MOTR, Motricity, Inc.
** MOTR reported that it has taken significant steps to reorganize the company in order to capitalize on changing customer and market conditions.
As part of the realignment, MOTR has decided to close its operations in Asia. According to the company, this shift will enable MOTR to concentrate efforts on the burgeoning opportunity MOTR sees in the mobile advertising and enterprise space, while continuing to provide focused service to the largest carriers in North America.
MOTR empowers mobile operators, brands and advertising agencies to maximize the reach and economic potential of the mobile ecosystem through the delivery of relevance-driven merchandising, marketing and advertising solutions.
More about MOTR at www.motricity.com
FFIV, F5 Networks Inc.
** On its first quarter fiscal 2012, FFIV posted revenue of $322.4 million, up 2.5% sequentially and 19.9% year over year.
For the current quarter, ending March 31, FFIV's management has set a revenue goal of $332 million to $337 million with a GAAP earnings target of $0.84 to $0.86 per diluted share. Excluding stock-based compensation expense, FFIV's non-GAAP earnings target is $1.05 to $1.07 per diluted share.
FFIV helps the world's largest enterprises and service providers realize the full value of virtualization, cloud computing, and on-demand IT.
More about FFIV at www.f5.com.
GURE, Gulf Resources Inc.
** GURE reported that it has discovered underground brine water resources in Daying County, Sichuan Province, after more than a half year of drilling,and it has provided preliminary concentration results after the testing by a third-party independent testing expert, Centre Testing International Corporation.
According to the third-party independent testing report, the bromine concentration in the underground brine water resources is 1.53 grams per liter, which is approximately six to seven times higher than the average bromine concentration from its brine water resources at the Company's bromine factories in Shouguang City, Shandong Province.
Brine is used for bromine and crude salt extraction and the Company expects to continue drilling in order to further determine the total brine water resources reserve and exploitable amount in the area.
GURE operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited and Shouguang Yuxin Chemical Industry Co., Limited. GURE believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture.
More about GURE at www.gulfresourcesinc.com.
EK, Eastman Kodak Company
** EK and its U.S. subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
The business reorganization is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable EK to focus on its most valuable business lines. EK has made pioneering investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011.
EK has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. EK believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.
EK expects to pay employee wages and benefits and continue customer programs. Subsidiaries outside of the U.S. are not subject to proceedings and will honor all obligations to suppliers, whenever incurred. EK and its U.S. subsidiaries will honor all post-petition obligations to suppliers in the ordinary course.
EK has taken this step after preliminary discussions with key constituencies and intends to work toward a consensual reorganization in the best interests of its stakeholders. EK expects to complete its U.S.-based restructuring during 2013.
As the world's foremost imaging innovator, EK helps consumers, businesses, and creative professionals unleash the power of images, information, and printing to enrich their lives.
More about EK at www.kodak.com
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