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2002 Press Releases

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Preview Full Doc	2003	Heritage Property Investment Trust, Inc. Announces Results for Fourth Quarter Ended December 31, 2002 Heritage Property Investment Trust, Inc. Announces Results for Fourth Quarter Ended December 31, 2002 (21K) Doc #267565: Click preview link for longer preview. For more information contact: Cayce L. Montero Director, Corporate Development (617) 247-2200 cmontero@heritagerealty.com FOR IMMEDIATE RELEASE HERITAGE PROPERTY INVESTMENT TRUST, INC. ANNOUNCES RESULTS FOR FOURTH QUARTER ENDED DECEMBER 31, 2002 Boston, MA?February 10, 2003?Heritage Property Investment Trust, Inc. (NYSE:HTG) (?Heritage? or the ?Company?) today reported results of operations for the fourth quarter ended December 31, . . . 267565	Heritage Heritage Property Investment Trust Inc. ( Real Estate ) As referenced in this Heritage Property Investment Trust, Inc. Announces Results for Fourth Quarter Ended December 31, 2002: HERITAGE PROPERTY INVESTMENT TRUST, – 1 Exhibit 99.1 For more information contact: Cayce L. Montero Director, Corporate Development (617) 247-2200 cmontero@heritagerealty.com FOR IMMEDIATE RELEASE HERITAGE PROPERTY INVESTMENT TRUST, INC. ANNOUNCES RESULTS FOR FOURTH QUARTER ENDED DECEMBER 31, 2002 Boston, MAFebruary 10, 2003Heritage Property Investment Trust, Inc. (NYSE:HTG) (Heritage or _____________ HERITAGE PROPERTY INVESTMENT TRUST, – February 11, 2003 by accessing the Companys website at: http://www.heritagerealty.com or by dialing (800)-428-6051 access code 282830. ABOUT HERITAGE PROPERTY INVESTMENT TRUST, INC. Heritage is a fully integrated, self-administered and self-managed REIT traded on the New York Stock Exchange under the symbol _____________ Heritage Property Investment Trust, – on the Investor section of the Companys website at http://www.heritagerealty.com. These materials are also available by contacting Cayce Montero of Heritage Property Investment Trust, Inc. or by written request to: Cayce L. Montero Director, Corporate Development 535 Boylston Street Boston, MA 02116 Some of the statements _____________ HERITAGE PROPERTY INVESTMENT TRUST, – Companys judgment as of the date of this report, and the Company cautions readers not to place undue reliance on such statements. 4 HERITAGE PROPERTY INVESTMENT TRUST, INC. Consolidated Balance Sheets (in thousands of dollars, except per-share data) December 31, 2002 December 31, 2001 (unaudited) Assets Real estate _____________ HERITAGE PROPERTY INVESTMENT TRUST, – 8,742 ) Total shareholders equity 878,608 487,468 Total liabilities, redeemable equity and shareholders equity $ 2,055,686 1,907,265 5 HERITAGE PROPERTY INVESTMENT TRUST, INC. Consolidated Statements of Income (unaudited and in thousands, except per-share data) Three Months Ended December 31, Year Ended December 31, _____________ dt 175633 ;	Fleet National Fleet National Bank ( Financial ) As referenced in this Heritage Property Investment Trust, Inc. Announces Results for Fourth Quarter Ended December 31, 2002: Fleet National Bank – prior line of credit facility. The procurement of a new $350 million unsecured line of credit with a group of 13 lenders and Fleet National Bank as agent on April 29, 2002. The new line of credit expires on April 29, 2005 and bears interest at a floating rate _____________ dt 172476
Full Doc	2003	Impac Mortgage Holdings, Inc. Reports a 34% Increase in Earnings per Share to $0.63 for the Third Quarter 2003 as Compared to $0.47 For the Third Quarter 2002 Impac Mortgage Holdings, Inc. Reports a 34% Increase in Earnings per Share to $0.63 for the Third Quarter 2003 as Compared to $0.47 For the Third Quarter 2002 (10K) Doc #268797: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}e16146ex99_1.txt {DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 99.1 Impac Mortgage Holdings, Inc. Reports a 34% Increase in Earnings Per Share To $0.63 for the Third Quarter 2003 as Compared to $0.47 For The Third Quarter 2002 NEWPORT BEACH, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH) ("IMH" or the "Company"), a real estate investment trust ("REIT"), reports third quarter 2003 net earnings of $33.4 million, or $0.63 per diluted share as compared to net earnings of $19.4 million, or $0.47 per diluted share, for the third quarter 2002. IMH filed a Form 10-Q with the Securities and Exchange Commission that includes comprehensive financial information for the third quarter of 2003. IMH's Form 10-Q is also available on the Company's Web site at www.impaccompanies.com (please refer to SEC Filings). Mr. Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. commented, "We are pleased to report another quarter of solid operating performance. Our business model that includes the long-term investment operations and value added operational business units continues to demonstrate its ability to provide stability of earnings through diversification. Furthermore, we believe those synergistic businesses offer significant future growth opportunities that should enhance overall shareholder value." Mr. Tomkinson further commented, "The Company still expects to declare and pay a dividend of at least $0.50 per common share in the fourth quarter of 2003." Financial Highlights for Third Quarter 2003 * Earnings per diluted share increased to $0.63 compared to $0.58 for the second quarter of 2003 and $0.47 for the third quarter of 2002; * Estimated taxable income per diluted share was $0.61 compared to $0.56 for the second quarter of 2003 and $0.61 for the third quarter of 2002 (refer to reconciliation of net earnings to estimated taxable income below); * Cash dividends declared per share were $0.50 for the second and third quarters of 2003 compared to $0.45 for the third quarter of 2002 and we expect to declare and pay at least a $0.50 cash dividend during the fourth quarter of 2003; * Total assets increased to $9.0 billion as of September 30, 2003 compared to $6.6 billion as of December 31, 2002 and $5.4 billion as of September 30, 2002; * Book value per share increased 21% to $8.11 as of September 30, 2003 compared to $6.70 as of December 31, 2002 and $6.40 as of September 30, 2002; * Total market capitalization increased to $859.2 million as of September 30, 2003 compared to $521.2 million as of December 31, 2002 and $478.4 million as of September 30, 2002; * Dividend yield as of September 30, 2003 was 12.35%, based on an annualized third quarter cash dividend of $0.50 per share and closing stock price of $16.19 per share as of September 30, 2003; * Return on average assets and equity was 1.56% and 34.82% compared to 1.52% and 34.48% for the second quarter of 2003 and 1.64% and 29.27% for the third quarter of 2002; * The mortgage operations, acquired and originated $2.7 billion of primarily non-conforming Alt-A mortgages, or "Alt-A mortgages," compared to $1.9 billion for the second quarter of 2003 and $1.7 billion for the third quarter of 2002; * The long-term investment operations retained $1.3 billion of primarily Alt-A mortgages compared to $806.6 million for the second quarter of 2003 and $1.1 billion for the third quarter of 2002; * Novelle Financial Services, Inc., an originator of B/C mortgages, and a business unit of the mortgage operations, originated $138.7 million of B/C mortgages compared to $105.7 million for the second quarter of 2003 and $126.0 million for the third quarter of 2002; * Impac Multifamily Capital Corporation originated $90.0 million of small balance, multi-family mortgages, or "multi-family mortgages," compared to $74.1 million for the second quarter of 2003 and $42.1 million for the first quarter of 2003; and * Average short-term warehouse advances made by the warehouse lending operations to non-affiliated customers increased to $666.8 million compared to $551.8 million for the second quarter of 2003 and $347.7 million for the third quarter of 2002. Conference Call & Live Web Cast Date: Thursday, November 6, 2003 Time: 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Speaker: Mr. Joseph Tomkinson, Chairman and Chief Executive Officer Subject: Third quarter 2003 results of operations and general update Dial In: (800) 350-9149, conference ID number: 3715477 Live Webcast/ & Archive: http://www.impaccompanies.com link to Investor Relations / Presentations Reconciliation of Net Earnings to Estimated Taxable Income The following table presents a reconciliation of net earnings to estimated taxable income for the periods indicated (in thousands, except per share amounts): For the Three Months Ended September 30, 2003 2002 Net earnings $33,417 $19,434 Adjustments to net earnings: Provision for loan losses 7,820 5,361 Dividend from the mortgage operations 11,000 4,208 Tax deduction for actual loan losses (2,082) (731) Tax loss on sale of investment securities (1,180) -- Recovery of previously charged-off investment securities (4,999) -- Net earnings of the mortgage operations (11,464) -- Equity in net earnings of IFC -- (2,755) Estimated taxable income (1) $32,512 $25,517 Estimated taxable income per diluted share (1) $0.61 $0.61 (1) Excludes the deduction for dividends paid and the availability of a deduction attributable to net operating tax loss carry-forwards, if any. Note: Safe Harbor "Statement under the Private Securities Litigation Reform Act of 1995." This release contains forward-looking statements including statements relating to the expected performance of the Company's businesses, earnings and dividend expectations. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, among other things, failure to achieve projected earning levels, the timely and successful implementation of strategic initiatives, the ability to generate sufficient 268797	IMPAC Mortgage IMPAC Mortgage Holdings, Inc. ( Real Estate ) As referenced in this Impac Mortgage Holdings, Inc. Reports a 34% Increase in Earnings per Share to $0.63 for the Third Quarter 2003 as Compared to $0.47 For the Third Quarter 2002: Impac Mortgage Holdings, – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}e16146ex99_1.txt {DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 99.1 Impac Mortgage Holdings, Inc. Reports a 34% Increase in Earnings Per Share To $0.63 for the Third Quarter 2003 as Compared to $0.47 _____________ Impac Mortgage Holdings, – 63 for the Third Quarter 2003 as Compared to $0.47 For The Third Quarter 2002 NEWPORT BEACH, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH) ("IMH" or the "Company"), a real estate investment trust ("REIT"), reports third quarter 2003 net earnings of $33.4 _____________ Impac Mortgage Holdings, – on the Company's Web site at www.impaccompanies.com (please refer to SEC Filings). Mr. Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. commented, "We are pleased to report another quarter of solid operating performance. Our business model that includes the long-term investment _____________ Impac Mortgage Holdings, – should assume that results projected in or contemplated by the forward-looking statements included above may continue to be accurate in the future. Impac Mortgage Holdings, Inc. is a Mortgage Real Estate Investment Trust, which operates three core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage _____________ Impac Mortgage Holdings, – V.P. Investor Relations at (949) 475-3722 or e-mail Ms. Jernigan at tjernigan@impaccompanies.com . Website address: www.impaccompanies.com SOURCE Impac Mortgage Holdings, Inc. -0- 11/05/2003 /CONTACT: Tania Jernigan, V.P. Investor Relations of Impac Mortgage Holdings, Inc., +1-949-475-3722, tjernigan@ _____________ dt 176672
Full Doc	2003	MedImmune Reports 2002 Fourth Quarter and Year-End Results MedImmune Reports 2002 Fourth Quarter and Year-End Results (34K) Doc #272436: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 MEDIMMUNE REPORTS 2002 FOURTH QUARTER AND YEAR-END RESULTS -2002 Total Revenue Increased 37 Percent to a Record $848 Million- 2002 Highlights o Worldwide Synagis (palivizumab) sales up 29 percent to $668 million o Ethyol (amifostine) sales exceeded $80 million o FluMist receives favorable recommendation from FDA Advisory Panel o Positive Phase 3 data for Synagis in congenital heart disease infants submitted to FDA o MedImmune Vaccines, Inc. created through $1.6 billion acquisition of Aviron o Three new preclinical programs in-licensed o Synagis approved and launched in Japan and Canada o Construction of new headquarters and FluMist manufacturing facilities initiated o MedImmune Ventures, Inc. established GAITHERSBURG, MD, January 30, 2003 - MedImmune, Inc. (Nasdaq: MEDI) today announced that total revenue for the fourth quarter of 2002 increased 30 percent to $382 million, driving revenue to $848 million for the full year ended December 31, 2002. Revenue growth was due primarily to the continued success of Synagis, the company's flagship product used to prevent respiratory syncytial virus (RSV) in high-risk infants. Worldwide sales of Synagis in 2002 were $668 million, a 29-percent increase over 2001 sales of $516 million. For the 2002 fourth quarter, worldwide sales of Synagis increased 25 percent to $312 million from $250 million in the 2001 period. Sales of Ethyol, the company's first oncology product, exceeded $80 million during 2002 and $25 million in the 2002 fourth quarter. In 2001, MedImmune recorded Ethyol revenues of $20 million and $14 million for the year and fourth quarter, respectively. Other revenue in the fourth quarter of 2002 included $25 million related to compensation for 2002 FluMist manufacturing costs from Wyeth, the company's co-promotion partner for the product. "We made substantial progress in 2002 toward our long-term goals," stated David M. Mott, chief executive officer. "Product sales increased 36 percent; we completed the acquisition and integration of a vaccine company that provides us with our next potential blockbuster product, FluMist; we completed a successful Phase 3 trial with Synagis in children with congenital heart disease; we added three new programs to our preclinical pipeline; and we broke ground on a number of construction projects, including our new headquarters and research and development facility, as well as a new production facility for FluMist." Mr. Mott added, "In 2003, we look forward to launching FluMist, moving into Phase 3 with our human papillomavirus vaccine for the prevention of cervical cancer, and taking two programs from our preclinical pipeline forward into clinical trials. We expect to achieve a major financial milestone for MedImmune in 2003 with revenues exceeding $1 billion for the first time, reflecting revenue growth of 24 percent to 30 percent. We also expect our earnings to more than double in 2003." For the fourth quarter 2002, MedImmune reported net earnings of $85 million, or $0.33 per diluted share. For the year ended December 31, 2002, MedImmune reported a loss of $1.1 billion or $4.40 per share. This loss reflects the impact of a $1.2 billion in-process research and development charge associated with the purchase of MedImmune Vaccines (formerly known as Aviron), as well as the inclusion of MedImmune Vaccines' operations in MedImmune's results as of January 10, 2002. In 2001, MedImmune reported net earnings of $99 million, or $0.45 per diluted share, for the fourth quarter, and $149 million, or $0.68 per diluted share for the year. Adjusted Results MedImmune also announced "adjusted" results for 2002, which exclude certain amounts associated with the acquisition of MedImmune Vaccines. MedImmune computes "adjusted" earnings by adding back amounts that are related to the acquisition of MedImmune Vaccines, including: the in-process research and development charge; amortization of intangible assets; compensation expense associated with the assumption and vesting of unvested stock options, retention and severance payments; and amortization of premium on convertible subordinated notes. MedImmune believes the "adjusted" results are more indicative of the underlying trends in the operations of the business, and will continue to provide "adjusted" results in addition to reporting earnings computed in accordance with generally accepted accounting principles (GAAP). The accompanying schedules present the reconciliation from GAAP results to "adjusted" results, with additional details included in the notes to those schedules. Fourth Quarter Adjusted Earnings For the 2002 fourth quarter, MedImmune's adjusted net earnings were $92 million, or $0.36 per diluted share. Gross margins on product sales for the 2002 fourth quarter were 76 percent versus 77 percent in the 2001 fourth quarter, reflecting the cost of additional royalty payments related to domestic Synagis sales in 2002, partially offset by manufacturing cost reductions for Synagis. Research and development expenses rose to $30 million in the 2002 fourth quarter from $21 million last year. The increases were due largely to the inclusion of MedImmune Vaccines' activities and gaining access to various technologies and intellectual property to advance our pipeline. Selling, general and administrative costs in the fourth quarter of 2002 increased to $102 million from $67 million in the 2001 period, due primarily to increased co-promotion expenses for Synagis, the acquisition of MedImmune Vaccines, and higher marketing expenses for Synagis and Ethyol. Other operating expenses in the fourth quarter of 2002 were $26 million compared to $2 million in the fourth quarter last year. In addition to pre-production expenses for FluMist, other operating expenses included a $13 million charge for the write-off of plasma manufacturing assets due to the outsourcing of CytoGam manufacturing activities. The number of shares used in computing basic and diluted earnings per share increased by approximately 34 million primarily due to shares issued for the acquisition of MedImmune Vaccines. Adjusted Earnings for the Year 2002 MedImmune's adjusted earnings for 2002 were $107 million, or $0.42 per diluted share. Gross margins on product sales for 2002 were 74 percent, down two percentage points from the comparable period last year, largely due to the additional royalty payments in 2002 related to domestic Synagis sales. Research and development expenses rose to $135 million in 2002 from $83 million in the 2001 year, largely due to the inclusion of MedImmune Vaccines' activities, gaining access to various technologies and intellectual property to advance our pipeline, and the progress of the research pipeline over the course of 2002. Selling, general and administrative costs in 2002 increased to $287 million from $195 million in the 2001 period due primarily to: the acquisition of MedImmune Vaccines; increased co-promotion expenses for Synagis; higher sales and marketing expenses for Synagis and Ethyol; increases in infrastructure costs to support the growth of the business; and costs associated with the settlement of a contractual dispute. Other operating expenses in 2002 were $79 million compared to $10 million in the 2001 period, primarily due to costs associated with the manufacture of FluMist and the fixed asset write-off associated with the outsourcing of CytoGam manufacturing activities during the fourth quarter. Results for the year also reflect approximately $14 million in impairment losses on certain equity investments that were affected by the downward movement in the capital markets during 2002. The number of shares used in computing basic and diluted earnings per share increased by approximately 33 million primarily due to shares issued for the acquisition of MedImmune Vaccines. Cash and marketable securities at December 31, 2002 were $1.4 billion compared to $778 million at December 31, 2001, primarily reflecting cash and securities received as a part of the acquisition of MedImmune Vaccines and positive cash flow from operations. Looking Ahead in 2003 The following forward-looking information is being provided as a convenience to investors. The guidance and objectives provided below are projections and assume the continued growth and success of MedImmune's existing business, including sales of Synagis and Ethyol, as well as the approval of FluMist by the FDA in the second quarter of 2003 and the subsequent initiation of sales of FluMist in the U.S. in the second half of 2003 and progress on MedImmune's pipeline. Investors should note that sales of Synagis occur primarily during the fourth and first calendar quarters when RSV is most prevalent in the Northern Hemisphere, and that sales of FluMist are expected to primarily occur in the second half of the year, which is the most common time for yearly influenza vaccinations. The company's quarterly results are expected to reflect this seasonality for its marketed products. The projections provided here are provided on an "adjusted" basis, except where specifically identified as GAAP. Further, the projections are based upon numerous assumptions, many of which MedImmune cannot control and which may not develop as MedImmune expects. Consequently, actual results may differ materially from the guidance and objectives described herein. Please refer to the Disclosure Notice below. Guidance for the year ending December 31, 2003 o Adjusted earnings per diluted share: $0.88 to $0.93 (110% to 121% growth over 2002) o GAAP earnings per diluted share: $0.84 to $0.89 o Total revenue of $1.05 to $1.1 billion (24% to 30% growth over 2002) - Projected product sales growth: 21% to 25% over 2002 - Projected growth of Synagis: 16% to 20% over 2002 - Projected growth of Ethyol: 20% to 25% over 2002 - Total FluMist revenue (product sales and other revenue from milestones and royalties): $120 million to $140 million o Gross margins: approximately 71% of product sales o Research and development expense: projected to range from $140 million to $145 million o Selling, general and administrative: projected to be 32% to 33% of product sales o Other expenses: projected to range from $17 million to $20 million o Tax rate: approximately 37% Guidance for the quarter ending March 31, 2003 o Adjusted earnings per diluted share: $0.40 to $0.43 (38% to 48% growth over 2002) 272436	MedImmune MedImmune, Inc. ( Biological Products ) As referenced in this MedImmune Reports 2002 Fourth Quarter and Year-End Results: MedImmune, Inc – Japan and Canada o Construction of new headquarters and FluMist manufacturing facilities initiated o MedImmune Ventures, Inc. established GAITHERSBURG, MD, January 30, 2003 - MedImmune, Inc . (Nasdaq: MEDI) today announced that total revenue for the fourth quarter of 2002 increased 30 percent to $382 million, driving revenue to $ _____________ MedImmune, Inc – will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. - Tables Follow - MedImmune, Inc . Condensed Consolidated Statements of Operations (1) (in thousands, except per share data) Three Months Ended December 31 Year Ended December 31, ---------- --------- ------------ ---------- 2002 _____________ MedImmune, Inc – of operations for MedImmune Vaccines, Inc., formerly Aviron, which was acquired through an exchange offer and merger transaction valued at $1.6 billion. MedImmune, Inc . Adjusted Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Three Months Ended December 31, 2002 Three Months Ended Acquisition- _____________ MedImmune, Inc – connection with a retention plan. (6) Consists of $0.5 million, relating to the amortization of premium on MedImmune Vaccines' Convertible Subordinated Notes. MedImmune, Inc . Adjusted Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Year Ended December 31, 2002 Year Ended Acquisition-related December _____________ MedImmune, Inc – process technology of $1.2 billion, primarily related to MedImmune Vaccines' lead product candidate, FluMist, which has not been approved by the FDA. MedImmune, Inc . Condensed Consolidated Balance Sheets (1) (in thousands) December 31, December 31, 2002 2001 ----------- ----------- Assets: Cash and marketable securities $ 1,423,056 $ 777, _____________ dt 181031 ;	Wyeth Wyeth As referenced in this MedImmune Reports 2002 Fourth Quarter and Year-End Results: Wyeth, – fourth quarter, respectively. Other revenue in the fourth quarter of 2002 included $25 million related to compensation for 2002 FluMist manufacturing costs from Wyeth, the company's co-promotion partner for the product. "We made substantial progress in 2002 toward our long-term goals," stated David _____________ dt 166988
Full Doc	2003	Asiacontent.com and MTV Networks Announce Termination of Joint Venture Asiacontent.com and MTV Networks Announce Termination of Joint Venture (2K) Doc #275867: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-1 {SEQUENCE}3 {FILENAME}d53207_ex1.txt {DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 1 Asiacontent.com and MTV Networks Announce Termination of Joint Venture Hong Kong/New York, December 24, 2002 - Asiacontent.com, Ltd. (OTC BB: IASIF.OB) (the "Company") today announced that it had reached agreement with MTV Networks, its joint venture partner, to terminate the parties' joint venture. The joint venture, Asia On-Line Entertainment, Ltd., has provided on-line promotions to youth in Korea, China, Taiwan, Southeast Asia and India since 2000. MTV Networks is a division of Viacom International, Inc. Pursuant to the agreement between the Company and MTV Networks, MTV Networks will transfer its shares in the joint venture to the Company. The joint venture entity will then enter voluntary liquidation in its jurisdiction of incorporation. Closing on the share transfer, and the entry of the joint venture entity into voluntary liquidation, are expected to occur within the next several weeks. After the closing of the share transfer, BDO International, the Company's liquidator, expects to deliver a progress report to shareholders concerning the status of the liquidation. As previously announced, the Company commenced voluntary winding up and liquidation on July 10, 2002. -------------------------------------------------------------------------------- This release contains forward-looking statements with respect to the Company's joint venture with MTV and the Company's liquidation and dissolution. Factors that may cause actual results to differ materially from these forward-looking statements include the following: a failure to complete the transfer of joint venture shares, amounts to be realized in connection with the sale of the Company's assets, the ability of the Company to effect an orderly wind down of its operations, the possible delay in implementation or termination of the plan of liquidation and dissolution, the timing and amount of payments to members, the effect of litigation in which the Company is involved and unknown liabilities which may be asserted in connection with the liquidation. Please refer to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2001 and the Company's other filings with the SEC from time to time, for a description of certain additional factors which may cause results to differ materially from those indicated by these forward-looking statements. {/TEXT} {/DOCUMENT} 275867	AsiaContent.com AsiaContent.com, Ltd. ( Advertising ) As referenced in this Asiacontent.com and MTV Networks Announce Termination of Joint Venture: Asiacontent.com – {DOCUMENT} {TYPE}EX-1 {SEQUENCE}3 {FILENAME}d53207_ex1.txt {DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 1 Asiacontent.com and MTV Networks Announce Termination of Joint Venture Hong Kong/New York, December 24, 2002 - Asiacontent.com, Ltd. (OTC BB: IASIF.OB) (the " _____________ Asiacontent.com, – DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 1 Asiacontent.com and MTV Networks Announce Termination of Joint Venture Hong Kong/New York, December 24, 2002 - Asiacontent.com, Ltd. (OTC BB: IASIF.OB) (the "Company") today announced that it had reached agreement with MTV Networks, its joint venture partner, to _____________ dt 192216 ;	Viacom Int'l Viacom International Inc. As referenced in this Asiacontent.com and MTV Networks Announce Termination of Joint Venture: Viacom International, – has provided on-line promotions to youth in Korea, China, Taiwan, Southeast Asia and India since 2000. MTV Networks is a division of Viacom International, Inc. Pursuant to the agreement between the Company and MTV Networks, MTV Networks will transfer its shares in the joint venture to _____________ dt 193203
Preview Full Doc	2003	Enzon Updates Its Financial Outlook for The Fiscal Year Ending June 30, 2004 Enzon Updates Its Financial Outlook for The Fiscal Year Ending June 30, 2004 (7K) Doc #299797: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d57189_ex99-1.txt {DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 99.1 ENZON PHARMACEUTICALS For Immediate Release ================================================================================ PRESS RELEASE Contact: Kenneth J. Zuerblis Vice President, Finance & CFO 908-541-8717 Euro RSCG Life NRP Mark R. Vincent, Media Relations 212-845-4239 ENZON UPDATES ITS FINANCIAL OUTLOOK FOR THE FISCAL YEAR ENDING JUNE 30, 2004 BRIDGEWATER, NJ - October 22, 2002 - Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN) announced today that it is updating its financial outlook and withdrawing its pre-tax net income and EBITDA guidance for the fiscal year ending June 30, 2004 which it announced in its fourth quarter 2003 earnings conference call on August 13, 2003, based on the performance of Schering-Plough's PEG-INTRON(R). Based on the information received from Schering-Plough, Enzon now anticipates receiving royalty revenue for the quarter ended September 30, 2003 of approximately $13.5 to $14.5 million. The royalty revenue received by Enzon is made up principally of royalties from sales of PEG-INTRON by Schering-Plough. Enzon does not participate in the manufacturing, marketing or sales of PEG-INTRON. The decline in royalty revenue this quarter as well as the significant volatility in royalty revenue in previous quarters are not reasonably predictable from prescription data, the only information available to Enzon to forecast sales of PEG-INTRON. Based on the significant volatility and the lack of reliable predictive information for net sales of PEG-INTRON, the Company is unable to continue to provide guidance on net income for fiscal 2004. The Company also announced that it is increasing its guidance on North American sales of ABELCET(R) (Amphotericin B Lipid Complex Injection) to the upper end of its previously announced range for full year fiscal 2004 to $65 to $70 million as compared to the original range of $60 to $70 million. ABELCET is the largest product that Enzon markets and represents -more- ================================================================================ 685 Route 202/206 Phone: (908) 541-8600 Fax: (908) 575-9457 http://www.enzon.com {PAGE} Financial outlook/ page 2 approximately 60% of Enzon's net sales. Except as described in this release, Enzon is not revising any of the other guidance provided in the August 13th conference call. "All aspects of the business that we control continue to be at or above of our expectations," commented Arthur J. Higgins, Chairman and Chief Executive Officer of Enzon Pharmaceuticals, Inc. "In addition to the better than expected performance of ABELCET, all of our products that we market continue to show growth and our expenses remain under control and within previous guidance." The management of Enzon will be hosting a conference call today, October 22, 2003 at 9:30 AM EDT. All interested parties can access the live call using the following information: Domestic Dial-In Number 888-423-3271 International Dial-In Number 651-224-7582 Access Code 703294 Enzon's conference call will also be webcast in a "listen only" mode via the Internet at http://www.vcall.com. Additionally, for those parties unable to listen at the time of Enzon's conference call, a rebroadcast will be available following the call on October 22, 2003 at approximately 2:45 PM EDT. This rebroadcast will end on November 6, 2003 at midnight. The rebroadcast may be accessed using the following information: Domestic Dial-In Number 800-475-6701 International Dial-In Number 320-365-3844 Access Code 703294 The management of Enzon will also be hosting a conference call in conjunction with the release of its first quarter earnings for fiscal 2004 on November 6, 2003 at 5:00 PM EDT. All interested parties can access the live call using the following information: Domestic Dial-In Number 800-553-0351 International Dial-In Number 612-288-0318 Access Code 702254 -more- ================================================================================ 685 Route 202/206 Phone: (908) 541-8600 Fax: (908) 575-9457 http://www.enzon.com {PAGE} Financial outlook/ page 3 Enzon Pharmaceuticals is a biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutics to treat life-threatening diseases. The company has developed or acquired a number of marketed products, including PEG-INTRON, marketed by Schering-Plough, and ABELCET, which is marketed in North America by Enzon. Enzon's science-focused strategy includes an extensive drug development program that leverages the Company's PEG modification and single-chain antibody (SCA(R)) technologies. Internal research and development efforts are complemented by strategic transactions that provide access to additional products, projects, and technologies. Enzon has several drug candidates in various stages of development, independently and with partners. Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors, which are described in the Company's Form 10-K, Form 10-Q's and Form 8-K's on file with the SEC, including without limitation, Enzon's ability to continue to increase ABELCET's share of the antifungal market and to sustain such increased market share and to successfully market its proprietary products; Enzon's dependence on Schering-Plough's effective marketing of PEG-INTRON; Enzon's ability to clinically advance its PEG-Camptothecin and ATG-Fresenius programs; Enzon's ability to sustain profitability and positive cash flow; risks in obtaining and maintaining regulatory approval for indications and expanded indications for Enzon's products; market acceptance of and continuing demand for Enzon's products; timing and results of clinical trials and the impact of competitive products and pricing. All information in this press release is as of October 22, 2003, and the Company undertakes no duty to update this information. For further information regarding Enzon, this press release or the conference call, please go to Enzon's website homepage at http://www.enzon.com and to Enzon's Investor Relations website page at http://www.enzon.com/shareholders.html. 299797	Enzon Pharma Enzon Pharmaceuticals, Inc. As referenced in this Enzon Updates Its Financial Outlook for The Fiscal Year Ending June 30, 2004: ENZON PHARMACEUTICALS – {DOCUMENT} {TYPE}EX-99.1 {SEQUENCE}3 {FILENAME}d57189_ex99-1.txt {DESCRIPTION}PRESS RELEASE {TEXT} Exhibit 99.1 ENZON PHARMACEUTICALS For Immediate Release ================================================================================ PRESS RELEASE Contact: Kenneth J. Zuerblis Vice President, Finance & CFO 908-541-8717 Euro RSCG Life NRP Mark R. _____________ Enzon Pharmaceuticals, – Media Relations 212-845-4239 ENZON UPDATES ITS FINANCIAL OUTLOOK FOR THE FISCAL YEAR ENDING JUNE 30, 2004 BRIDGEWATER, NJ - October 22, 2002 - Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN) announced today that it is updating its financial outlook and withdrawing its pre-tax net income and EBITDA guidance _____________ Enzon Pharmaceuticals, – business that we control continue to be at or above of our expectations," commented Arthur J. Higgins, Chairman and Chief Executive Officer of Enzon Pharmaceuticals, Inc. "In addition to the better than expected performance of ABELCET, all of our products that we market continue to show growth _____________ Enzon Pharmaceuticals – 702254 -more- ================================================================================ 685 Route 202/206 Phone: (908) 541-8600 Fax: (908) 575-9457 http://www.enzon.com {PAGE} Financial outlook/ page 3 Enzon Pharmaceuticals is a biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutics to treat life-threatening diseases. The company has developed or _____________ dt 262726
Full Doc	2003	Anthem Reports Strong Results for the Fourth Quarter and Full Year 2002 Anthem Reports Strong Results for the Fourth Quarter and Full Year 2002 (52K) Doc #301177: This document is immediately available for purchase, but does not have a preview available for viewing. {DOCUMENT} {TYPE}EX-99 {SEQUENCE}3 {FILENAME}dex99.txt {DESCRIPTION}PRESS RELEASE DATED 02-03-2003 {TEXT} {PAGE} EXHIBIT 99 News release Anthem, Inc. 120 Monument Circle Indianapolis, IN 46204 Tel 317 488-6390 Fax 317 488-6460 Anthem/R/ Anthem Reports Strong Results for the Fourth Quarter and Full Year 2002 . Same-store enrollment grew by 621,000 members, or 8 percent, during 2002 . Same-store operating gain increased by 46 percent in the quarter . Same-store operating margin reached 5.2 percent in the quarter . Adjusted net earnings for 2002 increased 30 percent, to $4.12 per share . Cash flow from operations of nearly $1 billion in 2002 was 1.8 times net income . Board authorized a new $500 million share repurchase program . Expectations for 2003 earnings increased by $0.10, to $4.75 - $4.85 per share Indianapolis, IN - February 2, 2003 - Anthem, Inc. (NYSE: ATH) today reported that net income for the fourth quarter of 2002 increased 96 percent, to $171.9 million, or $1.19 per share, compared with net income of $87.7 million, or $0.85 per share, for the fourth quarter of 2001. Excluding net realized gains and other non-recurring items in both periods, and on a FAS 142 comparable basis, net income for the fourth quarter of 2002 increased 57% to $160.9 million, or $1.12 per share, compared with net income of $102.7 million, or $0.99 per share, for the fourth quarter of 2001. Net income for full year 2002 increased 60 percent, to $549.1 million, or $4.51 per share, compared with net income of $342.2 million, or $3.30 per share, in 2001. Excluding net realized gains and other non-recurring items in both periods, and on a FAS 142 comparable basis, net income for full year 2002 increased 53% to $502.1 million, or $4.12 per share, compared with $329.2 million, or $3.17 per share, in 2001. "As I look back at the objectives we established for 2002, I am pleased to report that solid execution by all of our business units resulted in performance exceeding our own expectations for the year. In our first full year as a public company we have been able to demonstrate that adherence to a sound business strategy which focuses on the needs of our customers allows us to produce value both for our customers and for our shareholders," said Larry C. Glasscock, president and chief executive officer of Anthem, Inc. "We believe our continued membership growth and strong customer retention results from our ability to respond to market demands with new products and distinctive service," added Glasscock. Consolidated Highlights . Membership: Medical enrollment reached almost 11.1 million members at December 31, 2002, representing a 40 percent increase compared with 2001, or 8 percent excluding the acquisition of Trigon. In addition to membership growth from the acquisition, enrollment gains were primarily due to growth in National Accounts and Individual businesses, coupled with strong membership retention in all segments. 1 {PAGE} . Operating Revenue: Operating revenue increased 50 percent in the fourth quarter, to $3.9 billion, compared with the fourth quarter of 2001. The growth was primarily attributable to the acquisition of Trigon, disciplined pricing, and solid membership growth across each line of business. Excluding the impact of the acquisition, operating revenue grew by 16 percent, to $3.0 billion, in the fourth quarter. Operating revenue reached $13.0 billion for the full year 2002. . Operating Margin: Operating margin of 5.8 percent in the fourth quarter was another record for the company, as operating gain increased 111 percent, to $225.8 million, compared with the fourth quarter of 2001. All core operating segments contributed positively to the earnings growth for the quarter. Excluding results from the Trigon acquisition, operating margin reached 5.2 percent and operating gain increased 46 percent over the prior year's fourth quarter. For the full year 2002, operating margin reached 5.0 percent, or 4.6 percent, excluding results from the Trigon acquisition. Results in both periods were driven primarily by disciplined pricing, lower than anticipated medical costs, and profitable enrollment growth, with Local Large Group, Small Group, and Individual businesses contributing most significantly to the earnings improvement. . Benefit Expense: The benefit expense ratio improved by 180 basis points in the fourth quarter, to 80.9 percent, compared with 82.7 percent in the fourth quarter of 2001. The improvement was primarily due to lower than anticipated medical cost trends. For full year 2002 the ratio improved by 210 basis points, to 82.4 percent. . Price and Cost Trends: Commercial premium yields increased by approximately 14 percent, while commercial medical costs increased by approximately 12 percent during the 12-month period ended December 31, 2002. Medical costs were driven primarily by increased member utilization of physician services and outpatient facility care. . Administrative Expense: The administrative expense ratio in the fourth quarter was 19.8 percent, compared with 20.1 percent in the fourth quarter of 2001. The 30 basis point improvement reflected disciplined focus on optimizing administrative expenses over a larger membership base. Partially offsetting this improvement was higher incentive compensation associated with above targeted results, reclassified expenses associated with a service contract of AdminaStar Federal, and expenses associated with the dissolution of a small Midwest-based joint venture. Excluding these three items, totaling $36.7 million, the ratio was 18.9 percent, a 120 basis point improvement from the fourth quarter of 2001. . For the full year 2002, the administrative expense ratio was 19.3 percent, an improvement of 30 basis points compared with 19.6 percent in 2001. The ratio improved by 120 basis points, to 18.4 percent, in 2002, excluding certain items totaling $126.9 million. These items included additional premium tax expenses in the state of Ohio and a reduction in the carrying value of the Company's investment in MedUnite, which were reported in the third quarter of 2002, as well as the items described above for the fourth quarter of 2002. . Cash Flow: Cash flow from operations reached $367.2 million in the quarter. Cash flow for full year 2002 was $991.1 million, or 1.8 times net income. . Days in Claims Payable: Days in claims payable declined by 4.0 days, to 57.0 days, compared with September 30, 2002. Approximately half of the decline was associated with a reclass from incurred but not reported (IBNR) reserves to other policyholder liabilities for certain case-specific reserves. The remaining decline was driven primarily by lower than 301177	Anthem Anthem, Inc. As referenced in this Anthem Reports Strong Results for the Fourth Quarter and Full Year 2002: Anthem, Inc – {DOCUMENT} {TYPE}EX-99 {SEQUENCE}3 {FILENAME}dex99.txt {DESCRIPTION}PRESS RELEASE DATED 02-03-2003 {TEXT} {PAGE} EXHIBIT 99 News release Anthem, Inc . 120 Monument Circle Indianapolis, IN 46204 Tel 317 488-6390 Fax 317 488-6460 Anthem/R/ Anthem Reports Strong Results for the _____________ Anthem, Inc – share repurchase program . Expectations for 2003 earnings increased by $0.10, to $4.75 - $4.85 per share Indianapolis, IN - February 2, 2003 - Anthem, Inc . (NYSE: ATH) today reported that net income for the fourth quarter of 2002 increased 96 percent, to $171.9 million, or $1. _____________ Anthem, Inc – allows us to produce value both for our customers and for our shareholders," said Larry C. Glasscock, president and chief executive officer of Anthem, Inc . "We believe our continued membership growth and strong customer retention results from our ability to respond to market demands with new products _____________ Anthem, Inc – have been reclassified into a reporting format consistent with Anthem's presentation style and can be found at www.anthem.com. About Anthem Anthem, Inc . is an Indiana-domiciled publicly traded company that, through its subsidiary companies, provides health care benefits to more than 11 million people. _____________ Anthem, Inc – in advance. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains certain forward-looking information about Anthem, Inc . ("Anthem"), that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform _____________ dt 266967
Full Doc	2002	Kaiser Aluminum Faces Accelerated Funding Requirement for Salaried Retirement Plan Kaiser Aluminum Faces Accelerated Funding Requirement for Salaried Retirement Plan (3K) Doc #232864: This document is immediately available for purchase, but does not have a preview available for viewing. For information: Scott Lamb Telephone: (713) 332-4751 December 18, 2002 KAISER ALUMINUM FACES ACCELERATED FUNDING REQUIREMENT FOR SALARIED RETIREMENT PLAN HOUSTON, Texas, December 18, 2002 -- Kaiser Aluminum has determined that recent lump-sum distributions from the Kaiser Salaried Employee Retirement Plan (KRP) have triggered a special provision under ERISA (Employee Retirement Income Security Act) that requires the company to make a pension contribution on January 15, 2003 that is estimated to be $17 million. However, most of this payment would be classified as a pre-bankruptcy obligation, and the Bankruptcy Code generally does not permit payment of such obligations without Court approval. Because this amount represents a small portion of the legacy liabilities that must be addressed in Kaiser's reorganization, the company does not currently expect to seek such approval. If the company does not make the payment, it would no longer be compliant with ERISA's minimum funding requirements and, in turn, would be prohibited by ERISA from making lump-sum distributions from KRP to employees who retire after December 31, 2002. In addition, Kaiser is analyzing other possible impacts on the company if the required payment is not made. Those impacts include possible technical default under Kaiser's Debtor-in-Possession (DIP) credit facility which, if not cured or waived, would prevent the company from accessing this facility. Kaiser is working with its lenders to resolve any technical default that may arise. As of October 31, 2002, the company's cash and cash equivalents amounted to $74.1 million, there were no outstanding borrowings under the DIP, and outstanding letters of credit were approximately $40.7 million. "Our ultimate objectives, of course, are to emerge from Chapter 11 and remain viable long into the future," said Jack A. Hockema, President and Chief Executive Officer. "As we continue to work toward these objectives, we appreciate the ongoing support and understanding of our employees, customers, and suppliers." Separately, Kaiser has had a preliminary discussion with the Pension Benefit Guaranty Corporation (PBGC) about the company's pension plans. The company has no new information to report in respect of that meeting. Kaiser Aluminum Corporation (OTCBB: KLUCQ) is a leading producer of alumina, primary aluminum, and fabricated aluminum products. F-940 Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future results and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232864	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Kaiser Aluminum to Seek Discussions with Pension Benefit Guaranty Corporation Kaiser Aluminum to Seek Discussions with Pension Benefit Guaranty Corporation (3K) Doc #232868: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 For information: Scott Lamb Telephone: (713) 332-4751 October 23, 2002 KAISER ALUMINUM TO SEEK DISCUSSIONS WITH PENSION BENEFIT GUARANTY CORPORATION HOUSTON, Texas, October 23, 2002 -- Kaiser Aluminum said today that it intends to request a meeting with the Pension Benefit Guaranty Corporation (PBGC) to discuss alternative solutions to pension plan funding issues that would help facilitate Kaiser's emergence from bankruptcy. Additionally, Kaiser intends to meet with appropriate union representatives. "When Kaiser Aluminum filed for Chapter 11 protection on February 12 of this year," said Jack A. Hockema, president and chief executive officer of Kaiser Aluminum, "we cited future pension funding obligations as one of several significant legacy liability issues that had to be addressed in order for Kaiser to restructure and emerge as a strong and viable company. "We have done extensive work with our independent actuaries and our advisors to project future contribution requirements of the pension plans and to analyze the company's ability to handle such funding requirements under a variety of scenarios. While it is not possible to say what actions will emerge from our analysis, we must explore options to reduce or mitigate the pension funding obligations. Those options may include extended amortization periods for payment of unfunded liabilities or the potential termination of our pension plans. "I want to emphasize that while we must deal with the pension funding issues, the company's operating posture and liquidity are sound. We have just under $100 million of cash, we have no borrowings against our credit line, and we continue to have only a relatively modest amount of letters of credit outstanding," said Hockema. "We understand that this kind of pension plan review creates uncertainty, and we are admittedly trying to maintain a fine balance as we work through these difficult issues. On one hand, the company must focus on taking all of the necessary steps to emerge from bankruptcy and remain viable long into the future, and that's what we are doing. On the other hand, we clearly need the talent and dedication of our employees to achieve that objective. Although the current pension plans may be subject to change, we expect to provide suitable compensation and benefits to retain and motivate employees. Kaiser Aluminum Corporation (OTCBB: KLUCQ) is a leading producer of alumina, primary aluminum, and fabricated aluminum products. F-934 Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future results and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232868	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Kaiser Aluminum to Appeal Ruling by NLRB Administrative Law Judge Kaiser Aluminum to Appeal Ruling by NLRB Administrative Law Judge (2K) Doc #232871: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 For Information: Scott Lamb Telephone: (713) 267-3826 May 14, 2002 KAISER ALUMINUM TO APPEAL RULING BY NLRB ADMINISTRATIVE LAW JUDGE HOUSTON, Texas, May 14, 2002 - Kaiser Aluminum said today that it intends to appeal an unfavorable ruling by a National Labor Relations Board (NLRB) administrative law judge. The ruling came in a case in which the United Steelworkers of America had charged the company with unfair labor practices in connection with a two-year labor dispute that ended in 2000. The ruling was issued May 10, 2002, and was communicated to the company today. In 2000, the NLRB had dismissed 22 of 24 original charges of unfair labor practice that the union had brought against the company. The ruling is not self-enforcing and, because it is subject to appeal, does not require that the company take steps to pay back wages to affected employees. The company would only be subject to such a requirement if the ruling were to be definitively upheld after all appeals were exhausted, a process that could take several years. "We disagree with the decision of the judge and look forward to vigorous pursuit of an appeal," said Jack A. Hockema, President and Chief Executive Officer of Kaiser Aluminum. "We remain confident that our position will ultimately be upheld." The company plans to appeal the ruling to the full NLRB. Any decision by the full Board would then be subject to additional appeal to the Federal court of appeals. Kaiser Aluminum Corporation (OTCBB: KLUCQ) is a leading producer of alumina, primary aluminum, and fabricated aluminum products. F-926 Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232871	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining ) ;	USWA United Steelworkers of America ( Unions ) As referenced in this Kaiser Aluminum to Appeal Ruling by NLRB Administrative Law Judge: United Steelworkers of America – Relations Board (NLRB) administrative law judge. The ruling came in a case in which the United Steelworkers of America had charged the company with unfair labor practices in connection with a two-year labor _____________ dt 84879
Full Doc	2002	Kaiser Aluminum Engages Deloitte & Touche as Independent Auditor Kaiser Aluminum Engages Deloitte & Touche as Independent Auditor (1K) Doc #232874: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 Exhibit 99.1 For Information: Scott Lamb Telephone: (713) 267-3826 April 30, 2002 KAISER ALUMINUM ENGAGES DELOITTE & TOUCHE AS INDEPENDENT AUDITOR HOUSTON, Texas, April 30, 2002 - Kaiser Aluminum Corporation (KAC) and its wholly owned subsidiary, Kaiser Aluminum & Chemical Corporation (KACC), said they have dismissed Arthur Andersen LLP as their principal independent accountant and have engaged Deloitte & Touche LLP as their principal independent accountant. The decision to change principal independent accountants was recommended by the Audit Committees of both KAC and KACC and was approved by the boards of both KAC and KACC. The change is effective immediately. Kaiser Aluminum Corporation (OTCBB:KLUCQ) is a leading producer of alumina, primary aluminum and fabricated aluminum products. F-924 Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232874	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Kaiser Aluminum Files Voluntary Petition Under Chapter 11 Of United States Bankruptcy Code Kaiser Aluminum Files Voluntary Petition Under Chapter 11 Of United States Bankruptcy Code (5K) Doc #232893: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 Contact: Scott Lamb at (713) 267-3826 Richard Tauberman at 713-267-3630 Jamie Schwartz at 713-267-3630 February 12, 2002 KAISER ALUMINUM FILES VOLUNTARY PETITION UNDER CHAPTER 11 OF UNITED STATES BANKRUPTCY CODE COMPANY FINALIZING $300 MILLION LOAN AGREEMENT TO FUND ONGOING OPERATIONS; PRODUCTION, CUSTOMER SERVICE NOT IMPACTED BY FILING HOUSTON, Texas, February 12, 2002 - Kaiser Aluminum Corporation (NYSE:KLU) said today that the company and its operating subsidiary Kaiser Aluminum & Chemical Corporation and certain of its wholly owned subsidiaries have filed voluntary petitions under Chapter 11 of the Federal Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In conjunction with the filing, the company expects to enter into definitive documentation today for $300 million in Debtor-in-Possession (DIP) financing from Bank of America, subject to court approval. The DIP financing, in combination with the company's current invested cash, should provide sufficient liquidity to meet its ongoing operating needs. Kaiser's production and shipment of bauxite, alumina, primary aluminum products, and fabricated aluminum products will continue without interruption. Kaiser has been facing significant near-term debt maturities at a time of unusually weak aluminum industry business conditions, depressed prices, and a broad economic slowdown that was further exacerbated by the events of September 11. In addition, the company has become increasingly burdened by asbestos litigation and growing legacy obligations for retiree medical and pension costs. The confluence of these factors has created the prospect of continued operating losses and negative cash flow, resulting in lower credit ratings and an inability to access the capital markets. In October 2001, Jack A. Hockema, who led the turnaround in Kaiser's fabricated products businesses, was named the company's President and Chief Executive Officer. "When I came on board as President and CEO, it became evident that Kaiser needed to accelerate the process it was pursuing to establish a sustainable financial and operational framework," said Hockema. "While we have examined many alternatives including, but not limited to, asset sales and debt restructuring, no alternative provided more than a partial or temporary fix. Only a filing provided the time and tools necessary to adequately address these issues. "The decision to seek protection under Chapter 11 will provide Kaiser with the opportunity to reorganize its financial structure and implement a strategic plan to return to sustained profitability," said Hockema. "The reorganization process will also allow the company to expand on and quicken the pace of its operational improvements." "Our core businesses are sound. Our fabricated operations have good market positions, 'best-in-class' customer service rankings, and continue to make progress in implementing 'lean sigma' methods. At the same time our commodities businesses are aggressively pursuing performance improvement initiatives," added Hockema. For well over half a century, Kaiser Aluminum has produced a wide range of products from 'upstream' bauxite, alumina and aluminum to 'downstream' products for the aerospace, ground transportation, and industrial markets. The company will continue to focus its energies on the quality products and superior service for which it is known. Hockema concluded, "Kaiser employees have been the key to our past success, and their continued loyalty and commitment to the job at hand will ensure that we meet the challenges we face. There will be hard work and tough decisions ahead, but we have weathered difficult times before and will use the reorganization process to implement the financial and operational initiatives that will position us for long-term success." Although the filing includes certain U.S. subsidiaries through which the company holds an interest in foreign operations, it does not include the operations of the following entities: the 65%-owned Alpart alumina refinery and the 49%-owned Kaiser Jamaica Bauxite Company in Jamaica; the 20%-owned QAL alumina refinery in Australia; the 90%-owned Valco aluminum smelter in Ghana; the 49%-owned Anglesey aluminum smelter in Wales, or the 100%-owned extrusion plant in Ontario, Canada. In this regard, and in conjunction with expected approval of first-day court motions, Kaiser has taken appropriate steps designed to ensure that its participation in each of these entities, including the funding of certain costs and expenses, will not be impacted by the filings. For additional information, see the newly established restructuring section of the company's web site (WWW.KAISERAL.COM) or call the newly established restructuring hotline at 1-888-829-3340 or 1-402-220-0856. Kaiser Aluminum is a leading producer of alumina, primary aluminum and fabricated aluminum products. F-915 Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232893	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Kaiser Aluminum Executes Definitive Loan Agreement for $300 Million Debtor in Possession Financing from Bank of America Kaiser Aluminum Executes Definitive Loan Agreement for $300 Million Debtor in Possession Financing from Bank of America (2K) Doc #232894: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.2 Contact: Scott Lamb at (713) 267-3826 Richard Tauberman at (713) 267-3630 Jamie Schwartz at (713) 267-3630 February 12, 2002 KAISER ALUMINUM EXECUTES DEFINITIVE LOAN AGREEMENT FOR $300 MILLION DEBTOR IN POSSESSION FINANCING FROM BANK OF AMERICA COMPANY EXPECTS DIP LINE AND EXISTING LIQUIDITY TO PROVIDE AMPLE LIQUIDITY TO MEET OPERATING NEEDS DURING RESTRUCTURING HOUSTON, Texas, February 12, 2002 - Kaiser Aluminum Corporation (NYSE:KLU), which filed for Chapter 11 protection earlier today, announced that it has executed a definitive loan agreement with Bank of America for $300 million in DIP Financing, subject to Bankruptcy Court Approval. The DIP financing, in combination with the company's current invested cash, should provide sufficient liquidity to meet its ongoing operating needs. Kaiser's production and shipment of bauxite, alumina, primary aluminum products, and fabricated aluminum products will continue without interruption. For additional information, see the newly established restructuring section of the company's web site (www.kaiseral.com http://www.kaiseral.com/) or call the newly established restructuring hotline at 1-888-829-3340 or 1-402-220-0856. Kaiser Aluminum is a leading producer of alumina, primary aluminum and fabricated aluminum products. Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. F-916 232894	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Kaiser Aluminum Granted Interim Use of Up to $100 Million of $300 Million Dip Financing in Voluntary Chapter 11 Case Kaiser Aluminum Granted Interim Use of Up to $100 Million of $300 Million Dip Financing in Voluntary Chapter 11 Case (2K) Doc #232895: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.3 Contact: Scott Lamb at (713) 267-3826 February 13, 2002 KAISER ALUMINUM GRANTED INTERIM USE OF UP TO $100 MILLION OF $300 MILLION DIP FINANCING IN VOLUNTARY CHAPTER 11 CASE COURT APPROVES FIRST-DAY ORDERS HOUSTON, Texas, February 13, 2002 - Kaiser Aluminum Corporation (NYSE:KLU) said today that the company has received interim approval from the Bankruptcy Court to use up to $100 million of its $300 million in Debtor-in-Possession (DIP) financing, together with existing invested cash, to continue operations, pay employees, and purchase goods and services going forward during its voluntary Chapter 11 case. At today's hearing, the company received Court approval to, among other things, pay pre-petition and post-petition wages, salaries, and benefits to its employees, and to honor obligations to its customers. Interim approval of a portion of the total DIP commitment is common in Chapter 11 reorganization cases. A final hearing on the DIP facility is expected to occur in the next 30 days. The approval of only a portion of the facility is not an issue for Kaiser, as usage of the DIP facility in the near-term is expected to be limited to issuance of letters of credit. Immediate borrowings under the DIP facility are not anticipated as Kaiser has adequate invested cash for the foreseeable future at the petition date. "We are pleased with the Court's prompt approval of the first-day orders," said Jack Hockema, President and CEO of Kaiser. "The interim approval of our DIP financing, combined with the company's invested cash, should provide adequate funding to meet our employee and supplier obligations as well as build on the performance improvement initiatives we have recently put in place. Kaiser's operations, production and delivery schedules will continue without interruption. We appreciate the support being shown by our employees, customers and suppliers as we begin the restructuring process." For additional information on Kaiser's restructuring, visit the company's web site at www.kaiseral.com http://www.kaiseral.com/ or call the Kaiser restructuring hotline at 1-888-829-3340 or 1-402-220-0856. Kaiser Aluminum is a leading producer of alumina, primary aluminum and fabricated aluminum products. Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. F-917 232895	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Kaiser Aluminum Says It Does Not Intend to Make Scheduled Interest Payment, Names Advisors, and Defers Release of Fourth-Quarter Financial Results Kaiser Aluminum Says It Does Not Intend to Make Scheduled Interest Payment, Names Advisors, and Defers Release of Fourth-Quarter Financial Results (3K) Doc #232899: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 For Information: Scott Lamb Telephone: (713) 267-3826 January 30, 2002 KAISER ALUMINUM SAYS IT DOES NOT INTEND TO MAKE SCHEDULED INTEREST PAYMENT, NAMES ADVISORS, AND DEFERS RELEASE OF FOURTH-QUARTER FINANCIAL RESULTS HOUSTON, Texas, January 30, 2002 -- Kaiser Aluminum & Chemical Corporation, the operating subsidiary of Kaiser Aluminum Corporation (NYSE:KLU), today said it does not intend to make the $25.5 million interest payment on its 12-3/4% Senior Subordinated Notes due 2003 ($400 million outstanding) scheduled for February 1, 2002, in light of current and anticipated business and capital market conditions. The company also is considering restructuring alternatives that could result in the non-payment of principal and interest due February 15 on the 9-7/8% Senior Notes due 2002 (approximately $174 million outstanding) and interest due April 15 on the 10-7/8% Senior Notes due 2006 ($225 million outstanding). Although non-payment of interest on February 1 will not cause a default until the expiration of a 30-day grace period, a default would occur if the company were to miss the February 15 principal and interest payment on its 9-7/8% Senior Notes. In connection with a potential restructuring, Kaiser has retained Lazard as its financial advisor and Jones, Day as its legal advisor. The company also has obtained a waiver and consent agreement with respect to its existing Credit Agreement such that the company will continue to have the ability to utilize the Credit Agreement as so modified. "While we have not yet reached a definitive solution for our debt maturities, we have determined that it is in the company's best interest not to make this interest payment and to focus our financial resources on our operational priorities," said Jack A. Hockema, Kaiser's president and chief executive officer. "I want to emphasize that we are making and shipping products with the same high standards of quality and service that customers expect from us - and that we have adequate liquidity to run our operations." As of January 29, 2002, the company had unrestricted invested cash of approximately $132 million. The company also indicated that it has deferred the release of its fourth-quarter 2001 financial results and the associated conference call. No new date has been set. The release and conference call previously had been set for January 31. Kaiser Aluminum Corporation is a leading producer of alumina, primary aluminum, and fabricated aluminum products. Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232899	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining ) ;	Jones Day Jones, Day, Reavis & Pogue ( Legal ) As referenced in this Kaiser Aluminum Says It Does Not Intend to Make Scheduled Interest Payment, Names Advisors, and Defers Release of Fourth-Quarter Financial Results: Jones, Day – In connection with a potential restructuring, Kaiser has retained Lazard as its financial advisor and Jones, Day as its legal advisor. The company also has obtained a waiver and consent agreement dt 36033
Full Doc	2002	Kaiser Aluminum to Begin Discussions with Note Holders Kaiser Aluminum to Begin Discussions with Note Holders (1K) Doc #232902: This document is immediately available for purchase, but does not have a preview available for viewing. Exhibit 99.1 January 15, 2002 For Information: Scott Lamb Telephone: (713) 267-3826 KAISER ALUMINUM TO BEGIN DISCUSSIONS WITH NOTE HOLDERS HOUSTON, Texas, January 15, 2002 - Kaiser Aluminum (NYSE:KLU), as previously announced, is working with its financial advisors to review its options for addressing its near-term debt maturities and overall capital structure. As a result, the company announced today that it will begin discussions within the next few weeks with its note holders regarding potential restructuring of its 9-7/8% Senior Notes of 2002 ($174 million outstanding), 10-7/8% Senior Notes of 2006 ($225 million outstanding) and 12-3/4% Senior Subordinated Notes of 2003 ($400 million outstanding) in light of current and anticipated business and capital market conditions. As the company previously discussed, most recently in its Form 10-Q report for the period ended September 30, 2001 and in its December 20, 2001 press release, a variety of unfavorable issues including weak market demand exacerbated by the events of September 11 and low aluminum prices, coupled with significant ongoing legacy obligations and near-term debt maturities, continue to have adverse effects on the company's earnings and cash flow. Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors. 232902	Kaiser Aluminum Kaiser Aluminum Corp. ( Metal Mining )
Full Doc	2002	Titan Corporation Appoints KPMG as Auditor Titan Corporation Appoints KPMG as Auditor (2K) Doc #235450: This document is immediately available for purchase, but does not have a preview available for viewing. Titan Corp Press Release EX-99 4 pr_kpmg.htm EXHIBIT 99 Exhibit 99 Press Release Titan Corporation Appoints KPMG as Auditor SAN DIEGO, CA April 15, 2002 The Titan Corporation (NYSE: TTN) today announced that its Board of Directors has appointed KPMG as the companys independent accountants for 2002. The company will propose ratification of the selection of KPMG by Titan stockholders at the companys annual meeting on May 16, 2002. This appointment concludes a rigorous selection process that was part of Titans annual formal review of auditing services. Prior to the selection of KPMG, Arthur Andersen had served as Titans independent accountants since 1981. We have the utmost regard for our Arthur Andersen audit team and greatly value the professional services provided by them over the years. However, as a result of the current uncertainties at Arthur Andersen, we believe it is in the best interest of Titan and our shareholders to retain KPMG as our auditors at this time, said Gene Ray, Titans Chairman, President, and CEO. Headquartered in San Diego, The Titan Corporation creates, builds and launches technology-based businesses, offering innovative technical solutions. For more than 20 years, Titan has provided comprehensive information systems solutions and services to the Department of Defense and intelligence agencies. Today, three of Titans four core businesses develop and deploy communications and information technology solutions and services for both government and commercial customers. In addition, Titans subsidiary SureBeam (Nasdaq: SURE) markets the leading technology for the electronic irradiation of food products and Titan is continually identifying promising technologies suitable for commercialization. The company has 10,000 employees and annualized sales of approximately $1.3 billion. Media Contact: Wil Williams, Vice President Corporate Communications (858) 552-9724 or "mailto:wwilliams@titan.com">wwilliams@titan.com Investor Relations Contact: Rochelle Bold, Vice President Investor Relations (858) 552-9400 or invest@titan.com If you would like to receive press releases via electronic mail, please contact invest@titan.com Press Releases and other Titan information are available on The Titan Corporations World Wide Web site: http://www.titan.com 235450	Titan Titan Corp. ( Computer Networks ) As referenced in this Titan Corporation Appoints KPMG as Auditor: Titan Corp – Press Release EX-99 4 pr_kpmg.htm EXHIBIT 99 Exhibit 99 Press Release Titan Corp oration Appoints KPMG as Auditor SAN DIEGO, CA April 15, 2002 The Titan Corporation (NYSE: Titan Corp – Press Release Titan Corporation Appoints KPMG as Auditor SAN DIEGO, CA April 15, 2002 The Titan Corp oration (NYSE: TTN) today announced that its Board of Directors has appointed KPMG as the Titan Corp – this time, said Gene Ray, Titans Chairman, President, and CEO. Headquartered in San Diego, The Titan Corp oration creates, builds and launches technology-based businesses, offering innovative technical solutions. For more than Titan Corp – please contact invest@titan.com Press Releases and other Titan information are available on The Titan Corp orations World Wide Web site: http://www.titan.com dt 47582
Full Doc	2002	Titan Obtains New $485 Million Credit Facility to Replace Existing Credit Facility Titan Obtains New $485 Million Credit Facility to Replace Existing Credit Facility (4K) Doc #235490: This document is immediately available for purchase, but does not have a preview available for viewing. Titan Obtains New $485 Million Credit Facility To Replace Existing Credit Facility SAN DIEGO, CA - June 03, 2002- The Titan Corporation (NYSE:TTN) today announced that it has obtained a $485 million credit facility from a syndicate of 68 institutions and commercial banks, 50 of which are new relationships to Titan. The new facility, which was almost three times oversubscribed, replaces the Company's existing $425 million credit facility and is comprised of a $135 million revolving credit facility and a $350 million term loan, which mature in six and seven years . . . 235490	Titan Titan Corp. ( Computer Networks ) As referenced in this Titan Obtains New $485 Million Credit Facility to Replace Existing Credit Facility: Titan Corp – Million Credit Facility To Replace Existing Credit Facility SAN DIEGO, CA - June 03, 2002- The Titan Corp oration (NYSE:TTN) today announced that it has obtained a $485 million credit facility from Titan Corp – confidence in the overall financial strength of Titan." About Titan Headquartered in San Diego, The Titan Corp oration is a leading provider of comprehensive information and communications systems solutions and services to Titan Corp – press releases via electronic mail, please contact: invest@titan.com For more information on The Titan Corp oration, please visit our website at: www.titan.com or visit Titan's investor page Titan Corp – any questions or comments about this web service to webmaster@titan.com Copyright 2002 The Titan Corp oration All rights reserved. dt 47608 ; Nova Scotia Bank of Nova Scotia ( Regional Banks ) As referenced in this Titan Obtains New $485 Million Credit Facility to Replace Existing Credit Facility: Bank of Nova Scotia – Titan's plans to do so. Wachovia Securities acted as sole Lead Arranger, with the Bank of Nova Scotia and Comerica Bank as Co-Syndication Agents and Branch Banking Trust Company and Toronto Dominion dt 50474 ;	Comerica Bank Comerica Bank ( Regional Banks ) As referenced in this Titan Obtains New $485 Million Credit Facility to Replace Existing Credit Facility: Comerica Bank – in accordance with Titan's plans to do so. Wachovia Securities acted as sole Lead Arranger, with the Bank of Nova Scotia and Comerica Bank as Co-Syndication Agents and Branch Banking Trust Company and Toronto Dominion Bank as Co-Documentation Agents. "This new facility is important for _____________ dt 107126
Full Doc	2002	Titan Corporation Appoints KPMG as Auditor Titan Corporation Appoints KPMG as Auditor (2K) Doc #235496: This document is immediately available for purchase, but does not have a preview available for viewing. Titan Corp Press Release EX-99 4 pr_kpmg.htm Exhibit 99 Press Release Titan Corporation Appoints KPMG as Auditor SAN DIEGO, CA April 15, 2002 The Titan Corporation (NYSE: TTN) today announced that its Board of Directors has appointed KPMG as the companys independent accountants for 2002. The company will propose ratification of the selection of KPMG by Titan stockholders at the companys annual meeting on May 16, 2002. This appointment concludes a rigorous selection process that was part of Titans annual formal review of auditing services. Prior to the selection of KPMG, Arthur Andersen had served as Titans independent accountants since 1981. We have the utmost regard for our Arthur Andersen audit team and greatly value the professional services provided by them over the years. However, as a result of the current uncertainties at Arthur Andersen, we believe it is in the best interest of Titan and our shareholders to retain KPMG as our auditors at this time, said Gene Ray, Titans Chairman, President, and CEO. Headquartered in San Diego, The Titan Corporation creates, builds and launches technology-based businesses, offering innovative technical solutions. For more than 20 years, Titan has provided comprehensive information systems solutions and services to the Department of Defense and intelligence agencies. Today, three of Titans four core businesses develop and deploy communications and information technology solutions and services for both government and commercial customers. In addition, Titans subsidiary SureBeam (Nasdaq: SURE) markets the leading technology for the electronic irradiation of food products and Titan is continually identifying promising technologies suitable for commercialization. The company has 10,000 employees and annualized sales of approximately $1.3 billion. Media Contact: Wil Williams, Vice President Corporate Communications (858) 552-9724 or "mailto:wwilliams@titan.com">wwilliams@titan.com Investor Relations Contact: Rochelle Bold, Vice President Investor Relations (858) 552-9400 or invest@titan.com If you would like to receive press releases via electronic mail, please contact invest@titan.com Press Releases and other Titan information are available on The Titan Corporations World Wide Web site: http://www.titan.com 235496	Titan Titan Corp. ( Computer Networks ) As referenced in this Titan Corporation Appoints KPMG as Auditor: Titan Corp – Press Release EX-99 4 pr_kpmg.htm Exhibit 99 Press Release Titan Corp oration Appoints KPMG as Auditor SAN DIEGO, CA April 15, 2002 The Titan Corporation (NYSE: Titan Corp – Press Release Titan Corporation Appoints KPMG as Auditor SAN DIEGO, CA April 15, 2002 The Titan Corp oration (NYSE: TTN) today announced that its Board of Directors has appointed KPMG as the Titan Corp – this time, said Gene Ray, Titans Chairman, President, and CEO. Headquartered in San Diego, The Titan Corp oration creates, builds and launches technology-based businesses, offering innovative technical solutions. For more than Titan Corp – please contact invest@titan.com Press Releases and other Titan information are available on The Titan Corp orations World Wide Web site: http://www.titan.com dt 47612
Full Doc	2002	Titan Announces Exchange Ratio for GlobalNet Acquisition Titan Announces Exchange Ratio for GlobalNet Acquisition (7K) Doc #235555: This document is immediately available for purchase, but does not have a preview available for viewing. Titan Corp 425 1 a2073588z425.htm 425 QuickLinks -- Click here to rapidly navigate through this document Filed by The Titan Corporation Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: GlobalNet, Inc. Registration No. 333-81694 On March 15, 2002, The Titan Corporation issued the following press release in connection with its pending acquisition of GlobalNet, Inc. Press Release Titan Announces Exchange Ratio for GlobalNet Acquisition SAN DIEGO, CAMarch 15, 2002The Titan Corporation (NYSE: TTN) today announced that it has fixed the exchange ratio for its acquisition by merger of GlobalNet, Inc. (OTC Bulletin Board: GBNE) at 0.03853. Under the terms of the merger agreement among Titan, GlobalNet and a newly formed subsidiary of Titan, the newly formed subsidiary will merge with and into GlobalNet with GlobalNet surviving the merger and becoming a wholly-owned subsidiary of Titan. In the merger, all outstanding shares of GlobalNet common stock will be exchanged for shares of Titan common stock and cash in lieu of fractional shares, if any, based on the exchange ratio. The exchange ratio will result in conversion of each share of GlobalNet common stock into 0.03853 shares of Titan common stock upon consummation of the transaction. The transaction, which will be accounted for as a purchase, is subject to the satisfaction of customary closing conditions and the approval of GlobalNet's shareholders. The special meeting of GlobalNet's shareholders is currently scheduled to take place on March 21, 2002. The exact exchange ratio was determined by a formula contained in the merger agreement which is based in part upon the average closing sales price for shares of Titan common stock for the 20-consecutive trading day period ending today, the fifth trading day prior to the date of the special meeting of GlobalNet's shareholders. The average Titan stock price for such 20-day period is $18.738. Pursuant to the merger agreement, because the average Titan stock price is less than $25.625, the exchange ratio was determined by using an implied Titan stock price of $25.625. Because the average Titan stock price is less than $20.125, GlobalNet has the right to terminate the merger agreement unless Titan makes an election to reset the implied Titan stock price used to calculate the exchange ratio at $20.125. Titan does not currently plan to make such an election. ABOUT TITAN Headquartered in San Diego, The Titan Corporation creates, builds and launches technology-based businesses, offering innovative technical solutions. Three of Titan's four core businesses develop and deploy communications and information technology solutions and services. In addition, through its subsidiary SureBeam (NASDAQ: SURE), Titan markets the leading technology for the electronic irradiation of food safety systems for the food industry and Titan is continually identifying promising technologies suitable for commercialization. The company has 10,000 employees and annualized sales of approximately $1.3 billion. Titan has filed with the Securities and Exchange Commission a Registration Statement on Form S-4 relating to the shares of its common stock that may be issued in connection with the acquisition of GlobalNet. The Prospectus forming a part of that Registration Statement also includes GlobalNet's Proxy Statement by which GlobalNet is soliciting proxies in connection with the special meeting of GlobalNet shareholders to be held on March 21, 2002 for consideration by the GlobalNet shareholders of the transaction. The Proxy Statement/Prospectus has been mailed to shareholders of GlobalNet. This document contains important information about the transaction. Investors and security holders are urged to read these documents carefully. Investors and security holders may obtain free copies of these documents through the website maintained by the SEC at www.sec.gov. Free copies of these documents may also be obtained from Titan by directing your request to Investor Relations at www.titan.com or to The Titan Corporation, Investor Relations, 3033 Science Park Road, San Diego, California 92121-1199, (858) 552-9400. In addition to the Registration Statement and the Proxy Statement/Prospectus, Titan and GlobalNet file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information filed by Titan or GlobalNet at the SEC public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549 or at any of the commission's other public reference rooms in New York, New York or Chicago, Illinois. Please call the SEC at (800) SEC-0330 for further information on the public reference rooms. Titan's and GlobalNet's filings with the SEC are also available to the public from the website maintained by the SEC at www.sec.gov. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release, which are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of such forward looking statements include the statements regarding the timing and consummation of the transaction. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the risks inherent in completing the acquisition of GlobalNet on a timely basis, if at all, risks associated with the Titan's entry into new commercial businesses and new markets such as telecommunications services market, risks associated with acquiring other companies, including integration risks, the risks of doing business in developing countries and international markets including foreign currency risks, and other risks described in the Titan's Securities and Exchange Commission filings. The information in this press release is current as of its release date. Titan assumes no responsibility to update the information. Media Contact: Wil Williams, Vice President Corporate Communications (858) 552-9724 or *wwilliams@titan.com* Investor Relations Contact: Rochelle Bold, Vice President Investor Relations (858) 552-9400 or *invest@titan.com* If you would like to receive press releases via electronic mail, please contact *invest@titan.com* Press Releases and other Titan information are available on The Titan Corporation's World Wide Web site: *http://www.titan.com* QuickLinks Media Contact: Wil Williams, Vice President Corporate Communications (858) 552-9724 or wwilliams@titan.com Investor Relations Contact: Rochelle Bold, Vice President Investor Relations (858) 552-9400 or invest@titan.com If you would like to receive press releases via electronic mail, please contact invest@titan.com Press Releases and other Titan information are available on The Titan Corporation's World Wide Web site: http://www.titan.com 235555	Titan Titan Corp. ( Computer Networks ) As referenced in this Titan Announces Exchange Ratio for GlobalNet Acquisition: Titan Corp – a2073588z425.htm 425 QuickLinks -- Click here to rapidly navigate through this document Filed by The Titan Corp oration Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: GlobalNet, Inc. Titan Corp – of 1933 Subject Company: GlobalNet, Inc. Registration No. 333-81694 On March 15, 2002, The Titan Corp oration issued the following press release in connection with its pending acquisition of GlobalNet, Inc. Titan Corp – Inc. Press Release Titan Announces Exchange Ratio for GlobalNet Acquisition SAN DIEGO, CAMarch 15, 2002The Titan Corp oration (NYSE: TTN) today announced that it has fixed the exchange ratio for its acquisition Titan Corp – not currently plan to make such an election. ABOUT TITAN Headquartered in San Diego, The Titan Corp oration creates, builds and launches technology-based businesses, offering innovative technical solutions. Three of Titan' Titan Corp – Titan by directing your request to Investor Relations at www.titan.com or to The Titan Corp oration, Investor Relations, 3033 Science Park Road, San Diego, California 92121-1199, (858) 552-9400. dt 47641
Full Doc	2002	Titan to Acquire Science & Engineering Associates Titan to Acquire Science & Engineering Associates (5K) Doc #235560: This document is immediately available for purchase, but does not have a preview available for viewing. Titan Corp EX-99.1 5 a2071901zex-99_1.htm EXHIBIT 99.1 Exhibit 99.1 Press Release Titan to Acquire Science & Engineering Associates SAN DIEGO, CAFebruary 25, 2002The Titan Corporation (NYSE:TTN) today announced that it has entered into a definitive agreement to acquire Science & Engineering Associates, Inc. (SEA), a New Mexico-based privately held provider of engineering and information technology services and specialized laser, sensor, and imaging products primarily to government customers for approximately $72 million in Titan common stock. The transaction is expected to close in the second quarter of 2002, add approximately $45 to $50 million to Titan's 2002 revenues based on expected full year revenues of approximately $90 to $95 million, and be accretive to Titan's 2002 earnings. SEA was founded in 1980 as a defense research and development contractor specializing in weapons effects studies. Over the past twenty years the company's business has diversified and today SEA provides its customers with a diverse range of products and services including research and development services, engineering and technical services such as modeling and simulation, systems integration, information technology solutions development, and custom software design. Key products include specialized imaging, sensor, and laser products for force protection, security, and environmental remediation. "SEA has done an outstanding job over the past twenty years of creating a culture of innovation and technical growth. We look forward to having their dedicated and extremely talented scientists, engineers and technicians become a part of Titan," said Gene W. Ray, Chairman, President and CEO of Titan. "SEA brings to Titan a diversified mix of time and materials and cost-plus fixed fee contracts with customers such as the US Air Force, Army, Navy, Nuclear Regulatory Commission, and the National Laboratories. This acquisition further solidifies our position as one of the prime consolidators in the government information technology market and it continues our strategy of enhancing our product and service offerings and our technology portfolio while at the same time increasing Titan's overall profitability," said Eric M. DeMarco, Executive Vice President and Chief Operating Officer of Titan. About Titan Headquartered in San Diego, The Titan Corporation creates, builds and launches technology-based businesses, offering innovative technical solutions. For more than 20 years, Titan has provided comprehensive information systems solutions and services to the Department of Defense and intelligence agencies. Today, three of Titan's four core businesses develop and deploy communications and information technology solutions and services. In addition, through its subsidiary SureBeam (NASDAQ: SURE), Titan markets the leading technology for the electronic irradiation of food products and Titan is continually identifying promising technologies suitable for commercialization. The company has 10,000 employees and annualized sales of approximately $1.3 billion. Investors and security holders are urged to read the S-4 registration statement regarding the proposed merger when it becomes available because it will contain important information about the transaction. The S-4 registration statement will be filed with the Securities and Exchange Commission by Titan. Investors and security holders may obtain a free copy of the S-4 registration statement when it is available and other documents filed with the Commission at the Commission's web site at www.sec.gov. The S-4 Registration Statement and these other documents may also be obtained for free from Titan. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release, which are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of such forward looking statements include the Company's belief that the transaction will close in the second quarter of 2002, the expected revenue contribution by SEA, and that the transaction will be accretive to earnings. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include dependence on continued funding of U.S. Department of Defense and federal civilian agency programs, contract termination risks, risks associated with acquiring other companies, including integration risks, risks associated with delays in closing and the impact of any delay of SEA's revenue contributions and other risks described in the Company's Securities and Exchange Commission filings. ## Media Contact: Wil Williams, Vice President Corporate Communications (858) 552-9724 or wwilliams@titan.com Investor Relations Contact: Rochelle Bold, Vice President Investor Relations (858) 552-9400 or invest@titan.com If you would like to receive press releases via electronic mail, please contact: invest@titan.com For more information on The Titan Corporation, please visit our website at: www.titan.com or visit Titan's investor page at: www.titan.com/investor/ 235560	Titan Titan Corp. ( Computer Networks ) As referenced in this Titan to Acquire Science & Engineering Associates: Titan Corp – 99.1 Press Release Titan to Acquire Science & Engineering Associates SAN DIEGO, CAFebruary 25, 2002The Titan Corp oration (NYSE:TTN) today announced that it has entered into a definitive agreement to acquire Titan Corp – Vice President and Chief Operating Officer of Titan. About Titan Headquartered in San Diego, The Titan Corp oration creates, builds and launches technology-based businesses, offering innovative technical solutions. For more than Titan Corp – press releases via electronic mail, please contact: invest@titan.com For more information on The Titan Corp oration, please visit our website at: www.titan.com or visit Titan's investor page dt 47644

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