latest news releases from the newsroom
Wolverine Tube Inc.
Wolverine Strengthens Liquidity Position
HUNTSVILLE, Ala., Feb. 28, 2005 (PRIMEZONE) -- Wolverine Tube, Inc. (NYSE:WLV) today announced that it had strengthened its liquidity position by repatriating approximately $10.2 million in cash from its Chinese subsidiary under the American Jobs Creation Act of 2004, and by increasing the amount of borrowing capacity available to it under its secured revolving credit facility. Of the cash received from China, $8 million was used to pay down some of the outstanding borrowings under its secured revolving credit facility. The remaining proceeds will be used for future debt reductions or capital expenditures. Borrowings under the secured revolving credit facility now stand at $9.5 million, thereby increasing the amount of available borrowings to Wolverine to $20.5 million as of February 28, 2005, subject to a $2.0 million excess availability requirement.
Port of Houston Authority
PHA Commission Delivers Bayport, Security Matters and Seafarers Center Service Agreement
HOUSTON, Feb. 28, 2005 (PRIMEZONE) -- The Port of Houston Authority (PHA) commission approved several recommendations involving contract awards, bids and proposals, professional services and general administrative and operational matters during its public meeting on Monday, February 28, 2005. Chairman Jim Edmonds presided over the meeting with Vice Chairman Kase Lawal, Commissioner Steve Phelps, Commissioner Jim Fonteno, Commissioner Jimmy Burke, Commissioner Cheryl Thompson-Draper, and Commissioner Janiece Longoria.
Acura Pharmaceuticals Inc.
Acura Pharmaceuticals, Inc. Reports Financial Results, Development Progress and Strategy Update
PALATINE, Ill., Feb. 28, 2005 (PRIMEZONE) -- Acura Pharmaceuticals, Inc. (OTCBB:ACUR) today announced a net loss of $2.1 million or $0.09 per share for the three months ending December 31, 2004 compared to a net loss of $15.3 million or $0.71 per share for the same period in 2003. For calendar year 2004 the Company had a net loss of $70.0 million or $3.20 per share compared to a net loss of $48.5 million or $2.28 per share in 2003. Included in results for calendar year 2004 is a non-cash charge of $72.5 million for amortization of debt discount and private debt offering costs compared to a non-cash charge of $24.8 million in 2003. Also included in results for calendar year 2004 are gains of $12.4 million from debt restructuring and $2.4 million from the divestment of certain non-strategic assets.
Katzkin Leather Interiors, Inc.
Katzkin Sues Nissan Over Air Bag Sensors
LOS ANGELES, Feb. 28, 2005 (PRIMEZONE) -- Katzkin Leather, Inc., the nation's largest manufacturer of leather interior upgrades for the automotive aftermarket, and Sun Auto Tops, Inc., a restyler and one of Katzkin's largest distributors and installers, has filed a lawsuit against Nissan North America, Inc. in the United States District Court for the Central District of California. The suit alleges that Nissan engaged in unfair, deceptive, untrue and/or misleading advertising, unfair business practices, as well as intentional and negligent interference in Katzkin's business relationships, either directly or indirectly, with Nissan's independently owned and operated new vehicle dealerships throughout the United States.