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Jul 28, 2008 -- Norpac Technologies, Inc. (OTCBB: NRPT | Quote | Chart | News | PowerRating) and CelLynx, Inc., a developer of breakthrough, plug-and-play cell phone signal-amplification technology, today announce that they have completed a reverse merger. Accordingly, CelLynx is the Company's sole business and CelLynx shareholders own approximately 61.8 percent of the equity in the newly merged company. Norpac will file for a name change to "CelLynx Group, Inc.," and for a stock ticker symbol change, to become effective early next month. Concurrent with the transaction, all prior Norpac officers have resigned and have been replaced by the officers of CelLynx including Founders Daniel Ash, Chief Executive Officer, and Tareq Risheq, CelLynx Chief Strategy Officer. The Company has also appointed Mr. Ash a member of the Board of Directors. Norpac's John Thornton will remain the Company's other Director until it appoints an expanded Board of Directors, expected within 30 days and upon which Mr. Thornton will resign his Board seat. In connection with this transaction, the Company has successfully completed a series of equity financings, announced early this year, raising net proceeds of $2 million from a group of accredited and institutional investors. Under the terms of the merger transaction, Norpac issued approximately 1.25 shares of common or preferred stock (convertible into common at a 1:1 ratio) in exchange for each share of CelLynx common stock. For more complete information regarding this transaction please refer to the form 8k filing with the SEC which will be filed within two days from today's date.
Jul 28, 2008 -- Motorola, Inc. (NYSE: MOT | Quote | Chart | News | PowerRating) today announced that it has signed a definitive agreement to acquire privately held AirDefense, a leading wireless LAN (WLAN) security provider. Terms of the transaction were not disclosed. AirDefense is a privately-held developer of Wireless Intrusion Prevention Solutions (WIPS) and premium software applications, which enable corporations to secure their networks against wireless security threats and comply with regulatory and industry standards. AirDefense has been an innovator and a leader in the industry since its inception in 2001, including the introduction of the first 24x7 Monitoring and Wireless Intrusion Detection System, the first use of access points as sensors and a host of add-on modules that address customer specific security problems and RF troubleshooting needs. In addition, AirDefense enables secure multi-vendor environments, which allows organizations to benefit from AirDefense's solutions regardless of their WLAN infrastructure. "As wireless security remains a leading concern for enterprises, we are excited to announce this transaction with AirDefense, which enables Motorola to deliver a common platform solution for greater indoor and outdoor protection to wireless LAN networks in support of our all-wireless enterprise vision," said Kathy Paladino, president of Motorola's Enterprise Mobility business. "AirDefense is a renowned pioneer in wireless security with strong intellectual capital. Based on our trusted and valuable partnership through the years, we are confident that the combination of Motorola's WLAN infrastructure and AirDefense's best-of-breed features will further enhance our network security offerings and better secure our customers' networks."
Jul 28, 2008 -- RCN Metro Optical Networks, a division of RCN Corporation (NASDAQ: RCNI), has selected Infinera Digital Optical Network to enhance capacity and capabilities in its mid-Atlantic regional network. The network provides flexible, scalable, cost-effective connectivity for RCN Metro's enterprise and carrier customers in this busy communications corridor. RCN Metro selected Infinera for the scalable capacity of the Infinera DTN, which will enable it to meet customer demand for large capacity circuits quickly and cost-effectively. The ease of deployment of the Infinera solution enables RCN Metro to deploy additional capacity cost-effectively, with less analog engineering and far fewer truck rolls than on traditional DWDM systems. "RCN Metro continually seeks to utilize best-in-breed technology as a way to enhance the services and support we provide to our customers. The Infinera platform we deployed is consistent with this philosophy," said Felipe Alvarez, President of RCN Metro. The Infinera DTN combines scalable optical transport, integrated digital bandwidth management, and GMPLS-enabled service intelligence in a single platform. With more than 60 optical devices integrated on a pair of photonic integrated circuits, the Infinera DTN delivers a minimum of 100 Gb/s on every link. Infinera's digital architecture enables Bandwidth Virtualization(TM) for faster and simpler provisioning of services. An Infinera digital network creates a pool of bandwidth that can be used to deliver any service, from 1 Gb/s to 40 Gb/s, in a variety of protocols, anywhere in the network, at any time. "RCN Corporation has a visionary growth strategy, a deep portfolio of assets and a broad range of customers across its region," said Infinera CEO Jagdeep Singh. "We are pleased to support RCN Metro Optical Networks with a state-of-the-art Infinera network which will enable them to offer their customers the unique speed and flexibility of Digital Optical Networks."
Jul 28, 2008 -- AudioCodes (NASDAQ: AUDC), a leading provider of Voice over IP (VoIP) technologies and Voice Network products, today announced that ER-Telecom, a Russian telecommunications company, has chosen to deploy the MediaPack(tm) MP-202 Telephone Adapter into their network. The MP-202 is a member of the AudioCodes MediaPack(tm) series of analog VoIP gateways. In addition to current deployments of AudioCodes' trunking business gateways, ER-Telecom will be implementing the MP-202 residential gateway into their network. This Mediant residential gateway offers local and globally based operators and system integrators full interoperability with leading Softswitches and SIP application Servers, exceptional voice quality, feature-richness and increased security. The MP-202 is a 2-line SIP gateway with an internal router consisting of DHCP, NAT and PPPoE capabilities which enables subscribers to connect to their home PC or LAN hub/switch. By utilizing automatic software and configurational upgrades through periodic network updates, the MP-202 is designed for mass deployment while allowing operators to control their operational expenses. "AudioCodes is a reliable company that provides advanced VoIP equipment,'' stated Sergey Gusev, Deputy Director at ER-Telecom. ''After some final testing with a range of similar devices we selected AudioCodes and look forward to working with them.''
Market Wrap for July 28, 2008
Monday was not a good session for stock market bulls. Stocks tumbled 1.9%, settling at session lows, after the financial sector was unable to hold onto its opening gains, prompting a broad-based sell off. A 1.2% rise in oil prices compounded selling interest.
All ten of the economic sectors posted a loss on relatively light trading volume.
The financial sector got off to a good start, rising 1.6%, even though news ahead of the opening bell was somewhat negative. Over the weekend, the FDIC shut down two undercapitalized regional banks -- First National Bank of Nevada and First Heritage Bank -- marking the sixth and seventh failures this year. The banks' deposits were taken over by Mutual of Omaha. The closures did not come as a complete shock, as it is widely expected that more regional banks will fail, although the news certainly did not help bring buyers to the table. The financial sector quickly reversed course as a sharp drop in shares of Merrill Lynch (MER 24.21, -3.31) sent the sector tumbling. There was no specific news item to account for the 12% drop in MER, although there were heightened concerns due to some increased options buying. In late afternoon, Treasury Secretary Paulson and four of the U.S. largest banks announced support for covered bonds as an instrument to improve mortgage financing oportunities. Covered bonds are similar to traditional asset-backed securities, but would remain on the issuers' balance sheet. The announcement did little to please investors, with the financial sector ending the session down 4.5%. The sector is down 11.5% in the last three sessions, but is still up 18.5% from its July 15 52-week low. The consumer discretionary sector fell 2.5%, as the 1.2% rise in crude oil prices weighed on oil-sensitive names. Oil advanced on reports of unrest in Nigeria. Conversely, the energy sector outperformed on a relative basis with a 0.5% loss, although the sector fell from a gain of 1.6% as the broader market slipped.
As stocks struggled, Treasuries rallied. The 10-year note rose 21 ticks, sending its yield to 4.0%.
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