Accel-KKR has agreed to acquire the assets and liabilities of customer service software provider KANA Software Inc. (OTC BB: KANA), for approximately $48.9 million.

PRESS RELEASE

KANA Software, Inc. (OTCBB: KANA), a world leader in innovative customer service solutions, today announced that it has entered into a definitive agreement with an affiliate of Accel-KKR, a technology-focused private equity firm, which will buy substantially all of KANA’s assets and liabilities for a cash purchase price to KANA of approximately $48.9 million (which represents an enterprise value of $50.1 million), subject to adjustment based on closing net working capital, net indebtedness, transaction expenses and other adjustments described below. The transaction is subject to specified closing conditions. After the transaction is completed, KANA’s current operating business, which includes software, services and licensing, will operate as a privately-held company under its current KANA brand.

At that time, the OTC Bulletin Board-listed entity will be renamed and will continue to be publicly traded under a new trading symbol with the net cash proceeds from the transaction and more than $400 million of net operating loss (NOLs) carry-forwards.

The Board of Directors of KANA has unanimously approved the asset purchase agreement and has recommended to the company’s stockholders that they adopt and approve the agreement. In connection with the execution of the asset purchase agreement, KANA Directors, officers and major shareholders have signed voting agreements with Accel-KKR to vote approximately 22 percent of the company’s outstanding shares in favor of the transaction.

“This is a transaction that brings optimal value to our shareholders, our customers and our company,” said Michael S. Fields, KANA’s Chief Executive Officer. “We intend to focus on completing this transaction promptly.”

The KANA Board of Directors issued the following statement: “With the assistance of the company’s financial advisor, Pagemill Partners, the company conducted a thorough process and received this proposal from Accel-KKR. After extensive negotiations, careful due diligence and in-depth consultation with our financial advisors, the Board has unanimously concluded that this transaction is in the best interests of our stockholders.”

The renamed publicly traded company’s strategic plan will be to enhance stockholder value by pursuing opportunities to acquire one or more profitable businesses. The publicly traded company will not compete with the privately held KANA. The public company believes that the current economic and business environment, though challenging, should nevertheless allow it to secure a business platform that provides growth opportunities and can also utilize the NOLs.

In the event that the renamed public company has not invested at least half of the proceeds of the asset sale within six months of closing the asset sale, the company anticipates soliciting the vote of stockholders on a proposal to continue seeking acquisition candidates; and if this proposal is not approved by stockholders, the company intends to return at least half of its cash to stockholders at that time, through a dividend, issuer tender offer or other distribution. The company’s stockholder rights plan, which is triggered if a stockholder acquires more than 4.9 percent of the company’s outstanding stock, will remain in effect to protect the company’s ability to utilize its NOLs.

“KANA is pleased that a world-class investor like Accel-KKR has such confidence in the software business of this company,” continued Mr. Fields. “We believe strongly that Accel-KKR’s financial strength and deep domain expertise will be critical to enabling the privately held KANA to extend its current technology leadership to global market leadership in our sector.”

Jason Klein, Managing Director at Accel-KKR said, “Accel-KKR is excited about partnering with KANA’s management and employees to help the company expand its existing position in the global multi-channel customer service market. We look forward to investing in KANA and helping the company better serve its customers in industries as diverse as retail, technology, telecommunications, health care, insurance, financial services and the public sector.”

The proposed transaction is expected to close within 90 days and is subject to agreed-upon closing conditions, including the absence of any material adverse change in the company’s business or results of operations prior to closing and the receipt of certain consents from third parties. Further, the transaction is subject to the approval of the asset purchase agreement by holders of a majority of the outstanding shares of the company’s common stock. The purchase price to be paid by Accel-KKR is subject to adjustments based on the company’s net working capital at closing, its indebtedness (net of its cash), and transaction expenses, and based on other matters. KANA anticipates that, following adjustments that are currently expected, the renamed public company will have cash at closing of between $40 million and $44 million. However, the actual amount could be less, depending on the company’s cash, debt and net working capital at closing, and final transaction expenses. Certain proceeds may be held in escrow following closing, pending resolution of certain specified contingencies.

Pagemill Partners served as financial advisor to the Board and rendered an opinion as to the fairness, from a financial point of view, to the company’s stockholders. Fenwick & West LLP is serving as legal counsel to the company. Accel-KKR is advised by Kirkland & Ellis LLP.

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Yeah ok it isn’t that Apple Tablet. But this is a picture, taken around 1990, of the Apple Pen Mac, a little known and never launched Apple tablet project. As far as we can tell there is no other image of this device anywhere on the Internet, and very few references to it at all.

The Pen Mac was a fully functional Mac computer (it even played the Mac startup chime) with a pen based touch screen. The screen itself was identical to the Mac Portable, but with the addition of pen touch. And of course the case was a lot smaller than the Mac Portable. The Pen Mac was supposedly not much more than one inch thick. Users could plug in a keyboard and mouse or easier input.

Holding the Pen Mac in the picture is Glam CEO Samir Arora, who told me about the device over dinner a couple of weeks ago. Arora worked at Apple on the project, eventually going to a spinout company, Rae Technology, which was designing applications for the Pen Mac. Rae Technology eventually morphed into NetObjects.

The Pen Mac project was led by Paul Mercer but was eventually axed in favor of the Newton. Then Apple CEO John Sculley wanted a PDA, not a tablet. From a 2006 NY Times article:

Google launched a Google Labs project earlier this year called "Similar Images," as an extension to Google Image Search. It allows users to search for images using pictures instead of words. The project has now graduated from Labs and is now a part of Google Images.

The most popular images in Google’s search results will have a link to "find similar images." The feature is pretty self-explanatory, but that doesn’t stop Google from explaining it anyway.

"So, let’s say you want to find images of Ancient Egypt," says Google. "Google Images will provide you with a rich variety of results, including pyramids, maps, relics, drawings and other types of images. Instead of poring through hundreds of images, now you can simply click ‘Find similar images’ to narrow down the results to the results to the type you want."

It should be noted that Similar Images is still rolling out gradually, so there is a good chance you are not seeing it yet. Rest assured, however, you will.

In addition to the launch of the Similar Images feature, Google has also announced the availability of Product Ideas for Google Images. This is a place where Google users can post comments that will be seen by Google’s Images team. It’s a good place to leave feedback and suggestions for the company regarding its Images product.

Similar pages already exist for iGoogle, Google Docs, Google Reader, Google Mobile, Custom Search, Google Apps, SketchUp, Google Health, and SideWiki. If you have ideas for how to make Google products better, but are unsure of how to go about letting the company know, these are good places to start.

Related Articles:

> Google Shares 2 New Labs and New Labs Destination

> Rank in Image Searches and Get Valuable, Untapped Traffic

> Google Presents New Image Search Options

> Yahoo Refines Image Search

Hi friends, some of you might be wondering what happened to me? A couple of reasons kept me from updating the blog quite frequently. My initial plan was to update thrice a week and I was able to do only one post for the past 3-4 weeks. I think I’ll be able to blog more regularly hereafter. One good thing which happened in the past couple of weeks is I joined Wilton’s cake decorating course and today is the last class of the first course. So you can expect some posts on cake decorating in the following weeks. I’m planning to take the other 3 courses too.

Now for the round up; I thank all the participants for sending in your entries for the Wholegrain Baking – Oats Event. Renu, congratulations for winning this month’s giveaway. Please send me an e-mail with your address, so that I can mail your gift.

A new database operated by a New York nonprofit will help insurers determine their rates for out-of-network care and give consumers a heads-up on what to expect their policy to pay when they seek such care, the New York Times reports. The program, which will be operated by the new nonprofit FAIR Health with support from Syracuse University and other states universities, was announced Tuesday by New York Attorney General Andrew Cuomo, whose office investigated the insurance industry’s existing out-of-network pricing system (Abelson, 10/27).

The old database was operated by UnitedHealth, and Cuomo’s investigation was prompted by complaints that it routinely caused insurers to shortchange physicians, leaving patients to foot more of the bills, the Minneapolis Star Tribune reports. Cuomo’s inquiries led to a settlement with insurers that requires them to put up $100 million to fund the new project. UnitedHealth chipped in $50 million for the project; the other $50 million was shared between other major insurers (Yee, 10/27). 

Cuomo said that the new database “will bring much-needed transparency, accountability and fairness to a broken consumer reimbursement system,” according to the Associated Press. “Before you leave your house you will be able to look up the exact procedure you’re going to have and you will know what the cost is, so when you get to the doctor’s office, there will be no surprises for you or the doctor.” Insurers lauded that change, saying it would “shed light on the exorbitant prices that out-of-network providers are charging” (Kates, 10/27).

The development comes amid a broader trend towards greater transparency in health care pricing, especially through Internet resources. “It’s long been hard for health-care consumers to learn how much doctor visits or hospital stays will cost them. That’s now beginning to change, as a growing array of Web sites try to lift the veil on pricing,” the Wall Street Journal reports. Doctors and hospitals have traditionally declined to publicize how much they are paid for their services, but consumers have become more cost-conscious as health care costs rise (Mathews, 10/28).

Age issues emerge in the health care reform debate as lawmakers struggle with how much young and old people should pay for insurance. Meanwhile, lawmakers and different groups try to woo seniors.

NPR reports: “The rules for how health insurers use age to set premium rates vary widely from state to state. … In trying to draft new national standards, the key congressional committees agree that older people should pay more. But they differ widely on just how much more.” NPR also examines the cost of premiums and compares the insurance market to a pool party, in which insurers and policy makers try to get people of all ages to join in the pool. It notes: “The bill passed by the Senate Finance Committee would allow insurers to charge older adults four times the amount it charges younger people. The House bill and the Senate health committee bill make a different choice: They would limit what insurers can charge older adults to two times the amount. The insurance industry strongly prefers the higher 4-to-1 multiple” (Varney, 10/27).

In a separate piece, NPR reports on seniors’ powerful political sway: “Nearly all seniors already have health insurance through the Medicare program, but they are among the most sought-after groups in the political struggle to pass or kill a health overhaul bill. Democrats have stuffed their bills with sweeteners intended to woo the over-65 crowd. Among those sweeteners is a gradual closing of the ‘doughnut hole,’ the quirk in the Medicare drug benefit that requires patients to continue to pay premiums even while paying the full cost of their medicines. The bills would also eliminate copayments on preventive care. And the Senate Finance bill would pay for annual ‘wellness’ checkups for every Medicare patient. Currently, the program only pays for a single physical when a senior first enrolls in the program. Republicans, however, have been hammering for months the fact that much of the bill would be financed by cutting future Medicare spending” (Rovner, 10/28).

The Net Neutrality argument is fairly nebulous for the average user but this image from a Reddit reader shows the effects of the law in a way everyone can understand. If you’re tired of paying tiered pricing for stuff like cable and Internet access, how would you like to pay tiered pricing for the websites you visit. Want to watch Hulu? Add $10. Need eBay, even for a month? $5, please.

While this is obviously a worst case scenario, this sort of bundling is a favorite pastime of most stream providers. For years voicemail was a privilege, not a right, and there are still grannies out there renting phones from the phone company. While month-to-month the costs might not seem like much, this sort of thing adds up to delicious profit. [via reddit]

As Congress considers a proposed long-term care insurance program as part of health overhaul plans, nursing homes costs are going up.

The Washington Post reports on the Community Living Services and Support (CLASS) Act, which would create a government insurance program for long-term care: “The idea has been around for years, and the late Sen. Edward M. Kennedy (D-Mass.) pushed to have the measure included in the health-care overhaul package that passed the Senate health committee in July. A similar measure was also adopted by voice vote in one of the three House committees handling health care. … The idea is to create long-term care insurance that would be available to anyone, including those who are already disabled. People would be automatically enrolled, unless they chose to opt out, and would pay a premium in exchange for the opportunity to receive cash benefits to cover the cost of home care, adult day programs, assisted living or nursing homes after they had been enrolled for at least five years.”

Federal officials would set the program’s premiums and benefit levels, “but advocates predict that the program would provide beneficiaries with a minimal sum, around $75 a day. The proposal has gained momentum in recent days as Democrats in both the House and Senate cast about for cash to help finance a final health package. Because the program would begin taking in premiums immediately but would not start paying benefits until 2016, congressional budget analysts have forecast that it would generate a nearly $60 billion surplus over the next 10 years, cash that would help the larger measure’s balance on paper” (Montgomery, 10/27).

MarketWatch reports: “If ever there was a reason for buying long-term care insurance (or being very, very wealthy or very, very poor) it’s this: The cost of a private nursing home rose 3.3% to $219 per day or $79,935 a year, according to a 2009 MetLife survey.” Because the average nursing home stay lasts about 2½ years, a consumer would need to set aside about $200,000 to cover those costs. “Now, truth be told, that’s the average. … The other truth is this: You might not end up in a nursing home. At present, some 1.5 to 2 million Americans go to a nursing home in any given year, but it’s quite possible you might need a home health aide or move into an assisted living facility at some point in your life. The costs of those services aren’t cheap either, according to MetLife” (Powell, 10/27).

The Sacramento Business Journal also reports on increasingly long-term care costs and notes: “Assisted-living rates also increased 3.3 percent, to an average of $3,131 per month or $37,572 a year. They were an average of $3,412 per month in Sacramento, or $40,944 a year. Home health aides now cost an average of $21 per hour in California and Sacramento; adult day-care services run $67 per day statewide and $73 in Sacramento. These figures reflect a 5 percent increase in the cost of home health aides and a 4.7 percent increase in adult day-care services” (Robertson, 10/27).

Related KHN stories: For One Senior, Medicaid Provides Model Care, Medicaid Explained

Swiss solar company SwissINSO S.A. has entered into a technology transfer and research agreement with one of Europe’s premier academic institutions for the latter’s solar energy production technology

Swiss solar company SwissINSO S.A. has entered into a technology transfer and research agreement with one of Europe’s premier academic institutions for the latter’s solar energy production technology.

Through the agreement with the Ecole Polytechnique Federale de Lausanne (E.P.F.L.), SwissINSO will gain access to a new process for glazing solar thermal collectors. The process uses the deposition of a colored coating layer that is opaque to the eye but is transparent to solar energy.

E.P.F.L’s solar energy and building physics laboratories developed the technology. The agreement includes intellectual property rights on future developments made by the laboratory in this field.

The laboratory’s new technique for glazing solar thermal collectors is a proprietary nanotechnology developed by a Dr. Andreas Schueler and his team over the last seven years. Three full scale solar thermal collectors have already been manufactured using the technique.

SwissINSO S.A. utilizes its intellectual property assets to provide environmentally friendly, innovative solar energy solutions and related technology to meet growing global needs.

E.P.F.L. is one of the premier academic institutions in Switzerland and the continent. It is associated with several specialized research institutes and, with its sister institution in Zurich, is said to be among the most preeminent educational and applied research establishments in the world.

–   Katrice R. Jalbuena

Earlier this morning, the BlackBerry Storm2 went live on Verizon’s website. The new and improved BlackBerry Storm2 will set you back $179.99 (with a 2-year agreement, after a $100 MIR).  We suspect these will also be available at brick and mortar locations. Anyone jumping to the BlackBerry Storm2?

Roll Call: “The White House is aggressively courting the small-business community, believing that some on GOP-friendly Main Street can be enlisted in the fight for health care reform and that assistance to mom-and-pop shops is vital to chipping away at the unemployment rate. … White House officials were on the phone to the [U.S. Chamber of Commerce] and the GOP-leaning National Federation of Independent Business on Friday asking them to provide a group of small-business owners for Obama to talk with at the White House on Thursday.”

Obama will use the time to talk health care reform and the economy, sources said. The hope is that small businesses will see that reform will bring better rates and improve their options for offering insurance to their employees, which might get them to support reforms. The NFIB remains wary, however, on the reform legislation in Congress (Koffler, 10/28).

In the meantime, Health and Human Services Secretary Kathleen Sebelius said Tuesday in a conference call that the health care crisis is felt more than anywhere else in rural parts of America, where many lack access and health insurance, The Salt Lake Tribune reports.

Sebelius told reporters that legislation would help rural families by not allowing denials of coverage from insurance companies based on pre-existing conditions and would provide a pipeline of health workers to rural areas through scholarships and grants in the National Health Service Corps. “Among the health care challenges in rural areas is that there are only 36 primary-care physicians for every 10,000 people,” according to a new HHS report, “More Choices, Better Coverage: Health Insurance Reform and Rural America.” “Urban areas have about twice that number” (Smart, 10/28).

Some legal scholars are questioning the constitutionality of a proposed mandate that would require most Americans to carry health insurance or pay a tax penalty, The Washington Times reports. This would be the first time that Congress has “required citizens to purchase any good or service.” The argument against the constitutionality of such a provision “strikes at a pivotal part of the health care plan’s finances.”

“House Speaker Nancy Pelosi [D-Calif.] dismissed the complaint Thursday when she was asked by a reporter if the Democrats’ health reform proposal was constitutional,” but “House Minority Leader John A. Boehner [R-Ohio] said the argument could not be ignored.” One legal argument is that the Constitution does not explicitly give Congress the power to mandate health insurance coverage. “‘The business of providing health insurance is now an entirely intrastate activity’ beyond the regulatory sway of the federal government,” says Randy Barnett, a professor at Georgetown University Law Center. “But other legal scholars say that the Supreme Court has in recent decades taken a much broader view of Congress’ commerce powers and would likely do the same in this case if the legislation’s mandate is challenged in court” (Lambro, 10/28).

The Associated Press has a primer on how an individual mandate would work as well as the arguments for and against it. “Republicans say the penalties, which are referred to as taxes in congressional documents, would violate Obama’s campaign pledge not to increase taxes on families making less than $250,000 a year. Supporters say a penalty is needed to prevent people from gaming the system” (Ohlemacher, 10/27).

Powercell Sweden AB, a maker of fuel cells, fuel reformers and auxillary power units, has raised SEK 60 million (US$8.53m) from Fouriertransform, an auto industry-focused VC firm sponsored by the Swedish government. This represents Fouriertransform’s first investment.

PRESS RELEASE

The Swedish government’s venture capital company for the automotive industry, Fouriertransform, is now making its first investment. SEK 60 M will be invested in Powercell Sweden AB, which develops, produces and sells fuel cells, fuel reformers and auxillary power units.

“We regard it as very positive that Powercell will gain an additional strong financial owner. This will enable us to be a long-term partner in heavy industrial development projects,” says Per Wassén, Chairman of Powercell Sweden AB and Investment Director at Volvo Technology Transfer.

Fouriertransform’s investment will be made by a directed share issue, i.e. money is injected directly into the company in exchange for new shares. Through Volvo Technology Transfer, AB Volvo will remain as the largest owner of Powercell Sweden AB, with more than 40 percent of the shares. The other owners are OCAS, Midroc New Technology and Fouriertransform.

“We have come to know the enterprise and the people behind it, and are looking forward to a trustful cooperation. We are convinced that this is a good investment for the industry, with potential for high profitability, says Hans Golteus, Acting CEO of Fouriertransform.

As recently as the beginning of July, the major companies Midroc and OCAS, along with the Swedish Energy Agency and Volvo Technology Transfer, made a joint investment of SEK 200 M in Powercell Sweden AB in Göteborg. An investment which will generate 100 new jobs in Göteborg over the next three years.

“We are busy staffing the company and have received more than 1,000 highly qualified applicants for our advertised jobs,” says Per Wassén, who also reveals the location of Powercell Sweden’s new premises.

“All resources, from management, marketing and sales to development, production, purchasing and the laboratory will be collected under one roof, close to the abutment of the Älvsborg Bridge on Hisingen in Göteborg. This will make Powercell the largest fuel cell plant in northern Europe,” says Per Wassén.

A fuel cell can be compared with a small battery that operates on hydrogen gas. During a chemical reaction, the hydrogen gas is converted to electricity with no other waste but water. To resolve the issue of hydrogen gas accessibility, Powercell will initially produce hydrogen gas from such existing fuels as biofuel and gasoline or diesel. Compared with normal diesel or gasoline-operated electrical aggregates, Powercell’s product will generate considerably less carbon dioxide emissions, and no emissions whatsoever of particles, carbon monoxide and nitrogen oxides. The fuel cells are also more efficient, smaller and more silent.

Powercell Sweden’s product has been developed by Volvo Technology for more than 15 years and is based on two patented components: a fuel converter (reformer) and a PEM fuel cell – the type of fuel cell most often used in transport applications. The fuel converter produces hydrogen gas from bio fuels such as ethanol, DME (Dimethyl ether), biogas, methanol and biodiesel, but also from regular diesel or gasoline.

Examples of application areas include electrical aggregates for households, trucks, boats, radio masts at remote locations and electrical hybrid vehicles.

Fouriertransform AB (FTAB) is a venture capital company, established and owned by the Swedish State for investments in companies in the automotive industry. FTAB has a commercial mission, and its investments shall generate market return in the long term.

Powercell Sweden AB develops and distributes advanced fuel cell systems for the transport industry and selective high technology markets. The company was founded in 2008 as a subsidiary to Volvo Technology Transfer. The technology behind Powercell’s fuel cells has been developed within the Volvo Group’s company Volvo Technology.

Volvo Technology Transfer is a subsidiary of the Volvo Group. Volvo Technology Transfer develops and supports new business that is relevant to the Volvo Group. This comprises investing in companies and projects that are of strategic, technical and commercial interest.

Midroc New Technology, a part of Midroc Europe, develops and invests in future technologies within Clean Tech and BioMed. Midroc is owned by Mohammed H. Al-Amoudi who among other companies owns Preem Petroleum, Swedish Petroleum Exploration and Västra Hamnen Funds.
OCAS is an advanced market-driven material research centre based in Belgium. OCAS’ investment in Powercell Sweden AB was taken up by the investment fund Finindus. OCAS will support Powercell Sweden with the development and optimizing of materials and their implementations.

The Swedish Energy Agency operates in various sectors of society to create conditions for an efficient and sustainable energy use and a cost-effective Swedish energy supply.

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Deccan Healthcare, an India-based developer of nutraceutical products for boosting immunity and addressing chronic ailments, has raised 15 crore (US$3.2m) in VC funding from Nexus Venture Partners.

PRESS RELEASE

Deccan Healthcare, an innovative products company in the Indian health and wellness market, today announced that it has received a Rs 15 crore investment from Nexus Venture Partners, India’s leading Venture Capital firm.

Deccan Healthcare has developed, through intensive R&D, a variety of nutraceutical products which boost immunity and address chronic ailments. The key products include a flaxseed-based vegetarian Omega-3 which they sell under the OxyFlax and Nulife-ISB brand. It is useful for cardiac care, bone health, diabetes prevention, and is also anti carcinogenic and anti-inflammatory. Frost and Sullivan has touted flaxseed based Omega-3 as the next superfood in the making.  

Speaking about the funding, Mr Minto Gupta, Founder & CEO, Deccan Healthcare said, “We at Deccan Healthcare are happy to be associated with Nexus Venture Partners. The funding will help us enhance our R&D efforts and our expansion plans. Deccan is launching a variety of nutraceuticals addressing specific life-style problems and will also explore export opportunities.”

Sandeep Singhal of Nexus Venture Partners who will join the Deccan Healthcare board, said, “The Indian nutraceuticals market is over a billion dollars growing at 30-40% per annum. Mr. Gupta is a passionate entrepreneur who has built Deccan into a leader in the Omega-3 market and is now expanding into a variety of nutritional supplements.”

About Deccan Healthcare
Deccan Healthcare is an innovative nutraceutical products company based out of Hyderabad, India.  Deccan Healthcare has a strong reputation as a company that develops, manufactures and supplies high-quality wellness products which have a medicinal effect on chronic health conditions related to Cardiac, Bone & Joint, Neuro care and women care. The product portfolio includes vegetarian Omega-3 brands like OxyFlax for good heart, Nulife-ISB for child immunity and Omegamax-Feminine for pregnant women. Other popular brands are Ostan-G for joint pain reduction, Lycocare for chronic disease prevention, Minicare for young women health and COQ-Plus for skincare and male fertility.
The company is led by Minto Gupta, CEO and Founder, and a professional team with extensive experience in the pharmaceutical space. Deccan currently has a strong presence in South India and is expanding rapidly in the West and North.  For details please visit (www.deccanhealth.com)

About Nexus Venture Partners
Nexus Venture Partners is one of the Top Venture Capital Firms in India focused on investing in innovative early to growth stage companies with a strong India connection. It has recently been named as one of only two firms from India in the Red Herring Top 100 Global Venture Capital firms. Started in 2006, Nexus Venture Partners is a group of successful entrepreneurs with extensive investing experience in entrepreneurs in India and globally. Nexus truly understands the unique challenges faced by entrepreneurs and are aware that it takes more than capital for a company to succeed. Each entrepreneur Nexus partners with has access to the entire team in India and Silicon Valley for help in recruiting talent, forging new alliances, opening doors to new customers, shaping the strategy and connecting with best of breed advisors or board members.
With funds of $320 million under management, Nexus has an active portfolio of over 20 companies. Nexus invests in companies across sectors – technology, consumer services, media, energy, agribusiness, outsourced services, internet and mobile. Some of the companies that Nexus has invested in include Komli (Internet ad network), Suminter (Organic farming), Dlight (Solar Lights), Kirusa (Voice SMS), DimDim (Open Source Web Conferencing), Mapmyindia (Digital Navigation), Unicon (Financial Services) and Netmagic (Internet managed service provider). Investors in Nexus include leading university endowments, foundations and sovereign funds. For more details please visit http://www.nexusvp.com/

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Quinnova Pharmaceuticals Inc., a Newtown, Pa.-based dermatological drug company, has raised $17.4 million in Series B funding. Safeguard Scientifics led the round, and was joined by return backers Thomas, McNerney & Partners, H.I.G. Ventures and a syndicate led by Omnivest (Bermuda) Ltd. The company previously raised a $13.6 million Series A round in 2006.

PRESS RELEASE
Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage life sciences and technology companies, today announced it led a $17.4 million Series B financing round for Quinnova Pharmaceuticals, Inc., with participation from existing investors Thomas, McNerney & Partners and H.I.G. BioVentures. Quinnova will use the proceeds to fund a Phase III clinical trial for an NDA product, expand its sales and marketing capabilities, facilitate the company’s other NDA and medical device clinical trials, and fund research and development initiatives to bring new products to market.

Quinnova is a specialty pharmaceutical company that develops and markets novel topical delivery platforms-based prescription dermatology drugs. The company’s FDA-approved Proderm Technology™ Delivery System (“Proderm”) addresses the need for improved cost-effective treatment options, while simultaneously enhancing efficacy and patient compliance in skin disorders, such as dermatitis, fungal infection, psoriasis and acne. Easily applied and rapidly absorbed, Proderm’s activity is based on its ability to ‘Protect – Repair – Hydrate’ the natural skin barrier. It protects from external irritants by forming an invisible membrane and facilitates the repair of the natural skin barrier by providing essential nourishment to the skin in the form of free fatty acids. Proderm Technology™ is fragrance-free, non-comedogenic, non-alcohol and non-greasy. Quinnova currently has several prescription medications on the market, including its FDA-approved NEOSALUS brand of foam and cream, which are available through dermatologists, podiatrists and pediatricians. Because of its flexibility Proderm presents an excellent platform for future product development in a variety of indications.

“Quinnova is an expansion-stage company that has been generating revenues since 2007,” said James A. Datin, Executive Vice President and Managing Director of the Life Sciences Group at Safeguard Scientifics, who joined Quinnova’s Board of Directors. “A specialty pharmaceutical company with low regulatory risk, growing market penetration and a strong pipeline of products, Quinnova is serving a growing dermatological market that calls for effective, life-long treatments. In addition, Quinnova’s focus on new, improved drug delivery platforms is consistent with the FDA’s initiative to provide cost effective medications that improve patient compliance and reduce the overall cost of healthcare. We’re pleased to add Quinnova to our holdings.”

The U.S. therapeutic dermatology market—encompassing disorders and diseases of the skin, mucous membrane, hair and nails—is presently valued at $6.4 billion annually. It is expected to grow to $8.9 billion by 2013 due to the often chronic nature of skin diseases. Dermatologists and podiatrists are generally dissatisfied with current treatment options citing poor efficacy and low patient compliance.

“Delivery platforms currently available for therapeutic dermatological treatments are frequently not well accepted by doctors or patients,” says Jeffrey S. Day, Founder, President and CEO of Quinnova Pharmaceuticals. “Many topical preparations are poorly appreciated because of local irritation, odor, and challenging application methods, often leaving a greasy residue. Others are alcohol-based, which can sting or dry the skin. Proderm, on the other hand, allows the medication to be absorbed to where it needs to be, while cosmetically appealing to patients. We look forward to working with the team at Safeguard Scientifics to develop and leverage new applications for Proderm.”

About Quinnova Pharmaceuticals, Inc.

Quinnova Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of prescription drug products based on innovative topical drug delivery platforms. Founded in 2005 and based in Newtown, PA, Quinnova employs a “Revitalization Strategy” whereby already-proven safe and effective pharmaceutical ingredients are delivered in elegant, unique, patent-protected, customer-friendly delivery systems. This strategy is augmented by the development of medical devices increasing the current portfolio of products. Quinnova focuses on new pharmaceutical products that have a relatively short bench-to-market timeline and a low-development risk profile. Penetration of the US market is accompanied by a growing presence in the international market, mostly through a business development strategy out licensing and utilizing partners to promote Quinnova products. www.quinnova.com.

About Thomas, McNerney & Partners

Thomas, McNerney & Partners is a health care venture capital firm with approximately $600 million under management, focused on investing in life science and medical technology companies at all stages of development. In addition to helping entrepreneurs launch companies with seed and early-stage funding, the firm provides growth capital to emerging companies to advance clinical development or for product commercialization. Thomas, McNerney & Partners also is involved in spinning out products and divisions from major medical device and pharmaceutical companies, consolidating companies through roll-up strategies and participating in structured financings for public companies, as well as recapitalizations. The firm is targeting investments in the pharmaceutical, medical device, biotechnology and diagnostic sectors and in other areas utilizing medical technology innovation. The firm has offices in Stamford, Minneapolis and San Francisco. For more information, visit www.tm-partners.com.

About H.I.G. BioVentures

H.I.G. BioVentures invests in companies developing innovative products for significant unmet medical needs in therapeutics, medical device technology, specialty pharmaceuticals and diagnostics. A natural extension of the broader H.I.G. Capital platform, H.I.G. BioVentures invests across a broad range of stages and leverages its team of seasoned senior investment professionals who have over 75 combined years of experience in life sciences investing, operations, business development, sales and marketing, research management, finance, and technology development. H.I.G. BioVentures benefits from its ability to leverage the broader H.I.G. Capital infrastructure and resources which provide significant value to portfolio companies and partners. H.I.G. BioVentures is the life sciences venture capital affiliate of H.I.G. Capital, a leading global private investment firm with over $7.5 billion of capital under management and U.S. offices in Atlanta, Boston, Miami, New York and San Francisco. For more information, visit www.higbio.com.

About Safeguard Scientifics

Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE:SFE) provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices, Regenerative Medicine and Specialty Pharmaceuticals, and technology companies in Internet / New Media, Financial Services IT and Healthcare IT with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. www.safeguard.com

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Fifth Third Bancorp (Nasdaq: FITB) has formed a private equity lending team, which will focus on transactions in which the target has between $10 million and $50 million in EBITDA. It will be led by managing directors Brian Crabb, formerly with CapitalSource, and Josh VanManen, former head of Fifth Third’s western region team in Denver.

PRESS RELEASE

Fifth Third Bancorp (Nasdaq: FITB) has announced today the formation of a focused private equity lending team, Fifth Third Sponsor Leveraged Finance. The team will provide cash flow financings to a select group of private equity clients and will target businesses with $10 million to $50 million in earnings before interest, taxes depreciation and amortization (EBITDA).

Managing Directors Brian Crabb and Josh VanManen will lead the team. Crabb comes to Fifth Third Bank with experience in the leveraged environment from Heller Financial, GE Capital, and most recently, CapitalSource Finance. VanManen joins the team from Fifth Third Bank’s Structured Finance business, where he most recently ran the group’s Western Region team in Denver.

“Fifth Third Sponsor Leveraged Finance marks a new foray into middle market private equity lending for Fifth Third Bank,” said Crabb. “At a time when sources of debt for private equity deals have been severely diminished, we are excited to enter this arena with a dedicated and focused effort. With the capital strength of Fifth Third Bank and the knowledge and experience of our team, we believe there is a real opportunity to provide our clients with the products, knowledge and support that they need and deserve.”

For more information about Fifth Third Sponsor Leveraged Finance, visit www.53.com.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart® locations open seven days a week inside select grocery stores and 2,372 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2009, has $184 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.” Member FDIC.

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StatusNet, a Montreal-based developer of an open-source micro-blogging platform, has raised C$875,000 in seed funding. Backers include Montreal Start Up, iNovia Capital and Oleg Tscheltzoff (Fotolia.com).

PRESS RELEASE

StatusNet, the company that develops an Open Source micro-blogging platform, has completed an $875,000 financing round. Investors include local venture capital groups Montreal Start Up and iNovia Capital as well as European angel investor Oleg Tscheltzoff of Fotolia.com.

“We’re excited by the opportunity for growth this investment brings,” says Evan Prodromou, CEO of StatusNet Inc. “We plan to use this capital to build the sales, support and marketing power needed to take our software and services to the marketplace.”

Founded in 2008, StatusNet develops the software that runs hundreds of micro-blogging sites across the Web, including the popular Identi.ca community. The StatusNet engine allows companies and communities to set up their own Twitter-like Web site, so that employees, customers or friends can share quick status updates, links, and files. The engine includes APIs and tools to receive and send updates through IM and SMS as well as through Twitter and Facebook.

“StatusNet is ready to take its place in the market as the WordPress of microblogging,” says John Stokes, lead partner at Montreal Start Up. “The growth of the Twitter platform has proven the importance of this medium, and we believe that StatusNet can play an important role in bringing this capability to broader audiences.”

The company has commercialized the Open Source offering with support, customization services, and a hosting platform at status.net. The hosted service, currently in private beta, is scheduled to launch publicly before the year end. Customers can choose between private sites, similar to yammer.com, and public sites for publishing or community engagement.

“iNovia team recognizes the opportunity to bring micro-blogging to corporate users, media outlets and brands among others,” says Josko Bobanovic, principal at iNovia Capital. “Evan and his team have demonstrated they can provide a valuable service while being supported by a strong business model. We look forward to helping this dynamic team further its growth in the ever-changing business market.”

For further information see http://status.net or contact Evan Prodromou ([email protected])

About StatusNet

Founded in 2008 by CEO Evan Prodromou, StatusNet Inc. develops the Open Source microblogging tool by the same name. Based in Montreal, the nine-person team provides service and support as well as the hosting platform status.net

About Montreal Start Up:

People, ideas, finance, and luck: these four factors are necessary to create any successful company; Montreal Start Up provides start-up finance to people with ideas. For more information, visit www.montrealstartup.com.

About iNovia Capital

iNovia provides venture capital to entrepreneurs who transform innovations into successful companies. The team is comprised of sector experts in information technology, life sciences, and clean tech. In addition, iNovia’s extensive network of industry and academic partners provides portfolio companies with unique access to intellectual property. iNovia has $165M under management across two seed and early stage funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at http://twitter.com/iNovia

About Oleg Tschertzoff

Oleg Tscheltzoff co-founded http://fotolia.com, the first global online social marketplace for creative digital stock images in 11 languages, where photographers and designers of all levels can store, share and monetize their photographs and illustrations. As CEO, he led the company from inception to its rapid rise to one of the world’s largest microstock photography site. On May 21, 2009, Fotolia launched http://photoxpress.com, the world’s largest free stock images web site.

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WTO+10: Global Justice Forward

The Climate is Changing – It’s Time for Solutions!

See www.seattleplus10.org for lots more info!

CAGJ IS SELLING T-SHIRTS WITH THIS LOGO HERE! $15 FUNDRAISER…RED & WHITE STANDARD T-SHIRTS; RED AND LIGHT BLUE FITTED T-SHIRTS, & RED KIDS T-SHIRTS! CALL FOR MORE INFO, GET YOURS AT THE PEOPLE’S SUMMIT, OR BUY THEM ONLINE!

On Nov 30th the World Trade Organization (WTO) will host a meeting of its highest decision-making body in Geneva – 10 years to the day when we shut down the WTO!  On Dec 7th, the United Nations Conference on Climate Change launches in Copenhagen. Join in an effort to harness the spirit of the 1999 WTO protests in Seattle with a renewed commitment to justice and a strong message to Wall Street: “People and the Planet are Not For Sale!”

Follow us online!  Twitter –   Seattle+10 Facebook Page –   CAGJ Facebook Page –   People’s Summit Facebook Group

See the Full Schedule of National and Local Speakers, 30 incredible workshops, and an exciting Cross-Sector Strategy Session

WEEK OF ACTION Where will you be?

Friday Nov 27: Amy Goodman & The Yes Men!
Saturday Nov 28: People’s Summit 8:30 – 5 Seattle University – FREE! No Registration Required
Saturday Evening: Dinner and Program at New Hope Baptist Church – FREE!
Sunday Nov 29: People’s Summit 9 – 5 Seattle University – FREE!
Sunday Evening: Closing Celebration at Town Hall: $5 – $10 suggested donation
Monday Nov 30: Noon at Westlake Climate! Justice! Assembly; 4:30 at Westlake: Action for Immigrant Rights. 7pm Eric Holt-Gimenez, Director of Food First, speaks at UW Gould Hall – FREE.  Check out other N30 evening events.

Tuesday Dec 1: History Making Waves: Remember and Reclaim Revolutionary History – from the WTO Protests to the Future! 6pm Potluck, 7 – 9:30 Storytelling, University Baptist Church
Thursday Dec 3: “This is What Democracy Looks Like” at MOHAI!
Saturday Dec 5: Caravan with CAGJ to Portland D5 Action!

Spread the Word!
Tell your friends:  Please send an email announcement about the People’s Summit to your members/friends/family now, and again a few days before the event, by forwarding this newsletter, or a shorter announcement.  We have a template email blast available online.

Flyers:  Please post flyers about the People’s Summit at your house, workplace, cafe’s, friendly organizations, schools & on telephone poles!  A downloadable  PDF of the flyer is available online. You can also get posters and flyers from CAGJ: call 206.405.4600

Social Media:  Help spread the word via your social networks on Facebook — become a fan and join the People’s Summit group—and find us on Twitter at @seattleplus10, using the hashtag #seattleplus10.

Help Make Another World Possible!
Volunteers Needed! Email [email protected]
Especially for Child-care, Interpretation (English/Spanish), and Day-of!

Full People’s Summit Schedule

Friday Nov 27 – The People’s Summit Kick-off

Amy Goodman, Democracy Now Host, at Town Hall

7pm: Tickets $15 – $25 available here & at the door

The Yes Men at NW Film Forum

7pm & 9pm: Tickets available here

The Yes Men will participate in the People’s Summit throughout the week-end!

Saturday Nov 28  – Campion Ballroom & Pigott Hall,

Seattle University, 8:30am – 6pm Opening Plenary & Workshops

Free, no registration required

8:30 a.m. – 9:30 a.m. Registration/Check-in

Welcome & Opening Panel – 9:30 am – 11:15 am

The Climate is Changing: It’s Time for Solutions!

Launching the People’s Summit, the Opening Plenary will reflect on what we have accomplished, and the lessons learned from our collective victory over the WTO in 1999, and connect that watershed moment with the struggles for justice today. The Climate is Changing.  We know that means we have to take urgent action for climate justice. But it also means that this is the best opportunity we have had in a long time to put forth viable solutions for people and the planet.  The People’s Summit begins with specific ways we can all build alternatives to make another world possible.

Moderator: Sarah Van Gelder, Yes! Editor
Speakers:
Welcome and Overview of 1999: WA Representative Bob Hasegawa
Rebecca Adamson – First Nations Development Institute, First Peoples Worldwide
Dena Hoff – Farmer, Via Campesina, National Family Farm Coalition
David Korten – Author, Agenda for a New Economy, New Economy Working Group

Please note: The workshop schedule may change!

Workshop Session #1 – 11:30 a.m. – 1:00pm
Battling Poverty at the State Level: Advocacy and Action
Statewide Poverty Action Network

Building White Allyship & Anti-Racist Movements Accountable to People of Color
Coalition of Anti-Racist Whites, CAGJ

Exploiting the Politics of ‘Need’: AGRA and the Gates Foundation
AGRA Watch/Community Alliance for Global Justice

Framing a New Economy: How Local Living Economies are inherently just and sustainable
BALLE Seattle, People-Centered Development Forum

Youth Organizing in the Movement for Social Justice
Seattle Young People’s Project

1:00 p.m. – 2:30 p.m. Lunch Break

Workshop Sessions #2  – 2:30pm – 4pm
Art & Activism: Being a Cultural Worker
Pinay sa Seattle

Camino ala Reforma Migratoria/The Path the Immigration Reform

Taller bilingue/Bi-lingual Workshop

Comité Pro Reforma Migratoria y Justicia Social

Industrial Aquaculture, A People’s Perspective on the “Blue Revolution”
Mangrove Action Project

Street Speech: Your Right to Protest
ACLU

Trade and Agriculture: How Farmers Get the Chaff
Phil Bereano, John Fawcett-Long, Claire Gilbert, Barry Lia, Mark Dworkin, Viki Sonntag

WTO Turnaround 2009 – Building for Global Justice 10 Years Later/ Our World is Not for Sale
Public Citizen’s Global Trade Watch, WA Fair Trade Campaign, Citizens Trade Campaign

Workshop Session #3  – 4:15 pm– 5:45 pm

Cross Border Organizing/ Relating solidarity organizing to US solutions
WFTC, Council of Canadians. Latin American Solidarity Organization, Seattle CISPES

Fighting for climate justice
Rising Tide

Grassroots Media and the Global Justice Movement (Communications Rights pt. 1)
Reclaim the Media, Riseup.net

Practical Proposals for a New Trade and Economic Strategy
AFL-CIO

Putting Agribusiness on Trial: Strategies for Confronting the Food Crisis
Food First

Queers Against the WTO – Reunited
Allyship

Evening Plenary 6 – 10pm: Dinner, Speakers, Performance & Music
New Hope Baptist Church, 116 21st Ave Seattle, in the Central District
Dinner at 6pm, Program 7:30 – 10pm
Free, no registration required.

Reclaiming Community

Join us to reclaim and amplify our voices with the vision we have for a healthy planet and people – Community Empowerment, Jobs, Prison Reform, Food Security and Native Sovereignty!

Moderator: Rahwa Habte, Hidmo Community Empowerment Project
Speakers:
Welcome: Rev Robert Jeffrey – Pastor, New Hope Baptist Church, Black Dollar Days Task Force
Walter Hayden – Community Outreach Director Clean Greens Farm
Alli Chagi-Starr – Green for All, Art in Action
Winona La Duke – Honor the Earth & White Earth Land Recovery Project (confirming)
Performances by Jim Page & others!

Sunday Nov 29,  9am – 5pm  Seattle University

Campion Ballroom & Pigott Hall
Free, no registration required.

9:00 a.m. – 9:30 a.m. Check-in

9:30  Welcome

Workshop Session #4   – 10 – 11:30
Dispossession and Climate Refugees
Social Ecology Education and Demonstration School (SEEDS)

Grow a carrot, build a movement: Connecting urban gardening with movements for justice
Seattle Tilth

Movement building for the U.S. Social Forum in Detroit 2010
U.S. Social Forum and Michigan Welfare Rights Organization

Environmental Justice: How “Free Trade” Harms it
Community Coalition for Environmental Justice

Cross-cultural alliances and activism
Hidmo Community Empowerment Project

Ganging Up on the Bosses: a New Take on a Classic Model of Direct Action Organizing
Seattle Solidarity Network

11:30 – 12:45 Lunch break

Strategy Panel  – 12:45 – 1:45

Catch the Buzz: Cross-Pollinating our Movements

Moderator: Bill Aal and Margo Adair, Tools for Change
Speakers:
Sylvia Orduno-Michigan Welfare Rights Organization, U.S. Social Forum

Strategy Session  – 1:45  – 5pm
1:45 – 3:30 Cross-sector Strategy Session Part 1
Break
3:45  – 5:00 Cross-sector Strategy Session Part 2

Workshop Session #5  –   2:00 – 3:30
Farmworker Voices: Looking Forward
CAGJ Food Justice Project, UW Labor Project, La Via Campesina

Community Accountability: Building a Glocal Resistance Movement Starting at Home
CARA – Communities Against Rape and Abuse

The Revolution will not be Tweeted (Communications Rights, part II)
Riseup Networks, Reclaim the Media

Free Trade and Militarism
Peace Action of Washington

This is What Democracy Looks Like: Participatory democracy using art and cultural work strategies
Social Ecology Education and Demonstration School (SEEDS)

Strengthening local resistance, from Seattle to the 2010 Olympics
Olympic Resistance Network, No One Is Illegal –Vancouver, Anti Poverty Committee

Closing Celebration of the People’s Summit  7 – 10pm
Town Hall – Doors open at 6pm, 1119 Eighth Avenue (at Seneca Street)
Suggested donation, $5 – $10

Global Justice Forward!

The closing celebration of The People’s Summit is an opportunity for leaders in labor, environmental justice, cultural activism and food sovereignty to move forward a shared vision for Global Justice, reflecting on the significance of the 2009 WTO meeting on November 30th, the 10th anniversary of the WTO shutdown in Seattle, and the upcoming Climate Change talks in Copenhagen in December. Participants will be encouraged to reach across sectors and borders to strengthen alliances, drawing inspiration from the People’s Summit to forge shared goals for the next 10 years and more.

Moderator: Verlene Jones, MLK Labor Council
Speakers:
Leo Gerard – US Steelworkers (via recorded greeting)
Patti Goldman – Earthjustice
Eric Holt-Giménez – Food First
Thea Lee – AFL-CIO
Jim Sinclair – BC Labour Federation
Performances by 206 Zulu, Jack Chernos, Seattle Labor Chorus & others!

We’ll see you there!

Henry Ong and Jasson Han have joined the Hong Kong office of law firm Weil, Gotshal & Manges LLP as a partner and partner-level senior consultant, respectively. They previously were with Simmons & Simmons.

PRESS RELEASE

International law firm Weil, Gotshal & Manges LLP announced today that Henry Ong and Jasson Han have joined the firm’s Hong Kong office.

Henry Ong joins Weil’s Corporate Department as a partner from the Hong Kong office of Simmons & Simmons where he worked for 9 years as a partner in its corporate team. Mr. Ong has extensive experience advising on a broad range of complex mergers and acquisitions transactions and securities offerings, including transactions in the TMT and financial services industries. Mr. Ong is a UK and Hong Kong qualified lawyer and has particular expertise with transactions involving public companies in Hong Kong, including matters involving Hong Kong listing, takeover and securities rules and regulations. Local Hong Kong law firm Henry Ong & Co., of which Mr. Ong is the sole principal, will be in association with Weil upon approval of the Hong Kong Law Society.

Jasson Han joins Weil as a partner-level Senior Consultant from Simmons & Simmons’ Hong Kong office. Mr. Han has advised numerous major state owned enterprises, multinational corporations, and privately owned companies based in the People’s Republic of China (PRC) on PRC-related corporate, securities, and transactional law matters. Mr. Han has significant experience advising clients in the energy, telecommunications, and consumer products industries. A qualified PRC lawyer, Mr. Han was previously a partner at Jun He Law Office, a leading PRC law firm. He will divide his time between Weil’s Hong Kong and Beijing offices.

“We are continuing our strategic expansion in Asia with the addition of two excellent and seasoned practitioners,” remarked Stephen Dannhauser, Chairman of Weil, Gotshal & Manges. “Henry and Jasson bolster our position as a market leader in Asia-related cross-border M&A and private equity transactions.”

“Our world-class corporate practice has extensive experience advising clients on complex transactions across the entire Asia-Pacific region,” commented Akiko Mikumo, Managing Partner for Asia and Head of the firm’s Hong Kong office. “The broad experience Henry and Jasson have in Chinese and Hong Kong transactional M&A and securities offerings, along with Henry’s Hong Kong law capabilities and Jasson’s PRC law background, are an excellent addition to our growing Asia team and provide our clients with an outstanding platform for their activities in China and Hong Kong.”

“We are thrilled that Henry and Jasson will add their talents and experience to the deep bench of deal-makers we have in our offices in the region,” added Steven Xiang, Head of the firm’s China practice. “Their arrival underscores our exceptional strength in domestic and cross-border M&A and securities transactions.”

Henry Ong and Jasson Han are each recognized as a “Leading Individual” for Corporate/M&A in Hong Kong and China in Chambers and Partners’ 2009 Asia guide.

Weil, Gotshal & Manges (www.weil.com), an international law firm of approximately 1,300 lawyers, including approximately 300 partners, is headquartered in New York, with offices in Beijing, Boston, Budapest, Dallas, Dubai, Frankfurt, Hong Kong, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon Valley, Warsaw, Washington, D.C. and Wilmington.

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We were happy earlier this month to learn that the Osaka High Court had overturned a lower court ruling, against the creator of the popular Japanese file sharing service, Winny. The lower court had found the guy guilty of copyright infringement, despite having just developed the software, not having used it to infringe on copyrights. The higher court got it right, recognizing that just because the software could be used for copyright infringement does not mean that the developer is automatically guilty of copyright infringement. Unfortunately, Japanese prosecutors didn’t recognize the common sense and basic logic of such a ruling and are now appealing the case to the Supreme Court in Japan. Hopefully, the Supreme Court agrees with the Osaka high court, but either way, this seems like a massive waste of time and resources.

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