Fourth Quarter Operating Income of $12.3 Million

Fourth Quarter Income from Continuing Operations of $0.24 per Diluted Share

Provides Outlook for Q1 Fiscal 2011

NEW YORK–(CRWENewswire)– New York & Company, Inc. (NYSE:NWY), a specialty apparel chain with 555 retail stores, today announced results for the fourth quarter and full fiscal year ended January 29, 2011 (“fiscal year 2010”).

Fourth Quarter and Fiscal Year Results

For the fourth quarter of fiscal year 2010, net sales were $303.2 million, as compared to $298.0 million for the fourth quarter of fiscal year 2009. Comparable store sales for the fourth quarter of fiscal year 2010 increased 1.7% compared to a decrease of 7.7% in the prior year fourth quarter.

Operating income for the fourth quarter of fiscal year 2010 was $12.3 million, exceeding the Company’s previous guidance range of $9.0 million to $12.0 million and reflecting a significant improvement from the prior year’s fourth quarter operating income of $3.4 million.

Net income from continuing operations in the fourth quarter of fiscal year 2010 increased to $14.9 million, or $0.24 per diluted share, which includes favorable non-operating tax adjustments of $0.04 per diluted share. This compares to the Company’s previous guidance range of net income from continuing operations of $0.15 to $0.19 per diluted share on a GAAP basis. This also compares to net income from continuing operations in the prior year fourth quarter of $2.5 million, or $0.04 per diluted share, which included a previously disclosed non-operating loss of $0.02 per diluted share related to restructuring charges.

On a non-GAAP basis, excluding non-operating adjustments and normalizing taxes to eliminate unusual items and valuation allowance adjustments, the Company’s adjusted net income from continuing operations for the fourth quarter of fiscal year 2010 was $7.7 million, or $0.13 per diluted share. This compares to adjusted net income from continuing operations of $3.7 million, or $0.06 per diluted share, for the fourth quarter of fiscal year 2009. Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” in Exhibit 5 of this press release.

Gregory Scott, New York & Company’s CEO, stated: “Our fourth quarter results reflect a strong focus on controlling inventory and improving our margins. We were successful in driving both sales and merchandise margin from last year through an improved product assortment, strong in-store promotional events and targeted direct marketing efforts. This, combined with leverage of our buying and occupancy costs, resulted in a significant improvement in our fourth quarter operating income versus last year. We are pleased with our positioning as we enter fiscal year 2011. Our strategies are generating their intended results and we expect to demonstrate continued progress as we focus on our key priorities of improving sales productivity and profitability.”

During the fourth quarter:

* The Company’s E-commerce business produced strong results with sales up 23.9% from the prior year level.

* The accessories business was strong with jewelry reflecting significant comparable store sales increases and improved merchandise margin.

* Gross profit as a percentage of net sales improved by 230 basis points versus the prior year, driven by an improvement in merchandise margin and leverage in buying and occupancy costs.

* Selling, general and administrative expenses were flat at 25.1% of net sales.

* Inventory remains tightly managed with total year-end inventory declining by 5.7%. In-store inventory, which excludes in-transit inventory, decreased 13.2%.

* The Company ended the year with $77.4 million of cash-on-hand with no outstanding borrowings under its revolving credit facility.

* In fiscal year 2010, the Company opened 22 new stores, remodeled eight existing stores and closed 43 stores, ending the year with 555 stores, including 24 outlet stores, and 3.0 million selling square feet in operation.

For fiscal year 2010, net sales were $1,021.7 million, as compared to $1,006.7 million for fiscal year 2009, and comparable store sales increased 1.6% for fiscal year 2010 versus a decline of 11.8% in fiscal year 2009. Net loss from continuing operations was $76.5 million, or $1.29 per diluted share for fiscal year 2010, which includes certain non-operating adjustments, as noted in Exhibit 5, totaling a loss of $0.81 per diluted share. This compares to a net loss from continuing operations of $0.23 per diluted share for fiscal year 2009, which includes a previously disclosed non-operating loss of $0.03 per diluted share related to restructuring charges.

On a non-GAAP basis, excluding the non-operating adjustments and normalizing taxes to eliminate unusual items and valuation allowance adjustments, the Company’s adjusted net loss from continuing operations for fiscal year 2010 was $28.4 million, or $0.48 per diluted share. This compares to adjusted net loss from continuing operations of $12.1 million, or $0.20 per diluted share, for fiscal year 2009. Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” in Exhibit 5 of this press release.

Outlook

Regarding its expectations for the first quarter of fiscal year 2011, the Company provided the following:

* Comparable store sales for the first quarter of fiscal year 2011 are expected to be in the positive low single-digit range with 551 stores in operation at the end of the first quarter as compared to 579 in the prior year.

* Gross profit margins are expected to improve by 100 to 175 basis points versus the prior year’s rates.

* Selling, general and administrative expenses as a percentage of net sales are expected to be approximately flat versus the prior year.

* Operating loss is expected to narrow from the operating loss of $8.7 million incurred in the year-ago period.

* The Company expects the effective tax rate for the first quarter of fiscal year 2011 to be 0% as compared to an effective tax rate of 45.3% in the prior year. As previously announced, the Company continues to provide for adjustments to the deferred tax valuation allowance recorded in the second quarter of fiscal year 2010 offsetting any future tax provisions or benefits resulting in a 0% effective tax rate for GAAP purposes.

* The Company expects inventory levels at the end of the first quarter of fiscal year 2011 to be down approximately 10% as compared to the prior year.

* Capital expenditures are expected to be approximately $4.3 million for the first quarter of fiscal year 2011, as compared to $3.9 million in the prior year. Depreciation expense for the period is estimated at $10.2 million.

* The Company has no outstanding borrowings under its revolving credit facility and does not anticipate the need to use the facility during the first half of fiscal year 2011.

* The Company expects to close four stores and remodel two existing locations, ending the first quarter of fiscal year 2011 with 551 stores, including 24 outlet stores.

Conference Call Information

A conference call to discuss the results for the fourth quarter of fiscal year 2010 is scheduled for today, Thursday, March 17, 2011 at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial 800-946-0722, referencing conference ID number 9808782 approximately ten minutes prior to the start of the call. The conference call will also be web-cast live at www.nyandcompany.com. A replay of this call will be available until midnight on March 24, 2011 and can be accessed by dialing 877-870-5176 and entering conference ID number 9808782.

Forward Looking Statements: This press release contains certain forward looking statements. Some of these statements can be identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “could,” “may,” “plan,” “project,” “predict”, and similar expressions and include references to assumptions that the Company believes are reasonable and relate to its future prospects, developments and business strategies. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These include, but are not limited to: (i) the impact of general economic conditions and their effect on consumer confidence and spending patterns, which have deteriorated significantly and may continue to do so for the foreseeable future; (ii) the Company’s ability to successfully maintain its restructuring and cost reduction program; (iii) the current economic conditions which could negatively impact the Company’s merchandise vendors and their ability to deliver products; (iv) the Company’s ability to open and operate stores successfully; (v) seasonal fluctuations in the Company’s business; (vi) the Company’s ability to anticipate and respond to fashion trends; (vii) the Company’s dependence on mall traffic for its sales; (viii) competition in the Company’s market, including promotional and pricing competition; (ix) the Company’s ability to retain, recruit and train key personnel; (x) the Company’s reliance on third parties to manage some aspects of its business; (xi) the Company’s reliance on foreign sources of production; (xii) the Company’s ability to protect its trademarks and other intellectual property rights; (xiii) the Company’s ability to maintain, and its reliance on, its information technology infrastructure; (xiv) the effects of government regulation; (xv) the control of the Company by its sponsors and any potential change of ownership of those sponsors; and (xvi) other risks and uncertainties as described in the Company’s documents filed with the SEC, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to revise the forward looking statements included in this press release to reflect any future events or circumstances.

About New York & Company

New York & Company, Inc. is a leading specialty retailer of women’s fashion apparel and accessories known for offering the latest NY Style. The Company’s proprietary branded New York & Company ® merchandise is sold exclusively through its national network of New York & Company retail stores and E-commerce store at www.nyandcompany.com. The Company currently operates 555 stores in 43 states. Additionally, certain product, press release and SEC filing information concerning the Company is available at the Company’s website: www.nyandcompany.com.

Exhibit (1)
New York & Company, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
		Three months ended												Fiscal year ended
(Amounts in thousands, except per share amounts)		January 29, 2011						January 30, 2010						January 29, 2011						January 30, 2010
Net sales		$	303,179					$	298,046					$	1,021,699					$	1,006,675
Cost of goods sold, buying and occupancy costs			214,927						218,133						788,378			(a)			754,086
Gross profit			88,252						79,913						233,321						252,589
Selling, general and administrative expenses			75,953						74,573						298,419			(b)			274,139
Restructuring charges			(37	)					1,918			(c)			1,281			(c)			2,376			(c)
Operating income (loss)			12,336						3,422						(66,379	)					(23,926	)
Interest expense, net of interest income			157						187						697						755
Income (loss) from continuing operations before income taxes			12,179						3,235						(67,076	)					(24,681	)
(Benefit) provision for income taxes			(2,757	)		(d)			700						9,466			(d)			(11,197	)
Income (loss) from continuing operations			14,936						2,535						(76,542	)					(13,484	)
Income from discontinued operations, net of taxes			81						—						81						3
Net income (loss)		$	15,017					$	2,535					$	(76,461	)				$	(13,481	)
Basic earnings (loss) per share from continuing operations		$	0.25					$	0.04					$	(1.29	)				$	(0.23	)
Basic earnings per share from discontinued operations			—						—						—						—
Basic earnings (loss) per share		$	0.25					$	0.04					$	(1.29	)				$	(0.23	)
Diluted earnings (loss) per share from continuing operations		$	0.24					$	0.04					$	(1.29	)				$	(0.23	)
Diluted earnings per share from discontinued operations			0.01						—						—						—
Diluted earnings (loss) per share		$	0.25					$	0.04					$	(1.29	)				$	(0.23	)
Weighted average shares outstanding:
Basic shares of common stock			59,537						59,303						59,443						59,457
Diluted shares of common stock			61,126						60,652						59,443						59,457
Selected operating data for continuing operations:
(Dollars in thousands, except square foot data)
Comparable store sales increase (decrease)			1.7	%					(7.7	)%					1.6	%					(11.8	)%
Net sales per average selling square foot (e)		$	98					$	92					$	329					$	310
Net sales per average store (f)		$	535					$	510					$	1,805					$	1,727
Average selling square footage per store (g)			5,453						5,544						5,453						5,544

(a)		Includes the write-off of $0.8 million of inventory during the second quarter of fiscal year 2010 in connection with an underperforming test accessories concept.
(b)		During the second quarter of fiscal year 2010, the Company recorded $15.7 million of non-cash charges related to the impairment of New York & Company store assets and the disposal of certain information technology assets. During the third quarter of fiscal year 2010, the Company recorded $1.0 million of separation expenses related to management changes.
(c)		During the second quarter of fiscal year 2010, the Company recorded $1.1 million of non-cash charges related to the impairment of store assets and $0.1 million of severance costs incurred in connection with exiting an underperforming test accessories concept. During fiscal year 2009, the Company recorded a $2.4 million pre-tax restructuring charge comprised of $1.2 million of non-cash asset impairment charges related to underperforming stores recorded during the fourth quarter of fiscal year 2009 and $1.2 million in cash charges related to severance costs, of which $0.5 million and $0.7 million was recorded during the third and fourth quarter of fiscal year 2009, respectively.
(d)		Income tax expense for fiscal year 2010 is comprised primarily of a valuation allowance recorded against the Company’s deferred tax assets as of January 30, 2010 of $17.9 million, partially offset by a $6.1 million tax benefit recorded during the third quarter of fiscal year 2010 in connection with a change in accounting methods for tax purposes and a $2.3 million tax benefit recorded during the fourth quarter of fiscal year 2010 for other tax related items.
(e)		Net sales per average selling square foot is defined as net sales divided by the average of beginning and end of period selling square feet.
(f)		Net sales per average store is defined as net sales divided by the average of beginning and end of period number of stores.
(g)		Average selling square footage per store is defined as end of period selling square feet divided by end of period number of stores.

Exhibit (2)
New York & Company, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
		Three months ended						Fiscal year ended
As a % of net sales		January 29, 2011			January 30, 2010			January 29, 2011			January 30, 2010
Net sales		100.0	%		100.0	%		100.0	%		100.0	%
Cost of goods sold, buying and occupancy costs		70.9	%		73.2	%		77.2	%		74.9	%
Gross profit		29.1	%		26.8	%		22.8	%		25.1	%
Selling, general and administrative expenses		25.1	%		25.1	%		29.2	%		27.3	%
Restructuring charges		(0.1	)%		0.6	%		0.1	%		0.2	%
Operating income (loss)		4.1	%		1.1	%		(6.5	)%		(2.4	)%
Interest expense, net of interest income		0.1	%		0.1	%		0.1	%		0.1	%
Income (loss) from continuing operations before income taxes		4.0	%		1.0	%		(6.6	)%		(2.5	)%
(Benefit) provision for income taxes		(0.9	)%		0.1	%		0.9	%		(1.2	)%
Income (loss) from continuing operations		4.9	%		0.9	%		(7.5	)%		(1.3	)%
Income from discontinued operations, net of taxes		0.1	%		—	%		—	%		—	%
Net income (loss)		5.0	%		0.9	%		(7.5	)%		(1.3	)%

Exhibit (3)
New York & Company, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
(Amounts in thousands)		January 29, 2011			January 30, 2010
		(Unaudited)			(Audited)
Assets
Current assets:
Cash and cash equivalents		$	77,392		$	87,296
Accounts receivable		9,756			9,447
Income taxes receivable		527			3,000
Inventories, net		82,062			87,059
Prepaid expenses		20,707			22,608
Other current assets		1,202			1,417
Current assets of discontinued operations		54			108
Total current assets		191,700			210,935
Property and equipment, net		144,561			187,079
Intangible assets		14,879			14,879
Deferred income taxes		3,362			22,637
Other assets		708			997
Total assets		$	355,210		$	436,527
Liabilities and stockholders’ equity
Current liabilities:
Current portion – long-term debt		$	7,500		$	6,000
Accounts payable		73,611			72,019
Accrued expenses		64,072			58,932
Income taxes payable		260			991
Deferred income taxes		3,362			4,774
Current liabilities of discontinued operations		130			265
Total current liabilities		148,935			142,981
Long-term debt, net of current portion		—			7,500
Deferred rent		66,862			72,020
Other liabilities		5,576			5,862
Total liabilities		221,373			228,363
Total stockholders’ equity		133,837			208,164
Total liabilities and stockholders’ equity		$	355,210		$	436,527

Exhibit (4)
New York & Company, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows
		Fiscal year ended
(Amounts in thousands)		January 29, 2011				January 30, 2010
		(Unaudited)				(Audited)
Operating activities
Net loss		$	(76,461	)		$	(13,481	)
Less: Income from discontinued operations, net of taxes			81				3
Loss from continuing operations			(76,542	)			(13,484	)
Adjustments to reconcile net loss to net cash provided by operating activities of continuing operations:
Depreciation and amortization			41,090				42,368
Loss from impairment charges			16,283				1,218
Amortization of deferred financing costs			216				216
Share-based compensation expense			2,474				1,768
Deferred income taxes			17,863				(5,242	)
Changes in operating assets and liabilities:
Accounts receivable			(309	)			2,546
Income taxes receivable			2,473				7,202
Inventories, net			4,997				17,802
Prepaid expenses			1,901				2,002
Accounts payable			1,592				3,588
Accrued expenses			5,140				(2,189	)
Income taxes payable			(731	)			991
Deferred rent			(5,158	)			(3,828	)
Other assets and liabilities			(486	)			348
Net cash provided by operating activities of continuing operations			10,803				55,306
Investing activities
Capital expenditures			(15,695	)			(13,285	)
Proceeds from the sale of fixed assets			936				—
Net cash used in investing activities of continuing operations			(14,759	)			(13,285	)
Financing activities
Proceeds from borrowings under revolving credit facility			21,000				—
Repayment of borrowings under revolving credit facility			(21,000	)			—
Repayment of debt			(6,000	)			(6,000	)
Purchase of treasury stock			—				(3,417	)
Proceeds from exercise of stock options			95				86
Excess tax benefit (reduction) from exercise of stock options			(43	)			331
Net cash used in financing activities of continuing operations			(5,948	)			(9,000	)
Cash flows from discontinued operations
Operating cash flows			—				(6	)
Investing cash flows			—				—
Financing cash flows			—				—
Net cash used in discontinued operations			—				(6	)
Net (decrease) increase in cash and cash equivalents			(9,904	)			33,015
Cash and cash equivalents at beginning of period (including cash at discontinued operations of $0 and $1, respectively)			87,296				54,281
Cash and cash equivalents at end of period (represents cash at continuing operations)		$	77,392			$	87,296

Exhibit (5)

New York & Company, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

A reconciliation of the Company’s GAAP to non-GAAP income (loss) from continuing operations before income taxes, net income (loss) from continuing operations and earnings (loss) per diluted share for the three and twelve months ended January 29, 2011 and January 30, 2010 are indicated below. This information reflects, on a non-GAAP adjusted basis, the Company’s operating results after excluding the effects of charges incurred in connection with the Company’s restructuring and cost reduction program in addition to certain non-operating adjustments. This non-GAAP financial information is provided to enhance the user’s overall understanding of the Company’s current financial performance. Specifically, the Company believes the non-GAAP adjusted results provide useful information to both management and investors by excluding expenses and earnings that the Company believes are not indicative of the Company’s continuing operating results. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, measures of financial performance prepared in accordance with GAAP.

During the fourth quarter of fiscal year 2010, the Company incurred certain non-operating adjustments as follows:

• A $4.9 million adjustment to the Company’s previously recorded deferred tax valuation allowance; and
• A $2.3 million benefit resulting from other tax related items.

During the fourth quarter of fiscal year 2009, the Company incurred the following non-operating adjustments:

• Restructuring charges of $1.9 million comprised of a $1.2 million non-cash asset impairment charge related to underperforming stores and $0.7 million of cash charges related to severance.

		Three months ended January 29, 2011
(Amounts in thousands, except per share amounts)		Income from continuing operations before income taxes				(Benefit) provision for income taxes					Net income from continuing operations				Earnings per diluted share from continuing operations
GAAP as reported		$	12,179			$	(2,757	)			$	14,936			$	0.24
Adjustments affecting comparability
Restructuring charges (a)			(37	)			15					(22	)			—
Deferred tax valuation allowance			—				(4,897	)				(4,897	)			(0.07	)
Other tax related items			—				(2,336	)				(2,336	)			(0.04	)
Non-GAAP as adjusted		$	12,142			$	4,461				$	7,681			$	0.13
		Three months ended January 30, 2010
(Amounts in thousands, except per share amounts)		Income from continuing operations before income taxes				Provision for income taxes					Net income from continuing operations				Earnings per diluted share from continuing operations
GAAP as reported		$	3,235			$	700				$	2,535			$	0.04
Adjustments affecting comparability
Restructuring charges (a)			1,918				(771	)				1,147				0.02
Non-GAAP as adjusted		$	5,153			$	1,471				$	3,682			$	0.06
(a) The tax effect is calculated using a 40.2% effective tax rate.

Exhibit (5)

New York & Company, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Measures (Cont’d) (Unaudited) For the full fiscal year 2010 the Company incurred the following non-operating adjustments:

• Restructuring charges totaling $2.1 million related to the exiting of an underperforming test accessories concept;
• Separation expenses of $1.0 million related to management changes;
• Non-cash charge of $15.7 million related primarily to the impairment of store assets; and
• The following tax related adjustments: a $6.1 million tax benefit resulting primarily from a change in accounting methods for tax purposes, a $44.8 million valuation allowance against the company’s deferred tax assets as of January 30, 2010 plus deferred tax assets generated by the fiscal year 2010 loss and a $1.9 million benefit resulting from other tax related items.

During the full fiscal year 2009 the Company incurred the following non-operating adjustments:

• Restructuring charges of $2.4 million comprised of a $1.2 million non-cash asset impairment charge related to underperforming stores and $1.2 million of cash charges related to severance.

		Fiscal year ended January 29, 2011
(Amounts in thousands, except per share amounts)		Loss from continuing operations before income taxes				Provision (benefit) for income taxes				Net loss from continuing operations				Net loss per diluted share from continuing operations
GAAP as reported		$	(67,076	)		$	9,466			$	(76,542	)		$	(1.29	)
Adjustments affecting comparability
Restructuring charges (a)			2,126				(854	)			1,272				0.02
Separation expenses (a)			953				(383	)			570				0.01
New York & Company asset impairment and disposals (a)			15,725				(6,321	)			9,404				0.16
Tax benefit resulting primarily from a change in accounting methods for tax purposes			—				(6,082	)			(6,082	)			(0.10	)
Deferred tax valuation allowance			—				44,826				44,826				0.75
Other tax related items			—				(1,870	)			(1,870	)			(0.03	)
Non-GAAP as adjusted		$	(48,272	)		$	(19,850	)		$	(28,422	)		$	(0.48	)
		Fiscal year ended January 30, 2010
(Amounts in thousands, except per share amounts)		Loss from continuing operations before income taxes				Benefit for income taxes				Net loss from continuing operations				Net loss per diluted share from continuing operations
GAAP as reported		$	(24,681	)		$	(11,197	)		$	(13,484	)		$	(0.23	)
Adjustments affecting comparability
Restructuring charges (a)			2,376				(955	)			1,421				0.03
Non-GAAP as adjusted		$	(22,305	)		$	(10,242	)		$	(12,063	)		$	(0.20	)
(a) The tax effect is calculated using a 40.2% effective tax rate.

Contact:

New York & Company, Inc.
Suzanne Rosenberg, 212-884-2140
Director, Investor Relations

or

Investor/Media Contact:
ICR, Inc.
Investor: Allison Malkin
Media: Kristina Jorge
203-682-8200

Source: New York & Company, Inc.

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Sify Technologies Limited (Nasdaq:SIFY), a leader in Enterprise and Consumer Internet Services in India with global delivery capabilities, is proposing to issue equity shares up to an aggregate of approximately USD 86 million to a group of investors affiliated with Sify’s promoter group, including entities affiliated with Mr. Raju Vegesna, Chief Executive Officer and Managing Director and Mr. Ananda Raju Vegesna, Executive Director and brother of Raju Vegesna.

The share issuance is proposed to be an issuance of 125 million equity shares of Rs.10/- each, at a purchase price of Rs.32 per share, which includes a premium of Rs.22 per share, or USD 0.69 per shares, based on an exchange rate of $1USD to INR 46.22. The shares will be issued at a discount to the prevailing American Depositary Share market price, since the proposed allotment of shares is for unlisted Indian equity shares. The proposed shares will not be registered in the United States or traded on NASDAQ as American Depositary Shares.

The proposal for a preferential allotment of shares has been approved by the Board of Directors of Sify Technologies Limited at a Board meeting held on August 4, 2010 and subsequently recommended to the shareholders at the Board Meeting held on August 24, 2010 for their approval at the ensuing Annual General Meeting to be held on September 27, 2010. The proposed allotment of shares is subject to the approval of shareholders by a special resolution and relevant statutory and regulatory authorities, wherever applicable.

The proceeds from the proposed issuance will be utilised for working capital, ongoing capital expenditure and future expansion.

Sify is among the largest Managed Enterprise and Consumer Internet Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 600 cities and towns in India.

 

PROTEONOMIX, INC. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, reports further developments with its Joint Venture Company, XGEN Medical LLC (”XGen”) towards implementing operations in the United Arab Emirates (U.A.E.).

Proteonomix is the majority shareholder in XGen with the balance held by an anonymous investor group. Proteonomix personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting Proteonomix personnel on Jumeira 2.

During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries.

XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.

 

Jackson Hewitt Tax Service Inc.(NYSE: JTX) reports that New York Stock Exchange Regulation, Inc. has accepted Jackson Hewitt’s plan for continued listing in connection with the New York Stock Exchange, Inc.’s (”NYSE”) minimum equity market capitalization listing standard. As a result, Jackson Hewitt’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE to monitor progress against the plan, the rights of the NYSE to take an accelerated action under certain circumstances, and subject to Jackson Hewitt’s compliance with the NYSE’s other continued listing standards.

Jackson Hewitt had previously been notified by NYSE Regulation that it had fallen below the NYSE continued listing standard requiring a minimum equity market capitalization of not less than $50 million over a consecutive 30 trading-day period. With the acceptance of the plan, Jackson Hewitt has been granted 18 months in which to comply with the minimum equity market capitalization standard.

Separately, NYSE Regulation had previously notified Jackson Hewitt that it had also fallen below the NYSE’s continued listing standard requiring that the average closing price of Jackson Hewitt’s common stock be at least $1.00 per share over a consecutive 30 trading-day period. Jackson Hewitt has acknowledged receipt of this below compliance notification and informed NYSE Regulation that it intends to cure this deficiency.

 

Crown Equity Holdings Inc. (OTCBB:CRWE) announced recently that it has launched its crwenewswire.fr website to provide news in France’s native language. Crown Equity Holdings Inc. had previously launched its German website crwenewswire.de and is launching its Canadian website crwenewswire.cn shortly.

“The new website is one step in many towards the company goal of expanding its footprint internationally, ” commented Kenneth Bosket, President and CEO of Crown Equity Holdings Inc. “Our goal for 2010 is to have all CRWE’s clients’ press releases, articles and news content published in every major financial country’s native language, as well as within cities of every state of our country,” stated Mr. Bosket.

Crown Equity Holdings Inc. is a consulting organization which provides and assists small business owners with the knowledge required in taking their company public, and has re-focused its primary vision with its aligned group of independent website divisions to providing media advertising services, as a worldwide online media advertising publisher, dedicated to the distribution of quality branding information, as well as search engine optimization for its clients.

 

 

 

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Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. DrStockPick.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold DrStockPick.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://drstockpick.com/disclaimer) .Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings, Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period. Crown Equity Holdings Inc. (CRWE.OB) has received twenty thousand dollars in cash and twenty thousand dollars in free trading shares from a third party (Swiss Financial Report) for (30) days of advertisement services for Proteonomix, Inc. (PROT.OB)

Reported by: Eric CRWE Newswire Middle East corresponden

Dow Jones Industrial Average DJIA dropped 133.96 points or 1.3 percent to 10,040.45. Standard & Poor’s 500 index also fell 1.5 percent to 1,051.87 and NASDAQ composite index declined 1.7 percent to close at 2,123.76 points for the day.

Total consolidated volume for the day stood at 4.5 billion shares. Losers to gainers traded with a ratio of three to one on the New York Stock Exchange

The Stock market plunged consecutively for the fourth day on the disappointing US economy data released today. As per the report of National Association of Realtors, homes sales dropped to an annual rate of 3.83 million as compared to expectations of 4.7 million which was already on the conservative side.

Diamond Management & Technology Consultants Inc. (NASDAQ:DTPI) reported the highest gain on Wall Street by surging 31.45 percent to close at $12.54 with total volume of 19.18 million for the day.

Citigroup (NYSE: C) remained the highest traded stock on New York Stock Exchange as usual and faced the correction of 1.07 percent to close at $3.71 with traded volume of 441.82 million shares.

Among major losers of the day Medtronic Inc (NYSE: MDT) reported the fall of 10.80 percent and closed at $31.21 with traded volume of 37.125 million shares. Sirius Inc remained the most traded stock at NASDAQ with a volume of 168.23 million shares and declined 3.03 percent to $0.96 in today’s trading session.

 

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CVAT, Cavitation Technologies, Inc., CVAT.OB

Cavitation Technologies Appoints James W. Fuller to the Board of Directors

CVAT is a “Green-Tech” company, established in 2006 to become a world leader in the development of new cutting edge technologies for the vegetable oil refining, renewable fuel, petroleum, water treatment, wastewater sanitation, food and beverage, and chemical industries.

CVAT reported that James W. Fuller was appointed to its Board of Directors, and became the Chairman of CVAT’s Audit Committee. Mr. Fuller, age 69, was formerly Senior Vice President of the New York Stock Exchange (NYSE) and was nominated by President Ronald Reagan as the Director of the Securities Investor Protection Corporation (SIPC) http://www.presidency.ucsb.edu/ws/index.php?pid=42076. Mr. Fuller was appointed and acted as the Director of SIPC for 6yrs. In addition to his 30 plus years experience in the securities markets, Mr. Fuller sat on the Board of Trustees of the University of California, Santa Cruz. Mr. Fuller received his BS in Political Science from San Jose State University and his MBA from California State University- Fresno. A veteran in the financial industry and a seasoned executive, Mr. Fuller brings extensive knowledge and expertise in management and operations, including executive leadership.

Roman Gordon, CEO of CTI, commented, “James Fuller is a very highly regarded name in the financial industry, and we are honored to have him on hand to lend his expertise and guidance to CTI. We feel that the addition of Mr. Fuller to our Board of Directors strengthens our commitment to the growth of the company and our investors.”

More about CVAT at www.cavitationtechnologies.com

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Release of Liability: Through use of this website viewing or using, you agree to hold DrStockPick Stock Watch report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur.

Disclaimer: Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. (read more) Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings, Inc. (CRWE.OB) anticipates receiving sixty thousand dollars in 144 restricted stock for twelve months of advertisement services for Cavitation Technologies, Inc. (CVAT.OB)

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Dr. Stock Pick is a seasoned equity trader and financial investor. He’s on the Crown Equity Holdings, Inc (CRWE.OB) financial staff as a professional investment analyst and consultant. He’s syndicated on over 1000 websites www.crwenews.com, www.stock-ir.com, www.PennyToBuck.com, www.PennyOmega.com, giving daily, up to the minute information about stocks, options, currencies and more. www.drstockpick.com

email: investor@drstockpick.com

 

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