available may go to http://www.ir-site.com/china-commercial-credit/default.asp and register under Email Alerts. The company’s blog, “From The CEO,” also appears at the same site. Each new blog post will be announced on the company’s Twitter account, @CCCR_update, where readers may link directly to the post.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of United States securities laws. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. You should review the factors described in the section entitled “Risk Factors” in our prospectus filed with the SEC on August 14, 2013 and other documents we file from time to time with the SEC. We qualify all of our forward-looking statements by these cautionary statements.

 

 

 

 

 

CONTACT INFORMATION

 

Contact:

Investors

Jimmy Caplan
Asia IR/PR
512-329-9505
jimmy

Media
Rick Eisenberg
Asia IR/PR
212-496-6828
rick

 

SOURCE: China Commercial Credit, Inc.