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-- July 1, 2009 G&K Services, Inc. (NASDAQ: GKSR | Quote | Chart | News | PowerRating) closed at $21.47 on a volume of 129,743 shares.
G&K Services Completes New $300 Million Credit Facility
New Facility Maintains Strong Liquidity and Increases Financial Flexibility
MINNEAPOLIS, Jul 02, 2009 -- G&K Services, Inc. (NASDAQ: GKSR | Quote | Chart | News | PowerRating) has completed a $300 million, three-year revolving credit facility. The new facility, which will mature in July 2012, replaces the company's previous credit facility which was scheduled to mature in August 2010. At closing, the company expects to draw down approximately fifty percent of this credit facility, which is consistent with the borrowing level under the previous credit facility and provides over $150 million of available liquidity.
About G&K Services, Inc.
G&K Services, Inc. is a market leader in branded identity apparel programs and facility services in the United States, and is the largest such provider in Canada. Headquartered in Minneapolis, Minnesota, G&K Services has approximately 9,000 employees serving more than 175,000 customers from over 170 facilities in North America and Europe. G&K Services is a publicly held company traded over the NASDAQ Global Select Market under the symbol GKSR and is a component of the Standard & Poor's SmallCap 600 Index. For more information on G&K Services, visit the company's website at www.gkservices.com.
-- July 1, 2009 Beacon Power Corporation (Nasdaq: BCON | Quote | Chart | News | PowerRating) closed at $0.79 on a volume of 1,219,046 shares.
U.S. Department of Energy Offers $43 Million Loan Guarantee to Beacon Power for Flywheel Energy Storage Project
TYNGSBORO, Mass., Jul 02, 2009 -- Beacon Power Corporation (Nasdaq: BCON | Quote | Chart | News | PowerRating) announced that it has received a conditional commitment from the U.S. Department of Energy (DOE) for a loan guarantee of approximately $43 million. The DOE's offer outlines terms for a loan that would finance more than 60% of Beacon's planned 20-megawatt (MW) flywheel-based energy storage plant to be located in Stephentown, New York. The plant, which will provide frequency regulation services, will help stabilize and enhance the performance of the grid. Its emission-free operation will also significantly reduce CO(2) levels, as compared to fossil fuel-based regulation methods used today.
About Beacon Power
Beacon Power Corporation designs, develops and is taking steps to commercialize advanced products and services to support stable, reliable and efficient electricity grid operation. The Company's primary business strategy is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon's Smart Energy Matrix, which is now in production, is a non-polluting, megawatt-level, utility-grade flywheel-based solution to provide sustainable frequency regulation services. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit www.beaconpower.com.
-- July 1, 2009 Allscripts (Nasdaq: MDRX | Quote | Chart | News | PowerRating) closed at $16.03 on a volume of 1,632,849 shares.
Omega Medical Solutions Selects Allscripts Practice Management and Allscripts Payerpath Revenue Cycle Management
--South Carolina Medical Billing Company Offers Clients an Integrated Practice Management and Online Claims Clearinghouse Solution
CHICAGO and MYRTLE BEACH, S.C., July 2, 2009 -- Allscripts (Nasdaq: MDRX | Quote | Chart | News | PowerRating) announced today that Omega Medical Solutions, a Myrtle Beach, SC-based medical billing and consulting agency, has selected Allscripts Practice Management and Allscripts Payerpath(TM) claims management solution for its physician practice clients across South Carolina and the surrounding states.
About Allscripts Allscripts uses innovation technology to bring health to healthcare. More than 160,000 physicians, 800 hospitals and nearly 8,000 post-acute and homecare organizations utilize Allscripts to improve the health of their patients and their bottom line. The company's award-winning solutions include electronic health records, electronic prescribing, revenue cycle management, practice management, document management, medication services, hospital care management, emergency department information systems and homecare automation. Allscripts is the brand name of Allscripts-Misys Healthcare Solutions, Inc. To learn more, visit www.allscripts.com.
-- July 1, 2009 Echelon Corporation (NASDAQ:ELON) closed at $8.32 on a volume of 168,943 shares.
City of Palo Alto Demonstrates Energy Efficient Streetlights Embedded with Echelon's Technology
SAN JOSE, Calif., Jul 02, 2009 -- Echelon Corporation (NASDAQ:ELON) announced today that the City of Palo Alto is demonstrating smart, energy efficient streetlights based on Echelon's LonWorks(R) technology. The City aims to reduce energy and maintenance costs and lower greenhouse gas emissions, while improving light quality. Currently, the city's 6,300 streetlights cost around $700,000 annually in energy and maintenance costs.
About Echelon Corporation
Echelon Corporation (NASDAQ:ELON) is leading the worldwide transformation of the electricity grid into a smart, communicating energy network, connecting utilities to their customers, and providing customers with energy aware homes and businesses that react to conditions on the grid.
More information about Echelon can be found at http://www.echelon.com.
-- July 1, 2009 E*TRADE FINANCIAL Corporation (NASDAQ: ETFC | Quote | Chart | News | PowerRating) closed at $1.35 on a volume of 39,047,765 shares.
E*TRADE FINANCIAL Announces Results of Debt Exchange Offer Early Tender Period and Consent Solicitation
Approximately $1.7 Billion of Zero Coupon Convertible Debentures Due 2019 to be Exchanged for Interest Bearing Debt; Consent Solicitation Successful
NEW YORK, Jul 02, 2009 -- E*TRADE FINANCIAL Corporation (NASDAQ: ETFC | Quote | Chart | News | PowerRating) today announced results of the Early Tender Period of its previously announced debt exchange offer (the "Exchange Offer") to exchange more than $1 billion of newly-issued zero coupon Convertible Debentures due 2019 (the "Debentures") for all of its 8% Senior Notes due 2011 (the "2011 Notes") and a portion of its 12.5% Springing Lien Notes due 2017 (the "2017 Notes", and together with the 2011 Notes, the "Notes"). Assuming the Exchange Offer is completed, the Debentures issued in exchange for any Notes tendered during the period that ended at midnight, New York City time, on July 1, 2009 (the "Early Tender Period"), will be Class A Debentures and have a conversion price of $1.0340 per share. In connection with the Exchange Offer, the Company also announced that during the Early Tender Period it obtained consents (the "Consents") required to amend and waive certain provisions of the indentures governing the Notes.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services including trading, investing and related banking products and services to retail investors. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
-- July 2, 2009 Hirsch International Corp. (NASDAQ: HRSH | Quote | Chart | News | PowerRating) trading at $0.282 on a volume of 143,082 shares
Hirsch International Corp. Signs Merger Agreement to be Acquired by Paul Gallagher
HAUPPAUGE, N.Y., Jul 02, 2009 -- Hirsch International Corp. ("Hirsch" or the "Company") (NASDAQ: HRSH,http://www.hirschinternational.com) announced today that it has entered into a definitive merger agreement to be acquired by its President, Chief Executive Officer and Chief Operating Officer, Paul Gallagher, for $0.31 per share in cash. Mr. Gallagher beneficially owns approximately 13.7% of the Company's outstanding shares of Class A Common Stock.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and support services to the graphic and decorated apparel industry. The Company exclusively represents the decorated apparel industry's leading brands including Tajima embroidery equipment, MHM screen printing equipment, SEIT textile bridge lasers, Pulse Microsystems digitizing and design software and now Kornit and Mimaki digital garment printers. Hirsch's customer groups include: a wide range of contract manufacturers that outsource their embellishment requirements; manufacturers who use embroidery, screenprinting, laser etching or digital printing to embellish their apparel and fashion accessories; promotional products, uniform, and sportswear companies; retail stores; and graphic and decorated apparel entrepreneurs servicing the athletic apparel, corporate logo-wear, and advertising specialties markets.
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