latest news releases from the newsroom
Bell Industries, Inc.
Bell Industries Agrees to Sell SkyTel Division for $8.0 Million
INDIANAPOLIS, March 31, 2008 (PRIME NEWSWIRE) -- Bell Industries, Inc. (AMEX:BI) today announced it has entered into a definitive agreement to sell its SkyTel division to Velocita Wireless LLC for a total consideration of $8.0 million, comprised of $3.0 million in cash at closing and deferred payments totaling $5.0 million to be paid over a period of two years. The SkyTel business is comprised of its wireless data and messaging services, including email, interactive two-way messaging, wireless telemetry services and traditional text and numeric paging operations. The proceeds from the sale will be used to pay down any outstanding balances on Bell's revolving credit facility and provide working capital for the company's continuing operations.
Red Reef Laboratories International, Inc.
Red Reef Laboratories International, Inc. Poised to Compete in Highly Competitive Roof Maintenance Industry
DEERFIELD BEACH, Fla. and NAPOLEONVILLE, La., March 31, 2008 (PRIME NEWSWIRE) -- Red Reef Laboratories International, Inc. (Pink Sheets:RRLB), a diversified scientific research, development, and marketing group focused on commercializing a variety of chemical and biological products, has engaged Bob Hilson & Co. (www.bobhilson.com), a large roofing contractor, to conduct field tests of Red Reef's Mold and Mildew Removal formulas. Hilson, a highly respected roofer whose main office is in Miami-Dade County, Florida, has been in business since 1979, and operates statewide. Red Reef chose Hilson to perform the field tests because the company has extensive experience in removing mold and mildew from roofs, a common problem in Florida. Bob Hilson, who has been experimenting for years with a number of products especially designed to remove mold and mildew, is quoted: "The main issue with products that eliminate mold and mildew is the incidental damage to shrubs and landscape plants, which can be very costly and sometimes difficult to replace. Most products we have tested eliminate mold with varying degrees of effectiveness and also vary in ease of application and cost, but almost all require special care and procedures to avoid damage to shrubs, as well as damage to the roofing materials. Florida particularly has a type of mold which discolors many roofs and does not respond to many commonly used chemicals. Any product that can eliminate or reduce these concerns will have a competitive edge in the roofing industry."
Pain Therapeutics, Inc.
Pain Therapeutics Increases Stock Buyback Plan to $30,000,000
SAN MATEO, Calif., March 31, 2008 (PRIME NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) announced today it has increased the size of its stock buyback plan to $30.0 million, effective immediately through March 2009. This represents a 50% increase from the Company's previously announced buyback plan. The Company has purchased over $18.0 million of its stock in the open market in the past twelve months.
Furniture Brands International
Furniture Brands International Acknowledges Sun Capital's Demand For Stockholder Information
ST. LOUIS, March 31, 2008 (PRIME NEWSWIRE) -- Furniture Brands International (NYSE:FBN) today acknowledged receipt of a letter from SCSF Equities, LLC demanding stockholder information for the purpose of potentially pursuing a proxy contest with respect to the election of the board of directors of Furniture Brands. The letter was filed with the Securities and Exchange Commission on Friday, March 28. Sun Capital holds approximately 9.5% of all outstanding shares.