American Solutions Calls on Congress to Call an Audible and Focus on ‘Jobs First’ in Response to August Unemployment Report

WASHINGTON, Sept. 4 /PRNewswire-USNewswire/ — Former Speaker of the House and American Solutions General Chairman Newt Gingrich said today in response to the national unemployment rate increasing to 9.7% that “August’s unemployment report should be a sobering reminder that the first goal of government should be getting unemployed Americans back to work. With more than 216,000 Americans losing their jobs in August, Congress should focus on boosting job creation not raising taxes on the job creators.”

American Solutions Chief Operating Officer Dan Varroney echoed Gingrich and said that “history has proved that increasing taxes in the middle of a recession will only add insult to injury. We need to provide small business — the engine of America’s economy — with the right incentives so they can create more jobs and grow their companies. More than 3 million Americans have lost their jobs since January. The administration promised that unemployment would not exceed 8 percent if the stimulus was approved and yet today we stand at 9.7 percent.”

“Now we know why Vice President Biden gave his speech on the stimulus yesterday. If he would have claimed that the stimulus was working on the same day the Department of Labor announces 9.7% unemployment and 216,000 jobs lost in August, nobody with any common sense would have believed him,” said Vince Haley, Vice President for Policy at American Solutions. “After 200 days of the stimulus it is time to face the reality that it isn’t working and we need a new plan to spur economic growth and job creation.”

According to a new Rasmussen poll, 60 percent of Americans believe that tax increases will hurt the economy. The same survey found that 55 percent of Americans believe that tax cuts will help the economy.

American Solutions’ “Jobs Here – Jobs Now – Jobs First” plan begins with four proposed solutions designed to immediately help small business create new American jobs now. They are a 2-year, 50% payroll tax cut, cutting the corporate tax rate to 12.5% to match Ireland, abolishing the capital gains tax to match China, and eliminating the death tax. To learn more about the plan, visit www.AmericanSolutions.com/jobsfirst/.

SOURCE American Solutions for Winning the Future

Dividend Declaration: Delaware Investments(R) Global Dividend and Income Fund, Inc. Announces Dividends

PHILADELPHIA, Aug. 31 /PRNewswire-FirstCall/ — Today, Delaware Investments Global Dividend and Income Fund, Inc. (the “Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “DGF,” declares a monthly dividend of $0.0575 per share. This dividend is payable September 25, 2009, to shareholders of record at the close of business on September 11, 2009. The ex-dividend date will be September 9, 2009.

The Fund is a diversified, closed-end fund. The primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 50% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities of U.S. and foreign issuers. Up to 50% of the Fund’s total assets may be invested in nonconvertible debt securities consisting primarily of government and high yield, high risk corporate bonds of U.S. and foreign issuers.

Under normal market conditions, the Fund will invest: (1) at least 50% of its total assets in securities of U.S. issuers; and (2) at least 40% of its assets (including leveraged assets) in securities of non-U.S. issuers, unless market conditions are not deemed favorable by the Manager, in which case the Fund would invest at least 30% of its assets (including leveraged assets) in securities of non-U.S. issuers. The Fund may not, however, invest more than 50% of its total assets in the securities of any developed or emerging markets foreign country.

The Fund utilizes leveraging techniques in an attempt to obtain higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.

The Fund has implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investments income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted and, if necessary, a return of capital.

About Delaware Investments:

Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $120 billion in assets under management as of June 30, 2009. Through a broad range of managed accounts and portfolios, mutual funds, retirement accounts, sub-advised funds and other investment products, Delaware Investments provides investment services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. For more information on Delaware Investments, visit the company at www.delawareinvestments.com or for shareholder related questions, call 800 523-1918. Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. For more information on Lincoln Financial Group, visit www.lincolnfinancial.com.

SOURCE Delaware Investments

ING Global Equity Dividend and Premium Opportunity Fund and ING International High Dividend Equity Income Fund Declare Monthly Distributions

SCOTTSDALE, Ariz., Aug. 17 /PRNewswire/ — ING Investments, LLC announced the monthly distributions on the common shares of two of its closed-end funds: ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and ING International High Dividend Equity Income Fund (NYSE: IID) (each a “Fund” and collectively, the “Funds”). With respect to each Fund, the distribution will be paid on September 15, 2009, to shareholders of record on September 3, 2009. The ex-dividend date is September 1, 2009. The distribution per share for each Fund is as follows:

Fund                       Distribution Per Share
—-                       ———————-
ING Global Equity Dividend and Premium Opportunity
Fund (NYSE:  IGD)                                              $0.156
ING International High Dividend Equity Income Fund
(NYSE:  IID)                                                   $0.163

Each Fund intends to make regular monthly distributions based on the past and projected performance of the Fund. The amount of monthly distributions may vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares may change. There can be no assurance that a Fund will be able to declare a distribution in each period.

The tax treatment and characterization of a Fund’s distributions may vary significantly from time to time depending on the net investment income of the Fund and whether the Fund has realized gains or losses from its options strategy versus gain or loss realizations in the equity securities in the portfolio. Each Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final tax characteristics of the distributions cannot be determined with certainty until after the end of the calendar year, and will be reported to shareholders at that time.

IGD estimates that each distribution for the current fiscal year as of July 31, 2009, will be comprised of approximately 24% ordinary income and 76% return of capital.

IID estimates that each distribution for the current fiscal year as of July 31, 2009, will be comprised of approximately 15% ordinary income and 85% return of capital.

The portion of each Fund’s monthly distributions estimated to come from the Fund’s option strategy, for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of each Fund’s option strategy is largely determined by movements in, and gain and loss realizations in the underlying equity portfolio.

Certain statements made on behalf of the Funds in this release are forward- looking statements. The Funds actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Funds investments specifically. Neither the Funds nor ING undertake any responsibility to update publicly or revise any forward-looking statement.

ING Investments, LLC, the manager of the Funds, is part of ING, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180

SOURCE ING

Blue Square – Israel Ltd. Reports Financial Results for the First Half and Second Quarter of 2009

ROSH HA’AYIN, Israel, August 17 /PRNewswire-FirstCall/ –

- The Continued Implementation of the Strategic Plan That Includes a Successful Launch and the Expansion of the “Mega Bool” Chain, the Launch of a Private Brand, Establishing Logistic Centers for the Non-Food and Vegetables Activities and Launching Additional Enrolment Options to “You” Club

- The Operating Profit Margin was Maintained Compared to the Prior Quarter, Despite the Increased Competition and the Effect of the Passover Holiday

Blue Square-Israel Ltd. (NYSE and TASE: BSI) today announced its financial results for the first half of 2009 and the second quarter ended June 30, 2009.

Results for the First Half of 2009

Revenues for the first half of 2009 were NIS 3,608.7 million (U.S.(1) $920.8 million), compared to NIS 3,739.6 million in the corresponding period of 2008 – a decrease of 3.5 %. Supermarket same store sales (SSS) for the period decreased by 6.8% due to the recession in the market, increase competition and erosion of the sales prices in HD chains. On the other hand, the decrease in sales was offset by the net addition of ten new stores during the 12-month period of approximately 12,100 square meters; in addition, the sales of BEE Group increased during the period compared to the corresponding period last year by 8.2%.

Gross Profit of the first half of 2009 amounted to NIS 1,004.8 million (U.S. $ 256.4 million) (27. 8 % of revenues) compared to gross profit of NIS 1,031.1 million (27.6% of revenues) in the first half of 2008. The increase in the gross profit margin derives from an increase in sales of BEE Group characterized with higher gross profit margins relative to those acceptable in the food retail sector. In addition, gross margin increased from supplier agreements, part of which relate to the establishment of the “Mega Bool” chain that offset the effect of the planned erosion in the gross profitability rate due to the establishment of the “Mega Bool” chain.

Selling, General, and Administrative Expenses for the first half of 2009 amounted to NIS 884.0 million (U.S. $ 225.6 million) (24.5% of revenues) compared to NIS 870.1 million (23.3% of revenues) in the corresponding period, an increase of 1.6%. The increase reflects increased expenses associated with the opening of ten new stores, including the expenses associated with the accelerated opening of six branches of the Eden Teva Market format during the last twelve months and expenses associated with the launch of the Mega Bool format. Concurrently, several measures to increase efficiency were taken, which resulted in a relative decrease of the tendency for increased expenses as a result of opening new branches.

Operating Income (before income and other expenses and increase in fair value of real estate) in the first half of 2009 amounted to NIS 120.9 million (U.S $ 30.8 million) (3.3% of revenues) compared to the operating income of NIS 161.0 million (4.3% of revenues) in the corresponding period. The decrease in the operating income was affected by a decrease in sales and increase in the selling and administrative expenses, mainly from accelerated opening of branches (pre-operating costs and their negative contribution in the initial operating period) and costs associated with the establishment of the “Mega Bool” chain.

Appreciation of Investment Property: In the first half of 2009, the Company recorded gain from appreciation of investment property in the amount of NIS 1.7 million (U.S $ 0.4 million) compared to NIS 18.0 million in the corresponding period of the previous year.

Other Income Expenses, Net: In the first half of 2009, the Company recorded other expenses, net of NIS 0.6 million (U.S. $ 0.2 million), compared to other expenses, net of NIS 1.8 million in the corresponding period of the previous year. The other expenses included, in this period, a provision for impairment of property and equipment in Dr. Baby Stores in the amount of NIS 2.8 million (U.S $ 0.7 million) and were offset from the capital gain of NIS 0.3 million (U.S $ 0.1 million) from the sale of 1.5% of the shares of Blue Square Real Estate for NIS 10.1 million (U.S $2.6 million) and from a capital gain of NIS 2.8 million (U.S $ 0.7 million) from purchasing 8% of Naaman shares that were held by minority.

Operating Income before financing in the first half of 2009 was NIS 122.0 million (U.S. $ 31.1 million) (3.4% of revenues) compared to operating income of NIS 177.2 million (4.7% of revenues) in the first half of 2008.

Financial Expenses (net) for the first half of 2009 were NIS 47.2 million (U.S. $12 million) compared to financial expenses (net) of NIS 48.4 million in the corresponding period of the previous year. The decrease in financial expenses in the first half of this year compared to the corresponding period last year mainly derives from the effect of the change in the value of hedging transactions on the index that were effected in the fourth quarter of 2008 and the change in the value derivative financial instruments that contributed in the first half of 2009 to an income of NIS 24.0 million (U.S $6.1 million) compared to an expense of NIS 11.1 million in the corresponding period last year and from a decrease in financial expenses on debentures and CPI linked loans, of NIS 9.1 million (U.S $ 2.3 million) in the first half of 2009 compared to corresponding period last year (increase in the known index in the first half of 2009 amounted to 1.1% compared to 2.8% in the corresponding period last year). On the other hand, the decrease in the financial expenses was offset as a result of the increase in the value of the conversion option of the convertible debenture (following the increase in the company’s share price) which contributed in the current half to an expense of NIS 13.1 million (U.S $ 3.3 million) compared to an income of NIS 24.7 million in the corresponding half last year.

Taxes on Income for the first half of 2009 were NIS 24.8 million (U.S. $6.3 million) (33.2% effective tax rate compared to a statutory tax rate of 26%) compared to NIS 26.5 million (effective tax rate of 20.6% compared to a statutory tax rate of 27%) in the corresponding half last year. The increase in the effective tax rate in the first half compared to the corresponding half last year derives mainly from recording financial expenses from revaluation of the conversion component in convertible debentures of the company and from losses of Dr. Baby formats for which no deferred taxes were recorded.

On July 14, 2009, the Law for Economic Efficiency passed in the Knesset (Legislation Amendments for the Implementation of Economic Plan for 2009- 2010) 5769 – 2009, which prescribed, among others, the gradual decrease of corporate tax rate down to 18% in the 2016 tax year and onwards.

The implication of the change in the tax rate will be reflected in the results of the third quarter of 2009 by decrease in deferred tax liability and recognition in income from taxes in the amount of NIS 14 million (U.S $ 3.5 million) out of which the portion attributed to the company’s owners is NIS 12 million (U.S $ 3.0 million).

Net Income for the first half of 2009 was NIS 49.9 million (U.S. $ 12.7 million) compared to net income of NIS 102.3 million in the first half of 2008. The decrease in the net income in the first half this year compared to the corresponding period last year derives from decrease in operating income, decrease in a gain from appreciation of investment property and increase in income tax expenses, as mentioned above. The net income for the first half of 2009, in accordance with the IFRS attributable to shareholders, was NIS 39.6 million (U.S. $10.1 million), or NIS 0.91 per ADS (U.S. $ 0.23), while the portion attributable to the share of minority interests was NIS 10.3 million (U.S. $2.6 million).

Cash Flows in the First Half of 2009

Cash Flows from Operating Activities: Net cash flows deriving from operating activities in the first half of 2009 amounted to NIS 156.6 million (U.S. $ 39.9 million) compared to NIS 278.2 million in the corresponding period last year. The decrease in cash flows from operating activities derives from decrease in operating income and decrease in the negative working capital balances.

Cash Flows from Investing Activities: Net Cash flows used in investing activities in the first half of 2009 amounted to NIS 85.1 million (U.S. $21.7 million) compared to net cash flows of NIS 38.5 million used in investing activities in the corresponding period last year. Cash flows used in investing activities in the first half of 2009 included mainly purchase of property and equipment, other assets and investment property in a total amount of NIS 104.9 million (U.S. $26.8 million) net of proceeds from sale of property and equipment and investment property in the amount of NIS 7.2 million (U.S. $1.8 million) and proceeds from realization of investment in a subsidiary in the amount of NIS 10.1 million (U.S. $2.6 million). Cash flows used in investing activities in the first quarter of 2008 included mainly purchase of property and equipment, other assets and investment property amounting to NIS 155.7 million net of proceeds from realization of short term deposits in the amount of NIS 100.3 million.

Cash Flows from Financing Activities: Net Cash flows used in financing activities in the first half of 2009 amounted to NIS 24.0 million (U.S $ 6.1 million) compared to net cash used in financing activities of NIS 67.3 million in the corresponding period last year. Cash flows used in financing activities in the first half of 2009 included mainly repayment of long term loans of NIS 66.4 million (U.S $ 16.9 million) and paid interest of NIS 45.9 million (U.S $ 11.7 million), net of increase in short term credit of NIS 86.6 million (U.S $ 22 million). Net Cash flows used in financing activities in the first half of 2008 included mainly repayment of long term loans of NIS 46.0 million and paid interest of NIS 39.6 million and dividend paid to minority in subsidiaries in the amount of NIS 11.1 million net of receipt of long term loans amounting to NIS 13.7 million and short term credit from banks amounting to NIS 16.6 million.

Comments of Management

Commenting on the financial results, Mr. Zeev Vurembrand, Blue Square’s President and CEO, said: “During this quarter, we continued to implement the strategic measures and establish the awareness to “Mega Bool” chain as the leading chain of the HD format and we acted to expand the categories in the private brand “Mega”, constituting over 3.5% of total sales. During August, 8 additional stores will be added to the “Mega Bool” chain, 2 of which are new, as part of providing solutions to the market needs and the competitive environment. Several days ago, we announced the expansion of enrollment options to customers club “You” where the objective is to reach 500,000 members until the end of 2009. During the last year, the organic division of “Teva Eden Market” expanded significantly; comprising 9 branches and the opening of the tenth branch will take place during the fourth quarter of 2009, whereby we shall complete the first stage of the chain deployment. In addition, we commenced to exercise the synergy process under BEE group by way of process for centralizing the financial activity, import, information systems and more under the headquarters of BEE group and providing these services to subsidiaries. Finally, I wish to stress that the strategy implementation and achieving the target milestones are moving forward according to management expectations.”

Additional Information

As of June 30, 2009, the Company operated 200 supermarkets in the following formats: Mega In Town -115; Mega Bool – 40; Mega – 19; Shefa Shuk – 18; Eden Teva Market – 8.

EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization):

In the first half of 2009, the EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) was NIS 205.4 million (U.S. $ 52.4 million) (5.7 % of revenues) compared to NIS 237.5 million (6.4% of revenues) in the corresponding period of last year.

In the second quarter of 2009, amounted to NIS 103.6 million (U.S. $ 26.4 million) (5.6 % of revenues) compared to NIS 123.5 million (6.4% of revenues) in the corresponding period of last year.

As of June 30, 2009, the ratio of its financial obligations to EBITDA was 3.6 and the ratio of its unencumbered property and equipment to the financial obligations was 1.7.

Data in NIS (millions)

Data                  Q2 2009  Q2 2008    1-6 2009  1-6 2008

Sales                 1,844.0  1,918.4    3,608.7   3,739.6

Gross profit            501.7    527.5    1,004.8   1,031.1

% Gross profit          27.2%    27.5%      27.8%     27.6%

Operating profit
(before increase in
fair value of real
estate)                  60.7     83.5      120.9     161.0

% Operating profit
(before
increase in fair
value of real estate)    3.3%     4.4%       3.3%      4.3%

Financial expenses       35.2     40.2       47.2      48.4

Net income               17.5     37.2       49.9     102.3

Events During the Second Quarter of 2009

Reorganization of real estate activity – transfer of real estate properties to the subsidiary Blue Square Real Estate Ltd.

On December 30, 2008, and January 12, 2009, the company reported a reorganization plan of its real estate activity to be centralized under the subsidiary Blue Square Real Estate (BSRE) by the transfer of the real estate properties of the subsidiary Blue Square Chain Investment & Properties Ltd. (BSIP) to BSRE. The transaction of the property transfer was subject to the approval of the shareholders’ meeting of BSRE which was obtained on February 18, 2009 by the majority.

As previously reported, under the approval of the property transfer transaction the following were approved as well:

1. Lease agreement to lease the transferred properties that are not leased to third parties to BSIP for ten years from the closing date of the purchase agreement and an option to the lessee to extend the lease agreement for five additional years, and,

2. An agreement to extend the term of the existing lease agreements between BSIP and BSRE to an identical period (ten years from the closing date of the purchase agreement and an option to the lessee to extend the lease agreement for five additional years).

Following discussions held between the company and its subsidiaries and the tax authorities regarding the outline of the property transfer transaction, the tax authority granted an approval according to which the transaction will be performed by a split pursuant to Section 105 to the Israel Income Tax Ordinance. Under such approval, BSIP will transfer to BSRE the transferred properties and in return BSRE will assume the financial obligations of BSIP attributed to these properties. The difference between the value of the transferred properties, as determined in the transaction (NIS 464 million) and the amount of the related financial obligations (NIS 390 million) will be paid in cash to the company by BSRE, on the closing date.

Accordingly, the transaction is expected to be executed by the end of 2009. The transaction costs including purchase tax will be recorded upon their incurrence as expenses in the statements of operations.

The effecting of the transaction in the outline of split pursuant to Section 105 to the Income Tax Ordinance confers upon BSIP an exemption from the payment of land appreciation tax at this stage and its deferment under the sale agreement with BSRE until the realization of the properties (as far as realized) or by the depreciation rate of the depreciable properties by BSRE. In addition, the payment of purchase tax for the transaction will be at a reduced tax rate of 0.5%.

The company and the subsidiaries, BSIP and BSRE will be subject to the restrictions prescribed by the provisions of the second and fourth chapters to part E-2 to the Income Tax Ordinance regarding the split pursuant to Section 105 to the Ordinance and the conditions or limitations determined in the approval of the tax authority, will apply, including the requirement that in two years from the split date, most of the properties remaining with BSIP and most properties transferred to BSRE under the split will not be sold by any of them and in the relevant period, such assets will be used in an acceptable manner in the ordinary course of business. The subsidiaries are further required that in two years from the split date, the company will have the same rights as previously held in BSRE prior to the split, however such event will not be considered as 1) Submitted Prospectus for Public Offering 2) private issuance of shares or 3) sale of shares not exceeding 10% of the rights in BSRE – as an event of change in rights, provided that during the two years from the split date, the rights of BSIP in BSRE will not fall below 50%.

BSRE intends to pledge most of the transferred properties as collateral for a loan to be taken in order to finance the transaction.

Results for the Second Quarter of 2009

Revenues for the second quarter of 2009 were NIS 1,844 million (U.S$470.5 million), compared to NIS 1,918.4 million in the corresponding quarter of 2008 – a decrease of 3.9 %. Supermarket same store sales (SSS) for the period decreased by 6.1% compared to the corresponding quarter due to the recession and increased competition mainly on “Mega” format (stores that were not yet converted) erosion of prices in HD chains and the timing of Passover which this year fell on April 8 compared to April 20 last year and its contribution to increase in sales in the second quarter this year was partial compared to full contribution to an increase in sales in the second quarter last year. On the other hand, the decrease in sales was offset by the opening of ten new stores during the 12-month period of approximately 12,100 square meters. The sales of BEE Group decreased during this quarter compared to the corresponding quarter last year by 4.2% and that is due to Passover, as described above.

Gross Profit of the second quarter of 2009 amounted to NIS 501.7 million (U.S. $ 128 million) (27.2 % of revenues) compared to gross profit of NIS 527.5 million (27.5% of revenues) in the corresponding quarter of 2008. The decrease in the gross profit and gross profit margin derives from a decrease in sales characterized with relatively higher gross profit margins (”Mega” “Mega In Town”) and the increase in the scope of sales of the HD formats of total sales which were offset by improved supplier agreements and discounts and the contribution of the private brand of “Mega” constituting already over 3% of the sales.

Selling, General, and Administrative Expenses for the second quarter of 2009 amounted to NIS 441 million (U.S. $ 112.5 million) (23.9% of revenues) compared to NIS 444.0 million (23.1% of revenues) in the corresponding quarter, a decrease of 0.7%. The decrease reflects the effect of efficiency measures taken by the company during the quarter, which is contingent upon increased expenses associated with the opening of ten new stores during the last year, including the expenses associated with the accelerated opening of six branches of the Eden Teva Market format and expenses deriving from the increase in the selling prices of the private brand.

Operating Income (before other income and expenses and increase in the fair value of real estate) in the second quarter of 2009 amounted to NIS 60.7 million (U.S $ 15.5 million) (3.3% of revenues) compared to the operating income of NIS 83.5 million (4.4% of revenues) in the corresponding period.

Appreciation of Investment Property: During the second quarter of 2009, the Company recorded gain from appreciation of investment property of NIS 1.7 million (U.S $ 0.4 million) compared to NIS 5.2 million in the corresponding quarter of the previous year.

Other Income Expenses, Net: In the second quarter of 2009, the Company recorded other expenses, net of NIS 2.8 million (U.S. $ 0.7 million), compared to other expenses of NIS 0.6 million in the corresponding quarter of the previous year. The expenses included, in this quarter, provision for impairment of property and equipment in Dr. Baby stores in the amount of NIS 2.8 million (U.S. $ 0.7 million) and were offset from the capital gain in the amount of NIS 0.3 million (U.S. $ 0.1 million) from selling 1.5% of the shares of Blue Square Real Estate for NIS 10.1 (U.S. $ 2.6 million).

Operating Income before financing in the second quarter of 2009 was NIS 59.6 million (U.S. $ 15.2 million) (3.2% of revenues) compared to operating income of NIS 88.2 million (4.6% of revenues) in the second quarter of 2008 and compared to NIS 62.3 million (3.5% of revenues) in the first quarter of 2009.

Financial Expenses (net) for the second quarter of 2009 were NIS 35.2 million (U.S. $9 million) compared to financial expenses (net) of NIS 40.2 million in the corresponding quarter of the previous year. The decrease in financial expenses in this quarter compared to the corresponding quarter last year mainly derives from the effect of the change in the value of hedging transactions on the index and derivative financial instruments that contributed in the current quarter to an income of NIS 14.9 million (U.S $3.8 million) compared to an expense of NIS 1.9 million in the corresponding quarter last year and from a decrease in financial expenses on debentures and CPI linked loans, of NIS 5.6 million (U.S $ 1.4 million) in this quarter compared to the corresponding quarter last year. The decrease in the financial expenses was offset mainly from the effect of the change in the value of the conversion option of the convertible debenture (following the increase in the company’s share price) which contributed in the current quarter to an expense of NIS 9.8 million (U.S $ 2.5 million) compared to an income of NIS 3.8 million in the corresponding quarter last year.

Taxes on Income for the second quarter of 2009 were NIS 6.9 million (U.S. $1.8 million) (28.2% effective tax rate compared to a statutory tax rate of 26%) compared to NIS 10.7 million (effective tax rate of 22.2% compared to a statutory tax rate of 27%) in the corresponding quarter last year. The increase in the effective tax rate in this quarter compared to the corresponding quarter last year derives mainly from recording financial expenses from revaluation of the conversion component in convertible debentures of the company and from losses of Dr. Baby formats, for which no deferred taxes were recorded

Net Income for the second quarter of 2009 was NIS 17.5 million (U.S. $ 4.5 million) compared to net income of NIS 37.2 million in the second quarter of 2008. The decrease in the net income in this quarter compared to the corresponding quarter last year derives from decrease in operating income and increase in income tax expenses, as mentioned above. The net income for the second quarter of 2009, in accordance with the IFRS attributable to shareholders, was NIS 13.1 million (U.S. $3.3 million), or NIS 0.3 per ADS (U.S. $ 0.08), while the portion attributable to the share of minority interests was NIS 4.4 million (U.S. $1.1 million).

Cash Flows in the Second Quarter of 2009

Cash Flows from Operating Activities: Net cash flows deriving from operating activities in the second quarter of 2009 amounted to NIS 126.4 million (U.S. $ 32.2 million) compared to NIS 255.0 million in the corresponding quarter last year. The decrease in cash flows from operating activities derives mainly from decrease in sales.

Cash Flows from Investing Activities: Net Cash flows used in investing activities in the second quarter of 2009 amounted to NIS 27.3 million (U.S. $6.9 million) compared to net cash flows of NIS 60.2 million used in investing activities in the corresponding quarter last year. Cash flows used in investing activities in the second quarter of 2009 included mainly purchase of property and equipment, other assets and investment property in a total amount of NIS 45.3 million (U.S. $11.6 million) net of proceeds from realization of investment in a subsidiary in the amount of NIS 10.1 million (U.S. $2.6 million). Cash flows used in investing activities in the second quarter of 2008 included mainly purchase of property and equipment, other assets and investment property amounting to NIS 52.2 and net investment in marketable securities in the amount of NIS 10.5 million.

Cash Flows from Financing Activities: Net Cash flows used in financing activities in the second quarter of 2009 amounted to NIS 21.1 million (U.S $ 5.4 million) compared to net cash used in financing activities of NIS 19.2 million in the corresponding quarter last year. Cash flows used in financing activities in the second quarter of 2009 included mainly repayment of long term loans of NIS 35.9 million (U.S $ 9.2 million) dividend paid to minority in subsidiaries in the amount of NIS 6.2 million (U.S $ 1.6 million) and paid interest of NIS 10.5 million (U.S $ 2.7 million), net of increase in short term credit of NIS 27.1 million (U.S $ 6.9 million). Net Cash flows used in financing activities in the second quarter of 2008 included mainly repayment of long term loans of NIS 22.7 million, dividend paid to minority in subsidiaries in the amount of NIS 11.1 million and paid interest of NIS 8.2 million net of receipt of long term loans amounting to NIS 5.0 million and short term credit from banks amounting to NIS 18.4 million.

NOTE A: Convenience Translation to Dollars

The convenience translation of New Israeli Shekel (NIS) into U.S. dollars was made at the exchange rate prevailing at June 30, 2009: U.S. $1.00 equals NIS 3.919. The translation was made solely for the convenience of the reader.

Blue Square is a leading retailer in Israel. A pioneer of modern food retailing in the region, Blue Square currently operates 201 supermarkets under different formats, each offering varying levels of service and pricing.

This press release contains forward-looking statements within the meaning of safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, plans or projections about our business and our future revenues, expenses and profitability. Forward-looking statements may be, but are not necessarily, identified by the use of forward-looking terminology such as “may,” “anticipates,” “estimates,” “expects,” “intends,” “plans,” “believes,” and words and terms of similar substance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events, results, performance, circumstance and achievements to be materially different from any future events, results, performance, circumstance and achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the following: the effect of the recession in Israel on the sales in our stores and on our profitability; our ability to compete effectively against low-priced supermarkets and other competitors; quarterly fluctuations in our operating results that may cause volatility of our ADS and share price; risks associated with our dependence on a limited number of key suppliers for products that we sell in our stores; the effect of an increase in minimum wage in Israel on our operating results; the effect of any actions taken by the Israeli Antitrust Authority on our ability to execute our business strategy and on our profitability; the effect of increases in oil, raw material and product prices in recent years; the effects of damage to our reputation or to the reputation to our store brands due to reports in the media or otherwise; and other risks, uncertainties and factors disclosed in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, risks, uncertainties and factors identified under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2008. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except for our ongoing obligations to disclose material information under the applicable securities laws, we undertake no obligation to update the forward-looking information contained in this press release.

It is hereby clarified that this version is a translation to Hebrew for merely convenience purposes of the company’s notice to SEC in the U.S. The binding version is the version in English.

BLUE SQUARE – ISRAEL LTD.

INTERIM CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2009

(UNAUDITED)

Convenience
translation(a)
December 31,       June 30,          June 30,
2008      2008          2009        2009
———-  ———   ———–  ——–
Audited                   Unaudited
——-   ———————————–
NIS                       U.S.
dollars
———————————–   ——-
In thousands
———————————————

A s s e t s

CURRENT ASSETS:
Cash and cash
equivalents                 95,325    228,754      137,241      35,019
Marketable securities      171,849    195,857      173,726      44,329
Short-term bank deposit        206      1,231          207          53
Restricted deposit               -          -      440,015     112,277
Trade receivables          729,970    826,136      773,892     193,799
Other accounts
receivable                  87,624    109,626       96,308      28,248
Income taxes receivable     74,446     46,951       87,635      22,362
Inventories                497,080    491,591      527,798     134,677
———  ———    ———     ——-
1,656,500  1,900,146    2,236,822     570,764
———  ———    ———     ——-
NON-CURRENT ASSETS:
Long-term receivables        1,554      3,810        4,827       1,231
Embedded derivative          5,248        925       19,381       4,945
Prepaid expenses in
respect of
operating lease            192,426    196,684      190,605      48,636
Investments in investee
companies                    4,915      4,931        1,356         346
Investment property        434,232    409,297    1,739,071     443,754
Intangible assets, net     404,422    287,635      435,386     111,096
Property and equipment,
net                      1,701,222  1,658,553      404,934     103,326
Deferred taxes              44,508     35,401       46,504      11,866
———  ———    ———     ——-
2,788,527  2,597,236    2,842,064     725,200
———  ———    ———   ———
Total assets             4,445,027  4,497,382    5,078,886   1,295,964
———  ———    ———   ———

BLUE SQUARE – ISRAEL LTD.

INTERIM CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2009

(UNAUDITED)

Convenience
translation(a)
December
31,            June 30,       June 30
2008       2008        2009     2009
Audited         Unaudited     U.S. dollars

In thousands

Liabilities and
shareholders’ equity

CURRENT LIABILITIES:
Credit From banks and others    210,901    184,057    725,528    185,131
Current maturities of
convertible debentures           25,999     72,450     29,064      7,416
Trade payables                1,006,386  1,086,936  1,025,728    261,732
Other accounts payable          426,217    481,124    493,312    125,878
Income taxes payable              6,933      4,254      3,449        880
Provisions for other
liabilities                      43,397     36,677     42,457     10,834
———  ———  ———    ——-
1,719,833  1,865,498  2,319,538    591,871
———  ———  ———    ——-
LONG-TERM LIABILITIES:
Loans from banks                341,586    224,763    289,885     73,969
Convertible debentures          130,525    144,916    128,070     32,679
Debentures                      985,844    796,888  1,001,537    255,559
Other liabilities                39,925     10,834     45,506     11,612
Derivatives instruments        * 21,074      7,954      8,725      2,226
Liabilities in respect of
employee benefits, net           49,911     37,095     49,619     12,661
Deferred taxes                   60,327     59,675     66,354     16,931
———  ———  ———    ——-
1,629,192  1,282,125  1,589,696    405,637
———  ———  ———    ——-
Total liabilities        3,349,025  3,147,623  3,909,234    997,508
———  ———  ———    ——-

SHAREHOLDERS’ EQUITY:
Share capital -
Ordinary shares of NIS 1 par
value                            57,094     57,094     57,438     14,656
Additional paid-in capital    1,018,405  1,018,405  1,030,259    262,888
Other reserves                    (261)      4,757      8,183      2,088
Accumulated deficit           (154,719)   (17,658)  (109,711)   (27,995)
———  ———  ———    ——-
920,519  1,062,598    986,169    251,637

Minority interest               175,483    287,161    183,483     46,819
———  ———  ———    ——-
Total equity                  1,096,002  1,349,759  1,169,652    298,456
———  ———  ———    ——-
Total liabilities and
shareholders’ equity          4,445,027  4,497,382  5,078,886  1,295,964
———  ———  ———    ——-

*) Reclassified, under the application of IAS1(R). The company classified
financial liabilities at fair value through the statements of
operations from current liabilities to long term liabilities.

*  BLUE SQUARE – ISRAEL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX AND THREE MONTHS PERIODS ENDED JUNE 30, 2009

Convenience
translation(a)
For the               For the           for the
Year ended     Six months           Three months     six months
December                                                 Ended
31,        Ended June 30,        Ended June 30,     June 30,
2008       2008       2009       2008       2009       2009

Audited                  Unaudited                  Unaudited

NIS                             U.S.
dollars

In thousands (except share and per share data)

Revenues
from
sales      7,429,121  3,739,561  3,608,739  1,918,403  1,843,951  920,832
Cost of
sales      5,369,149  2,708,484  2,603,905  1,390,880  1,342,204  664,431
———  ———  ———  ———  ———  ——-
Gross
profit     2,059,972  1,031,077  1,004,834    527,523    501,747  256,401

Selling,
general and
administrative
expenses   1,794,720    870,050    883,981    443,983    441,062  225,563
———  ———  ———  ———  ———  ——-
Operating
profit before
changes in
fair value of
investment
property and
other gains
and losses   265,252    161,027    120,853     83,540     60,685   30,838

Other gains   12,233        617      4,464        392      1,739    1,139

Other
losses      (14,716)    (2,426)    (5,102)      (947)    (4,539)  (1,302)

Changes in
fair value of
investment
property,
net           19,067     17,970      1,740      5,225      1,740      444
———  ———  ———  ———  ———  ——-
Operating
profit       281,836    177,188    121,955     88,210     59,625   31,119

Finance
income        60,700     45,231     37,995     16,004     27,016    9,695

Finance
expenses   (166,295)   (93,658)   (85,222)   (56,187)   (62,246) (21,746)

Share in
losses of
associates      (33)       (17)       (88)      (144)        (4)     (22)
———  ———  ———  ———  ———  ——-
Income before
taxes on
income       176,208    128,744     74,640     47,883     24,391   19,046

Taxes on
income        43,806     26,474     24,780     10,650      6,879    6,323

Net income   132,402    102,270     49,860     37,233     17,512   12,723
———  ———  ———  ———  ———  ——-
Attributable
to:
Equity holders
of the
parent       104,586     87,613     39,606     29,505     13,071   10,106
———  ———  ———  ———  ———  ——-
Minority
interests     27,816     14,657     10,254      7,728      4,441    2,617
———  ———  ———  ———  ———  ——-
Net income per
Ordinary share
attributed to
Company
shareholders
or ADS:
Basic         2.41       2.02       0.91       0.68       0.30     0.23
———  ———  ———  ———  ———  ——-
Fully
diluted       1.62       2.02       0.91       0.64       0.30     0.23
———  ———  ———  ———  ———  ——-
Weighted
average number
of shares or
ADS used for
computation of
income per
share:
Basic   43,372,819 43,372,819 43,397,543 43,372,819 43,421,996 43,397,543
———- ———- ———- ———- ———- ———-
Fully
diluted 45,037,692 44,793,240 43,397,543 44,793,240 43,421,996 43,397,543
———- ———- ———- ———- ———- ———-

BLUE SQUARE – ISRAEL LTD.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW FOR

FOR THE SIX AND THREE MONTHS PERIODS ENDED JUNE 30, 2009

(UNAUDITED)

Convenience
translation(a)
For the            For the         for the
Year
ended       Six months       Three months      six months
December
31,      ended June 30,     ended June 30  ended June 30,
————–     ————-
2008      2008      2009     2008     2009        2009
——-   ——-  ——-  ——-  ——-      ——
Audited               Unaudited                 Unaudited
——-   ———————————-    ———
NIS                        U.S. dollars
———————————————————–
In thousands
———————————————————–
CASH FLOWS
FROM
OPERATING
ACTIVITIES:
Income
before taxes
on income     176,208   128,744   74,640   47,883   24,391         19,046

Income tax
paid         (94,212)  (48,044) (34,775) (29,410) (19,642)        (8,873)

Adjustments
required to
reflect the
cash flows
from
operating
activities
(a)           327,777   197,529  116,688  236,561  121,669         29,775
——-   ——-  ——-  ——-  ——-         ——
Net cash
provided by
operating
activities    409,773   278,229  156,553  255,034  126,418         39,948
——-   ——-  ——-  ——-  ——-         ——
CASH FLOWS
FROM
INVESTING
ACTIVITIES:
Purchase of
property,
plant and
equipment   (211,646) (104,306) (92,439) (44,517) (39,107)       (23,587)

Purchase of
investment
property     (69,749)  (36,331)  (3,307)  (4,158)    (978)          (844)

Purchase of
minority
shares in
subsi-
diaries     (186,403)         -  (6,607)        -        -        (1,686)

Purchase of
intangible
assets       (30,372)  (15,108)  (9,194)  (3,609)  (5,181)        (2,347)

Proceeds
from
collection
of
short-term
bank
deposits,
net           102,531   100,426        -      256        -              -

Proceeds
from sale of
property,
plant and
equipment       1,559       377    1,537       60    1,036            392

Proceeds
from
investment
property        6,567     6,567    5,700        -        -          1,454

Proceeds
from sale of
marketable
securities    185,104   106,237   57,179   40,481   22,976         14,590

Investment
in
marketable
securities  (169,747) (100,640) (54,339) (50,989) (20,946)       (13,866)

Proceeds
from sale of
investment
in
subsidiary          -         -   10,074        -   10,074          2,571

Interest
received       17,778     4,242    6,330    2,208    4,747          1,615
——-   ——-  ——-  ——-  ——-         ——
Net cash
used in
investing
activities  (354,378)  (38,536) (85,066) (60,268)  (27,379)      (21,708)
——-   ——-  ——-  ——-  ——-         ——
CASH FLOWS
FROM
FINANCING
ACTIVITIES:
Dividend
paid to
share-
holders     (150,000)         -        -        -        -              -

Issuance of
debentures    121,259         -        -        -        -              -

Dividend
paid to
minority
shareholders
of
subsidiaries (22,077)  (11,117)  (6,181) (11,117)  (6,181)        (1,577)

Receipt of
long-term
loans         231,398    13,709    6,500    5,000    2,500          1,659

Repayment of
long-term
loans       (130,571)  (46,074) (66,389) (22,824) (35,901)       (16,940)

Repayment of
long term
credit from
trade
payables      (1,740)     (870)    (870)    (435)    (435)          (222)

Short-term
credit from
banks and
others, net    15,689    16,645   86,560   18,392   27,142         22,087

Proceeds
from
exercise of
options in a
subsidiary          -         -    2,306        -    2,306            588

Interest
paid         (89,244)  (39,642) (45,879)  (8,224) (10,495)       (11,707)
——-   ——-  ——-  ——-  ——-         ——
Net cash
used in
financing
activities   (25,286)  (67,349) (23,953) (19,208) (21,064)        (6,112)
——-   ——-  ——-  ——-  ——-         ——
INCREASE IN
CASH AND
CASH
EQUIVALENTS
AND BANK
OVERDRAFT      30,109   172,344   47,534  175,558   77,975         12,128

BALANCE OF
CASH AND
CASH
EQUIVALENTS
AND BANK
OVERDRAFT AT
BEGINNING OF
PERIOD         53,029    56,410   83,138   53,196   52,697         21,214
——-   ——-  ——-  ——-  ——-         ——
BALANCE OF
CASH AND
CASH
EQUIVALENTS
AND BANK
OVERDRAFT AT
END OF
PERIOD         83,138   228,754  130,672  228,754  130,672         33,342
——-   ——-  ——-  ——-  ——-         ——

BLUE SQUARE – ISRAEL LTD.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE SIX AND THREE MONTHS PERIODS ENDED JUNE 30, 2009
(UNAUDITED)

Convenience
translation(a)
Year          For the          For the      for the
ended       Six months       Three months  six months
December
31,      ended June 30,     ended June 30    ended
June 30
————–     ————-
2008      2008      2009     2008     2009      2009
——-   ——-  ——-  ——-  ——-   ——
Audited               Unaudited             Unaudited
——-   ——————————    ———
NIS                        U.S. dollars
—————————————————–
In thousands
—————————————————–

(a) Adjustments
required to
reflect the
cash flows from
operating
activities:
Income and
expenses not
involving cash
flows:
Depreciation
and
amortization    153,882   71,440   79,766   36,848    39,992   20,354

Increase in
fair value of
investment
property, net  (19,067) (17,970)  (1,740)  (5,225)   (1,740)    (444)

Share in losses
of associated
company              33       17       88      144         4       22

Share based
payment           8,175    2,666    5,619    2,397     2,933    1,434

Loss (gain)
from sale and
disposal of
property, plant
and equipment
and provision
for impairment
of property,
plant and
equipment, net    5,989    (225)    2,196       29     2,554      560

Gain from
changes in fair
value of
derivative
financial
instruments    (19,247) (14,627) (17,952)    (961)  (15,396)  (4,581)

Linkage
differences on
debentures,
loans and other
long term
liabilities      59,669   35,258   16,358   29,945    23,668    4,174

Capital loss
(gain) from
realization of
investments in
subsidiaries    (9,801)    1,603  (1,022)      350     1,522    (261)

Accrued
severance pay,
net                 263    1,220    (292)       72     (304)     (75)

Decrease in
value of
marketable
securities
deposit and
long-term
receivables,
net              11,169    3,402    7,064    3,488     4,768    1,802

Interest paid,
net              71,466   35,400   39,550    6,016     5,748   10,092

Changes in
operating
assets and
liabilities:
Decrease
(increase) in
trade
receivables and
other accounts
receivable       59,967 (55,914) (56,412)  133,418   290,230 (14,394)

Decreased
(increase) in
inventories    (43,136) (37,647) (37,140)   65,001    46,829  (9,477)

Increase
(decrease) in
trade payables
and other
accounts
payable          48,415  172,906   80,605 (34,961) (279,139)   20,569
——-   ——-  ——-  ——-  ——-   ——
327,777   97,529  116,688  236,561   121,669   29,775
——-   ——-  ——-  ——-  ——-   ——

BLUE SQUARE – ISRAEL LTD.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE SIX AND THREE MONTHS PERIODS ENDED JUNE 30, 2009
(UNAUDITED)

Convenience
translation(a)
Year          For the          For the      for the
ended       Six months       Three months  six months
December
31,      ended June 30,     ended June 30    ended
June 30
————–     ————-
2008      2008      2009     2008     2009      2009
——-   ——-  ——-  ——-  ——-   ——
Audited               Unaudited             Unaudited
——-   ——————————    ———
NIS                        U.S. dollars
—————————————————–
In thousands
—————————————————–

(b) Supplementary
information on
investing and
financing
activities not
involving cash
flows:
Conversion of
convertible
debentures of
subsidiaries     6,655     6,387      -      2,224      -          -
——-   ——-  ——-  ——-  ——-   ——
Purchasing
property, plant
and equipment
on credit       14,797     6,931   10,153    6,931    10,153    2,591
——-   ——-  ——-  ——-  ——-   ——
Conversion of
convertible
debentures of
the
company              -         -   12,198      -      12,198    3,113
——-   ——-  ——-  ——-  ——-   ——
Restricted deposit
against receipt of
a short term loan    -         -   440,015      -    440,015  112,277
——-   ——-  ——-  ——-  ——-   ——

BLUE SQUARE – ISRAEL LTD.

SELECTED OPERATING DATA

FOR THE THREE MONTH AND SIX MONTH PERIOD
ENDED JUNE 30, 2009

(UNAUDITED)

Convenience
translation(a)
for the three
months ended
June 30
For the six     For the three
months ended    months ended
June 30          June 30
————   ————–
2008   2009    2008     2009       2009
NIS   NIS      NIS     NIS        U.S.$
—-   —-    —-     —-       —-
(Unaudited)             (Unaudited)

Sales (in millions)         3,740   3,609   1,918   1,844        470.5

Operating income (in          161     121      84      61         15.5
millions)

EBITDA (in millions)          237     205     123     104         26.5

EBITDA margin                6.3%    5.7%   6.4%     6.4%           NA

Increase (decrease) in       4.4%  (6.8%)   8.2%   (6.1%)           NA
same store sales*

Number of stores at end
of period                     190     200     190     200           NA

Stores opened during the
period                          5       7       2       2

Stores closed during the
period                          -       1       -       1           NA

Total square meters at
end of period             350,200 362,300 350,200 362,300           NA

Square meters added
during the period, net      7,000   7,900   2,700   2,800           NA

Sales per square meter     10,142   9,366   5,141   4,624        1,180

Sales per employee (in        479     484     241     244           62
thousands)

* Compared with the same period in the prior fiscal year.

Contact:

Blue Square-Israel Ltd.
Dror Moran, CFO
Toll-free telephone from U.S. and Canada: 888-572-4698
Telephone from rest of world: +972-3-928-2220
Fax: +972-3-928-2299
Email: cfo@bsi.co.il

SOURCE Blue Square Israel Ltd

Don L. Blankenship Notes Out of State Protesters Wasting West Virginia Tax Dollars and Putting Miners and Troopers at Risk

CHARLESTON, W.V., June 18 /PRNewswire-USNewswire/ — In a personal statement today, Don L. Blankenship, the Chairman and CEO of Massey Energy stated that out of state protesters had come in to West Virginia to protest surface mining. In the process, they endangered miners, West Virginia state troopers, Boone County deputies and themselves, and wasted West Virginia taxpayer money.

“It is my understanding that all but one of the fourteen protesters who were arrested for scaling a dragline at Massey Energy’s Twilight Mine in Southern West Virginia are residents of states other than West Virginia; such as Maine, Oklahoma, Michigan and Florida,” said Mr. Blankenship. “As a native of Appalachia and a resident of West Virginia, I find it hypocritical that these folks come from out of the state to waste West Virginians’ tax dollars and endanger our state troopers and miners.”

“When protesters perform dangerous acts such as scaling the boom of a piece of equipment to gain media attention, they not only put themselves at risk, but also put our miners and state troopers in danger. Every West Virginian should be outraged that these people come from outside our state to shut down mines that are legally permitted to operate. These media stunts take law enforcement personnel away from essential crime fighting and first response activities and puts all West Virginians at risk.”

“It is clear that these folks are not concerned with the people, the environment or the economy of West Virginia. Their efforts are purely about gaining hype and media attention for their out-of-state funders and patrons,” concluded Blankenship. “It is time for all West Virginians to stand up and say enough is enough to the protesters. We know our state and our economy and we won’t be told what to do.”

The above was a personal statement of Don L. Blankenship.

SOURCE Don L. Blankenship

$200,000 Powerball Prize Awarded on Day Ticket Was Set to Expire

Mother Urged Winner to Check Tickets, Having Heard News of Upcoming Expiration

MIDDLETOWN, Pa., June 18 /PRNewswire-USNewswire/ — William H. Greer of Philadelphia is the winner of a $200,000 Powerball prize that was set to expire at 4:30 p.m. today.

“My mother saw the news about the unclaimed ticket set to expire, knew the store that sold the ticket is where I play and told me to check my old tickets,” said Greer. “The first couple of tickets I checked were not winners, but the last one matched the numbers my mother gave me. I started shaking when I checked the numbers against the Lottery’s Web site.”

Greer took his winning ticket to the Lottery’s Philadelphia regional office on June 17. The claim arrived at Lottery headquarters in Middletown, Dauphin County, earlier today and was validated this afternoon after Lottery officials examined the ticket and executed proprietary security measures.

Greer’s ticket correctly matched all five white balls, 09-12-31-39-52, for a $200,000 prize, less 25 percent federal withholding.

The winning ticket was sold at Choi Food & Beer Inc., 3987 Ford Rd, Philadelphia. The store will receive a $500 bonus for selling the winning ticket.

Lottery officials announced on June 4 that the unclaimed $200,000 prize from the June 18, 2008, Powerball drawing would expire today, one year from the Powerball drawing date, unless it was claimed.

How to play Powerball: To play Powerball, players pay $1 and select five white balls from the first set of 59 numbers plus a single red ball, the Powerball, from a second set of 39 numbers. Players may select their own numbers using a Powerball play slip, or they may opt for computer-selected quick picks. Players must match all five numbers drawn plus the Powerball number to win the jackpot. There also are eight additional ways for players to win a cash prize.

Powerball features an option called PowerPlay. For an extra $1 per Powerball play (game), players can multiply their Powerball prizes by 2, 3, 4, or 5 times the original prize amount for all prizes EXCEPT the jackpot. Prizes can multiply up to $1 million.

About the Pennsylvania Lottery: The Pennsylvania Lottery remains the only state lottery that designates all its proceeds to programs that benefit older residents. Since its inception 37 years ago, the Pennsylvania Lottery has contributed more than $18.3 billion to programs that include property tax and rent rebates; free and reduced-fare transit; the low-cost prescription drug programs PACE and PACENET; long-term care services; and the 52 Area Agencies on Aging, including more than 600 full- and part-time senior centers throughout the state. The Pennsylvania Lottery reminds its players to play responsibly. Players must be 18 or older.

For more information on the Pennsylvania Lottery, visit www.palottery.com.

EDITOR’S NOTE: William Greer declined participating in a check presentation or public event recognizing his win.

CONTACT:  Veronica Sinclair-Anderson
(717) 702-8008

SOURCE Pennsylvania Lottery

Private Foundation Assets Are Not Public Dollars

A new study defends the limited relationship between philanthropy and government

WASHINGTON, June 18 /PRNewswire-USNewswire/ — Tomorrow, The Philanthropy Roundtable releases a new report on charitable giving and the government’s relationship with foundations and charities. The report, How Public Is Private Philanthropy? Separating Reality from Myth, is a comprehensive legal analysis that examines the claim that charitable funds are “public money” because they are exempt from federal taxes, receive state charters, and are subject to oversight by state attorneys general.

The co-authors of this report are prominent scholars Evelyn Brody, Professor at the Chicago-Kent College of Law, and John Tyler, Secretary and General Counsel of the Ewing Marion Kauffman Foundation. They conclude, based on numerous applicable legal precedents, that the public-money assertion is not well grounded.

Brody and Tyler demonstrate that it is deeply problematic to consider the federal tax exemption and the charitable tax deduction subsidies to charities, and even more problematic to assert that the public has a legitimate claim to private philanthropic assets. Individuals and businesses routinely receive tax preferences, the authors note, but they are never considered governmental entities nor are their assets considered public property.

The law treats foundations like private entities devoted to public ends, but they do not have to serve the government’s purposes nor those of the public at large. Similarly, a charter from the state does not make foundations and other charities public entities. Policymakers cannot use these arguments to intrude into the governance, missions, and operations of philanthropies.

Traditionally, there has been a limited relationship between philanthropy and government. In recent years, the “public money” claim has been employed to support proposals to urge stricter legal limits on the operations and governance of foundations and other charities. This report underscores the legal basis for continued separation between government and philanthropy.

“American philanthropy is the envy of the world, with charitable giving last year at over $307 billion,” said Adam Meyerson, President of The Philanthropy Roundtable. “But it’s under attack by activists, legislators, and policymakers who clamor for greater governmental authority to regulate the activities of American philanthropists.”

The report will be released on Friday, June 19, 2009, during a panel discussion hosted by the Hudson Institute’s Bradley Center for Philanthropy and Civic Renewal in Washington, D.C.

For more information on The Philanthropy Roundtable and this report visit www.philanthropyroundtable.org.

Contact: Sue Santa
publicpolicy@philanthropyroundtable.org
202-822-8333

SOURCE The Philanthropy Roundtable

Eaton Vance Tax-Advantaged Dividend Income Fund Annual Meeting of Shareholders

BOSTON, June 19 /PRNewswire-FirstCall/ — At a meeting held today, shareholders of Eaton Vance Tax-Advantaged Dividend Income Fund (the “Fund”) (NYSE: EVT), a closed-end investment company, voted to elect Benjamin C. Esty as a Class I Trustee of the Fund to serve until 2010, to coincide with the term of office of his class; and Ronald A. Pearlman, Helen Frame Peters and Ralph F. Verni as Class III Trustees of the Fund, each for a three-year term. The Fund’s other Class I and Class II Trustees, who serve staggered terms, were not up for election and remain in office.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $127.2 billion in assets as of April 30, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company’s long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today’s most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

SOURCE Eaton Vance Management

Bank of America Has Raised $26 Billion in Capital Plan to Date

Bank of America logo. (PRNewsFoto/BANK OF AMERICA)

CHARLOTTE, NC UNITED STATES

CHARLOTTE, N.C., May 27 /PRNewswire/ — Bank of America Corporation today said it has raised almost $26 billion in its capital plan since the stress test results were announced and is well on its way to reaching the $33.9 billion indicated Supervisory Capital Assessment Program (SCAP) buffer set by the Federal Reserve.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

The company announced last week that it raised $13.5 billion through issuing 1.25 billion shares in an at-the-market common stock offering. It has also sold part of its holdings in China Construction Bank, generating a capital gain. Contributing to the capital plan, these initiatives also benefit Tier 1 common capital by $1.8 billion by reducing the deferred tax asset deduction.

Bank of America has entered into agreements with certain holders of (non-government) perpetual preferred shares to exchange their holdings of approximately $5.9 billion of preferred stock into approximately 436 million shares of common stock. This results in a total benefit to Tier 1 common capital of $5.9 billion.

Combined, these initiatives have raised almost $26 billion, or 76 percent of the total, toward the SCAP buffer of $33.9 billion.

Subject to market conditions, the company could issue up to an additional 564 million common shares through the exchange of (non-government) perpetual preferred shares for common stock.

In addition, Bank of America has previously said that it plans to sell non-strategic assets such as First Republic Bank and Columbia Management Group and to establish joint ventures. In addition to adding capital, these sales would also reduce the need for capital to support the balance sheet.

“We are quite pleased with the capital-raising effort and the progress toward completing the asset sales and establishment of the joint ventures,” said Joe Price, chief financial officer. “The company hopes to use the majority of the proceeds from these initiatives to reduce reliance on government support for the company.”

Bank of America

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Forward-Looking Statements

Bank of America and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation reform Act of 1995. These statements are not historical facts, but instead represent Bank of America’s current expectations, plans or forecasts of its plan to raise capital and other similar matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. “Risk Factors” of Bank of America’s 2008 Annual Report on Form 10-K and in any of Bank of America’s subsequent SEC filings: negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; the level and volatility of the capital markets, interest rates, currency values and other market indices; changes in consumer, investor and counterparty confidence in, and the related impact on, financial markets and institutions; Bank of America’s credit ratings and the credit ratings of its securitizations; estimates of fair value of certain Bank of America assets and liabilities; legislative and regulatory actions in the United States and internationally; the impact of litigation and regulatory investigations, including costs, expenses, settlements and judgments; various monetary and fiscal policies and regulations of the U.S. and non-U.S. governments; changes in accounting standards, rules and interpretations and the impact on Bank of America’s financial statements; increased globalization of the financial services industry and competition with other U.S. and international financial institutions; Bank of America’s ability to attract new employees and retain and motivate existing employees; mergers and acquisitions and their integration into Bank of America; Bank of America’s reputation; and decisions to downsize, sell or close units or otherwise change the business mix of Bank of America. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

www.bankofamerica.com

SOURCE Bank of America Corporation

The Swiss Helvetia Fund, Inc. Declares Income and Capital Gain Distributions

NEW YORK, June 10 /PRNewswire/ — The Board of Directors of The Swiss Helvetia Fund, Inc., a closed-end investment company, announced today the declaration of net investment income and long-term capital gain distributions in the amount of $0.007 per share and $0.366 per share respectively. The distribution will be paid on July 9, 2009 to stockholders of record on June 19, 2009. The shares will trade “ex-dividend” on June 17, 2009.

The Fund is a non-diversified, closed-end investment company whose objective is to seek long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. The Fund is managed by Hottinger Capital Co. and is listed on the New York Stock Exchange under the symbol SWZ.

For further information regarding the Fund, please contact Rudolf Millisits, Executive Vice President of Hottinger Capital Corp. at 1-888-SWISS-00 or (212) 332-2760, 1270 Avenue of the Americas, Suite 400, New York, New York, 10020.

http://www.swz.com

SOURCE The Swiss Helvetia Fund, Inc.