Ford E-News - Nov. 4, 2009

DEARBORN, Mich., Nov. 4 /PRNewswire-FirstCall/ -- Strong demand for Fiesta continues

A year after its debut, more than half a million people in Europe, Asia and Australia have purchased the new Ford Fiesta, marking an important milestone as Ford Motor Company prepares to bring the fuel-efficient car to the U.S. and other markets in 2010. Set to be revealed at the upcoming L.A. Auto Show and arrive at U.S. dealerships next summer, Fiesta can already claim more than 50,000 potential U.S. customers thanks to the Fiesta Movement social media initiative. Higher-end models and Fiesta's exciting color palette are proving a bit hit globally. Overall, more than 12 million Fiestas have been sold since the nameplate's launch in 1976. more...

Todd Nissen | tnissen@ford.com | 313.322.4898 Tricks and treats, SEMA style

Bigger isn't always better. If you don't believe that, check out Ford's classic 3.5-liter EcoBoost V-6 "retro rod" at this week's Specialty Equipment Market Association (SEMA) show. The tricked-out '34 Ford 3-Window coupe boasts the "first" rear-wheel-drive application of an EcoBoost V-6 delivering 400 hp and 400 ft.-lb. of torque, output that easily rivals a classic 302-cid V-8. Also racing to the SEMA stage in Vegas are the NHRA-bound 2010 Cobra Jet Mustang and FR Raptor XT based on the 2008 Baja 1000 Raptor R. Not to be outdone, celebrity deejay FunkMaster Flex's spin on the Taurus SHO results in a sophisticated, stealth car that Ford Designer Earl Lucas calls both "timeless and mature." more...

Patrick Hespen | phespen1@ford.com | 313.206.3902 Unleashing their inner Mustangs

J.B. Niday, managing director of Rally America, recently tapped two feuding friends to channel his inner Mustang through Ford's "10 Unleashed" campaign. Taking on gravel logging roads and treacherous mountain passes through Bemidji, Minn., Mike Hurst, technical director for Rally America, and Mark Utecht, a top competitor in the sport, went head-to-head in a 2010 Ford Mustang on four stages of the Ojibwe Forests Rally - winner take all. Friends off the track, Hurst and Utecht accepted the challenge to settle a longtime score and win the use of a Mustang for a year. more...

Angie Kozleski | akozlesk@ford.com | 313.323.1984 American Journey 2.0

If you're looking for the next frontier in in-car communications, look to Ford and the University of Michigan. The two have joined forces to give students access to the testing and programming of new applications in search of the next big thing in in-car connectivity. The two-phase advanced research project, American Journey 2.0, seeks to find new ways to harness the power of social networks and "cloud" computing. Venkatesh Prasad, group and technical leader of Ford's Infotronics team, says Ford wants the students to "get creative and develop ways to responsibly connect the car to communicate and share with the outside world." more...

Alan Hall | ahall32@ford.com | 313.594.3744 Interior landscape firm goes 'green' with fleet of Transit Connects

Ambius, a workplace interior landscaping company, was looking for a fuel-efficient fleet vehicle with generous cargo space and payload capacity, and found it in Ford's Transit Connect. With an initial investment of 70 vehicles, Ambius is enjoying the "green" image it projects, as well as the versatility of a vehicle that isn't intimidating to its drivers. more...

Anne Marie Gattari | agattari@ford.com | 313.323.7809 About Ford Motor Company

Ford Motor Company , a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 200,000 employees and about 90 plants worldwide, the company's automotive brands include Ford, Lincoln, Mercury and Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit http://www.ford.com/.

Ford Motor Company

CONTACT: Mark Truby, +1-313-323-0539, mtruby@ford.com

Web Site: http://www.ford.com/

Tecumseh Products Company Reports Third Quarter 2009 Results-- Results from continuing operations for the third quarter of 2009 reflected a loss of $16.2 million; an improvement of $7.1 million from the second quarter of this year and $20.3 million better than the same period in 2008. -- Although sales volumes continue to trend substantially below historical levels, the third quarter of 2009 improved over the second quarter, increasing to $208.0 million from $161.2 million. Net of currency exchange impacts, sales volumes in the third quarter of 2009 declined by 12.5% over the same period of 2008; a substantial improvement over the 31.9% year-on-year decline posted in the second quarter. -- Total cash and equivalents amounted to $84.9 million, an increase of $10.1 million when compared to the beginning of the quarter. After consideration for a tax refund of $14.9 million received during the quarter, and debt reductions of $5.3 million, cash balances were relatively flat during the quarter despite the net loss.

ANN ARBOR, Mich., Nov. 4 /PRNewswire-FirstCall/ -- Tecumseh Products Company , a leading global manufacturer of compressors and related products, today announced results for its third quarter ended September 30, 2009.

"Although our revenues remain below historical levels, we saw a welcome improvement in sales from the first half of the year," said Jim Wainright, President of Tecumseh Products Company. "While we are not pleased with the loss for the quarter, our ongoing efforts at controlling expenses and improving efficiencies have yielded tangible results as our loss from continuing operations narrowed more than $20 million compared to the third quarter of 2008, despite the lower sales levels."

Consolidated net sales from continuing operations in the third quarter of 2009 decreased to $208.0 million from $256.2 million in 2008. After consideration for the effect of currency translation, which decreased sales in U.S. dollars by $16.2 million, sales declined by $32.0 million, or 12.5%. Compressors for commercial and aftermarket applications declined by $24.5 million, or 18.3%, when compared to the third quarter of 2008. These volume reductions tracked overall market declines, which were driven by continued adverse economic conditions. Sales for refrigeration & freezer ("R&F") applications also recorded a significant decline, with sales reduced by $16.4 million, or 19.4% year-on-year. Volumes for R&F product were also substantially affected by the global economic contraction, and driven primarily by constrained consumer demand and a decline in housing starts. The downturn in market volumes for R&F applications was the end result of a twofold effect of these economic conditions - a decreased demand by consumers and lower demand from R&F customers as they brought their own inventories in line with lower volumes. Cooler-than-normal weather in certain key geographies also adversely affected R&F sales in 2009. Sales of compressors for air conditioning and other applications also declined, by $7.3 million or 19.3%.

Cost of sales was $189.4 million in the three months ended September 30, 2009 compared to $238.7 million in the three months ended September 30, 2008. As a percentage of net sales, cost of sales improved in 2009, to 91.1% versus 93.2% in the third quarter of 2008. Gross profit in the third quarter of 2009 (defined as net sales less cost of sales) improved slightly when compared to the prior year, moving from $17.5 million, or 6.8%, in the third quarter of 2008 to $18.6 million, or 8.9% in the third quarter of 2009, despite substantially lower volumes. Gross profit in the third quarter of 2008 was adversely affected by the declining sales volumes at the outset of the global financial crisis, which resulted in lower absorption of fixed costs. Over the course of 2009, the Company has worked to reduce its fixed cost structure to more closely match its current levels of sales, as well as reducing its variable cost structure by repositioning production capabilities to lower-cost locations.

Gross profit continued to be unfavorably impacted in the third quarter of 2009 by volume declines, which had an unfavorable impact of $8.7 million when compared to the same quarter of 2008. Product mix effects also affected gross profit unfavorably, by $10.7 million. Offsetting the volume declines and pricing/mix effects were favorable currency impacts of $9.9 million, favorable commodity costs of $8.5 million, productivity improvements of $5.1 million and improvements in purchasing expenses of $1.1 million as compared to the same period in 2008. Lower pension and OPEB credits, however, reduced 2009 gross profit by $1.4 million when compared to the third quarter of 2008, and all other income and expense items reduced 2009 results by an additional $2.7 million.

Selling and administrative ("S&A") expenses were $29.4 million and $33.7 million in the three months ended September 30, 2009 and 2008 respectively. As a percentage of net sales, S&A expenses were 14.1% in the third quarter of 2009 compared to 13.2% in the third quarter of 2008. The Company recorded expenditures of approximately $4.5 million in the third quarter of 2009 for one-time professional fees, which primarily comprised legal fees for corporate governance issues. This expenditure constituted a reduction of $0.6 million in professional fees incurred for one-time projects when compared to the $5.1 million incurred during the same period in 2008. All other S&A expenses decreased in the aggregate by $3.7 million.

Tecumseh recorded expense of $3.6 million in impairments, restructuring charges, and other items in the three months ended September 30, 2009, and $16.2 million in the three months ended September 30, 2008. In the third quarter of 2009, the Company recognized an impairment of its $1.0 million investment in a subsidiary, as well as $1.5 million in prepaid outside selling costs that will not provide a future benefit. All other expenses in the reported periods represented severance costs associated with reductions in force across the globe.

Interest expense amounted to $3.0 million in the three months ended September 30, 2009 compared to $7.0 million in the same period of 2008. The substantial decrease in the current quarter was primarily attributable to reduced borrowings, particularly in Brazil, including interest expense on both debt balances and accounts receivable factoring. Interest income and other, net was $0.5 million in the third quarter of 2009 compared to $2.7 million in the third quarter of 2008, primarily reflecting the lower levels of cash and short-term investments held in 2009.

As a result of the factors described above, net loss from continuing operations for the quarter ended September 30, 2009 was $16.2 million ($0.87 per share, basic and diluted) as compared to net loss of $36.5 million ($1.98 per share, basic and diluted) in the same period of 2008.

Consolidated net sales from continuing operations in the first three quarters of 2009 decreased to $517.3 million from $805.2 million in 2008. After consideration for the effect of currency translation, which decreased sales in U.S. dollars by $69.8 million, sales declined by $218.1 million, or 27.1%. Sales of compressors used in commercial applications decreased by $129.7 million, or 31.3%. For the commercial and aftermarket business, volume declines were driven by softer economic conditions as well as lower shipments to customers as they too reduced inventory balances to better reflect current sales levels. Dollar volume declines in sales of compressors used in R&F applications were $101.3 million, or 39.4%. Volumes for R&F product were also substantially affected by the global economic contraction, as consumer credit became more constrained than in the first three quarters of 2008 and the rate of housing starts declined. The downturn in market volumes for R&F applications was the end result of the effect of these economic conditions - a decreased demand by consumers, combined with lower demand from our R&F customers as they brought their own inventories in line with lower volumes. These factors were further compounded by unusually cool weather in many of the geographic locations served. Sales of compressors for air conditioning applications and all other applications also declined by $56.9 million, or 42.5%.

Cost of sales was $484.3 million in the nine months ended September 30, 2009, as compared to $708.6 million in the same period of 2008. Expressed as a percentage of net sales, cost of sales was 93.6% and 88.0% in the first nine months of 2009 and 2008, respectively. Gross profit (defined as net sales less cost of sales) declined by $63.6 million, from $96.6 million, or 12.0%, through the third quarter of 2008 to $33.0 million, or 6.4%, in the comparable period of 2009. The current year decline is mostly attributable to the materially lower levels of volume in 2009, which resulted in lower absorption of fixed costs, although reductions in fixed cost structure over the course of 2009 has helped to mitigate this effect.

Volume declines accounted for the majority of the decrease in gross profit, reducing 2009 results by $67.6 million as compared to the first three quarters of 2008. Current-year margin was also unfavorably impacted by selling price and mix of $12.5 million. Other material variances were also unfavorable by $3.4 million. In addition, certain items that were favorable to 2008 results did not recur in 2009. These amounts included a gain on the sale of an airplane and the Company's former airport facility of $4.2 million and favorable litigation settlement costs of $2.2 million. Lower pension and OPEB credits of $4.4 million were also recorded in the current year. In contrast, productivity improvements of $20.1 million, favorable currency effects of $17.3 million and lower commodity costs of $3.6 million improved 2009 results when compared to the same period of 2008. Reduced export incentives for our Indian operations adversely affected current year margins by $1.3 million; the effect of all other income and expense items was unfavorable to 2009 results by $9.0 million.

S&A expenses were $94.7 million in the first three quarters of 2009 as compared to $99.6 million in the nine months ended September 30, 2008. As a percentage of net sales, S&A expenses were 18.3% and 12.4% in 2009 and 2008, respectively. Tecumseh incurred approximately $9.0 million in the first three quarters of 2009 for one-time professional fees, which included legal fees for corporate governance issues, representing a decrease of $2.1 million when compared to the $11.1 million incurred in 2008. In contrast, a favorable change in estimate of $1.9 million that was recorded in the second quarter of 2008 was not repeated in 2009. The effect of foreign currency translation had a favorable effect in 2009 of $7.2 million; all other S&A expenses increased in the aggregate by $2.5 million.

The Company recorded expense of $10.6 million and $20.0 million in impairments, restructuring charges, and other items in the year-to-date periods ended September 30, 2009 and 2008 respectively. A summary of these charges (gains) is as follows:

Nine Months Nine Months Ended Ended (Dollars in millions) September 30, September 30, 2009 2008 ------------- ------------ Excise tax expense on proceeds from salaried retirement plan reversion $-- $20.0 Severance, restructuring costs, and special termination benefits 5.5 6.9 Gain on sale of buildings and machinery -- (0.6) Loss on transfer of surplus land 0.3 -- Environment reserve on held-for-sale building 2.3 -- Impairments of buildings and machinery -- 15.2 Impairment of investment in subsidiary 1.0 -- Impairment of prepaid outside sales expense 1.5 Curtailment and settlement (gains) / losses -- (21.5) ----- ----- Total impairments, restructuring charges, and other items $10.6 $20.0 ===== =====

As a result of the factors described above, losses from continuing operations were $64.0 million in the current year, compared to a loss of $36.3 million in the first three quarters of the prior year.

As of September 30, 2009, the Company reported total cash and cash equivalents of $84.9 million. Cash used by operations amounted to $10.8 million in 2009, as compared to cash provided by operations of $24.1 million in 2008. In the first and second quarters of 2009, operations used $24.1 million, while the third quarter provided cash from operations of $13.3 million, which was primarily attributable to a tax refund of $14.9 million received in the quarter. The 2009 results incorporated a net loss of $62.9 million, which included the non-cash impact of $30.8 million in depreciation expense. In 2008, the $80 million in net proceeds realized from the reversion of the Company's salaried retirement plan was a significant element of the increase in cash, as was net income (including income from discontinued operations) of $12.8 million.

Inventories decreased by $31.0 million during 2009, reflecting the lower balances required in 2009 to address current manufacturing requirements as well as global efforts to reduce days held on hand. The Company also recorded decreases to accounts payable and other accrued expenses and liabilities (down $7.8 million since the end of 2008), which were primarily attributable to reduced purchases of raw materials, reflecting the current dip in sales volumes.

Cash used by investing activities was $18.0 million in the first nine months of 2009, versus cash provided by investing activities of $9.5 million for the same period of 2008. 2009 expenditures of $13.1 million were related to a working capital settlement made to the purchaser of the Company's former Engine & Power Train business. $22.6 million in proceeds were received from the sale of assets during 2008, including $14.2 million received from the sale of MP Pumps, while no such proceeds were recorded in 2009. Changes in restricted cash balances represented a source of $1.2 million in cash in 2009 and a use of $7.6 million in cash in 2008.

Cash used in financing activities was $3.0 million in the first three quarters of 2009 as compared to cash used in financing activities of $1.1 million in the comparable period of 2008. The changes in 2009 periods were due to reductions in borrowing at foreign facilities, while the 2008 uses were primarily attributable to debt amendment costs.

The Company continues to be concerned about its level of sales volumes in light of current global economic conditions. The negative volume trends in the first and second quarters of 2009 were severe. Third quarter volumes improved in comparison to the first and second quarter, but were still materially below historical volume levels. While some recent increases in order activity suggest that second half volumes in the aggregate will improve over the first half of the year, the Company cannot currently project when market conditions may begin to improve on a sustained or significant basis.

Certain key commodities, including copper, saw significant fluctuations in pricing during 2008 and the first three quarters of 2009; copper prices increased by more than 22% through July 2008 and then dropped almost 63% in August through December, before rising again by more than double in the first three quarters of 2009. As of September 30, 2009, the Company held approximately 75% of its total projected copper requirements for the remainder of 2009 in the form of forward purchase contracts and futures, which will provide it with substantial (though not total) protection from further resurgence in price during the remainder of the year, but also will detract from its ability to benefit from any price decreases. The Company expects the total 2009 cost of its purchased materials for the full year, including the impact of hedging activities, to be flat or slightly lower than the prior year, depending on commodity cost levels (particularly steel costs) over the remainder of the year.

"We continue to monitor exchange rates with key currencies and their potential impact on our global business, in terms of both product cost and end-user demand," noted Jim Nicholson, Chief Financial Officer of Tecumseh Products Company. "Again in the third quarter, we saw the benefits of our productivity improvement efforts, and commodity prices have not been a significant drag on margins as they were in 2008, due in part to our continued hedging activities. While these improvements are not sufficient to overcome the significant volume declines we experienced so far this year, they will prove essential to our efforts to improve profitability over the long term."

The Brazilian real, euro and Indian rupee continue to show significant volatility against the U.S. dollar. The Company has considerable forward purchase contracts to cover its exposure to fluctuations in value during 2009. In the aggregate, the changes in foreign currency exchange rates, after giving consideration to open contracts and including the impact of balance sheet re-measurement, are expected to have a favorable financial impact totaling approximately $14.0 to $18.0 million when compared to 2008 at current projected exchange rates.

As part of its efforts to offset unfavorable market conditions, improve profitability and reduce the consumption of capital resources, the Company is considering continued cost reduction activities for 2009 that include, but are not limited to, further employee headcount reductions, consolidation of production capacity and rationalization of product platforms, and revised sourcing plans. During 2008, the Company reduced its headcount by approximately 2,400 people; further headcount reductions of approximately 770 people since January 1, 2009 reflect the Company's ongoing efforts to improve efficiencies and to scale the business to current levels of volume. Further actions that the Company expects to execute in its European operations in 2009 are anticipated to result in additional severance costs of approximately $13 to $15 million over the remainder of the year.

The amount of capital expenditures incurred during 2009 will ultimately depend on the timing and extent of economic recovery. The Company anticipates that 2009 capital expenditures will not exceed $11 million - below its current target average of $20.0 to $25.0 million per year - as the Company prioritizes its expenditures.

Wainright concluded: "While we were pleased that revenues appear to be beginning to rebound from the depressed levels of the first half, we realize that much work lies ahead as we seek to improve profitability and maximize cash flow for Tecumseh. During this downturn, we have taken important steps to improve our cost structure, enhance productivity and make the changes necessary to ensure we are positioned for success as our core markets eventually recover."

Conference Call to Discuss Third Quarter 2009 Results

Tecumseh Products Company will host a conference call to report on the Company's third quarter 2009 results on Thursday, November 5, 2009 at 11:00 a.m. ET. The call will be broadcast live over the Internet and then be made available for replay through the Investor Relations section of Tecumseh Products Company's website at http://tecumseh.investorroom.com/.

Press releases and other investor information can be accessed via the Investor Relations section of Tecumseh Products Company's web site at http://tecumseh.investorroom.com/.

Cautionary Statements Relating to Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor provisions created by that Act. In addition, forward-looking statements may be made orally in the future by or on behalf of the Company. Forward-looking statements can be identified by the use of terms such as "expects," "should," "may," "believes," "anticipates," "will," and other future tense and forward-looking terminology.

Readers are cautioned that actual results may differ materially from those projected as a result of certain risks and uncertainties, including, but not limited to, i) unfavorable changes in macro-economic conditions and the condition of credit markets, which may magnify other risk factors; ii) the success of our ongoing effort to bring costs in line with projected production levels and product mix; iii) financial market changes, including fluctuations in foreign currency exchange rates and interest rates; iv) availability and cost of materials, particularly commodities, including steel and copper, whose cost can be subject to significant variation; v) actions of competitors; vi) our ability to maintain adequate liquidity in total and within each foreign operation; vii) the effect of terrorist activity and armed conflict; viii) economic trend factors such as housing starts; ix) the ultimate cost of resolving environmental and legal matters, including any liabilities resulting from the regulatory antitrust investigations commenced by the United States Department of Justice Antitrust Division, the Secretariat of Economic Law of the Ministry of Justice of Brazil or the European Commission, any of which could preclude commercialization of products or adversely affect profitability and/or civil litigation related to such investigations; x) emerging governmental regulations; xi) the ultimate cost of resolving environmental and legal matters; xii) our ability to profitably develop, manufacture and sell both new and existing products; xiii) the extent of any business disruption that may result from the restructuring and realignment of our manufacturing operations or system implementations, the ultimate cost of those initiatives and the amount of savings actually realized; xiv) the extent of any business disruption caused by work stoppages initiated by organized labor unions; xv) potential political and economic adversities that could adversely affect anticipated sales and production in Brazil; xvi) potential political and economic adversities that could adversely affect anticipated sales and production in India, including potential military conflict with neighboring countries; xvii) increased or unexpected warranty claims; and xviii) the ongoing financial health of major customers. These forward-looking statements are made only as of the date of this release, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)* (Dollars in millions, except per Three Months Ended Nine Months Ended share data) September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $208.0 $256.2 $517.3 $805.2 Cost of sales 189.4 238.7 484.3 708.6 Selling and administrative 29.4 33.7 94.7 99.6 expenses Impairments, restructuring 3.6 16.2 10.6 20.0 charges, and other items --- ---- ---- ---- Operating loss (14.4) (32.4) (72.3) (23.0) Interest expense 3.0 7.0 7.9 20.5 Interest income and other, net 0.5 2.7 1.8 7.8 --- --- --- --- Loss from continuing operations (16.9) (36.7) (78.4) (35.7) before taxes Tax (benefit) expense (0.7) (0.2) (14.4) 0.6 ---- ---- ----- --- Loss from continuing operations (16.2) (36.5) (64.0) (36.3) Income from discontinued 2.1 23.3 1.1 49.1 operations, net of tax --- ---- --- ---- Net (loss) income ($14.1) ($13.2) ($62.9) $12.8 ====== ====== ====== ===== Basic (loss) earnings per share:* Loss from continuing operations (0.87) (1.98) (3.46) (1.96) Income from discontinued 0.11 1.27 0.06 2.65 operations, net of tax ---- ---- ---- ---- Net (loss) income per share, basic ($0.76) ($0.71) ($3.40) $0.69 ====== ====== ====== ===== Diluted (loss) earnings per share:** Loss from continuing operations (0.87) (1.98) (3.46) (1.96) Income from discontinued 0.11 1.27 0.06 2.65 operations, net of tax ---- ---- ---- ---- Net (loss) income per share, diluted ($0.76) ($0.71) ($3.40) $0.69 ====== ====== ====== ===== Weighted average shares, basic (in thousands) 18,480 18,480 18,480 18,480 Weighted average shares, diluted (in thousands) 19,871 19,871 19,871 19,871 ------ ------ ------ ------ Cash dividends declared per share $0.00 $0.00 $0.00 $0.00 ----- ----- ----- -----

* The consolidated condensed financial statements of Tecumseh Products Company and Subsidiaries (the "Company") are unaudited and reflect all adjustments (including normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial position and operating results for the interim periods. The Dec. 31, 2008 consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States ("U.S. GAAP"). The consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report for the fiscal year ended Dec. 31, 2008. Due to the seasonal nature of certain product lines, the results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year.

** In 2007, the Company issued a warrant to a lender to purchase 1,390,944 shares of Class A Common Stock, which is equivalent to 7% of its fully diluted common stock (including both Class A and Class B shares). Diluted earnings per share are therefore calculated based on a total of 19,870,628 shares. For the periods presented above, however, this warrant is not included in diluted per share information, as the effect would be antidilutive due to the losses recorded in continuing operations.

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) September 30, December 31, (Dollars in millions) 2009 2008 ==================== ==== ==== Assets Current assets: Cash and cash equivalents $84.9 $113.1 Restricted cash and cash equivalents 11.4 12.5 Accounts receivable, net 98.8 88.1 Inventories 106.1 123.0 Assets held for sale 15.9 21.7 Other current assets 48.6 54.2 -------------------- ---- ---- Total current assets 365.7 412.6 Property, plant and equipment - net 259.4 244.3 Prepaid pension expense 82.9 81.0 Other assets 76.1 60.6 ------------ ---- ---- Total assets $784.1 $798.5 ============ ====== ====== Liabilities and Stockholders' Equity Current liabilities: Accounts payable, trade $108.1 $109.6 Short-term borrowings 34.9 30.4 Liabilities held for sale 1.6 1.0 Accrued liabilities 67.5 98.2 ------------------- ---- ---- Total current liabilities 212.1 239.2 Long-term debt 0.3 0.4 Deferred income taxes 6.5 8.7 Pension and postretirement benefits 57.8 58.2 Product warranty and self-insured risks 5.9 8.0 Other non-current liabilities 7.3 6.6 ----------------------------- --- --- Total liabilities 289.9 321.1 Stockholders' equity 494.2 477.4 -------------------- ----- ----- Total liabilities and stockholders' equity $784.1 $798.5 ========================================== ====== ====== CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended (Dollars in millions) September 30, ------------- 2009 2008 ==== ==== Cash flows from operating activities: ------------------------------------- Cash (used in) provided by operating activities ($10.8) $24.1 ------------------------------------ ------ ----- Cash flows from investing activities: (Payments made) proceeds from sale of assets (13.3) 22.6 Capital expenditures (5.7) (5.5) Long term investments (0.2) -- Change in restricted cash and cash equivalents 1.2 (7.6) ---------------------------------- --- ---- Cash (used in) provided by investing activities (18.0) 9.5 ------------------------------------ ----- --- Cash flows from financing activities: ------------------------------------- Debt issuance / amendment costs -- (1.6) Borrowings, net (3.0) 0.5 --------------- ---- --- Cash used in financing activities (3.0) (1.1) --------------------------------- ---- ---- Effect of exchange rate changes on cash 3.6 16.8 --------------------------------------- --- ---- (Decrease) increase in cash and cash equivalents (28.2) 49.3 Cash and cash equivalents: Beginning of period 113.1 76.8 ------------------- ----- ---- End of period $84.9 $126.1 ============= ===== ====== Contact: Teresa Hess Director, Investor Relations Tecumseh Products Company 734-585-9507

Tecumseh Products Company

CONTACT: Teresa Hess, Director, Investor Relations of Tecumseh Products
Company, +1-734-585-9507

Web Site: http://www.tecumseh.com/

SEQUENOM Announces Date of Third Quarter 2009 Financial Results and Conference Call

SAN DIEGO, Nov. 4 /PRNewswire-FirstCall/ -- SEQUENOM, Inc. , will report third quarter 2009 and year-to-date financial results after market close on Monday, November 9, 2009. The company will conduct a conference call and an audio webcast at 1:30 pm Pacific Time (4:30 pm Eastern Time) on the same day.

Conference Call Information: Domestic callers: 1-800-299-9086 International callers: +1-617-786-2903 Passcode: 72106407 Webcast information: Visit http://ir.sequenom.com/.

The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.earnings.com/, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (http://www.streetevents.com/).

A webcast replay will be available on the Sequenom Web site for 30 days. A telephone replay will be available for 48 hours following the conclusion of the call by dialing 1-888-286-8010 for domestic callers, or +1-617-801-6888 for international callers, and entering reservation code 41253679.

About SEQUENOM

Sequenom, Inc. is a life sciences company committed to improving healthcare through revolutionary genetic analysis solutions. Sequenom develops innovative technology, products and diagnostic tests that target and serve discovery and clinical research, and molecular diagnostics markets. The company was founded in 1994 and is headquartered in San Diego, California. Sequenom maintains a Web site at http://www.sequenom.com/ to which Sequenom regularly posts copies of its press releases as well as additional information about Sequenom. Interested persons can subscribe on the Sequenom Web site to email alerts or RSS feeds that are sent automatically when Sequenom issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the Web site.

SEQUENOM® is a trademark of SEQUENOM, Inc. All other trademarks and service marks are the property of their respective owners.

Company Contact Investor Relations Contact Media Relations Ian Clements, PhD Lippert/Heilshorn & Pure Communications Sr. Director, Corp. Associates Dan Budwick Communications Jody Cain (jcain@lhai.com) +1 (973) 271-6085 +1 (858) 202-9000 +1 (310) 691-7100

SEQUENOM, Inc.

CONTACT: Company: Ian Clements, PhD, Sr. Director, Corp. Communications,
+1-858-202-9000; Investor Relations: Jody Cain, Lippert/Heilshorn &
Associates, +1-310-691-7100, jcain@lhai.com; Media Relations: Dan Budwick,
Pure Communications, +1-973-271-6085

Web Site: http://www.sequenom.com/

Ashford Hospitality Trust Reports Third Quarter Results

DALLAS, Nov. 4 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. today reported the following results and performance measures for the third quarter ended September 30, 2009. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 103 hotels owned and included in continuing operations as of September 30, 2009. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2009, with the third quarter ended September 30, 2008 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS AND LIQUIDITY -- Corporate unrestricted cash at the end of the quarter was $197.9 million -- Total revenue decreased 22.7% to $220.6 million from $285.3 million -- Net loss available to common shareholders was $33.6 million, or $0.52 per diluted share, compared with net income of $1.8 million, or $0.01 per diluted share, in the prior-year quarter -- Adjusted funds from operations (AFFO) was $0.18 per diluted share -- Cash available for distribution (CAD) was $0.09 per diluted share -- Fixed charge ratio was 1.60x under the senior credit facility covenant versus a required minimum of 1.25x -- The company expects to close the refinancing of a $75 million loan, its sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn loan due in 2010), together with a $65 million loan coming due in 2011. CAPITAL ALLOCATION -- Repurchased 6.3 million common shares in the quarter for a total of $19.4 million -- Capex invested in the quarter totaled $18.2 million LOAN IMPAIRMENT CHARGES

During the third quarter of 2009, the Company elected to reserve for the remaining $9.1 million of its $18.2 million first mortgage participation in the Four Seasons Nevis due to additional uninsured costs incurred by the borrower and the delayed re-opening of the resort until 2010. The Company also announced it has signed a definitive agreement with the borrower on the Ritz Carlton Key Biscayne, subject to senior lender approval, to allow for a discounted payoff of the Company's $33.6 million loan that was to mature in 2017. If closing occurs, Ashford will receive $20 million in cash and a $4 million secured note that matures in 2017. The Company will reserve $10.7 million on this loan in anticipation of the discounted payoff. These reserves resulted in a non-cash impairment charge of $19.8 million, or $0.30 per diluted share, in the third quarter of 2009.

CAPITAL STRUCTURE

At September 30, 2009, the Company's net debt to total gross assets (as defined by the corporate credit facility) was 57.8%. As of September 30, 2009, the Company had $2.8 billion of gross debt with a blended average interest rate of 3.28%. Including its $1.8 billion interest rate swap, 97% of the Company's debt is variable-rate debt. The Company's weighted average debt maturity including extension options is 5.3 years and including the $29 million Hyatt Dearborn loan has only $104 million coming due before December 31, 2010 (the balance is in the process of being refinanced).

On July 1, 2009, the Company purchased two, one-year flooridors. The first flooridor, which is for a notional amount of $1.8 billion, is for the period commencing December 14, 2009, and ending December 13, 2010. Under this flooridor, the counterparty will make payments to the Company when LIBOR is below 1.75% but only down to LIBOR of 1.25% such that the counterparty's liability is capped at LIBOR of 1.25%.

The second flooridor, which is also for a notional amount of $1.8 billion, is for the period commencing December 13, 2010, and ending December 13, 2011. Under this flooridor, the counterparty will make payments to the Operating Partnership when LIBOR is below 2.75% but only down to LIBOR of 0.50% such that the counterparty's liability is capped at LIBOR of 0.50%. The Company paid a total of $22.3 million in upfront costs for the two flooridors and has no further liability under the flooridors to the counterparties.

On October 13, 2009, the Company purchased an additional flooridor for a notional amount of $2.7 billion with a term commencing October 1, 2009, and ending December 31, 2009. Under this flooridor, the counterparty will make payments to the Operating Partnership when one-month LIBOR is below 2.00% but only down to LIBOR of 1.00% such that the counterparty's liability is capped at LIBOR of 1.00%. The Company has paid $6.9 million in upfront cost for the flooridor and has no further liability under the flooridor to the counterparty.

PORTFOLIO REVPAR

As of September 30, 2009, the Company had a portfolio of direct hotel investments consisting of 103 properties classified in continuing operations. During the third quarter, 98 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma total basis (all 103 hotels) and proforma not-under-renovation basis (98 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its direct hotel portfolio. The Company's reporting by region and brand includes the results of all 103 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

-- Proforma RevPAR decreased 19.4% for hotels not under renovation on a 12% decrease in ADR to $122.76 and a 626 basis point decline in occupancy -- Proforma RevPAR decreased 19.8% for all hotels on a 12.1% decrease in ADR to $122.25 and a 650 basis point decline in occupancy HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 98 hotels as of September 30, 2009, that were not under renovation, Proforma Hotel EBITDA decreased 32.8% to $48.6 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) declined 437 basis points to 23.1%. For all 103 hotels included in continuing operations as of September 30, 2009, Proforma Hotel EBITDA decreased 34.2% to $49.8 million and Hotel EBITDA margin decreased 474 basis points to 22.4%.

Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as of the end of the current period. As Ashford's portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 103 hotels included in continuing operations are provided in the tables attached to this release.

Monty J. Bennett, Chief Executive Officer, commented, "There have been recent signs of life in the broader lodging market, but the operating environment remains incredibly challenging. We continue to tightly manage our cost structure and work with the property management teams to offset the declining RevPAR trends as much as possible through aggressive asset management strategies. Preserving liquidity and eliminating near-term debt maturities are also at the top of our agenda, and we continue to have success in refinancing upcoming maturities, offsetting RevPAR declines with flooridor transactions and allocating capital to maximize long-term shareholder returns."

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 5, 2009, at 12 p.m. ET. The number to call for this interactive teleconference is (212) 231-2900. A replay of the conference call will be available through November 12, 2009, by dialing (402) 977-9140 and entering the confirmation number, 21438862.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2009 earnings release conference call. The live broadcast of Ashford's quarterly conference call will be available online at the Company's website at http://www.ahtreit.com/ on Thursday, November 5, 2009, beginning at 12 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, Hotel Operating Profit, nor CAD represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company's web site at http://www.ahtreit.com/.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales or properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) September 30, December 31, 2009 2008 ---------- ---------- (Unaudited) ASSETS Investment in hotel properties, net $3,489,746 $3,568,215 Cash and cash equivalents 197,920 241,597 Restricted cash 65,270 69,806 Accounts receivable, net 39,471 41,110 Inventories 3,132 3,341 Notes receivable 66,652 212,815 Investment in unconsolidated joint venture 20,319 19,122 Deferred costs, net 19,458 24,211 Prepaid expenses 18,250 12,903 Interest rate derivatives 105,516 88,603 Other assets 4,520 6,766 Intangible assets, net 3,011 3,077 Due from third-party hotel managers 52,428 48,116 ---------- ---------- Total assets $4,085,693 $4,339,682 ========== ========== LIABILITIES AND EQUITY Liabilities Indebtedness $2,801,824 $2,790,364 Capital leases payable 105 207 Accounts payable and accrued expenses 115,335 93,476 Dividends payable 5,527 6,285 Unfavorable management contract liabilities 19,257 20,950 Due to related parties 1,403 2,378 Due to third-party hotel managers 2,024 3,855 Other liabilities 7,908 8,124 ---------- ---------- Total liabilities 2,953,383 2,925,639 ---------- ---------- Series B-1 Cumulative Convertible Redeemable Preferred stock, 7,447,865 issued and outstanding 75,000 75,000 Redeemable noncontrolling interests in Operating partnership 84,947 107,469 Equity: Stockholders' equity of the Company Preferred stock, $0.01 par value, 50,000,000 shares authorized: Series A Cumulative Preferred Stock, 1,487,900 shares and 2,185,000 shares issued and outstanding at September 30, 2009 and December 31, 2008 15 22 Series D Cumulative Preferred Stock, 5,666,797 shares and 6,394,347 shares issued and outstanding at September 30, 2009 and December 31, 2008 57 64 Common stock, $0.01 par value, 200,000,000 shares authorized, 122,748,859 shares issued, 63,890,831 shares and 86,555,149 shares outstanding at September 30, 2009 and December 31, 2008 1,227 1,227 Additional paid-in capital 1,434,161 1,450,146 Accumulated other comprehensive loss (732) (860) Accumulated deficit (321,853) (124,782) Treasury stock, at cost (58,858,028 shares and 36,193,710 shares at September 30, 2009 and December 31, 2008) (158,430) (113,598) ---------- ---------- Total stockholders' equity of the Company 954,445 1,212,219 Noncontrolling interests in consolidated joint ventures 17,918 19,355 ---------- ---------- Total equity 972,363 1,231,574 ---------- ---------- Total liabilities and equity $4,085,693 $4,339,682 ========== ========== ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Nine Months Ended Ended September 30, September 30, ----------------- ----------------- 2009 2008 2009 2008 ------- ------- ------- ------- (Unaudited) REVENUE Rooms $167,494 $208,856 $516,653 $642,264 Food and beverage 38,630 53,143 133,864 175,153 Rental income from operating leases 1,236 1,367 3,830 4,239 Other 11,298 12,604 34,940 38,924 ------- ------- ------- ------- Total hotel revenue 218,658 275,970 689,287 860,580 Interest income from notes receivable 1,761 8,801 10,397 15,273 Asset management fees and other 173 510 552 1,953 ------- ------- ------- ------- Total Revenue 220,592 285,281 700,236 877,806 ------- ------- ------- ------- EXPENSES Hotel operating expenses Rooms 40,680 47,258 120,427 140,530 Food and beverage 30,284 39,468 97,819 124,237 Other direct 6,565 6,726 19,186 21,218 Indirect 66,792 80,110 205,051 238,405 Management fees 8,649 10,690 27,233 33,726 ------- ------- ------- ------- Total hotel expenses 152,970 184,252 469,716 558,116 Property taxes, insurance, and other 16,023 14,918 46,602 45,776 Depreciation and amortization 38,935 44,406 118,927 126,405 Impairment charges 19,816 - 160,143 - Corporate general and administrative: Stock-based compensation 1,139 1,719 3,896 5,188 Other general and administrative 8,118 7,115 19,118 19,715 ------- ------- ------- ------- Total Operating Expenses 237,001 252,410 818,402 755,200 ------- ------- ------- ------- OPERATING (LOSS) INCOME (16,409) 32,871 (118,166) 122,606 Equity in earnings of unconsolidated joint venture 642 491 1,863 2,304 Interest income 56 697 253 1,594 Other income 13,228 3,379 35,140 6,244 Interest expense (34,704) (38,436) (103,780) (112,004) Amortization of loan costs (1,841) (1,434) (5,883) (4,767) Write-off of loan costs, premiums and exit fees, net - (1,226) 930 (1,226) Unrealized gain (loss) on derivatives 5,525 12,528 (14,166) (38,861) ------- ------- ------- ------- (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (33,503) 8,870 (203,809) (24,110) Income tax expense (193) (421) (585) (1,150) ------- ------- ------- ------- (LOSS) INCOME FROM CONTINUING OPERATIONS (33,696) 8,449 (204,394) (25,260) Income from discontinued operations - 1,329 - 15,909 ------- ------- ------- ------- NET (LOSS) INCOME (33,696) 9,778 (204,394) (9,351) Loss (income) from consolidated joint ventures attributable to noncontrolling interests 476 (123) 629 (2,907) Net loss (income) attributable to redeemable noncontrolling interests in operating partnership 4,424 (856) 25,567 738 ------- ------- ------- ------- NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY (28,796) 8,799 (178,198) (11,520) Preferred dividends (4,831) (7,018) (14,492) (21,054) ------- ------- ------- ------- NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $(33,627) $1,781 $(192,690) $(32,574) ======== ====== ========= ======== (LOSS) INCOME PER SHARE - Basic and Diluted: (Loss) income from continuing operations attributable to common stockholders $(0.52) $- $(2.67) $(0.40) Income from discontinued operations attributable to common stockholders - 0.01 - 0.12 ------- ------- ------- ------- Net (loss) income attributable to common stockholders $(0.52) $0.01 $(2.67) $(0.28) ======= ======= ======= ======= Weighted average common shares outstanding - basic 65,266 115,819 72,167 117,828 ======= ======= ======= ======= Weighted average common shares outstanding - diluted 65,266 115,819 72,167 117,828 ======= ======= ======= ======= Amounts attributable to common stockholders: Income (loss) from continuing operations, net of tax $(28,796) $7,579 $(178,198) $(26,180) Income from discontinued operations, net of tax - 1,220 - 14,660 Preferred dividends (4,831) (7,018) (14,492) (21,054) ------- ------- ------- ------- Net (loss) income attributable to common stockholders $(33,627) $1,781 $(192,690) $(32,574) ======= ======= ======= ======= ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO EBITDA (in thousands) Three Months Ended Nine Months Ended September 30, September 30, ----------------- ----------------- 2009 2008 2009 2008 ------- ------- ------- ------- (Unaudited) Net (loss) income $(33,696) $9,778 $(204,394) $(9,351) Loss (income) from consolidated joint ventures attributable to noncontrolling interests 476 (123) 629 (2,907) Net loss (income) attributable to redeemable noncontrolling interests in operating partnership 4,424 (856) 25,567 738 ------- ------- ------- ------- Net (loss) income attributable to the Company (28,796) 8,799 (178,198) (11,520) Interest income (54) (697) (245) (1,594) Interest expense and amortization of loan costs 36,064 39,756 108,226 118,389 Depreciation and amortization 38,140 44,731 116,566 131,716 Net loss (income) attributable to redeemable noncontrolling interests in operating partnership (4,424) 856 (25,567) (738) Income tax expense 193 421 585 1,360 ------- ------- ------- ------- EBITDA 41,123 93,866 21,367 237,613 Amortization of unfavorable management contract liabilities (565) (565) (1,694) (1,693) Gain on sale of properties, net of related income taxes - (1,411) - (8,315) Write-off of loan costs, premiums and exit fees (1) - 1,354 (930) 8 Impairment charges 19,816 - 160,143 - Income from interest rate derivatives (2) (11,279) (3,379) (33,203) (6,244) Unrealized (gain) loss on derivatives (5,525) (12,528) 14,166 38,861 ------- ------- -------- -------- Adjusted EBITDA $43,570 $77,337 $159,849 $260,230 ======= ======= ======== ======== RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS ("FFO") (in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, ----------------- ------------------ 2009 2008 2009 2008 ------- ------- -------- -------- (Unaudited) Net (loss) income $(33,696) $9,778 $(204,394) $(9,351) Loss (income) from consolidated joint ventures attributable to noncontrolling interests 476 (123) 629 (2,907) Net loss (income) attributable to redeemable noncontrolling interests in operating partnership 4,424 (856) 25,567 738 Preferred dividends (4,831) (7,018) (14,492) (21,054) ------- ------- -------- -------- Net loss attributable to common stockholders (33,627) 1,781 (192,690) (32,574) Depreciation and amortization on real estate 38,071 44,609 116,350 131,351 Gain on sales of hotel properties, net of related income taxes - (1,411) - (8,315) Net loss (income) attributable to redeemable noncontrolling interests in operating partnership (4,424) 856 (25,567) (738) ------- ------- -------- -------- FFO available to common stockholders 20 45,835 (101,907) 89,724 Dividends on convertible preferred stock 1,043 1,564 3,128 4,692 Write-off of loan costs, Premiums and exit fees (1) - 1,354 (930) 8 Impairment charges 19,816 - 160,143 - Unrealized (gain) loss on derivatives (5,525) (12,528) 14,166 38,861 ------- ------- -------- -------- Adjusted FFO $15,354 $36,225 $74,600 $133,285 ======= ======= ======== ======== Adjusted FFO per diluted Share available to Common stockholders $0.18 $0.26 $0.80 $0.96 ======= ======= ======== ======== Weighted average diluted shares 86,747 137,690 93,424 139,372 ======= ======= ======== ======== (1) The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the nine months ended September 30, 2009 and $2,086 for the sale of a hotel property for the nine months ended September 30, 2008. (2) Cash income from interest rate derivatives is excluded from the adjusted EBITDA calculations for all periods presented, which is a change from prior periods. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CASH AVAILABLE FOR DISTRIBUTION ("CAD") (in thousands, except per share amounts) (Unaudited) Three Three Months Months Ended Per Ended Per Sept. 30, Diluted Sept. 30, Diluted 2009 Share 2008 Share --------- -------- --------- -------- Net (loss) income attributable to common stockholders $(33,627) $(0.39) $1,781 $0.01 Dividends on convertible preferred stock 1,043 0.01 1,564 0.01 -------- ------ ------- ------ Total (32,584) (0.38) 3,345 0.02 Depreciation and amortization on real estate 38,071 0.44 44,609 0.33 Net (loss) income attributable to redeemable noncontrolling interests in operating partnership (4,424) (0.05) 856 0.01 Stock-based compensation 1,139 0.01 1,719 0.01 Amortization of loan costs 1,776 0.02 1,440 0.01 Write-off of loan costs, premiums and exit fees (1) - - 1,354 0.01 Amortization of unfavorable management contract liabilities (565) (0.01) (565) - Gain on sales of properties, net of related income taxes - - (1,411) (0.01) Impairment charge 19,816 0.23 - 0.00 Unrealized (gain) loss on derivatives (5,525) (0.06) (12,528) (0.09) Capital improvements reserve (9,570) (0.11) (11,948) (0.09) -------- ------ ------- ------ CAD $8,134 $0.09 $26,871 $0.20 ======== ====== ======= ====== Nine Nine Months Months Ended Per Ended Per Sept. 30, Diluted Sept. 30, Diluted 2009 Share 2008 Share --------- -------- --------- -------- Net (loss) income attributable to common stockholders $(192,690) $(2.06) $(32,574) $(0.23) Dividends on convertible preferred stock 3,128 0.03 4,692 0.03 -------- ------ ------- ------ Total (189,562) (2.03) (27,882) (0.20) Depreciation and amortization on real estate 116,350 1.25 131,351 0.94 Net (loss) income attributable to redeemable noncontrolling interests in operating partnership (25,567) (0.27) (738) (0.01) Stock-based compensation 3,896 0.04 5,188 0.04 Amortization of loan costs 5,679 0.06 4,924 0.04 Write-off of loan costs, premiums and exit fees (1) (930) (0.01) 8 - Amortization of unfavorable management contract liabilities (1,694) (0.02) (1,693) (0.01) Gain on sales of properties, net of related income taxes - - (8,315) (0.06) Impairment charge 160,143 1.71 - - Unrealized (gain) loss on derivatives 14,166 0.15 38,861 0.28 Capital improvements reserve (30,269) (0.32) (38,061) (0.27) -------- ------ ------- ------ CAD $52,212 $0.56 $103,643 $0.75 ======== ====== ======== ====== (1) The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the nine months ended September 30, 2009 and $2,086 for the sale of a hotel property for the nine months ended September 30, 2008. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES DEBT SUMMARY SEPTEMBER 30, 2009 (dollars in thousands) (Unaudited) Indebtedness Collateral Maturity Interest Rate ------------ ---------- ------------ ------------- Mortgage loan 10 hotels July 2015 5.22% Mortgage loan 5 hotels February 2016 5.53% Mortgage loan 5 hotels February 2016 5.53% Mortgage loan 5 hotels February 2016 5.53% Mortgage loan 8 hotels December 2014 5.75% Mortgage loan 8 hotels December 2015 5.70% Senior credit Notes April 2010 LIBOR + 2.75% facility receivable to 3.5% Mortgage loan 1 hotel December 2016 5.81% Mortgage loan 5 hotels December 2009 LIBOR + 1.72% Mortgage loan 5 hotels April 2017 5.95% Mortgage loan 7 hotels April 2017 5.95% Mortgage loan 2 hotels April 2017 5.95% Mortgage loan 5 hotels April 2017 5.95% Mortgage loan 5 hotels April 2017 5.95% Mortgage loan 3 hotels April 2017 5.95% Mortgage loan 1 hotel April 2017 5.91% Mortgage loan 10 hotels May 2010 LIBOR + 1.65% Mortgage loan 1 hotel January 2011 8.32% Mortgage loan 1 hotel January 2023 7.78% TIF loan 1 hotel June 2018 12.85% Mortgage loan 1 hotel March 2010 5.60% Mortgage loan 3 hotels April 2011 5.47% Mortgage loan 4 hotels March 2010 5.95% Mortgage loan 1 hotel June 2011 LIBOR + 2% Mortgage loan 2 hotel August 2011 LIBOR + 2.75% Mortgage loan 1 hotel March 2011 LIBOR + 3.75% Mortgage loan 1 hotel March 2012 LIBOR + 4% Mortgage loan 1 hotel April 2034 Greater of 6% or Prime + 1% Fixed-Rate Floating-Rate Total Indebtedness Debt Debt Debt ------------ ---------- ------------- ---------- Mortgage loan $160,490 $- $160,490 Mortgage loan 115,645 - 115,645 Mortgage loan 95,905 - 95,905 Mortgage loan 83,075 - 83,075 Mortgage loan 110,899 - 110,899 Mortgage loan 100,576 - 100,576 Senior credit facility - 250,000(2)(3) 250,000 Mortgage loan 101,000 - 101,000 Mortgage loan - 203,400(2) 203,400 Mortgage loan 115,600 - 115,600 Mortgage loan 126,466 - 126,466 Mortgage loan 128,251 - 128,251 Mortgage loan 103,906 - 103,906 Mortgage loan 158,105 - 158,105 Mortgage loan 260,980 - 260,980 Mortgage loan 35,000 - 35,000 Mortgage loan - 167,202(2) 167,202 Mortgage loan 5,867 - 5,867 Mortgage loan 4,900 - 4,900 TIF loan 7,783 - 7,783 Mortgage loan 29,135(1) - 29,135 Mortgage loan 65,248 - 65,248 Mortgage loan 75,000 - 75,000 Mortgage loan 19,740 19,740 Mortgage loan 157,400(2) 157,400 Mortgage loan 52,500(2) 52,500 Mortgage loan 60,800(2) 60,800 Mortgage loan 6,951 6,951 Total debt $1,883,831 $917,993 $2,801,824 ========== ======== ========== Percentage 67.2% 32.8% 100.0% ========== ======== ========== Weighted average interest rate at September 30, 2009 5.81% 2.91% 4.86% ========== ======== ========== Total debt with the effect of interest rate swap $83,831 $2,717,993 $2,801,824 ========== ======== ========== Percentage with the effect of interest rate swap 3.0% 97.0% 100.0% ========== ======== ========== Weighted average interest rate with the effect of interest rate swap 3.47% 2.91% 3.28% ========== ======== ========== (1) We have received a notice of default and acceleration of the loan and are cooperating with the lender for a deed-in-lieu or consensual foreclosure. (2) Each of these loans has two one-year extension options. (3) Based on the debt-to-assets ratio defined in the loan agreement, interest rate on this debt was at LIBOR plus 3% as of September 30, 2009. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED SEPTEMBER 30, 2009 (in thousands) (Unaudited) 2009 2010 2011 2012 ---- ---- ---- ---- Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1 $- $- $- $- Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2 - - - - Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3 Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7 Mortgage loan secured by eight hotel properties, UBS Pool 1 - - - - Mortgage loan secured by eight hotel properties, UBS Pool 2 - - - - Secured credit facility - 250,000 (2) - - Mortgage loan secured by Westin O'Hare - - - - Mortgage loan secured by five hotel properties - - 203,400 - Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 1 - - - - Mortgage loan secured by seven hotel properties, Wachovia Fixed Rate Pool 2 - - - - Mortgage loan secured by two hotel properties, Wachovia Fixed Rate Pool 3 - - - - Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 5 - - - - Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 6 - - - - Mortgage loan secured by three hotel properties, Wachovia Fixed Rate Pool 7 - - - - Mortgage loan secured by Philadelphia Courtyard, Wachovia Stand-Alone - - - - Mortgage loan secured by 10 hotel properties, Wachovia Floater - - - 167,202 Mortgage loan secured by Manchester Courtyard - - 5,867 - Mortgage loan secured by Houston Hampton Inn - - - - TIF loan secured by Philadelphia Courtyard - - - - Mortgage loan secured by Dearborn Hyatt Regency - 29,135 (1) - - Mortgage loan secured by three hotel properties - - 65,248 - Mortgage loan secured by four hotel properties - 75,000 - - Mortgage loan secured by El Conquistador Hilton - - 19,740 - Mortgage loan secured by two hotel properties - - 157,400 (3) - Mortgage loan secured by JW Marriott San Francisco - - - 52,500 (2) Mortgage loan secured by Arlington Marriott - - - - Mortgage loan secured by Jacksonville Residence Inn - - - - -- -------- -------- -------- $- $354,135 $451,655 $219,702 == ======== ======== ======== 2013 Thereafter Total ---- -------------- --------- Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1 $- $160,490 $160,490 Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2 - 115,645 115,645 Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3 95,905 95,905 Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7 83,075 83,075 Mortgage loan secured by eight hotel properties, UBS Pool 1 - 110,899 110,899 Mortgage loan secured by eight hotel properties, UBS Pool 2 - 100,576 100,576 Secured credit facility - - 250,000 Mortgage loan secured by Westin O'Hare - 101,000 101,000 Mortgage loan secured by five hotel properties - - 203,400 Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 1 - 115,600 115,600 Mortgage loan secured by seven hotel properties, Wachovia Fixed Rate Pool 2 - 126,466 126,466 Mortgage loan secured by two hotel properties, Wachovia Fixed Rate Pool 3 - 128,251 128,251 Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 5 - 103,906 103,906 Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 6 - 158,105 158,105 Mortgage loan secured by three hotel properties, Wachovia Fixed Rate Pool 7 - 260,980 260,980 Mortgage loan secured by Philadelphia Courtyard, Wachovia Stand-Alone - 35,000 35,000 Mortgage loan secured by 10 hotel properties, Wachovia Floater - - 167,202 Mortgage loan secured by Manchester Courtyard - - 5,867 Mortgage loan secured by Houston Hampton Inn - 4,900 4,900 TIF loan secured by Philadelphia Courtyard - 7,783 7,783 Mortgage loan secured by Dearborn Hyatt Regency - - 29,135 Mortgage loan secured by three hotel properties - - 65,248 Mortgage loan secured by four hotel properties - - 75,000 Mortgage loan secured by El Conquistador Hilton - - 19,740 Mortgage loan secured by two hotel properties - - 157,400 Mortgage loan secured by JW Marriott San Francisco - - 52,500 Mortgage loan secured by Arlington Marriott - 60,800 60,800 Mortgage loan secured by Jacksonville Residence Inn - 6,951 6,951 -- ---------- ---------- $- $1,776,332 $2,801,824 == ========== ========== NOTE: These maturities assume no event of default would occur. (1) We have received a notice of default and acceleration of the loan and are cooperating with the lender for a deed-in-lieu or consensual foreclosure. (2) Extensions available but certain coverage tests have to be met. (3) Extensions available but certain LTV tests have to be met. ASHFORD HOSPITALITY TRUST, INC. KEY PERFORMANCE INDICATORS - PRO FORMA (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- % % Vari- Vari- 2009 2008 ance 2009 2008 ance ---- ---- ------ ---- ---- ------ ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: Room revenues (in thousands) $171,548 $213,820 -19.77% $529,716 $657,903 -19.48% RevPAR $83.22 $103.75 -19.79% $86.21 $106.86 -19.32% Occupancy 68.07% 74.57% -6.50% 66.12% 73.87% -7.75% ADR $122.25 $139.12 -12.13% $130.39 $144.67 -9.87% Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- % % Vari- Vari- 2009 2008 ance 2009 2008 ance ---- ---- ------ ---- ---- ------ ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: Room revenues (in thousands) $162,872 $202,020 -19.38% $502,428 $621,779 -19.20% RevPAR $83.99 $104.21 -19.40% $86.92 $107.35 -19.03% Occupancy 68.42% 74.68% -6.26% 66.38% 74.02% -7.64% ADR $122.76 $139.54 -12.03% $130.94 $145.03 -9.72% Excluded Hotels Under Renovation: Hilton Rye Town, Hilton Nassau Bay, Residence Inn Orlando Sea World, Courtyard Edison, Embassy Suites Orlando Airport OTHER NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT (dollars in thousands) (Unaudited) ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 % Variance 2009 2008 % Variance ---- ---- ---------- ---- ---- ---------- REVENUE Rooms $171,548 $213,820 -19.8% $529,716 $657,903 -19.5% Food and beverage 39,428 53,853 -26.8% 136,164 177,490 -23.3% Other 11,172 10,850 3.0% 34,510 37,375 -7.7% ------ ------ ----- ------ ------ ----- Total hotel revenue 222,148 278,523 -20.2% 700,390 872,768 -19.8% ------ ------ ----- ------ ------ ----- EXPENSES Rooms 41,627 48,341 -13.9% 123,387 143,817 -14.2% Food and beverage 30,817 40,017 -23.0% 99,404 125,943 -21.1% Other direct 6,622 6,792 -2.5% 19,361 21,410 -9.6% Indirect 67,805 79,150 -14.3% 206,824 237,135 -12.8% Management fees, includes base and incentive fees 9,213 13,376 -31.1% 30,360 40,796 -25.6% ------ ------ ----- ------ ------ ----- Total hotel operating expenses 156,084 187,676 -16.8% 479,336 569,101 -15.8% Property taxes, insurance, and other 16,250 15,182 7.0% 47,259 46,069 2.6% ------ ------ ----- ------ ------ ----- HOTEL OPERATING PROFIT (Hotel EBITDA) 49,814 75,665 -34.2% 173,795 257,598 -32.5% Hotel EBITDA Margin 22.42% 27.16% -4.74% 24.81% 29.51% -4.70% Minority interest in earnings of consolidated joint ventures 1,139 1,676 -32.0% 4,548 6,368 -28.6% ------ ------ ----- ------ ------ ----- HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures $48,675 $73,989 -34.2% $169,247 $251,230 -32.6% ====== ====== ===== ======= ======= ===== ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 % Variance 2009 2008 % Variance ---- ---- ---------- ---- ---- ---------- REVENUE Rooms (1) $162,872 $202,020 -19.4% $502,428 $621,779 -19.2% Food and beverage 36,817 50,681 -27.4% 128,362 167,061 -23.2% Other 10,854 10,601 2.4% 33,580 36,172 -7.2% ------ ------ ---- ------ ------ ----- Total hotel revenue 210,543 263,302 -20.0% 664,370 825,012 -19.5% ------ ------ ---- ------ ------ ----- EXPENSES Rooms (1) 39,227 45,503 -13.8% 116,441 135,363 -14.0% Food and beverage 28,767 37,562 -23.4% 93,236 117,884 -20.9% Other direct 6,362 6,500 -2.1% 18,583 20,528 -9.5% Indirect 63,697 74,503 -14.5% 194,428 223,083 -12.8% Management fees, includes base and incentive fees 8,736 12,745 -31.5% 28,860 38,831 -25.7% ------ ------ ---- ------ ------ ----- Total hotel operating expenses 146,789 176,813 -17.0% 451,548 535,689 -15.7% Property taxes, insurance, and other 15,142 14,199 6.6% 44,360 43,015 3.1% ------ ------ ---- ------ ------ ----- HOTEL OPERATING PROFIT (Hotel EBITDA) 48,612 72,290 -32.8% 168,462 246,308 -31.6% Hotel EBITDA Margin 23.09% 27.46% -4.37% 25.36% 29.86% -4.50% Minority interest in earnings of consolidated joint ventures 1,139 1,676 -32.0% 4,548 6,368 -28.6% ------ ------ ---- ------ ------ ----- HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures $47,473 $70,614 -32.8% $163,914 $239,940 -31.7% ======= ====== ===== ======= ======= ==== NOTES: (1) Excluded Hotels Under Renovation: Hilton Rye Town, Hilton Nassau Bay, Residence Inn Orlando Sea World, Courtyard Edison, Embassy Suites Orlando Airport As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL REVPAR BY REGION (Unaudited) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, ---------------- -------------------- Number Number of of % % Region Hotels Rooms 2009 2008 Change 2009 2008 Change ------ ------ ----- ---- ---- ------ ---- ---- ------ Pacific (1) 21 5,205 $103.78 $132.97 -22.0% $93.50 $121.86 -23.3% Mountain (2) 8 1,704 67.81 82.26 -17.6% 77.78 104.32 -25.4% West North Central (3) 3 690 81.31 102.46 -20.6% 72.16 91.07 -20.8% West South Central (4) 10 2,086 79.65 99.32 -19.8% 86.09 105.41 -18.3% East North Central (5) 10 2,624 61.04 83.59 -27.0% 58.48 82.28 -28.9% East South Central (6) 2 236 74.87 93.07 -19.6% 78.67 94.13 -16.4% Middle Atlantic (7) 9 2,481 85.59 107.01 -20.0% 84.60 104.06 -18.7% South Atlantic (8) 38 7,728 81.37 96.81 -15.9% 95.25 109.46 -13.0% New England (9) 2 159 73.26 87.06 -15.9% 68.41 87.94 -22.2% --- ------ ------ ------- ----- ------ ------- ----- Total Portfolio 103 22,913 $83.22 $103.75 -19.8% $86.21 $106.86 -19.3% === ====== ====== ======= ===== ====== ======= ===== (1) Includes Alaska, California, Oregon, and Washington (2) Includes Nevada, Arizona, New Mexico, and Utah (3) Includes Minnesota and Kansas (4) Includes Texas (5) Includes Ohio, Michigan, Illinois, and Indiana (6) Includes Kentucky and Alabama (7) Includes New York, New Jersey, and Pennsylvania (8) Includes Virginia, Florida, Georgia, Maryland, District of Columbia, and North Carolina (9) Includes Massachusetts and Connecticut NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL REVPAR BY BRAND (Unaudited) Three Months Ended September 30, Number of Number of ------------- Brand Hotels Rooms 2009 2008 % Change ----- ------ ----- ---- ---- -------- Hilton 34 7,513 $88.99 $108.86 -18.3% Hyatt 2 1,014 53.06 74.48 -28.8% InterContinental 2 420 127.82 143.38 -10.9% Independent 2 317 72.92 65.03 12.1% Marriott 57 11,714 80.98 101.14 -19.9% Starwood 6 1,935 80.66 111.01 -27.3% --- ------ ------ ------- ----- Total Portfolio 103 22,913 $83.22 $103.75 -19.8% === ====== ====== ======= ===== Nine Months Ended September 30, ------------- Brand 2009 2008 % Change ----- ---- ---- -------- Hilton $92.87 $114.13 -18.6% Hyatt 61.26 91.38 -33.0% InterContinental 129.71 152.46 -14.9% Independent 72.12 55.59 29.7% Marriott 85.85 105.04 -18.3% Starwood 67.67 94.78 -28.6% ------ ------- ----- Total Portfolio $86.21 $106.86 -19.3% ====== ======= ===== NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT BY REGION (dollars in thousands) (Unaudited) Number of Number of Region Hotels Rooms ------ ------ ----- Pacific (1) 21 5,205 Mountain (2) 8 1,704 West North Central (3) 3 690 West South Central (4) 10 2,086 East North Central (5) 10 2,624 East South Central (6) 2 236 Middle Atlantic (7) 9 2,481 South Atlantic (8) 38 7,728 New England (9) 2 159 --- ------ Total Portfolio 103 22,913 === ====== Three Months Ended September 30, ------------- Region 2009 % Total 2008 % Total % Change ------ ---- ------- ---- ------- -------- Pacific (1) $16,721 33.6% $26,196 34.6% -36.2% Mountain (2) 1,490 3.0% 2,600 3.4% -42.7% West North Central (3) 2,209 4.4% 2,952 3.9% -25.2% West South Central (4) 4,771 9.6% 5,974 7.9% -20.1% East North Central (5) 3,099 6.2% 7,769 10.3% -60.1% East South Central (6) 626 1.2% 848 1.1% -26.2% Middle Atlantic (7) 5,282 10.6% 8,333 11.0% -36.6% South Atlantic (8) 15,235 30.6% 20,538 27.2% -25.8% New England (9) 381 0.8% 455 0.6% -16.3% ------- ----- ------- ----- ----- Total Portfolio $49,814 100.0% $75,665 100.0% -34.2% ======= ===== ======= ===== ===== Nine Months Ended September 30, ------------- Region 2009 % Total 2008 % Total % Change ------ ---- ------- ---- ------- -------- Pacific (1) $43,161 24.8% $70,801 27.5% -39.0% Mountain (2) 10,621 6.1% 18,586 7.2% -42.9% West North Central (3) 5,091 2.9% 7,503 2.9% -32.1% West South Central (4) 18,039 10.4% 23,261 9.0% -22.4% East North Central (5) 7,212 4.1% 22,477 8.7% -67.9% East South Central (6) 2,050 1.2% 2,602 1.0% -21.2% Middle Atlantic (7) 15,436 8.9% 23,822 9.3% -35.2% South Atlantic (8) 71,386 41.1% 87,190 33.9% -18.1% New England (9) 799 0.5% 1,356 0.5% -41.1% -------- ----- -------- ----- ----- Total Portfolio $173,795 100.0% $257,598 100.0% -32.5% ======== ===== ======== ===== ===== (1) Includes Alaska, California, Oregon, and Washington (2) Includes Nevada, Arizona, New Mexico, and Utah (3) Includes Minnesota and Kansas (4) Includes Texas (5) Includes Ohio, Michigan, Illinois, and Indiana (6) Includes Kentucky and Alabama (7) Includes New York, New Jersey, and Pennsylvania (8) Includes Virginia, Florida, Georgia, Maryland, District of Columbia, and North Carolina (9) Includes Massachusetts and Connecticut NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT MARGIN (Unaudited) 98 HOTELS NOT UNDER RENOVATION AND INCLUDED IN CONTINUING OPERATIONS AT SEPTEMBER 30, 2009 AS IF SUCH HOTELS WERE OWNED AS OF THE BEGINNING OF THE PERIODS PRESENTED: HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN: 3rd Quarter 2009 23.09% 3rd Quarter 2008 27.46% ----- Variance -4.37% ===== HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN: Rooms -1.30% Food & Beverage and Other Departmental 0.05% Administrative & General -0.60% Sales & Marketing 0.01% Hospitality -0.05% Repair & Maintenance -0.38% Energy -0.57% Franchise Fee -0.17% Management Fee -0.05% Incentive Management Fee 0.74% Insurance -0.48% Property Taxes -1.17% Other Taxes -0.16% Leases/Other -0.24% ----- Total -4.37% ===== NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all operating results related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA SEASONALITY TABLE (dollars in thousands) (Unaudited) ALL 103 HOTELS OWNED AND INCLUDED IN CONTINUING OPERATIONS AS OF SEPTEMBER 30, 2009: 2009 2009 2009 2008 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM ----------- ----------- ----------- ----------- --- Total Hotel Revenue $222,148 $241,684 $236,560 $292,566 $992,958 Hotel EBITDA $49,814 $62,054 $61,928 $75,069 $248,865 Hotel EBITDA Margin 22.4% 25.7% 26.2% 25.7% 25.1% EBITDA % of Total TTM 20.0% 24.9% 24.9% 30.2% 100.0% JV Interests in EBITDA $1,139 $1,839 $1,570 $1,732 $6,280 NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro-forma table, all operating results related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. Capital Expenditures Calendar 103 Core Hotels (a) (Unaudited) 2009 ---- Actual Actual Actual Estimated Rooms 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ----- ----------- ----------- ----------- ----------- Sheraton Anchorage 370 x Marriott Legacy Center 404 x Hilton Rye Town 446 x x x Hilton Nassau Bay -Clear Lake 243 x x x x Residence Inn Orlando Sea World 350 x x Courtyard Edison 146 x x Embassy Suites Orlando Airport 174 x x Embassy Suites Portland -Downtown 276 x Hilton La Jolla Torrey Pines 296 x Marriott Bridgewater 347 x Capital Hilton 408 x Hilton Costa Mesa 486 Hilton Tucson El Conquistador Golf Resort 428 Courtyard Louisville Airport 150 Embassy Suites Crystal City - Reagan Airport 267 Embassy Suites Philadelphia Airport 263 Hilton Minneapolis Airport 300 Marriott Seattle Waterfront 358 Sheraton Minneapolis West 222 Westin O'Hare 525 2010 ---- Estimated Estimated Estimated Estimated 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ----------- ----------- ----------- ----------- Sheraton Anchorage x Marriott Legacy Center x Hilton Rye Town Hilton Nassau Bay - Clear Lake Residence Inn Orlando Sea World Courtyard Edison Embassy Suites Orlando Airport Embassy Suites Portland - Downtown x Hilton La Jolla Torrey Pines x Marriott Bridgewater x x Capital Hilton x x x Hilton Costa Mesa x x Hilton Tucson El Conquistador Golf Resort x Courtyard Louisville Airport x Embassy Suites Crystal City -Reagan Airport x Embassy Suites Philadelphia Airport x Hilton Minneapolis Airport x x Marriott Seattle Waterfront x Sheraton Minneapolis West x Westin O'Hare x x (a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2009 and 2010 are included in this table.

Ashford Hospitality Trust, Inc.

CONTACT: David Kimichik, Chief Financial Officer, +1-972-490-9600, or
Tripp Sullivan, +1-615-254-7318, both of Corporate Communications, Inc., for
Ashford Hospitality Trust, Inc.

Web Site: http://www.ahtreit.com/

Calloway's Nursery Announces Results for Third Quarter Ended September 30, 2009

FORT WORTH, Texas, Nov. 4 /PRNewswire-FirstCall/ -- Calloway's Nursery, Inc. (Pink Sheets: CLWY) today reported revenues and operating results for the third quarter and nine-month periods ended September 30, 2009.

Results for the Third Quarter -- Sales were $5.0 million for 2009, compared to sales of $5.7 million for 2008. Same-store (16 stores) sales were $4.3 million for 2009, compared to same-store sales of $5.1 million for 2008. -- Net loss was $1,386,000 for 2009, compared to net loss of $850,000 for 2008. The 2008 quarter included a $140,000 extraordinary gain on the involuntary conversion of assets. -- Diluted net loss per common share was $.20 for 2009, compared to diluted net loss per common share of $.12 for 2008. The 2008 quarter included $.02 per-share extraordinary gain on the involuntary conversion of assets. Results for the Nine-Month Period -- Sales were $30.3 million for 2009, compared to sales of $35.8 million for 2008. Same-store (16 stores) sales were $25.4 million for 2009, compared to same-store sales of $27.4 million for 2008. -- Net loss was $787,000 for 2009, compared to net income of $947,000 for 2008. The 2008 period included a $140,000 extraordinary gain on the involuntary conversion of assets. -- Diluted net loss per common share was $.11 for 2009, compared to diluted net income per common share of $.14 for 2008. The 2008 period included $.02 per-share extraordinary gain on the involuntary conversion of assets.

Founded in 1986, Calloway's Nursery, Inc. operates 18 retail garden centers in Texas: Calloway's Nursery in Dallas-Fort Worth and Cornelius Nursery in Houston.

CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) (Amounts in thousands, except per share amounts) Nine- Three- Months Ended Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $30,255 $35,754 $5,042 $5,712 Cost of goods sold 16,849 18,670 2,918 3,050 ------ ------ ----- ----- Gross profit 13,406 17,084 2,124 2,662 ------ ------ ----- ----- Operating expenses 10,294 11,546 2,917 3,134 Advertising expenses 959 1,267 81 167 Occupancy expenses 2,491 2,241 834 573 Depreciation and amortization 360 285 126 98 Net interest expense 476 469 177 174 --- --- --- --- Total expenses 14,580 15,808 4,135 4,146 ------ ------ ----- ----- Income (loss) before provision for income taxes and extraordinary gain (1,174) 1,276 (2,011) (1,484) Income tax expense (benefit) (387) 469 (625) (494) ---- --- ---- ---- Net income (loss) before extraordinary gain (787) 807 (1,386) (990) Extraordinary gain, net of income tax expense of $72 -- 140 -- 140 --- --- --- --- Net income (loss) $(787) $947 $(1,386) $(850) ===== ==== ======= ===== Weighted average number of common shares outstanding - basic and diluted 6,980 6,950 7,035 6,950 Income (loss) before extraordinary gain per common share - basic and diluted $(0.11) $0.12 $(0.20) $(0.14) Extraordinary gain, net of tax, per common share - basic and diluted -- 0.02 -- 0.02 --- ---- --- ---- Net income (loss) per common share - basic and diluted $(0.11) $0.14 $(0.20) $(0.12) ====== ===== ====== ====== CALLOWAY'S NURSERY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) ASSETS September 30, September 30, 2009 2008 ---- ---- Cash and cash equivalents $841 $1,133 Accounts receivable - trade 145 659 Accounts receivable - insurance 546 -- Inventories 2,822 3,982 Prepaids and other assets 22 57 Deferred income taxes 405 - - --- --- Total current assets 4,781 5,831 Property and equipment, net 16,963 17,622 Deferred income taxes 578 408 Other assets 326 312 --- --- Total assets $22,648 $24,173 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued expenses $5,063 $4,314 Current portion of long-term debt 610 541 --- --- Total current liabilities 5,673 4,855 Deferred rent payable 58 103 Long-term debt, net of current portion 11,986 13,243 ------ ------ Total liabilities 17,717 18,201 ------ ------ Shareholders' equity: Common stock 73 72 Additional paid-in capital 10,285 10,220 Accumulated deficit (4,019) (2,912) ------ ------ 6,339 7,380 Less: Treasury stock, at cost (1,408) (1,408) ------ ------ Total shareholders' equity 4,931 5,972 ----- ----- Total liabilities and shareholders' equity $22,648 $24,173 ======= ======= CALLOWAY'S NURSERY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in thousands) Nine-Months Ended September 30, ------------- 2009 2008 ---- ---- Cash flows from operating activities: Net income (loss) $(787) $947 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 360 285 Deferred income taxes (418) 238 Gain on involuntary conversion of assets -- (140) Net change in operating assets and liabilities 984 (1,237) --- ------ Net cash provided by operating activities 139 93 --- --- Cash flows from investing activities: Additions to property and equipment (923) (1,955) Insurance proceeds from involuntary conversion of property and equipment -- 277 --- --- Net cash used for investing activities (923) (1,678) ---- ------ Cash flows from financing activities: Repayments of debt (372) (489) Proceeds from issuance of common stock 66 -- -- --- Net cash used for financing activities (306) (489) ---- ---- Net decrease in cash and cash equivalents (1,090) (2,074) Cash and cash equivalents at beginning of period 1,931 3,207 ----- ----- Cash and cash equivalents at end of period $841 $1,133 ==== ======

Calloway's Nursery, Inc.

CONTACT: Dan Reynolds of Calloway's Nursery, Inc., +1-817-222-1122

Web Site: http://www.calloways.com/

MSA Declares Fourth Quarter Dividend

PITTSBURGH, Nov. 4 /PRNewswire-FirstCall/ -- The Board of Directors of MSA today declared a fourth quarter dividend of 24 cents per share on common stock, payable December 10, 2009 to shareholders of record on November 18, 2009.

The Board also declared a dividend of 56-1/4 cents per share on preferred stock, payable December 1, 2009 to shareholders of record on November 18, 2009.

About MSA:

Established in 1914, MSA is a global leader in the development, manufacture and supply of safety products that protect people's health and safety. Many MSA products typically integrate any combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive line of products is used by workers around the world in the fire service, oil, gas and petrochemical industry, homeland security, construction, mining and other industries, as well as the military. Principal products include self-contained breathing apparatus, gas masks, gas detection instruments, head protection, ballistic body armor, fall protection devices and thermal imaging cameras. The company also provides a broad range of consumer and contractor safety products through retail channels. These products are marketed and sold under the MSA Safety Works brand. MSA has annual sales of approximately $1 billion, manufacturing operations in the United States, Europe, Asia and Latin America, and more than 40 international locations. Additional information is available on the company's Web site at http://www.msanet.com/.

MSA

CONTACT: Mark Deasy of MSA, +1-412-967-3357

Web Site: http://www.msanet.com/

Noble Energy, Inc. to Present at Bank of America/Merrill Lynch Energy Conference

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Noble Energy, Inc. announced today that Charles D. Davidson, the company's Chairman and CEO, will present at the Bank of America/Merrill Lynch Energy Conference on Wednesday, November 18 at 8:15 a.m. Eastern time.

To access the presentation, go to http://www.nobleenergyinc.com/, click on the Investors tab and go to the Investor Events link.

A replay will be available until December 4, 2009 at 12:00 Midnight Central Time. Use the same website address above to access the replay.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with significant international operations offshore Israel and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Visit Noble Energy online at http://www.nobleenergyinc.com/.

Photo: http://www.newscom.com/cgi-bin/prnh/20021210/NBLLOGO
http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com Noble Energy, Inc.

CONTACT: Joan Pippenger of Noble Energy, Inc., +1-281-872-3122

Web Site: http://www.nobleenergyinc.com/

J.D. Power and Associates Awards Highest Honor to Kenmore Elite(R) Dishwashers2009 Kitchen Appliances Study(SM) Ranks Kenmore Elite Dishwashers Highest in Customer Satisfaction

HOFFMAN ESTATES, Ill., Nov. 4 /PRNewswire-FirstCall/ -- The Kenmore Elite® line of dishwashers ranks at the top for customer satisfaction(1), according to a new study conducted by J.D. Power and Associates. The 2009 Kitchen Appliances Study analyzed customer feedback on performance, ease of use, features, style and feel, price and warranty, and ranked Kenmore Elite the highest in customer satisfaction for Dishwashers.

According to the study, which was based on responses from more than 11,000 customers who purchased kitchen appliances, the Kenmore Elite line of dishwashers achieved a customer satisfaction score of 810 on a 1,000-point scale.

"Any product developed by Kenmore® begins with one simple thing - a customer's need. We listen intently to our customers and translate what we hear into products that deliver on performance, innovation and value," said Betsy Owens, Kenmore brand's vice president and general manager. "Customer satisfaction is at the core of all that we do at Kenmore, and is one of the main reasons why the Kenmore brand has been able to provide trusted and reliable products for generations. This honor from J.D. Power and Associates further demonstrates our position as a market leader in the dishwasher category. We take our customers' opinions very seriously, so we are thrilled to receive this award."

The Kenmore Elite dishwasher line includes a range of ENERGY STAR® qualified products including the Kenmore Elite 24-inch built-in dishwasher, priced as low as $789.99 (# 13102). It has options such as Ultra Wash® HE wash system that saves up to 41% less water and 34% less energy(2) and TurboZone(TM) with rotating spray jets to tackle tough, baked-on soils with no pre-scrubbing or soaking. The line also features the top-of-the-line Kenmore Elite dishwasher featuring the Smart Display(TM) interface (#13163), which is priced at $1,549.99. This model is so quiet, at 46 dBA, you hardly know it is on. To help customers know the cycle status at all times since it is virtually silent , Kenmore brand introduced the Smart Display(TM) console that shows an animated visual representation of what is happening during each stage of the cycle.

"Kenmore has heard from a number of customers that are pleased with the technology that is available in the brand's latest appliances," said Owens. "For example, The SmartWash HE(TM) option in Kenmore Elite dishwashers measures each load's size and soil level and sets the optimal amount of time, water and energy to effectively clean the load. This helps optimize water and energy usage, possibly resulting in lower utility bills."

Kenmore Elite dishwashers as well as the brand's wide selection of other home appliances, including laundry, refrigeration, and cooking products, along with small appliances, are available for purchase at http://www.kenmore.com/, http://www.sears.com/, and at Sears stores nationwide. To hear real stories from real Kenmore dishwasher owners about their experience with their Kenmore Elite dishwasher, please visit http://www.youtube.com/kenmore.

About the J.D. Power and Associates Study

The 2009 J.D. Power and Associates Kitchen Appliances Study(SM) was based on responses from 3,387 consumers who purchased dishwashers, 4,067 consumers who purchased ranges, cooktops, and ovens and 4,247 consumers who purchased refrigerators through a retail store or their new-home builder, or received one through other means (such as a gift) during the previous 24 months. The study ranked customer satisfaction with dishwashers in six areas: operational performance (including how well the appliance functions, noise level and energy efficiency); operational features (such as the number of settings available and appliance capacity); ease of use; styling and feel; price; and warranty. Kenmore Elite dishwashers received an overall score of 810 out of a possible 1,000 and were the top-ranked dishwashers for ease of use and features. The study was fielded between March and April 2009.

About Sears, Roebuck and Co.

Sears, Roebuck and Co., a wholly owned subsidiary of Sears Holdings Corporation , is a leading broadline retailer providing merchandise and related services. Sears, Roebuck offers its wide range of home merchandise, apparel and automotive products and services through more than 2,300 Sears-branded and affiliated stores in the United States and Canada, which includes approximately 929 full-line and approximately 1,200 specialty stores in the U.S. Sears, Roebuck also offers a variety of merchandise and services through sears.com, landsend.com, and specialty catalogs. Sears, Roebuck offers consumers leading proprietary brands including Kenmore, Craftsman, DieHard and Lands' End -- among the most trusted and preferred brands in the U.S. The company is the nation's largest provider of home services, with more than 12 million service calls made annually. For more information, visit the Sears, Roebuck website at http://www.sears.com/ or the Sears Holdings Corporation website at http://www.searsholdings.com/.

About J.D. Power and Associates

Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.

(1) Kenmore Elite received the highest numerical score for dishwashers in the proprietary J.D. Power and Associates 2009 Kitchen Appliances Study(SM). Study based on 11,701 total responses measuring 12 brands and measures opinions of consumers who purchased a new appliance from a retail store or their new-home builder during the previous 24 months. Proprietary study results are based on experiences and perceptions of consumers surveyed in March-April 2009. Your experiences may vary. Visit jdpower.com.

(2) When compared to a dishwasher manufactured seven years ago.

Sears, Roebuck and Co.

CONTACT: Larry Costello of Sears Holdings, +1-847-286-9036,
larry.costello@searshc.com; or Regina Pelz-Westergaard of Euro RSCG Worldwide
PR, +1-847-286-8984, regina.pelz-westergaard@eurorscg.com

Web Site: http://www.sears.com/

Company News On-Call: http://www.prnewswire.com/comp/923204.html

Homex Calls General Extraordinary Shareholders' Meeting

CULIACAN, Mexico, Nov. 4 /PRNewswire-FirstCall/ -- Desarrolladora Homex, S.A.B. de C.V. (Homex) , a leading homebuilder in Mexico, today called for a General Extraordinary Shareholders' Meeting to be held on November 19, 2009.

The main purpose of the Shareholders' Meeting is to obtain approval from its shareholders for a capital increase, in the range of 5% to 6%, of the Company's current capital. Homex could issue unsubscribed common stock to be allocated through a follow on offering in Mexico pursuant to article 53 of the Mexican Securities Law and article 7 of the bylaws of the Company, subject to authorization by the Mexican Securities and Banking Commission (CNBV).

The transaction and final conditions will be subject to the resolutions approved in the Company's mentioned Extraordinary Shareholders' Meeting, as well as the market conditions prevailing at the time.

About Homex

Desarrolladora Homex, S.A.B. de C.V. is a leading, vertically integrated home development company focused on affordable entry- level and middle-income housing in Mexico. It is one of the most geographically diverse homebuilders in the country. Homex has a leading position in the top four markets in Mexico and is the largest home builder in Mexico, based on revenues, number of homes sold and net income.

For additional corporate information, please visit the Company's web site at: http://www.homex.com.mx/

INVESTOR RELATIONS CONTACT investor.relations@homex.com.mx Vania Fueyo Investor Relations Officer +52 - 667-758-5838 vfueyo@homex.com.mx

Desarrolladora Homex, S.A.B. de C.V.

CONTACT: Investors, Vania Fueyo, Investor Relations Officer,
Desarrolladora Homex, +011-52-667-758-5838, vfueyo@homex.com.mx,
investor.relations@homex.com.mx

Web site: http://www.homex.com.mx/

Genesee & Wyoming Inc. to Present at Stephens Investment Conference

GREENWICH, Conn., Nov. 4, 2009 /PRNewswire-FirstCall/ -- Genesee & Wyoming Inc. (GWI) Chief Financial Officer T.J. Gallagher will present at the Stephens Inc. Fall Investment Conference in New York on Wednesday, Nov. 18, 2009, at 8:30 a.m. ET.

Interested investors may access Mr. Gallagher's presentation via live Internet webcast at the GWI web site (http://www.gwrr.com/) under "Investors." The webcast also will be archived on the site.

GWI owns and operates short line and regional freight railroads in the United States, Canada, Australia and the Netherlands. Operations currently include 62 railroads organized in nine regions, with more than 6,000 miles of owned and leased track and approximately 3,000 additional miles under track access arrangements. GWI provides rail service at 16 ports in North America and Europe and performs contract coal loading and railcar switching for industrial customers.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

Contact: Michael Williams, Corporate Communications, Genesee & Wyoming Inc., 203.629.3722, mwilliams@gwrr.com

Genesee & Wyoming Inc.

CONTACT: Michael Williams, Corporate Communications, Genesee & Wyoming
Inc., +1-203-629-3722, mwilliams@gwrr.com

Web Site: http://www.gwrr.com/

Sears Selected as Only National Retailer of New Jenn-Air(R) Appliance SuiteSears Blue Appliance Crew Raises Performance Standards Offering New Super-Premium Appliance Collection

HOFFMAN ESTATES, Ill., Nov. 4 /PRNewswire-FirstCall/ -- The nation's leading retailer of appliances today announced an agreement with Jenn-Air to make Sears the only national retailer for Jenn-Air's new collection of super-premium appliances. The new line of Jenn-Air appliances redefines 'best-in-class' for the kitchen, highlighting advanced technology, higher performance and overall enhanced design.

"Sears continues to listen to our customers who have voiced their desire for a super-premium line," said Doug Moore, senior vice president and president of Home Appliances for Sears Holdings. "As the nation's leading appliance retailer, Sears is committed to providing the best selection of major appliances, and beginning later this month, customers will have the opportunity to engage with a sophisticated and attention grabbing display showcasing as many as 17 Jenn-Air appliances in approximately 255 of our largest stores -- in various retail formats. Our relationship with Jenn-Air to carry its luxury line of kitchen appliances is another great example of how we continue to enhance our brand offerings."

"We're impressed by the technology, performance, fit and finish of these products," Moore added. "Customers investing in super premium appliances require the type of knowledge and guidance that the Sears Blue Appliance Crew and our sears.com Web site can deliver."

Ann Fandozzi, Whirlpool Corporation's vice president of sales and marketing for Sears added, "The Sears and Jenn-Air relationship aligns two companies committed to offering advancements in appliance technology, combined with elegant design and enhanced functionality."

Categories included in the Jenn-Air premium product line include: -- Wall Ovens -- Pro-Style® Cooktops -- Ventilation products -- Downdraft Cooktops -- Microwaves -- Slide-in Ranges -- Built-in Refrigerators -- High Performance Dishwashers Customers may also view the new Jenn-Air line at sears.com. About Sears Holdings Corporation

Sears Holdings Corporation is the nation's fourth largest broadline retailer with approximately 3,900 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands. It also has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart. We are the nation's largest provider of home services, with more than 12 million service calls made annually. Sears Holdings Corporation operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. For more information, visit Sears Holdings' website at http://www.searsholdings.com/.

About Sears Home Appliances

Sears is the nation's leading appliance retailer with the largest selection - over 3600 models. Only Sears sells the top 8 brands, including Kenmore, the nation's leading appliance brand. Sears always beats the competition's price, guaranteed, up to 30 days. Sears offers worry-free 1-year service, guaranteed and free help and support on all brands serviced by Sears 24/7 by phone. Sears provides next day delivery on over 1600 models - that's five times more than any national competitor. In March 2009, Sears launched the online ENERGY STAR Rebate Center - a program to help educate Americans about the millions of dollars in rebates that are available for ENERGY STAR-rated products and make it faster to receive these rebates. Sears has demonstrated its commitment to increasing America's energy efficiency through its actions over more than 10 years.

Sears sells more ENERGY STAR-rated appliances than any other retailer. In fact, in 2008, Sears was the first retailer to sell more than 3.1 million ENERGY STAR-qualified appliances from the nation's top brands, including Kenmore, the nation's leading appliance brand. In 2008 alone, Kenmore ENERGY STAR-rated appliances helped save America nearly 700 million Kilowatt hours, over four billion gallons of water, and over $100 million dollars.

About Jenn-Air

Since the introduction of the first self-ventilated cooktop in 1961 and downdraft ventilated range in 1965, Jenn-Air has consistently built on its reputation as a technology and design innovator. Its selection of style options includes two distinct stainless steel collections and two cutting edge finishes: Floating Glass and Oiled Bronze. From downdraft cooktops, wall ovens and professional-style ranges to dishwashers, refrigerators and such entertaining essentials as warming drawers, built-in ice machines and wine chillers, Jenn-Air offers a complete line of super premium kitchen appliances. To learn more about the Jenn-Air appliance collection, please visit http://www.jennair.com/.

About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion in 2008, 70,000 employees, and 67 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com/.

Sears Holdings Corporation

CONTACT: Larry Costello of Sears Holdings, +1-847-286-9036,
Larry.Costello@searshc.com; or Regina Pelz-Westergaard of Euro RSCG Worldwide
PR, +1-847-286-8984, regina.pelz-westergaard@eurorscg.com, for Sears Holdings

Web Site: http://www.searsholdings.com/
http://www.jennair.com/
http://www.whirlpool.com/

Company News On-Call: http://www.prnewswire.com/comp/923204.html

Great Basin Gold Files Preliminary Prospectus for $110 Million Convertible Debentures

VANCOUVER, Nov. 4 /PRNewswire-FirstCall/ -- Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it has filed a preliminary prospectus dated November 3, 2009 in all Provinces of Canada effective November 4, 2009 to qualify the distribution of $110 million principal amount of senior unsecured convertible debentures sold pursuant to a bought deal announced on October 29, 2009. The securities are being sold pursuant to an underwriting agreement between the Company and a syndicate of underwriters. The preliminary prospectus is available for download at http://www.sedar.com/ and provides additional details about the debentures and updates various operational and financial matters respecting the Company.

The debentures will be offered in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). The debentures have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registrations requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, sale or solicitation would be unlawful.

No regulatory authority has approved or disapproved the information contained in this news release. Cautionary and Forward Looking Statement Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address financing events or technical developments that Great Basin Gold expects to occur are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include financial market conditions, metals prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at http://www.sedar.com/.

Great Basin Gold Ltd.

CONTACT: on Great Basin Gold and its gold properties, please visit the
Company's website at http://www.grtbasin.com/ or contact Investor Services: Tsholo
Serunye in South Africa, 27 (0) 11 301 1800; Michael Curlook in North America,
1-888-633-9332; Barbara Cano at Breakstone Group in the USA, (646) 452-2334

Superior Well Services, Inc. Announces Closing of Public Offering of Common Stock and Exercise of Over-allotment

INDIANA, Pa., Nov. 4 /PRNewswire-FirstCall/ -- Superior Well Services, Inc. today announced the closing on November 3, 2009 of its previously announced public offering of 6,900,000 shares of common stock, which includes the full exercise of the underwriters' over-allotment option of 900,000 shares. All shares were sold at a price of $10.50 per share. The net proceeds of the offering, after deducting underwriting discounts and commissions but before estimated offering expenses, were approximately $68.8 million. All of the shares were offered by Superior Well Services pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.

BofA Merrill Lynch served as book-running manager of the offering. A copy of the prospectus supplement and related base prospectus for the offering may be obtained on the SEC website at http://www.sec.gov/. Alternatively, the underwriters will arrange to send you the prospectus supplement and related base prospectus if you request them by contacting: BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email Prospectus.Requests@ml.com.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the securities referred to above, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. An offering of any such securities will be made only by means of a prospectus supplement and related prospectus.

Except for historical information, statements made in this press release, including those relating to the offering and the use of proceeds from the offering are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by us based on our management's experience and perception of historical trends, current conditions, expected future developments and other factors our management believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. These risks include, but are not limited to: a sustained or further decrease in domestic spending by the oil and natural gas exploration and production industry; a continued decline in or substantial volatility of crude oil and natural gas commodity prices; current weakness in the credit and capital markets and lack of credit availability; overcapacity and competition in our industry; our inability to comply with the financial and other covenants in our debt agreements as a result of reduced revenues and financial performance or our inability to raise sufficient funds through assets sales or equity issuances; unanticipated costs, delays or other difficulties in executing our growth strategy, including difficulties associated with the integration of the Diamondback asset acquisition; the loss of one or more significant customers; the loss of or interruption in operations of one or more key suppliers; the incurrence of significant costs and liabilities in the future resulting from our failure to comply with new or existing environmental regulations or an accidental release of hazardous substances into the environment; and other factors detailed in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in our filings with the SEC, which are incorporated by reference.

Additionally, there are certain risks related to the offering to which this communication relates, which include among other things: if our stock price fluctuates, investors could lose a significant part of their investment; sales of a substantial number of shares of the Company's common stock in the public market could depress the market price of the common stock; the Company's management and directors beneficially own, control or have substantial influence over a significant amount of the common stock, and their interests may conflict with investors' interests and the concentration of ownership by such stockholders limits the influence of public stockholders; anti-takeover provisions could make it more difficult for a third party to acquire the Company; and because the Company has no plans to pay dividends on the common stock, investors must look solely to stock appreciation for a return on their investment.

Superior Well Services, Inc.

CONTACT: Chris Peracchi of Superior Well Services, Inc.,
+1-724-403-9108, cperacchi@swsi.com

Web Site: http://www.superiorwells.com/

Marshall & Ilsley Corporation to Present at the Bank of America Merrill Lynch Banking and Financial Services Conference

MILWAUKEE, Nov. 4 /PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation (M&I) will present at the Bank of America Merrill Lynch Banking and Financial Services Conference at 9:30 a.m. (Central Standard Time) Wednesday, Nov. 11, at the Grand Hyatt Hotel in New York City.

Speaking on behalf of Marshall & Ilsley Corporation will be Greg Smith, senior vice president and chief financial officer.

A link to the live audio webcast of the presentation can be accessed at: http://www.veracast.com/webcasts/bas/banking09/id64204274.cfm

Special instructions: The webcast will be audio-only, accessible using Windows Media Player or RealPlayer. Anyone participating in the webcast will be required to register. The webcast replay will be available (at the same website) within two hours of the live webcast presentation and will run through Friday, Nov. 27, unless there is a specific request to remove the webcast at an earlier date.

The PowerPoint presentation referenced during M&I's presentation can be accessed on Marshall & Ilsley Corporation's website (http://www.micorp.com/). The presentation will remain available for approximately 90 days after the conference.

Marshall & Ilsley Corporation is a diversified financial services corporation headquartered in Milwaukee, Wis., with $58.5 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 192 offices throughout the state. In addition, M&I has 53 locations throughout Arizona; 32 offices in Indianapolis and nearby communities; 36 offices along Florida's west coast and in central Florida; 16 offices in Kansas City and nearby communities; 26 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank subsidiary has 17 offices in the greater St. Louis area. M&I also provides trust and investment management, equipment leasing, mortgage banking, asset-based lending, financial planning, investments, and insurance services from offices throughout the country and on the Internet (http://www.mibank.com/ or http://www.micorp.com/). M&I's customer-based approach, internal growth, and strategic acquisitions have made M&I a nationally recognized leader in the financial services industry.

Marshall & Ilsley Corporation

CONTACT: Greg Smith, senior vice president, chief financial officer of
Marshall & Ilsley Corporation, +1-414 765-7727

Web Site: http://www.micorp.com/

Noront Resources to present at key retail and industry conferencesSymbol: NOT:TSX-V Shares Outstanding: 163,631,957 Fully Diluted: 173,461,957

TORONTO, Nov. 4 /PRNewswire-FirstCall/ -- Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that it will be presenting and or exhibiting at the following retail and industry conferences:

November 6-7 Cambridge Montreal Resource Investment Conference Palais des Congres Montreal 1001 place Jean-Paul Riopelle Montreal, Quebec Exhibiting Booth # 103 Speaking Time: November 6th at 3:00pm Montreal local time November 8-10 25th International Ferro-Alloys Conference The Fairmont Monte Carlo, Monaco Speaking Time: November 9th at 2:30pm Monte Carlo local time

Noront's CEO Mr. Wes Hanson will be attending Cambridge's Montreal Conference on Friday, November 6, 2009 and will be speaking later that day, he will be available during the day to answer all shareholder questions. Mr. Hanson will also be presenting at the 25th Annual Ferro Alloy Conference in Monte Carlo on November 9, 2009. For further information on the above conferences, please contact the Investor Relations Department. All presentations given at the conferences will be available on the Noront website at http://www.norontresources.com/. For a full list of all future conferences the company will be attending, please visit our website.

Regarding the Freewest Offer:

Noront's offer (the "Offer") for Freewest Resources Canada Inc. ("Freewest") remains the only offer to date. Our offer of 0.25 of a Noront share for every one (1) Freewest share remains outstanding and continues to represent a full and fair offer for Freewest.

Noront continues to believe that the consolidation of the Ring of Fire will result in the use of mutual infrastructure to allow for prudent management of shareholder equity, which will in turn, create value for all stakeholders in the Ring of Fire.

We urge Freewest shareholders to tender their shares prior to the expiry date of November 18, 2009. Noront strongly encourages shareholders of Freewest to read the Take-Over Bid Circular, which contains the full terms and conditions of the Offer as well as detailed instructions on how Freewest shareholders can tender their common shares to the Offer. Copies of the Take-Over Bid Circular and related documents are available at http://www.norontresources.com/ or on SEDAR at http://www.sedar.com/.

Freewest shareholders electing to tender their common shares to the Offer must complete the letter of transmittal or, if necessary, the notice of guaranteed delivery (both of which accompany the Take-Over Bid Circular) and return the appropriate documents in accordance with the terms and conditions more fully set out under "Manner of Acceptance" in Section 3 of the Offer. If common shares of Freewest are held in the name of a nominee, such as a broker, investment bank, bank or trust company, the shareholder should contact such nominee for instructions on how to deposit their common shares to the Offer.

For assistance in tendering shares to the Noront Offer, Freewest shareholders are encouraged to contact Laurel Hill Advisory Group at the following contact number: 1-877-304-0211.

About Noront

Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company's website at http://www.norontresources.com/ or at SEDAR at http://www.sedar.com/

Wesley (Wes) Hanson President & Chief Executive Officer FORWARD LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Noront Resources Ltd.

CONTACT: Joanne Jobin, Vice President Corporate Communications at (416)
367-1444, or visit Noront's website at: http://www.norontresources.com/.

Hovnanian Enterprises Announces Appointment of New Chairman of the Board of Directors

RED BANK, N.J., Nov. 4 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. , a leading national homebuilder, announced today that its Board of Directors has appointed Ara K. Hovnanian as Chairman of its Board of Directors, in addition to his positions as President and Chief Executive Officer of the Company.

Mr. Ara K. Hovnanian will succeed Mr. Kevork S. Hovnanian, the founder of the Company, who served as Chairman of the Board of Directors up until his death in September 2009.

"Ara's thirty years of service to the Company, vast industry expertise and his close relationship with our past chairman, uniquely qualify him for this role," commented Stephen D. Weinroth, a Director of the Company. "Kevork S. Hovnanian was the founder of our Company and a tremendous resource for the past fifty years both in good times and more importantly in difficult times. He will be a hard act to follow."

Edward A. Kangas, a Director of the Company, continued, "However, we are confident that under Ara's leadership as Chairman, that he will be able to carry on the tradition of a strong leader that his father set and successfully navigate the Company through this challenging economic environment. Ara is the right leader for the Company."

Mr. Ara K. Hovnanian has been with the Company for more than 30 years and has served as its President since 1988 and its Chief Executive Officer since July 1997. He has served as a director on the Company's Board of Directors since 1981. Mr. Ara K. Hovnanian has played a key role in the growth of the Company over this time period.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes and CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company's 2008 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com/. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com/.

Note: All statements in this Press Release that are not historical facts should be considered as "forward-looking statements" within the meaning of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions, (2) adverse weather conditions and natural disasters, (3) changes in market conditions and seasonality of the Company's business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10) availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company's operations and activities imposed by the agreements governing the Company's outstanding indebtedness, (13) operations through joint ventures with third parties, (14) product liability litigation and warranty claims, (15) successful identification and integration of acquisitions, (16) significant influence of the Company's controlling stockholders, (17) geopolitical risks, terrorist acts and other acts of war and (18) other factors described in detail in the Company's Form 10-K for the year ended October 31, 2008 and in the Company's Form 10-Q for the quarter ended July 31, 2009.

Hovnanian Enterprises, Inc.

CONTACT: J. Larry Sorsby, Executive Vice President & CFO, or Jeffrey T.
O'Keefe, Director of Investor Relations, +1-732-747-7800, both of Hovnanian
Enterprises, Inc.

Web Site: http://www.khov.com/

FDA Consumer Health Information Updates: Fraudulent H1N1 Flu Products, Hearing Aids, Sound Amplifiers, Tobacco Regulation, FDA's International Posts, LASIK Eye Surgery, and FDA MedWatch Safety Alerts

SILVER SPRING, Md., Nov. 4 /PRNewswire-USNewswire/ -- The U.S. Food and Drug Administration (FDA) today released a listing of seven recent consumer health information updates concerning the safety of FDA-regulated products. These updates can be accessed from the agency's Web page for consumers at http://www.fda.gov/ForConsumers/default.htm. You can sign-up for e-mail notices of new consumer updates on an immediate, weekly, or monthly basis at https://service.govdelivery.com/service/subscribe.html?code=USFDA_9. An RSS feed is also available at http://www.fda.gov/AboutFDA/ContactFDA/StayInformed/RSSFeeds/Consumers/rss.xml .

(Logo: http://www.newscom.com/cgi-bin/prnh/20090824/FDALOGO) -- The Word is Out on Unapproved H1N1 Products http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm187728.htm

FDA cautions consumers about buying unapproved products on the Web that claim to protect against H1N1 flu, and summarizes actions it has taken against these illegally marketed products.

-- A New Online Guide to Hearing Aids http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm185723.htm

FDA launches a new Web site to help consumers find out about the latest types of hearing aids and what to consider before purchasing one.

-- Hearing Aids and Personal Sound Amplifiers: Know the Difference http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm185459.htm

FDA's recently issued guidelines will help consumers from mistaking amplifying devices for approved hearing aids.

-- Regulating Tobacco: Q&A with Lawrence Deyton, M.S.P.H., M.D. http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm183919.htm

The director of FDA's new Center for Tobacco Products discusses the agency's role in regulating tobacco products.

-- FDA's International Posts: Improving the Safety of Imported Food and Medical Products

http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm185769.htm

FDA's posting of staff in overseas regions, such as China, India, the Middle East, Europe, and Latin America, expands the agency's capacity to oversee imported food and medical products.

-- LASIK: Quality of Life Project, Warning Letters to Facilities http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm187351.htm

FDA has launched a study of the impact of LASIK on patients' quality of life, and has issued warning letters to 17 LASIK surgery centers that release patients the same day as their surgery.

-- FDA's MedWatch Safety Alerts: September 2009 http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm184092.htm

This update provides a collection of the most recent safety alerts prompted by reports received by FDA from health care professionals and their patients.

Updates may be published elsewhere without permission. Please credit "FDA Consumer Health Information" (http://www.fda.gov/ForConsumers/default.htm) as the source. FDA values feedback on its consumer Web page. Send questions, comments, or story ideas to: consumerinfo@fda.hhs.gov.

Contact: Jason Brodsky, (301) 827-6251 or consumerinfo@fda.hhs.gov

Photo: http://www.newscom.com/cgi-bin/prnh/20090824/FDALOGO
PRN Photo Desk, photodesk@prnewswire.com U.S. Food and Drug Administration

CONTACT: Jason Brodsky of the U.S. Food and Drug Administration,
+1-301-827-6251, consumerinfo@fda.hhs.gov

Web Site: http://www.fda.gov/

Star Scientific Plans Worldwide Marketing and Sales of CigRx(TM) Nutraceutical in Partnership with inVentiv Health

PETERSBURG, Virginia, November 4 /PRNewswire/ --

Star Scientific, Inc. (Nasdaq: STSI) announced today that the company plans to introduce the CigRx(TM) nutraceutical product developed by its subsidiary, Rock Creek Pharmaceuticals, for worldwide marketing and sales in partnership with inVentiv Health, Inc. (Nasdaq: VTIV). inVentiv Health offers a complete range of commercialization solutions for every stage of the product lifecycle, in a range of healthcare categories that includes nutraceutical products. The company has marketing and sales capabilities in 40 countries around the globe. Jonnie R. Williams, Star's CEO, stated, "Cigarette smoking is the leading cause of preventable death in the world. However, the global cigarette business, which now exceeds US$300 billion, continues to grow. Our goal is to make CigRx(TM) available to adult smokers worldwide who wish to maintain a nicotine-free metabolism." Rock Creek Pharmaceuticals will be responsible for the manufacturing of CigRx(TM), and the company anticipates that inVentiv Health will be involved in the product marketing and sales, with a focus on product education for physicians and health care professionals, as well as consumers.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090317/STARSCIENTIFICLOGO )

Star also announced that it has retained McColl Partners LLC to advise the company on a range of corporate finance matters, including the assessment of strategic initiatives involving new products. McColl Partners, an independent investment banking firm co-founded by Hugh McColl, former Chairman of Bank of America, specializes in the needs of management and owners of middle-market companies. The firm offers strategic advice and assistance to its clients regarding mergers and acquisitions.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Star Scientific, Inc. and its consolidated subsidiaries (collectively, the "Company") has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties and contingencies include, without limitation, the challenges inherent in new product development initiatives, the uncertainties inherent in the progress of scientific research, the Company's ability to raise additional capital in the future necessary to maintain its business, potential disputes concerning the Company's intellectual property, risks associated with litigation regarding such intellectual property, potential delays in obtaining any necessary government approvals of the Company's low-TSNA tobacco products, market acceptance of the Company's new smokeless tobacco products, competition from companies with greater resources than the Company, the Company's decision not to join the Master Settlement Agreement ("MSA"), the effect of state statutes adopted under the MSA, and the Company's dependence on key employees and on its strategic relationships with Brown & Williamson Tobacco Corporation in light of its combination with RJ Reynolds Tobacco Company, Inc. The impact of potential litigation, if initiated against or by individual states that have adopted the MSA, could be materially adverse to the Company.

Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. See additional discussion under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, as filed with the SEC on March 16, 2009, and other factors detailed from time to time in the Company's other filings with the SEC, available at www.sec.gov. This information is current as of this date. The Company undertakes no obligation to update or advise upon any such forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

About Rock Creek Pharmaceuticals

Rock Creek Pharmaceuticals develops pharmaceutical products for treatment of addiction and other neurological disorders, and other products such as nutraceuticals. The company supports third-party academic, educational and therapeutic advances in both these areas of research. Rock Creek has scientific and research offices in Gloucester, MA and a regulatory office in Washington, DC.

About Star Scientific

Star Scientific is a technology-oriented tobacco company with a toxin reduction mission. It is engaged in the development of dissolvable smokeless tobacco products that deliver fewer carcinogenic toxins (principally tobacco specific nitrosamines, or TSNAs), through the utilization of the innovative StarCured(R) tobacco curing technology, and in sublicensing that technology to others. Star Scientific has a Corporate and Sales Office in Petersburg, VA, an Executive, Scientific & Regulatory Affairs office in Bethesda, MD, and manufacturing facilities in Chase City, VA. For more information, visit http://www.starscientific.com

About inVentiv Health

inVentiv Health, Inc. (Nasdaq: VTIV) is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 350 leading pharmaceutical, biotech, life sciences and healthcare payor companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.

Contact: Sara Troy Machir VP, Communications & Investor Relations Star Scientific, Inc. +1-301-654-8300

Star Scientific, Inc.

Sara Troy Machir, VP, Communications & Investor Relations, +1-301-654-8300

SIRIUS XM Radio Decks the Halls With Five Channels of Commercial-Free Holiday Music

NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- SIRIUS XM Radio today announced its extensive holiday music lineup featuring five commercial-free specialty channels celebrating the most festive time of year.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080819/NYTU044LOGO)

SIRIUS XM's holiday music channels will showcase traditional holiday songs, classical Christmas carols, Hanukkah music, country Christmas hits and contemporary festive music. The special holiday programming will feature holiday music favorites recorded by artists including Dean Martin, Paul McCartney, Andy Williams, Mariah Carey, the Mormon Tabernacle Choir and Trans Siberian Orchestra. The various channels will offer listeners the perfect soundtrack to any holiday party.

SIRIUS XM Radio holiday channel lineup features:

Holly (SIRIUS channel 3 and XM channel 23) will feature contemporary holiday music as well as traditional favorites, including songs by John Mayer, Colbie Caillat, Josh Groban and Michael Buble.

Monday, November 16 - Thursday, December 31.

Holiday Traditions (SIRIUS channel 4 and XM channel 4) will feature traditional holiday recordings from the '40s through the '60s by artists such as Bing Crosby, Andy Williams, Ray Conniff and Nat "King" Cole.

Monday, November 16 - Friday, December 25.

Holiday Pops (SIRIUS channel 79 and XM channel 77) will feature classical Christmas carols sung by the greatest classical musicians of all-time, including the Mormon Tabernacle Choir, Luciano Pavarotti, Boston Pops and Leontyne Price.

Monday, December 7 - Friday, December 25.

Country Christmas (SIRIUS channel 62 and XM channel 10) will feature a wide-ranging assortment of country Christmas music, including Garth Brooks, Carrie Underwood and Kenny Rogers.

Monday, December 7 - Friday, December 25.

Radio Hanukkah (SIRIUS channel 76 and XM channel 28) will feature an extensive collection of Hanukkah music and special segments celebrating Jewish culture, including Jewish community leaders, prominent artists and various celebrities sharing personal stories and memories about the holiday season. Radio Hanukkah will also feature a live broadcast of the lighting of the National Menorah on the Ellipse in front of the White House.

Monday, December 7 - Saturday, December 19.

SIRIUS XM's commercial-free holiday channels will also be available online at SIR and XMRO.

For more information about additional holiday programming, please visit http://www.sirius.com/ or http://www.xmradio.com/

About SIRIUS XM Radio

SIRIUS XM Radio is America's satellite radio company delivering to subscribers commercial-free music channels, premier sports, news, talk, entertainment, and traffic and weather.

SIRIUS XM Radio has content relationships with an array of personalities and artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Rosie O'Donnell, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love Sponge®, Bob Edwards, Chris "Mad Dog" Russo, Jimmy Buffett, The Grateful Dead, Willie Nelson, Bob Dylan and Tom Petty. SIRIUS XM Radio is the leader in sports programming as the Official Satellite Radio Partner of the NFL, Major League Baseball®, NASCAR®, NBA, NHL®, and PGA TOUR® and major college sports.

SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio products are available at shop.sirius.com and shop.xmradio.com, and at retail locations nationwide, including Best Buy, RadioShack, Wal-Mart and independent retailers.

SIRIUS XM Radio also offers SIRIUS Backseat TV, the first ever live in-vehicle rear seat entertainment featuring Nickelodeon, Disney Channel and Cartoon Network; XM NavTraffic® service for GPS navigation systems delivers real-time traffic information, including accidents and road construction, for more than 80 North American markets.

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving SIRIUS and XM, including potential synergies and cost savings and the timing thereof, future financial and operating results, the combined company's plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," " are expected to," "anticipate," "believe," "plan," "estimate," "intend," "will," "should," "may," or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS' and XM's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: our substantial indebtedness; the businesses of SIRIUS and XM may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the useful life of our satellites; our dependence upon automakers and other third parties; our competitive position versus other forms of audio and video entertainment; and general economic conditions. Additional factors that could cause SIRIUS' and XM's results to differ materially from those described in the forward-looking statements can be found in SIRIUS' Annual Report on Form 10-K for the year ended December 31, 2008 and XM's Annual Report on Form 10-K for the year ended December 31, 2008, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov/). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.

P-SIRI Contact for SIRIUS XM Radio: Samantha Bowman SIRIUS XM Radio 212 901 6644 Samantha.bowman@siriusxm.com

Photo: http://www.newscom.com/cgi-bin/prnh/20080819/NYTU044LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com SIRIUS XM Radio

CONTACT: Samantha Bowman, SIRIUS XM Radio, +1-212-901-6644,
Samantha.bowman@siriusxm.com

Web Site: http://www.sirius.com/
http://www.xmradio.com/

Monsanto Breaks Ground on Lubbock Cotton Research Facility

LUBBOCK, Texas, Nov. 4, 2009 /PRNewswire-FirstCall/ -- Cotton farmers on the High Plains are always looking for ways to improve their farm's profit potential, and two of the biggest opportunities for farmers to that are to increase yield potential and produce better quality fiber. Those are the goals of Monsanto Company's $10.5 million research "megasite" in Lubbock, where the company broke ground on the site today. The megasite will provide a central point for the company's breeding and testing programs in the High Plains region.

"Texas is the major player in the U.S. cotton industry with more than 50 percent of the country's planted acres," said Dr. Trevor Hohls, Monsanto global cotton breeding lead. "We have made some great progress with well-adapted germplasm in the past couple of years and are seeing great results with Deltapine's Class of 09 varieties and Class of 10 candidates. This increase in research will provide continued breakthroughs in genetics and technology for the farm."

The site, the Monsanto Texas Cotton Research Center, is being developed on a 12.2-acre site within the Lubbock Economic Development Alliance Business Park. Hohls said it will draw together a number of programs and contribute additional resources in the area.

"This megasite will let our programs in Hale Center and Haskell work alongside discovery breeding, biotech and testing programs," Hohls explained. "A new testing center in South Texas will connect to these as well to provide additional environments to use in the breeding and testing of our products. We will be utilizing the latest technologies to select the traits of greatest interest, measure progress in our water-use efficiency program and conduct testing across diverse genetics and environments."

Kendall Bonds, Monsanto's western region testing lead, estimates that 20 employees will be based at the facility. He explains that due to the nature of the work, a large percentage of the team has advanced degrees in genetics or other technical fields. Specialized equipment and computer technologies are also a factor for the facility.

"Cotton farming requires a lot of specialized equipment. Our breeding and testing programs have similar needs, but on a different scale, as we look at individual plants or small numbers of plants rather than fields," Bonds explains. "Our site will bring these technologies together to help us do that field work and analyze data. The combination of the field and lab components enables us to determine what is working well and the opportunities we have will produce real returns on our investment for farmers and the company."

Leadership of the Plains Cotton Growers Association, city government and the Texas Senate agriculture committee were among the participants in the groundbreaking.

About Monsanto Company

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large-scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy. To learn more about our business and our commitments, please visit: http://www.monsanto.com/. Follow our business on Twitter at http://www.twitter.com/MonsantoCo, on Facebook at http://www.facebook.com/MonsantoCo, or subscribe to our News Release RSS Feed.

CONTACT Janice Person (901-320-5760)

Nick Weber (314-694-4689)

Monsanto Company

CONTACT: Janice Person, +1-901-320-5760, or Nick Weber, +1-314-694-4689,
both of Monsanto Company

Web Site: http://www.monsanto.com/

Avon Declares Regular Quarterly Dividend

NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- Avon Products, Inc. today declared a regular quarterly dividend on its common stock of $.21 per share, payable December 1, 2009, to shareholders of record November 20, 2009.

Avon, the company for women, is a leading global beauty company, with over $10 billion in annual revenue. As the world's largest direct seller, Avon markets to women in more than 100 countries through approximately 6 million independent Avon Sales Representatives. Avon's product line includes beauty products, as well as fashion and home products, and features such well-recognized brand names as Avon Color, Anew, Skin-So-Soft, Advance Techniques, Avon Naturals, and Mark. Learn more about Avon and its products at http://www.avoncompany.com/.

Avon Products, Inc.

CONTACT: Renee Johansen, or Yana Friedman, +1-212-282-5320

Web Site: http://www.avoncompany.com/

Avalon Research Group, Inc. Issues an Informational Report for LML Payment Systems, Inc.

BOCA RATON, Fla., Nov. 4 /PRNewswire/ -- Avalon Research Group, Inc., today announces issuance of an Informational Report for LML Payment Systems Inc. , a financial payment processor providing solutions for e-commerce and traditional businesses. Avalon was engaged to report on LML Payment System Inc.'s business segments, industry, management team and strategy.

The complete report is available at: http://avalonresearch.ir.stockpr.com/lmlpayment/_report

About LML Payment Systems Inc. (http://www.lmlpayment.com/)

LML Payment Systems Inc., through its subsidiaries Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the U.S., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. They provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement. Their intellectual property estate, owned by subsidiary LML Patent Corp., includes U.S. Patent No. RE40,220, No. 6,354,491, No. 6,283,366, No. 6,164,528, and No. 5,484,988 all of which relate to electronic check processing methods and systems.

About Avalon Research Group, Inc.

Valuation, liquidity and cost of capital are the primary benefits to being a public company. For small public companies, the lack of clear, accurate and readily available information is the biggest hurdle to maximizing the benefits of being public. Avalon Research sponsored coverage addresses these issues. Our research reports represent significant value for today's under-followed, under-appreciated small public and private companies. An Avalon report clarifies all essential elements of a company's business plan and translates it into the language that professional portfolio managers speak.

About Littlebanc Advisors, LLC

Littlebanc, securities offered through Wilmington Capital Securities, LLC, represents a select group of high quality, under-followed companies providing introductions to some of the most influential institutional investors on Wall Street. Littlebanc's consulting, sponsored research and investment banking divisions work together to help client companies get their story heard and ultimately lower their cost of capital.

"Littlebanc" is a trade name associated with Littlebanc Advisors, LLC, a consulting firm rendering services to "small cap" public companies. Littlebanc Advisors, LLC is not a bank or financial institution, takes no deposits, provides no banking or depository institution services, makes no loans and does not deal with consumers in bank-related services or otherwise.

Disclaimer: This disclaimer is an integral part of our service. Our reports are written in return for cash remuneration and prepared for informational purposes only. LML Payment Systems Inc. paid Avalon Research Group, Inc. $25,000 for this report. The owners, officers and consultants of Avalon Research Group, Inc. and its affiliates, including Littlebanc Advisors, LLC, securities offered through Wilmington Capital Securities, LLC, may or may not have an equity position in LMLP and could benefit from an increase in share price. Our reports should not be construed as recommendations or solicitations to neither purchase nor sell any security from Avalon Research Group, Inc. or its affiliates, nor do the reports constitute investment advice or provide all information material to an investor's investment decisions. Unless otherwise noted, all reports provide information of a general nature and do not address the circumstances of any particular investor. The information contained in our reports is based upon sources that we believe to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. Neither Avalon Research Group, Inc. nor its affiliates accepts liability whatsoever for any investment loss arising from the use of our reports or their contents. The information, projections, and/or conclusions contained in our reports as well of the opinions of the author contained in such reports are of the date published and are subject to change without notice. Our reports and all of its contents are protected by copyright. Important: The information contained in this report is intended solely for institutional/professional investors. This information should not be used or relied upon by individual/retail investors when making investment decisions.

Contact: Kristin Haugk Littlebanc Advisors, LLC 561-948-1870 kh@littlebanc.com http://www.littlebanc.com/

Avalon Research Group, Inc.

CONTACT: Kristin Haugk, Littlebanc Advisors, LLC, +1-561-948-1870,
kh@littlebanc.com

Web Site: http://avalonresearch.ir.stockpr.com/lmlpayment/_report

Onstream Media Expands Federal Government Business-New Contracts with the Department of the Treasury, REJ & Associates (a Prime Contractor for HUD's Federal Housing Administration) and a Renewal with the Nuclear Regulatory Commission-

POMPANO BEACH, Fla., Nov. 4 /PRNewswire-FirstCall/ -- Onstream Media Corporation a leading online service provider of live and on-demand internet video, corporate web communications and content management applications, today announced two Federal Government agreements including the Department of the Treasury's Internal Revenue Service (IRS) and the Nuclear Regulatory Commission (NRC). Onstream Media also announced a third agreement with strategic partner REJ & Associates, Inc. to provide Webinar services to the U.S. Department of Housing and Urban Development's Federal Housing Administration (FHA) Philadelphia Homeownership Center (HOC).

"Our business relationships with various federal and state governments have never been stronger," said Randy Selman, President and Chief Executive Officer of Onstream Media. "As demand for our multi-media web communication products and services continues to increase on the commercial side of our business, we're also pleased to report continued growth in the government sector, which we expect to continue to rise in the years to come."

Under the agreement with the IRS, Onstream Media will provide its comprehensive Digital Media Services Platform (DMSP) and live and on-demand webcasting services for ongoing education and targeted outreach delivery services. The IRS will use Onstream Media's technology to communicate important tax information to tax professionals, small businesses, and self-employed taxpayers in more dynamic, web-friendly and innovative formats such as podcasts, webinars, live broadcasts or other forms of web-based media.

The company expects to deliver approximately 24 recorded, on-demand webinars and live webcasts in the first year of this agreement that also includes four subsequent option years. For the video production services portion of the contract with the IRS, Onstream Media has teamed with the National Press Club, Broadcast Operations Center to rehearse, film, stream live and archive the webinars, which can be easily played back via the web on-demand.

"The IRS is always looking for better ways to use the latest technology to deliver critical tax information to the public," said Rob Wilkerson, director of IRS's Communications, Liaison and Disclosure. "Web-based communication provides a convenient, flexible and efficient way for taxpayers and tax professionals to get the latest information from IRS sources."

Under the HUD/FHA Philadelphia Homeownership Centers agreement with REJ & Associates, Inc., Onstream Media is subcontracted to provide audio-based web conferencing services that enable FHA to bring employees and other participants from around the country together for online workshops, seminars and trainings. REJ & Associates, Inc., a minority-owned, federally certified 8(a) and SDB located in Baltimore, MD., provides customers with integrated marketing and communications services. The company specializes in radio and television broadcast, print, internet and event production services.

"We're pleased to be working with Onstream Media and think that their software and support services offer great solutions and complement our ability to deliver webcast services to various government entities," said Elliott A. Wiley, Founder, President & CEO of REJ. "We're excited about this new strategic partnership and the opportunity it presents to open many more doors for REJ & Associates as well as Onstream Media."

In addition, the NRC has exercised its first one year option to renew and extend its multi-year agreement with Onstream Media to provide ongoing webcasting, streaming media and multi-media services. The company began providing the NRC with its webcasting services in March, 2008.

"Onstream has been able to provide live and archived video broadcasts to the NRC which helps create much-needed transparency and opens up the regulatory process to the general public," added Selman. "In fact, more and more government agencies are turning to Onstream Media to provide video and audio broadcasts online to ensure that public hearings, training material and other specialized events and information are available to reach their constituents, industry partners and employees."

Onstream Media is now providing its webcasting and Digital Media Services Platform (DMSP) to approximately 30 federal, state and local government agencies. The company's GSA number is GS-35F-0211S. For additional information on Onstream Media's products and services, contact George Stemper at 954-917-6655 or gstemper@onstreammedia.com.

About Onstream Media:

Onstream Media Corporation is an online service provider of live and on-demand internet video, corporate web communications and content management applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides customers with cost effective tools for encoding, managing, indexing, and publishing content via the Internet. The DMSP provides our clients with intelligent delivery and syndication of video advertising, streaming video, mobile streaming and supports pay-per-view for online video and other rich media assets. The DMSP also provides an efficient workflow for transcoding and publishing user- generated content in combination with social networks and online video classifieds, utilizing Onstream Media's Auction Video(TM) (patent pending) technology. In addition, Onstream Media provides live and on-demand webcasting, webinars, web and audio conferencing services. In fact, almost half of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used Onstream Media's services.

Select Onstream Media customers include: AAA, Bonnier Corporation, Dell, Disney, Georgetown University, National Press Club, PR Newswire, Shareholder.com (NASDAQ), Sony Pictures and the U.S. Government. Onstream Media's strategic relationships include Akamai, Adobe, BT Conferencing, eBay and Qwest. For more information, visit Onstream Media at http://www.onstreammedia.com/ or call 954-917-6655.

Media Relations: Chris Faust FastLane 973-226-4379 cfaust@fast-lane.net Investor Relations: Brett Maas Hayden IR 646-536-7331 brett@haydenir.com Cautionary Note Regarding Forward Looking Statements

Certain statements in this document and elsewhere by Onstream Media are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. economy; government policies and regulations, including, but not limited to those affecting the Internet. Onstream Media undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Onstream Media Corporation's filings with the Securities and Exchange Commission.

Onstream Media Corporation

CONTACT: Media Relations: Chris Faust, FastLane, +1-973-226-4379,
cfaust@fast-lane.net, Investor Relations: Brett Maas, Hayden IR,
+1-646-536-7331, brett@haydenir.com

Web Site: http://www.onstreammedia.com/

2009 MTV Europe Music Awards Fascinating Facts

LONDON, Nov. 4 /PRNewswire/ --

GENERAL VIEWING & ATTENDANCE -- The MTV Europe Music Awards will be broadcast to a global audience of 532 million homes around the world via the MTV global TV network. WHEELS AND RIDES -- MTV has commissioned over 120 Limousines/MPVs to move artists around the city of Berlin, 70 buses to transport VIP guests to and from the O2 World and the surround events and parties/hotels. -- 60 cars have been hired for VIP and crew transportation and 2 boats on River Spree will be used for sponsor hospitality. CRIBS -- Crew, guests, media and talent attending the Awards have so far booked 1,400 flights to Berlin. -- More than 1,500 hotel rooms have been booked in the city, representing over 5,000 individual room nights. BACKSTAGE & CREW -- The backstage area at the MTV Europe Music Awards 2009 contains 6625 meters-squared of temporary office structures. This area will contain 700 power sockets, 600 tables, 2000 chairs, 550 walkie talkies, 32 photocopiers and 50km of standard lighting cable. All the tables lined up end to end would stretch more than a mile. -- Over 40 artist dressing rooms will be equipped with an astounding list of furniture including a total of 50 sofas, 70 tables, 130 chairs, 51 mirrors, 30 coffee tables and 45 dress rails. -- The MTV production team will be creating 1,800 laminated passes for crew, talent, executives and media working at the MTV Europe Music Awards. STAGE & SET -- The set has been designed by celebrated German stage and set designer Florian Wieder who previously worked on the MTV Europe Music Awards in Munich and Edinburgh. -- The architecturally inspired set includes cues and imagery from Berlin's celebrated cultural life and landmarks. GLITZ AND GLAMOUR -- The EMA Glam Squad once again will be headed by the PRO MAC team, headed by James Malloy. -- MAC is a great supporter of the EMAs with their fabulous palette of colors and glitters. Artists and dancers involved in the show will use 600 false eye lashes, more than 25 different glitters, 60 eye shadows, 300 nail polishes, 20 pots of loose powder, 200 powder puffs and 125 different shades of lipstick. They will be applied by makeup artists using 1,000 makeup sponges and 1,200 makeup brushes. -- Makeup for dancers and artists will be supplied by over 40 makeup artists, ten of whom will be from top Frankfurt-based makeup agency Crew Sistars They will be working 10 hour days from Monday 2nd November until the night of the show. -- For the fourth year running talented graffiti artist "The Urbanizt" will be providing stylish finishing touches for the performers - from graffiti on Snoop's clothing to Nellie Furtado's graffitied arms. -- Jason and India Miller from the internationally renowned Charlie Miller salon will be heading the looks for the hair team. They have been working with the Glam Squad since the Edinburgh Awards in 2003. -- To keep the artists perfectly coiffed, MTV is trucking into town with 200 wigs, 500 hair pieces, 1,500 hair products, 20 wig blocks and 60 poly heads. FOOD AND DRINK -- Artists' meals, snacks and treats will be provided by specialist catering outfit Eat Your Hearts Out - a veteran of many MTV Europe awards shows. -- Artists, crew and guests will drink 24,000 bottles of water on site at the O2 World - all of which will be recycled after the show. The Dell Amplichoir -- The Dell Amplichoir contest drew close to 900 singers from 152 countries around the world - from as far away as mountainous Nepal to the sunny Fijian Islands. -- Close to a 900 people performed classic fifties pop track "Lollipop" via webcam together in what could be the world's biggest and sweetest, online choir. -- Lollipops, bunny ears and more strangely, puppies, were the favorite props of singers participating in the Dell Amplichoir. -- The oldest Amplichoir singer was an 87 New Zealand man, while the youngest was 2 year old Freya from the UK. -- The biggest number of people singing "Lollipop" in one recording was the 4,500 young people gathered together in Argentina. -- The winners of the Dell Amplichoir contest will receive their award from Joss Stone on the Red Carpet at the MTV Europe Music Awards. Sony Ericsson -- More than 7,000 music fans registered for the opportunity to participate in the Sony Ericsson FanWalk at the MTV Europe Music Awards. -- One-hundred hardcore music fans from throughout Europe (Germany, Austria, Switzerland, Norway, Netherlands, Italy, Spain, Portugal, UK, Ireland, as well as Turkey, Ukraine, Bulgaria, Romania and Greece) set out on a ten-day, 300-kilometre journey from Hamburg to Berlin. -- Each FanWalker walks an average of 8 hours a day to get to the Awards, burning 3,120 kcal a day and sleeping 5 hours per night. -- Each of the 100 FanWalkers has been blogging about their experience, uploading thousands of blog entries and images to the FanWalk website. -- On the evening of the big event, one lucky FanWalk winner will present an MTV Award to one of the winning artists. The Beatles Rock Band

EMA performers Foo Fighters, Green Day and Tokio Hotel, as well as nominees Kings of Leon, Linkin Park, Muse, Paramore and The Killers all have music available in the Rock Band Music Store for playing with the Rock Band music video game.

For more information on the 2009 MTV Europe Music Awards please go to: http://www.mtvema.com/ Or go to: http://www.ema.mtv.co.uk/press Note to Editors About the MTV Europe Music Awards

The 2009 MTV Europe Music Awards will be broadcast live in the following countries : Armenia, Austria, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Latvia, Lithuania, Luxembourg, Former Yugoslav Republic of Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom.

About MTV Networks International

MTV Networks International includes the premier multimedia entertainment brands MTV: Music Television, VH1, Nickelodeon, MTVNHD, TMF (The Music Factory), VIVA, Flux, Paramount Comedy, Comedy Central, Game One, Neopets, GameTrailers, Shockwave, Addicting Games, Atom Films and Xfire. MTV Networks' brands are seen globally in 578 million households, in 162 countries and 33 languages via 168 locally programmed and operated TV channels and more than 400 digital media properties. The company's diverse holdings also include interests in television syndication, digital media, publishing, home video, radio, recorded music, licensing & merchandising and two feature film divisions, MTV Films and Nickelodeon Movies. MTV Networks is a unit of Viacom Inc. .

About Sony Ericsson

Sony Ericsson is a 50:50 joint venture by Sony and Ericsson established in October 2001, with global corporate functions located in London and operations in all major markets. Our vision is to become the industry leader in Communication Entertainment; where new styles of communicating through the internet and social media, become entertainment. Sony Ericsson offers exciting consumer experiences through phones, accessories, content and applications. For more information please visit: http://www.sonyericsson.com/.

About The Beatles: Rock Band

The Beatles: Rock Band marks the first time that Apple Corps, along with EMI Music, Sony/ATV Music Publishing, Harrisongs Ltd and Startling Music Ltd has presented The Beatles music in an interactive video game format. The Beatles: Rock Band is published by MTV Games and developed by Harmonix, the world's premier music video game company and creators of the best-selling Rock Band, and available on the Xbox 360® video game and entertainment system from Microsoft, PLAYSTATION®3 computer entertainment system and Wii(TM) console from Nintendo.

About MTV Games

MTV Games is dedicated to creating, marketing and publishing high-quality, innovative interactive products that are relevant to the MTV audience and complement the core values of the MTV Networks brands.

About Harmonix Music Systems, Inc.

Harmonix Music Systems, Inc., based in Cambridge, MA, and established in 1995, is the leading developer of ground-breaking music-oriented videogames. Harmonix was founded by Alex Rigopulos and Eran Egozy, who formed the company to invent new ways for non-musicians to experience the unique joy that comes from making music and have pioneered music and rhythm gaming in the US. For more information please visit: http://www.harmonixmusic.com/.

About Dell

People worldwide can buy Dell online, by phone and through more than 43,000 stores.

MTV Networks International

CONTACT: For further press information and for biographies and artwork
please contact, Polly Stevens, Director, Communications, MTV Europe Music
Awards, +44 207 478 6328/+44 7768 773386, Polly.stevens@mtvne.com

Web Site: http://ema.mtv.tv/

Hiland Announces Release Date for Third Quarter 2009 Financial Results

ENID, Okla., Nov. 4 /PRNewswire-FirstCall/ -- The Hiland companies, Hiland Partners, LP and Hiland Holdings GP, LP will announce third quarter 2009 financial results after the market close on Thursday, November 5, 2009.

Hiland has scheduled a conference call for Friday, November 6, 2009, at 10:00 a.m. Central Time to discuss the third quarter 2009 results. To participate in the call, dial 1.888.396.2298 and participant passcode 92002423, or access it live over the Internet at http://www.hilandpartners.com/, on the "Investor Relations" section of the Partnership's website.

About the Hiland Companies

Hiland Partners, LP is a publicly traded midstream energy partnership engaged in purchasing, gathering, compressing, dehydrating, treating, processing and marketing of natural gas, and fractionating, or separating, and marketing of natural gas liquids, or NGLs. The Partnership also provides air compression and water injection services for use in oil and gas secondary recovery operations. The Partnership's operations are primarily located in the Mid-Continent and Rocky Mountain regions of the United States. Hiland Partners, LP's midstream assets consist of fifteen natural gas gathering systems with approximately 2,160 miles of gathering pipelines, six natural gas processing plants, seven natural gas treating facilities and three NGL fractionation facilities. The Partnership's compression assets consist of two air compression facilities and a water injection plant.

Hiland Holdings GP, LP owns the two percent general partner interest, 2,321,471 common units and 3,060,000 subordinated units in Hiland Partners, LP, and the incentive distribution rights of Hiland Partners, LP.

Hiland Partners, LP; Hiland Holdings GP, LP

CONTACT: Derek Gipson, Director - Business Development and Investor
Relations of Hiland Partners, LP, +1-580-242-6040

Web Site: http://www.hilandpartners.com/

Landry's Restaurants, Inc. Announces Proposed Private Placement of Debt Securities

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. ("Landry's") announced today that it intends to refinance its existing indebtedness, which currently matures in 2011, and to finance, if consummated, a portion of the recently announced acquisition of Landry's by Landry's Chairman, Chief Executive Officer and President, Tilman J. Fertitta, with the proceeds of a proposed offering of up to $550.0 million of debt, including newly issued senior secured debt securities issued in a private placement not registered under the U.S. Securities Act of 1933. This may include an amendment to the terms of its existing senior secured credit facility to, among other things, extend the maturity. There can be no assurance that any of the issuance and sale of any debt securities, the consummation of the acquisition, or the amendment of the senior secured credit facility will be consummated.

This press release is being issued pursuant to and in accordance with Rule 135c under the U.S. Securities Act of 1933. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the debt securities.

About Landry's Restaurants, Inc.

Landry's is a national, diversified restaurant, hospitality and entertainment company principally engaged in the ownership and operation of full-service, casual dining restaurants, primarily under the names of Rainforest Cafe, Saltgrass Steak House, Landry's Seafood House, Charley's Crab, The Chart House, and the Signature Group of restaurants. Landry's is also engaged in the ownership and operation of select hospitality businesses, including the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nevada.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which are intended to be covered by safe harbors created thereby. Readers are cautioned that all forward-looking statements are based largely on Landry's expectations and involve risks and uncertainties, some of which cannot be predicted or are beyond Landry's control. Statements concerning Landry's intention to offer debt securities, consummate a merger transaction, or amend the terms of its senior secured credit facility are just a few examples of forward-looking statements. Some factors that could cause events to differ materially from those discussed in the forward-looking statements include the inability to identify investors willing to purchase debt securities of Landry's on acceptable terms; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement with Mr. Fertitta's acquisition company; the outcome of any legal proceedings that have been, or may be, instituted against Landry's related to the merger agreement; the inability to complete the merger due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; the failure to obtain the necessary financing arrangements pursuant to the merger agreement; events that affect credit and capital markets in the United States; and the unwillingness of the lenders that are party to Landry's senior secured credit facility to agree to an amendment on acceptable terms. Additional factors that could cause events to differ materially from those described in the forward-looking statements can be found in Landry's Annual Report on Form 10-K for the year ended December 31, 2008 and in Landry's other filings with the Securities and Exchange Commission (the "SEC") available at the SEC's Web site at http://www.sec.gov/. Landry's may not update or revise any forward-looking statements made in this press release.

Landry's Restaurants, Inc.

CONTACT: Steven L. Scheinthal, Executive Vice President & General
Counsel, or Rick H. Liem, Executive Vice President and CFO, both of Landry's
Restaurants, Inc., +1-713-850-1010

Web Site: http://www.landrysrestaurants.com/

Cedar Shopping Centers Opens Two New Supermarkets and Signs Another Supermarket Lease-The Three Stores Aggregate 258,000 Square Feet- -Each With 20-Year Initial Lease Terms-

PORT WASHINGTON, N.Y., Nov. 4 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. today announced openings this past week of Giant Food Stores supermarkets at two ground-up development shopping centers and the execution, also this past week, of a lease for a new Giant-Eagle supermarket (the first of that Company's stores in Cedar's portfolio).

The new 97,900 square foot Giant Food Stores supermarket at Cedar's Blue Mountain Commons development property on Linglestown Road in northeast Harrisburg, Pennsylvania, opened on October 28th. The store is part of a 125,000 square foot ground-up shopping center development on approximately 22 acres of a 34-acre parcel owned by the Company. Other tenants include a PNC Bank branch completed on a pad site, Sonic, on a pad to be delivered in the near future, Brothers Pizza, Supercuts and Subway. The property also includes a Giant fuel facility on a separate outparcel. The property is more than 90% leased. The Giant lease is for a period of 20 years, with six renewal options of five years each. The Giant store replaces a 62,320 square foot Giant store at the Company's nearby Oakhurst Plaza property where the Company arranged a lease termination payment and where it expects soon to backfill the former Giant premises. The property is included in the previously-reported RioCan (80%) and Cedar (20%) joint venture arrangements for seven properties presently owned by Cedar.

The Company today opened a new 76,415 square foot Giant supermarket at its Crossroads II joint venture shopping center development in Stroudsburg, Pennsylvania, at the intersection of Routes 611, 33 and Interstate 80. Cedar's partner in the joint venture is Tristate Ventures, L.P., an affiliate of Fameco Realty Corporation. The Giant Food Stores supermarket is the anchor of a ground-up shopping center development of approximately 133,775 square feet. Lease negotiations with other in-line tenants are pending. A pad site for construction of a Red Lobster restaurant of approximately 7,000 square feet has been delivered and the restaurant is expected to open in or before the second quarter of 2010. The property also includes a Giant fuel facility on an outparcel. The supermarket lease is for a period of 20 years, with eight five-year renewal options.

The Company also executed a ground lease with Giant Eagle stores for an 83,600 square foot supermarket at the Company's Townfair Center property in Indiana, Pennsylvania. Townfair Center is presently anchored by a 95,000 square foot Lowe's Home Center. The Giant Eagle store will replace a former Shop -N- Save store of approximately 50,000 square feet, the lease for which was acquired by the Company with a termination payment by the tenant, facilitating development of the new Giant Eagle supermarket. Cedar expects to deliver the site to Giant Eagle in the first quarter of 2010. Upon completion of the new supermarket premises, the center will measure approximately 211,440 square feet. The lease is for a period of twenty years, with eight five-year renewal options.

Nancy Mozzachio, Cedar's Vice President of Leasing, stated, "The delivery and opening of these three new supermarkets reflect the strength of our development properties in terms of attracting dominant grocers building important prototypes, while also attracting additional credit tenancies to those properties. We continue to enjoy strong demand for new supermarket openings and to experience substantially increased leasing velocity for the ancillary retail premises. We are also pleased to note that the weighted average rents for the two Giant supermarket premises where we built the stores, as well as the ground lease for the Giant Eagle supermarket, are above the Company's average rents."

About Cedar Shopping Centers

Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread and butter" supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 13.1 million square feet of GLA at 124 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years. The Company's stabilized properties have an occupancy rate of approximately 95%. The Company has also announced a pipeline of seven additional substantially pre-leased primarily supermarket- and drugstore-anchored development properties.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at http://www.cedarshoppingcenters.com/.

Forward-Looking Statements

Statements made or incorporated by reference in this press release include certain "forward-looking statements". Forward-looking statements include, without limitation, statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import which express the Company's beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company's control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company's market areas in particular; the financial viability of the Company's tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company's properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.

Cedar Shopping Centers, Inc.

CONTACT: Cedar Shopping Centers, Inc., Leo S. Ullman, Chairman, CEO and
President, +1-516-944-4525, lsu@cedarshoppingcenters.com

Web Site: http://www.cedarshoppingcenters.com/

White Energy Company to Present at Merriman Curhan Ford 6th Annual Investor Summit

SYDNEY, Nov. 4 /PRNewswire/ -- White Energy Company Limited (White Energy ) today announced that Judy Tanselle, President of White Energy Coal North America, Inc. (WECNA), a subsidiary of White Energy, will present at the Merriman Curhan Ford 6th Annual Investor Summit, which will be held at the Sofitel New York in New York City, on Tuesday, November 10, 2009 at 2:00 p.m. ET.

A copy of the slides will be posted on the day of the presentation at http://www.whiteenergyco.com/.

More information about the conference can be found at: http://www.mcfco.com/. About White Energy Company Limited

White Energy Company Limited, a Sydney-based company, (OTCQX: WECFY) and the parent of White Energy Coal North America, is the exclusive worldwide license holder of the Binderless Coal Briquetting process, which upgrades lower rank coal to significantly increase its energy efficiency and lower emissions. More information can be found on White Energy's website. Visit http://www.whiteenergyco.com/.

Contacts: For White Energy Coal North America Ed Trissel / Annabelle Rinehart Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449

This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, including those events and factors described in "Risk Factors" in the prospectus, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.

White Energy Company Limited

CONTACT: Ed Trissel or Annabelle Rinehart, both of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, for White Energy Coal North
America

Web Site: http://www.whiteenergyco.com/
http://www.mcfco.com/

Blackboard Adds App for BlackBerry Smartphones to Mobile Web PlatformWith App, More Users Enjoy Enhanced Experience with Blackboard Mobile

DENVER, Nov. 4 /PRNewswire-FirstCall/ -- Blackboard Inc. announced the launch of an application for BlackBerry® smartphones, debuting at the University of Washington this week, as part of the new Blackboard Mobile(TM) platform which is being leveraged by a growing number of campuses and K-12 schools to deliver a rich set of campus life services and content to mobile devices.

The BlackBerry smartphone application enables many more users to enjoy an enhanced experience while navigating course catalogs and campus maps, e-mailing professors and classmates and receiving real time updates on course schedules, campus events, news and sports with Mobile Central (formerly MobilEdu(TM)), Blackboard Mobile's flagship suite of applications.

Originally optimized for users of Apple® iPhone® and iPod Touch® devices, the best Mobile Central experience is now available to users of BlackBerry smartphones. The suite is also generally accessible to users of any smartphone or mobile Web enabled device.

"This new platform allows us to easily reach our students, faculty and staff around the clock and deliver information whenever and wherever they want it, which increasingly is on mobile devices like BlackBerry smartphones and the iPhone," said David Morton, Director of Mobile Communication Strategies at the University of Washington (UW). "As a modern, global university, UW committed to embracing mobile communications and is pleased to be the launch institution for the application for BlackBerry smartphones."

"Institutions are looking for new ways to engage and support their communities, and we're building a mobile platform that helps them do that," said Michael Chasen, President and CEO of Blackboard. "Increasingly, we hope to help institutions change expectations by enabling mobile services and interactions that represent the full range of the education and campus experience."

Originally developed by San Francisco-based Terriblyclever Design, LLC, which was acquired by Blackboard in July, Mobile Central is branded for each institution and accessed by users who download their institution's application. The category defining suite of mobile applications for education is helping to better connect students, parents, faculty, prospective students and alumni to the campus experience in a way that wasn't possible before.

With Mobile Central, users have access to course catalogs, directories and maps, they can identify exact campus locations with GPS and they can check campus news, schedules, and real-time scores for athletic teams. In addition, open APIs for Blackboard Mobile enable institutions to extend the platform's offerings to fully customize and personalize the school's iPhone, BlackBerry and mobile Web interfaces.

The announcement was made at the EDUCAUSE 2009 annual conference in Denver, Colo., where several thousand members of the higher education community have gathered at the industry's premier information technology event.

"The app for BlackBerry smartphones is something our clients have asked for and is part of our effort to create an optimized experience for all mobile users," said Kayvon Beykpour, Vice President of Blackboard Mobile. "We're happy to work with institutions to leverage technologies that meet the expectations of students and other campus constituents who live and learn in a mobile, digital world."

For more information about the Blackboard Mobile platform, please visit http://www.blackboard.com/mobile.

About Blackboard Inc.

Blackboard Inc. is a global leader in enterprise technology and innovative solutions that improve the experience of millions of students and learners around the world every day. Blackboard's solutions allow thousands of higher education, K-12, professional, corporate, and government organizations to extend teaching and learning online, facilitate campus commerce and security, and communicate more effectively with their communities. Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia and Australia.

Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the "Risk Factors" section of our Form 10-Q filed on August 6, 2009 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of November 4, 2009. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to November 4, 2009.

The BlackBerry and RIM families of related marks, images and symbols are the exclusive properties and trademarks of Research In Motion Limited.

iPhone is a trademark and Apple, iPod touch are registered trademarks of Apple Inc.

Blackboard Inc.

CONTACT: Matthew Maurer of Blackboard Inc., +1-202-463-4860 ext. 2637,
matthew.maurer@blackboard.com

Web Site: http://www.blackboard.com/

Oncology On Canvas(SM) Launches 2010 Art Competition for Individuals Touched by CancerLaunch Coincides with Free Public Exhibits in Four Cities in November

INDIANAPOLIS, Nov. 4 /PRNewswire-FirstCall/ -- "Feel. Create. Share the hope." With these words, Lilly USA, LLC, and the National Coalition for Cancer Survivorship (NCCS) kick off the 2010 Oncology On Canvas: Expressions of a Cancer Journey Art Competition and Exhibition. The biennial competition invites residents of the United States and Puerto Rico who have been touched by cancer - patients, family members, friends, caregivers and healthcare providers - to express, through art and narrative, the life-affirming changes that give their cancer journey meaning. Entries must be postmarked by June 30, 2010. Prizes consist of donations to the winners' cancer charities of choice.

The 2010 competition is launching its call for entries with four free, public exhibitions of art from the 2008 competition in the following cities during the month of November:

-- November 1-30, New Orleans, La.: Ochsner Medical Center -- November 2-13, Louisville, Ky.: University of Louisville in conjunction with the James Graham Brown Cancer Center -- November 2-13, Augusta, Maine: Harold Alfond Center for Cancer Care -- November 2-13, Oklahoma City, Okla.: University of Oklahoma Health Sciences Center

This is the fourth Oncology On Canvas competition. Since Lilly created the program in 2004, more than 3,000 individuals have submitted entries. Art from the 2008 competition continues to tour hundreds of venues throughout the United States and Puerto Rico, including cancer centers, hospitals, and patient advocacy group events.

You don't have to be a professional artist or writer to participate. According to Richard Gaynor, M.D., vice president of cancer research and global oncology platform leader for Lilly, "Oncology On Canvas is not about competing; it is about the expression of the cancer journey - sharing your feelings in the hopes of inspiring others and in the process, feeling better yourself."

Among the nearly 600 people who entered the 2008 competition, the majority - 61 percent - were cancer survivors, followed by family/friends/caregivers at 30 percent, and healthcare providers (doctors, nurses, etc.) at 9 percent. In total, 26 prizes were awarded to 20 cancer charities selected by 19 winners in various categories.

"Their artwork and narratives gave us snapshots of the human spirit - the hopes and fears, the triumphs and losses in the face of challenge," said Thomas P. Sellers, NCCS President & CEO and 10-year cancer survivor. "I continue to be inspired and awed by what we receive."

Call for Entries Details

All submissions for the 2010 competition, which is open to residents of the United States and Puerto Rico who have been touched by cancer, must be postmarked by June 30, 2010. Original artwork that depicts one's cancer journey must be accompanied by a written narrative of no more than 100 words. The artwork may be submitted in one of the following media: watercolor, oil, pastel, photography, acrylic or mixed media (a combination of two or more media). There are three participant categories: person diagnosed with cancer; family member, friend or caregiver; and healthcare professional.

An independent panel of judges, which in the past has included cancer survivors, oncologists, journalists and representatives from patient advocacy groups, will select a total of 24 winners, including the overall, first-, second- and third-place winners; best of participant category winners (e.g., person diagnosed with cancer); and best of participant category winners in each art medium. Prizes consist of donations ranging from $1,000 to $10,000 to cancer-related charities selected by winners. Winners will be announced in the fall of 2010. Following the competition, much of the artwork will embark on a nationwide tour of cancer centers, hospitals and patient advocacy group events.

To view the Oncology On Canvas art, find an exhibit near you, or obtain an entry packet you may:

-- Visit http://www.lillyoncologyoncanvas.com/ -- Call 1-866-991-LOOC (5662) -- Email artdirector@mylooc.com

You may also follow Oncology On Canvas on Twitter at twitter.com/LlyOncOnCanvas and Facebook.

About National Coalition for Cancer Survivorship (NCCS)

NCCS advocates for quality cancer care for all Americans and provides tools that empower people affected by cancer to advocate for themselves. Founded by and for cancer survivors in 1986, NCCS created the widely accepted definition of survivorship and considers someone a cancer survivor from the time of diagnosis through the balance of life. Its free publications and resources include the award-winning Cancer Survival Toolbox®, a self-learning audio program created by leading cancer organizations to help people develop essential skills to meet the challenges of their illness. More information is available at http://www.canceradvocacy.org/ or (888) 650-9127.

About Lilly Oncology

For more than four decades, Lilly Oncology, a division of Eli Lilly and Company, has been dedicated to delivering innovative solutions that improve the care of people living with cancer.

Because no two cancer patients are alike, Lilly Oncology is committed to developing novel treatment approaches.

About Lilly

Lilly, a leading innovation-driven corporation is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers - through medicines and information - for some of the world's most urgent medical needs. Additional information about Lilly is available at http://www.lilly.com/.

O-LLY (Logo: http://www.newscom.com/cgi-bin/prnh/20031219/LLYLOGO ) (Logo: http://www.newscom.com/cgi-bin/prnh/20050921/NCCSLOGO ) (Logo: http://www.newscom.com/cgi-bin/prnh/20041202/OOCLOGO )

Photo: http://www.newscom.com/cgi-bin/prnh/20031219/LLYLOGO
http://www.newscom.com/cgi-bin/prnh/20050921/NCCSLOGO
http://www.newscom.com/cgi-bin/prnh/20041202/OOCLOGO Eli Lilly and Company

CONTACT: Amy Sousa (Lilly), +1-317-276-8478, Mobile: +1-317-997-1481,
sousa_amy_e@lilly.com; or Amra Turalic (TogoRun), +1-212-453-2349, Mobile:
+1-917-302-2702, a.turalic@togorun.net

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