The Open Letter That Icahn Sent to the Board of Directors of Yahoo!

15 May 2008 14:01 Africa/Lagos


Icahn Sends Open Letter to Board of Directors of Yahoo!

NEW YORK, May 15 /PRNewswire/ -- Carl Icahn today announced that the following letter was delivered today to Yahoo! with the attached biographies of our ten nominees for the Yahoo! board.


SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY Carl C. Icahn AND HIS AFFILIATES FROM THE STOCKHOLDERS OF YAHOO! INC. FOR USE AT ITS ANNUAL MEETING, WHEN AND IF THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY SOLICITATION. WHEN AND IF COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF YAHOO! INC. AND WILL ALSO BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT http://www.sec.gov/. INFORMATION RELATING TO THE POTENTIAL PARTICIPANTS IN A POTENTIAL PROXY SOLICITATION IS CONTAINED IN EXHIBIT 1 TO THE SCHEDULE 14A BEING FILED TODAY WITH THE SECURITIES AND EXCHANGE COMMISSION.


Carl C. Icahn
ICAHN CAPITAL LP
767 Fifth Avenue, 47th Floor
New York, NY 10153

May 15, 2008

Roy Bostock
Chairman
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089

Dear Mr. Bostock:


It is clear to me that the board of directors of Yahoo has acted irrationally and lost the faith of shareholders and Microsoft. It is quite obvious that Microsoft's bid of $33 per share is a superior alternative to Yahoo's prospects on a standalone basis. I am perplexed by the board's actions. It is irresponsible to hide behind management's more than overly optimistic financial forecasts. It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72% premium over Yahoo's closing price of $19.18 on the day before the initial Microsoft offer. I and many of your shareholders strongly believe that a combination between Yahoo and Microsoft would form a dynamic company and more importantly would be a force strong enough to compete with Google on the Internet.


During the past week, a number of shareholders have asked me to lead a proxy fight to attempt to remove the current board and to establish a new board which would attempt to negotiate a successful merger with Microsoft, something that in my opinion the current board has completely botched. I believe that a combination between Microsoft and Yahoo is by far the most sensible path for both companies. I have therefore taken the following actions: (1) during the last 10 days, I have purchased approximately 59 million shares and share-equivalents of Yahoo; (2) I have formed a 10-person slate which will stand for election against the current board; and (3) I have sought antitrust clearance from the Federal Trade Commission to acquire up to approximately $2.5 billion worth of Yahoo stock. The biographies of the members of our slate are attached to this letter. A more formal notification is being delivered today to Yahoo under separate cover.


While it is my understanding that you do not intend to enter into any transaction that would impede a Microsoft-Yahoo merger, I am concerned that in several recent press releases you stated that you intend to pursue certain "strategic alternatives". I therefore hope and trust that if there is any question that these "strategic alternatives" might in any way impede a future Microsoft merger you will at the very least allow shareholders to opine on them before embarking on such a transaction.


I sincerely hope you heed the wishes of your shareholders and move expeditiously to negotiate a merger with Microsoft, thereby making a proxy fight unnecessary.


Sincerely yours,

CARL C. ICAHN

SLATE BIOGRAPHIES

Lucian A. Bebchuk

Lucian Bebchuk is the William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School. Bebchuk is also a Research Associate of the National Bureau of Economic Research and Inaugural Fellow of the European Corporate Governance Network. Trained in both law and economics, Bebchuk holds an LL.M. and S.J.D. from Harvard Law School and an M.A. and Ph.D in Economics from the Harvard Economics Department. He joined the Harvard Law School faculty in 1986 as an assistant professor, becoming a full professor in 1988, and the Friedman Professor of Law, Economics and Finance in 1998. Bebchuk has written extensively on corporate governance, corporate control, and corporate transactions. He has published more than seventy research articles in academic journals in law, economics, and finance. Upon electing him to membership in 2000, the American Academy of Arts and Sciences cited him as "[o]ne of the nation's leading scholars of law and economics," who "has made major contribution to the study of corporate control, governance, and insolvency." He is the 2007-2008 President of the American Law and Economics Association, and a former chair of the Business Association Section of the American Association of Law Teachers. Bebchuk's recent writings include Pay without Performance: the Unfulfilled Promise of Executive Compensation (Harvard University Press, 2004, co-authored with Jesse Fried), "The Case for Increasing Shareholder Power" (Harvard Law Review, 2005), "The Costs of Entrenched Boards" (Journal of Financial Economics, 2005, co-authored with Alma Cohen), and "The Myth of the Shareholder Franchise" (Virginia Law Review, 2007). Bebchuk has been a frequent contributor to policy making and public discourse in the corporate governance area. He has appeared before the Senate Finance Committee, the House Committee of Financial Services, and the SEC. He has published many op-ed pieces, including in the Wall Street Journal, the New York Times, and the Financial Times. He was included in the list of "100 most influential people in finance" of Treasury & Risk Management and the list of "100 most influential players in corporate governance" of Directorship magazine.


Frank J. Biondi, Jr.


Since March 1999, Mr. Biondi has served as Senior Managing Director of WaterView Advisors LLC, an investment advisor organization. From April 1996 to November 1998, Mr. Biondi served as Chairman and Chief Executive Officer of Universal Studios, Inc. From July 1987 to January 1996, Mr. Biondi served as President and Chief Executive Officer of Viacom, Inc. Mr. Biondi is a director of Amgen Inc., Cablevision Systems Corp., Hasbro, Inc., The Bank of New York Mellon Corporation and Seagate Technology. Mr. Biondi is a graduate of Princeton University and earned a Masters of Business Administration from Harvard University.


John H. Chapple


John Chapple is President of Hawkeye Investments LLC, a privately-owned equity firm investing primarily in telecommunications and real estate ventures frequently working in conjunction with Rally Capital LLC. Prior to forming Hawkeye, John Chapple worked to organize Nextel Partners, a provider of digital wireless services in mid-size and smaller markets throughout the U.S. He became the President, Chief Executive Officer and Chairman of the Board of Nextel Partners and its subsidiaries in August of 1998. Nextel Partners went public in February 2000 and was traded on the NASDAQ Exchange. In June 2006, the company was purchased by Sprint Communications. From 1995 to 1997, Mr. Chapple was the President and Chief Operating Officer for Orca Bay Sports and Entertainment in Vancouver, B.C. During Mr. Chapple's tenure, Orca Bay owned and operated Vancouver's National Basketball Association and National Hockey League sports franchises in addition to the General Motors Place sports arena and retail interests. From 1988 to 1995, he served as Executive Vice President of Operations for McCaw Cellular Communications and subsequently AT&T Wireless Services following the merger of those companies. From 1978 to 1983, he served on the senior management team of Rogers Cablesystems before moving to American Cablesystems as Senior Vice President of Operations from 1983 to 1988. Mr. Chapple, a graduate of Syracuse University and Harvard University's Advanced Management Program, has 26 years of experience in the cable television and wireless communications industries. Mr. Chapple is the past Chairman of Cellular One Group and CTIA-The Wireless Association, past Vice-Chairman of the Cellular Telecommunications Industry Association and has been on the Board of Governors of the NHL and NBA. Mr. Chapple serves on the Syracuse University Board of Trustees currently as Chairman and the Advisory Board for the Maxwell School of Syracuse University. He is also on the Board of Directors of Cbeyond, Inc., a publicly traded Atlanta-based integrated service telephony company; Seamobile Enterprises, a privately held company providing integrated wireless services at sea; Telesphere, a privately held VOIP (voice over internet protocol) company based in Phoenix, Arizona; and on the advisory boards of Diamond Castle Holdings, LLC, a private equity firm based in New York City and the Daniel J. Evans School of Public Affairs at University of Washington.


Mark Cuban


Since early 2000, Mr. Cuban has been the majority and controlling owner of the National Basketball Association franchise, the Dallas Mavericks. In 2001, Mr. Cuban co-founded HDNet, an all high-definition television network on DIRECTV that broadcasts high-definition sports, movies and other entertainment. Prior to his purchase of the Dallas Mavericks, Mr. Cuban co- founded Broadcast.com in 1995 and served as its Chairman of the Board until it was sold to Yahoo! in July of 1999. Before Broadcast.com, Mr. Cuban co-founded MicroSolutions, a national systems integrator, in 1983, which was later sold to CompuServe Corporation in 1990. Mr. Cuban is an active investor in cutting- edge technologies and various industries, including the entertainment industry.


Adam Dell


Since January 2000, Mr. Dell has served as the Managing General Partner of Impact Venture Partners, a venture capital firm focused on information technology investments. He also serves as Managing Director at Steelpoint Capital Partners, a private equity firm with offices in New York and California. From October 1998 to January 2000, Mr. Dell was a Senior Associate and subsequently a Partner with Crosspoint Venture Partners in Northern California. From July 1997 to August 1998, he was a Senior Associate with Enterprise Partners in Southern California. From January 1996 to June 1997 Mr. Dell was associated with the law firm of Winstead Sechrest & Minick, in Austin, Texas, where he practiced corporate law. Mr. Dell's investments include: Buzzsaw (which was acquired by Autodesk), HotJobs (which was acquired by Yahoo!) and Connectify (which was acquired by Kana Software). Mr. Dell has been a director of XO Holdings, Inc., a telecommunications services provider, since February 2006, and of its predecessor from January 2003 to February 2006. In addition, Mr. Dell currently serves on the boards of directors of the Santa Fe Institute, MessageOne and OpenTable. He also teaches a course at the Columbia Business School on business, technology and innovation and is a contributing columnist to the technology publication, Business 2.0. Mr. Dell received a J.D. from University of Texas and a B.A. from Tulane University.


Carl C. Icahn


Mr. Icahn has served as chairman of the board and a director of Starfire Holding Corporation, a privately-held holding company, and chairman of the board and a director of various subsidiaries of Starfire, since 1984. Since August 2007, through his position as Chief Executive Officer of Icahn Capital LP, a wholly owned subsidiary of Icahn Enterprises L.P., and certain related entities, Mr. Icahn's principal occupation is managing private investment funds, including Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master Fund II L.P. and Icahn Partners Master Fund III L.P. Prior to August 2007, Mr. Icahn conducted this occupation through his entities CCI Onshore Corp. and CCI Offshore Corp since September 2004. Since November 1990, Mr. Icahn has been chairman of the board of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. Icahn Enterprises L.P. is a diversified holding company engaged in a variety of businesses, including investment management, metals, real estate and home fashion. Mr. Icahn was chairman of the board and president of Icahn & Co., Inc., a registered broker- dealer and a member of the National Association of Securities Dealers, from 1968 to 2005. Mr. Icahn has served as chairman of the board and as a director of American Railcar Industries, Inc., a company that is primarily engaged in the business of manufacturing covered hopper and tank railcars, since 1994. From October 1998 through May 2004, Mr. Icahn was the president and a director of Stratosphere Corporation, the owner and operator of the Stratosphere Hotel and Casino in Las Vegas, which, until February 2008, was a subsidiary of Icahn Enterprises L.P. From September 2000 to February 2007, Mr. Icahn served as the chairman of the board of GB Holdings, Inc., which owned an interest in Atlantic Coast Holdings, Inc., the owner and operator of The Sands casino in Atlantic City until November 2006. Mr. Icahn has been chairman of the board and a director of XO Holdings, Inc., a telecommunications services provider, since February 2006, and of its predecessor from January 2003 to February 2006. Mr. Icahn has served as a Director of Cadus Corporation, a company engaged in the ownership and licensing of yeast-based drug discovery technologies since July 1993. In May 2005, Mr. Icahn became a director of Blockbuster Inc., a provider of in-home movie rental and game entertainment. In October 2005, Mr. Icahn became a director of WestPoint International, Inc., a manufacturer of bed and bath home fashion products. In September 2006, Mr. Icahn became a director of ImClone Systems Incorporated, a biopharmaceutical company, and since October 2006 has been the chairman of the board of ImClone. In August 2007, Mr. Icahn became a director of WCI Communities, Inc., a homebuilding company, and since September 2007 has been the chairman of the board of WCI. In December 2007, Mr. Icahn became a director of Federal-Mogul Corporation, a supplier of automotive products, and since January 2008 has been the chairman of the board of Federal-Mogul. In April 2008, Mr. Icahn became a director of Motricity, Inc., a privately-held company that provides mobile content services and solutions. Mr. Icahn received his B.A. from Princeton University.


Keith A. Meister


Since March 2006, Keith Meister has served as Principal Executive Officer and Vice Chairman of the Board of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses, including investment management, metals, real estate and home fashion. Since November 2004, Mr. Meister has been a Managing Director of Icahn Capital LP, the entity through which Carl C. Icahn manages third party private investment funds. Since June 2002, Mr. Meister has served as senior investment analyst of High River Limited Partnership, an entity primarily engaged in the business of holding and investing in securities. Mr. Meister also serves on the boards of directors of the following companies: XO Holdings, Inc., a telecommunications company; WCI Communities, Inc., a homebuilding company; Federal-Mogul Corporation, a supplier of automotive products; and Motorola, Inc., a mobile communications company. With respect to each company mentioned above, Carl C. Icahn, directly or indirectly, either (i) controls such company or (ii) has an interest in such company through the ownership of securities. Mr. Meister received an A.B. in government, cum laude, from Harvard College in 1995.


Edward H. Meyer


Mr. Meyer serves as Chairman, Chief Executive Officer and Chief Investment Officer of Ocean Road Advisors, Inc., an investment management company. From 1970 to 2006, he served as Chairman, Chief Executive Officer and President of Grey Global Group, Inc., a multi-billion dollar global advertising and marketing agency. Mr. Meyer serves as a Director of Harman International Industries, Inc., Ethan Allen Interiors, Inc., National CineMedia, Inc. and NRDC Acquisition Corp. Mr. Meyer holds a B.A. in Economics from Cornell University.


Brian S. Posner


Brian S. Posner is a private investor. From 2005 through March 2008, he served as Chief Executive Officer and co-Chief Investment Officer of ClearBridge Advisors LLC (and its predecessor company, CAM North America), an asset management company based in New York with approximately $90 billion in assets and a wholly owned subsidiary of Legg Mason Inc. Prior to ClearBridge Advisors, he was a co-Founder and the Managing Partner of Hygrove Partners LLC, a hedge fund company that was formed in 2000. Prior to ClearBridge Advisors and Hygrove Partners, he served as a Portfolio Manager and an Analyst, first at Fidelity Investments from 1987 to 1996 and then at Warburg Pincus Asset Management/Credit Suisse Asset Management from 1997 to 1999. At Warburg Pincus Asset Management/Credit Suisse Asset Management he was a Managing Director and served as the Senior Investment Manager of the Value Equity Group, co-Portfolio Manager of the Warburg Pincus Growth & Income Fund, and Portfolio Manager of the Warburg Pincus Institutional Value Fund and the Warburg Pincus Trust, Growth and Income Fund. Prior to the acquisition of Warburg Pincus Asset Management ("WPAM") by Credit Suisse Asset Management in July 1999, he was co-Chief Investment Officer, Director of Research, Chairman of the Global Asset Allocation Committee, and a member of the Executive Operating Committee at WPAM. At Fidelity Investments, he was the Portfolio Manager of the Fidelity Equity Income II Fund from 1992 to 1996 and the Fidelity Value Fund from 1990 to 1992. He also managed the Select Life Insurance, Select Property Casualty Insurance and Select Energy Portfolios. From 1987 to 1990, he was an Oil, Insurance, and Financial Services Analyst. From August 2000 to April 2003 he served on the Board of Directors for Sotheby's Holdings, Inc. He currently a member of the Board of Trustees at Northwestern University and the Board of Visitors for the Weinberg College of Arts and Sciences at Northwestern University. Mr. Posner received his undergraduate degree in history from Northwestern University in 1983 and his M.B.A. in finance from the University of Chicago Graduate School of Business in 1987.


Robert K. Shaye


Robert Shaye is Co-Chairman and Co-CEO of New Line Cinema. As the Founder of New Line Cinema and a filmmaker himself, Robert Shaye has spent more than 40 years developing and distributing films that reflect a wide array of cultural movements, creating new paradigms for the motion picture business, and most importantly, entertaining millions of moviegoers. Since he founded New Line in 1967, Shaye has guided the company's growth from a privately-held art film distributor to one of the entertainment industry's leading independent studios and a veritable box office force. He has been involved in such films as The Lord of the Rings trilogy, Rush Hour, Austin Powers and Seven. A University of Michigan graduate with a degree in business administration and a J.D. degree from Columbia University Law School, Shaye is also a Fulbright Scholar, member of the New York State Bar, and serves on the Board of Trustees of the Motion Picture Pioneers, and the American Film Institute.


Source: ICAHN CAPITAL LP

CONTACT: Susan Gordon for ICAHN CAPITAL LP, +1-212-702-4309

George Washington and Abraham Lincoln 2008: The Great Debate - Awards Students a Total of $250,000 in Scholarships (College for Free), Travel, More

14 May 2008 09:45 Africa/Lagos


George Washington and Abraham Lincoln 2008: The Great Debate - Awards Students a Total of $250,000 in Scholarships (College for Free), Travel and the Opportunity to Experience the Summer Job of a Lifetime

Project Partners Include: Abraham Lincoln Foundation, Abraham Lincoln Presidential Library and Museum, Mt. Vernon National Constitution Center, National Forensics League, National History Day

**CONTEST APPLICATION DEADLINE JUST 5 DAYS AWAY**
PHILADELPHIA, May 14 /PRNewswire/ -- Now Debate This, the unprecedented nationwide scholarship contest, Washington and Lincoln '08 - The Great Debate, sponsored by Pinnacle Performance Group of Philadelphia, has already begun drawing strong participant interest and national project partners including Abraham Lincoln Foundation, Abraham Lincoln Presidential Library and Museum, Mt. Vernon National Constitution Center, National Forensics League and National History Day.

Now Debate This is a competition created for high school juniors who will debate the question through national travel, hands-on, all expenses paid, real life participation and exploration, answering "Who was the better President? George Washington or Abraham Lincoln?"
Applications for participation are due by May 19, 2008. Guidelines and downloadable entry forms are available now at www.nowdebatethis.com.

Through the online contest, 16 contestants will be chosen to spend the summer exploring Washington and Lincoln across the U.S. Students will explore the principles of America's founders from the 1700's, engage in the quest for freedom and examine how it challenged the constitution from the Civil War to today. The lives of these two men as presidents and commanders-in-chief will be explored, including how elements such as principals, political platforms, personal views and faith affected their lives. Each contestant will receive a $3,500 stipend, plus a new laptop and video camera to document the summer experiences. The task of each contestant will be to engage people across the world in a great online debate about Washington and Lincoln. The job includes creating videos, blogs and community outreach, all based on George and Abe.

The contest aims to show who these great leaders in our history really were and how their influence affects us today. By giving these great men a modern voice, Now Debate This aims to enable participants to understand their commitment to honor, self-sacrifice, amazing challenges and the ability to lay the framework for the greatest democracy in the world, while inspiring youth to follow in the footsteps of these great patriots.

"George Washington and Abraham Lincoln have stood the test of time as the two most visionary and accomplished leaders in U.S. history," said Mary L. Hagy, President of PPG and Executive Producer of Now Debate This. "In 2008, young people need bona fide heroes. Washington and Lincoln offer our students the chance to look back in time, to be inspired by the lives of these two men, whose legacies still resonate today."

To apply, current juniors in high school, will create a 2-3 minute video of themselves, in which they share name, age, hometown, what college they would like to attend and why. Then, the students will answer one of these questions:
1. What is the most important duty of the President as commander in chief,
and why?
2. What does 'patriotism' mean to you?
3. What can the Declaration of Independence tell us about life in 2008?

The contestant then uploads the video to YouTube and applies for the contest. Sixteen contestants will be chosen and announced LIVE on June 18 at the National History Day finals in Washington DC, where 8,000 people will be watching in person, with millions more at home.
Beginning July 26, 2008, the 16 contestants will hit the road for a two-week trip throughout Washington DC, Virginia, New Jersey, Springfield, IL and Philadelphia to experience the lives of these presidents firsthand and to document their journey (details to follow). Finally, on August 9, the contest comes full circle as the students debate Washington and Lincoln in round robin fashion, until only two finalists remain. All contestants can win up to $25,000 in scholarship and no less than $2,000.

The two winners will then return to Philadelphia on Sep. 17, National Constitution Day, for the final debate in the National Constitution Center, where the winner will walk away with a $150,000 scholarship. The runner up will receive a $50,000 scholarship.

The Washington-Lincoln '08 Great Debate is made possible through the generous funding of Dr. John M. Templeton, Jr. and Dr. Josephine Templeton, of Bryn Mawr, Pa. Both Drs. Templeton are lovers of history and have a long legacy of supporting education and scholarship projects that have made a profound impact on today's culture through their unmatched philanthropic efforts to this end.

"America's Founding Fathers clearly believed: 1) that our freedom did not come by chance; 2) that freedom requires both sacrifice and vigilance; 3) that self-government requires the moral qualities of personal responsibility and prudence; 4) that freedom needs to be actively defended and promoted; and 5) that freedom is fragile and can be lost from either internal or external threats," said Dr. Jack Templeton. "As an inheritor of these beliefs, of George Washington and others, Abraham Lincoln felt America is a cause worth fighting for and preserving and if necessary, sacrificing for."

The Now Debate This campaign is being produced and marketed by Emmy award winning TV director Steven Feldman, who has worked with talent as varied as Bill Nye, Linda Ellerbee, Bill Maher and for PBS, CBS, Disney, Nickelodeon, Comedy Central, MSNBC and Discovery. Having worked with Sesame Street, the 'Nick News, Politically Incorrect and Nickelodeon's current hit, LazyTown, Feldman's Sam Hill Entertainment is leading the way for the groundbreaking creative efforts of Now Debate This.

In conjunction with Sam Hill Entertainment, BuzzPlant, a multipurpose Internet marketing agency, is leading the online/grassroots charge for Now Debate This. BuzzPlant works with companies such as Disney/Buena Vista, Walden Media, Twentieth Century Fox and BMG. Marketing partners include AOL/Time Warner, Yahoo and Google. BuzzPlant and its employees have been featured in The New York Times, Wall Street Journal, Wired Magazine and Fortune Magazine.
About Pinnacle Performance Group:

Now Debate This is executive produced by Pinnacle Performance Group (PPG), headquartered in Philadelphia, PA. Founded in 1992, PPG specializes in heritage education and heritage development programs. For interview opportunities please contact:
Lesley Burbridge-Bates
L.A.B. Media (615) 414-7573
lesley.bates@labmediaonline.com
Source: Pinnacle Performance Group
CONTACT: Lesley Burbridge-Bates of L.A.B. Media, +1-615-567-6201,lesley.bates@labmediaonline.com
Web site: http://www.nowdebatethis.com/

Finmeccanica to Acquire DRS for US$5.2 billion (euro 3.4 billion)

13 May 2008 02:10 Africa/Lagos


Finmeccanica to Acquire DRS for US$5.2 billion (euro 3.4 billion)

Creates a New Leading Player in Defense Electronics with Balanced Global Presence

ROME and PARSIPPANY, N.J., May 12 /PRNewswire/ --

Finmeccanica, S.p.A. (Milan: FNC), a world leader in the supply of electronics equipment and defense and security systems and services, and DRS Technologies, Inc. (NYSE:DRS) , a leading supplier of integrated defense electronics products, services and support, today announced that they have signed a definitive merger agreement under which Finmeccanica will acquire 100% of DRS stock for US$81 per share in cash. The transaction allows Finmeccanica to consolidate its international role as a key supplier of integrated systems for defense and security, entering the U.S. market as a key player. It further allows DRS to seek new business opportunities in the U.S. and abroad.

The transaction, valued at approximately US$5.2 billion (euro 3.4 billion), inclusive of approximately $1.2 billion in net debt, following the conversion of DRS' convertible notes, represents a premium of 27 percent to DRS' closing share price on May 7, 2008; it is also a 32 percent premium over DRS' thirty-day average stock price traded on the NYSE.
The Boards of Directors of Finmeccanica and DRS have each approved the terms of the agreement.

DRS will operate as a wholly-owned subsidiary, maintaining its current management and headquarters. As is customary in this type of transaction, DRS and Finmeccanica will comply with all national security requirements and will propose to the Defense Security Service (DSS) that the company operate under a Special Security Agreement (SSA), with its own board of directors comprised predominantly of U.S. citizens holding security clearances and a government security committee. With increased business opportunities that will arise following the transaction, it is expected that DRS will expand its overall employment base.

"Today's transaction is a perfect fit; the complementary technologies and platforms will establish a new competitive player in defense and security markets in the U.S. and around the world," said Pier Francesco Guarguaglini, chairman and chief executive officer of Finmeccanica. "The merger furthers Finmeccanica's tradition of investing in the U.S. and supporting the American warfighter with superior technology and value."
"DRS' dramatic growth over the past five years and the premium provided through this acquisition will provide attractive returns for our stockholders," said Mark S. Newman, chairman of the board, president and chief executive officer of DRS. "This investment in DRS - with an increased emphasis on research and development - will mean the combined company will be able to compete for and win additional contracts around the world, accelerating growth and expanding opportunities at our facilities in the U.S."

For DRS, the combination with Finmeccanica will enable an American company and brand to better compete in the global military and security market. The transaction will help the new company to bid and win larger-scale projects in the U.S. and abroad.

For Finmeccanica, the transaction will boost its existing position as a top-tier competitor, enabling it to enhance the product and service solutions it provides to its customers. Finmeccanica's platforms and areas of expertise (helicopters; defense electronics and security; aeronautics; space; defense systems; energy; and transportation) wholly complement DRS' growing market penetration by its four primary business segments: Command, Control, Communications, Computers & Intelligence (C4I); Reconnaissance, Surveillance & Target Acquisition (RSTA); Sustainment Systems; and Technical Services.

Finmeccanica and its subsidiaries in Pennsylvania, New York, Texas, California, New Jersey, Kansas, Virginia, North and South Carolina have a rich history in the U.S., including its work for the U.S. government on programs such as the VH-71 presidential helicopter and the C-27J joint cargo aircraft. DRS will lead Finmeccanica's defense electronics efforts in the U.S. after the transaction closes.

Financing for the acquisition will be structured so as to preserve a solid capital structure, guarantee adequate financial flexibility to further support growth and deliver value creation to Finmeccanica's shareholders.

Finmeccanica will fund the acquisition with a Syndicated Loan Facility to be taken out by a combination of equity issuance, long-term debt issuance, and divestitures of its assets. Among these will be an IPO of AnsaldoEnergia. Terms and conditions will be determined upon completion of the transaction.

The transaction is subject to approval by the stockholders of DRS, the receipt of regulatory approvals and other closing conditions, including review by U.S. Antitrust Authorities, the Committee on Foreign Investment in the United States (CFIUS) and the Defense Security Service (DSS). The transaction is expected to close by the fourth quarter of 2008.

Goldman Sachs International, IntesaSanPaolo S.p.A., Mediobanca-Banca di Credito Finanziario S.p.A. and Unicredit Group are serving as Bookrunners and Mandated Lead Arrangers of the Syndicated Loan Facility. Sullivan & Cromwell LLP is acting as legal advisor to Finmeccanica in connection with the Syndicated Loan Facility. Linklaters and Legance are acting as legal advisors to the banks.

Lehman Brothers Holdings Inc. is serving as financial advisor to Finmeccanica, with Goldman Sachs International and Mediobanca providing a fairness opinion. Arnold & Porter LLP is serving as legal advisor to Finmeccanica. Bear Stearns & Co. Inc. and Merrill Lynch & Co. are serving as financial advisors to DRS and rendered fairness opinions to the DRS board of directors. DRS' legal advisors are Skadden, Arps, Slate, Meagher & Flom LLP.

European Presentation to the market/Webcast Information

Finmeccanica will hold a presentation in London on Tuesday, May 13, 2008 at 12:00pm (UK time) at the Mandarin Oriental Hyde Park, London. The presentation is also available via live webcast at www.finmeccanica.com, under Investor Relations section, and via conference call. To access the conference call please dial the following number: For analysts and investors:
UK dial in number 0207 070 5449
Italian dial in number 02 303509162
U.S. dial in number 1 866 432 7186

For press:
UK dial in number 0208 322 2048
Italian dial in number 02 30412069

About Finmeccanica
Headquartered in Italy, Finmeccanica is a leading global high-tech company with core competencies in the design and manufacture of helicopters, civil and military aircraft, aero structures, satellites, space infrastructure, missiles and defense electronics and security. The company is listed on the Milan stock exchange and operates throughout the world. It employs more than 60,000 people worldwide and 10,000 in the United Kingdom. For more information about Finmeccanica visit www.finmeccanica.com.

About Finmeccanica in North America
In North America, Finmeccanica employs more than 2,100 employees at 32 sites across the country through its subsidiaries: AnsaldoBreda; Ansaldo STS; Ansaldo Energia; Thales Alenia Space; MBDA; Alenia North America; Bell Agusta Aerospace; SELEX Systemi Integrati; SELEX Galileo; SELEX Communications; Global Military Aircraft Systems; Global Aeronautica; Telespazio North America; OTO Melara North America; and Elsag North America. Whether flying the President, transporting troops and cargo, securing the borders, tracing criminals, enhancing the Navy's capabilities, Finmeccanica products ensure safety and security in the United States.

About DRS
DRS, headquartered in Parsippany, N.J., is a leading supplier of integrated products, services and support to military forces, government agencies and prime contractors worldwide. The company employs approximately 10,000 people and in FY2007 generated revenues of US$2,821 mln. For more information about DRS, please visit the company's web site at www.drs.com.

ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT: DRS intends to file with the U.S. Securities and Exchange Commission a proxy statement to stockholders of DRS and other relevant documents in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF DRS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FINMECCANICA, DRS AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of these materials (when they are available) and other documents filed with the U.S. Securities and Exchange Commission at the U.S. Securities and Exchange Commission's web site at http://www.sec.gov/. A free copy of the proxy statement, when it becomes available, also may be obtained from DRS, [address], Attn: Investor Relations. Investors and security holders may access copies of the documents filed with the U.S. Securities and Exchange Commission by DRS on its web site at http://ir.drs.com/.

PARTICIPANTS IN SOLICITATION: Finmeccanica, DRS and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from their respective stockholders with respect to the proposed transaction. Information regarding DRS' directors and executive officers is available in its proxy statement filed with the U.S. Securities and Exchange Commission by DRS on July 3, 2007. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained the proxy statement and other relevant materials to be filed with the U.S. Securities and Exchange Commission when they become available.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. Finmeccanica has not registered and does not intend to register any portion of any offering of securities in the United States or to conduct a public offering of any securities in the United States.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to the combined Company's expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. These statements may contain words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "could," "should," "would," "believe," "estimate," "contemplate," "possible" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements and include, without limitation, demand and competition for the Company's products and other risks or uncertainties. Given these uncertainties, you should not rely on forward looking statements. Such forward-looking statements speak only as of the date on which they were made, and the Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Finmeccanica

CONTACT: Media Contacts, Finmeccanica,

+39 06 32473 313,

ufficiostampa@finmeccanica.com, or Roberto Alatri, +39 347 4184 430,

roberto.alatri@finmeccanica.com, or Riccardo Acquaviva, +39 348 0811 485,

riccardo.acquaviva@finmeccanica.com, or Roberta Acocella, +39 335 5335 262,

roberta.acocella@finmeccanica.com, or Richard Coltart, +44 777 8141 696, or Dan Hill, +1-202-683-3147, fnc@qorvis.com, or Matt Lauer, or George Atallah, both of Qorvis Communications, LLC,

+1-202-683-3127, or Richard M. Goldberg of DRS,

+1-973-4513-584, goldberg@drs.com, or Steve Lipin, or Stan Neve, both of Brunswick Group, +1-212-333-3810;

Investor Contacts, John D. Stewart,

+39 0632473 290,

john.stewart@finmeccanica.com, or Raffaella Luglini, +39 06 32473066, raffaella.luglini@finmeccanica.com, both of Finmeccanica, or Patricia M.Williamson, +1-201-310-4074 - Cell, +1-973-898-6025, p.williamson@drs.com, or Patrick Fuhrmann, +1-973-451-3530, fuhrmann@drs.com, both of DRS
Web site: http://www.finmeccanica.com/ http://www.drs.com/

Bill & Melinda Gates Foundation Names Jeff Raikes to Serve as New CEO

12 May 2008 18:30 Africa/Lagos


Bill & Melinda Gates Foundation Names Jeff Raikes to Serve as New CEO

SEATTLE, May 12 /PRNewswire-USNewswire/ -- The Bill & Melinda Gates Foundation has selected Jeff Raikes as the next CEO of the foundation. Raikes, formerly president of the Microsoft Business Division, will assume the role presently held by Patty Stonesifer on September 2, 2008.


"Bill and I considered many extraordinary candidates from around the world during the search for our foundation's new CEO," said Melinda Gates, foundation co-chair. "Jeff brings more than 25 years of experience in the private sector and has earned a reputation as a trusted and respected leader. Equally important, he shares our passion for these issues and for continuing Patty's work to build a great culture at the foundation. Jeff is the right CEO to lead the strategies we have in place to help reduce inequities in the United States and around the world."


As president of the Microsoft Business Division, Raikes built a strong team of leaders and transformed the Information Worker business, delivering dramatic growth in the company's business productivity line and nearly doubling revenues to more than $16 billion annually. In January 2008, he announced his retirement from Microsoft and currently serves on the company's leadership team.


"Joining the Gates Foundation is an honor and a once-in-a-lifetime opportunity to focus on improving the lives of others," said Raikes. "Patty Stonesifer is a remarkable leader who has cultivated equally remarkable leadership at the foundation. I am thrilled to join Bill and Melinda and this team because I'm convinced that through strong partnerships, ambitious goals, and a commitment to impact, we can transform people's lives."


"I've known and admired Jeff for more than 25 years," said foundation co-chair Bill Gates. "He's a smart, independent thinker who's passionate about using innovation to help people change their lives. I'm excited to be working with him again."


The Seattle-based foundation has a $37.3 billion endowment and more than 500 employees. It is organized into three program groups, Global Health, Global


Development, and the U.S. Program, each led by a president. Since its inception, the foundation has committed more than $16 billion in grants intended to ensure that all people have the opportunity to live healthy, productive lives.


Raikes has been deeply involved in philanthropy in the Pacific Northwest, focusing particularly on education and children's issues. He co-founded the Raikes Foundation and is an active member of the United Way of King County, where he served as co-chair of the 2006-2007 fundraising campaign--its most successful campaign ever. A native Nebraskan, Raikes is also a trustee of the University of Nebraska Foundation.


"Jeff will step into this role at a good time," said Warren Buffett, foundation trustee. "Patty Stonesifer has spent the past 10 years building a broad, highly experienced leadership team and has designed the right approach to accomplishing the foundation's mission. I've known Jeff for years, and we have chosen a leader who embodies the characteristics essential to continuing this work: an extraordinary mind and an uncompromising commitment to getting the job done."


In February 2008, Stonesifer announced her plan to transition from her current position as CEO. She was the foundation's first CEO, joining after a long career in technology that included eight years as a Microsoft executive. The work of the foundation and its partners to date has led to millions of lives saved globally through immunizations and other health advances and more young people in the U.S. graduating high school ready for college and life. Beginning in September, Stonesifer will transition into a new role, still to be defined, at the foundation.


For more information visit www.gatesfoundation.org.

Bill & Melinda Gates Foundation

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people--especially those with the fewest resources--have access to the opportunities they need to succeed in school and life. Based in Seattle, the foundation is led by CEO Patty Stonesifer and co-chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett.


Source: Bill & Melinda Gates Foundation

CONTACT: Bill & Melinda Gates Foundation Media Line, +1-206-709-3400,
media@gatesfoundation.org


Web Site: Bill & Melinda Gates Foundation

UPDATE: Celebrating UC Success Announces Essay Contest Winners

12 May 2008 16:10 Africa/Lagos


UPDATE: Celebrating UC Success Announces Essay Contest Winners

Medical student, teachers, EMT among winners with inspirational, educational stories

NEW YORK, May 12 /PRNewswire/ --

The Crohn's & Colitis Foundation of America, in partnership with Procter & Gamble Pharmaceuticals (P&G), has selected seven winners for the Celebrating UC Success essay contest program that seeks to honor, educate and inspire those affected by ulcerative colitis. Winners' stories reflect a wide variety of experiences with ulcerative colitis, but all carry a message of hope and perseverance that can help educate and motivate others living with the disease, which is an unpredictable and at times, embarrassing disease of the digestive tract.


"Often times, patients indicate that hearing success stories from others with similar conditions help them realize that they can live beyond their disease," says Dan Hecht, General Manager - North America Pharmaceuticals of P&G. "Many people living with ulcerative colitis are able to live life to the fullest despite this illness and being open about the condition is an important first step in taking control."


A panel of judges representing local Foundation chapters across the country selected the seven most inspirational stories from more than 500 contestants including UC patients and their family, friends and healthcare providers. These seven essays are featured on the program's Web site, www.ucsuccess.org. Winners will be recognized at the Foundation's National Advocacy Conference, "IBD Day on the Hill," starting May 14, 2008 in Washington, D.C. During the conference, the Celebrating UC Success winners will be able to meet with their local legislators to discuss research surrounding ulcerative colitis and will be honored at a dinner reception. The seven winners who submitted the most encouraging and creative pieces are:


Patient Winners
-- Maureen Akins, from Kent, Wash., recently celebrated her 60th birthday,
a milestone which she saw as distant and jeopardized when she was
diagnosed with UC at the age of 39. Looking back now, Maureen feels
that she was fortunate to have the guidance of a compassionate
gastroenterologist, the benefit of modern pharmaceuticals, the ongoing
research devoted to curing UC, and the support of a terrific family.
-- Elizabeth Camp, an emergency medical technician from Concord, Ga., was
diagnosed with UC when she was just eleven years old. The disease was
so advanced that she underwent several surgeries to remove her large
intestine. Elizabeth has since resumed a normal life, but her
experience as a survivor changed her as a person and has allowed her to
see the colors of the world in a new light.
-- Pamela Jefferson, from Carthage, Ill., is a wife, mother and
grandmother, a second grade teacher and active member of her church
parish. However, when diagnosed with UC fifteen years ago, she felt as
if her life centered around where bathrooms were located. Since then
she has found that the keys to living successfully with UC are prayer,
education, the right foods and medication, exercise and a good sense of
humor.
-- Patty Kunze, from Cape Canaveral, Fla., remembers that less than eight
years ago her life was jammed with doctors' visits, exhaustion, stress,
pain and uncertainty about her future. But after learning how to manage
her UC, she feels that she is no longer a UC patient first and
foremost. She is a National Board Certified eighth-grade teacher who
plays bass and trumpet in a band; she is someone who recently finished
writing her first novel; she is someone who goes contra dancing on the
weekends ... and she just happens to have UC.
-- Shervin Shafa, from Raleigh, N.C., began his battle with UC as a
teenager in college and it was during this difficult time that he
gained a great respect for the doctors who cared for him. Now, Shervin
is in his final year of medical school. He hopes that as a physician
with UC, he will be able to better relate to his patients and use his
story to motivate, inspire and encourage others with UC.


Family/Friend Winner
-- Tracy Habenicht, is a copy editor from Plainfield, Ill. who was
inspired by her close friend Keith Means, when he was recently
diagnosed with UC this past year. Tracy was surprised at how Keith, a
typical "twenty-something" guy, took responsibility by learning about
his disease, changing his diet and emotionally dealt with his illness
by confiding in her. To her, Keith is a testament to how small changes
can mean big success.


Healthcare Provider Winner
-- Robert Brown, is a pharmacist from Cambria, Calif. who consulted with
Rachel numerous times as she worked to improve her daily lifestyle with
UC. As a young woman, her condition was severely affecting her social
life, but he was impressed by how quickly she was able to get her
condition under control with medication and support.



"More than half a million Americans live with ulcerative colitis each day and the response to the Celebrating UC Success contest program from the community underscores the importance of an open dialogue among those affected by the disease," said Kimberly Frederick, Vice President of Patient & Professional Services for the Foundation. "We look forward to honoring the winners and to an exciting event in Washington, D.C."


About Celebrating UC Success


The Celebrating UC Success program launched December 2007 and entries were accepted though March 14, 2008. Entrants submitted essays in one of three categories: Ulcerative Colitis Patients, Supportive Family Members/Friends and Healthcare Providers. Every applicant was recognized for their entry and received a complimentary one-year membership to the Foundation. Semi-finalists received a $50 gift card to the Foundation's online store.


About Ulcerative Colitis


UC involves inflammation of the lining of the colon and rectum. It varies in clinical severity with patients having mild, moderate or severe disease. Treatment depends on the extent and severity of disease.


UC causes flares followed by periods of remission. During a flare, in which the rectum or colon become inflamed, people experience symptoms such as diarrhea, rectal bleeding, abdominal cramping and an urgent need to go to the bathroom. Flares can vary in duration and intensity. While UC is a lifelong condition, medication may help control flares.


UC affects people of all ages, but is often diagnosed during early adulthood. The causes of this condition are unknown, but may involve heredity, infection and/or the immune system.


About Crohn's & Colitis Foundation of America


The Crohn's & Colitis Foundation of America's mission is to cure Crohn's disease and ulcerative colitis, and to improve the quality of life of children and adults affected by these diseases. The Foundation ranks third among leading health non-profit organizations in the percentage of expense devoted to research toward a cure, and more than 83 cents of every dollar the Foundation spends goes to mission-critical programs. The Foundation consistently meets the standards of organizations that monitor charities, including the Better Business Bureau's Wise Giving Alliance (give.org) and the American Institute of Philanthropy (charitywatch.org). For more information, contact the Foundation at 800-932-2423 or visit www.ccfa.org.


About Procter & Gamble (NYSE:PG)


Procter & Gamble Pharmaceuticals, Inc. (P&GP), a division of The Procter & Gamble Company (NYSE:PG) , has successfully developed and marketed a wide range of prescription products since the 1980s, including Actonel(R) (risedronate sodium) tablets, Asacol(R) (mesalamine) delayed-release tablets, Dantrium(R) (dantrolene sodium) capsules, Didronel(R) (etidronate disodium) tablets, Enablex(R) (darifenacin) extended release tablets and Macrobid(R) (nitrofurantoin monohydrate/macrocrystals) capsules. P&GP employs a Connect + Develop model for new product development through which it in-licenses or acquires 100 percent of its new drug development projects from biotech and pharmaceutical industry relationships. P&GP is committed to leveraging this model to build brands to address unmeet needs in the areas of gastrointestinal, musculoskeletal and women's health. The P&GP community consists of more than 3,000 employees working in over 22 countries worldwide. For more information on P&GP and its prescription product portfolio, please visit www.pgpharma.com.


Three billion times a day, P&G brands touch the lives of people around the world. P&G has one of the strongest portfolios of trusted brands in consumer health and wellness, including Align(R), Always(R), Crest(R), Metamucil(R), Oral-B(R), Pepto-Bismol(R), Prilosec OTC(R), Scope(R), Tampax(R) and Vicks(R), in addition to its leadership consumer brands, including Ariel(R), Braun(R), Bounty(R), Charmin(R), Dawn(R), Downy(R), Duracell(R), Folgers(R), Gillette(R), Head & Shoulders(R), Iams(R), Lenor(R), Mach3(R), Olay(R), Pantene(R), Pampers(R), Pringles(R), Tide(R), Wella(R) and Whisper(R). The P&G community consists of more than 135,000 employees working in over 80 countries worldwide. Please visit http://www.pg.com/ for the latest news and in-depth information about P&G and its brands.


Media Contacts
Ariella Levine - Crohn's & Colitis Foundation of America 646-943-7430
Jeff McDowell - P&G Pharmaceuticals, Inc. 513-622-5583
Danielle Brown - Manning, Selvage & Lee PR 212-468-3194

Source: The Crohn's & Colitis Foundation of America

CONTACT: Ariella Levine of Crohn's & Colitis Foundation of America,
+1-646-943-7430; or Jeff McDowell of P&G Pharmaceuticals, Inc.,
+1-513-622-5583; or Danielle Brown of Manning, Selvage & Lee PR,
+1-212-468-3194, for The Crohn's & Colitis Foundation of America


Web site: Celebrating UC Success
Crohn's & Colitis Foundation of America
Procter & Gamble (NYSE:PG)
Procter & Gamble

When it Comes to Student Loans, You Need to do the Math

12 May 2008 14:17 Africa/Lagos


When it Comes to Student Loans, You Need to do the Math

One Percentage Point Can Cost Thousands of Dollars - And Shackle Parents' and Students' Finances

NEW YORK, May 12 /PRNewswire-FirstCall/ --

Lucrative jobs, corner offices and business lunches may be what undergrads and their parents have in mind for a post-graduation future, but their view on the amount of money they need to pay for education is generally far less clear. Estimating the total cost of a college education can be confusing, which often leads to bad decisions when it comes to funding that education.


"The best place to start when it comes to figuring out what you can affordably borrow is to calculate the total cost of the education they are pursuing. However, parents and students frequently find themselves at a disadvantage when trying to determine what this figure will end up being," said John P. Derham, an officer for MyRichUncle. "A few smart rules are in order to help families get to a realistic number to start budgeting for."


Math Rule #1 -- Know your Estimated Total Costs, in relation to tuition and fees


Tuition is just one part of the total cost. Factor in books, meals, housing, transportation and other expenses (even decorating the dorm room) when making a college financial plan. Your school should provide helpful information on costs but here are a few guidelines depending on the type of institution you plan to attend:


-- Four-year public college -- If you're in-state, the average budget is
about $18,000, of which tuition and fees are $6,185. The average
out-of-state average budget should be about $28,000, of which tuition
and fees are $16,640. Students considering a public college should be
mindful that tuition and fees are approximately one-third of their
total budget.
-- Four-year private college -- The average budget should be about
$35,000, of which tuition and fees are close to $24,000. Students
considering a private school should consider their tuition and fees as
just over two-thirds of their total budget.
-- Two-year college -- Average estimated budget is about $13,000. Tuition
and fees are about $2,400 of that amount. Students considering a
two-year college should understand that tuition and fees are
approximately 20 percent of their total budget.



"Knowing the true extent of the costs up front and planning for them is critical. When parents are not given enough time or information to do the research and the math, they can put their finances and their children's education in jeopardy," said Derham.


Math Rule #2 -- Know the Impact of One Percentage Point of Interest and Shop Around for the Best Rate on Student Loans


A change in rate can make a substantial difference in the overall cost of your student loan.


-- A $10,000 private student loan that has an average percentage rate
(APR) of 8.69 percent that you defer payment on until after graduation
will cost $20,512 in interest, not including the principal amount
borrowed.
-- Meanwhile, a $10,000 private student loan with an APR of 6.92 percent
will cost $14,797 in interest if you defer payment until after
graduation.



In other words, less than two percent difference in the annual percentage rate of interest translates to over a $5,700 difference in the amount repaid.


Math Rule #3 -- Understand the Impact of your Repayment Decisions. If you are Able to Start Payment on the Loan Immediately, Do It


Using the $10,000 private student loan examples above, we recalculated the interest payments if the borrower started repayment on the student loan immediately.


-- The first loan's total interest amount owed is reduced to $11,056, a
savings of nearly $9,500 in overall interest paid.
-- The second loan's overall interest amount paid reduced to $8,420, a
nearly $6,400 difference.



Because payments need to be made consistently, it may not be realistic for many students to start repayment immediately. However, knowing that interest accrues during the deferment period and that you have to make it up by paying it back later should help parents and students make smarter borrowing decisions.


Added Derham: "When you do the math, you can really see why it is important not to borrow a dollar more than you need in student loans."


MyRichUncle offers many tools for prospective borrowers. One tool, the APR Monthly Repayment Calculator, provides student loan shoppers a new process whereby they can view examples of private student loans in repayment from several different vantage points. Specifically, if a borrower is seeking to secure a private loan to fund their education costs that free and federal money have not covered, he or she can input a desired loan amount as well as the expected graduation date and degree sought. From there, the borrower can compare several options, including:


-- The cost difference between three repayment options: Immediate
Interest and Principal, Interest Only and Deferred. While the
deferment option is most popular among students, they may not calculate
how much interest will accumulate, and the true difference that will
make in the overall amount repaid.
-- The cost difference between repayment terms. A standard comparison of
15 years is provided, however borrowers can look to repay their private
student loans over a longer or shorter period of time and compare the
true cost of those decisions in real numbers.
-- The Annual Percentage Rate (APR) on the loan. As the total measure of
what the loan will cost, the APR will take all repayment factors into
consideration, thus making it a standard comparison tool for consumers.



The APR Monthly Repayment Calculator is fully automated and operational from the MyRichUncle.com website; no downloads are required. For more information, please visit www.MyRichUncle.com and click on the link for the APR Monthly Repayment Calculator.


About MyRichUncle(TM)


From its inception in 2000, MyRichUncle(TM), the consumer brand of MRU Holdings, Inc. (NASDAQ:UNCL) has been at the forefront of innovation for education finance, most recently focusing on the growth market of student loans. Since May of 2005, MyRichUncle has originated more than $400 million private and federal student loans using its breakthrough underwriting platforms and innovative technology to deliver competitively priced products and services to borrowers. In May 2006, the Company launched Preprime(TM), the first and only student loan that allows students to qualify for loans based on individual merit, rather than credit history alone. In June 2006, MyRichUncle launched its Federal student loans with upfront interest rate reductions at repayment. Dedicated to reshaping the student loan industry to function in the best interests of students, founders Vishal Garg and Raza Khan and their team are committed to delivering the most innovative solutions for their customers. The Company and its founders have been recognized by Fast Company's Fast 50 (2006) and listed among BusinessWeek.com's Tech's Best Young Entrepreneurs (2006). For more information, visit http://www.myrichuncle.com/.


UNCL-G


FCMN Contact: kpellmann@mruholdings.com


Source: MyRichUncle

CONTACT: Karin Pellmann, VP, Public Relations of MyRichUncle,
+1-212-444-7541, kpellmann@myrichuncle.com; or Adria Greenberg of Sommerfield
Communications, +1-212-255-8386, adria@sommerfield.com, for MyRichUncle


Web site: MyRichUncle

Spellbound by SCRABBLE(R): Connecticut Students Win the 2008 National School SCRABBLE Championship

11 May 2008 00:35 Africa/Lagos


Spellbound by SCRABBLE(R): Connecticut Students Win the 2008 National School SCRABBLE Championship

PROVIDENCE, R.I., May 10 /PRNewswire-USNewswire/ --

Students spellbound by the game of SCRABBLE(R) competed in the 2008 National School SCRABBLE Championship held this weekend in Providence at the Rhode Island Convention Center. After six rounds and countless strategic plays, returning champion Matt Silver, 14, of Westport, Conn. and his teammate Logan Rosen defeated Joey Krafchick, 13, of Roswell, Ga. and his teammate Dorian Hill, 13 of Tucker, Ga. in the Championship round today, claiming the title and a $5,000 grand prize. It's a fitting tribute to a game that's celebrating its 60th anniversary this year.


"The National School SCRABBLE Championship brings students from all across the country together for the love of the game," said John D. Williams, Jr., executive director, National SCRABBLE Association. "These kids enjoy playing SCRABBLE because it is both challenging and fun."


During the Championship, 100 teams of students in grades five-to-eight from 23 states competed in six rounds of play on Friday and Saturday leading to the final match-up. The grand prize winners received a $5,000 cash prize. The second-place team was awarded $2,000 and the third place team walked away with $1,000. Once again, ESPN will telecast the Championship as kids head back to school in August 2008.


Among those competing in the National School SCRABBLE Championship were two teams from the Arizona Cactus-Pine Council Girl Scouts and two students from the Philadelphia ASAP Program, an organization providing after-school programs for kids of all ages.


More than one million students have played SCRABBLE in approximately 20,000 schools nationwide. This year, the National SCRABBLE Association and the Girl Scouts of the USA announced the availability of the first ever SCRABBLE game patch, "Words Rock." There are currently 27 Girl Scout SCRABBLE clubs representing 19 states, and two teams participated in the National School SCRABBLE Championship.


A family favorite since 1948, the board game is celebrating its Diamond Anniversary and is found in one out of every three homes in America, according to Hasbro, makers of the game in the United States and Canada. SCRABBLE is unique because it is a game of continuous winning moments. Unlike other games where players wait until the end of the game to find a winner, SCRABBLE provides a great sense of accomplishment throughout the entire process. Any time participants look at their tiles to find a word, they are immediately rewarded, which is why kids love to play the game.


"All of the participants demonstrated a tremendous amount of passion, enthusiasm and sportsmanship which make the Championship a fun event for everyone involved," said Jay Bruns, director of marketing for SCRABBLE, Hasbro Games. "This program is a testament to the unifying power that a fun game like SCRABBLE can have on people of all ages."


The National School SCRABBLE Championship is underwritten by Hasbro. For more information about the SCRABBLE game or other tournaments and clubs around the country, visit www.scrabbleassociation.com.


About Hasbro


Hasbro (NYSE:HAS) is a worldwide leader in children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. Both internationally and in the U.S., its PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER and WIZARDS OF THE COAST brands and products provide the highest quality and most recognizable play experiences in the world. SCRABBLE, the distinctive game board and letter tiles and all associated logos are trademarks of Hasbro in the United States and Canada and are used with permission.


Contact:
Crystal Schweim Jenifer Slaw
Carmichael Lynch Spong Carmichael Lynch Spong
(612) 375-8505 (212) 414-7172
crystal.schweim@clynch.com jenifer.slaw@hasbro.com


Source: The National SCRABBLE Association

CONTACT: Crystal Schweim, +1-612-375-8505, crystal.schweim@clynch.com,
or Jenifer Slaw, +1-212-414-7172, jenifer.slaw@hasbro.com, both of Carmichael
Lynch Spong, for The National SCRABBLE Association


Web site: The National SCRABBLE Association

Toyota Awards $1 Million in Scholarships to 100 High School Seniors

10 May 2008 01:00 Africa/Lagos


Toyota Awards $1 Million in Scholarships to 100 High School Seniors

Winners at top of class in both academics and community service

SAN ANTONIO, May 9 /PRNewswire/ -- Toyota Motor Sales, U.S.A., Inc., (TMS) rewarded 100 high school seniors with $1 million in college scholarships for their commitment to education and community service at an awards banquet tonight.


The winners, who make up the 12th class of Toyota Community Scholars, were chosen from a pool of more than 8,000 students nationwide nominated by their schools. To be eligible, students must be proven leaders both in the classroom and in their communities.


Based on its accomplishments, the 2008 class learned at an early age that "giving back" to the community was not an obligation, but, rather, a way of life. As one Scholar, Jacob Rouse of Union, Ky., put it: "When helping others, an incredible feeling is instilled in your veins. This feeling allows you to believe you have meaning in the world."


For the 2008 class, their dreams of making a difference became reality through programs ranging from raising $120,000 for the American Cancer Society to collecting over 3,000 pounds of food that was distributed to youngsters at more than 160 schools. In addition, one scholar - a cancer survivor and amputee - has personally visited over 600 patients with the same afflictions, providing them with gift boxes.


"It is truly amazing to see what these 100 high school seniors have accomplished at such a young age," said Michael Rouse, TMS corporate manager of philanthropy and community affairs. "Their dedication both to academics and community service is an inspiration to all of us."


The scholarships are valued at $20,000 or $10,000 each, over four years, for study at a four-year college or university starting in the fall of 2008. Since the Toyota Community Scholars program began in 1997, TMS has awarded over $13 million in scholarships to 1,200 students across the U.S.


Kristen Allcorn, a Toyota Community Scholar from Sedalia, Mo., is a prime example of the dedication to community service exhibited by this year's class. As the founder of The Community Cafe, Allcorn and her group of volunteer students have provided over 11,000 free evening meals to needy residents in her hometown. Hot meals are served five nights a week, with plans to expand that to three meals each day, seven days a week.


All told, Allcorn and her group have raised over $13,000 to keep The Community Cafe operational.


Consequently, Allcorn, like many of the Scholars, found community service to be the roadmap to what she wants to do in the future. "I never imagined the impact The Community Cafe would have on my community or myself. The Community Cafe has influenced my career plans, and I have committed to living a life of service."


The Toyota Community Scholars program is administered by Educational Testing Services in Princeton, N.J. The 12 national winners ($20,000 each) and 88 regional winners ($10,000 each) were selected by a panel of college and university admissions officials from across the U.S.


The scholarship winners were guests of honor tonight at an awards banquet in San Antonio that was attended by education, community, business and government leaders. Liz Murray, subject of the Lifetime Television movie, From Homeless to Harvard, was the keynote speaker.


The two-and-a-half-day program included a tour of Toyota Motor Manufacturing, Texas, Inc., in San Antonio, which builds the Tundra full-size pickup truck. In addition, the Scholars enjoyed an authentic Texas BBQ dinner, with games, entertainment and dancing at the Rio Cibolo Ranch.


Toyota Motor Sales (TMS), U.S.A., Inc. is the marketing, sales, distribution and customer service arm of Toyota, Lexus and Scion in the United States, marketing products and services through a network of 1,427 Toyota, Lexus and Scion dealers in 49 states. Established in 1957, TMS and its subsidiaries also are involved in distribution logistics, motorsports, and research and development.


NOTE:
*A list of Toyota Community Scholars is attached.
*A "snapshot" of specific community service projects is attached.

*Upon request, digital photographs of individual Scholars can be sent electronically. Please e-mail request to: aeggers@guthriemayes.com.


2008 TOYOTA COMMUNITY SCHOLARS


CITY HIGH SCHOOL

ALABAMA
Nicole Bohannon Sheffield Sheffield High School

ALASKA
Ceylon Mitchell Anchorage East Anchorage High School

ARIZONA
Joanna Yang * Phoenix Desert Vista High School
Teri Yu Phoenix Desert Vista High School

ARKANSAS
Ashley Louks Judsonia Pangburn High School
Michelle Martin Jasper Jasper High School

CALIFORNIA
Albert Chen * Buena Park Oxford Academy
Theodore Gonder Glendale Crescenta Valley High School
Carlos Guzman Dinuba Dinuba High School
Monica Liu Rancho Palos Verdes Palos Verdes Peninsula High
School
Jasmine Nachtigall San Mateo Hillsdale High School
Rita Sandoval Desert Hot Springs Desert Hot Springs High School
Zachary Stauber Gold River Mira Loma High School
Gregory Woodburn Ventura Ventura Senior High School
Danni Xie Thousand Oaks Westlake High School

COLORADO
Bret Johnson Fountain Fountain Ft. Carson High
School
David Rolla Commerce City Adams City High School

CONNECTICUT
Laura Ly Shelton Shelton High School

DELAWARE
Virginia Nicholson Wilmington Tower Hill School

DISTRICT OF COLUMBIA
Margaret Birkel Washington National Cathedral School

FLORIDA
David Akinin Miami Dr. Michael M. Krop Senior
High School
Sarah Hodges Leesburg First Academy
Lauren Rowe Gainesville Eastside High School
Bernadette Stocker Flagler Beach St. Joseph Academy

GEORGIA
Jordan Croom Marietta Walker School
Caterina Li Duluth Duluth High School
Kanya Manoj Duluth Woodward Academy
Laura Okolie Riverdale Riverdale High School

ILLINOIS
Maddelynn Hawkins Pinckneyville Pinckneyville Community High
School
Elena Holler Sherman Williamsville High School
Christine Mattappillil Glenview Glenbrook South High School
Kathleen McGlynn Belleville Althoff Catholic High School

INDIANA
Eric Majors Indianapolis Pike High School

IOWA
Briana McGeough Cedar Falls Cedar Falls High School

KANSAS
Nandini Sarma Overland Park Shawnee Mission East High
School

KENTUCKY
Deep Aggarwal Louisville Dupont Manual High School
Jacob Rouse * Union Larry A. Ryle High School

LOUISIANA
Danielle Axelson Bossier City Airline High School
Shanell Booker Monroe Wossman High School
Niharika Jain Shreveport Caddo Parish Magnet High
School

MAINE
Thomas Balch Newcastle Lincoln Academy

MARYLAND
Maria Sebastian * Boyds Northwest High School
Eric Weisberg Bethesda Walt Whitman High School
Xuemin Zhang Burtonsville Paint Branch High School

MASSACHUSETTS
Marie DeLuca Stow Nashoba Regional High School
Luke Fraser * Hopkinton Hopkinton High School

MICHIGAN
Casey Hoffman Menominee Menominee Area High School
Alexandra McGregor Waterford Waterford Kettering High
School
Mitchell Rivard Bay City Bay City Western High School

MINNESOTA
Shanna Decker * Plainview Plainview-Elgin-Millville High
School
Caitlin Johnson Rochester Century High School
Megan Sjostrom Lafayette GFW High School

MISSISSIPPI
Abigail Hardin * Clinton Jackson Academy
Lynice Higgins Hazlehurst Hazlehurst High School

MISSOURI
Kristen Allcorn * Sedalia Smith-Cotton High School
Lauren Lacey Troy Troy Buchanan High School
Kathleen Russell Webster Groves Cor Jesu Academy

MONTANA
Chelsea Brauer Forsyth Forsyth High School

NEBRASKA
Wayne Banks Bellevue Bellevue West Senior High
School
Keshav Rao Omaha Brownell-Talbot School

NEVADA
Brian Choe Las Vegas Advanced Technologies Academy

NEW HAMPSHIRE
Jeffrey McInnis Greenville Mascenic Regional High School

NEW JERSEY
Sharon Kim Fort Lee Bergen County Academies
John Monagle * Clark Arthur L. Johnson High School
Becky Moran Pleasantville Home schooled
Jolene Wang Piscataway Piscataway High School

NEW YORK
Eason Hahm Chestnut Ridge Spring Valley Senior High
School
Jason Mogen Dix Hills Half Hollow Hills High School
West
Nastasha Pollard Stony Point North Rockland High School
Brittany Robles Smithtown Smithtown High School West
Sheel Tyle Pittsford Pittsford Mendon High School

NORTH CAROLINA
Elizabeth Carney Charlotte Myers Park High School
Ryan Hollander Winston-Salem Forsyth Country Day School

NORTH DAKOTA
Alex Windjue West Fargo West Fargo High School

OHIO
Ann Cheng Cincinnati Walnut Hills High School
Jacob Potticary Loveland Loveland High School

OKLAHOMA
Carly Schnaithman Garber Garber High School

OREGON
Richie Day Salem South Salem Senior High School

PENNSYLVANIA
Christopher Shotter Monaca Monaca Junior/Senior High
School

SOUTH CAROLINA
Tyler Bridges Sumter Sumter High School
Graham Van Schaik * Columbia Spring Valley High School

SOUTH DAKOTA
Nicholas Stukel Burke Gregory High School

TENNESSEE
Sharda Fields Memphis Whitehaven High School
Caroline Hadley Knoxville Bearden High School
Chandler Lawson Tullahoma Tullahoma High School

TEXAS
Trevor Burbank * Flower Mound Flower Mound High School
Nicole Castro Keller Keller High School
Mark Hernandez Eagle Pass C.C. Winn High School
Marilyn Mootz Dallas Highland Park High School
Jasmine Thum Austin Liberal Arts & Science
Academy
Kavita Venkateswar San Antonio Winston Churchill High School

UTAH
Sydney Hartsell Salt Lake City Rowland Hall St. Mark's
School
VIRGINIA
Ian Akers Radford Radford High School
Ariel Talts Danville Galileo Magnet High School
Sydney Tenhundfeld Charlottesville Renaissance School

WASHINGTON
Erik Hille * Ritzville Ritzville High School
Sarah Klemsz Battle Ground Prairie High School
Brian Tolkin Mercer Island Mercer Island High School

WISCONSIN
Brittaney Check Wauwatosa Wauwatosa East High School
Rachael Lester Cedarburg Cedarburg Senior High School


* National winner - $20,000 scholarship

All others receive $10,000 scholarship



2008 TOYOTA COMMUNITY SCHOLARS
Community Service Snapshots


Following is a small sampling of community-service projects performed by the 2008 class of Toyota Community Scholars (more detail can be provided upon request; student interviews can also be arranged).


-- Surviving cancer and an amputation inspired this Scholar to found the
Hearts of Hope project, where she mentors and personally visits cancer
patients and amputees as they undergo treatments and/or recover from
limb loss. Over the past nine years, she has visited more than 600
patients, and dedicates more than 300 hours of service per year to
patients and their families. She funds the project herself with money
earned from a part-time job.
(Shanna Decker, Plainview, Minn.)

-- Founded The Community Cafe, a soup kitchen that has provided more than
11,000 meals to the needy. The Community Cafe has also raised more
than $13,000 from civic groups and individuals. Hot meals are
currently served five nights a week; the program also provides a
take-out meal service. This Scholar hopes to expand The Community Cafe
to offer meals three times each day, seven days a week to ease hunger
and help to relieve the financial strain of the people served.
(Kristen Allcorn, Sedalia, Mo.)

-- This Scholar helped raise $21,000 to benefit Team River Runner, an
organization that rehabilitates wounded U.S. soldiers at a local
hospital by teaching them to kayak. The majority of the funds bought a
new transport van as well as three new kayaks for the wounded veterans
to use. His work with the organization has helped raise awareness
about the wounded soldiers recovering at nearby Walter Reed Hospital.
(Eric Weisberg, Bethesda, Md.)

-- In 2005, founded Beyond All Borders - a project that aims to help
children suffering from weekend hunger. The program has since
collected over 3,000 pounds of food for distribution to more than 160
schools in New Jersey. Beyond All Borders has also expanded its focus
to global-hunger issues by reaching out to help alleviate Kenya's
hunger problems. This student's group also raised $5,300 to plant five
acres of passion fruit for 50 Kenyan farm families.
(John Monagle, Clark, N.J.)

-- Based on the need for programs focused on character-development in
children, this Scholar started a non-profit foundation called the Open
My Eyes Foundation, which carries a message encouraging students to see
every person as valuable. By means of the book she has authored, Look
At Me I Am Just Like You, this Scholar has led discussions with over
1,500 children, ultimately raising awareness that leads students to
accept diversity. She is confident that her project will help put an
end to loneliness, racism, suicides, self-centeredness and bullying in
forthcoming generations. (Abigail Hardin, Clinton, Miss.)

Source: Toyota Motor Sales, U.S.A., Inc.

CONTACT: Kathy Mota, +1-310-468-6919, or Andy Eggers, +1-502-584-0371, or
cell, +1-502-649-6588

Disbelief: Minn. Couple Wins $180.1 Million