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Archive for December 24th, 2012

FDS Group Acquires Custom Rubber Products

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Creates the Global Sealing Leader across All Segments of the Energy Industry
PARIS /PRNewswire/ — Building on its expansive growth in recent years, FDS Group has acquired Custom Rubber Products, the Houston-based manufacturer of elastomer, phenolics, and thermoset plastic products for upstream and midstream oilfield and industrial markets.
(Logo: http://photos.prnewswire.com/prnh/20121221/CL33707LOGO )
“Adding Custom Rubber Products to our portfolio immediately positions FDS as the global leader in static sealing technology across all segments of the energy industry: upstream, midstream, downstream and power generation,” said Remi Toledano, President and CEO of FDS Group. “Its innovative approach to designing and producing highly-specialized solutions, with an uncompromising eye toward reliability and safety, is an ideal fit with other FDS Group companies who operate with the same customer-centric values.”
This acquisition comes less than a year following FDS’ purchase of Canadian manufacturer AGS Group, Inc. FDS Group’s global network also includes Flexitallic, SIEM, Novus, Induseal and Sealex, with manufacturing operations in the U.S., Canada, Mexico, U.K., France, Germany and China plus licensed production partners worldwide.
“We were impressed by Custom Rubber Products’ ability to meet customer demand through its research and development activities,” noted Jerry Lastovica, FDS Americas President and CEO. “With FDS’ global distribution and manufacturing network, Custom Rubber will be able to address the local country requirements of its international customers.”
Custom Rubber Products (www.CustomRubber.com), founded in 1961, operates out of an 88,000 square foot manufacturing campus in Houston, Texas. With support for compression, transfer and injection molding, it incorporates more than 250 active elastomer and phenolic compounds for a broad spectrum of products and environments.
Financial terms of the sale were not disclosed.
About FDS Group
Established in 2004, FDS Group (www.FDSGroup.net) is a global leader in specialized sealing solutions and products serving the oil and gas, power generation, chemical and petrochemical industries in emerging and developed markets. Its operating companies include Flexitallic, AGS Flexitallic, SIEM, Novus, Induseal, Sealex and Custom Rubber Products. With approximately 1,200 employees, its 2012 sales are projected to reach $270 million USD.
Media Contact:
Nancy Battles, Bush Communications for FDS Group
+1-585-244-0270 or nbattles@bushcommunications.com
Source: FDS Group

Written by asiafreshnews

December 24, 2012 at 10:58 am

Posted in Uncategorized

Partial Settlement Proposed in Class Action Involving Hedge Funds Operated By The Fairfield Greenwich Group

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NEW YORK, Dec. 21, 2012 /PRNewswire/ — The following is being released pursuant to Order of the District Court for the Southern District of New York in Anwar v. Fairfield Greenwich Limited, 1:09-cv-00118 (VM).

SUMMARY NOTICE

TO:All beneficial owners of shares or limited partnership interests in Fairfield Sentry Limited, Fairfield Sigma Limited, Fairfield Lambda Limited, Greenwich Sentry, L.P. and Greenwich Sentry Partners, L.P. (collectively, the “Funds”) as of December 10, 2008 (whether as holders of record or traceable to a shareholder or limited partner account of record) (“Beneficial Owners”), who suffered a Net Loss of principal invested in the Funds (collectively, the “Settlement Class”). If you meet the above class definition, you could get a payment from a class action settlement.

A federal court authorized this Notice. This is not a solicitation from a lawyer.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on March 22, 2013, at 11:00 a.m., before The Honorable Victor Marrero, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York (the “Court”), for the purpose of determining (1) whether the proposed partial settlement of claims in the above-captioned Action for consideration including the sum of $50,250,000 in cash, plus an additional $30,000,000 that may be distributed subject to certain conditions, should be approved by the Court as fair, reasonable and adequate; (2) whether this Action should be dismissed with prejudice as to the FG Defendants pursuant to the terms and conditions set forth in the Stipulation dated as of November 6, 2012, as amended by the Amendment to the Stipulation of Settlement dated as of December 12, 2012; (3) whether the proposed plan to distribute the settlement proceeds (the “Plan of Allocation”) is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Plaintiffs’ Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Action and reimbursement of the Representative Plaintiffs’ reasonable costs and expenses (including lost wages) directly related to their representation of the Settlement Class should be approved.

If you were a Beneficial Owner of shares or limited partnership interests in one or more of the Funds as of December 10, 2008 and suffered a Net Loss in principal on your investment in those shares or limited partnership interests, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in the Funds. Net Loss means the total cash investment made by a Beneficial Owner in a Fund, directly or indirectly through one or more intermediaries, less the total amount of any redemptions or withdrawals or recoveries by that Beneficial Owner from or with respect to the same Fund.

If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form that is received no later than April 17, 2013, establishing that you are entitled to recovery.

If you desire to be excluded from the Settlement Class, you must submit a request for exclusion to Fairfield Greenwich Securities Litigation, c/o Rust Consulting, Inc., P.O. Box 2874, Faribault, MN 55021-8674 so that it is received by February 15, 2013. Any objection to any aspect of the Settlement must be filed with the Court, Plaintiffs’ Counsel Designee and Settling Defendants’ Counsel Designee, no later than February 15, 2013.

If you wish to receive a detailed Notice concerning the terms of the Settlement or the Proof of Claim and Release form, you may obtain copies by writing to Fairfield Greenwich Securities Litigation, c/o Rust Consulting, Inc., P.O. Box 2874, Faribault, MN 55021-8674, or by visiting http://www.FairfieldGreenwichLitigation.com.

Do not telephone the Court, the Clerk’s Office or any of the Defendants or Counsel for the Defendants regarding this notice.

DATED: December 21, 2012

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

Written by asiafreshnews

December 24, 2012 at 10:42 am

Posted in Uncategorized

Tagit’s First Aggregated mBanking Service Launched With Smartlink in Vietnam

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Collaboration with largest payment switch operator will benefit 51 banks in Vietnam and millions of mobile users
SINGAPORE/PRNewswire/ — Tagit, a leading Singapore-based mobile banking solutions company, today announced the launch of the first aggregated mobile banking service by leading Vietnamese payment switch operator, Smartlink.
Over 40 million domestic bankcard holders and 120 million mobile users in Vietnam are expected to benefit from Tagit’s Mobeix platform when Smartlink jointly deploys mobile services with the network’s growing base of member banks across Vietnam. Tagit’s collaboration with Smartlink will set the trend in Vietnam’s mobile payment space, opening up new growth opportunities for the mobile payments ecosystem in this market.
The new aggregated service business model from Tagit allows payment networks to deploy robust, scalable and secure mobile solutions, enabling member banks to offer innovative mobile services in a timely and cost-effective manner. Tagit will be adopting a usage-based model, an alternative business model from its current enterprise model that it has adopted with its banking customers.
Speaking on the collaboration and the launch of the new service in Vietnam, Mr. Navtej Singh (“Naffi”), Tagit’s President and Head of Business Development, said, “This is an important milestone for Tagit as we introduce our aggregated service, which will expand the user base on Tagit’s mobile platform and expand our presence in the region. By connecting with payment switch networks like Smartlink, Tagit’s mBanking platform will be quickly made available to all network member banks.”
Mobile penetration rate in Vietnam is estimated at 136%, according to a study by Pricewaterhouse Coopers, while smartphones penetration is relatively low at 11% based on statistics from GfK Asia, leaving room for growth for smartphones and mobile services in the market. With Vietnam ranked 25th among 35 countries in the MasterCard’s Mobile Payments Readiness Index, Vietnam’s mobile payments sector is slated to flourish in coming years.
“More Vietnamese consumers are adopting the mobile lifestyle, so we’re putting mobile at the core of our strategy to ensure that we keep pace with what customers want. We are pleased to have Tagit as a partner in deploying this service in the market and providing a stable and secured platform that will enable our member banks and end customers the ease of making transactions and bill payments on their mobile devices,” said Mr. Nguyen Đăng Hùng, Deputy CEO of Business Development and Technology at Smartlink.
The first bank to launch Tagit’s mobile banking service in conjunction with Smartlink is Vietcombank, the largest member bank under the Smartlink network. The new VCB Mobile B@nking application allows customers to perform core banking transactions which include account information query, funds transfer within Vietcombank system, bill payments and top-ups for prepaid mobile services. The application will be supported by all mobile networks in Vietnam and is compatible across all operating systems, including iOS, Android, Blackberry and Java systems. Through Tagit’s platform, customers of Smartlink will also be able to connect with other players within the mCommerce ecosystem and third-party entities, such as utility companies and government agencies in Vietnam.
In collaborating with payment networks like Smartlink, Tagit stands to increase their reach in their target markets and strengthen their position as a leading mobile solutions provider. Previously, Tagit has delivered mobile banking solutions for banks including DBS Bank, Singapore and Hong Kong, CitiBank India, UOB, Standard Chartered Bank and Maybank in Asia, to MovenBank and Royal Bank of Canada in North America.
About Tagit (http://www.tagitmobile.com)
Tagit is an award-winning Singapore-based mobile solutions company with a proprietary mobile banking and commerce platform which provides secure, scalable and innovative solutions for financial institutions and enterprises, to extend their web-based services to the mobile channel in a seamless and cost-efficient manner. Tagit’s proprietary mobility platform Mobeix enables rapid mobilization of banks and enterprises, payment switches and aggregators to deliver transactions with high security and scalability. Tagit is the Winner of the “Emerging Enterprise Award 2012” and has the distinction of being recognised as a “Singapore SME 1000” company based on its outstanding financial performance.
It has an impressive list of marquee bank customers in 10 countries across Asia, Middle-East, and N. America.
About Smartlink (www.smartlink.com)
Smartlink Card Service Joint Stock Company was founded by Vietcombank and 15 other banks. Smartlink operates an information processing system connecting to 51 banks and financial institutions, airlines, telecommunications, insurance and nearly 100 enterprises operating in the field of e-commerce in Vietnam. Smartlink supplies products and utility payment services on ATM, POS electronic transaction channels, mobile phones and the internet; connecting a network of nearly 16,000 ATMs and 77,000 POS (POS); and accepting payment for over 40 million domestic bankcard holders.
Source: Tagit

Written by asiafreshnews

December 24, 2012 at 10:05 am