latest news releases from the newsroom
Pirate Capital LLC
Pirate Capital to Soft-Close Funds
NORWALK, Conn., Aug. 16, 2006 (PRIMEZONE) -- Pirate Capital LLC, whose AUM as of July 31, 2006 was $1.7BN, will soft-close its investment funds once the AUM reaches $2BN. The close is intended to give existing investors an opportunity to increase their investments in the funds, while controlling overall growth by limiting contributions from new investors. With subscriptions from more than 250 entities based in 26 countries, the firm has grown significantly since its inception. On July 1, 2002, Pirate Capital was started with an AUM of just $2MM.
Seeger Weiss LLP
Seeger Weiss LLP Announces a Class Action Lawsuit Against Par Pharmaceuticals Companies, Inc. -- PRX
NEW YORK, Aug. 16, 2006 (PRIMEZONE) -- The law firm of Seeger Weiss LLP announces that it filed a class action lawsuit today in the United States District Court for the District of New Jersey on behalf of purchasers of Par Pharmaceutical Companies, Inc. ("Par" or "Company") (NYSE:PRX) common stock in the open market between April 29, 2004 and July 5, 2006 (the "Class Period"). The complaint seeks remedies for the class under the Securities Exchange Act of 1934 (the "Exchange Act").
Bidville, Inc. Announces Changes in Name and Stock Symbol
BOCA RATON, Fla., Aug. 16, 2006 (PRIMEZONE) -- Bidville, Inc. (Pink Sheets:BVLE) amended its Articles of Incorporation to change its name to PrimEdge, Inc. (pronounced "prime edge") to reflect a change in the company's overall direction and focus. As a result, effective Thursday August 17, 2006, the new trading symbol of the Company's common stock on the Pink Sheets will be "PRMD"(Pink Sheets:PRMD).
Acura Pharmaceuticals Inc.
Acura Pharmaceuticals, Inc. Secures Bridge Funding
PALATINE, Ill., Aug. 16, 2006 (PRIMEZONE) -- Acura Pharmaceuticals, Inc. (OTCBB:ACUR) today announced it has secured gross proceeds of $450,000 under a term loan agreement (the "Loan") with Essex Woodlands Health Ventures V, L.P., Care Capital Investments II, L.P., Care Capital Offshore Investments II, L.P., Galen Partners III, L.P., Galen Partners International III, L.P. and Galen Employee Fund III, L.P (collectively the "Bridge Lenders"). Coincident with this Loan, the Bridge Lenders have agreed to change the maturity date on all previous bridge loans to October 1, 2006 from September 1, 2006. The Loan bears an annual interest rate of 10%, is secured by a lien on all assets of the Company and its subsidiary, matures on October 1, 2006 and is senior to all other Company debt. The Loan permits the funding of additional cash amounts subject to agreement by the Company and the Bridge Lenders. No assurance can be given, however, that any additional funding will be advanced to the Company under the terms of the Loan. In addition, the Company has agreed that that the lenders under its bridge loan agreements may rollover all or any portion of the principal and accrued interest outstanding under loans made under such agreements into the Company's next equity financing of at least $10 million, subject to certain exceptions.
Northrop Grumman Corp.
Global Hawk Flies High, Sees All in Rim of the Pacific Navy Exercise
SAN DIEGO, Aug. 16, 2006 (PRIMEZONE) -- During the multi-national Rim of the Pacific (RIMPAC) exercise, the RQ-4 Global Hawk Maritime Demonstration system produced by Northrop Grumman Corporation (NYSE:NOC) flew four successful maritime surveillance missions to demonstrate the system's capabilities from identifying targets in a coastal, or littoral, environment to wide area maritime search, tracking and identification. The RIMPAC exercise was conducted in late July in the Pacific Ocean around Hawaii.