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Commercial Banker Stephen A. Witt Joins Freedom Bank

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By Business Wirevia The Motley Fool

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Commercial Banker Stephen A. Witt Joins Freedom Bank

FAIRFAX, Va.–(BUSINESS WIRE)– Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) announced the addition of Stephen A. Witt as Senior Vice President, Corporate Banking Division. Mr. Witt will be based in the Fairfax office and tasked with fostering new relationships while continuing to provide quality service to our existing clientele. “All of us are pleased that Steve joined the Bank and look forward to the contributions he will bring to our team,” stated Executive Vice President & Chief Lending Officer Kevin Curtis. Mr. Witt joins Freedom Bank from Virginia Commerce Bank where he was a Senior Vice President and Product Development Manager. Prior to Virginia Commerce Bank, Mr. Witt was employed for two years with WashingtonFirst Bank as Vice President and Business Development Officer / Branch Manager of the Bank’s Fairfax City office.

SVP Stephen Witt joins Freedom Bank (Photo: Business Wire)

About Freedom Bank

Freedom Bank is a local community bank providing a full range of financial services, including credit and deposit products, cash management, and Internet banking services for consumers and businesses. The Bank operates from its headquarters office at 10555 Main Street, Fairfax, Virginia 22030. For more information visit www.freedombankva.com.

Freedom Bank of Virginia
Craig S. Underhill, President & CEO
703-242-5300

KEYWORDS:   United States  North America  Virginia

INDUSTRY KEYWORDS:

The article Commercial Banker Stephen A. Witt Joins Freedom Bank originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Commercial Banker James J. Curry Joins Freedom Bank

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By Business Wirevia The Motley Fool

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Commercial Banker James J. Curry Joins Freedom Bank

FAIRFAX, Va.–(BUSINESS WIRE)– Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) announced the addition of James J. Curry as Senior Vice President, Corporate Banking Division. Mr. Curry will be based in the Fairfax office and assist in providing quality service to our existing clientele while fostering new relationships throughout the region. “We are very pleased to bring Jim on board,” stated Executive Vice President & Chief Lending Officer Kevin Curtis. “He brings a wealth of knowledge and will be a great asset to our team.” Mr. Curry joins Freedom Bank from Key Bank in Denver, Colorado, where he was Vice President and Senior Business Banker. Prior to his time with Key Bank, Mr. Curry spent six years with WashingtonFirst Bank as a Senior Vice President and Commercial Lender in the Bank’s Reston and Great Falls offices.

SVP Jim Curry joins Freedom Bank. (Photo: Business Wire)

About Freedom Bank

Freedom Bank is a local community bank providing a full range of financial services, including credit and deposit products, cash management, and internet banking services for consumers and businesses. The Bank operates from its headquarters office at 10555 Main Street, Fairfax, Virginia 22030. For more information visit www.freedombankva.com.

Freedom Bank of Virginia
Craig S. Underhill, President & CEO
703-242-5300

KEYWORDS:   United States  North America  Virginia

INDUSTRY KEYWORDS:

The article Commercial Banker James J. Curry Joins Freedom Bank originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Aradigm Announces Fourth Quarter 2012 and Full Year Financial Results

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By Business Wirevia The Motley Fool

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Aradigm Announces Fourth Quarter 2012 and Full Year Financial Results

HAYWARD, Calif.–(BUSINESS WIRE)– Aradigm Corporation (OTC BB: ARDM.OB) (the “Company”)today announced financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Results

The Company recorded $223,000 in revenue in the fourth quarter of 2012 compared with $183,000 in revenue in the fourth quarter of 2011. Total operating expenses for the fourth quarter of 2012 were $2.4 million, compared with total operating expenses of $1.3 million for the fourth quarter of 2011. The increase in operating expenses was primarily due to higher research and development expenses related to the inhaled ciprofloxacin program. The Company’s net loss for the fourth quarter of 2012 was $2.5 million, or $0.01 per share, compared with a net loss of $1.5 million, or $0.01 per share, for the same period in 2011.

Full Year Results

Revenues for the year ended December 31, 2012 were $1.0 million, compared with revenues of $0.8 million in 2011. The increase in revenue was due to higher royalty payments from Zogenix, Inc. for the SUMAVEL® DosePro™ (sumatriptan injection) needle-free delivery system.

Total operating expenses for 2012 were $7.7 million, compared with total operating expenses of $9.3 million in 2011. Research and development expenses decreased by $1.2 million and general and administrative expenses decreased by $0.4 million. The decrease in research and development expenses reflects the completion of the ORBIT-1 bronchiectasis clinical trial of the Company’s inhaled ciprofloxacin product candidate. The decrease in general and administrative expenses was primarily due to lower executive bonus expense.

The net loss for the year ended December 31, 2012 was $8.2 million, or $0.04 per share, compared with a net loss of $9.3 million, or $0.05 per share, in 2011. The net loss reduction was primarily due to the increase in royalty revenue and the reduction in operating expenses, partially offset by higher interest expense from the royalty financing transaction.

As of December 31, 2012, cash, cash equivalents and short-term investments totaled $7.6 million.


2012
 Highlights

Business, Finance, Occupation & Industry

Rotech Healthcare Reaches Agreement in Principle with Its Major Debtholders on Debt Reduction and Re

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By Business Wirevia The Motley Fool

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Rotech Healthcare Reaches Agreement in Principle with Its Major Debtholders on Debt Reduction and Restructuring

ORLANDO, Fla.–(BUSINESS WIRE)– Rotech Healthcare Inc. (OTCBB: ROHI.OB) announced today that the Company and Consenting Holders holding in the aggregate a majority of the outstanding principal amount of Rotech’s 10.5% Senior Second Lien Notes have reached an agreement in principle to restructure and recapitalize the Company’s capital structure. The Company believes the agreement in principle presents an effective means to eliminate substantial secured legacy debt, which has burdened the Company for more than a decade.

Under the agreement in principle with the Consenting Noteholders, Rotech expects to complete the restructuring and recapitalization of its capital structure through a pre-arranged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. Rotech anticipates filing its consensual plan and petitions in the coming weeks. Because of the agreement in principle, the entire process is expected to be completed within 90 to 120 days after commencement.

Under the contemplated debt restructuring:

  • The holders of the $23.5 million Term Loan would be paid in full;
  • The $230 million of 10.75% First Lien Notes would be amended and the maturity potentially extended;
  • The $290 million in 10.5% Second Lien Notes would be converted into 100% of the common equity of the reorganized Company, thereby eliminating this tranche of secured debt;
  • All of the Company’s outstanding shares would receive a distribution of 10 cents per share (provided that the total amount paid on account of such interests does not exceed $2.62 million) and then be cancelled; and
  • Trade creditors and vendors would be paid in full in the ordinary course of business as long as they maintain or reinstate existing payment terms.

“After careful planning and consideration, we are pleased to have reached this major milestone of substantially reducing our debt,” said Steven P. Alsene, President and Chief Executive Officer. “The Company has struggled for years under the debt burden placed on it when it was spun off from its former parent company in 2002. Since that time, dramatic reimbursement reductions have made it essential that we reduce our debt to a manageable level. With this debt reduction, we believe we will be able to further take advantage of our inherent strengths to …read more
Source: FULL ARTICLE at DailyFinance