Showing posts with label Execs to Pay $62M to Settle Suits. Show all posts
Showing posts with label Execs to Pay $62M to Settle Suits. Show all posts

Sunday, January 3, 2010

Sacarens signs Namibia star


English Premiership leaders Saracens signed Namibia forward Jacques Burger from Super 14 team the Bulls on Wednesday.

Burger, 26, could make his debut in Saturday’s league clash with Leicester at Vicarage Road after training with his new team-mates for the first time on Tuesday.

Burger, who has won 25 caps for Namibia, starred for his country at the 2007 World Cup and Saracens director of rugby Brendan Venter said: “Jacques is not only a quality player but he’s also a quality individual and we’re delighted he has joined us.

“I’ve worked with him before and he has the ability to play across the back row where his tenacity and work rate will add to the strength and depth of the squad.” Sapa-AFP /bc 12/3000**00S0- Sapa

Source:dispatch.co.za/

Namibian women bare all for animal welfare calendar


WINDHOEK — Monty, a white mongrel with black ears and a thoughtful expression, sat next to her owner at a Windhoek shopping centre and enjoyed pats from small children, as their mothers shrieked in surprise.

The mums were paging through a calendar showing Monty posing with women, well, showing the full monty themselves, in the nude, discretely covered at strategic areas by dogs, cats and even a rabbit.

Desperate to raise funds for the Society for Prevention of Cruelty to Animals (SPCA), 12 mostly middle-aged Namibian pet lovers bared it all with furry models from an animal shelter -- though most of these animals were since lucky enough to be adopted.

The outcome was a tasteful collection of professional black and white photos in a 2010 calendar with the motto: "Dare to go bare because we care".

"We were extremely nervous at the first shooting session, but sipping some good wine helped, and photographer Tony Figueira was very understanding," said Tatjana Rapp, an SPCA committee member in the Namibian capital.

What started as a joke, with an ambitious print run of 2,000 copies at 300 Namibian dollars each (40 US dollars, 28 euros), became a money-maker in the Christmas shopping fever.

"We sold just over half of the calendars now and hope all are gone by the end of the year," said Rapp, a businesswoman with her own company who posed with Snoopy, who resembles a terrier.

The project was modeled on the original "Calendar Girls" in Britain, a group of women who produced a nude calendar in 1999 to raise funds for leukaemia research after the husband of one of the women died of the disease.

Their story was told in a 2003 award-winning film of the same name, and they still raise funds for medical research with their calendars every year, though they no longer bare it all.

The Namibia project was inadvertently launched by a radio joke.

"We were unaware of this but a commercial radio station told listeners on April 1, April Fools Day this year, that the Windhoek SPCA would produce a nude calendar like the British originals," said Monty's owner Kirsten Drews, another SPCA committee member.

"People phoned the SPCA during that day asking if this was true. That is how we found out," said Drews, who did October with a Siamese cat.

"After talking to the 'culprits' at the radio station and having had a good laugh, we actually said, why not, and then seriously started to plan the project."

A pediatric nurse, Drews recently started training dogs for use in therapy with elderly people and disabled children. Monty is set to become Namibia's first qualified therapy dog, if he and Drews pass their exams in Germany.

The models -- mainly SPCA committee women and volunteers and a radio announcer from the station that started it all -- hope to raise 600,000 Namibian dollars (78,500 US dollars, 54,600 euros), about half of the annual SPCA budget.

"The SPCA has annual operating costs of about 1.5 million Namibian dollars and we depend entirely on donations, membership fees and fundraising projects," Rapp told AFP as she sold another calendar.

Calendar production costs were minimal, with professionals donating time for photo shoots, layout and art work and companies sponsoring the cover and calendar pages.

The project also aims to raise awareness about the responsibilities of pet ownership, notably during the holidays when animals are often abandoned as owners head on vacation or hurt on pointy fences and walls in a panicky flight from the sound of New Year's Eve fireworks.

"So many lost, frightened and injured pets are brought to our shelter then. Our staff and volunteers work in overdrive," said "May girl" Ilga Gluck, the SPCA chairwoman who posed with Oscar, a Siamese cat.

Source:AFP

Universal Completes Acquisition of Block 2815 Off-Shore, Namibia


VANCOUVER, BRITISH COLUMBIA -- 12/31/09 -- Universal Power Corp. (TSX VENTURE: UNX)(FRANKFURT: 3U2A) (the "Company") announced today that it has completed the purchase of an additional 60% interest in Petroleum Exploration Licence ("EL") 2815 off-shore Namibia subject to TSX Venture Exchange ("TSX-V") approval.

Upon completion of this transaction, the Company now controls 90% of the issued and outstanding common shares of Namibia Industrial Development Group (Pty) Ltd, ("NIDG"). NIDG has the oil and gas exploration licence to explore block number 2815 and the off-shore portions of blocks 2816 and 2915 Namibia, Africa.

About Block 2815

EL 2815 covers an area of about 10,858 square kilometers situated directly east of the proven Kudu Gas Field and slightly north of the Orange Basin, offshore Namibia. The block is located along the Namibian border with South Africa where there is a large market for natural gas and the planned development of a natural gas processing plant. Historical work on block 2815 includes a modern seismic survey over approximately 50% of the block. The Company is currently evaluating the existing data and work towards attracting third parties to participate in drilling.

Terms

Pursuant to the terms of the Letter of Intent dated July 07, 2009 the Company has acquired from Limpet Investments (Proprietary) Limited ("Limpet") 60% of the issued and outstanding common shares of NIDG which currently holds the licence to explore Block 2815. As consideration for the 60% of NIDG, the Company has paid Limpet US $1,000,000 and will issue 3,000,000 common shares of the Company at a deemed price of $.58 per share. Shares issued will be subject to a four month hold period. Universal now controls 90% of NIDG through its 100% controlled subsidiary Cumoxi Investments (Pty) Ltd.

About Universal Power Corp.

Universal Power Corp. (www.universalpowercorp.com) is an independent oil and gas exploration and development company with broad based Black Economic Empowerment partnerships, trading its common shares publicly on Canadian and German exchanges. The company currently holds interests in 6 Blocks of offshore concessions covering over 32,000 sq km in Namibia, West Africa.

ON BEHALF OF THE BOARD OF DIRECTORS

Barry Swanson, Director & CEO

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Universal Power Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Universal Power Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

Shares Outstanding: 75,934,546

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Universal Power Corp.
Barry Swanson
Director & CEO
(778) 997-4925
Email: barry@universalpowercorp.ca

Source:earthtimes.org/

Former Comverse Execs to Pay $62M to Settle Suits

Former executives of Comverse Technology Inc. will pay $62 million to partially fund a class action settlement stemming from alleged stock option backdating. Most of the money will come from the voicemail software maker's former CEO, who fled the country to avoid prosecution in the backdating scheme.

Former CEO Jacob "Kobi" Alexander, who fled to Namibia in 2006, will pay $60 million to Comverse. In return, New York-based Comverse will drop its lawsuit against the fugitive executive.

In addition, Comverse's former General Counsel William Sorin and former Chief Financial Officer David Kreinberg will pay a combined $1.35 million to Comverse, and a similar suit against them by the company will be dropped.

Also, several former members of Comverse's board will forfeit 155,500 outstanding unexercised options as part of the settlement. The company also agreed to several corporate governance changes, including keeping the roles of its chairman and CEO split, and requiring its chairman to be an independent director.

Alexander, Sorin and Kreinberg also agreed to drop countersuits against the company.

The deal will settle shareholder derivative actions brought in New York State Supreme Court by the firms Milberg LLP and Barroway Topaz Kessler Meltzer & Check LLP, and the U.S. District Court for the Eastern District of New York by the firm Bernstein Litowitz.

The money Comverse receives will be used to help fund a $225 million class action settlement announced recently by the firm Pomerantz Huadek Grossman and Gross. Investors who held Comverse common stock between April 30, 2001 and Jan. 29, 2008 will see benefit from the settlement.

In a regulatory filing, the company said its $165 million portion of the class action settlement — not including Alexander's payments — will be paid in four installments through August 2011.

Comverse settled charges regarding the allegations of improper backdating of stock options and other accounting problems with federal regulators in July. The company, which didn't admit or deny guilt to the Securities and Exchange Commission, wasn't fined.

Source:abcnews.go.com/