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Symbollon Pharmaceuticals, Inc. (OTC BB: SYMBA) today announced that Paul C. Desjourdy, its Chief Executive Officer, Chief Financial Officer and President, and Jack H. Kessler, its Chief Scientific Officer, have resigned from their employment with the Company effective immediately. The decision of both officers to tender their resignations was based on their current contractual relationship with the Company. Pursuant to the Company's executive loan program in January 2001 each executive exercised certain stock options by borrowing the necessary funds from the Company. These loans are payable on December 31, 2005. Under certain conditions if the executives terminate employment prior to December 31, 2005, then the sole recourse for payment of the loans would be the return of the stock to the Company which was received by the executives upon exercise of the stock options funded by the loans. In order to invoke this repayment provision, the executives have resigned effective today.
"Given the current financial situation of the Company, the Board of Directors felt that it was not appropriate to utilize the resources of the Company to assist the executive officers in the repayment of these loans," stated Richard Maradie, the Chairman of the Compensation Committee of Symbollon. "The executives have decided that it is in their best financial interest to return the shares of stock pledged in repayment of their loans. Unfortunately, in order to avail themselves of this repayment provision, the executives had to terminate their employment prior to year end. Effective on January 3, 2006 the Company intends to rehire the executives under new employment contracts. On behalf of the Board of Directors, we would like to apologize for any concerns this series of events may cause our stockholders or other interested parties. The Board is confident that this series of events will have no effect on the operations of the Company."
Symbollon Pharmaceuticals, Inc. (OTC BB: SYMBA) is a specialty pharmaceutical company focused on the development and commercialization of proprietary drugs based on its molecular iodine technology. Symbollon is conducting a Phase III clinical trial evaluating IoGen as a potential treatment for moderate to severe periodic pain and tenderness (clinical mastalgia) associated with fibrocystic breast disease (FBD). FBD is a condition that affects approximately 20 to 33 million women in the U.S., and there are approximately 7 to 13 million women suffering from clinical periodic mastalgia. The Company believes IoGen also may be useful in treating and/or preventing endometriosis, ovarian cysts, and premenopausal breast cancer. For more information about Symbollon, visit the company's website at http://www.symbollon.com.
This news release contains statements by the Company that involve risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors, including, but not limited to, the risks and uncertainties associated with whether (i) future clinical trial results will support the use of IoGen for the treatment of fibrocystic breast disease, (ii) the clinical data acquired from Mimetix Inc. will be acceptable exposure data for IoGen, (iii) Symbollon will be able to obtain the resources necessary to continue as a going concern, (iv) IoGen will successfully complete the regulatory approval process, (v) competitive products will receive regulatory approval, (vi) the Company's ability to enter into new arrangements with corporate partners and (vii) such other factors as may be disclosed from time-to-time in the Company's reports as filed with the Securities and Exchange Commission.
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Blue Square-Israel Ltd. is a leading retailer in Israel
Blue Square - Israel Ltd. (the "Company") announced that the Company has filed a draft shelf prospectus (the "Shelf Prospectus") with the Israel Securities Authority and the Tel Aviv Stock Exchange in Israel. Upon publication (subject to a permit from the Israel Securities Authority and approval of the Tel Aviv Stock Exchange), the Shelf Prospectus may be used by the Company to raise capital or debt in the future through the issuance of shares, notes, convertible notes, warrants and/or commercial paper at the discretion of the Company and would be valid for a period of two years from publication.
The Company has not yet made any decision as to the offering of any securities, nor as to its scope, terms or timing, nor is there any certainty that such an offering will be made or that the prospectus will be published. A public offering, if made, will be made in Israel only and not to U.S. residents.
Securities, if offered, will not be registered under the U.S. Securities Act of 1933, as amended, and will not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
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Blue Square-Israel Ltd. is a leading retailer in Israel. A pioneer of modern food retailing, in the region. Blue Square currently operates 204 supermarkets under different formats, each offering varying levels of services and prices. For more information, please refer to the Blue Square-Israel Ltd. website at http://www.bsi.co.il.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, plans or projections about our business and our future revenues, expenses and profitability. Forward-looking statements may be, but are not necessarily, identified by the use of forward-looking terminology such as "may," "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events, results, performance, circumstance and achievements to be materially different from any future events, results, performance, circumstance and achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the following: our ability to compete effectively against low-priced supermarkets and other competitors; the effect of the recession in Israel on the sales in our stores and on our profitability; quarterly fluctuations in our operating results that may cause volatility of our ADS and share price; risks associated with our dependence on a limited number of key suppliers for products that we sell in our stores; the effect of an increase in minimum wage in Israel on our operating results; the effect of any actions taken by the Israeli Antitrust Authority on our ability to execute our business strategy and on our profitability; the effect of increases in oil, raw material and product prices in recent years; the effects of damage to our reputation or to the reputation to our store brands due to reports in the media or otherwise; and other risks, uncertainties and factors disclosed in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, risks, uncertainties and factors identified under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2008. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except for our ongoing obligations to disclose material information under the applicable securities laws, we undertake no obligation to update the forward-looking information contained in this press release.
Contact:
Blue Square-Israel Ltd.
Elli Levinson-Sela
General Counsel & Corporate Secretary
Telephone: +972-3-9282670
Fax: +972-3-9282498
Email: ellils@bsi.co.il
Blue Square Israel Ltd
CONTACT: Contact: Blue Square-Israel Ltd., Elli Levinson-Sela, GeneralCounsel & Corporate Secretary, Telephone: +972-3-9282670, Fax:+972-3-9282498, Email: ellils@bsi.co.il
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- Distance learning dates back more than 100 years to Europe, Africa, and Asia, where open universities offered external degrees.
- Domestic cats purr at about 26 cycles per second, the same frequency as an idling diesel engine.
- The increasing popularity of mp3 players, PDAs and Smart Phone has provided an additional medium for the distribution of distance education content, and some professors now allow students to listen or even watch video of a course as a Podcast
- In 2000, the Current Population Survey reported the following educational attainment levels of the foreign-born population, as compared to the native population: 33.0% not high school graduates, compared to 13.4%; 25.% were high school graduates, compared to 34.3%; 16.2% had some college education (less than a bachelor's degree), compared to 26.7%; 25.8% had a bachelor's degree or more, compared to 25.6%. (Profile of the Foreign-Born Population in the United States: 2000
- The video recording machine was invented by the Ampex corporation of California in 1956. The first video recorder, the Ampex VR1000, stood 1,1 m (3 ft 3 in) high and weighed as much as a small car: 665 kg (1,466 lb).
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