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CHARLOTTE, N.C., May 16 /PRNewswire-FirstCall/ -- FairPoint Communications, Inc. , a leading provider of communications services to communities across the country, today announced that the Company will webcast its 2008 investor day presentation being hosted on May 22, 2008 beginning at 8:00 a.m. EDT. Presentations and the subsequent Q&A session are anticipated to run for approximately three hours. The investor day will focus on the integration and Transition Services Agreement (TSA) related to the recently completed transaction in which FairPoint Communications acquired Verizon Communications' landline and certain related operations in Maine, New Hampshire and Vermont.

FairPoint presenters will include Chairman and Chief Executive Officer Gene Johnson, President Peter Nixon and Chief Financial Officer John Crowley. Also participating will be members of the northern New England integration team, including Capgemini, FairPoint's lead integration partner.

The investor day will incorporate a slide presentation that will be made publicly available before the scheduled start time at approximately 7:30 a.m. EDT on the morning of May 22, 2008.

To access the webcast and the slide presentation, participants should click the "Event Calendar" section of FairPoint's Investor Relations page at http://phx.corporate-ir.net/phoenix.zhtml?p=irol- eventDetails&c=122010&eventID=1847336 (due to length of URL, please copy and paste into your browser). An online webcast replay with the corresponding presentation will be available later that same afternoon on May 22, 2008 and will remain available for one year.

About FairPoint

FairPoint Communications, Inc. is an industry leading provider of communications services to communities across the country. Today, FairPoint owns and operates local exchange companies in 18 states offering advanced communications with a personal touch including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbol FRP. Learn more at http://www.fairpoint.com/.

This press release may contain forward-looking statements by FairPoint that are not based on historical fact, including, without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in FairPoint's filings with the Securities and Exchange Commission ("SEC"), including, without limitation, the risks described in FairPoint's most recent Annual Report on Form 10-K on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and FairPoint undertakes no duty to update this information.

Investor Contact: Brett Ellis (866) 377-3747 bellis@fairpoint.com Media Contact: Rose Cummings (704) 840-5202 rcummings@fairpoint.com

FairPoint Communications, Inc.

CONTACT: Investors, Brett Ellis, +1-866-377-3747, bellis@fairpoint.com;
Media, Rose Cummings, +1-704-840-5202, rcummings@fairpoint.com, both of
FairPoint Communications, Inc.

Web site: http://www.fairpoint.com/

FairPoint Communications Reports First Quarter 2008 ResultsCompleted Merger and Successful Integration of Former Verizon Employees

CHARLOTTE, N.C., May 16 /PRNewswire-FirstCall/ -- FairPoint Communications, Inc. ("FairPoint" or the "Company"), a leading provider of communications services to urban communities across the country, today announced its financial results for its first quarter ended March 31, 2008. FairPoint completed its merger with Northern New England Spinco Inc. ("Spinco"), an entity that held Verizon Communications' landline and certain related operations in Maine, New Hampshire and Vermont on March 31, 2008. From an accounting perspective, Spinco was deemed to have acquired FairPoint and, accordingly, the financial statements of the local exchange business of Verizon New England Inc. in Maine, New Hampshire and Vermont and the customers of Verizon's related long distance and Internet service provider businesses in those states (the "Northern New England business") are the relevant financial statements for the Company under GAAP following the merger. As a result, the GAAP financial statements, other than the balance sheet at March 31, 2008 contained in this earnings release, reflect only the financial results of the Northern New England business and do not reflect or include the operations of the FairPoint properties prior to the completion of the merger ("Legacy FairPoint"). Accordingly, the Company is also reporting combined pro forma results for the first quarter 2008 reflecting the operations of both Spinco and Legacy FairPoint.

Commenting on the results, Gene Johnson, chairman and CEO of FairPoint Communications stated, "Once again, Legacy FairPoint has delivered strong incremental growth in our high-speed data ("HSD") products. Our marketing focus on high margin offerings that provide consistent average revenue per unit ("ARPU") is providing measurable benefits. We are implementing a complementary yet customized strategy for the recently acquired Spinco business."

He added, "We believe that Spinco access line losses trended higher in the first quarter than what was reported to us in previous quarters due principally to competitors' marketing and promotional activity around the time of the closing of the merger. We are implementing marketing and operating strategies that are expected to reduce the rate of loss of access lines and increase HSD sales in the Spinco business. We are very pleased with the early stages of the merger integration, particularly the transition of the customer relationships and the positive attitude of the new employees. We remain encouraged by the progress we have achieved under the Transition Services Agreement (the "TSA") since the merger closed and our expectations for a smooth and timely transition off the TSA remain intact."

Results of the Northern New England Business for the Three Month Period Ended March 31, 2008 (presented on a GAAP basis)

Revenues for the first quarter of 2008 were $282.4 million, down 5.2% from the first quarter of 2007. Approximately $1.6 million of the decline in revenue is due to non-recurring credits issued to certain customers during the three months ended March 31, 2008. The primary driver of this revenue decline was a decline in local revenue due to increased competition, partially offset by increases in intrastate and data and Internet services revenues. The rate of revenue decline is expected to abate, but meaningful improvements will not take effect until after the transition off of the TSA, expected to occur at the end of September 2008, at which time marketing programs and other initiatives can be fully implemented.

Selling, general and administrative ("SG&A") expenses decreased $0.9 million to $63.1 million in the first quarter of 2008 compared with the same period in 2007. The decrease was primarily driven by lower allocated costs from Verizon affiliates and lower bad debt expenses in 2008, partially offset by higher costs in the Internet and high speed data business due to increased subscribers.

Total operating expenses decreased $4.8 million to $252.9 million in the first quarter of 2008 compared with the same period in 2007, primarily the result of a $4.0 million reduction in depreciation and amortization due to lower rates of depreciation as a result of changes in the estimated useful lives of depreciable assets and increases in reserve levels, as well as the decline noted above in SG&A expenses.

Net income for the three months ended March 31, 2008 was $9.5 million, or $0.18 per share, compared with $14.4 million, or $0.27 per share for the same period in 2007. The variance in the year-over-year comparison is a result of the items discussed above.

Certain assets and liabilities of the Northern New England business (principally related to pension, OPEB and associated deferred taxes) were not distributed to Spinco in the merger, therefore the financial information of the Northern New England business contained herein does not reflect Spinco's actual results for the three months ended March 31, 2008 and may not be indicative of Spinco's and the Company's (after giving effect to the merger) future results.

Pro Forma Financial Results

The pro forma statements of operations for the three months ended March 31, 2008 contained in this earnings release do not reflect revenues or expenses that were not transferred to FairPoint, reflect the combination of Legacy FairPoint and Spinco and reflect the combined capital structure of the Company post-merger. For more information about pro forma financial results, including certain adjustments and assumptions, see the attachments to this press release.

Pro Forma Combined Adjusted EBITDA for the Three Month Period Ended March 31, 2008

On a pro forma combined basis, Adjusted EBITDA (as defined herein) for the three months ended March 31, 2008 was $162 million, compared with Adjusted EBITDA of $179 million for the same period in the prior year. Excluding the non-recurring revenue credits in the three months ended March 31, 2008, Adjusted EBITDA would have been $164 million. The decrease in Adjusted EBITDA is primarily due to the decline in revenues, particularly in the Northern New England business.

Pro Forma Combined Operating Results for the Three Month Period Ended March 31, 2008

HSD penetration increased to 18.8% of voice access lines at March 31, 2008, compared with 15.6% at March 31, 2007. HSD penetration within Legacy FairPoint, excluding the access lines acquired from Verizon, increased to 30.1%, up from 24.9% at March 31, 2007, reflecting the continued success and momentum Legacy FairPoint has consistently reported on a quarterly basis for the past several years. This is partly the result of Legacy FairPoint's significantly higher percentage of homes capable of subscribing to the Company's HSD offerings, which is a strategy that will be replicated in Northern New England.

Voice access lines at March 31, 2008 were 1,570,169, down 9.1% from 1,727,954 reported at March 31, 2007. When excluding the impact of the merger, FairPoint's access lines decreased at a rate of 6.0%, compared with a rate of decline of 9.6% at Spinco. In addition, FairPoint's access line equivalents were negatively impacted by two one-time events. First, there was a reclassification of 486 official lines that had no revenue impact. The second one-time event impacting FairPoint's access line equivalents was the launch of a triple play by a cable operator in one of FairPoint's markets. This launch included a significant marketing push and a heavily discounted introductory offer. Legacy FairPoint has experienced that after such prior launches, normalized rates are expected to be achieved within Legacy FairPoint's systems after several quarters.

Interstate long distance penetration for the combined company at March 31, 2008 increased to 42.8% of voice access lines compared with 42.3% at March 31, 2007.

Total pro forma access line equivalents were 1,865,747 as of March 31, 2008. Total pro forma access line equivalents as of March 31, 2008 decreased 6.6% compared with March 31, 2007 and decreased 2.2% compared with December 31, 2007. When excluding the impact of the merger, total access line equivalents year-over-year for Legacy FairPoint would have declined 2.2% compared with the 7.4% loss reported at Spinco.

Pro Forma Access Line Equivalents % change 3/31/07 to 3/31/2008 3/31/2007 12/31/2007 3/31/08 FairPoint Residential access lines 178,659 191,571 182,182 (6.7%) Business access lines 54,692 56,795 55,892 (3.7%) Wholesale access lines - - - - Subtotal: Access lines 233,351 248,366 238,074 (6.0%) HSD subscribers 70,168 61,814 67,703 13.5% Total access line equivalents 303,519 310,180 305,777 (2.2%) Spinco Residential access lines 851,961 952,503 882,933 (10.6%) Business access lines 365,307 386,586 371,041 (5.5%) Wholesale access lines 119,550 140,499 124,123 (14.9%) Subtotal: Access lines 1,336,818 1,479,588 1,378,097 (9.6%) HSD subscribers 225,410 208,153 222,874 8.3% Total access line equivalents 1,562,228 1,687,741 1,600,971 (7.4%) Pro forma combined total access line equivalents 1,865,747 1,997,921 1,906,748 (6.6%) Conference Call and Webcast

As previously announced, FairPoint will host a conference call and simultaneous webcast to discuss its first quarter results at 8:30 a.m. EDT on May 16, 2008. Participants should call (888) 253-4456 (US/Canada) or (706) 643-3201 (International) and request the FairPoint Communications first quarter earnings call or Conference ID# 46956451. A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call (800) 642-1687 and enter the confirmation code 46956451. The recording will be available from May 16, 2008 at 1:00 p.m. (EDT) through May 23, 2008 at 11:59 p.m. (EDT).

A live broadcast of the earnings conference call will be available via the Internet at http://www.fairpoint.com/ under the Investor Relations section. An online replay will be available beginning at 1:00 p.m. (EDT) on May 16, 2008 and will remain available for one year.

During the conference call, representatives of the Company may discuss and answer one or more questions concerning the Company's business and financial matters. The responses to these questions may contain information that has not been previously disclosed.

Non-GAAP Financial Measures

EBITDA (as defined herein) and Adjusted EBITDA are non-GAAP financial measures (i.e., they are not measures of financial performance under generally accepted accounting principles) and should not be considered in isolation or as a substitute for consolidated statements of operations and cash flows data prepared in accordance with GAAP. In addition, the non-GAAP financial measures used by FairPoint may not be comparable to similarly titled measures of other companies. For definitions of and additional information regarding EBITDA and Adjusted EBITDA, and a reconciliation of such measures to the most comparable financial measures calculated in accordance with GAAP, please see the attachments to this press release.

FairPoint believes EBITDA is useful to investors because EBITDA is commonly used in the communications industry to analyze companies on the basis of operating performance, liquidity and leverage. FairPoint believes EBITDA allows a standardized comparison between companies in the industry, while minimizing the differences from depreciation policies, financial leverage and tax strategies.

Certain covenants in FairPoint's credit facility and the indenture governing its senior notes and the regulatory orders contain ratios based on Adjusted EBITDA and the restricted payment covenants in such agreements regulating the payment of dividends on FairPoint's common stock are based on Adjusted EBITDA. If FairPoint's Adjusted EBITDA were to decline below certain levels, covenants in FairPoint's credit facility that are based on Adjusted EBITDA may be violated and could cause, among other things, a default under such credit facility, or result in FairPoint's inability to pay dividends on its common stock.

While FairPoint uses these non-GAAP financial measures in managing and analyzing its business and financial condition and believes they are useful to its management and investors for the reasons described above, these non-GAAP financial measures have certain shortcomings. In particular, Adjusted EBITDA does not represent the residual cash flows available for discretionary expenditures, since items such as debt repayment and interest payments are not deducted from such measure. FairPoint's management compensates for the shortcomings of these measures by utilizing them in conjunction with their comparable GAAP financial measures.

The information in this press release should be read in conjunction with the financial statements and footnotes contained in FairPoint's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.

About FairPoint

FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets Under GAAP March 31, December 31, 2008 (A) 2007 (A) (unaudited) (Dollars in thousands) Assets Current assets: Cash $10,961 $- Restricted cash 19,200 - Accounts receivable, net 168,330 160,130 Other receivables 40,233 18,579 Materials and supplies 10,136 4,229 Other 43,344 21,180 Deferred income tax, net 27,382 9,730 Short term investments - 37,090 Total current assets 319,586 250,938 Property, plant, and equipment, net 1,890,403 1,628,066 Intangibles assets, net 232,973 2,019 Prepaid pension asset 70,080 36,692 Debt issue costs, net 29,271 - Other assets 79,517 20,457 Investments 6,856 - Goodwill 611,624 - Total assets $3,240,310 $1,938,172 Liabilities and Stockholders' Equity Current liabilities: Current portion of capital lease obligations $2,029 $2,064 Accounts payable 206,599 175,866 Dividends payable 13,970 - Accrued interest payable 282 - Interest rate swaps 27,079 - Other accrued liabilities 58,679 47,115 Total current liabilities 308,638 225,045 Long-term liabilities: Capital lease obligations 9,472 9,936 Employee benefit obligations 170,675 408,863 Deferred income taxes 248,802 140,911 Unamortized investment tax credits 5,738 5,877 Other long-term liabilities 39,290 28,378 Long-term debt, net of current portion 2,177,381 - Interest rate swap agreements 47,588 - Total long-term liabilities 2,698,946 593,965 Minority interest 6 Stockholders' equity: Common stock 890 538 Additional paid-in capital 800,321 484,383 Retained Earnings (489,766) 634,241 Accumulated other comprehensive loss (78,725) - Total stockholders' equity 232,720 1,119,162 Total liabilities and stockholders' equity $3,240,310 $1,938,172 FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations Under GAAP (Unaudited) Three months ended March 31, 2008 (A) 2007 (A) (Dollars in thousands) Revenues $282,414 $297,950 Operating expenses: Cost of services and sales, excluding depreciation and amortization 135,837 135,715 Selling, general and administrative expense, excluding depreciation and amortization 63,116 64,033 Depreciation and amortization 53,925 57,898 Total operating expenses 252,878 257,646 Income from operations 29,536 40,304 Other income (expense): Interest expense (14,522) (17,793) Other 986 906 Total other expense (13,536) (16,887) Income before income taxes 16,000 23,417 Income tax expense (6,457) (8,979) Net income $9,543 $14,438 Weighted average shares outstanding: Basic 53,761 53,761 Diluted 53,761 53,761 Earnings per share: Basic $0.18 $0.27 Diluted $0.18 $0.27 FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows Under GAAP (Unaudited) Three months ended March 31, 2008 2007 (Dollars in thousands) Cash flows from operating activities: Net income $9,543 $14,437 Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: Deferred income taxes 16,021 1,052 Provision for uncollectible revenue 3,874 6,330 Depreciation and amortization 53,925 57,898 SFAS 106 post-retirement accruals 22,522 22,472 Other non cash items (27,956) (47,684) Changes in assets and liabilities arising from operations: Accounts receivable and other current assets (28,399) 15,700 Accounts payable and other accrued liabilities (37,870) (24,487) Other (11,956) - Total adjustments (9,839) 31,281 Net cash provided by operating activities of continuing operations (296) 45,718 Cash flows from investing activities of continuing operations: Acquired cash balance, net 11,552 - Net capital additions (24,604) (36,169) Net proceeds from sales of investments and other assets - 7,765 Net cash used in investing activities of continuing operations (13,052) (28,404) Cash flows from financing activities of continuing operations: Loan origination costs (29,238) - Proceeds from issuance of long-term debt 1,635,500 - Repayments of long-term debt (685,441) - Contributions from Verizon 344,629 (16,891) Restricted cash (80,886) - Repayment of capital lease obligations (255) (423) Dividends paid to stockholders (1,160,000) - Net cash provided by (used in) financing activities of continuing operations 24,309 (17,314) Net increase in cash 10,961 - Cash, beginning of period - - Cash, end of period $10,961 $- Supplemental disclosure of cash flow information: Non-cash equity consideration $316,290 $- Non-cash issuance of senior notes 551,000 - FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Pro Forma Combined Statement of Operations (Non-GAAP) For the Three Months Ended March 31, 2008 (in millions, except per share data) Northern Pro Forma New Results England Legacy Merger for business FairPoint Related Pro Forma Combined (A) (B) Costs Adjustments Businesses Revenues $282 68 - (1)(C) $349 Operating expenses: Cost of services and sales, excluding depreciation and amortization 136 28 (10)(C)(D) 154 Selling, general and administrative expense 63 12 47 (I) (50)(D)(J) 72 Depreciation and amortization 54 13 5 (F) 72 Total operating expenses 253 53 47 (55) 298 Income from operations 29 15 (47) 54 51 Other income (expense): Interest expense (14) (11) - (22)(E)(H) (47) Interest and dividend income - - - - - Loss on derivative instruments - (22) - - (22) Other nonoperating, net 1 - (32)(K) 32 (K) 1 Total other expense (13) (33) (32) 10 (68) Income before income taxes 16 (18) (79) 64 (17) Income tax (expense) benefit (6) 7 25 (L) (19)(L) 7 Net income $10 (11) (54) 45 ($10) Basic weighted average shares outstanding 53.8 35.3 89.1 Diluted weighted average shares outstanding 53.8 35.3 89.1 Basic earnings per common share: Continuing operations $0.19 ($0.11) Diluted earnings per common share: Continuing operations $0.19 ($0.11) The accompanying notes are an integral part of these unaudited pro forma combined condensed financial statements. FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Pro Forma Combined Statement of Operations (Non-GAAP) For the Three Months Ended March 31, 2007 (in millions, except per share data) Northern Pro Forma New Results England Legacy Merger for business FairPoint Related Pro Forma Combined (A) (B) Costs Adjustments Businesses Revenues $298 70 - (1)(C) $367 Operating expenses: Cost of services and sales, excluding depreciation and amortization 136 30 (9)(C)(D) 157 Selling, general and administrative expense 64 11 8 (I) (11)(D)(J) 72 Depreciation and amortization 58 13 5 (F) 76 Total operating expenses 258 54 8 (15) 305 Income from operations 40 16 (8) 14 62 Other income (expense): Interest expense (18) (10) - (19)(E)(H) (47) Interest and dividend income - - - - Loss on derivative instruments - - - - Other nonoperating, net 1 2 - (2)(G) 1 Total other expense (17) (8) - (21) (46) Income before income taxes 23 8 (8) (7) 16 Income tax (expense) benefit (9) (3) 3 (L) 3 (L) (6) Net income $14 5 (5) (4) $10 Basic weighted average shares outstanding 53.8 35.3 89.1 Diluted weighted average shares outstanding 53.8 35.3 89.1 Basic earnings per common share: Continuing operations $0.26 $0.11 Diluted earnings per common share: Continuing operations $0.26 $0.11 The accompanying notes are an integral part of these unaudited pro forma combined condensed financial statements. FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Reconciliation of Net Income under GAAP to Pro Forma Adjusted EBITDA (Non-GAAP) (in millions) Three Months Ended March 31, March 31, 2008 2007 Net Income under GAAP $10 $14 Depreciation and amortization 54 58 Interest expense 14 18 Income taxes 6 9 Northern New England business EBITDA (1) 84 99 FairPoint EBITDA (1) Net Income (11) 5 Depreciation and amortization 13 13 Interest expense 11 10 Income taxes (7) 3 Pro forma adjustment for earnings in investees - (2) Loss on derivatives 22 - FairPoint Adjusted EBITDA (2) 28 29 Combined EBITDA (1) 112 128 Pro forma pension and OPEB adjustment 12 11 Estimated quarterly cost savings (3) 28 28 Non-cash pension and OPEB 10 12 - Pro forma Adjusted EBITDA (2) $162 $179 (1) EBITDA is defined as net income (loss) before interest expense, provision (benefit) for income taxes, depreciation and amortization. (2) Adjusted EBITDA is defined as EBITDA adjusted to exclude unusual or one-time non-recurring items, non-cash items and other adjustments and to include anticipated cost savings related to the merger and other adjustments. (3) Represents the quarterly run-rate cost savings as a result of the merger, which FairPoint expects to achieve within twelve months following the closing of the merger, assuming the Transition Services Agreement is terminated six months after the closing of the merger. These cost savings relate to the expected elimination of approximately $390 million (based on full year 2007 results) in annual costs and expenses, primarily consisting of shared corporate expenses allocated to the Northern New England business by Verizon. FairPoint believes that it can perform the corporate services provided by Verizon at a cost that is substantially less than that which was historically allocated to the Northern New England business. These costs will be replaced by (i) certain increased costs of approximately $254 million annually, (ii) the elimination of $18 million of annual revenue as a result of rate adjustments in Maine and (iii) the elimination of $6 million of annual revenue as a result of anticipated reductions in access charges in the future if a proceeding that is currently before the New Hampshire Public Utilities commission is decided adversely. In order to achieve these net cost savings, FairPoint expects to incur approximately $400 million in net one-time operating costs and capital expenditures, a significant portion of which will be capitalized. These costs do not include other merger related costs that were financed with the proceeds of the sale of FairPoint's investment in the Orange County-Poughkeepsie Limited Partnership or reimbursed by Verizon. These costs include payments of $200 million to Capgemini under the master services agreement, payments of $133 million to Verizon under the TSA (assuming FairPoint no longer needs services under the transition services agreement following the six-month anniversary of the closing of the merger) and additional merger and transition related expenditures. FairPoint estimates that it will incur approximately $335 million of these costs following the closing of the merger. There can be no assurances that these or any other cost savings will actually be realized.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND UNAUDITED

PRO FORMA COMBINED FINANCIAL STATEMENTS (A) On March 31, 2008, FairPoint completed a merger with Spinco, pursuant to which Spinco merged with and into FairPoint with FairPoint continuing as the surviving corporation for legal purposes. Spinco was a wholly-owned subsidiary of Verizon and prior to the merger Verizon and its subsidiaries transferred certain specified assets and liabilities of the local exchange business of Verizon New England in Maine, New Hampshire and Vermont and the customers of the related long distance and Internet service provider business in those states to subsidiaries of Spinco. The merger was accounted for as a "reverse acquisition" and, therefore, Spinco is treated as the acquirer for accounting purposes. As a result, the statement of operations and the financial information derived from the statement of operations as reported under GAAP reflects only the financial results of the Northern New England business. The balance sheet and financial information derived from the balance sheet reflect the combined assets and liabilities of Legacy FairPoint and Spinco at March 31, 2008. Certain assets and liabilities of the Northern New England business (principally related to pension, other post-employment benefits and associated deferred taxes) were not distributed to Spinco in the merger and were effectively contributed back to Verizon. The statement of operations as reported under GAAP reflects the actual results of the Northern New England business for the three months ended March 31, 2008 and may not be indicative of Spinco's and the FairPoint's future results (after giving effect to the merger). All results presented herein prior to March 31, 2008 represent the historical financial results of the Northern New England business and represent special-purpose combined financial statements prepared to present the balance sheets, statement of operations and cash flows of the Northern New England business in contemplation of a proposed merger with Legacy FairPoint and related transactions. These special- purpose combined financial statements were prepared in accordance with U.S. generally accepted accounting principles. Prior to March 31, 2008, these financial statements were prepared using specific information where available and allocations where data was not maintained on a state-specific basis within the Northern New England business' books and records. The special-purpose combined financial statements include the wireline-related businesses, Internet access, long distance and customer premises equipment services provided by the Northern New England business to customers in the states of Maine, New Hampshire and Vermont. All significant intercompany transactions have been eliminated. These special-purpose combined financial statements also included the assets, liabilities and expenses related to employees who support the Northern New England business, some of whom remained employees of Verizon following the merger. (B) To reflect operating results recognized by FairPoint prior to the merger as if the merger had occurred as of January 1, 2006. (C) This adjustment reflects revenues and related expenses associated with VoIP and wireless directory assistance services which were not transferred to Spinco. For the three months ended March 31, 2008 and 2007, the Northern New England business recorded approximately $1 million and $1 million in revenue and $1 million and $1 million in expenses, respectively, associated with VoIP and wireless directory assistance services. In addition, it reflects certain revenues and related expenses associated with customers of VSSI-CPE that were not transferred to Spinco. (D) This adjustment reflects the reduction in pension and OPEB expense of $12 million and $11 million for the three months ended March 31, 2008 and 2007, respectively, for the Northern New England business, determined using an actuarial study of employees to eliminate the pension and OPEB expense that were not be transferred to Spinco. Of the $12 million adjustment for the three months ended March 31, 2008, $9 million was included in cost of services and sales and $3 million was included in selling, general and administrative expenses. Of the $11 million adjustment for the three months ended March 31, 2007, $8 million was included in cost of services and sales and $3 million was included in selling, general and administrative expenses. (E) This adjustment reflects the removal of allocated interest expense of $14 million and $18 million recorded by the Northern New England business during the three month period ended March 31, 2008 and 2007, respectively, associated with affiliate notes payables and long-term debts held by Verizon. (F) This adjustment reflects the amortization of the finite-lived identifiable intangible assets recorded in this transaction. The weighted average estimated life of FairPoint's customer relationships is estimated to be 9.7 years and amortization expense is $5 million for the three months ended March 31, 2008 and 2007. (G) The adjustment to equity in net earnings of investees and net gains on sale of investments includes the elimination of FairPoint's equity in net earnings of investors in the Orange County - Poughkeepsie Limited Partnership. In April 2007, FairPoint sold this investment to Verizon Wireless and another third party for $55 million. (H) This adjusts reported interest expense to the pro forma interest expense to be recognized on the debt structure of the combined company following the spin-off and merger. The adjustment considers (1) the interest expense for the three months ended March 31, 2008 and 2007 recognized on the newly issued debt of the combined company, (2) the amortization of capitalized debt issuance costs associated with the newly issued debt, and (3) the elimination of interest expense and amortization of debt issuance costs related to the debt of Legacy FairPoint that was repaid upon consummation of the merger. (I) This adjustment is to separate certain merger related costs incurred by Legacy FairPoint prior to the merger. These costs consist of various transition and transaction related costs required to close the merger, hire new employees and begin the transition process. (J) This adjustment is to eliminate the merger related costs discussed in (I) above of $47 million and $8 million incurred by Legacy FairPoint prior to the consummation of the merger during the three months ended March 31, 2008 and 2007 which are directly related to the merger and related transactions. (K) This adjustment consists of fees and charges incurred in connection with the closing of the spin-off and merger, principally including investment banking fees, write-off of debt issuance costs on Legacy FairPoint's old credit facility and other costs incurred at the closing of the merger. (L) This adjustment reflects the income tax impact on adjustments described above. Investor Contact: Brett Ellis (866) 377-3747, bellis@fairpoint.com Media Contact: Rose Cummings (704) 602-7304; rcummings@fairpoint.com

FairPoint Communications, Inc.

CONTACT: Investors, Brett Ellis, +1-866-377-3747, bellis@fairpoint.com,
or Media, Rose Cummings, +1-704-602-7304, rcummings@fairpoint.com, both of
FairPoint Communications, Inc.

Web site: http://www.fairpoint.com/

Orange Brings the iPhone to Customers in Europe, Middle East and Africa

PARIS, May 16 /PRNewswire/ --

Orange today announced a new agreement with Apple to bring the iPhone to Orange customers in Austria, Belgium, the Dominican Republic, Egypt, Jordan, Poland, Portugal, Romania, Slovakia, Switzerland and Orange's African markets later this year.

About Orange

Orange is the key brand of France Telecom, one of the world's leading telecommunications operators. France Telecom serves more than 172 million customers in five continents as of March 31, 2008, of which two thirds are Orange customers. The Group had consolidated sales of 52.9 billion euros in 2007 (13 billion euros at March 31, 2008). As of March 31, 2008, the Group had 111.9 million mobile customers and 12 million broadband internet (ADSL) customers.

Launched in June 2005, the NExT program (New Experience in Telecommunications) will enable the Group to pursue its transformation as an integrated operator and make France Telecom the benchmark for new telecommunications services in Europe. In 2006, Orange became the Group's single brand for Internet, television and mobile services in the majority of countries where the company operates, and Orange Business Services the banner for services offered to businesses worldwide. France Telecom is the number three mobile operator and the number one provider of broadband internet services in Europe and one of the world leaders in providing telecommunication services to multinational companies.

France Telecom (NYSE: FTE) is listed on Euronext Paris and on the New York Stock Exchange.

For more information: http://www.orange.com, http://www.francetelecom.com, http://www.orange-business.com

Orange and any other Orange product or service names included in this material are trade marks of Orange Personal Communications Services Limited.

Orange

Press contacts: Carolyn Owen, Carolyn.owen@orange-ftgroup.com, +44-7891-641-008. Georgina Hart, georgina.hart@orange-ftgroup.com, +44-7730-989-693

Amerigon Holds Annual Stockholders Meeting

NORTHVILLE, Mich., May 16 /PRNewswire-FirstCall/ -- Amerigon Incorporated , a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that it held its Annual Meeting of Stockholders on Thursday, May 15, at the Company's offices in Northville, MI, as scheduled. A quorum of stockholders was present in person or by proxy.

The directors elected to serve until the next annual meeting are Daniel R. Coker, President and CEO; Oscar B. Marx, III, Chairman of the Board; Lon E. Bell, Ph.D., President and CEO of Amerigon's BSST subsidiary; Francois J. Castaing, retired technical advisor to the Chairman of DaimlerChrysler Corporation; John M. Devine, Executive Chairman and Acting Chief Financial Officer of Dana Holding Corporation; Maurice E.P. Gunderson, Venture Partner at CMEA Ventures; and James J. Paulsen, retired Ford Motor Company senior executive.

About Amerigon

Amerigon develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.

Contact: Allen & Caron Inc Jill Bertotti jill@allencaron.com (949) 474-4300

Amerigon Incorporated

CONTACT: Jill Bertotti of Allen & Caron Inc, +1-949-474-4300,
jill@allencaron.com, for Amerigon Incorporated

China Education Alliance, Inc. Announces Strong First Quarter 2008 Results

HARBIN, China, May 16 /Xinhua-PRNewswire-FirstCall/ -- China Education Alliance, Inc. (BULLETIN BOARD: CEUA) (''China Education Alliance'' or ''the Company''), a leading distributor of educational resources, offering high-quality programs and training both through online networks and an on-site training center in the People's Republic of China, today reported strong financial results for the first quarter ended March 31, 2008.

First quarter 2008 Highlights -- Total revenue increased 31.9% year over year to $4.1 million -- Gross profit rose to $3.2 million, up 47.5% from $2.2 million in the first quarter of 2007; Gross margin improved to 79.7% from 71.3% for the first quarter of 2007 -- Operating income totaled $1.5 million, up 30.2% from $1.2 million in the first quarter of 2007 -- Other net income was $521,829 due to a value added tax refund, versus other net expense of $98,807 in the first quarter last year -- Net income grew 90.8% to $1.9 million from $1.0 million in the first quarter of 2007, fully diluted earnings per share was $0.08 versus $0.05 in the first quarter of 2007 -- Launched new Corporate and Investor Relations Website -- Acquired 70% equity interest of World Exchanges Inc., which offers English training programs, English test preparation courses and overseas study and consulting services First Quarter 2008 Results

Revenue in the first quarter increased to $4.1 million, up 31.9% from $3.1 million in the prior year, driven by strong growth in both the training center business and online education business.

Online education represented 75.8% of total revenue for the first quarter of 2008 versus 85.1% in the same period in the prior year, while the training center business generated the remaining 24.2% of total revenue for the first quarter of 2008 versus 14.9% in the first quarter last year.

''Our training center business improved significantly in this quarter due to the rapid growth of our vocational education business,'' commented Mr. Xiqun Yu, Chairman and CEO of China Education Alliance,Inc., ''We experienced strong sales growth in the quarter, but our bottom line grew faster as we gained leverage in our online education business and we benefited from a sizable government tax refund in the quarter.''

Online education revenue was $3.1 million for the first quarter, up 17.5% from $2.6 million in the first quarter of 2007. Training center revenue for the first quarter was $983,632, up 114% from $459,559 in the first quarter of last year. The significant revenue growth in the training center business was due to the addition of several new programs for vocational studies and certification programs, which provided new sources of training center income.

Overall cost of sales decreased 7% to $824,632 in the first quarter of 2008, compared to $886,311 in the same period of 2007. Gross profit increased to $3.2 million in the first quarter, up 47.5% from $2.2 million in the same quarter of 2007. Gross margin for the quarter increased to 79.7% from 71.3% in the same quarter a year ago. The improved gross margin was due to the fact that on-line education costs are somewhat fixed and margins increase with volume and advertising revenue and there were no substantial costs associated with such increases, as well as the higher growth rate of the training center business. The online education gross margin increased to 86.2% in first quarter of 2008 from 74.6% in the same period of 2007. The training center gross margin increased to 59.4% for the three months ended March 31, 2008 from 52.4% in the same period of last year.

Selling expenses increased 59.6% to $1.2 million, compared to $750,438 in the first quarter of 2007, due to increased agency fees associated with increased sales of our debit cards. General and administrative (''G&A'') expenses were $307,362, up from $157,663 in the first quarter of 2007, primarily due to the increase in professional fees and office expenses offset by decreases in salaries and other administrative expenses.

Operating income in the first quarter increased to $1.5 million, from $1.2 million in the same period a year ago. Operating margin was 37.9% in the first quarter of 2008 compared to 38.4% in the prior year.

The Company received a value-added tax refund of $521,829 recognized as other income this quarter. The total net other income was $546,737 this quarter versus $(98,870) in the first quarter of 2007.

Net income for the first quarter was $1.9 million, up 90.8% from $1.0 million in the year earlier period. Fully diluted earnings per share were $0.08 compared to $0.05 in the comparable period for 2007.

Financial Condition

As of March 31, 2008, China Education Alliance, Inc. had $17.7 million in cash and cash equivalents, $16.9 million in working capital, and no long-term debt. Shareholders' equity was $24.1 million up from $18.6 million at December 31, 2007. The company generated $2.7 million in cash flow from operating activities in the first quarter of 2008.

Recent Developments

In January 2008, the Company signed a series of strategic collaboration agreements with thirty-five domestic education institutions in Beijing that cover subjects including remote education, IT training, vocational qualification education and foreign language.

In January 2008, The Company began operating the National Association of Vocational Education of China's (NAVEC) Education Examination Center, which has access to the resources of 30,000 famous vocational experts and instructors who are members and it will provide six national standard exam- oriented vocational training courses.

In April 2008, China Education Alliance, Inc. launched a new corporate and investor relations website under the domain name of http://www.chinaeducationalliance.com/ to enhance the Company's corporate branding efforts and strengthen communications with investors, customers and business partners.

In April 2008, China Education Alliance, Inc. signed an agreement to issue 400,000 shares of common stock to purchase 70% of the entire issued share capital of World Exchanges Inc. (''World Exchanges''), which provides English training programs, English test preparation courses and overseas study and consulting services through its five existing ''Group Entities''.

World Exchanges will establish a Wholly Foreign Owned Enterprise (''WFOE'') as its English education headquarters to operate World Exchanges College of Language (''WECL'') English Education business. WECL works closely with local universities to promote its on-campus language instruction programs that create a total English language environment in Chinese universities to enhance practical English skills and English examination skills for students. In addition, WECL also provides part-time language training programs, test preparation programs as well as overseas study and consulting services for students.

''In this quarter, we experienced robust growth of our on-site education business due to the fast expansion of our onsite vocational education business and tutoring business,'' said Mr. Yu, ''We believe the acquisition of World Exchanges will become a significant factor that will drive our vocational education segment to further supplement the online business, which will continue to grow steadily. We plan to establish another ten WECL branches in addition to setting up over 20 vocational training branches in 2008.''

Conference Call

The Company will host a conference call to discuss its first quarter 2008 results at 8:00 a.m. Eastern Time on Friday, May 16, 2008. The management team will be on the call to discuss quarterly results and highlights and to answer questions. The toll-free number for U.S. participants is 800-688-0796. International participants can dial 617-614-4070. Passcode 182 629 76.

The conference call will also be webcast live over the Internet and can be accessed by all interested parties by using the following link: http://phx.corporate-ir.net/playerlink.zhtml?c=178111&s=wm&e=1852386 . To listen to the call, please visit this link at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live webcast, it will be archived using the same link for 90 days.

If you are unable to participate in the call at this time, a replay will be available for fourteen days starting on Friday, May 16 at 10:00 a.m. Eastern Time. To access the replay, dial 888-286-8010, international callers should dial 617-801-6888, and enter the passcode 844 289 23.

About China Education Alliance, Inc.

The Company is an educational resource company offering high-quality educational programs and training through both online networks and an on-site training center. The Company's products include online test preparation materials, researchers' materials, study guides, and audio recordings, vocational training services and vocational certifications. The Company conducts educational services through three main channels: a large educational online portal, educational software and media, and education and vocational training centers. The Company is currently selling educational products and services to families, provincial education officials, administrators, schools and teachers in China. The Company's website is: http://www.chinaeducationalliance.com/ .

Safe Harbor Statement

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company's planned expansion in 2008 and predictions and guidance relating to the Company's future financial performance. We have based these forward- looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs and are not a guarantee of future performance but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the education industry, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's new facilities, risk associated with large scale implementation of the company's business plan, the ability to attract new customers, ability to increase its product's applications, cost of raw materials, downturns in the Chinese economy, the adoption by consumers of its new game business, the unproven advertising model that is dependent on attracting a large game user base, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release, readers are cautioned not to place undue reliance on any of them and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

-- Financial Tables Below -- China Education Alliance, Inc. and Subsidiaries Consolidated Balance Sheet March 31, December 31, 2008 2007 ASSETS (unaudited) Current Assets Cash and cash equivalents $17,733,949 $11,778,954 Advances to related parties -- 108,536 Prepaid expenses 707,619 1,612,779 Total current assets 18,441,568 13,500,269 Property and equipment, net 6,227,965 6,186,824 Franchise rights 883,201 579,864 Intangible, net 40,965 43,696 $25,593,699 $20,310,653 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $406,870 $423,109 Deferred revenues 1,123,339 1,245,507 Total current liabilities 1,530,209 1,668,616 Stockholders' Equity Preferred stock ($0.001 par value, 20,000,000 shares authorized, 7,597,645 and 9,397,645 issued and outstanding, respectively, aggregate liquidation preference of $2,717,152 and $3,383,152, respectively) 3,010,144 3,677,944 Common stock ($0.001 par value, 150,000,000 shares authorized, 21,492,631 and 19,409,830, issued and outstanding, respectively) 21,493 19,410 Additional paid-in capital 9,711,386 6,378,110 Statutory reserve Accumulated other comprehensive income 2,083,512 1,243,541 Retained earnings 9,236,955 7,323,032 Total stockholders' equity 24,063,490 18,642,037 $ $25,593,699 $ $20,310,653 China Education Alliance, Inc. and Subsidiaries Consolidated Statements of Operations For Three Months Ended March 31, 2008 and 2007 (Unaudited) Three Months Ended March 31, 2008 2007 Revenues Online education revenues $3,086,785 $2,626,668 Training center revenues 983,632 459,559 Total revenue 4,070,417 3,086,227 Cost of Goods Sold Online education costs 425,042 667,747 Training center costs 399,590 218,564 Total cost of goods sold 824,632 886,311 Gross Profit Online education gross profit 2,661,743 1,958,921 Training center gross profit 584,042 240,995 Total gross profit 3,245,785 2,199,916 Operating Expenses Selling expenses 1,197,335 750,438 Administrative 307,362 157,663 Depreciation and amortization 197,658 106,125 Total operating expenses 1,702,355 1,014,226 Other Income (Expense) Value-added tax refund 521,829 -- Interest income 24,908 5,627 Interest expense -- (104,497) Total other income (expense) 546,737 (98,870) Net Income Before Provision for Income Tax 2,090,167 1,086,820 Provision for Income Taxes 176,244 83,907 Net Income $1,913,923 $1,002,913 Basic Earnings Per Share $0.09 $0.05 Diluted Earnings Per Share $0.08 $0.05 Basic Weighted Average Shares Outstanding 20,898,901 19,314,333 Diluted Weighted Average Shares Outstanding 24,861,752 19,356,361 The Components of Other Comprehensive Income Net income $1,913,923 $1,002,913 Foreign currency translation adjustment 839,971 258,766 Comprehensive Income $2,753,894 $1,261,679 China Education Alliance, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2008 2007 Cash flows from operating activities Net Income $1,913,923 $1,002,913 Adjustments to reconcile net cash provided by operating activities Depreciation and amortization 304,081 153,120 Amortization of loan discount - warrants attached to loans -- 81,563 Warrants issued for services -- 7,876 Stock issued for services -- 15,900 Net change in assets and liabilities Other receivables -- 54,206 Prepaid expenses and other 508,985 429,227 Advances from related parties 108,536 (952) Accounts payable and accrued liabilities (16,239) 76,578 Deferred revenue (122,168) (104,767) Net cash provided by operating activities 2,697,118 1,715,664 Cash flows from investing activities Purchases of fixed assets (249,653) (25,986) Cash flows from financing activities Warrants exercised 2,667,559 -- Effect of exchange rate 839,971 90,200 Net increase in cash 5,954,995 1,779,878 Cash and cash equivalents at beginning of year 11,778,954 1,838,339 Cash and cash equivalents at end of year $17,733,949 $3,618,217 Supplemental disclosure of cash flow information Interest paid $-- $25,010 Taxes paid $94,737 $-- Value of warrants issued for services $-- $7,876 Non-cash investing and financing activities Conversion of preferred stock to common $667,800 $-- For more information, please contact: Company Contact: Mr. Xiqun Yu Chairman and CEO China Education Alliance, Inc. Tel: +86-451-8233-5794 Email: yxq@edu-chn.com Investor Relations Contact: Mr. Crocker Coulson President CCG Elite Investor Relations Tel: +1-646-213-1915 (NY Office) Email: crocker.coulson@ccgir.com Web: htp://www.ccgelite.com

China Education Alliance, Inc.

CONTACT: Mr. Xiqun Yu, Chairman and CEO of China Education Alliance,
Inc., +86-451-8233-5794, or yxq@edu-chn.com; or investor Relations Contact, Mr.
Crocker Coulson, President of CCG Elite Investor Relations, +1-646-213-1915,
or crocker.coulson@ccgir.com

Web Site: htp://www.ccgelite.com
http://www.chinaeducationalliance.com/

China Finance Online Updates its Guidance for Quarter Ended March 31, 2008

BEIJING, May 16 /Xinhua-PRNewswire/ -- China Finance Online , a leading Chinese online financial information, data and analytics provider, today updates its guidance for the quarter ended March 31, 2008.

In the first quarter of 2008, Chinese stock market experienced the most significant quarterly decline in the past 15 years, with Shanghai Stock Exchange Composite Index down 34%. Despite the sharp decline in the stock market and the sizable seasonality impact of the Chinese New Year in February, the Company's core subscription services still achieved solid growth, primarily due to continued growth in the Company's registered user accounts and paying subscribers, and further enhancement of its telemarketing and product development capabilities.

As a result, the Company now expects net revenues for the first quarter of 2008 to be in the range of US$10.5 to US$10.8 million, up from previous guidance range of US$10.0 to US$10.5 million, representing an increase of 163% to 170% year-over-year and 18% to 22% quarter-over-quarter.

China Finance Online also raises its guidance on adjusted earnings to the range of US$4.5 to US$5.0 million for the first quarter of 2008, up 285% to 328% year-over-year and 24% to 38% quarter-over-quarter, compared to previous guidance of US$3.7 to US$ 4.0 million.

Adjusted earnings is a non-GAAP measure that represents net income excluding share-based compensation expenses. The presentation of this non-GAAP measure is not intended to be considered in isolation or as substitute for the financial information prepared and presented in accordance with U.S. GAAP.

This guidance reflects the Company's preliminary view based on current plans, estimates, and projections. A number of important factors could cause the actual results to differ materially from those contained in such guidance.

About China Finance Online Co. Limited

China Finance Online Co. Limited is the market leader in providing online financial and listed company data, information and analytics in China. Through its websites, http://www.jrj.com/ and http://www.stockstar.com/ , the Company provides individual users with subscription-based service packages that integrate financial and listed company data, information and analytics from multiple sources with features and functions such as data and information search, retrieval, delivery, storage and analysis. These features and functions are delivered through proprietary software available by download, through internet or through mobile handsets. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd, the Company provides financial information database and analytics to institutional customers including domestic securities and investment firms. Through its subsidiary, Daily Growth Investment Company Limited, the Company provides securities brokerage services for stocks listed on Hong Kong Stock Exchange.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, our historical and possible future losses, limited operating history, uncertain regulatory landscape in the People's Republic of China, fluctuations in quarterly operating results, our ability to successfully compete against new and existing competitors, our reliance on relationships with Chinese stock exchanges and raw data providers, changes in accounting policies, our ability to successfully acquire and integrate businesses and the impact of our investments on our financial results. Further information regarding these and other risks is included in China Finance Online's annual report on Form 20-F for the year ended December 31, 2006, and other filings with the Securities and Exchange Commission. China Finance Online does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

China Finance Online Co. Limited

CONTACT: Investor Relations of China Finance Online Co. Limited,
+86-10-5832-5288, or ir@jrj.com

Web Site: http://www.jrj.com/
http://www.stockstar.com/

Robbins Entertainment, Rounder Records, and New West Records Sign Long Term Agreement with Play MPE(R)Play MPE(R) adds three additional major independent labels to its roster, further cementing itself as the global standard for digital delivery.

VANCOUVER, British Columbia, May 16 /PRNewswire-FirstCall/ -- Destiny Media Technologies (BULLETIN BOARD: DSNY) is pleased to announce the signing of new termed agreements. Robbins Entertainment, Rounder Records, and New West Records will utilize the Play MPE(R) System to digitally deliver pre-release content to radio broadcasters, trusted recipients, and music industry VIPs.

Frank Murray, VP Promotion Robbins Entertainment and Tony Benken, VP Promotion Robbins Nashville, said "Play MPE(R) has proven to be an effective tool in getting our music in front of busy programmers. The service's ease of use and customer service benefit labels and radio alike."

"Rounder Records is excited to be working with Play MPE(R)," said Paul Langton, VP Promotion. "It's hands-down the best way to get our music directly to the programmers the second we send it out."

"These days it's about cutting through the clutter," said Jeff Cook, Head of Promotion, New West Records. "With the massive amount of CDs that are hitting the doors of radio every week, Play MPE(R) has become a valuable source for radio, allowing easy digital access to releases as the industry transitions over."

Laurie Gail, Director of East Coast Label and Radio Relations, Play MPE(R), said, "We couldn't be more excited to have three labels with incredible rosters and a long standing history of breaking new artists. Their contributions to music assure a constant stream of new and exciting releases from both established and developing artists. Adding these labels to an already long list of signed agreements ensures a continuous flow of eclectic content."

About Robbins Entertainment:

Robbins Entertainment is based in New York City and was founded in 1996 by Cory Robbins, former President and co-founder of Profile Records. Robbins Entertainment is well known for their numerous crossover hits and has recently launched Robbins Nashville.

About Rounder Records:

Rounder Records started its humble beginnings over thirty years ago and is now America's premier independent record label for vital, uncompromised music of all genres. They feature an expansive catalogue of more than 3,000 titles running the gamut from folk to world, soul to soca, jazz to juju, cajun to celtic, and beyond.

About New West Records:

Established in 1998, New West Records is based in Austin, TX and Los Angeles, CA. Known for a range of artists from indie to country to classic rock to singer/songwriter, New West also represents the PBS show Austin City Limits.

About Play MPE(R)

With almost 21,000 users and over 82,000 songs from more than 1,000 record labels, including Universal Music Group, EMI Music Group, Sony BMG and Warner Music Group, Destiny's Play MPE(R) system is the most widely used digital distribution system available to the recording and radio industries. Play MPE(R) is a secure distribution system that features state-of-the-art encryption to protect content while delivering high definition audio to users in radio, marketing and media. A powerful promotional tool, Play MPE(R) also allows record companies to distribute video, text and graphics including music videos, CD covers, credits, lyrics, promotions, and other content. More information on Play MPE(R) can be found at http://www.plaympe.com/

About Destiny Media Technologies

Destiny (http://www.dsny.com/) is a software development company which provides tools that some of the world's largest media companies use to distribute their content on the Internet. Products include Play MPE(R), Clipstream(R) and Radio Destiny(TM).

Company Contact: Steve Vestergaard, CEO Destiny Media Technologies, Inc. (604) 609-7736 (ext. 222) Email: steve@dsny.com

Safe Harbor Statement

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Destiny Media Technologies

CONTACT: Steve Vestergaard, CEO of Destiny Media Technologies, Inc.,
+1-604-609-7736, ext. 222, steve@dsny.com

Web site: http://www.dsny.com/
http://www.plaympe.com/

Qualcomm Wins 40 MHz of L-Band Spectrum in UK Auction

SAN DIEGO and LONDON, May 16 /PRNewswire/ --

- Spectrum Acquisition Broadens Opportunity to Develop, Test and Explore Innovative Wireless Services and Technologies in the United Kingdom -

Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies and data solutions, today announced that it has acquired 40 MHz (1452-1492 MHz) of L-Band radio spectrum recently auctioned by UK communications regulator Ofcom, at a cost of GPB 8,334,000. This acquisition will allow Qualcomm, in collaboration with its partners, to bring a variety of innovative wireless technologies to the UK market.

"Winning this license creates an opportunity for Qualcomm to explore emerging business models and advanced mobile technologies," said John Caterer, managing director, UK, Qualcomm Europe, Inc. "If we can help the market to harness this potential, we will see additional opportunities for service providers using a variety of technologies. This will ultimately benefit consumers, offering them high quality services and a range of creative applications."

"Qualcomm has a long history of innovation and creating new technology markets," said Andrew Gilbert, executive vice president of Qualcomm and president of Qualcomm Internet Services, MediaFLO Technologies and Qualcomm Europe. "Acquiring this spectrum will enable us to develop, test and explore a variety of innovative wireless services and technologies that will benefit European consumers and the wireless industry as a whole."

The L-Band spectrum license acquired by Qualcomm covers the entire United Kingdom and is technology neutral, thereby enabling Qualcomm to use the spectrum for innovative technologies, depending on its assessment of market needs in the United Kingdom.

Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2008 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.

Qualcomm is a registered trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.

Qualcomm Contacts: Richard Tinkler, Qualcomm Europe Phone: +44-(0)-7720-060619 Email: rtinkler@qualcomm.com, Emily Kilpatrick, Corporate Communications Phone: +1-858-845-5959 Email: corpcomm@qualcomm.com John Gilbert, Investor Relations Phone: +1-858-658-4813 Email: ir@qualcomm.com

Web site: http://www.qualcomm.com

Qualcomm Incorporated

Richard Tinkler, Qualcomm Europe, +44-(0)-7720-060619, rtinkler@qualcomm.com, or Emily Kilpatrick, Corporate Communications, +1-858-845-5959, corpcomm@qualcomm.com, or John Gilbert, Investor Relations, +1-858-658-4813, ir@qualcomm.com, all of Qualcomm Incorporated

Qualcomm Wins 40 MHz of L-Band Spectrum in UK Auction- Spectrum Acquisition Broadens Opportunity to Develop, Test and Explore Innovative Wireless Services and Technologies in the United Kingdom -

SAN DIEGO and LONDON, May 16 /PRNewswire-FirstCall/ -- Qualcomm Incorporated , a leading developer and innovator of advanced wireless technologies and data solutions, today announced that it has acquired 40 MHz (1452-1492 MHz) of L-Band radio spectrum recently auctioned by UK communications regulator Ofcom, at a cost of GPB 8,334,000. This acquisition will allow Qualcomm, in collaboration with its partners, to bring a variety of innovative wireless technologies to the UK market.

Qualcomm Incorporated (http://www.qualcomm.com/) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2008 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.

Qualcomm is a registered trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.

Qualcomm Contacts: Richard Tinkler, Qualcomm Europe Phone: +44 (0) 7720 060619 Email: rtinkler@qualcomm.com, Emily Kilpatrick, Corporate Communications Phone: 1-858-845-5959 Email: corpcomm@qualcomm.com John Gilbert, Investor Relations Phone: 1-858-658-4813 Email: ir@qualcomm.com

Qualcomm Incorporated

CONTACT: Richard Tinkler, Qualcomm Europe, +44 (0) 7720 060619,
rtinkler@qualcomm.com, or Emily Kilpatrick, Corporate Communications,
+1-858-845-5959, corpcomm@qualcomm.com, or John Gilbert, Investor Relations,
+1-858-658-4813, ir@qualcomm.com, all of Qualcomm Incorporated

Web site: http://www.qualcomm.com/

QXM Issues Convertible Notes Primarily For Share Buyback

BEIJING, May 16 /Xinhua-PRNewswire-FirstCall/ -- Qiao Xing Mobile Communication Co., Ltd. ("Qiao Xing Mobile" or "the Company") , one of China's leading manufacturers of mobile handsets, announced that the Company has on May 15, 2008 signed binding agreements to issue to two existing shareholders of the Company (the "Investors") USD70 million worth of 3-year senior convertible notes (the "Notes") with warrants. The notes have a 4% annual coupon and are redeemable at par.

The consideration payable by the Investors for the Notes will be a combination of shares of the Company's common stock that are currently owned by the Investors, valued at approximately USD48.3 million, and cash. All shares submitted by the Investors in exchange for the Notes will be cancelled. The net cash proceeds raised by the Company will be used for general corporate purposes, including funding potential ventures which the Company is currently evaluating.

"We believe that this is a good opportunity for us to use our strong balance sheet to take on borrowings that offer low interest rates, as well as to take advantage of our current low trading price to buy back some of our outstanding shares," said Chairman Wu Zhi Yang in Beijing.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Qiao Xing Mobile Communication Co., Ltd.

Qiao Xing Mobile Communication Co., Ltd. is one of the leading domestic manufacturers of mobile handsets in China in terms of unit sales volume. The Company manufactures and sells mobile handsets based primarily on Global System for Mobile Communications, or GSM, global cellular technologies. It operates its business primarily through CEC Telecom Co., Ltd., or CECT, its 96.55%-owned subsidiary in China. Through its manufacturing facility in Huizhou, Guangdong Province, China, and two research and development centers in Huizhou and in Beijing, the Company develops, produces and markets a wide range of mobile handsets, with increasing focus on differentiated products that generally generate higher profit margins.

Safe Harbor Statement

This announcement contains forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "aim," "anticipate," "believe," "continue," "estimate," "expect," "intend," "is /are likely to," "may," "plan," "potential," "will" or other similar expressions. Statements that are not historical facts, including statements about Qiao Xing Mobile's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward- looking statement. Information regarding these factors is included in our filings with the Securities and Exchange Commission. Qiao Xing Mobile does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of May 16, 2008, and Qiao Xing Mobile undertakes no duty to update such information, except as required under applicable law.

For further information, contact: Ma Tao Qiao Xing Mobile Communication Co., Ltd. Tel: +86-10-6250-1706 Email: matao@qxmc.com

Qiao Xing Mobile Communication Co., Ltd.

CONTACT: Ma Tao of Qiao Xing Mobile Communication Co., Ltd., +86-10-6250-
1706, or matao@qxmc.com

SAP to Highlight Latest News Via Press Conference Webcast and Online Newsroom from SAPPHIRE(R) 2008 Berlin

BERLIN, May 16 /PRNewswire-FirstCall/ -- Press, bloggers and analysts are invited to attend online the press conference highlighting the news announcements being made at SAPPHIRE(R) 2008, SAP's international customer conference, being held in Berlin, Germany, May 19 - 21.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050310/SFTH009LOGO-a)

The press conference will include remarks from SAP Co-CEOs Henning Kagermann and Leo Apotheker.

SAP Monday, May 19, 2008 Press Conference 12:30 p.m. - 1:30 p.m. CET / 6:30 a.m. - 7:30 a.m. EDT The Webcast will be broadcast at http://www.sap.com/press Questions can be submitted to press@sap.com

SAP press announcements from SAPPHIRE 2008 Berlin are expected to be issued at:

12:30 p.m. CET / 6:30 a.m. EDT on Monday, May 19 10:30 a.m. CET / 4:30 a.m. EDT on Tuesday, May 20 and Wednesday, May 21

During SAPPHIRE 2008, customers from throughout the world will present how they utilize and benefit from SAP(R) solutions to build "business beyond boundaries." To view the complete list of presentations by customers, SAP and a growing ecosystem of partners, visit http://www.sapphire2008agenda.com/emea2008/sessions.epx.

Webcasts, announcements, media roundtables, keynote presentations and podcasts from SAPPHIRE 2008 Berlin will be available in the event's virtual newsroom at http://www.sapsapphire.com/emea2008/newsroom/index.htm.

To view video stories on diverse topics, visit http://www.sap-tv.com/. From this newly launched site, you also can embed videos into your own Web pages, share video via email links and subscribe to RSS feeds from SAP TV. No registration is required.

To preview and request broadcast-standard video digitally or by tape, log on to http://www.thenewsmarket.com/sap, where registration and video is free to the media.

Contacts: SAP Press Room at SAPPHIRE, +49 6227 7 74069 Iris Eidling, +49 (160) 889-6607, iris.eidling@sap.com, CET Sabine Hollstein, +49 (0)172 6 88 84 23, sabine.hollstein@bm.com, CET SAP Press Office, +1 (610) 661-3200, press@sap.com, EDT SAP Press Office +49 (6227) 7-46315, press@sap.com, CET SAP Investor Relations Stefan Gruber, +49 6227 744872, stefan.gruber@sap.com, CET Marty Cohen, +1 212 653-9619, martin.cohen@sap.com, EDT

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

Photo: http://www.newscom.com/cgi-bin/prnh/20050310/SFTH009LOGO-a
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com SAP AG

CONTACT: SAP Press Room at SAPPHIRE, +49 6227 7 74069, or Iris Eidling,
+49 [160] 889-6607, iris.eidling@sap.com, CET, or SAP Press Office,
+1-610-661-3200, EDT, or +49 [6227] 7-46315, CET, press@sap.com, all of SAP
AG; or Sabine Hollstein, +49 [0] 172 6 88 84 23, sabine.hollstein@bm.com, CET,
for SAP AG; or Investors, Stefan Gruber, +49 6227 744872,
stefan.gruber@sap.com, CET, or Marty Cohen, +1-212-653-9619,
martin.cohen@sap.com, EDT, all of SAP AG

Web site: http://www.sap.com/

China Recycling Energy Corp. Announces First Quarter 2008 Financial Results

-- 2008 Revenues Expected to be $17 Million to $19 Million with $4.5 Million to $5 Million in Adjusted Net Income

XI'AN, China, May 16 /Xinhua-PRNewswire-FirstCall/ -- China Recycling Energy Corp. (BULLETIN BOARD: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its 2008 first quarter financial results for the three months ended March 31, 2008.

Financial Results Overview

During the first quarter of 2008, the Company generated revenues of US$564,952. The revenues were mainly from interest income on sales-type leases for energy-saving equipment. The Company changed its line of business during the first quarter of 2007, as it discontinued the mobile phone business and began solely selling, assembling and installing energy-saving equipment during the period. The income from discontinued operations was US$23,105 for the quarter ended March 31, 2007. The Company now sells its equipment through sales-type leasing.

"We are very excited about our new strategic move into China's alternative-energy space," said Mr. Guangyu Wu, CEO of CREG. "Since 2006, we have already established working relations with six steel, cement and chemical manufacturers in China and so far implemented four waste-to-energy projects for them with a combined total of about US$10 million in annual estimated revenues. We are in the process of building three additional projects with revenue generation to begin from May to October this year with a combined total of about US$10 million in annual estimated revenues."

Mr. Wu continued, "As industrial firms in China continue to fend off mounting utility bills and tightening pollution regulations, we believe we are offering a very cost-effective and environmentally conscious solution for these fast-growing Chinese steel mills, cement factories and chemical plants to save and rationalize their energy use."

General and administrative expenses were US$648,610 for the first quarter ended March 31, 2008, an increase of 152% from US$257,042 for the three months ended March 31, 2007. This increase was mainly due to option compensation expense of US$325,155 to employees that was vested during the quarter. The operating loss for the first quarter of 2008 amounted to US$83,658 compared with an operating profit of US$896,539 for the same period in 2007.

Net loss for the first quarter of 2008 was US$887,940, or US$0.04 loss per diluted share, as compared to a net income of US$759,437, or US$0.04 earnings per diluted share, in the same period one year ago. This decrease in net income (loss) was mainly due to non-operating expenses of US$753,308 for the quarter, of which US$623,288 was related to the amortized beneficial conversion feature for the convertible note, and US$124,658 was accrued interest expense on the same convertible note.

Excluding total non-operating expense of US$753,308 as well as the US$325,155 in stock compensation expense as noted above, net income for the quarter amounted to US$190,523.

Balance Sheet

CREG's balance sheet at March 31, 2008 included cash and cash equivalents of US$797,601, investments in sales-type leases amounting to US$1.09 million, working capital of US$8.39 million, and shareholders' equity of US$17.45 million.

Update on Recent Projects

In March 2008, the Company signed an agreement with Changzhi Steel ("Changzhi") for Changzhi to purchase the electricity generated by our new TRT power generator project at 0.385 RMB per kilo watt hour ("KWH") for 13 years. The Company will invest US$3.6 million on this new 6 million-watts-capacity TRT power generator project, including design, model selection, equipment purchase and installment, construction and, management, maintenance and operation of the project after putting it into production. The Company will use the Build-Operate-Transfer ("BOT") model to build and operate the project. Under the BOT model, the company will build and operate the facility during the contract term and charge for fees and will transfer the facility to the lessee at the end of the term. This system will be able to maintain 8,300 annual operating hours once it is put into operation.

In November 2007, the Company signed a cooperative agreement with Shengwei Group for a Cement Waste Heat Power Generator Project. The Company will build two sets of 12 million watts pure, low-temperature cement waste heat power generator systems for its two 2,500 tons per day cement manufacturing lines in Jin Yang and its 5,000 tons per day cement manufacturing line in Tong Chuan. The Company has finished the selection of equipment and equipment bidding process, and commenced construction during the first quarter of 2008. The Company's total investment will be approximately US$13.7 million with estimated annual power generated capacity of 120 million KWH once the two systems are put into operation. The Company will use the BOT model to build and operate the systems. The operating period for the systems will be five years. During the operating period, Shengwei Group will pay the Company the monthly electricity fee based on the actual power generated by the systems at 0.4116 RMB per KWH as agreed.

As of May 15, 2008, the Company had four waste-to-energy projects in operation servicing Chinese steel and cement factories, with three more projects under construction.

Full Years 2008 and 2009 Guidance

The Company expects revenues for the 2008 year to be in the range of US$17 million to US$19 million and net income, excluding non-cash items, in the range of US$4.5 million to US$5 million.

The Company expects revenues for the 2009 year to be in the range of US$33 million and US$36 million, with net income, excluding non-cash items, of approximately US$10 million.

These targets are based on the Company's current views on the operating and market conditions, which are subject to change.

About China Recycling Energy Corp.

China Recycling Energy Corp. (OTCBB: CREG.OB) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 0.1% of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China.

For more information about CREG, please visit http://www.creg-cn.com/ . Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov/. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact: In China: Mr. Zhigang Wu Investor Relations China Recycling Energy Corp. Tel: +86-29-8765-1096 Email: tch@creg-cn.com In the U.S.: Mr. Valentine Ding Investor Relations Grayling Global Tel: +1-646-284-9412 Email: vding@hfgcg.com China Recycling Energy Corporation and Subsidiaries Consolidated Balance Sheet (unaudited in US$) As of March 31, 2008 ASSETS CURRENT ASSETS Cash & cash equivalents $797,601 Investment in sales type leases, net 1,093,493 Interest receivable 239,165 Advances to suppliers 2,566,320 Prepaid expenses 227,086 Inventory 10,257,871 Total current assets 15,181,536 INVESTMENT IN SALES TYPE LEASES, NET 7,995,916 PROPERTY AND EQUIPMENT, net 82,459 CONSTRUCTION IN PROGRESS 997,293 TOTAL ASSETS $24,257,204 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $2,317,275 Tax payable 426,938 Accrued liabilities and other payables 2,669,459 Advance from shareholder 250,000 Interest payable 187,672 Convertible notes, net of discount due to beneficial conversion feature 938,356 Total current liabilities 6,789,700 CONTINGENCIES CONTINGENCIES AND COMMITMENTS MINORITY INTEREST 15,699 STOCKHOLDERS' EQUITY Common stock, $0.001 par value; 100,000,000 shares authorized, 25,015,089 shares issued and outstanding 25,015 Additional paid in capital 19,396,062 Statutory reserve 855,677 Accumulated other comprehensive income 1,792,986 Accumulated deficit (4,617,935) Total stockholders' equity 17,451,805 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $24,257,204 China Recycling Energy Corporation and Subsidiaries Consolidated Statement of Operations (unaudited in US$) FOR THE THREE MONTHS ENDED MARCH 31, 2008 2007 (RESTATED) Net sales -- $4,781,163 Cost of sales -- (3,677,818) Gross profit -- 1,103,345 Interest income on sales-type leases 564,952 50,236 Total operating income 564,952 1,153,581 Operating expenses General and administrative expenses (648,610) (257,042) Total operating expenses (648,610) (257,042) Income (loss) from operations (83,658) 896,539 Non-operating income (expenses) Other income 1,581 -- Interest (expense) income (743,278) 45 Financial expense (422) (95) Exchange loss (11,189) -- Total non-operating expenses (753,308) (50) Income (loss) before income tax (836,966) 896,489 Income tax expense (50,947) (160,157) Net income (loss) from continuing operations (887,913) 736,332 Income from operations of discontinued component -- 23,105 Minority interest (27) -- Net income (loss) (887,940) 759,437 Other comprehensive item Foreign currency translation 74,725 (343,992) Comprehensive Income (loss) (813,215) 415,445 Basic weighted average shares outstanding 25,015,089 17,147,268 Diluted weighted average shares outstanding 30,508,410 17,147,268 Basic net earnings (loss) per share ($0.04) $0.04 Diluted net earnings (loss) per share ($0.04) $0.04 China Recycling Energy Corporation and Subsidiaries Consolidated Statement of Cash Flows (unaudited in US$) As of March 31, 2008 FOR THE THREE MONTHS ENDED MARCH 31, 2008 2007 (RESTATED) CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income ($887,940) $759,437 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 17 -- Amortization of discount related to conversion feature of convertible note 623,288 -- Stock option compensation expense 325,155 -- Minority interest 27 -- (Increase) decrease in current assets: Advances to suppliers (192,463) 471,646 Interest receivable (94,903) -- Other receivable 1,622 -- Inventory -- (1,301,848) Increase (decrease) in current liabilities: Accounts payable (69,737) 2,331,984 Unearned revenue -- 263,786 Advance from customers -- (142,743) Tax payable (125,995) 184,952 Interest payable 124,658 -- Accrued liabilities and other payables 17,227 1,794,773 Net cash (used in) provided by operating activities (279,044) 4,361,987 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in sales-type leases 282,188 (4,618,779) Acquisition of property & equipment (80,823) -- Construction in progress (977,299) (1,578) Net cash used in investing activities (775,934) (4,620,357) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment to management (72,826) -- Advance from shareholder 250,000 15,302 Net cash provided by financing activities 177,174 15,302 EFFECT OF EXCHANGE RATE CHANGE ON CASH & CASH EQUIVALENTS 41,065 2,007 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (877,804) (243,068) CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD 1,634,340 252,125 CASH & CASH EQUIVALENTS, END OF PERIOD 797,601 11,064 Supplemental Cash flow data: Income tax paid 127,336 35,281 Interest paid -- --

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

1Q08 Operating Expenses GAAP $ (648,610) Items Excluded: Option Compensation Expenses (325,155) Non-GAAP (323,455) Operating Income (Loss) GAAP (83,658) Items Excluded: Option Compensation Expenses (325,155) Non-GAAP 241,497 Net Income (Loss) GAAP (887,940) Items Excluded: Option Compensation Expenses (325,155) Non-operating Expenses (753,308) Non-GAAP 190,523

China Recycling Energy Corporation

CONTACT: In China, Mr. Zhigang Wu, Investor Relations of China Recycling
Energy Corp., +86-29-8765-1096, or tch@creg-cn.com; or in the U.S., Mr.
Valentine Ding, Investor Relations of Grayling Global, +1-646-284-9412, or
vding@hfgcg.com

Web Site: http://www.creg-cn.com/

Albemarle Reaches Agreement in Principle with Weifang Sinobrom Import and Export Company, Ltd. to Form New Bromine Derivatives JV in China

BATON ROUGE, La., May 16 /PRNewswire-FirstCall/ -- Albemarle Corporation and Weifang Sinobrom Import and Export Company, Ltd. (Sinobrom) have reached an agreement in principle to form a new joint venture that will combine the existing business of Sinobrom, a leading marketer of bromine derivatives in China, with Albemarle's global bromine expertise in the specialty chemical industry. The new joint venture, Sinobrom Albemarle Bromine Chemicals (Shandong) Company Ltd., will be 75-percent owned by Albemarle's subsidiary, Albemarle Holdings Limited, with the remaining 25 percent to be held by Sinobrom. The launch of the joint venture is subject to final approval by the Chinese authorities, which is expected within 60 to 90 days.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050801/ALBEMARLELOGO )

Concurrently with its launch, the joint venture will enter into an exclusive agreement with Shandong Weitai Fine Chemical Company, Ltd. (Weitai), a producer of bromine derivatives located in Xinhe Town, Pingdu, China. Under this agreement, all Weitai products will be exclusively marketed by the joint venture.

"Sinobrom is a leader in the Chinese bromine derivatives industry, with strong market positions and impressive global reach. The combination of Sinobrom's strengths and Albemarle's leadership position in the bromine industry will create a new growth platform for Albemarle in Shandong province, the heart of the Chinese bromine and derivatives market," said Matt Juneau, Albemarle's performance chemicals division vice president.

"We are excited about the opportunity to partner with Albemarle," said Li Chun, general manager of Sinobrom. "Albemarle brings commercial, technical, and environmental leadership in the bromine industry. We expect to accelerate our growth both in China and around the world through this new partnership."

Albemarle Corporation, headquartered in Richmond, Virginia, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials. The Company operates in three business segments-Polymer Additives, Catalysts and Fine Chemicals-and serves customers in approximately 100 countries. Learn more about Albemarle at http://www.albemarle.com/.

Forward-Looking Statements:

Portions of this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Albemarle Corporation believes its expectations reflected in the release are based on reasonable assumptions within the bounds of its knowledge of its business and operations; there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ from expectations include, without limitation, the inability to pass through increases in costs and expenses for raw materials and energy; competition from other manufacturers; changes in demand for our products; the gain or loss of significant customers; fluctuations in foreign currencies and increased government regulation of our operations or our products. Additional factors that could cause Albemarle's results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" in item 1A of our Annual Report for the period ended December 31, 2007.

Photo: http://www.newscom.com/cgi-bin/prnh/20050801/ALBEMARLELOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk photodesk@prnewswire.com Albemarle Corporation

CONTACT: Stephanie Dixon, +1-225-388-7904,
Stephanie_Dixon@albemarle.com; or Rene Milligan, +1-225-388-7106,
Rene_Milligan@albemarle.com; or Investor Relations Contacts: Sandra Rodriguez,
+1-225-388-7654, Sandra_Rodriguez@albemarle.com

Web site: http://www.albemarle.com/

CounterPath - Notice of Grant of Stock Options

VANCOUVER, May 15 /PRNewswire-FirstCall/ -- CounterPath Corporation (OTCBB: CPAH; TSX-V: CCV), announced today that it has granted incentive stock options to a director and officer and certain employees of the Company for the purchase of a total of 364,000 common shares of the Company, pursuant to its stock option plan. The options are exercisable on or before May 15, 2013, at a price of $1.75 per common share.

About CounterPath

CounterPath Corporation is a leading provider of innovative desktop and mobile VoIP software products and solutions. The Company's product suite includes SIP-based softphones, server applications and Fixed Mobile Convergence (FMC) solutions that enable service providers, enterprises and Original Equipment Manufacturers (OEM) to cost-effectively integrate voice, video, presence and Instant Messaging (IM) applications into their VoIP offerings and extend functionality across both fixed and mobile networks.

CounterPath's customers include some of the world's largest telecommunications service providers and network equipment providers including AT&T, Verizon, BT (British Telecommunications PLC), Deutsche Telekom, Cisco Systems, Mitel and Nortel.

Visit http://www.counterpath.com/. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

CONTACT: CounterPath Corporation: David Karp, Chief Financial Officer, (604) 320-3344, ir@counterpath.com; Investor Contact: Gina DeBoutez, The Blueshirt Group, (415) 489-2184, gina@blueshirtgroup.com

CounterPath Corporation

CONTACT: CounterPath Corporation: David Karp, Chief Financial Officer,
(604) 320-3344, ir@counterpath.com; Investor Contact: Gina DeBoutez, The
Blueshirt Group, (415) 489-2184, gina@blueshirtgroup.com

Qualcomm Honors Developers and Unveils New Products and Programs to Accelerate Content Delivery at Upcoming BREW 2008 Conference- Conference Agenda to Include Industry Leaders Verizon Wireless, Tata Teleservices and Telefonica Spain -

SAN DIEGO, May 15 /PRNewswire-FirstCall/ -- Qualcomm Incorporated , a leading developer and innovator of advanced wireless technologies and data solutions, today announced that three leading global operators will be speaking at the upcoming BREW 2008 Conference, May 28-30 in San Diego. The conference is set to emphasize key wireless trends and innovations and will focus on open mobile content delivery and the availability of converged services to drive both revenue and growth for the entire wireless value chain.

The mobile data industry continues to grow and evolve based on the innovation of leading wireless operators, handset manufacturers, publishers and developers. At BREW 2008 Verizon Wireless, Tata Teleservices and Telefonica Spain will share their insight with conference attendees, providing their vision for the future of wireless data and the opportunities for innovative services that will drive usage and revenue.

-- Verizon will speak to the continued success of the Get it Now(R) service, in addition to the operator's vision for the future of mobile content -- Tata Teleservices will speak about the demand for advanced mobile content in the rapidly growing Indian market and highlight opportunities for the development of services and applications that meet this demand -- Telefonica Spain will speak for the first time at the conference on the future of the mobile Internet and how wireless companies can extend the value of the Web to mobile devices

In addition to these featured speakers, attendees also will hear from Cristiano Amon, senior vice president of product management and Steve Sprigg, senior vice president of engineering for Qualcomm CDMA Technologies.

"The BREW Conference continues to be one of the most innovative wireless events, and this year's expansive agenda and esteemed list of attending companies will address trends affecting the wireless market including convergence and openness," said Andrew Gilbert, executive vice president and president of Qualcomm Internet Services, MediaFLO Technologies, and Qualcomm Europe. "BREW 2008 promises to provide new perspectives on the challenges and opportunities currently facing the global wireless market. We look forward to the insights that Verizon Wireless, Tata Teleservices, Telefonica Spain and all of our other speakers will shed on their visions for the future of mobile content."

At BREW 2008, developers also will learn about the improvements Qualcomm is making to TRUE BREW(R) Testing and developer support processes - all to make things more efficient, economical and get applications to market faster. Qualco