OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Tuesday, November 25th SSVE, PGOG, MEMY, ATOG, CHRS, CSUN

Nov 25, 2008 (M2 PRESSWIRE via COMTEX) -- SSVE | Quote | Chart | News | PowerRating -- Our Stocks to Watch today include SupportSave Solutions Inc. (OTCBB: SSVE), Perf Go Green Holdings Inc. (OTCBB: PGOG), Memory Pharmaceuticals Corp. (Nasdaq: MEMY), Atlas Oil & Gas Inc. (OTCBB: ATOG), Charming Shoppes Inc. (Nasdaq: CHRS | Quote | Chart | News | PowerRating) and China Sunergy Company Ltd. (Nasdaq: CSUN).

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SUPPORTSAVE SOLUTIONS INCORPORATED (OTCBB: SSVE)

Detailed Quote: http://www.otcpicks.com/quotes/SSVE.php

Company Profile: http://www.otcpicks.com/supportsave-solutions.htm

SupportSave Solutions, Inc. provides offshore business process outsourcing (BPO) services primarily to the United States based clients from its facilities in the Philippines. Its BPO services include customer management, transcription and captioning, processing services, human resources, procurement, logistics support, finance and accounting, engineering, facilities management, information technology, and training. The company also offers credit application processing, mortgage processing, and title searches and data verification services. In addition, it conducts product and fraud detection; manage refunds, warranties, and applications; and offers preparations for serving legal papers. SupportSave Solutions serves small and mid-sized companies in the healthcare, communication, business services, financial services, publishing, and travel and entertainment industries. The company was founded in 2007 and is based in Alamo, California.

SSVE News:

November 24 - SupportSave Opens New Office to Support Customer Demand

SupportSave Expands Sales and Marketing Efforts; Office in Boca Raton, Florida

SupportSave Solutions, Inc. (OTCBB: SSVE), a provider of Business Processing Outsourcing ("BPO") services from the Philippines and the U.S., announced the opening of its new office in Boca Raton, Florida. The addition of the new office will extend SupportSave's market reach and provide additional support and services that are critical to the company's expanding customer base and partner channel.

In the past year, SupportSave has experienced increasing demand for its products and services showing a revenue growth rate of nearly 400%. During the past two years, due to the consistent increase in sales and ongoing development of the company's partner channel, SupportSave strategically grew staff levels to approximately 200 employees and grow its operations center in the Philippines to meet this demand. While continuing to build its infrastructure, the Boca Raton, Florida office will provide additional sales and services resources.

As the company grows, SupportSave's concentration still hinges on providing cost effective services for their customers and partners. Aina Dumlao, chief operating officer at SupportSave, commented, "SupportSave's focus has always been on understanding the client, their environment and the services that they need, whether it is customer service, technical support or back office services." Dumlao continued, "We are committed to ensuring the success of our customers and partners by offering a high quality low cost service model. The Boca Raton office is the next step in advancing that model to meet business demands today, tomorrow and long into the future."

"We are very excited about our year over year growth," stated Chris Johns, chief executive officer at SupportSave. "The continued weakness in the U.S. economy is driving businesses to seek cost effective solutions to keep their businesses relevant and viable while still providing customers the highest levels of support. We have never had such a robust pipeline in our history and this sales office will give us the ability to complete the sales cycle and accelerate our growth," added Johns.

"We chose Boca Raton because of the many talented financial and mortgage professionals displaced by the financial crisis and the ability to attract and retain these sales professionals with our lucrative residual income model. With just modest success, we believe our sales professionals will be earning six figure incomes within a year without cutting into the companies bottom line," continued Johns.

Opening a domestic sales office further demonstrates the counter cyclical nature of SupportSave's business. While other companies are shedding jobs, the Outsourcer is actually adding to its ranks in the U.S.

PERF GO GREEN HOLDINGS INCORPORATED (OTCBB: PGOG)

Detailed Quote: www.otcpicks.com/quotes/PGOG.php

Company Profile: http://www.otcpicks.com/perf-go-green/perf-go-green.htm

Perf Go Green Holdings, Inc. is engaged in the creation and global marketing of 100% eco-friendly, non-toxic, food-contact-compliant, biodegradable plastic products. All Perf Go Green products are made from recycled plastics and completely break down in landfill within two years, leaving no toxic or visible residue, as compared to other plastics that take hundreds of years. Perf Go Green's corporate name reflects its "Go Green" mission to develop, market and distribute biodegradable plastic products as a practical and viable solution to eliminating plastic waste from the world environment.

PGOG News:

November 24 - Perf Go Green Enters Canadian Market Through Partnership With Diversified Brands

Perf Go Green Holdings, Inc. (OTCBB: PGOG), a marketer and distributor of biodegradable plastics, announced a partnership with Diversified Brands to broker and represent Perf Go Green to retailers throughout Canada.

Founded in 2004, Diversified is a brand development and marketing company with offices in Vancouver, British Columbia and Ajax, Ontario. The firm was recognized in 2007 and 2008 in Profit Magazine's "Hot 50," which ranks the fastest growing companies in Canada each year.

"This is a great new opportunity for Perf Go Green," said Chairman and CEO Tony Tracy. "Diversified's management team has a total of 80 years of experience in the Canadian retail market. Their full line of services, combined with their enthusiasm for our mission of protecting the environment, will be a perfect complement to the marketing efforts we already have in place in the U.S."

Geoff Acheson, CEO of Diversified Brands, added, "We specialize in using our network of relationships with retailers of all sizes to introduce select new brands to the Canadian marketplace and help them grow their presence. Canadians are especially interested in earth-friendly products so we're confident that Perf Go Green will be a big hit with both the nation's retailers and consumers."

Founded in November 2007, Perf Go Green premiered at the March 2008 International Home and Housewares Show in Chicago, where its products were honored for their design quality and innovation. Since Perf Go Green's products began shipping in June 2008, they have become available online and nationwide in the U.S. at stores with a total of more than 18,000 retail outlets.

Perf Go Green products incorporate recycled plastics that are combined with an oxo-biodegradable proprietary application method to produce the film for its bags. Based on environmental claims statements made by the manufacturer of the oxo-biodegradable applied to our bags, when discarded in soil and exposed to the presence of microorganisms, moisture and oxygen, we believe Perf Go Green products biodegrade within two years, decomposing into simple materials found in nature much faster than regular plastics, which can take hundreds of years to break down. Through this process and the use of recycled plastics, Perf Go Green effectively removes plastic waste from the environment. In addition, Perf Go Green trash bags utilize a unique patented dispensing system that stores the bags on the bottom of trashcans and dispenses them one at a time, similar to a tissue box.

MEMORY PHARMACEUTICALS CORPORATION (NASDAQ: MEMY | Quote | Chart | News | PowerRating) "Up 285.57% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/MEMY.php

Memory Pharmaceuticals Corp., a biopharmaceutical company, focuses on the discovery and development of drug candidates for the treatment of central nervous system conditions. It offers drugs for neurological diseases associated with aging, such as Alzheimer's disease, as well as psychiatric disorders, such as schizophrenia, cognitive impairment associated with schizophrenia (CIAS), and depression. The company's products include MEM 1003, a neuronal L-type calcium channel modulator that is in phase II clinical trials for the treatment of Alzheimer's disease and bipolar disorder; and nicotinic alpha-7 agonists, including MEM 3454, a phase IIa clinical trial product and MEM 63908, a phase I clinical trial product for the treatment of Alzheimer's disease and CIAS. Its products also comprise PDE4 inhibitors, including MEM 1414, a phase I clinical trial program, as well as MEM 1917 for CNS disorders and depression; PDE10 Inhibitor program; and 5-HT6 Antagonists for the treatment of Alzheimer's disease, schizophrenia, attention deficit disorder, and obesity. The company has collaborations with F. Hoffman-La Roche, Ltd. for the development of nicotinic alpha-7 agonists; and Amgen, Inc. for the development of PDE10 inhibitors. In addition, it has a development agreement with The Stanley Medical Research Institute to develop MEM 1003 as a treatment for bipolar disorder. The company was founded in 1997 and is based in Montvale, New Jersey.

MEMY News:

November 25 - Roche Signs Definitive Agreement to Acquire Memory Pharmaceuticals

Roche and Memory Pharmaceuticals (Nasdaq: MEMY | Quote | Chart | News | PowerRating) announced that the two companies have signed a definitive merger agreement for Roche to acquire all the outstanding shares of Memory Pharmaceuticals in an all-cash transaction for an aggregate price of approximately USD 50 million.

Memory Pharmaceuticals develops innovative drug candidates for the treatment of debilitating central nervous system (CNS) disorders such as Alzheimer's disease and schizophrenia. Memory Pharmaceuticals' nicotinic alpha-7 agonist drug candidates in these disease areas are already in partnered programmes with Roche: R3487/MEM 3454 is in phase II clinical trials for Alzheimer's disease and schizophrenia; R4996/MEM 63908 is in phase I for Alzheimer's disease.

"Acquiring Memory Pharmaceuticals will enable Roche to secure the future development of its promising nicotinic alpha-7 agonists," said William Burns, CEO Division Roche Pharmaceuticals. "The innovative work carried out by the scientists at Memory Pharmaceuticals will be fully integrated into Roche's R&D portfolio with the aim of providing new hope for patients and caregivers affected by devastating diseases such as Alzheimer's."

Jonathan Fleming, Chairman of the Board of Directors of Memory Pharmaceuticals said: "Since founding Memory Pharmaceuticals in 1998, we have focused on developing medicines that could make a real difference to the lives of CNS patients. I am proud of the progress our dedicated team has made and I am confident that Roche's capabilities and experience in the CNS field will enable our research to realise its full potential."

Terms of the agreement

Under the terms of the merger agreement, Roche will commence a tender offer to acquire all of the outstanding shares of Memory common stock at a price of $0.61 per share in cash. This price represents a 319% premium to the closing price on 24 November 2008. The closing of the tender offer will be subject to the tender of a number of shares that, together with the shares owned by Roche, represent a majority of the total number of outstanding shares (assuming the exercise of all exercisable options and warrants having an exercise price per share less than or equal to the tender offer price) and other customary conditions. Following completion of the tender offer, Roche will acquire all remaining shares through a second step merger. Directors, officers and stockholders holding approximately 29.5% of the outstanding shares have agreed to tender their shares and otherwise support the transaction. Additional information regarding the transaction will be set out in the offer to purchase and other disclosure documents to be provided to stockholders in connection with the transaction.

ABOUT ROCHE PHARMACEUTICALS

Headquartered in Basel, Switzerland, Roche is one of the world's leading research-focused healthcare groups in the fields of pharmaceuticals and diagnostics. As the world's biggest biotech company and an innovator of products and services for the early detection, prevention, diagnosis and treatment of diseases, the Group contributes on a broad range of fronts to improving people's health and quality of life. Roche is the world leader in in-vitro diagnostics and drugs for cancer and transplantation, and is a market leader in virology. It is also active in other major therapeutic areas such as autoimmune diseases, inflammatory and metabolic disorders and diseases of the central nervous system. In 2007 sales by the Pharmaceuticals Division totalled 36.8 billion Swiss francs, and the Diagnostics Division posted sales of 9.3 billion Swiss francs. Roche has R&D agreements and strategic alliances with numerous partners, including majority ownership interests in Genentech and Chugai, and invested over 8 billion Swiss francs in R&D in 2007. Worldwide, the Group employs about 80,000 people.

ATLAS OIL AND GAS INCORPORATED (OTCBB: ATOG | Quote | Chart | News | PowerRating) "Up 50.00% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/ATOG.php

Atlas Oil and Gas, Inc. is focused on developing shallow natural gas and oil wells in Northeastern Oklahoma. Atlas is an independent energy development firm primarily engaged in the exploration, development, and production of oil and natural gas. The company relies upon its industry partners, well operators, third party geologists, industry consultants, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. With the growing demand on oil and natural gas in the United States, Atlas will focus its resources on accomplishing its goal of successful well creation and distribution.

ATOG News:

November 25 - Atlas Oil and Gas Announces Results of Third Well in Pawnee County, OK

Atlas Oil and Gas, Inc. (OTCBB: ATOG | Quote | Chart | News | PowerRating) announced the results from its third well in its 8 well project located near the Arkansas River in Pawnee County, Oklahoma. The first well that was put into production had an initial rate of about 20 barrels of oil per day (BOPD) from a shallow zone at 1550'. The second well went on pump and is on its way to returning to its initial rate of about 40-50 BOPD.

Recently, the third well drilled was put back into production after being down for over a week for servicing. The well had initial recovery rates of between 3 and 4 barrels of oil per hour when it was first swabbed. After the acid treatment, the well was put on pump to recover the water from the acid treatment. Due to not having a large enough pump on the motor, the well has struggled to get "ahead of the water," a situation where water from the stimulation treatment pushes the oil up above the perforations so that mostly water comes into the tubing and up the well bore.

The gas in this well that is used to run the gas driven motor is also wet and so the motor has been on and off as it periodically cannot run off of the gas. This makes it difficult to get a steady, consistent fluid recovery drive. Nevertheless, in one 24-hour period, this well did put over 24 barrels of oil into the tanks despite still recovering oil from the stimulation treatment.

The operator for the project believes the production rate for all three of these wells will continue to increase once electricity is run to the lease and larger, more powerful electric motors are installed. These larger motors will enable the wells to generate a larger stroke and thereby lift more oil out from each of the wells.

"Like the third well drilled that went on pump a couple of days ago, this well has all of the signs of being a very good producer," said Dan Motsinger, President of Atlas Oil and Gas. "Once electric is run on this lease, we will be able to put everything on a normal production schedule with more standard sized motors for the level of fluid recovery we need. Nevertheless, again we have a well with several zones that can be produced and an initial recovery rate in the 2-3 barrels of oil range. We are still confident that we can get back to that initial rate, so we are quite pleased with results thus far."

This well was drilled to a depth of 2907' and had commercially viable amounts of oil and gas in about 4 different formations. The well was first perforated and acidized in the Bartlesville from 2500' to 2516' and after being perforated flowed naturally about 3-4 barrels of oil per hour.

CHARMING SHOPPES INCORPORATED (NASDAQ: CHRS | Quote | Chart | News | PowerRating) "Up 30.83% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/CHRS.php

Charming Shoppes, Inc. operates 2,344 retail stores in 48 states under the names Lane Bryant , Fashion Bug , Fashion Bug Plus , Catherines Plus Sizes , Lane Bryant Outlet and Petite Sophisticate Outlet . Additionally, the Company operates the following direct-to-consumer titles: Lane Bryant Woman, Figi's and shoetrader.com.

CHRS News:

November 25 - Charming Shoppes Reports Third Quarter Results; Provides Updated Outlook for Fourth Quarter

* Non-GAAP loss from continuing operations of $(0.21) per share, compared to Company's projection of $(0.35) - $(0.37) per share

* GAAP loss from continuing operations of $(0.50)per share

* Quarter ends with cash, cash equivalents and available for sale securities of $74 million; no borrowings on line of credit

* Restructuring plan to generate $100 - $125 million in expense savings

* Lane Bryant Woman Catalog to be discontinued

* Additional closings of approximately 100 stores

* Transformation of merchandise strategy to vertical specialty store model

Charming Shoppes, Inc. (Nasdaq: CHRS), a leading multi-brand apparel retailer specializing in women's plus-size apparel, reported sales and operating results for the third quarter and nine months ended November 1, 2008. The Company also announced the commencement of a restructuring plan, expected to result in total cost savings of $100 - $125 million, with approximately $75 million occurring in fiscal year 2010, and a significant plan for the transformation of its merchandise strategy. Additionally, the Company announced its intention to discontinue the Lane Bryant Woman(TM) catalog, and additional store closings, and provided an updated outlook for its fourth fiscal quarter ending January 31, 2009.

Operating Results for the Thirteen Weeks Ended November 1, 2008

For the thirteen weeks ended November 1, 2008, on a non-GAAP basis, excluding after-tax charges of $34.1 million, or $0.29 per diluted share, related to impairment, restructuring and other items, catalog discontinuation costs and deferred tax valuation allowances, the Company reported a loss from continuing operations of $(23.7) million, or $(0.21) per diluted share; on a GAAP basis, the Company reported a loss from continuing operations of $(57.8) million, or $(0.50) per diluted share. The Company's non-GAAP results compare favorably to its previous projection for a diluted loss per share from continuing operations in the range of $(0.35) to $(0.37) for the third quarter on a comparable basis. For a reconciliation of GAAP to non-GAAP financial information, refer to the table at the end of this release.

The Company's loss from continuing operations, on a GAAP basis, compares to a loss from continuing operations of $(1.7) million, or $(0.01) per diluted share for the thirteen weeks ended November 3, 2007. Pre-tax charges of $34.1 million, or $0.29 per diluted share, recorded during the quarter ended November 1, 2008 include $20.2 million (non-cash), or $0.18 per diluted share, related to store impairment, $5.4 million, or $0.05 per diluted share, related to the discontinuance of the Lane Bryant Woman catalog, $2.9 million, or $0.02 per diluted share, primarily related to severance for the elimination of corporate positions during the third quarter of fiscal year 2009, and $5.6 million, or $0.05 per diluted share, related to a tax valuation allowance.

Net sales from continuing operations for the thirteen weeks ended November 1, 2008 decreased 8% to $553.1 million, compared to net sales from continuing operations of $599.7 million for the thirteen weeks ended November 3, 2007.

Net sales for the Company's Retail Stores segment were $528.5 million during the thirteen weeks ended November 1, 2008, a decrease of 10% compared to $588.1 million during the thirteen weeks ended November 3, 2007. Consolidated comparable store sales for the Company's Retail Stores segment decreased 9% during the thirteen weeks ended November 1, 2008, compared to an 8% decrease in comparable store sales during the thirteen weeks ended November 3, 2007. The Company's 9% decrease in consolidated comparable store sales compares favorably to the Company's previous projection for sales declines in the low double digits.

Alan Rosskamm, Chairman of the Board and Interim Chief Executive Officer of Charming Shoppes, Inc. said, "Our October sales and margin performance improved from the very difficult levels we experienced during September, which allowed us to deliver results that exceeded our previous guidance. We ended the quarter with cash, cash equivalents and available for sale securities of approximately $74 million, compared to $63 million at the end of the corresponding period a year ago. Our ability to generate cash in a very difficult climate is the result of strong inventory management, significant reductions in capital spending, realized cost savings from previously announced initiatives, and the sale of our non-core misses apparel catalogs. Based on comparable store sales trends of low double digit declines, we expect to generate free cash flow during our fourth fiscal quarter, and end the fiscal year with cash balances in the range of $90 to $100 million. Additionally, we are not currently drawing upon our committed $375 million revolving credit facility, despite the fact that we are in our typical period of peak seasonal borrowing. This facility is in place through July 2010. As of November 1, 2008, available borrowing capacity on this facility, based on end of quarter inventory levels, was $255 million."

The Company has performed a sensitivity analysis on its liquidity for the next fiscal year. In the event that comparable store sales in fiscal year 2010 continue to trend at low double digit declines, the Company expects to generate positive free cash flow. If comparable store sales declines are in the mid-teens, the Company expects to be cash-neutral. The Company's liquidity analysis assumes further reductions in capital spending and inventory through fiscal year 2010, as well as the implementation of its cost reduction initiatives, discussed below. This analysis does not include potential cash proceeds from any further divestitures, nor from the refinancing of any existing real estate assets. For the fiscal year ending January 30, 2010, the Company has planned net capital expenditures of approximately $22 million, representing a significant reduction of more than 50% below an estimated $51 million for the current fiscal year. Additionally, plans include further significant reductions in inventories during fiscal year 2010 in addition to decreases in inventories, on a same store basis, of approximately 13% for the current fiscal year. These plans should benefit the Company's operating performance, including substantially reduced markdowns and improved gross margins.

Operating Results for the Thirty-nine Weeks Ended November 1, 2008

For the thirty-nine weeks ended November 1, 2008, on a non-GAAP basis, excluding charges related to impairment, restructuring and other items, catalog discontinuation costs and deferred tax valuation allowances, the Company reported a loss from continuing operations of $(21.1) million, or $(0.18) per diluted share; on a GAAP basis, the Company reported a loss from continuing operations of $(60.8) million, or $(0.53) per diluted share. For a reconciliation of GAAP to non-GAAP financial information, refer to the table at the end of this release.

The Company's loss from continuing operations, on a GAAP basis, compares to income from continuing operations of $45.6 million, or $0.36 per diluted share, for the thirty-nine weeks ended November 3, 2007. Pre-tax charges of $39.7 million, or $0.35 per diluted share, recorded during the year include $20.2 million (non-cash), or $0.18 per diluted share, related to store impairment, $5.4 million, or $0.05 per diluted share, related to the discontinuance of the Lane Bryant Woman catalog, $8.4 million, or $0.07 per diluted share, related to severance for the Company's former CEO and the elimination of corporate positions during the third quarter of fiscal year 2009, and $5.7 million, or $0.05 per diluted share, related to a tax valuation allowance.

Net sales from continuing operations for the thirty-nine weeks ended November 1, 2008 decreased 7% to $1.843 billion, compared to net sales from continuing operations of $1.991 billion for the thirty-nine weeks ended November 3, 2007.

Net sales for the Company's Retail Stores segment were $1.762 billion during the thirty-nine weeks ended November 1, 2008, a decrease of 10% compared to $1.959 billion during the thirty-nine weeks ended November 3, 2007. Consolidated comparable store sales for the Company's Retail Stores segment decreased 11% during the thirty-nine weeks ended November 1, 2008, compared to a 4% decrease in comparable store sales during the thirty-nine weeks ended November 3, 2007.

Non-Cash Impairment Charges

During the third quarter, the Company identified approximately 120 stores with asset carrying values in excess of such stores' forecasted cash flows. As such, the Company recorded a pre-tax, non-cash impairment charge of $(20.2) million, or $(0.18) per diluted share, to write down the long-lived assets at these stores to their respective fair values.

Tax Valuation Allowance

Also, during the third quarter, the Company recorded a tax valuation allowance of $(18.3) million, or $(0.16) per diluted share, on discontinued operations. As part of its quarterly closing and reporting process, the Company evaluated its deferred income taxes and determined that based on its cumulative three years of losses, including the loss projected in the current year, and other available evidence, a tax valuation allowance was required.

Discontinued Operations

For the thirteen weeks ended November 1, 2008, the Company reported a loss from discontinued operations, related to the sale of its non-core misses catalog businesses (which was finalized on September 18, 2008), of $(35.2) million (net of tax), or $(0.31) per diluted share, compared to a loss from discontinued operations of $(1.8) million (net of tax), or $(0.02) per diluted share for the corresponding period a year ago. The loss from discontinued operations for the three months includes an after-tax loss on results of operations of approximately $(7.2) million and a loss on disposition of our non-core misses catalog business of approximately $(4.0) million. As a result of the aforementioned discussion on tax valuation allowance, included in the loss from discontinued operations of $(35.2) million, is a reversal of previously recognized tax benefits of $(24.0) million.

For the thirty-nine weeks ended November 1, 2008, the Company reported a loss from discontinued operations of $(74.9) million (net of tax), or $(0.65) per diluted share, compared to a loss from discontinued operations of $(4.6) million (net of tax), or $(0.04) per diluted share for the corresponding period a year ago. The loss from discontinued operations for the thirty-nine weeks ended November 1, 2008, includes an after-tax loss on results of operations of approximately $(28.2) million and a loss on disposition of our non-core misses catalog business of approximately $(46.7) million. As a result of the aforementioned discussion on tax valuation allowance, included in the loss from discontinued operations of $(74.9) million, is a reversal of previously recognized tax benefits of $(24.0) million.

Restructuring Plan and Expense Initiatives

The Company has engaged the services of management consultants A.T. Kearney to assist in its restructuring and cost reduction efforts. The objectives of this program include improving and simplifying critical processes, consolidating activities and infrastructure, and reducing the Company's expense structure in order for it to be more appropriately aligned with the Company's generation of revenues in a recessionary environment. When combined with cost reductions and store closings already initiated, the Company expects to achieve net cost reductions of approximately $100 - $125 million over the next two fiscal years through this process, with approximately $75 million expected to be realized in fiscal year 2010.

Discontinuation of Lane Bryant Woman Catalog

The Company announced today its plans to discontinue the operations of its Lane Bryant Woman catalog by the end of the first quarter of fiscal year 2010. This decision allows the Company to focus its time and resources on executing the strategies of its core retail brands - Lane Bryant, Fashion Bug and Catherines. The Company has recorded pre-tax charges of approximately $4.2 million associated with inventory write-downs and pre-tax charges of approximately $1.2 million related to severance costs.

Exiting this business will allow for considerable cost savings, and provide cash generation during fiscal year 2010 as the inventory is liquidated. Additionally, the Company estimates losses from the operation of this catalog of approximately $(10) million during the current fiscal year, the elimination of which will further benefit operating results in the next fiscal year.

Additional Store Closings Under Review

Earlier in the year, the Company identified 150 store locations for closure during the current fiscal year. At this time, approximately 100 of those 150 closings have been completed, with the remainder to be closed by January 31, 2009.

The Company is today announcing the closure of as many as 100 additional stores during fiscal year 2010. During the current fiscal year, the Company has been successful in achieving significant occupancy cost reductions through renegotiations of leases with its landlords. The Company's review of its retail store portfolio is expected to include opportunities for further occupancy cost reductions.

Transformation to Vertical Specialty Store Model

Rosskamm continued, "With the assistance of global management consulting firm Kurt Salmon Associates, we have begun the process of transforming Charming Shoppes into a vertical specialty store model, significantly increasing our percentage of internally designed, developed and sourced fashion product. Our plans are to develop and source more of our own proprietary fashion merchandise, become more focused on fashion and less driven by commodity product, and ultimately create an enhanced brand experience for our customers through an improved assortment across each of our core brands. Increasing the percentage of merchandise we source directly will lead to gross margin enhancement opportunities and better value for our customers. Our recent appointment of strong and empowered brand presidents in all three brands and the subsequent hiring of product design and development executives support this process and signal our commitment to this transformation."

In summary, Rosskamm stated, "The decisive actions we have announced today are consistent with other actions we have taken over the last several months. It has been our strategy to return the Company's focus and energies on our unique women's plus apparel platform and on our core brands -- Lane Bryant, Fashion Bug and Catherines. The efforts of our dedicated team have resulted in continued progress toward this strategic goal. We are strengthening our balance sheet and liquidity by reducing inventories and spending, and further rationalizing our store base. We are also actively taking the offensive by hiring the right leaders and repositioning our brands. The transformation of our merchandising processes and the attainment of significant cost savings through our restructuring plan will position us for significantly improved operating performance for the future."

Outlook for the Fourth Fiscal Quarter ending January 31, 2009

Given the continuing uncertain economic climate and the Company's expectations for continuing weak traffic trends, the Company continues its conservative approach in planning for the fourth quarter of fiscal year 2009.

For the three month period ending January 31, 2009, the Company has updated its projection for a diluted loss per share from continuing operations in the range of $(0.32) to $(0.38). This projection assumes no income tax benefit in the current quarter, pursuant to the income tax accounting rules. In the fourth quarter of the previous year, the Company recorded a loss from continuing operations of $(0.19). The Company's projection for the fourth quarter assumes net sales from continuing operations in the range of $650 to $660 million, compared to net sales from continuing operations of $731.8 million for the period ended February 2, 2008. The Company's projection assumes a continuation of year-to-date selling trends, resulting in decreases in consolidated comparable store sales in the low double digits for the Company's Retail Stores segment, compared to a 9% decrease in consolidated comparable store sales in the prior year.

CHINA SUNERGY COMPANY LIMITED (NASDAQ: CSUN | Quote | Chart | News | PowerRating) "Up 18.22% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/CSUN.php

China Sunergy Co., Ltd. is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets.

CSUN News:

November 24 - China Sunergy Provides Update on Cash Position and Liquidity

China Sunergy Co., Ltd. (Nasdaq: CSUN | Quote | Chart | News | PowerRating) ("China Sunergy" or the "Company"), a specialized solar cell manufacturer based in Nanjing, China, provided an update on the Company's cash position and liquidity as of September 30, 2008.

Despite challenging economic conditions, the Company continued to improve in liquidity in the third quarter. As at September 30, 2008, China Sunergy had cash and cash equivalents of US$122.1 million, with positive net operating cash flow. The Company also has access to a US$70M bank credit, untapped as of the end of September, and has seen no items which would interfere with the renewal of existing bank loans. Inventory in the third quarter was at a similar level compared to the second quarter, and the Company's working capital ratio improved from 178% in the second quarter to 212% in the third quarter.

As scheduled, the Company will report full financial results for its third quarter ended September 30, 2008 on November, 25 2008 prior to US market open, and will host a conference call following the earnings release at 8:00 a.m, Eastern Time or 5:00 a.m. Pacific Time (Beijing / Hong Kong Time: November 25, 2008 at 9:00 p.m.).

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The information contained herein contains forward-looking information within the meaning of Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 including statements regarding expected continual growth of the company and the value of its securities. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 it is hereby noted that statements contained herein that look forward in time which include everything other than historical information, involve risk and uncertainties that may affect the company's actual results of operation. Factors that could cause actual results to differ include the size and growth of the market for the company's products, the company's ability to fund its capital requirements in the near term and in the long term, pricing pressures, unforeseen and/or unexpected circumstances in happenings, pricing pressures, etc. Investing in securities is speculative and carries risk. Past performance does not guarantee future results.

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CONTACT: Brian Dean, Publisher, OTCPicks.com Tel: +1 972 546 3740 e-mail: publisher@otcpicks.com

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