Wednesday, October 23, 2013

Android World Update # Samsung grabs 7.4% of Corning and secures supply of Gorilla Glass through 2023

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Samsung grabs 7.4% of Corning and secures supply of Gorilla Glass through 2023
Oct 23rd 2013, 13:54, by Robert Nazarian

Gorilla_Glass_Ad_011

Samsung and Corning just made some interesting adjustments to their current 40-year partnership. Samsung and Corning already have a joint venture called Samsung Corning Materials. Ltd. Samsung owned a 43% stake in the company, but they will receive $1.9 billion in convertible preferred Corning shares as well as invest $400 million in new convertible preferred shares. I know it’s confusing, but the end result is that Samsung will have a 7.4% stake in the company on an as-converted basis.

What’s even more important is that Samsung and Corning signed a new long-term supply agreement that lasts until 2023. This is obviously a smart move for Samsung in that they won’t have to worry about other manufacturers jumping ahead of them. It doesn’t mean other manufacturers won’t use Gorilla Glass, it just means they won’t get preferred treatment. For Corning, it’s a win because they will gain more flexibility in serving customers, managing capacity, and minimizing capital spending as they expand production of Gorilla Glass and develop new specialty glass applications.

Full presser after the break.

Corning and Samsung Strengthen Strategic Collaborations

Corning to acquire full ownership of SCP, enabling significant synergies
Corning's board authorizes additional $2 billion share repurchase program
Actions expected to be immediately accretive on fully diluted basis for Corning

CORNING, N.Y., October 22, 2013 – Corning Incorporated (NYSE: GLW) announced today that it is entering into a series of strategic and financial agreements with Samsung Display Co., Ltd., intended to strengthen product and technology collaborations between the two companies. These agreements will allow Corning to extend its leadership in specialty glass and drive earnings growth. Corning expects the transactions to close in the first quarter of 2014.

The series of transactions, subject to closing conditions being met, will result in:

  • Corning obtaining full ownership of Samsung Corning Precision Materials Co., Ltd. (SCP), an unconsolidated equity venture with Samsung Display that manufactures LCD glass in Korea. Samsung Display currently owns 43% of SCP.
  • After redemption of their interest in SCP, Samsung Display's investment in new convertible preferred shares of Corning with an aggregate face amount of $1.9 billion.
  • Corning's acquisition of the other shareholders' minority interests in SCP for an expected proportional cash payment.
  • Samsung Display's additional $400 million investment in Corning by subscribing to new convertible preferred shares.
  • Using Corning's current share count, Samsung Display's combined investment in Corning would result in approximately 7.4% ownership on an as-converted basis.
  • A new long-term LCD display glass supply agreement between Corning and Samsung Display through 2023.
  • A strengthening of the two companies' technology collaborations on strategic product development and commercialization initiatives.

In addition, Corning's board of directors has authorized an additional $2 billion of share repurchases through Dec. 31, 2015, dependent upon the transaction closing.

"We are excited to enter this new era of collaboration in our 40-year equity relationship with Samsung, one of the world leaders in consumer electronics," Wendell P. Weeks, chairman, chief executive officer and president, said. "The agreements provide important financial and strategic benefits to both Corning and Samsung."

"Corning and its shareholders will realize attractive financial returns as the transactions produce immediate earnings accretion through the addition of the remainder of SCP, substantial cost synergies and significant incremental free cash flow. Our new long-term supply agreement will provide Corning steady demand in the global LCD market. By leveraging SCP's fusion-based manufacturing assets, we will further extend our leadership in advanced glass. This affords us greater flexibility in servicing customers, managing capacity, and minimizing capital spending as we expand production of Corning® Gorilla® Glass and pursue new specialty glass applications," he added.

"We are pleased to have an opportunity to strengthen the strategic ties between our two companies," Kinam Kim, president and chief executive officer of Samsung Display, said. "We look forward to concentrating our efforts and combining our expertise in product development with Corning's renowned leadership in glass technologies to develop new market opportunities in consumer products and other industries."

Corning Expects to Realize Immediate and Long-Term Financial Benefits
"Shareholders will benefit from access to $1.2 billion which represents Corning's share of existing cash on SCP's balance sheet, as well as the cumulative incremental free cash flow going forward, which could total $2 billion over the next four years," Weeks said. The structure of the transaction will also immediately increase Corning's domestic cash balances.

He added, "Synergies from integrating our worldwide fusion glass assets should approach $100 million pretax in 2015 and continue to grow thereafter. We believe that accretion to Corning's core earnings per share, on a fully diluted basis of approximately 20% in 2014 and 2015, can be generated from the combination of profits from the soon-to-be acquired 50% of SCP; the resulting manufacturing synergies; and the impact of the additional share repurchase program. The impact of the additional share repurchase program should offset the potential dilution of shares embedded in the convertible preferred security. The transaction should add approximately $2 billion in annual sales; $350 million in incremental profit before special items; and approximately $500 million in additional cash flow to Corning."

Corning also expects to realize increased flexibility in glass-melting capabilities, which should bring added capital savings. Furthermore, the company will re-evaluate the need for major capital expenditures for additional fusion glass manufacturing assets.

The new convertible preferred shares will have an annual 4.25% coupon and are convertible into common shares based on a price of $20 per common share. The preferred shares are not convertible for seven years, subject to certain exceptions, and contain only limited voting rights until conversion. Effective today, Corning and Samsung have entered into a standstill agreement that limits Samsung's activities with respect to Corning's shares and governance. Effective upon closing, a shareholder agreement between Corning and Samsung will limit Samsung's ownership to no more than 9% of Corning's common shares on an as-converted basis. The transaction contains a re-pricing mechanism that will account for changes in SCP's glass prices, volume and Japanese yen to U.S. dollar exchange.

Corning has LCD glass manufacturing operations in the United States, Japan, Taiwan and China. Samsung Corning Precision Materials has LCD glass manufacturing facilities in Korea. Following completion of the transaction, the SCP organization will be integrated into Corning's Display Technologies segment. Corning will be able to service all specialty glass customers in all regions directly, utilizing its manufacturing facilities throughout Asia. U.S. Corsam Technologies LLC, and Samsung Corning Advanced Glass LLC, both equity affiliates established between Corning and Samsung Display, will continue under their current agreements.

Conference Call Information
The company will host a conference call on Tuesday, Oct. 22, 2013 at 4:30 p.m., ET. To participate, please call toll free (800) 230-1085 or for international access call (612) 332-0228 approximately 10-15 minutes prior to the start of the call. The password is 'CORNING INCORPORATED OCTOBER 22ND CONFERENCE CALL.' The host is 'NICHOLSON'. To listen to a live audio webcast of the call, go to Corning's Web site atwww.corning.com/investor_relations and click Investor Events on the left. A replay will be available beginning at approximately 6:30 p.m., ET and will run through 12 a.m. ET Tuesday, Nov. 12, 2013. To listen, dial (800) 475-6701 or for international access dial (320) 365-3844. The access code is 306287. The webcast will be archived for one year following the call.

Presentation of Information in this News Release
Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning's non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the Company's operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company's underlying performance. Detailed reconciliations outlining the differences between these non-GAAP measures and the most directly comparable GAAP measure can be found on the company's website by going towww.corning.com/investor_relations and clicking Financial Reports on the left. These reconciliations also accompany this news release.

Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

About Samsung Corning Precision Materials
Samsung Corning Precision Materials is a South Korea-based manufacturer of LCD glass for flat panel displays. The business was formed as an equity venture in 1995 between Corning (50% ownership), Samsung (42.6% ownership) and minority ownership of the remainder (7.4%). In 2012, SCP recorded net sales of $3.1 billion with net income of $1.4 billion. Corning includes full financial statements for SCP in its annual report.

About Samsung Display Co., Ltd.
Samsung Display Co., Ltd. is a global leader in display panel technology and products. Employing approximately 39,000 people at seven production facilities and nine sales offices worldwide, Samsung Display specializes in high-quality displays for consumer, mobile, IT and industrial usage, including those featuring OLED (organic light emitting diode) and LCD technologies. As a total solution provider, Samsung Display strives to advance the future with next-generation technologies featuring ultra-thin, energy-efficient, flexible, and transparent displays. For more information, please visitwww.samsungdisplay.com.

About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.

 


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Android World Update # Samsung confirms U.S. availability of Galaxy S4 Mini

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Samsung confirms U.S. availability of Galaxy S4 Mini
Oct 23rd 2013, 13:30, by Scott Webster

Samsung on Wednesday confirmed that the Galaxy S4 Mini will be available in the United States starting in November. Pricing and exact timing details, however, are not made clear in the press release. Instead, we might look for the various wireless providers to soon make their own respective announcements.

According to Samsung, AT&T, Sprint, Verizon and U.S. Cellular are lined up to offer the handset. Sorry, T-Mobile customers, you don’t look to be in the hunt.

Powered by Android 4.2.2 Jelly Bean, the Galaxy S4 Mini features a 4.3-inch qHD display, 8-megapixel rear camera, and 16GB internal storage. The 1.7GHz dual-core processor and 1.5GB RAM should be more than adequate for the average user and the microSD expansion slot provides up to 64GB storage.

As is the case with other Samsung smartphones, the Galaxy S4 includes plenty of custom software touches. Among other apps and services, the handset features WatchOn, S Beam, Easy Mode, and numerous shooting modes.

Samsung Galaxy S 4 mini Coming to the U.S. Next Month

Smartphone offers sleek and compact design with the exceptional Galaxy experience

Dallas, TX — October 23, 2013 – Samsung Telecommunications America (Samsung Mobile) announced today that the Samsung Galaxy S® 4 mini, a compact smartphone featuring some of the most popular Galaxy S 4 experiences, will be available in the U.S. beginning in November.  The Galaxy S 4 mini is just 4.9in x 2.4in and is packed with Samsung flagship experiences like WatchOn™, S Beam™ and advanced camera features.

"Samsung continues to provide a wide range of products to fit consumers' needs," said Gregory Lee, president of Samsung Mobile. "The Galaxy S 4 mini continues that commitment by bringing the paramount features of our flagship Galaxy S 4 smartphone to a smaller, more compact form factor."

Outstanding Galaxy Features:

The Galaxy S 4 mini has some of the best software features from the Galaxy S 4 in a compact form factor to enrich the user experience.

  • Intuitive Camera Interface: The Galaxy S 4 mini's 8-megapixel camera has zero shutter lag allowing users to document special moments without delay. The Galaxy S 4 mini is equipped with the familiar and easy-to-navigate user interface found on the Galaxy S 4 and supports numerous shooting modes such as Beauty FaceBest PhotoSound & ShotPanorama and more to enhance photos taken by even the most novice photographer.
  • WatchON: Control your television using the Galaxy S 4 mini as a remote control. Discover a rich TV viewing experience with a Smart Remote that is functional with any IR capable TV or Set Top Box. Users can share content from the Galaxy S 4 mini to a TV effortlessly, as well as look for something to watch in a new way that lets you browse by genre, search by title or receive recommendations based on your interests.
  • Easy Mode: Helps smooth the transition for first-time smartphone owners by simplifying the home screen layout, camera, calendar, messaging and the internet browser to make the phone easy to navigate. Once a user is more comfortable with their Galaxy S 4 mini, they can easily switch back to the standard home screen interface.
  • Simple Sharing: Quickly and easily transfer large files, such as videos and documents, to other Galaxy phones with S Beam. Touch the back of the Galaxy S 4 mini to any S Beam enabled phone and share without needing a Wi-Fi® connection or cell signal. Users are able to simultaneously enjoy music, photos, documents and games with friends through the Group Play™ function.

The Galaxy S 4 mini is designed with a beautiful 4.3-inch qHD Super AMOLED™ (960 X 540) display with 256DPI. The Galaxy S 4 mini will run on Android™ 4.2.2 (Jelly Bean) and includes a 1.7 GHz dual-core processor and 1.5GB of internal RAM. It is powered by a removable 1,900 mAh battery and features an expandable memory of up to 64GB to complement the 16GB of standard onboard storage.†

The Galaxy S 4 mini will receive a software update soon after launch and will be compatible with Galaxy Gear™, Samsung's first wearable smartphone experience. Galaxy Gear extends the Galaxy S 4 mini experience to your wrist and enhances everyday moments with real time updates for quick and convenient access.

The Galaxy S 4 mini comes in Black Mist and White Frost color options, and will be available beginning next month. Wireless carriers will announce their specific availability, colors and timing. AT&T, Sprint, Verizon and U.S. Cellular will carry the Galaxy S 4 mini.

Accessorize the Galaxy S 4 mini with the S-View Flip Cover, a specially designed flip cover that has a clear window to view a text message or missed call notification, answer or reject a call, and view the battery status. Sold separately, the S-View Flip Cover comes in black and white color options to add style- while protecting the device and providing privacy. Flip Covers are also available without the S-View window in an array of colors including black, white, light blue, and pink.

The post Samsung confirms U.S. availability of Galaxy S4 Mini appeared first on AndroidGuys.

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Android World Update # Samsung Galaxy S4 Mini headed to the U.S. this November

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Samsung Galaxy S4 Mini headed to the U.S. this November
Oct 23rd 2013, 13:42, by Alex Dobie

GS4 Mini

AT&T, Sprint, Verizon and U.S. Cellular will carry the Galaxy S 4 Mini

We've recently seen evidence that the Samsung Galaxy S4 Mini is U.S.-bound, and now we have official confirmation of that fact. Samsung Mobile U.S. sends word that the miniaturized S4 will be headed to AT&T, Sprint, Verizon and U.S. Cellular starting this November.

The Galaxy S4 Mini sports a familiar design with somewhat cut-down internals compared to the regular GS4. The display is a 4.3-inch SuperAMOLED panel at 960x540 resolution. There's a 1.7GHz dual-core Snapdragon 400 CPU running the show, 1.5GB of RAM and 16GB of storage (up from 8GB in the international model), expandable via microSD. There's also an 8-megapixel rear camera and 1,900mAh battery.

The Galaxy S4 Mini runs Android 4.2.2 Jelly Bean and Samsung's latest TouchWiz UI, featuring many of the software capabilities of the full-sized Galaxy S4. The S4's camera app has made it across, as has the WatchOn TV app, and device-to-device sharing through S Beam and Group Share. A software update "soon after launch" will enable Galaxy Gear support on U.S. Galaxy S4 Minis.

While we weren't exactly wowed by the international version of the GS4 Mini, the U.S. version could be a compelling mid-ranger if the price is right. Naturally, we'll need to wait for individual carriers to confirm those details in the weeks ahead.

More: Samsung Galaxy S4 Mini review

read more


    






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Android World Update # Deal of the Day: ZENS Wireless Single Charger

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Deal of the Day: ZENS Wireless Single Charger
Oct 23rd 2013, 13:19, by ShopAndroid.com

Deal of the Day The Oct. 23 Deal of the Day is the ZENS Wireless Single Charger. Designed to work with Qi compatible devices such as the Nexus 7 (2013), Droid DNA, Nexus 4, Verizon G2, Droid MINI and Droid MAXX, this pad will automatically detect when your device has been placed (backside down) and will begin charging. Once fully charged the pad shuts off, preventing over charging. Comes in both black and white.

The ZENS Wireless Single Charger is available for just $39.95, 39% off today only. Grab yours while supplies last!

Check out our entire selection of Android accessories at ShopAndroid.com!

 


    






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Android World Update # Three more games added to Humble Bundle for Android 7

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Three more games added to Humble Bundle for Android 7
Oct 23rd 2013, 13:39, by Quentyn Kennemer

humble bundle 7

Humble Bundle for Android 7 promised to bring us a few new games after the initial bunch, and that promise has been fulfilled. Three new games are available for those who paid more than the average, which was about $6.50 at the time the sale kicked off.

Here’s the updated list of games you can look forward to for such a low, low price (new games are in bold):

  • Ticket to Ride (regularly $7) - A pass-to-play game that has you completing railroad tickets.
  • Greed Corp (regularly $1) - A turn-based strategy game with great graphics and gameplay.
  • Incredipede (regularly $4) - A quirky, physics-based puzzle game.
  • Anodyne (not available on Google Play) – Adobe AIR-based adventure game with ala Zelda

Pay more than the average to receive:

The average price of the bundle currently sits at $6.25 — for 10 games and soundtracks for most of them, you can’t ask for a much better deal than that. Get over to the Humble Bundle for Android site to take advantage of the seventh edition of what has quickly become one of the best values in mobile gaming.

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Android World Update # LG G Flex shows off back panel controls and makes first video appearance

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LG G Flex shows off back panel controls and makes first video appearance
Oct 23rd 2013, 13:17, by Robert Nazarian

LG_G_Flex_Leaked_Image_203

The LG G Flex may not be the first smartphone with a curved display, but it will be the first curved smartphone with rear power and volume controls. That and 50-cents might get you a cup of coffee, but LG needs some recognition now that Samsung took the crown for the first curved smartphone, the Galaxy Round.

The G Flex should be unveiled next month and will probably be as limited as the Galaxy Round. Neither device is going to be popular since they are still evolving. One day we will have smartphones that we can actually bend, but for now it’s going to be flexible displays that are inflexible. Hit the break for a couple of more images and get an even better look with the G Flex’s first video appearance.

LG_G_Flex_Leaked_Image_202LG_G_Flex_Leaked_Image_201

Click here to view the embedded video.

sources: The Vergetelefenoticias / Federico Ini


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