latest news releases from the newsroom
BOWE SYSTEC AG
Bowe Group in the First Quarter 2006 On Growth Path
AUGSBURG, Germany, May 16, 2006 (PRIMEZONE) -- The BOWE Group maintained its growth path in the first quarter 2006. Organic growth led to an increase in the group figures for sales, order intakes and order backlogs. In this context BOWE SYSTEC also benefited from an advantageous trend in exchange rates.
Lindal Cedar Homes
Lindal Cedar Homes Acknowledges Carolina Custom Homes of Lake Norman
SEATTLE, May 16, 2006 (PRIMEZONE) -- Lindal Cedar Homes, the foremost provider of custom cedar post and beam homes since 1945, will present the Founder's Circle Award to Carolina Custom Homes. "The Founder's Circle Award is very exclusive," says Bob Lindal, son of founder Sir Walter Lindal. "Exceptional performance, attention to detail and innovative thinking do not just apply to our product, but also apply to our dealers and we feel it's important to recognize that."
SeaDrill Limited -- CORR. Option Program
HAMILTON, Bermuda, May 16, 2006 (PRIMEZONE) -- Reference is made to the stock exchange disclosure regarding the Option Program for SeaDrill released on Friday May 12, 2006. Please note that the correct share holding for John Fredriksen in SeaDrill is 130,830,916 shares, not 124,441,996 as stated in the disclosure, and that Pal Nordgren currently holds 62,000 shares, not 77,000 shares as previously reported.
Occidental Petroleum Corp.
Ecuador's Energy Minister Terminates Occidental's Block 15 Contract
LOS ANGELES, May 15, 2006 (PRIMEZONE) -- Ecuador's Minister of Energy formally declared that Occidental's (NYSE:OXY) contract for the operation of Block 15 had been terminated and the Government of Ecuador has the right under Ecuadorian law to seize the assets immediately. Despite the actions taken by the Government of Ecuador, Occidental remains committed to an amicable settlement of this dispute. Occidental's Block 15 operations represent approximately 7 percent of Occidental's first quarter worldwide production, 3 percent of its pro-forma proved consolidated reserves including the Vintage acquisition, and 2 percent of its total property plant and equipment, net of accumulated depreciation, depletion and amortization, at March 31, 2006.
Scott+Scott, LLC Files Class Action Lawsuit Against Vitesse Semiconductor Corp. On Behalf of Investors -- VTSS
COLCHESTER, Conn., May 15, 2006 (PRIMEZONE) -- On May 15, 2006, Scott+Scott, LLC, filed a class action against Vitesse Semiconductor Corp. ("Vitesse" or the "Company") (Nasdaq:VTSS) and certain officers and directors in the U.S. District Court for the Central District of California. The action is on behalf of Vitesse securities purchasers during the period January 28, 2003 and April 26, 2006, inclusive (the "Class Period"), for securities law violations. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company's financial statements, including its accounting for product returns as well as the backdating of executive stock option grants. As a result, the price of the Company's securities was inflated during the Class Period, thereby harming investors.
Scott+Scott, LLC Files Class Action Lawsuit Against China Energy Savings Technology Inc. on Behalf of Investors -- CESV
COLCHESTER, Conn., May 15, 2006 (PRIMEZONE) -- On May 15, 2006, Scott+Scott, LLC, filed a class action against China Energy Savings Technology Inc. ("China Energy" or the "Company") (Nasdaq:CESV) and certain officers in the U.S. District Court for the Southern District of New York. The action is on behalf of China Energy securities purchasers during the period April 21, 2005 through February 15, 2006, inclusive (the "Class Period"), for securities law violations. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company's financial performance, including that the Company's recent $50 million private placement was fraught with self-dealing. As a result, the price of the Company's securities was inflated during the Class Period, thereby harming investors.
Stolt-Nielsen S.A. Purchased 589,450 of its Common Shares
LONDON, May 15, 2006 (PRIMEZONE) -- Stolt-Nielsen S.A. (Nasdaq:SNSA) (Oslo:SNI) announces that Stolt-Nielsen Transportation Group Ltd. (SNTG), a 100% owned subsidiary of SNSA, purchased today 589,450 of SNSA Common Shares on the Oslo Stock Exchange at an average price of NOK 162.50 per share (approximately $26.74 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on August 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares. Accordingly, in conformity with applicable Oslo Stock Exchange requirements, we report that Stolt-Nielsen S.A., through its wholly-owned subsidiary, Stolt-Nielsen Transportation Group Ltd., after this transaction has the following ownership (in the aggregate) in Stolt-Nielsen S.A., whose Common Shares are secondarily listed on the Oslo Stock Exchange with primary listing (through ADS arrangements) in the United States: