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Archive for October 2nd, 2013

Frost & Sullivan Applauds Riello UPS for the Outstanding Features and Functionalities of its UPS Products

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— Riello UPS has gained a competitive edge by proactively identifying and addressing the challenges of power protection

MOUNTAIN VIEW, Calif., Oct. 1, 2013 /PRNewswire/ — Based on its recent analysis of the uninterruptible power supplies market, Frost & Sullivan recognizes Riello UPS with the 2013 Global Frost & Sullivan Award for Product Leadership. Riello UPS uniquely designs its products to provide a balanced combination of various features and functionalities, instead of focusing on a single feature.

Riello UPS continually adds innovative elements to its existing product line. The SuperCaps UPS is a fine example of innovative UPS systems, as it uses super capacitors to accumulate energy, instead of conventional batteries. The SuperCaps UPS increases energy efficiency, reduces dependency from ambient working temperature and reduces footprints, making it ideal for installations where floor space is limited, in extreme temperature working environment and in applications sensitive to short power supply interruptions.

At the heart of the SuperCaps UPS is a sophisticated control system that manages the charge/discharge cycle of the super-capacitors and optimizes its lifecycle, which may exceed a million cycles. Therefore, SuperCaps represents the best choice whenever long life time, low maintenance needs, and tolerance to extreme ambient conditions are required.

Riello UPS’s new containerized solution, PowerBox, contains all the switchgear and distribution panels needed to deliver uninterruptible power from a combination of power solutions. This includes a UPS, flywheel energy storage system, battery packs and suitably rated generator. The PowerBox enables customers to use more building space for critical IT infrastructure by eliminating the need for dedicated space in the central facility or plant room for UPS systems.

Riello UPS recently developed a transformer-based UPS, the Master HP HE (where HE stands for High Efficiency), which compares well with top-class transformer-less UPS in terms of efficiency and compactness. At the same time, it offers the advantages of an output isolation transformer architecture in terms of electrical security and reliability. This unique combination makes the Master HP HE the best uninterruptible power supply the market is looking for.

“The three key aspects that have stoked the high acceptance of Riello’s products in the global market are performance, reliability and service,” said Frost & Sullivan Industry Analyst Gautham Gnanajothi. “Riello UPS employs a sophisticated self-diagnostic system in its UPSs, which makes problem identification extremely simple. Furthermore, the overall architecture and design of Riello’s UPS allows technicians to repair or replace the PC boards and any other components quickly and easily.”

Importantly, Riello UPS ensures superior ROIs in all its products. The company achieves this by ensuring top in class energy efficiency, the highest protection for the load, superior power conversion and reduced need for air conditioning. Riello also offers flexible operating modes such as on-line, smart, and stand-by in order to ensure minimum consumption, and compatibility with the conditions of the load and the mains.

The company’s high-quality solutions and excellent ROI can also be attributed to its power storage efficiency. Riello incorporates intelligent charging/discharging cycles to guarantee longer battery life. The flexibility of possible parallel architectures and dynamic parallel management further enhance the value of the product.

Riello UPS stands out for the efficiency and reliability of its products, causing competing UPS manufacturers to try emulating its success. For instance, in the three-phase range, some of Riello’s competitors try to match its efficiency, and others, its energy density (KW/sq.m; others attempt to provide comparable communication features.

“Though these competing companies may find some level of success in individual features, none offer the holistic performance efficiency of Riello’s UPS solution,” concluded Gnanajothi.

Each year, Frost & Sullivan presents this award to the company that has demonstrated innovation in product features and functionality that provides enhanced quality and higher value to customers. The award recognizes the rapid acceptance such innovation finds in the marketplace.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Riello UPS

Riello UPS is the brand of the static Uninterruptible Power Supplies designed and produced by RPS S.p.A., a company based in Italy owned by Riello Elettronica Group. They are specifically designed for critical applications in datacenters, communication systems, offices, medical environments, transportation, industrial complexes etc. Riello UPS is a leader in Italy and firmly placed between the first 4 companies in the worldwide market for technological research, production, sales and assistance. Research of quality, resources optimization and a strong push to the technological innovation, together with the seriousness, the consistency and the experience, makes RPS a company able to satisfy a market in strong expansion. The expanding strategy on the international markets through commercial companies, that offer a very high and qualified local service level, made Riello UPS present in the whole world. Today RPS has two production sites in Italy, twenty subsidiary companies in Europe, China, India, Singapore and Australia; and a capillary presence in more than 80 countries of the world.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion

Join Us: Join our community

Subscribe: Newsletter on “the next big thing”

Register: Gain access to visionary innovation

Contact:

Mireya Espinoza
P: +1.210.247.3870
F: +1.210.348.1003
E: mireya.espinoza@frost.com

Luca Ghidini
E: l.ghidini@riello-ups.com
Source: Frost & Sullivan

Written by asiafreshnews

October 2, 2013 at 5:27 pm

Posted in Uncategorized

CROMSOURCE Expands in France – Opens New Office

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VERONA, Italy, Oct. 1, 2013 /PRNewswire/ — CROMSOURCE, an international full service contract research organization (CRO), today announced the official opening of new office premises in Paris, France.

‘CROMSOURCE continues to grow successfully as a result of our unique commitment to deliver our clients’ projects on time, on budget and to the highest quality,’ noted Oriana Zerbini, CEO of CROMSOURCE. ‘As a result we needed to increase our presence in France, and I am delighted to announce that we have done this through expansion of our team and the opening of new office premises.’

‘With more than 33% of international phase II and III studies being performed here, France is a key strategic country for CROMSOURCE,’ said Christian Milla, Global Head of the Medical Division and Director of Operations, France. Christian is based in the new offices, which are located on the Left Bank area of Paris, close to the University of Sciences and the Paris Biopark. ‘We have been growing our activity here year on year, and we look forward to further growth in this region in years to come. With our intense client focus, comprehensive service portfolio and international reach we are a perfect development partner for the vibrant life sciences industry in France. Being on the French Ministry of Research (FMR) list of approved CROs also means that many of our clients can claim significant tax credits for R&D activities executed by CROMSOURCE on their behalf.’

Margherita Mosconi, Director of Client Project Development, added, ‘There is a high demand in France from smaller biopharmaceutical and medical technology companies for knowledgeable partners who can support them and keep within timelines and budgets. These clients appreciate the CROMSOURCE philosophy of acting as an expert addition to their team. We leverage our expertise to propose the optimal approach to each of their projects. Uniquely, we then guarantee to deliver the plan to the highest quality, on time and on budget.’

About CROMSOURCE: Founded in 1994, CROMSOURCE is a high quality ISO-certified international provider of outsourced services to the pharmaceutical, biotechnology and medical device industries, specialized in clinical development and staffing solutions. CROMSOURCE is unique in providing clients with a guarantee that projects will be delivered according to agreed timelines and within the original contract budget.

Contact:
Margherita Mosconi
CROMSOURCE (European Headquarters)
Via Scuderlando, 10
37135 Verona, Italy

Phone: +39-045-8222811
Fax: +39-045-8222812

http://www.cromsource.com
margherita.mosconi@cromsource.com

Source: CROMSOURCE

Written by asiafreshnews

October 2, 2013 at 5:05 pm

Posted in All releases

Far East Energy Reports 54% Increase in Shouyang Water Production; Appraisal Wells Reveal 10 Meter Coal Seam Thickness; and Next Update Conference Call Announced

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HOUSTON, Sept. 30, 2013 /PRNewswire/ — Far East Energy Corporation (OTCBB:FEEC), the U.S. listed company that operates the Shouyang Block coalbed methane (CBM) Production Sharing Contract in Shanxi Province, Peoples Republic of China, in partnership with China United Coalbed Methane Co., Ltd., is pleased to announced the latest results of its intensive 2013 drilling program.

Since early June when the first group of wells were fraced, weekly water production across the Shouyang Block 1H core production area has risen 54%. This increase in field water production results from the first 26 wells fraced and placed on pump in 2103. An additional 8 wells will soon be placed on pump, which will further add to the water production.

Commenting, CEO Michael R. McElwrath said, “We are exceptionally pleased to register such a strong rise in water production on the basis of the first 26 of our recently fraced wells being placed on pump across the past few months. This increase in water production, coming as it does from only 26 wells, clearly indicates the effectiveness of our new fracs, and we look forward to seeing how the next group of wells will further contribute to the dewatering of the field. Historically, this is exactly what we should expect to see from a high-permeability, high gas content CBM project. As new wells continue to come on-stream, and water production continues to increase, sufficiently de-pressurizing the seam, the high levels of CBM gas contained in the seam should be released and produced.”

Appraisal Wells Reveal 10 Meter Coal Seam Thickness
As the Company continues to analyze the results of the appraisal well drilling program, in the southern and eastern sections of the Shouyang Block, recent appraisal wells have revealed coal seam thickness as high as 10.3 meters in the target #15 coal seam, which compares to previously known ranges of 3-5 meters of thickness.

McElwrath continued, “These recent appraisal well results further confirm the world-class nature of the Shouyang Block, as evidence of these thicker coals in the southeastern portion of Shouyang, coupled with high gas content, indicates excellent production potential. We hope to see this new data provide added uplift to our gas resources, and ultimately, to our valuation.”

Update Conference Call Announced
Far East will host a conference call to update shareholders and other interested parties on Tuesday, October 8, 2013, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Robert Hockert, China Country Manager, and Huw Williams, Director of Asian Investor Relations, will discuss the 2013 drilling and operations program.

Conference Call Details
Conference call details will be announced shortly and will be posted on the Company’s website atwww.fareastenergy.com.

Far East Energy Corporation
Based in Houston, Texas, with offices in Beijing, and Taiyuan City, China, Far East Energy Corporation is focused on coalbed methane exploration and development in China.

Statements contained in this press release that state the intentions, hopes, estimates, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content; there can be no assurance as to the volume of gas that is ultimately produced or sold from our wells; the fracture stimulation and drilling programs may not be successful in increasing gas volumes; due to limitations under Chinese law, we may have only limited rights to enforce the gas sales agreement between Shanxi Province Guoxin Energy Development Group Limited and China United Coalbed Methane Corporation, to which we are an express beneficiary; additional wells may not be drilled, or if drilled may not be timely; additional pipelines and gathering systems needed to transport our gas may not be constructed, or if constructed may not be timely, or their routes may differ from those anticipated; the pipeline and local distribution/compressed natural gas companies may decline to purchase or take our gas, or we may not be able to enforce our rights under definitive agreements with pipelines; conflicts with coal mining operations or coordination of our exploration and production activities with mining activities could adversely impact or add significant costs to our operations; our lack of operating history; limited and potentially inadequate management of our cash resources; risk and uncertainties associated with exploration, development and production of coalbed methane; our inability to extract or sell all or a substantial portion of our reserves and other resources; we may not satisfy requirements for listing our securities on a securities exchange; expropriation and other risks associated with foreign operations; disruptions in capital markets affecting fundraising; matters affecting the energy industry generally; lack of availability of oil and gas field goods and services; environmental risks; drilling and production risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

Source: Far East Energy Corporation

Related stocks: OTC-PINK:FEEC

Written by asiafreshnews

October 2, 2013 at 4:57 pm

Posted in All releases

Star Cool Releases CA Reefer Film

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TINGLEV, Denmark, Sept. 30, 2013 /PRNewswire/ — With a four-year track record, Star Cool Controlled Atmosphere offers customers leap potential in a number of new reefer segments

Until a few years ago, it was not possible to transport bananas from growers in Ecuador to consumers in Azerbaijan except by air. Then came a reefer trade game changer, MCI’s Star Cool Controlled Atmosphere (CA). Now, a new animation film seeks to explain the simple and affordable technology behind.

To view the Multimedia News Release, please click:
http://www.multivu.com/mnr/63464-maersk-star-cool-reefer-film

(Logo: http://photos.prnewswire.com/prnh/20120531/537201)

Banana producers soon saw potential travel time increase from 20 to 45 days. Bananas from the Matanuska Farm in Mozambique’s Nacala region, for example, could suddenly reach markets in Europe and Asia, and Star Cool CA allowed exporters in Ecuador access to banana consumers in Baku, Azerbaijan.

Four years hence, more than 25,000 Star Cool CA reefers are in action around the world on several major reefer container lines in both Asia and Europe.

The new CA animation goes beyond banana and avocado exports to target shippers of a wide range of high-respiring fruits and vegetables such as asparagus or mango.

The Star Cool CA track record is based on a simple patented design. During transport, the biological respiration processes within the cargo will consume the container’s O2 so the Star Cool trick is to control this process with a membrane filter. In an energy efficient way, the filter releases excess CO2, which in some cases can damage the cargo if left uncontrolled.

“We took a technology well known from other contexts and developed it further. Star Cool CA uses a permeable membrane and a vacuum pump to extract excess CO2 from the cargo,” says Gert Jorgensen, head of MCI’s research and development section.

Acquisition and operation cost is important for the use of CA in new trades.

“More customers will be able to use CA because the acquisition cost is relatively low. They will also save money on operations as cost per trip is kept to a minimum,” says Anders G. Holm of MCI Sales and Marketing.

The Star Cool CA animation follows a similar film about MCI’s automated ventilation, AV+. “Don’t leave your fridge open!” shows how AV+ controls the air intake in a reefer to save energy and to preserve cargo quality.

Source: MCI

Written by asiafreshnews

October 2, 2013 at 4:44 pm

Posted in All releases

SIRVA Wins Two EMMA Awards from the Forum for Expatriate Management

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CHICAGO, Sept. 30, 2013 /PRNewswire/ — SIRVA Worldwide Inc., a leading global relocation and moving services provider, received two Asia-Pacific Expatriate Management and Mobility Awards (EMMAs) from the Forum for Expatriate Management (FEM). SIRVA won the Destination Services Provider of the Year Award for its successful global performance, high customer satisfaction ratings and innovation. Allied Pickfords, a SIRVA company, won the International Moving Company of the Year Award for quality and service excellence across the globe.

In addition to receiving two EMMAs, SIRVA was highly commended in the Best Vendor Partnership award category for its outstanding partnership with Schneider Electric (SE) Pacific. SIRVA and SE Pacific were recognized for their seamless collaboration and success in centralizing SE Pacific’s mobility model in order to gain greater consistency, control and insight into assignee activity and mobility costs.

“It is an honor to be recognized for the exceptional strength and quality of our global relocation and moving services,” said Jacob George, SIRVA president of Asia and Middle East markets. “We are committed to delivering world-class solutions which elevate our clients’ mobility programs. These awards are a testament to the dedication and global expertise of the SIRVA team, as we work to exceed customer expectations each day.”

FEM also honored SIRVA’s Nithya Abraham as a runner up for the Global Mobility Rising Star of the Year and recognized Lorraine Jennings as highly commended in the Global Mobility Professional of the Year category.

The Forum for Expatriate Management hosts the EMMA awards annually to recognize excellence in global mobility. The awards are independently judged by highly esteemed leaders in the mobility industry.

To learn more about SIRVA, call 1.800.341.5648/ +44.1793.619.555/ +852.2104.6668 or visit www.sirva.com.

About SIRVA Worldwide, Inc.

A leading worldwide provider of relocation and moving solutions, SIRVA Worldwide, Inc. (www.sirva.com) provides more than 230,000 relocations per year to corporations, government employees, and individual consumers through its family of companies. The Company delivers the best mobility experience at the lowest total cost to relocate through complete management of the global supply chain, the world’s leading global operations, industry-leading risk management processes, and full accountability and transparency of costs. SIRVA’s family of companies includes Allied, Allied International, Allied Pickfords, DJK Residential, Global, northAmerican, northAmerican International, SIRVA Mortgage, SIRVA Relocation, SIRVA Move Management, SIRVA Global Relocation and SIRVA Settlement.

Media Contacts

Tammy Monroe
+1.513.459.5699

Source: SIRVA Worldwide, Inc.

Written by asiafreshnews

October 2, 2013 at 4:26 pm

Posted in All releases

New Fluke infrared cameras with LaserSharp(TM) Auto Focus deliver in-focus images for the best imaging accuracy

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— Advanced wireless connectivity and the new SmartView® Mobile app maximizes productivity in the field

EVERETT, Washington, Sept. 30, 2013 /PRNewswire/ — Fluke Corporation introduces the Fluke® Ti200, Ti300 and Ti400 infrared cameras with advanced connectivity and accuracy to maximize technicians’ productivity in the field. The new infrared cameras feature LaserSharp Auto Focus, which uses a laser to pinpoint exactly where the camera should focus for precisely focused images every time.

(Photo: http://photos.prnewswire.com/prnh/20130930/SF88323)

(Logo: http://photos.prnewswire.com/prnh/20120130/SF43337LOGO-b)

The rugged Fluke Ti200, Ti300 and Ti400 connect to the Fluke CNX™ Wireless system, allowing them to be used as a main unit to view live measurements of up to five wireless modules (e.g. AC current or voltage modules) on its screen and integrate the data into the infrared image. (Coming soon via firmware update. Users notified via SmartView software when available.)

The infrared cameras feature wireless connectivity to easily transfer images from the cameras directly to PCs, an iPad or iPhone which can then be imported into Fluke SmartView® software, a professional suite of analysis and reporting tools for optimizing and analyzing infrared images and producing professional reports.

New SmartView® Mobile App
The cameras also integrate wirelessly with the new Fluke SmartView Mobile app for iPhone and iPad. Like the desktop version, the SmartView Mobile app allows users to transfer images wirelessly for additional image optimization and analysis and to create professional reports, but now they can share information without returning to the office to create and send reports to clients or management. With the SmartView Mobile app, users can get approval for additional work needed or next steps immediately, increasing efficiency and profitability. And unlike many other apps, SmartView Mobile is optimized for both the iPhone and iPad, maximizing the productivity no matter which device is used.

Only Fluke infrared cameras feature patented IR-Fusion® technology, which merges the infrared and visual images into a single view to better discover, diagnose, and communicate problems. With IR-Fusion technology, images can be viewed from full infrared to blended views to a full visible image, to precisely document problem areas.

The infrared cameras are Bluetooth-ready and include wireless connectivity to PCs, GPS positioning and recording, streaming video, ruggedized capacitive touch screen for quick menu navigation, IR-PhotoNotes™ Photo Annotation System, field-changeable rechargeable smart batteries with charge level indicators, and high temperature measurements up 1200 degrees Celsius (Ti400 model only).

Availability
The Fluke Ti200, Ti300, and Ti400 infrared cameras are available now. Some features mentioned may be available at a later time as free upgrades. For more information, visit: http://www.fluke.com/Ti400

Fluke South East Asia
For information on Fluke tools and applications, or to find the location of your nearest distributor, please contact Fluke South East Asia Pte Ltd, 1 Clementi Loop #06-02/03/04 Singapore 129808. Call +65-6799-5566, fax +65-6799-5577, e-mail info.asean@fluke.com or visit the Fluke website at http://www.fluke.com.sg

Follow Fluke on Facebook, Twitter, YouTube or LinkedIn.

Fluke is a registered trademark of Fluke Corporation. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. For more information, visit the Fluke website.

For more information:
Ryanne Toh
65-6799-5203
ryanne.toh@fluke.com
Source: Fluke Corporation

Written by asiafreshnews

October 2, 2013 at 4:08 pm

Posted in Uncategorized

IBS Business Suite 2014 Untangles Supply Chain Complexities for Mid-Tier, Distribution-Intensive Companies

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— Integrated Best-of-Breed Solution Creates Efficiencies Between Supply Chain Operations to Drive Revenue Growth and Improve Productivity
SOLNA, Sweden /PRNewswire/ — International Business Systems (IBS), a global leading integrated ERP and supply chain provider, today announced IBS Business Suite 2014, an integrated and synchronized set of software solutions designed specifically to help mid-tier, distribution-intensive companies improve their end-to-end supply chain operations.
(Logo: http://photos.prnewswire.com/prnh/20130731/CL46315LOGO)
Each component of IBS Business Suite 2014 was originally developed as a stand-alone solution for a specific aspect of the supply chain, such as Sales & Operations Planning (S&OP), Warehouse Management (WM) and Enterprise Resource Planning (ERP). Those individual components have now been integrated into a suite that provides a single view of all distribution operations, simplifying the complexities involved in moving product efficiently through the supply chain to help organizations drive revenue, improve productivity, and exceed customer expectations. The full suite includes IBS Enterprise, IBS Dynaman, IBS Bookmaster and IBS Sales & Operations Planning.
“The suite fuels growth for mid-tier companies with complex distribution operations, especially those in Pharmaceuticals, Food & Beverage, Automotive Aftermarkets, 3PL and Wholesale Distribution,” said Mike Verdeyen, IBS CTO. “It gives business leaders insights to make informed decisions proactively, rather than reacting to issues or market changes, along with the flexibility to differentiate their organizations in competitive markets and the agility to extend communication across customers and business partners. The result is a platform for growth with a lower total cost of ownership than building each solution individually.”
Key benefits are:
Accelerating productivity and reducing cost through standard interfaces and interactions for common business practices
Reducing capital expenditures and mitigating risks by adding new capabilities to solutions already owned and used today
Maximizing return on investment with a global network of proven domain and industry experts
“Mid-tier organizations are looking for depth and functionality across enterprise resource planning and supply chain execution so they can position themselves for strategic growth,” said IBS CEO Doug Braun. “The ability to maximize applications and processes that companies, partners and suppliers already use cannot be understated. IBS’ new product suite seeks to resolve that key issue for organizations.”
IBS applications are designed to provide benefits such as lower IT cost through fixed monthly fees, reduced business risk, faster time to value and greater flexibility combined with the advanced functionality of the IBS industry-leading ERP and Supply Chain solutions. IBS Business Suite 2014 will debut in Booth No. 418 at CSCMP’s Annual Global Conference 2013 October 20-23 in Denver.
About IBS
International Business Systems (IBS) is a leading global integrated ERP and supply chain distribution software solution provider. For more than 30 years, we have helped customers such as Galexis, Sigma, Rexel, Maxell, GE Lighting, Marangoni, WorldPac, MacFarlane Group, Scholastic Editions, Fidelitone, Totes Isotoner, Volvo, Goodyear, Skil, Oriola, Inotech and many more streamline, automate and accelerate their distribution network processes, and drive profitability and efficiency.
For more information, please visit http://www.ibs.net.
Source: International Business Systems

Written by asiafreshnews

October 2, 2013 at 2:49 pm

Posted in Uncategorized

POSCO E&C Builds the World’s First Underground Combined Cycle Power Plant

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Generation facilities will be situated under the ground, with a cultural complex at ground level.

SEOUL, South Korea, Sept. 30, 2013 /PRNewswire/ — POSCO E&C (vice-chairman & CEO Chung Dong-Hwa) announced that it would construct an underground combined cycle power plant(CCPP), the first time such a feat has been attempted.

Seoul combined cycle power plant aerial view
Seoul combined cycle power plant aerial view

POSCO E&C will construct Seoul CCPP Units 1 and 2 with the capacity of 800MW (400MWx2) and heat production of 530Gcal/h on the site of the Seoul thermal power plant which was Korea’s first thermal power plant built in 1930. The project is set for completion in September 2016.

The Seoul thermal Power Plant Units 1, 2 and 3 were all demolished by 1982 as they were built in the 1930s or 1950s, with only the 380,000KW Units 4 and 5 currently in operation on a limited part of the site. Once POSCO E&C completes the construction of the new Units 1 and 2, the existing Units 4 and 5 will cease to be in service and are to be remodeled into a creative cultural place by 2018.

The Seoul CCPP Unit 1 and 2 are the world’s first CCPP that is built under the center of the city. Power generation facilities will be placed under the ground, while the ground area will become a combined cultural complex for local residents, and will feature an eco-park, sports facilities, performance facilities and a library. In particular, the observatory that will be built by utilizing the smokestack of the power plants is expected to become a new landmark of Mapo-gu, Seoul.

What matters the most in order to build the new plant under the ground is to create an underground space five times bigger than a soccer field.

“To excavate an area of 194m in width and 164m in length with an average depth of 25m, we need to take around 40,000 25-ton truckloads of earth out of the site. Moreover, we need to install perfect barrier walls as the plants will be located near the Han River. Thus we will concentrate our efforts on the civil engineering work,” said a member from POSCO E&C.

Once the Seoul CCPP Units 1 and 2 commence their commercial operation, they will supply electricity to 800,000 households and district heating to 100,000 households across Seoul.

This latest project follows a string of successes already achieved by POSCO E&C in the various CCPP projects it has participated in both at home and abroad, including the LNG-fired CCPP EPC project for the Pohang Works. In particular, the company has been highly appraised for its technical capability as an energy plant leader in Latin America, following its successful completion of the construction of the 830MW Kallpa CCPP and the 810MW Chilca Uno CCPP, orders which the company won from the Peruvian market in Latin America, a first among Korean construction companies.

Homepage: www.poscoenc.com

Written by asiafreshnews

October 2, 2013 at 2:34 pm

Posted in Uncategorized

Tripitaka Koreana Festival Kicks Off

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SEOUL, South Korea, Sept. 30, 2013 /PRNewswire/ — A Buddhist cultural festival has rang up the curtain in this South Korean southern city to commemorate the “Tripitaka Koreana” or “Palmandaejanggyeong” in Korean.

The 2013 Tripitaka Koreana Festival kicked off on Friday in Hapcheon, 354 kilometers south of Seoul, for a 45-day run until Nov. 10. The event is dubbed the Millennial Anniversary of the Tripitaka Koreana.

Tripitaka Koreana is a collection of Buddhist scriptures carved on more than 80,000 wooden printing blocks, comprised of 52 million characters, that was created in the 13th century.

It is considered the most comprehensive set of Buddhist scriptures found to date, and the Haein Temple, where the texts are kept, is a UNESCO World Heritage site.

At a ceremony marking the opening of the annual event, South Gyeongsang Province Governor Hong Joon-pyo delivered a congratulatory speech in front of hundreds of guests, including 60 international delegates.

The festival, first held in 2011 to celebrate the millennial anniversary of the creation of the wooden blocks, will offer a wider range of exhibitions and interactive sessions at the Haein Temple and exhibition halls.

Five exhibition halls, each with a different theme, will feature historic, cultural and entertainment programs on various topics related to the “Tripitaka”.

“Maaebul”, a 7.5-meter-high Buddha statue engraved into a rock wall at Gaya Mountain, will be unveiled to the public for the first time during the festival as well. Access to the statue had previously been restricted.

The Maaebul is one of the country’s most well-preserved statues, estimated to be built in the 9th century of the Silla Kingdom (57 B.C.-935 A.D).

Media Contact
Paeng Sunhwa
Tel: +82-55-211-6274
Email: psh0401@korea.kr

Source: 2013 Tripitaka Koreana Festival Organizing Committee

Written by asiafreshnews

October 2, 2013 at 12:19 pm

Posted in All releases

BGC Partners Updates Its Outlook for the Third Quarter of 2013

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NEW YORK /PRNewswire/ — BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “BGC,” or “the Company”), a leading global brokerage company primarily servicing the wholesale financial and real estate markets, today announced that it has updated its outlook for the quarter ending September 30, 2013.
(Logo: http://photos.prnewswire.com/prnh/20110720/MM38935LOGO)
The Company expects its financial results for the third quarter of 2013 to be towards the low-end of the range of its previously stated guidance for revenues and earnings. The Company’s third quarter outlook was first published in its financial results press release dated August 1, 2013, and was as follows:
Third Quarter 2013 Outlook Compared with Third Quarter 2012 Results
The Company expected to generate distributable earnings revenues of between approximately $410 million and $440 million compared with $445.7 million.
BGC Partners expected pre-tax distributable earnings to be between approximately $36 million and $46 versus $46.7 million.
BGC Partners anticipated its effective tax rate for distributable earnings to be approximately 15 percent compared with 14.5 percent.[1]
The payments associated with BGC’s receipt of NASDAQ OMX stock are expected to be included in the Company’s calculation of distributable earnings. To make comparisons more meaningful, 25 percent of the annual contingent earn-out amount is expected to be included in the Company’s calculation of distributable earnings for each quarter as “other revenues.”
BGC’s third quarter 2013 financial results announcement is scheduled to be issued prior to the market open on Thursday, October 31, 2013. A conference call to discuss these results is scheduled for 10 AM ET that day. Details about the conference call can be found at http://ir.bgcpartners.com.
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[1] Although the Company does not guide for earnings per share, investors should note that BGC’s post-tax distributable earnings per share calculations assume either that the fully diluted share count includes the shares related to the dilutive instruments, such as the Convertible Senior Notes, but excludes the associated interest expense when the impact would be dilutive, or that the fully diluted share count excludes the shares related to these instruments, but includes the associated interest expense. In the third quarter of 2013, the pre-tax interest expense associated with the Convertible Senior Notes is expected to be $6.2 million while the post-tax interest expense is expected to be $5.3 million, and the associated weighted-average share count is expected to be 39.9 million, all based on distributable earnings.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company primarily servicing the wholesale financial and real estate markets. Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions. Through its BGC Trader and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to select financial instruments and markets. Through the NGKF brand, the Company offers a wide range of commercial real estate services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit http://www.bgcpartners.com.
BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark Grubb Knight Frank (NGKF) are trademarks and service marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark of Knight Frank Limited Corp., used with permission.
Distributable Earnings Defined
BGC Partners uses non-GAAP financial measures including “revenues for distributable earnings,” “pre-tax distributable earnings” and “post-tax distributable earnings,” which are supplemental measures of operating performance that are used by management to evaluate the financial performance of the Company and its subsidiaries. BGC Partners believes that distributable earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers available for distribution to BGC Partners, Inc. and its common stockholders, as well as to holders of BGC Holdings partnership units during any period.
As compared with “income (loss) from operations before income taxes,” “net income (loss) for fully diluted shares,” and “fully diluted earnings (loss) per share,” all prepared in accordance with GAAP, distributable earnings calculations primarily exclude certain non-cash compensation and other expenses which generally do not involve the receipt or outlay of cash by the Company, which do not dilute existing stockholders, and which do not have economic consequences, as described below. In addition, distributable earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary operating results of BGC.
Revenues for distributable earnings are defined as GAAP revenues excluding the impact of BGC Partners, Inc.’s non-cash earnings or losses related to its equity investments, such as in Aqua Securities, L.P. and ELX Futures, L.P., and its holding company general partner, ELX Futures Holdings LLC. Revenues for distributable earnings include the collection of receivables which would have been recognized for GAAP other than for the effect of acquisition accounting. Revenues for distributable earnings also exclude certain one-time or unusual gains that are recognized under GAAP, because the Company does not believe such gains are reflective of its ongoing, ordinary operations.
Pre-tax distributable earnings are defined as GAAP income (loss) from operations before income taxes excluding items that are primarily non-cash, non-dilutive, and non-economic, such as:
Non-cash stock-based equity compensation charges for REUs granted or issued prior to the merger of BGC Partners, Inc. with and into eSpeed, as well as post-merger non-cash, non-dilutive equity-based compensation related to partnership unit exchange or conversion.
Allocations of net income to founding/working partner and other limited partnership units, including REUs, RPUs, PSUs, LPUs, and PSIs.
Non-cash asset impairment charges, if any.
Distributable earnings calculations also exclude charges related to purchases, cancellations or redemptions of partnership interests and certain unusual, one-time or non-recurring items, if any.
“Compensation and employee benefits” expense for distributable earnings will also include broker commission payouts relating to the aforementioned collection of receivables.
BGC’s definition of distributable earnings also excludes certain gains and charges with respect to acquisitions, dispositions, or resolutions of litigation. This exclusion pertains to the one-time gain related to the NASDAQ OMX transaction. Management believes that excluding these gains and charges best reflects the operating performance of BGC. However, because NASDAQ OMX is expected to pay BGC in an equal amount of stock on a regular basis for 15 years as part of the transaction, the payments associated with BGC’s receipt of such stock are expected to be included in the Company’s calculation of distributable earnings. To make quarter-to-quarter comparisons more meaningful, one-quarter of the annual contingent earn-out amount will be included in the Company’s calculation of distributable earnings each quarter as “other revenues.”
Since distributable earnings are calculated on a pre-tax basis, management intends to also report “post-tax distributable earnings” and “post-tax distributable earnings per fully diluted share”:
“Post-tax distributable earnings” are defined as pre-tax distributable earnings adjusted to assume that all pre-tax distributable earnings were taxed at the same effective rate.
“Post-tax distributable earnings per fully diluted share” are defined as post-tax distributable earnings divided by the weighted-average number of fully diluted shares for the period.
BGC’s distributable earnings per share calculations assume either that:
The fully diluted share count includes the shares related to the dilutive instruments, such as the Convertible Senior Notes, but excludes the associated interest expense, net of tax, when the impact would be dilutive; or
The fully diluted share count excludes the shares related to these instruments, but includes the associated interest expense, net of tax.
Each quarter, the dividend to common stockholders is expected to be determined by the Company’s Board of Directors with reference to post-tax distributable earnings per fully diluted share. In addition to the Company’s quarterly dividend to common stockholders, BGC Partners expects to pay a pro-rata distribution of net income to BGC Holdings founding/working partner and other limited partnership units, including REUs, RPUs, LPUs, PSUs and PSIs, and to Cantor for its noncontrolling interest. The amount of all of these payments is expected to be determined using the above definition of pre-tax distributable earnings per share.
Certain employees who are holders of RSUs are granted pro-rata payments equivalent to the amount of dividends paid to common stockholders. Under GAAP, a portion of the dividend equivalents on RSUs is required to be taken as a compensation charge in the period paid. However, to the extent that they represent cash payments made from the prior period’s distributable earnings, they do not dilute existing stockholders and are therefore excluded from the calculation of distributable earnings.
Distributable earnings is not meant to be an exact measure of cash generated by operations and available for distribution, nor should it be considered in isolation or as an alternative to cash flow from operations or GAAP net income (loss). The Company views distributable earnings as a metric that is not necessarily indicative of liquidity or the cash available to fund its operations.
Pre- and post-tax distributable earnings are not intended to replace the Company’s presentation of GAAP financial results. However, management believes that they help provide investors with a clearer understanding of BGC Partners’ financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that distributable earnings and the GAAP measures of financial performance should be considered together.
Management does not anticipate providing an outlook for GAAP “revenues,” “income (loss) from operations before income taxes,” “net income (loss) for fully diluted shares,” and “fully diluted earnings (loss) per share,” because the items previously identified as excluded from pre-tax distributable earnings and post-tax distributable earnings are difficult to forecast. Management will instead provide its outlook only as it relates to revenues for distributable earnings, pre-tax distributable earnings and post-tax distributable earnings.
For more information on this topic, please see the tables in BGC’s most recent financial results press release entitled “Reconciliation of Revenues Under GAAP and Distributable Earnings,” and “Reconciliation of GAAP Income to Distributable Earnings” which provides a summary reconciliation between pre- and post-tax distributable earnings and the corresponding GAAP measures for the Company in the periods discussed therein.
Discussion of Forward-Looking Statements by BGC Partners
Statements in this document regarding BGC Partners’ business that are not historical facts are forward-looking statements that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to release any revisions to any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in our public filings, including our most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.
Source: BGC Partners, Inc.

Written by asiafreshnews

October 2, 2013 at 12:07 pm

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