EIN Presswire: IPO Press Releases

UTC Prices Offering of Senior Notes

Thu, 24 May 2012 21:35:23 +0000

UTC Prices Offering of Senior Notes

PR Newswire

HARTFORD, Conn., May 24, 2012 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) today announced that it has successfully priced an offering of senior notes consisting of:

$1.0 billion aggregate principal amount of 1.200 percent senior notes due 2015;
$1.5 billion aggregate principal amount of 1.800 percent senior notes due 2017;
$2.3 billion aggregate principal amount of 3.100 percent senior notes due 2022;
$3.5 billion aggregate principal amount of 4.500 percent senior notes due 2042;
$1.0 billion aggregate principal amount of floating rate senior notes due 2013; and
$500 million aggregate principal amount of floating rate senior notes due 2015.

The offering is expected to close on June 1, 2012, subject to customary closing conditions. Net proceeds from the offering are expected be used primarily to pay a portion of the cash consideration for the previously announced acquisition of Goodrich Corporation.

The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission.

United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained by contacting: BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC at 1-212-834-4533 or by mail to Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or HSBC Securities (USA) Inc. address, Attn: Prospectus Dept., 452 Fifth Avenue, New York, NY 10018, email: ny.equity.syndicate@us.hsbc.com, toll free: 866-811-8049.

This release includes statements that constitute "forward-looking statements" under the securities laws. Forward-looking statements often contain words such as "believe," "expect," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "confident" and similar terms. Forward-looking statements may include, among other things, statements relating to future and estimated sales, earnings, cash flow, financing plans, charges, expenditures, proceeds of divestitures, results of operations, uses of cash and other measures of financial performance. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties include, without limitation, our ability to consummate the offering of senior notes; the effect of economic conditions in the markets in which we operate, including financial market conditions, fluctuation in commodity prices, interest rates and foreign currency exchange rates; future levels of indebtedness and capital and research and development spending; levels of end market demand in construction and in the aerospace industry; levels of air travel; financial difficulties of commercial airlines; the impact of weather conditions and natural disasters; the financial condition of our customers and suppliers; delays and disruption in delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; the scope, nature or impact of acquisitions, dispositions, joint ventures and other business arrangements, including integration of acquired businesses; the timing of completion of the previously announced transactions with Goodrich and Rolls-Royce; the timing and impact of anticipated dispositions of non-core businesses; the timing and amount of anticipated gains, losses, impairments and charges related to such dispositions; the timing and impact of anticipated financings in connection with the anticipated Goodrich transaction; the development and production of new products and services; the anticipated benefits of diversification and balance of operations across product lines, regions and industries; the impact of the negotiation of collective bargaining agreements, and labor disputes; the outcome of legal proceedings and other contingencies; future availability of credit; pension plan assumptions and future contributions; and the effect of changes in tax, environmental and other laws and regulations and political conditions in countries in which we operate and other factors beyond our control. The closing of the Goodrich acquisition is subject to customary closing conditions, including regulatory approvals. The transaction with Rolls-Royce is also subject to customary closing conditions, including regulatory approvals. The completion of the proposed divestitures of non-core businesses is subject to uncertainties, including the ability to secure disposition agreements on acceptable terms; the satisfaction of information, consultation, and / or negotiation obligations, if any, with employee representatives; and satisfaction of other customary conditions. These forward-looking statements speak only as of the date of this release and we undertake no obligation to update or revise any forward-looking statements after we distribute this release. For additional information identifying factors that may cause actual results to vary materially from those stated in the forward-looking statements, see our reports on Forms 10-K, 10-Q and 8-K filed with the SEC from time to time, including, but not limited to, the information included in UTC's Forms 10-K and 10-Q under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" and in the notes to the financial statements included in UTC's Forms 10-K and 10-Q.

UTC-IR

Contact:	John Moran
	(860) 728-7062

SOURCE United Technologies Corp.

Unifi, Inc. Completes Redemption of its Senior Secured Notes; Enters into Senior Secured Credit Facility and Term Loans

Thu, 24 May 2012 21:01:00 +0000

Unifi, Inc. Completes Redemption of its Senior Secured Notes; Enters into Senior Secured Credit Facility and Term Loans

PR Newswire

GREENSBORO, N.C., May 24, 2012 /PRNewswire/ -- Unifi, Inc. (NYSE: UFI) (the "Company") announced today that it has completed the previously announced redemption in full of the remaining principal amount of $123,722,000 of its outstanding 11.5% Senior Secured Notes due 2014 (the "Notes"). As a result of the redemptions and new facility and term loans described below, the Company extended the maturity profile of its long-term indebtedness to May 2017 and expects approximately $9 million of annual interest expense savings compared to the fiscal year ended June 24, 2012. The Company redeemed the Notes pursuant to their terms at 100% of the principal amount of the redeemed Notes, plus accrued and unpaid interest.

The total aggregate redemption price was approximately $124.1 million, including approximately $0.4 million in accrued interest. The Company financed the redemption using approximately $21.7 million of cash-on-hand, and the proceeds from $60.0 million of borrowings under the new revolving credit facility and $80.0 million of borrowings under the term loans described below.

The Company also announced it entered into the previously disclosed Credit Agreement for a $150 million senior secured credit facility with Wells Fargo Bank, N.A. and Bank of America, N.A. (the "ABL Facility"), consisting of a $100 million revolving credit facility (the "ABL Revolver") and a $50 million term loan (the "ABL Term Loan"). In addition, the Company announced that it entered into the previously disclosed Credit Agreement with Wilmington Trust, National Association, as administrative agent, and MacKay Shields LLC, solely in its capacity as investment advisor or subadviser with investment authority for certain discretionary client accounts, for a secured term loan in the aggregate principal amount of $30 million (the "Term B Loan"). With the funding of the ABL Facility and the Term B Loan, the Company refinanced its existing indebtedness through the redemption of the Notes described above and the replacement of the Company's current Amended and Restated Credit Agreement with Bank of America, N.A. The ABL Facility and the Term B Loan became effective and funded on May 24, 2012 (the "Closing Date"), simultaneous with the redemption of the Notes. The ABL Revolver, the ABL Term Loan and the Term B Loan have a maturity date of May 24, 2017.

The redemption of the Notes and repayment of the current Amended and Restated Credit Agreement is expected to result in a one-time, pre-tax charge for early extinguishment of debt in the Company's fiscal 2012 fourth quarter of approximately $2.2 million or about $0.11 per share. This one-time pre-tax charge is a non-cash charge related to the write-off of the unamortized debt issuance costs associated with this extinguishment of debt.

Interest on borrowings under the ABL Facility and the Term B Loan will be at variable rates, with initial borrowings under the ABL Revolver and the ABL Term Loan bearing interest of LIBOR plus 2.0% and LIBOR plus 2.5%, respectively. Borrowings under the Term B Loan bear interest at LIBOR plus 7.5%, subject to a LIBOR floor of 1.25%. Under the terms of the ABL Facility, the Company is generally required to hedge the interest rate exposure on a minimum of $50 million of borrowings.

Unifi, Inc. (NYSE: UFI) is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. Key Unifi brands include, but are not limited to: AIO® - all-in-one performance yarns, SORBTEK®, A.M.Y.®, MYNX® UV, REPREVE®, REFLEXX®, MICROVISTA® and SATURA®. Unifi's yarns and brands are readily found in home furnishings, apparel, legwear, and sewing thread, as well as industrial, automotive, military, and medical applications. For more information about Unifi, visit www.unifi.com, or to learn more about REPREVE®, visit the new website www.repreve.com.

SOURCE Unifi, Inc.

Augen Capital Reports First Quarter 2012 Results

Thu, 24 May 2012 20:44:22 +0000

Augen Capital Corp. ("Augen" or the "Company") (TSX VENTURE:AUG) today announced its consolidated financial results for the three months ended March 31, 2012.

During the first quarter of 2012, the Company recorded a net loss of $530,770 (2011 - $2,372,060) or a net loss of $0.01 (2011 - net loss of $0.04) on a per share basis. This result was mostly due to a realized loss on sale of investments of $955,636 (2011 - gain of $378) offset by an unrealized gain of $758,065 (2011 - unrealized loss of $2,051,964). The Company generates income primarily through its investment portfolio, the value of which is closely related to global capital market conditions and the general economic environment.

Consolidated expenses during the three months ended March 31, 2012 were $337,671 (2011 - $325,263), an increase of $12,408 which was largely attributable to the increase in general and administrative expenses of $84,921 to $330,532 (2011 - $245,611), which was partially offset by a decrease in share-based compensation expense of $67,764 to $794 (2011 - $68,558) representing the vesting of stock options during the three month period. As a result, the Company has loss from operations of $1,288,835 (2011 - loss of $320,096), an increase of $968,739.

Consolidated Statements of Operations and Comprehensive Earnings (loss)
		2012		2011
For the three months ended March 31,		$		$
Income (loss)		(951,164	)	5,167
Expenses		337,671		325,263
Earnings (loss) from operations		(1,288,835	)	(320,096	)
Unrealized (gain) loss on FVTPL investments		758,065		(2,051,964	)
Earnings (loss) before income tax		(530,770	)	(2,372,060	)
Income taxes
	Current	-		174
	Deferred	-		-
		-		174
Net earnings (loss) and comprehensive earnings (loss)		(530,770	)	(2,372,234	)
Earnings (loss) per share
	Basic and diluted	(0.01	)	(0.04	)
Weighted average shares outstanding		77,837,039		62,074,212

Investment Portfolio

The Company's investments consist primarily of companies whose principal businesses are related to resource exploration and development. At March 31, 2012, the market value of the Company's investments was $853,942 (December 31, 2011 - 2,168,100), a decrease of $1,314,158 or 61% during the three months. The decrease was largely due to the selling of certain investments during the period. The Company's most significant investment represented 45% of the investment portfolio as at March 31, 2012. The realized loss on sale of investments continued to have a significant negative effect on the earnings of the Company.

The condensed interim consolidated financial statements for the three months ended March 31, 2012 and the Company's public documents are available at www.sedar.com. For more information on Augen Capital, visit our website at www.augencc.com or e-mail investor relations at investorrelations@augencc.com.

About Augen Capital

Augen Capital Corp. ("Augen") (TSX VENTURE:AUG) is a Toronto-based public mining merchant bank. The Company actively seeks, invests and finances prospective mining and resource projects and generates capital gains from the appreciation and disposition of merchant banking positions.

This news release contains forward-looking statements. These statements are based on certain factors and assumptions as set forth in this news release including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to results of exploration, project development, reclamation and capital costs of the companies in the merchant banking portfolios ("investee companies"), and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for the minerals the investee companies expect to produce; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company and investee companies. Additional risks and uncertainties can be found in our Management's Discussion and Analysis and in filings with the Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this news release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Shares outstanding: 77,837,039

Augen Capital Corp.
Amy Stephenson
Chief Financial Officer
416-479-3302
Toll-free: 888-442-8436

Delcath Announces Proposed Public Offering Of Common Stock And Warrants

Thu, 24 May 2012 20:28:06 +0000

Delcath Announces Proposed Public Offering Of Common Stock And Warrants

PR Newswire

NEW YORK, May 24, 2012 /PRNewswire/ -- Delcath Systems, Inc. (NASDAQ: DCTH) today announced its intention to offer, subject to market and other conditions, shares of its common stock and warrants to purchase shares of common stock in an underwritten public offering. Delcath also expects to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock and warrants offered in the public offering to cover over-allotments, if any. The proceeds of the offering will primarily be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, research, capital expenditures and working capital.

Cowen and Company, LLC and Wedbush PacGrow Life Sciences are acting as joint book-runners for the offering. Roth Capital Partners is acting as co-manager for the offering.

Delcath intends to offer and sell these securities pursuant to its existing shelf registration statement (File No. 333-178819) filed with the Securities and Exchange Commission on February 6, 2012, which was declared effective on February 13, 2012. A prospectus supplement describing the terms of the offering will be filed with the Securities and Exchange Commission and will form a part of the effective registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140) and from Wedbush Securities Inc. (One Bush Street, 17th floor, San Francisco, CA 94104, Attn: SF Prospectus Department, Phone: 415-274-6819, Fax: 415-274-6887). An electronic copy of the prospectus supplement and accompanying prospectus relating to the offering is available on the website of the Securities and Exchange Commission at www.sec.gov

This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of Delcath, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Delcath Systems

Delcath Systems, Inc. is a specialty pharmaceutical and medical device company focused on oncology. Delcath's proprietary system for chemosaturation is designed to administer high dose chemotherapy and other therapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company's initial focus is on the treatment of primary and metastatic liver cancers. In 2010, Delcath announced that its randomized Phase III clinical trial for patients with metastatic melanoma in the liver had successfully achieved the study's primary endpoint of extended hepatic progression-free survival. The Company also completed a multi-arm Phase II trial to treat other liver cancers. The Company obtained authorization to affix a CE Mark for the Delcath Hepatic CHEMOSAT® delivery system in April 2011 and for the second generation hemofiltration cartridge for CHEMOSAT in April 2012. The right to affix the CE mark allows the Company to market and sell the CHEMOSAT system in Europe. The Company has not yet received FDA approval for commercial sale of its system in the United States. The Company continues with the preparation of its NDA submission and intends to seek FDA approval for commercial sale of its chemosaturation system with melphalan. For more information, please visit the Company's website at www.delcath.com.

Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the benefits of the Generation 2 CHEMOSAT system and market acceptance of the same, patient outcomes using the Generation 2 system, the timing of the supply and distribution of the CHEMOSAT system to early launch centers in Europe, the time required to build inventory and establish commercial operations in Europe, adoption, use and resulting sales, if any, for the Hepatic CHEMOSAT delivery system in the EEA, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with terminal metastatic disease in the liver, acceptability of the Phase III clinical trial data by the FDA, our ability to address the issues raised in the Refusal to File letter received from the FDA and the timing of our re-submission of our NDA, re-submission and acceptance of the Company's NDA by the FDA, approval of the Company's NDA for the treatment of metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, approval of the current or future chemosaturation system for other indications, actions by the FDA or other foreign regulatory agencies, our ability to obtain reimbursement for the CHEMOSAT system, our ability to successfully enter into distribution and strategic partnership agreements in foreign markets and the corresponding revenue associated with such foreign markets, uncertainties relating to the results of research and development projects and future clinical trials, acceptance of our IND amendment, the timing and use, if any, of the line of credit from SVB, and our ability to access this facility, and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.

Contact Information:
Investor Contact:	Media Contact:
Doug Sherk/Gregory Gin	Janine McCargo
EVC Group	EVC Group
415-568-4887/646-445-4801	646-688-0425

SOURCE Delcath Systems, Inc.

Tekni-Plex, Inc. Announces Closing of $485 Million Senior Secured Notes Offering

Thu, 24 May 2012 19:30:39 +0000

Tekni-Plex, Inc. Announces Closing of $485 Million Senior Secured Notes Offering

PR Newswire

KING OF PRUSSIA, Pa., May 24, 2012 /PRNewswire/ -- Tekni-Plex, Inc. (the "Company") announced today the closing of its offering of $485 million aggregate principal amount of 9.750% Senior Secured Notes due 2019 (the "Notes").

The Company sold $485 million aggregate principal amount of the Notes at a price of 98.756% of the par value. The Notes are guaranteed by certain of the Company's domestic subsidiaries and secured by a first-priority lien on substantially all of the existing and future assets of the Company and the guarantors, other than existing and future accounts receivable, inventory and certain other assets, which secure the Company's asset-based revolving loan facility on a first-priority basis (the "ABL Collateral"). The Notes are also secured, on a second-priority basis, by the ABL Collateral. Each subsidiary that guarantees the obligations of the Company under the ABL facility also guaranteed the Notes.

The Company intends to use the net proceeds from the offering of the Notes, together with cash on hand and the proceeds of a $50 million equity offering to its existing equity holders, to repay its existing term loan and its currently outstanding 8.75% Senior Secured Notes due 2013, and to pay related fees and expenses. The Company today issued a notice of redemption for the 8.75% Senior Secured Notes. The redemption date will be June 25, 2012. The Company today also entered into an amendment to its existing asset-based revolving loan facility in conjunction with these transactions.

In connection with these transactions, Standard & Poors affirmed the Company's B- rating and revised its outlook from negative to positive. Moody's upgraded the Company's rating from Caa2 to Caa1 and revised its outlook from negative to stable.

The Notes were offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and outside the United States in reliance on Regulation S under the Securities Act.

The Notes have not been registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Tekni-Plex, Inc.

Tekni-Plex, Inc. is a global manufacturer of a range of technologically sophisticated and value added packaging products primarily serving the healthcare, food and consumer industries.

Contact:
Graham Sayers
Executive Vice President and Chief Financial Officer
(484) 690-1538

SOURCE Tekni-Plex, Inc.

Community Bank of the Bay Names William S. Keller Chief Executive Officer and Announces 2012 First Quarter Earnings

Thu, 24 May 2012 18:55:00 +0000

Community Bank of the Bay (OTCBB: CBYAA), a San Francisco Bay Area bank with locations in Oakland, Danville and San Jose, named banking veteran William Keller as its Chief Executive Officer and announced operating results for its first quarter ended March 31, 2012.

Mr. Keller has been serving as the Bank's President and Chief Operating Officer since early 2009 and brings over twenty years of banking experience to his position at Community Bank. Prior to joining the Bank, Mr. Keller was Chief Operating Officer at Diablo Valley Bank from its inception in 2003 to its successful sale. Preceding Diablo Valley Bank, he was Chief Executive Officer of Bay Bank of Commerce and Executive Vice President of Mid Peninsula Bank, both wholly owned subsidiaries of Greater Bay Bancorp, where he was a member of the Senior Management Committee and managed the Bank's initial expansion into the East Bay. Prior to joining Greater Bay Bancorp in 1999, Mr. Keller was with Oakland-based Civic Bank of Commerce for nine years, where he was a senior vice president and regional manager.

"Bill was instrumental in developing and executing the business and capital plan that allowed Community Bank to expand into two new markets and set the ground work for our goal of becoming the premier relationship bank in the Bay Area," said Frank Tsai, Chairman of Community Bank. "Bill's experience, market knowledge, client relationships and leadership capabilities make him uniquely qualified for this position and we are extremely pleased that he will be leading our team."

"In the last three years Community Bank has developed a presence in both the Diablo Valley and Silicon Valley regions to complement its traditionally strong Oakland market position," said Mr. Keller. "The fact that this was accomplished during an extremely difficult economic period is a testament to the deep relationships our bankers have within their communities. I am proud to be part of this team of dedicated and hard working professionals who truly believe in their clients and want to provide them with the best in personalized banking services."

2012 First Quarter Earnings

Net Income for the 2012 First Quarter totaled $256 thousand, or $0.06 diluted earnings per share, an increase of $150 thousand, or 141 percent, from $106 thousand, or $0.03 diluted earnings per share, reported in the 2011 First Quarter.
2012 First Quarter Net Income included $158 thousand of income from the sale of securities verse $373 thousand in the 2011 First Quarter.
Deposits grew $5.1 million to $110.4 million in the First Quarter 2012. Deposits have grown $13.0 million, or 13.4 percent, since the end of the 2011 First Quarter.
Loans declined $2.2 million to $95.7 million in the First Quarter 2012. Loans have grown $7.5 million, or 8.5 percent, since the end of the 2011 First Quarter.
Non-Accrual Loans increased to $4.9 million, or 5.11 percent of Total Loans, at March 31, 2012, versus $3.8 Million, or 3.84%, at the end of the 2011 Fourth Quarter and $4.0 million, or 4.53 percent, at the end of the 2011 First Quarter.
Net Interest Margin increased one basis point to 4.69 percent, compared with 4.68 percent for the 2011 Fourth Quarter and 4.46 percent for the 2011 First Quarter
Capital Levels remains well above FDIC "Well Capitalized" standards. First Quarter 2012 Equity of $15.5 million resulted in Tier 1 Leverage 11.71 percent and Tier 1 Risk-Based and Total Risk-Based Capital Ratios of 15.63 percent and 16.89 percent respectively.

Net income for the 2012 first quarter totaled $256 thousand, or $0.06 diluted earnings per share, versus $106 thousand, or $0.03 diluted earnings per share, for the 2011 first quarter. The increase in net income for the 2012 first quarter, versus the comparable quarter last year, is primarily due to a $154 thousand increase in net interest income after loan loss provision and $153 thousand decrease in non-interest expenses. These two positive factors were partially offset by a $215 thousand decrease in securities gains, primarily gains on sale of SBA loans.

The growth in net interest income for the 2012 first quarter increased primarily due to growth in average interest-earning assets. Total assets reached $135.0 million at March 31, 2012, an increase of $12.2 million, or 9.9 percent, from $122.9 million at March 31, 2011. Average earning assets for the 2012 first quarter reached $108.3 million, an increase of $8.0 million, or 7.2 percent, compared with the 2011 first quarter.

Deposits for the first quarter increased $5.1 million, or 4.9 percent, to $110.4 million at March 31, 2012. When compared with deposits at March 31, 2011, overall deposit growth for the last twelve months was $13.0 million, or 13.4 percent.

"We are extremely pleased with the way 2012 started. This is the first quarter since our mid-2010 capital raise and expansion effort that the Bank has reported a net profit after loan loss provision and before potentially one-time earnings such as gain on sale of securities and SBA loans and the Bank Enterprise Award. We look forward to building on these positive results; however, we recognize that we have considerable work ahead of us as we continue to expend effort and resources to improve our asset quality, while we continue to serve our clients and communities," stated William S. Keller, President and Chief Executive Officer.

Loans for the first quarter declined $2.2 million, or 2.2 percent, to $95.7 million at March 31, 2012. When compared with March 31, 2011, loan growth over the last twelve months was $7.5 million, or 8.5 percent. In addition the Bank sourced and sold for a premium $6.4 million of SBA guaranteed loans.

Non-Accrual Loans for the first quarter were $4.9 million, or 5.11 percent of Total Loans, at March 31, 2012, including $894 thousand of loans guaranteed by the U.S. Small Business Administration.

Frank Tsai, Chairman of the Board added, "This is an exciting time for our Bank. We have appointed a new CEO who has a demonstrated record of successfully growing financial institutions, and after three years which included a successful capital campaign and the addition of five new Directors, our Bank is beginning to see the results of its strategy. The attainment of 'core-profitability' in first quarter is an important milestone on our journey."

About Community Bank of the Bay

Community Bank of the Bay (OTCBB: CBYAA) serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with offices in San Jose, and Danville, CA. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and supports environmentally responsible values. Additional information on the bank is available online at www.communitybankbay.com.

Media Contact:
William S. Keller
President & CEO
510-433-5404
wkeller@communitybankbay.com

John Pollock Transfers Shares of Newstrike Resources Ltd.

Thu, 24 May 2012 18:31:52 +0000

Mr. John Pollock of Suite 902, 33 Delisle Avenue, Toronto, Ontario, announces that he has transferred ownership of 1,000,000 common shares of Newstrike Resources Ltd. ("Newstrike" or the "Company") to an immediate family member in a private transaction for personal planning purposes. These holding represent approximately 4.7% of the issued and outstanding common shares of Newstrike as of May 24, 2012. As a result of this transfer, Mr. Pollock together with his joint actors own and control an aggregate of 4,761,500 common shares of Newstrike, and convertible securities entitling them to acquire an additional 875,000 common shares of the Company, representing approximately 22.2% of the issued and outstanding common shares of the Company as at May 24, 2012 (or approximately 25.2% calculated on a partially diluted basis, assuming the exercise of the above-noted convertible securities only). Of this total, Mr. Pollock owns directly an aggregate of 3,839,000 common shares of Newstrike and 600,000 convertible securities of the Company, representing approximately 17.9% of the issued and outstanding common shares of the Company as at May 24, 2012 (or approximately 20.1% calculated on a partially diluted basis, assuming the exercise of the convertible securities held directly by Mr. Pollock only).

This transaction was effected for personal planning purposes and Mr. Pollock could increase or decrease his investments in Newstrike at any time, or continue to maintain his current investment position, depending on market conditions or any other relevant factor. The transfer was effected pursuant to the exemption contained in Section 2.8 of National Instrument 45-102.

Additional Information

Additional information regarding Newstrike is available on Newstrike's website at www.newstrikeresources.com and on www.sedar.com. A copy of the applicable securities report filed in connection with the matters set forth above may be obtained through Newstrike's offices.

Newstrike Resources Ltd.
Donald Rankin, Director
(416) 628-6556
(416) 628-5911 (FAX)
360 Bay Street, Suite 500
Toronto, Ontario, M5H 2V6

Virtutone Announces Update on Wholesale Operations

Thu, 24 May 2012 17:46:09 +0000

Virtutone Networks Inc.,("Virtutone") (TSX VENTURE:VFX) is pleased to announce that it has secured contracts for an estimated 17.7 million minutes per month of wholesale long distance from customers in its first month of wholesale operations.

"We have surpassed our initial targets for Virtutone's launch into the wholesale market. With the quality and price we are offering, we are getting an overwhelmingly positive response from Canadian, US, and international customers" said Jason Allen, Virtutone's President and Chief Executive Officer. "In addition, our sales team is engaged in numerous negotiations which we are confident will result in new customer wins. We look forward to providing continued successful updates as these deals come in".

About Virtutone Networks Inc.

Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: VoIP, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company's website at www.virtutone.com.

This document may contain certain forward-looking information or statements ("Forward- looking statements") as defined under applicable securities legislation that involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to: the termination, non-renewal of or default under of any wholesale contracts; changes in the global economy; a failure to negotiate new customer contracts from the above noted wholesale division. Forward-looking statements are any statements other than statements of historical fact. The use of any "plan" "expect " "project" "believe" "should" "anticipate" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. In particular, forward-looking statements included in the press release include, without limitation, statements regarding: Virtutone's wholesale services division and the benefits therefrom; and negotiations relating to potential new customers. The forward-looking-statements contained herein are based on certain assumptions including, without limitation, assumptions regarding: global economic conditions; changes in laws and regulations; the impact of Virtutone's new wholesale infrastructure; the market for wholesale telephony services. Although management believes the expectations reflected in the forward-looking statements contained herein are reasonable, no assurances can be given that any of the events anticipated in forward-looking statements will occur, or, if they do, what benefits Virtutone will derive therefrom. As such readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein. Virtutone assumes no obligation to update forward-looking statements, except as required by applicable law.

Virtutone Networks Inc.
Jason Allen
780-235-4100
www.virtutone.com

Graymark Healthcare Retains Genesis Select for Investor Relations

Thu, 24 May 2012 17:34:00 +0000

Graymark Healthcare, Inc. (NASDAQ: GRMH), a provider of care management solutions to the sleep disorder market, announced today that it has engaged Genesis Select for investor relations services.

Genesis Select will support Graymark's efforts to cultivate long-term relationships with the investment community by helping Wall Street gain a broader understanding of the company's growth and value proposition and its role in providing sleep testing services and care management solutions to people with chronic sleep disorders.

"Genesis Select is known for raising awareness of emerging small and micro-cap companies. We are focused on a large and growing demographic trend and building our business by improving our conversion rates, and increasing volume at our facilities. We will look to Genesis to convey our story to the street, and communicate our future opportunities as we expand into complementary markets," said Stanton Nelson, chief executive officer of Graymark.

"We look forward to working with Stanton and his team at Graymark," said Budd Zuckerman, president of Genesis Select. "We believe that Graymark has a distinctive story, providing superior sleep disorder solutions that meet the needs of patients and doctors seeking reliable results and improved quality of life for the 50 million Americans that suffer from sleep ailments."

About Graymark Healthcare, Inc.

Headquartered in Oklahoma City, Okla., Graymark Healthcare, Inc. (NASDAQ: GRMH) is the nation's second largest provider of sleep management solutions. In addition to diagnosing and treating over 80 sleep disorders, the company specializes in comprehensive care for Obstructive Sleep Apnea (OSA). Graymark offers its services through 105 sleep laboratories primarily in the Midwest, including standalone or IDTF facilities, therapy facilities, rural outreach hospital sites and urban hospital management agreements. For more information, visit www.graymarkhealthcare.com.

CONTACT: Investor Relations Contact:
Kimberly Rogers-Carrete, Partner
Genesis Select
(949) 429-7408
Email Contact

Company Contact:
Graymark Healthcare, Inc.
Stanton Nelson
Chairman and CEO
Tel 405 601 5390

Engage and Reverb Communications Bring Public Relations and Marketing to Gaming Companies and Cloud Service Providers

Thu, 24 May 2012 17:14:00 +0000

Unique Partnership Offers In-Depth Understanding of Both Markets as Cloud Rapidly Becomes Preferred Platform for Video Games

Reverb Communications, a veteran public relations, marketing and publishing digital entertainment agency, and Engage, a full-service communications agency specializing in the cloud, mobile and telecom markets, today announced a partnership providing public relations and marketing services to gaming companies and to cloud providers that are now delivering video games and gaming applications.

The cloud is changing the gaming business, bringing new players into the industry. Broadband access and availability means that cloud hosting and traditional service providers are increasingly important for the distribution and quality of the gaming experience. The Engage and Reverb Communications relationship is the only agency partnership that brings together knowledge and experience of the cloud, mobile, and telecom markets and all of the gaming platforms under one unified infrastructure.

"The partnership between Engage and Reverb Communications provides the collective resources to drive our clients' business forward in a fast-paced gaming market," said Doug Kennedy, president and CEO of Reverb Communications. "Our gaming clients want to be in the cloud space, while cloud providers want gaming customers. The combination of Reverb and Engage brings together business-to-business and consumer marketing and PR, giving our customers the best of both worlds."

"Many of our mobile and telecom clients want to understand how to market to the consumer market," said Jeannette Bitz, president of Engage. "They realize that consumer apps and their infrastructure are coming together in the cloud, and they need PR and marketing initiatives that respond to this trend. Our partnership with Reverb gives clients access to our deep expertise in both the consumer and telecom fields."

Strong growth in the gaming market is driving the need for a new approach to consumer and corporate communications. Gartner estimated that in 2011 the market for mobile and cloud-based gaming accounted for 15 percent ($11.9 billion) of the $74 billion worldwide gaming market. The analyst company predicts that in 2015 online gaming will account for the bulk of gaming market growth, with 20 percent ($28.3 billion) of total market sales of $112 billion.

Partnership Offers Wealth of Experience
The collective market experience of Engage and Reverb enables the agency partnership to provide clients with a complete solution incorporating sales, marketing, and public relations support. Clients no longer need to put up with segmented solutions from multiple agencies. Reverb and Engage work together to translate a client's unique message across all media channels to reach the audiences that matter, whether consumers, developers, carriers, or investors.

For more information about the partnership of Reverb Communications and Engage, email info@reverbinc.com or info@engagepr.com.

About Engage
Engage is an award-winning public relations and communications agency with a passion for results and a reputation for driving highly strategic, creative PR and communications programs for technology companies. The firm's domain expertise and strong track record enable it to create bold, results-oriented programs that capture the interest and respect of investors, customers, partners, and industry influencers. Engage is based in the heart of the San Francisco Bay Area/Silicon Valley. Engage has been recognized four times as one of the "Best Places to Work in the Bay Area" by the San Francisco Business Times, East Bay Business Times, and the San Jose/Silicon Valley Business Journal.
For more information about Engage, please refer to the agency's website, www.engagepr.com or visit the agency on YouTube, Twitter, and the Engage blog.

About Reverb Communications
Reverb Communications, Inc. provides a combination of public relations, marketing and business development programs, creating customized communications campaigns that directly contribute to a client's bottom line. Reverb specializes in launching videogames on all platforms including Xbox 360® video game and entertainment system from Microsoft, PlayStation®3 computer entertainment system Wii, Windows PC, Facebook and iPhone. The agency has worked on recognizable brands like Guitar Hero, Rock Band, The Beatles: Rock Band, Star Trek, Dungeon Defenders, iSamJackson, Zumba Fitness and many more.
For more information about Reverb Communications, please visit: www.reverbinc.com.

Jeannette Bitz
Engage
510-748-8200
jbitz@engagepr.com

Bexil Corporation Announces Annual Meeting and Conference Call

Thu, 24 May 2012 17:14:00 +0000

Bexil Corporation (PINKSHEETS: BXLC) announced today that its 2012 annual meeting of stockholders will be held at The Down Town Association, 60 Pine Street, New York, New York on June 5, 2012 at 11:00 a.m., local time, for the following purposes: to elect a director, to ratify the appointment of auditors, and to act upon any other business as may properly come before the meeting or any adjournment thereto. Stockholders of record at the close of business on April 5, 2012 are entitled to receive notice of and to vote at the meeting. After the formal business of the meeting is concluded, company executives will make a presentation of financial results and business developments, and respond to questions.

To access the annual meeting and presentation by conference call, please dial 1-218-862-6420, Access Code: 3396650#.

About Bexil Corporation

Bexil Corporation is a holding company engaged through subsidiaries in investment management, securities trading, and mortgage banking. To learn more about Bexil, including Rule 15c2-11 information, please visit www.bexil.com. Certain affiliates of Bexil are engaged in stock market and gold investing through investment management of equity and gold mutual funds and closed end funds.

Safe Harbor Note

This release contains certain "forward looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Bexil Corporation, which may cause the actual results to be materially different from those expressed or implied by such statements. The forward looking statements made herein are only made as of the date of this release, and Bexil undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.

This press release is neither an offer to sell, nor a solicitation of an offer to buy, shares of any company, nor is it a solicitation of any proxy.

Contact:
Thomas O'Malley
Chief Financial Officer
1-212-785-0400, ext. 267
Email Contact
www.bexil.com

Union Equity, Inc. Increases Revenues by Over 115% for Quarter Ending March 31, 2012 as Compared to the Same Quarter Last Year

Thu, 24 May 2012 16:40:00 +0000

Company Also Increases Its Net Income by Over 200% as Compared to Same Quarter Last Year

Union Equity Inc. (PINKSHEETS: UNQT) is pleased to announce that the Company has generated $259,028 in revenue for the three months ended March 31, 2012 as compared to $63,799 in revenue for quarter ending March 31, 2011, which is an increase of 115%. The increase in revenue is due to the Company's increase in class 8 semi trucks which generate additional lease revenues and management fees.

Union Equity reported total net income of $71,822 for quarter ending March 31, 2012 as compared to $7,573 for the previous quarter ending March 31, 2011. The increase in net income is due to the increase in lease revenue and management fees produced by the Company's subsidiary. http://www.otcmarkets.com/stock/UNQT/financials

The Company recently announced that its wholly owned subsidiary, Union Equity Investments, Inc., has acquired 100% ownership of Natural Product Laboratories LLC, a privately held company based in Melbourne, Florida, in exchange for an undisclosed amount of Union Equity, Inc.'s restricted Stock and cash. Natural Product Laboratories is a contract filler and blender of FDA regulated custom personal-care products for the hotel, resort and destination spa industry.

For more information, please visit: www.unionequityinc.info

Follow Union Equity, Inc. on Twitter: http://twitter.com/#!/UNQT

To Learn more about Natural Product Laboratories, please call the toll free number: 888-522-2550

About Union Equity, Inc.

Union Equity, Inc. is a holding company that is comprised of 3 subsidiaries (Easy Semi Truck Leasing America LLC, Natural Product Laboratories LLC and Union Equity Investments, Inc.) that cover a vast business spectrum. Easy Semi Truck Leasing America LLC is a commercial truck leasing business engaged in leasing class 8 commercial trucks to owner operators located around the contiguous 48 states. Easy Semi Truck Leasing America's strategy has been to target both groups of owner operators through an aggressive marketing program and complete "one stop shop" solution for the owner operator. Through their unique business model, the Company is able to provide owner operators with a leased truck regardless of their credit history.

Natural Product Laboratories LLC (NPL) laboratory and production facility is located in Melbourne, Florida and is FDA regulated and certified as well as Green Seal approved to produce the highest quality skin-care, personal care, hair, pet, baby and sunscreen products. The Company specializes in formulizations of new product lines as well as reverse engineering existing products. The staff includes a licensed chemist and certified microbiologist, with over 25 years' combined experience. NPL's skilled production team and broad range of equipment allows them to accommodate almost any size order. Packaging capabilities include a wide range of sizes for both professional and retail use. To Learn more about Natural Product Laboratories, please call the toll free number: 888-522-2550

Union Equity Investment, Inc. is to provide the best possible risk-return value for Union Equity shareholders, by making direct investments into or outright purchases of revenue generating foreign and domestic private/public companies, which are in the need of a strong management team and capital in order to make it to the next level.

Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Contact:
David Donlin
Cervelle Group
407-299-2377

Freddie Mac Prices $1 Billion Reopening of 1.00% Five-year Reference Notes® Security

Thu, 24 May 2012 15:22:56 +0000

Freddie Mac Prices $1 Billion Reopening of 1.00% Five-year Reference Notes® Security

PR Newswire

MCLEAN, Va., May 24, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) announced today that it auctioned a $1 billion reopening of its 1.00% five-year USD Reference Notes® security that matures on June 29, 2017. The stop yield for the issue, CUSIP 3137EADH9, was 1.091%, priced at 99.55135, or approximately 31.6 basis points more than five-year U.S. Treasury Notes. The bid-to-cover ratio was 3.795 to 1.

After the reopening, which was conducted via an Internet-based auction, the outstanding size of the 1.00% five-year Reference Notes security will be $4 billion. The issue will settle on Tuesday, May 29, 2012, and is listed on the Euro MTF market of the Luxembourg Stock Exchange. All auction details can be found on Freddie Mac's Debt Securities Web page, www.FreddieMac.com/debt/auctionrepurch/auctions.html.

This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission ("SEC") on March 9, 2012; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 ('Exchange Act") since December 31, 2011, excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information "furnished" to the SEC on Form 8-K.

Freddie Mac's press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2011, and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company's Web site at www.FreddieMac.com/investors and the SEC's Web site at www.sec.gov.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

SOURCE Freddie Mac

DAC Scotland: Address Any Money Worries Now

Thu, 24 May 2012 15:16:11 +0000

Responding to worrying predictions about increasing Scottish unemployment, DAC Scotland reminds readers of the importance of tackling any money worries they may have.

For people with money worries, the time to address them is now, says DAC Scotland, stressing the potential dangers that lie ahead for many Scottish residents. The warning comes in response to a recent report that predicts rising unemployment across the country.

The report, from the Centre for Economics and Business Research (Cebr), indicates that unemployment will keep rising for the next five years in every part of the UK except London, the South East and East of England.

Worse still, the report picks out Scotland as one of the worst-affected regions. Heavily reliant on the public sector (which employs almost one in four workers in Scotland), it's particularly vulnerable to the expected Government cutbacks.

Looking ahead, the Scottish jobless rate is expected to rise from 8.1% today, passing the UK average this year and climbing to 9.7% in 2016. The last time the rate was higher was back in 1993, before many of today's younger workers were even born.

"These figures point to a very real danger for households across Scotland," a spokesperson for Debt Advisory Centre Scotland commented. "When a family loses a source of income, their finances can go from bad to worse more quickly than they ever expected. Monthly payments they can cope with today can easily become completely unaffordable - particularly if the person who's lost their job is the main or only breadwinner.

"No-one ever knows what the future holds, but this prediction from the Cebr underlines why this a particularly worrying time for people across Scotland."

So what can be done? With rising living costs and low pay rises already making life difficult, what can a household do to 'prepare for the worst'?

The DAC Scotland spokesperson continued: "A good way to prepare for an uncertain future is to focus on paying off debt and building up savings - in that order.

"It rarely makes sense to put money away for tomorrow when debts are accruing interest today. Figures from the Bank of England show that the average overdraft rate was over 19.5% in May, while the average instant-access account paid just over 0.2%, so someone with equal amounts of debt and savings will almost certainly see their debt growing far faster than the money they've saved.

"It's always a good idea to reduce your debt levels, but today's economic climate - and predictions of worse to come - will mean many people are feeling a greater sense of urgency than usual."

The other side of preparing for the worst, of course, is hoping for the best. That scenario of 9.7% unemployment still means the vast majority of Scots won't lose their jobs - but even so, reducing their debt levels will set them up for a bright future.

"And some people will inevitably end up with bankruptcy as the best - or only - answer to their debt problems," the spokesperson concluded. "We would like to remind people of the LILA [Low Income, Low Asset] route into bankruptcy. This was only introduced in April 2008, so many people who need to enter bankruptcy might not be aware that the LILA route could help them do so. As the name says, it's specifically designed to help people on a low income and with few valuable assets."

Notes to Editors

Debt Advisory Centre Scotland provides debt help and advice to Scottish residents. It's part of the Think Money Group, which is one of the UK's leading financial solutions providers and delivers a comprehensive range of financial services, including debt, insurance and banking solutions.

For more information, visit the Debt Advisory Centre Scotland website at http://www.dacscotland.co.uk.

Debt Advisory Centre Scotland
Melanie Taylor
0845 056 6480
Melanie.Taylor@dacscotland.co.uk
www.dacscotland.co.uk

Northern Bank Goes Live With SEI Global Wealth Services

Thu, 24 May 2012 14:06:00 +0000

SEI to Power Northern Bank Portfolio and Client-Management Activities

SEI (NASDAQ: SEIC) announced today that Northern Bank has gone live with the company's Global Wealth Services (GWS) offering. Through GWS, SEI will provide Northern Bank with investment processing, order management, and client servicing solutions.

SEI first announced Northern Bank as a new infrastructure client on its third-quarter 2011 earnings conference call. After converting a portion of the business during the fourth quarter of 2011, SEI has now successfully converted the balance of Northern Bank's discretionary business.

Northern Bank, a wholly owned subsidiary of Danish bank Danske, is one of the leading retail banks in Northern Ireland and offers a full range of banking services to personal, business, and corporate customers.

The strategic partnership will enable Northern Bank to enhance its client experience, promote its services and products in the intermediary market, establish a foundation for future growth, and offer clients access to more efficient wealth management services. In particular, SEI will support Northern Bank's operating model, including the underlying platform and practices that drive its Wealth Planning and Asset Management activities.

At the core of SEI's offering is its Global Wealth Platform (GWP), which will provide Northern Bank with a single, scalable, and integrated wealth management infrastructure to efficiently and actively manage client portfolios.

SEI provides its GWS to a range of firms across the wealth-management spectrum and today's announcement follows recent strategic partnerships established with Premier Asset Management and ARIA.

Ryan Hicke, Managing Director, SEI's Global Wealth Services U.K., said:

"SEI has a long-standing pedigree of delivering investment processing services to banks, and we are very excited to add Northern Bank to that group. Northern Bank has a clear commitment to both improving its current client position and creating a more scalable infrastructure to power its growth plans. Northern Bank shares our goal of creating a unique set of wealth-management solutions that can be implemented across client segments."

Jeremy Stewart, General Manager Private Banking and Wealth Management, Northern Bank, said:

"We were looking for a strategic partner who could springboard the re-launch of our Wealth Planning and Asset Management offering. SEI's Global Wealth Services has the scalability and flexibility to accommodate our current and future needs. By outsourcing investment-processing services to SEI we will be able to navigate and adapt to an ever-changing market. Additionally, we will be able to focus on servicing our clients and growing our business."

About SEI's Global Wealth Services
SEI's Global Wealth Services is an outsourcing solution for wealth managers combining wealth processing technology and wealth management programs, coupled with business process expertise. The integrated offering aims to provide wealth management organisations the infrastructure, operations and administrative support necessary to capitalise on their strategic objectives in a constantly shifting market.

At the heart of the solution lies the Global Wealth Platform, which supports trading and transactions on 102 stock exchanges in 46 countries and 33 currencies, all using straight-through processing. For more information, visit www.seic.com/pwi.

About SEI
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2012, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $428 billion in mutual fund and pooled assets or separately managed assets, including $189 billion in assets under management and $239 billion in client assets under administration. For more information, visit http://www.seic.com/enUK/index.htm.

About Northern Bank Asset Management
Northern Bank Asset Management has over 50 years experience in managing investments on behalf of individuals, businesses, charities, trusts and pension schemes. It provides a local and accessible approach to investment management through a highly experienced investment team who offer a range of innovative investment strategies.

Northern Bank is one of the leading retail banks in Northern Ireland. Northern is part of the Danske Bank Group, a major Nordic Bank and International Asset Manager managing more than EUR 66 billion in assets.