Harbin Electric Enters Into Merger Agreement to Be Acquired for $24.00 per Share in Cash

Harbin Electric, Inc. ("Harbin Electric" or the "Company"; NASDAQ: HRBN)  today announced that it has entered into a definitive agreement and plan of merger (the "Merger Agreement") with Tech Full Electric Company Limited ("Parent"), a Cayman Islands company wholly owned indirectly by Mr. Tianfu Yang, the Company's Chairman and Chief Executive Officer, and Tech Full Electric Acquisition, Inc. ("Merger Sub"), a Nevada corporation wholly owned by Parent.

Harbin Electric, Inc. Announces Receipt of 'Going Private' Proposal at $24.00 Per Share

Harbin Electric, Inc. ("Harbin" or the "Company") (Nasdaq:HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced that its Board of Directors has received a proposal letter from its Chairman and Chief Executive Officer, Mr. Tianfu Yang ("Mr. Yang") and Baring Private Equity Asia Group Limited ("Baring") for Mr. Yang and an investment fund advised by Baring (the "Baring Fund") to acquire all of the outstanding shares of Common Stock of Harbin not currently owned by Mr. Yang and his affiliates in a going private transaction for $24.00 per share in cash, subject to certain conditions. Mr. Yang owns 31.1% of Harbin's Common Stock.  According to the proposal letter, an acquisition vehicle for the purpose of completing the acquisition will be formed and the acquisition is intended to be financed with a combination of debt and equity capital. The proposal letter states that the equity portion of the financing would be provided by Mr. Yang, the Baring Fund and related sources. The proposal letter also states that Goldman Sachs (Asia) LLC ("Goldman") is acting as financial advisor to the acquisition vehicle to be formed by Mr. Yang and the Baring Fund.

  LITTLE FALLS, NJ - August 31, 2010 (Investorideas.com Newswire) - mPhase Technologies, Inc. (OTC.BB:XDSL) announced today that scalable smart reserve cell technology is one of the items included in the Fiscal Year 2011 Defense Appropriations bill that was recently passed out of subcommittee in the United States House of Representatives. Scalable Smart Reserve Cell Technology is listed to receive funding in the amount of $2,500,000.

"We are encouraged that Congress has recognized the importance of this technology," said Mr. Ronald Durando, mPhase's President and Chief Executive Officer. The company is currently working closely with the United States Army to complete Phase II of a $750,000 Small Business Technology Transfer grant to develop scalable smart reserve power cell technology. This is the first time Congress has specifically designated funding for this type of technology.

Argon ST Announces Agreement to be Acquired by The Boeing Company

Argon ST [NASDAQ: STST] and The Boeing Company [NYSE: BA] today announced that they have entered into an agreement for Boeing’s acquisition of Argon ST in an all cash tender offer and merger for $34.50 per share, or approximately $775 million, net of cash acquired.

The agreement to acquire Argon ST, a leading developer of command, control, communications, computers, combat systems, intelligence, surveillance, and reconnaissance (C5ISR), advances Boeing's growth strategy and expands its capabilities to address the C5ISR, cyber and intelligence markets.

“We’re very pleased to join The Boeing Company,” said Dr. Terry Collins, chairman and chief executive officer of Argon ST. “Our employee teams know each other well, and we are excited to now continue our combined support to our warfighters and first responders as one company.”