| To: richardred who wrote (2092) | 4/21/2008 11:05:50 AM | | From: richardred | | | | Alcan Packaging launches "Inspired Solutions" theme at Interpack 2008, the world's largest packaging expo
Monday April 21, 10:38 am ET
MONTREAL, April 21 /PRNewswire/ - Alcan Packaging, a division of Rio Tinto Alcan, will participate in Interpack, the world's largest packaging exhibition, where it will showcase both its packaging and its passion for bringing Inspired Solutions to customers around the globe. The tradeshow runs from April 24-30 in Dusseldorf, Germany.
"We are launching the 'Inspired Solutions' theme at this global event because it expresses the essence of Alcan Packaging's passion and ambition," said Ilene Gordon, president and chief executive officer of Alcan Packaging. "It also describes what we want to be for our customers every day: talented people, who are inspired by customers and relentlessly focused on doing the right thing for them."
Alcan Packaging has designed an eye-catching, 400-square-meter booth for the show where its sales and marketing employees from around the world will greet current and future customers. Discussions will focus on the exceptional range of unbeatable and sustainable packaging solutions for the food, pharmaceutical, beauty and tobacco markets.
This year marks Interpack's 50th anniversary, which takes place in Dusseldorf every three years and which had nearly 177,000 visitors from 106 countries in 2005.
Alcan Packaging is a world leader in value-added specialty packaging. It delivers multi-material innovative solutions to customers around the world for the food, pharmaceutical, beauty and tobacco markets. Led by Ilene Gordon, president and CEO, Alcan Packaging is headquartered in Paris, France. With 128 facilities and 30,000 employees in 31 countries, it generated US$6.2 billion revenues in 2007. For more information, please visit www.alcanpackaging.com and meet us at Interpack (Hall 9 - Stand A32).
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
Forward-Looking Statements
This announcement includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Rio Tinto's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto's products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Rio Tinto's present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers (the "Takeover Code"), the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Services Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.
Subject to the requirements of the Takeover Code, none of Rio Tinto, any of its officers or any person named in this announcement with their consent or any person involved in the preparation of this announcement makes any representation or warranty (either express or implied) or gives any assurance that the implied values, anticipated results, performance or achievements expressed or implied in forward-looking statements contained in this announcement will be achieved.
Source: RIO TINTO ALCAN - EN
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| To: richardred who wrote (2106) | 4/22/2008 7:10:51 AM | | From: richardred | | | | Warburg Pincus Closes $15 Billion Global Private Equity Fund
Tuesday April 22, 2:00 am ET
Firm Remains Focused on Global Strategy and Growth Investing
NEW YORK, April 22 /PRNewswire/ -- Warburg Pincus, the global private equity firm, today announced the closing of Warburg Pincus Private Equity X, L.P. (WP X), a $15 billion fund. Building on Warburg Pincus' proven track record, the global fund will be invested in core industry sectors, consistent with the firm's growth-oriented strategy to focus on early-stage, growth and late-stage businesses across North America, Europe and Asia.
Commenting on the fund closing, Joseph P. Landy, Co-President of Warburg Pincus said: "We are gratified that limited partners continue to be attracted to our unique model -- to invest across domains, geography and across company stage of life out of a single, global fund. We have a time-tested approach -- growth investing in growth-oriented regions. This is a particularly attractive investment strategy in the current environment."
Warburg Pincus focuses on helping to create or build companies. This ranges from conceiving and creating venture capital opportunities, providing capital to meet the needs of existing businesses, and investing in later-stage buy-outs and special situations where growth is a key aspect of the investment thesis. Over the past 30 years, the firm also has enhanced its global position by establishing a strong local presence around the world and developing deep domain expertise in a number of sectors, including consumer and retail, energy, financial services, healthcare and life sciences, industrial and technology, media and telecommunications, with numerous sub-sectors of specialization.
The firm made its first international investment in 1983. Warburg Pincus, which opened its London office in 1987 and its Hong Kong office in 1994, also has been an active investor in emerging markets including China, India and Central and Eastern Europe. Currently, more than 40 percent of Warburg Pincus' investments and professionals are outside the U.S.
"We've always viewed our mission as being investors, as opposed to asset managers," said Co-President Charles R. Kaye. "Our ability to generate superior rates of return has always been a function of our willingness to search for a market discontinuity, whether it be technology driven, or propelled by an economic dislocation or an entirely new business opportunity. Our fundamental goal is to build businesses that deliver sustainable value over the long term."
Existing investors substantially increased their commitments to WP X. The fund's investors include leading public and private pension funds, endowments and global financial institutions including the Washington State Investment Board and GE Asset Management. The fund also attracted numerous first-time investors, including the Universities Superannuation Scheme and the Teacher Retirement System of Texas.
Joseph A. Dear, Executive Director, Washington State Investment Board said: "We are pleased to be participating in WP X, as it extends our long and successful relationship with the firm. A handful of firms have consistently delivered superior returns to our retirement assets -- and Warburg Pincus is one of them. As a result, we committed to invest in WP X because we're comfortable with the firm's proven and unique ability to deploy the right people with the right experience to each portfolio company investment. The firm is well-positioned to perform, particularly in light of today's turbulent market conditions."
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971. The firm currently has more than $35 billion of assets under management. Warburg Pincus' investments are focused on a range of sectors in North America, Europe and Asia, including financial services, healthcare, industrial, technology, media and telecommunications, energy, consumer and retail and real estate. Since inception, the firm has raised 12 private equity funds that have invested more than $29 billion in approximately 600 companies in more than 30 countries. Warburg Pincus currently has an active portfolio of more than 100 companies. The firm has 59 managing directors and more than 160 professionals in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information please visit www.warburgpincus.com.
Source: Warburg Pincus
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| To: richardred who wrote (2113) | 4/22/2008 7:19:10 AM | | From: richardred | | | | Hedge funds bring in only $16.5B in first quarter
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[Posted on April 21, 2008 at 5:53 PM]
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Filed under: Editor's Choice | Hedge funds | PE fund-raising | Private Equity
Tagged: Hedge Fund Research , hedge funds , PE fund raising
041808_wallstreet.jpgThe hedge fund juggernaut is finally slowing down. A new report by Hedge Fund Research Inc. said that the asset class brought in only $16.5 billion of new cash in the first quarter, its weakest inflow since 2005.
The industry finished March with $1.875 trillion under management, only a slight uptick from the $1.868 trillion under management at the end of 2007 -- a banner year for hedge funds as investors put $194 billion into the sector. Investors withdrew close to $1 billion from global macro hedge funds and redeemed over $4 billion from merger arbitrage managers, the report noted. On the other side of the ledger, distressed debt hedge funds took in almost $8 billion in new capital in anticipation of opportunities in that space. - George White
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| To: richardred who wrote (1585) | 4/22/2008 8:11:41 AM | | From: richardred | | | | Lighting Science Group Acquires Lighting Partner BV Creating a New Global Leader in Digital Lighting
Tuesday April 22, 8:04 am ET
Combined Company Boasts Global LED Footprint with Synergies in Product Design, Intellectual Property, Manufacturing Capabilities and Channel Partnerships
NEW YORK, April 22 /PRNewswire-FirstCall/ -- Lighting Science Group Corporation (OTC Bulletin Board: LSCG - News; "LSG"), a leading developer and integrator of intelligent and energy-efficient LED lighting solutions, announced today that it has completed the acquisition of Lighting Partner BV ("LPBV"), an innovative manufacturer providing a broad range of LED and High- intensity Discharge ("HID") lighting solutions for residential, commercial, and retail applications based in The Netherlands.
LSG has acquired 100 percent of the outstanding common stock of LPBV. As consideration for acquiring the outstanding common stock of LPBV, LSG paid the former shareholders of LPBV US$5 million and issued a total of 4.632 million shares of LSG common stock (representing approximately 16% and 13% of the actual and fully diluted shares of LSG common stock outstanding respectively). LSG also granted the former shareholders of LPBV certain piggyback registration rights and assumed expenses of approximately $1.2 Million incurred due to change of control of LPBV. LPBV had revenues of US$23 million with positive cash flow in 2007 and is expected to have positive cash flow on a standalone basis, before synergies, in 2008. Approximately 70% of LPBV's business is LED based and this is a rapidly growing part of the business in line with the overall trend in the global lighting market. The company has also launched an innovative LED lighting system, Eyeleds® (www.eyeleds.com) designed for indoor and outdoor applications globally. Eyeleds are currently distributed in over 35 countries and are used in the commercial and residential market.
In conjunction with the acquisition of LPBV, the Company also announced that it has sold 2,083,333 shares of common stock to LED Holdings, LLC ("LED Holdings") for proceeds of US$10,000,000. The shares were priced at a discount of 5% from the average closing price of the LSG common stock (as reported on the OTC Bulletin Board) for the thirty (30) consecutive trading days immediately prior to the sale, which is a decrease from the 15% discount set forth in LED Holdings' follow-on investment option it acquired through LSG's acquisition of LED Holdings' business and net assets in October 2007.
"Today's acquisition creates a significant and immediate global presence for both companies and provides the foundation for us to become a leading player within the high growth LED lighting market," said Govi Rao, chairman and chief executive officer of Lighting Science Group. "We look forward to combining our complementary strengths and regional market positions to create a foundation for robust future growth opportunities. We continue to drive innovations that benefit our partners, consumers as well as the environment. The combination of our capabilities further enhances our ability to support our OEM partners with agility, reliability and scale."
"Combining LSG's extensive LED integration capabilities with LPBV's fixture design expertise and access to high quality manufacturing, puts us in a position to significantly accelerate the proliferation of our high performance lighting solutions." Mr. Rao added, "I believe the combination of LSG and LPBV creates one of the most innovative and diversified LED lighting solutions company with global presence and comprehensive capability across the emerging Digital Lighting Value Chain. We strongly believe this is a robust platform for significantly enhancing our ability to build shareholder value."
"The lighting industry is currently going through significant disruption and this partnership underscores our combined vision and commitment to shape the emerging digital lighting space," said Richard van de Vrie, managing director of Lighting Partner BV. "Combining our companies expands the breadth and depth of our respective portfolios and will help us deepen our customer relationships and drive increased sales to other targeted markets, globally. We foresee attractive opportunities for growth and believe that the combined company will be able to provide stronger enhanced products and services for our customers worldwide." "We welcome the associates and partners of LPBV to the Lighting Science family and are excited about the prospects of driving growth and innovation globally", added Mr. Rao. I personally look forward to working with a fine team like LPBV and am glad to have Richard and his colleagues join our management team."
Conference Call
The LSGC management team has scheduled an investor conference call today at 8:30 a.m. ET to discuss the acquisition. The call can be accessed toll free in the U.S. at 800.901.5217 and internationally on 617.786.2964 with conference call ID 56296865. The call will also be web cast and will be available at investor.lsgc.com and at phx.corporate-ir.net. For those unable to listen to the live broadcast of the call, a replay will available at investor.lsgc.com starting approximately 2 hours after the completion of the call. Additional information on the transaction is available at investor.lsgc.com.
LIGHTCongress2008
Govi Rao, Chief Executive Officer of Lighting Science Group will also be presenting on the "Tomorrow is Today" panel at LIGHTCongress2008 at The Hotel Affinia in Manhattan today, April 22, at 2:00 p.m. More information on LIGHTCongress2008 is available on lightcongress.com.
About Lighting Partner BV
Lighting Partner is a trusted source for design and is a producer of innovative, durable, plug & play lighting solutions for leading lighting companies. Lighting Partner is a pioneer in international lighting and delivers superior quality lighting solutions to its customers. Lighting Partners' long-standing experience, knowledge and partnerships with their customers enable them to quickly convert new concepts into commercial lighting solutions that add value to the environment. Lighting Partner focuses on the latest energy efficient light sources and operates well-equipped production facilities in the Netherlands, Eastern Europe and Thailand. Lighting Partner is headquartered in the Netherlands and their guiding principles are teamwork and reliability, with a focus on optimizing growth and return on investment.
About Lighting Science
Lighting Science Group Corporation (www.lsgc.com) designs and sells highly energy efficient and environmentally friendly lighting solutions. The Company's patented and patent-pending designs in power management, thermal management, manufacturing processes and other areas seek to reduce energy consumption while delivering environmental benefits and cost savings to the end-user. The company designs and manufactures ready- to- use LED lamps and luminaires, as well as provides customized lighting solutions for architectural and artistic projects worldwide. Lighting Science has offices in New York City, Sacramento, Satellite Beach, FL, Dallas, Tokyo and the United Kingdom.
About LED Holdings
LED Holdings, LLC, a portfolio company of Pegasus Capital Advisors (www.pcalp.com) holds a majority of the issued and outstanding shares of Common Stock of Lighting Science Group Corporation. Pegasus Capital Advisors is a private equity fund manager with offices in New York, New York and Cos Cob, Connecticut. Founded in 1995, Pegasus provides capital to middle market companies across a wide range of industries, with particular focus on businesses that make a meaningful contribution to society by positively affecting the environment, contributing to sustainability and enabling healthy living.
Certain statements in the press release constitute "forward-looking statements" relating to Lighting Science Group Corporation within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding future events, our business strategy and our financing plans are forward-looking statements. In some cases you can identify forward-looking statements by terminology such as "may," "will," "would," "should," "could," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements. "Lighting Science," is registered in the U.S. Patent and Trademark Office. Readers should carefully review the risk factors described above and in other documents filed by the Company with the SEC. Readers are specifically directed to the discussion under "Risk Factors" in the Company's Registration Statements on Form S-1.
Source: Lighting Science Group Corporation
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