PROTEONOMIX, INC. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, reports further developments with its Joint Venture Company, XGEN Medical LLC (�XGen�) towards implementing operations in the United Arab Emirates (U.A.E.).
Proteonomix is the majority shareholder in XGen with the balance held by an anonymous investor group. (See, 17 August 2010 Press Release) Proteonomix personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting Proteonomix personnel on Jumeira 2.
During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries.
XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.
Teledyne Technologies Incorporated (NYSE:TDY) subsidiary, Teledyne Benthos, Inc., has acquired Hafmynd ehf. Hafmynd, located near Reykjavik, Iceland, designs and manufactures the Gavia, an autonomous underwater vehicle (AUV) that is capable of carrying out complex survey missions for commercial, scientific and defense applications. The Gavia AUV�s modular architecture enables sensors to be easily integrated and lithium ion battery packs to be exchanged in the field. The terms of the transaction were not disclosed.
�The acquisition of Hafmynd and its key technologies will broaden Teledyne�s portfolio of underwater solutions,� said Robert Mehrabian, chairman, president and chief executive officer of Teledyne. �The surveying capabilities of the Gavia AUV complement our current underwater product offerings: APEX profilers for observation, Slocum Glider for monitoring and MiniROVER for inspection. Teledyne intends to maintain a presence in Iceland with a focus on AUV research and development, testing and service, as well as providing support for other Teledyne Marine businesses. Hafmynd will operate as Teledyne Gavia ehf.�
Teledyne Technologies is a leading provider of sophisticated electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems. Teledyne Technologies� operations are primarily located in the United States, the United Kingdom and Mexico.
Teleflex Incorporated (NYSE:TFX) is a global provider of medical technology products that enable healthcare providers to improve patient outcomes, reduce infections and support patient and provider safety. Teleflex, which employs approximately 12,600 people worldwide, also has niche businesses that serve segments of the aerospace and commercial markets with specialty engineered products.
Teleflex has introduced the Gibeck Humid-Flo Passive Humidification Kit, an integrated system that promotes best practices for Ventilator Associated Pneumonia (VAP) risk reduction. This convenient kit includes everything required to initiate passive humidification for the first 72 hours of mechanical ventilation.
Multiple factors can cause Ventilator Associated Pneumonia, from environmental contaminants to harmful breaks in procedure. Verified for safety and performance, the Gibeck Humid-Flo Passive Humidification kit reduces the frequency of ventilator circuit breaks, allowing all components, including the heat & moisture exchanger (HME), to remain in-line during the first 72 hours of mechanical ventilation.
Telestone Technologies Corporation (Nasdaq: TSTC), a leading developer and provider of telecommunications local access networks in China, provided a backlog figure of $106.0 million on their second quarter conference call hosted on Friday, August 13, 2010. The Company expects to bill out their backlog before December 31, 2010.
Telestone Technologies is also clarifying a question posed during the call regarding the Company’s sales and marketing expense of $4.2 million in the second quarter of 2010. As explained on the call, the increase in the Company’s sales and market expenses for the quarter were 126.1% year over year and part of an aggressive training and outreach program to secure more high- margin, WFDS(TM) contracts from the branch offices of the Big 3 carriers and the building owners of sites slated for installations.
For the year, the Company has guided $22.9 million in net income, which will equate to $2.17 in EPS per 10.5 million fully-diluted shares the company expects to report on December 31, 2010.
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