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Friday August 21, 2009
ASAT Holdings Limited (OTC Bulletin Board: ASTTY), a global provider of semiconductor package design, assembly and test services, today announced the appointment of Eric E. Thompson to the position of Chief Restructuring Officer and interim CEO. Mr. Thompson will be based in the Company’s manufacturing facility in Dongguan, China, and will work closely with ASAT’s management team, board of directors and creditors on the financial restructuring of the Company’s obligations under the 9.25% Senior Notes due 2011 and the Purchase Money Loan Facility. T.L. Li, former acting CEO, will continue to be involved in ongoing operations and will remain as a consultant to ASAT.
Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has acquired the merchant processing portfolio of MB Financial Bank, the Illinois local operating unit of MB Financial Inc. (NASDAQ: MBFI). Elavon will provide its robust payment processing solutions, customer service and support operations to MB Financial Bank’s merchant customers. In addition, new merchant services referrals to Elavon will be marketed through the bank’s more than 70 branches across the greater Chicago metropolitan area.
Foster Wheeler AG (Nasdaq: FWLT) announced today that its subsidiary Foster Wheeler USA Corporation, part of its Global Engineering and Construction Group, has been awarded a detailed design contract by a confidential client for a chemicals project in the United States.
Bogen Communications Inter! national , Inc.,? (Pink Sheets: BOGN) today announced that a verdict has been reached in the lawsuit initiated by a former contractor, Tri-Signal Integration, Inc. (”Tri-Signal”), against the Company’s wholly-owned subsidiary, Bogen Communications, Inc. (”BCI”). The case was originally filed on July 18, 2006, in Los Angeles County Superior Court, case number BC355591, relating to BCI’s termination of their contractor agreement. The suit alleged multiple causes of action for breach of contract and various torts and sought an award of compensatory and punitive damages. On August 12, 2009, the jury in the case delivered its final verdict, submitting to the court its award to Tri-Signal of approximately $12.5 million in compensatory and punitive damages. BCI is currently planning to file motions for a new trial and for judgment notwithstanding the verdict and to file an appeal, and is also considering other alternatives.
Cass Information Systems, Inc. (NASDAQ: CASS), a leading provider of enterprise-wide expense management services, has announced that Stein Mart, Inc. (NASDAQ: SMRT) has expanded its relationship with Cass to now include telecom expense management. Since 1999, Cass has provided Stein Mart with utility expense management services whereby Cass processes Stein Mart’s facility-related invoices (such as electric, gas, and water expenses) and delivers valuable energy expense data via an online business intelligence platform.
FreightCar America, Inc. (NASDAQ: RAIL) announced today that, due to the delayed filing of its quarterly report on Form 10-Q for the quarter ended June 30, 2009, the Company has received, as expected, a notification letter from the Nasdaq Stock Market (”Nasdaq”) stating that the Company is no longer in compliance with Nasdaq Marketplace Rule 5250(c)(1), which requires timely filing of SEC periodic repor! ts. The Nasdaq letter was issued in accordance with standard Nasdaq procedures.
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