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https://www.wkyt.com/2022/03/31/3-men-accused-2015-robbery-killing-uk-student-plead-guilty-case/
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3 men accused in 2015 robbery, killing of UK student plead guilty in case
LEXINGTON, Ky. (WKYT) - Three men, accused of killing a UK student during a “robbery gone wrong” pleaded guilty in the case Thursday morning.
According to Commonwealth’s Attorney’s Office, Justin Smith, Roman Gonzalez and Efrain Diaz Jr. pleaded guilty in connection with the robbery and shooting of Jonathan Krueger back in 2015.
The 22-year-old was a journalism student at UK. He and a friend were walking near campus when investigators say Smith, Gonzalez and Diaz approached them. Krueger’s friend was able to get away during the robbery, but Jonathan was shot.
Gonzalez pleaded guilty to murder and two counts of robbery. Smith pleaded guilty to manslaughter, robbery and evading police. Diaz pleaded guilty to robbery.
The trial for all three had been on hold while an appeal over the death penalty played out with the state Supreme Court.
A judge had taken the death penalty off the table in the case because of how old Diaz and Smith were at the time of the murder. Diaz was 20 and Smith was 18.
Defense attorneys argued their brains were not fully developed at the time. The Commonwealth challenged that ruling, but prosecutors eventually decided they would no longer seek the death penalty.
The sentencing hearing has been scheduled for April 28.
Copyright 2022 WKYT. All rights reserved.
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https://www.wkyt.com/2022/03/31/chris-baileys-forecast-cooler-winds-take-over/
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Chris Bailey’s Forecast | Cooler Winds Take Over
LEXINGTON, Ky. (WKYT) - The extreme winds of last night are moving away but things remain windy out there today. As we look ahead, we find the overall pattern staying busy with some wild temp swings showing up over the next few weeks.
Those winds of Wednesday into Wednesday night were every bit as high as advertised. Some areas hit 70mph with gusts with widespread 50mph gusts for most of the state.
Those winds today will continue to gust to 30-35mph at times as our low wraps up in the Great Lakes. Morning showers give way to a period of sun and clouds before more showers move in from west to east this afternoon and evening.
Chillier winds will take over today as a northwest flow kicks in later tonight and early Friday. That’s when some backwash showers show up and there’s even the chance for a few snowflakes to enter the picture Friday morning.
That’s how we roll on the first day of April!!
Another fast-moving system will then move through here later Saturday and should touch off some gusty showers.
Temps should rebound quickly behind that for Sunday and Monday as some fairly nice weather shows up. Behind that comes another storm system set to bring gusty winds and more showers and storms by the middle of the week.
Copyright 2021 WKYT. All rights reserved.
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https://www.wkyt.com/2022/03/31/covid-pandemics-end-may-bring-turbulence-us-health-care/
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COVID pandemic’s end may bring turbulence for US health care
WASHINGTON (AP) — When the end of the COVID-19 pandemic comes, it could create major disruptions for a cumbersome U.S. health care system made more generous, flexible and up-to-date technologically through a raft of temporary emergency measures.
Winding down those policies could begin as early as the summer. That could force an estimated 15 million Medicaid recipients to find new sources of coverage, require congressional action to preserve broad telehealth access for Medicare enrollees, and scramble special COVID-19 rules and payment policies for hospitals, doctors and insurers. There are also questions about how emergency use approvals for COVID-19 treatments will be handled.
The array of issues is tied to the coronavirus public health emergency first declared more than two years ago and periodically renewed since then. It’s set to end April 16 and the expectation is that the Biden administration will extend it through mid-July. Some would like a longer off-ramp.
Transitions don’t bode well for the complex U.S. health care system, with its mix of private and government insurance and its labyrinth of policies and procedures. Health care chaos, if it breaks out, could create midterm election headaches for Democrats and Republicans alike.
“The flexibilities granted through the public health emergency have helped people stay covered and get access to care, so moving forward the key question is how to build on what has been a success and not lose ground,” said Juliette Cubanski, a Medicare expert with the nonpartisan Kaiser Family Foundation, who has been researching potential consequences of winding down the pandemic emergency.
MEDICAID CHURN
Medicaid, the state-federal health insurance program for low-income people, is covering about 79 million people, a record partly due to the pandemic.
But the nonpartisan Urban Institute think tank estimates that about 15 million people could lose Medicaid when the public health emergency ends, at a rate of at least 1 million per month.
Congress increased federal Medicaid payments to states because of COVID-19, but it also required states to keep people on the rolls during the health emergency. In normal times states routinely disenroll Medicaid recipients whose incomes rise beyond certain levels, or for other life changes affecting eligibility. That process will switch on again when the emergency ends, and some states are eager to move forward.
Virtually all of those losing Medicaid are expected to be eligible for some other source of coverage, either through employers, the Affordable Care Act or — for kids — the Children’s Health Insurance Program.
But that’s not going to happen automatically, said Matthew Buettgens, lead researcher on the Urban Institute study. Cost and lack of awareness about options could get in the way.
People dropped from Medicaid may not realize they can pick up taxpayer-subsidized ACA coverage. Medicaid is usually free, so people offered workplace insurance could find the premiums too high.
“This is an unprecedented situation,” said Buettgens. “The uncertainty is real.”
The federal Centers for Medicare and Medicaid Services, or CMS, is advising states to take it slow and connect Medicaid recipients who are disenrolled with other potential coverage. The agency will keep an eye on states’ accuracy in making eligibility decisions. Biden officials want coverage shifts, not losses.
“We are focused on making sure we hold on to the gains in coverage we have made under the Biden-Harris administration,” said CMS Administrator Chiquita Brooks-LaSure. “We are at the strongest point in our history and we are going make sure that we hold on to the coverage gains.”
ACA coverage — or “Obamacare” — is an option for many who would lose Medicaid. But it will be less affordable if congressional Democrats fail to extend generous financial assistance called for in President Joe Biden’s social legislation. Democrats stalling the bill would face blame.
Republicans in mostly Southern states that have refused to expand Medicaid are also vulnerable. In those states, it can be very difficult for low-income adults to get coverage and more people could wind up uninsured.
State Medicaid officials don’t want to be the scapegoats. “Medicaid has done its job,” said Matt Salo, head of the National Association of Medicaid Directors. “We have looked out for physical, mental and behavioral health needs. As we come out of this emergency, we are supposed to right-size the program.”
TELEHEALTH STATIC
Millions of Americans discovered telehealth in 2020 when coronavirus shutdowns led to the suspension of routine medical consultations. In-person visits are again the norm, but telehealth has shown its usefulness and gained broader acceptance.
The end of the public health emergency would jeopardize telehealth access for millions enrolled in traditional Medicare. Restrictions predating COVID-19 limit telehealth mainly to rural residents, in part to mitigate against health care fraud. Congress has given itself 151 days after the end of the public health emergency to come up with new rules.
“If there are no changes to the law after that, most Medicare beneficiaries will lose access to coverage for telehealth,” the Kaiser Foundation’s Cubanski said.
A major exception applies to enrollees in private Medicare Advantage plans, which generally do cover telehealth. However, nearly 6 in 10 Medicare enrollees are in the traditional fee-for-service program.
TESTS, VACCINES, TREATMENTS, PAYMENTS & PROCEDURES
Widespread access to COVID-19 vaccines, tests and treatments rests on legal authority connected to the public health emergency.
One example is the Biden administration’s requirement for insurers to cover up to eight free at-home COVID-19 tests per month.
An area that’s particularly murky is what happens to tests, treatments and vaccines covered under emergency use authorization from the Food and Drug Administration.
Some experts say emergency use approvals last only through the duration of the public health emergency. Others say it’s not as simple as that, because a different federal emergency statute also applies to vaccines, tests and treatments. There’s no clear direction yet from health officials.
The FDA has granted full approval to Pfizer-BioNTech’s COVID-19 vaccine for those 16 and older and Moderna’s for those 18 and older, so their continued use would not be affected.
But hospitals could take a financial hit. Currently Medicare pays them 20% more for the care of COVID-19 patients. That’s only for the duration of the emergency.
And Medicare enrollees would have more hoops to jump through to be approved for rehab in a nursing home. A suspended Medicare rule requiring a prior three-day hospital stay would come back into effect.
Health and Human Services Secretary Xavier Becerra recently told The Associated Press that his department is committed to giving “ample notice” when it ends the public health emergency.
“We want to make sure we’re not putting in a detrimental position Americans who still need our help,” Becerra said. “The one that people are really worried about is Medicaid.”
Copyright 2022 The Associated Press. All rights reserved.
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https://www.wkyt.com/2022/03/31/dolly-parton-expresses-support-east-tenn-communities-affected-by-fires/
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Dolly Parton expresses support for East Tenn. communities affected by fires
Published: Mar. 31, 2022 at 6:34 PM EDT|Updated: 2 hours ago
SEVIER COUNTY, Tenn. (WYMT) - Responders from several East Tennessee agencies are on the scene of a major wildfire in Sevier County. You can follow our sister station WVLT here for live updates on what officials are calling the Hatcher Mountain Road/Indigo Lane Fire.
Those in the area can check this map to see if they need to evacuate.
East Tennessee native Dolly Parton expressed her support earlier Thursday. You can see it below:
Copyright 2022 WYMT. All rights reserved.
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https://www.wkyt.com/2022/03/31/driver-escapes-after-car-riddled-with-bullets-california-drive-by-shooting/
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Driver escapes after car riddled with bullets in California drive-by shooting
SACRAMENTO COUNTY, Calif. (KOVR) – Authorities in a small California community are investigating after they say a driver was forced to pull over, then shot several times while still in the vehicle.
Neighbor Connie Ternes in the small town of Hood said the incident was shocking.
“I can’t even fathom that that would happen out here,” she said. “This is pretty quiet of an area, somewhat isolated from things like that.”
Locals Darcy and Lance Seppi live on a property nearby and heard the gunfire.
“I started hearing shots, ‘Boom, boom, boom,’” Darcy Seppi said.
Investigators with the Sacramento County Sheriff’s Office said the driver of a Land Rover was forced off the main road by another driver who then started shooting.
The Land Rover ended up riddled with more than 20 bullet holes.
“It is stunning that the victim walked away to see another day,” Sgt. Rodney Grassmann said.
The victim crawled to the passenger side and escaped into an open field to call police, taking shots to the stomach and back.
Investigators are working to determine if the individuals knew each other.
“There could be many things,” Grassmann said. “Perhaps there was an unknown road rage incident where that driver had done something that offended the other driver. I don’t think the public has to worry about some crazed person randomly shooting at people.”
The neighbors say the shooting is unusual in the small town of around 300 people, and they are left questioning the motive.
“I can’t wrap my head around it,” Ternes said. “Who would do that? What is the reason in the middle of the night, shooting at someone so many times?”
Investigators say they do not believe the incident was gang-related.
Copyright 2022 KOVR via CNN Newsource. All rights reserved.
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https://www.wkyt.com/2022/03/31/eku-speech-pathologist-raising-awareness-aphasia/
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EKU speech pathologist raising awareness for Aphasia
RICHMOND, Ky. (WKYT) - This week, actor Bruce Willis came out about his aphasia diagnosis, which affects his ability to communicate. The news drew the attention of Christen Page, a speech language pathologist at EKU.
Page wants to raise awareness of Aphasia, which is commonly brought on by a stroke.
“I wanted to increase awareness of what’s correct,” Page said. “I’ve had several clients say since seeing that footage they didn’t want their families to think they didn’t know what they were doing or saying.”
Vicki Simmons suffered a stroke in 2008. When she started therapy at EKU’s speech language hearing clinic in 2009, she couldn’t say a complete sentence.
“I was really nervous about it, couldn’t even talk,” Simmons said. “Started slowly to get better on it and I’m still going and that was 14 years ago.”
Songs are a part of therapy.
“It’s very personable, it allows her to connect with the therapy that we do, it allows us to connect with clinician and client,” graduate student Emilee Moore said.
Page said caregivers have to be patient with their loved one sand encourage different forms of communication.
Simons is preparing for a concert in August.
Copyright 2022 WKYT. All rights reserved.
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https://www.wkyt.com/2022/03/31/historic-building-home-lexington-writers-room-heavily-damaged-by-fire/
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Historic building home to Lexington Writer’s Room heavily damaged by fire
LEXINGTON, Ky. (WKYT) - A fire heavily damaged a historic building in downtown Lexington. It was home to several groups who use it daily.
Less than 24 hours ago, writers used the first floor of the building to create and tell stories. Waking up to news headlines were not the words they wanted to be written.
“This is obviously a devastating setback but we’re really committed to this project and we’ll figure out how to recover from this,” said Gwenda Bond, co-founder of the Lexington Writer’s Room.
The Lexington Writer’s Room is a nonprofit with 54 members. They have 24/7 access to work in the building. Fortunately, nobody was inside when the fire started.
“We had someone who was coming in at 6:00 this morning to write and was one of the first people we heard about the building from,” Bond said.
Bond said she’s glad no one was hurt, but their space, built up by love and hard work during the pandemic, is heavily damaged.
“This building’s been here for over 200 years, and we have to hope it has good bones and is salvageable right now. We’re crossing our fingers for that,” Bond said.
It’s a place where art is created, in the middle of a historic part of downtown Lexington.
“Next to Gratz Park and all of these are historic buildings. They have guidelines as to what you can do to them and it’s a shame to see one of them go up like that,” said Tyler Morris, who works in the building next door.
Bond said the Lexington Writer’s Room is already focused on rebuilding. If you’d like to donate to their efforts, you can click here.
Bond said she and her colleagues are waiting to hear what caused the fire.
Copyright 2022 WKYT. All rights reserved.
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https://www.wkyt.com/2022/03/31/history-teacher-removed-after-hanging-black-doll-classroom/
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History teacher removed after hanging Black doll in classroom
CHICAGO (WLS) - A heated exchange between two teachers at a Chicago high school is being investigated after one of the teachers hung a Black doll from a cord in a classroom.
It took place in front of students, and a picture of the incident circulated on social media.
On Wednesday, the school day ended at Whitney Young Magnet High School with a special listening session after the apparent racial incident.
“He [the teacher] definitely should have thought about it because that could be really sensitive, especially with it being an African American doll and something that could cause suicidal thoughts,” said high school sophomore William Schetz.
According to a letter from the school’s principal Joyce Kenner to parents, a teacher hung a small stuffed African American football doll by a pull-down string from a projector screen in their classroom. The teacher indicated he found the doll in his room and wanted the students to see if someone would claim it.
When another teacher confronted that teacher about the hanging doll, the two reportedly got into a fight.
Kenner said Chicago Public School officials have taken over the investigation of the incident and removed the history teacher.
“I believe he should be removed from the school, and his teaching degree should be taken away,” said Michelle Donegan, a student’s parent.
A spokeswoman for the Chicago Teachers Union said practices that mitigate the harm of racial biases must be ongoing and consistent in our schools.
“He knows what lynching is. He knows what hanging the doll would represent,” Donegan said.
Copyright 2022 WLS via CNN Newsource. All rights reserved.
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https://www.wkyt.com/2022/03/31/man-used-dating-apps-target-single-moms-get-their-children-police-say/
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Man used dating apps to target single moms to get to their children, police say
(Gray News) - A man in Texas used dating apps to target single moms in order to get close to their children, officials say.
According to the Montgomery County Sheriff’s Office, Epifanio Adolfo Jimenez asked women he met on dating apps to spend time with them and their children. He used the alias of “Harley” for his dating profile.
Officials did not specify which dating apps Jimenez used.
The sheriff’s office conducted an investigation for aggravated sexual assault of a child, and ultimately, Jimenez was taken into custody.
Investigators believe there may be additional victims out there. They are asking anyone who may have met with Jimenez or allowed him to have contact with their children to call the Montgomery County Sheriff’s Office at 936-760-5800.
Copyright 2022 Gray Media Group, Inc. All rights reserved.
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https://www.wkyt.com/2022/03/31/police-13-year-old-runaway-girl-dies-hospital-after-found-unresponsive-motel/
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Police: 13-year-old runaway girl dies at hospital after found unresponsive at motel
D’IBERVILLE, Miss. (WALA/Gray News) - A 13-year-old girl has died in a Mississippi-area hospital after being reported as a runaway from Alabama earlier this month.
WALA reports the Mobile Police Department first reported Keyanna Sylvester as a runaway on March 21. She was then found unresponsive in a motel room in D’Iberville, Mississippi, on March 24, according to D’Iberville Police Capt. Jason King.
Sylvester was taken to the hospital but later died, according to police.
The 13-year-old spent time in Ocean Springs and Moss Point, Mississippi, according to reports.
King said it was too early in the investigation to decide whether foul play was involved in the girl’s death.
“We’re making sure we’re careful about not saying whether it’s criminal or not criminal,” he said.
King also said police are waiting for a report by the medical examiner.
“This hurts me real bad because Keyanna was my baby,” said neighbor Alexie Thames. “You all need to help find whoever did this to my baby. "
Anyone with further information on this case was urged to contact the D’Iberville Police Department at 228-396-4252.
Copyright 2022 WALA via Gray Media Group, Inc. All rights reserved.
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https://www.wkyt.com/2022/03/31/trigger-trophy-paralyzed-first-responder-turns-pain-into-purpose/
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From trigger to trophy: Paralyzed first responder turns pain into purpose
Jaime Morales hopes his personal battle with PTSD will encourage others to seek help.
LEXINGTON, Ky. (WKYT) - He practices at home, the sounds of pellets breaking the silence from the hallway that has been repurposed into a home range.
“Just being consistent,” he says as he begins his regimen. “Consistently accurate.”
He tightens the air canister on the pistol, picks up a pellet and loads it, flips the switch - the air gun has an electronic trigger, not a mechanical one - raises the weapon and fires.
With a pop from the air gun quickly followed by a light ping of metal, the target spins, roughly 33 feet away from his outstretched arm, and he begins the process over again.
“You have to shoot 60 shots in 60 minutes,” he explains.
One down, 59 to go.
“So it’s not only an accuracy event,” he says, “it’s also an endurance event.”
The same could be said of Jaime Morales’s own journey from a time when each pull of the trigger set something off inside of him.
RELATED COVERAGE:
- WKYT Investigates | Obstacles often block benefits for first responders with PTSD
- Healing at Camp Hero: Addressing first responders’ invisible scars
As a Scott County Sheriff’s Deputy in 2018, Jaime Morales was hit by friendly fire during a confrontation with a fugitive from Florida who was stopped at a Georgetown rest area. The injury left Morales paralyzed and suffering from post-traumatic stress disorder.
“I remember having nightmares about the situation,” he said. “I remember waking up in the middle of the night gasping for air.”
But Morales has turned his pain into purpose: Namely, the TikTok account he uses to motivate others and his efforts to combat the stigma that often keeps first responders suffering in silence.
“We’re finally realizing that we need help. We’re finally realizing that it’s OK to ask for help,” Morales told WKYT’s Garrett Wymer. “But I do think that pride and that ego still get in the way of a lot of us asking for help and reaching out.”
Therapy made a big difference for Morales after his injury, he said.
Prolonged exposure - one of the most effective PTSD treatments, according to the Department of Veterans Affairs - helped the deputy and Marine Corps veteran overcome what, since his injury, had terrified him.
He overcame the stimulus and trigger of gunfire by basically locking himself in the gun range, he said.
“At first it was hard,” he said. “Every shot that other people took down the line would make me jump. It was making my anxiety go up. I just breathed through it, calmed myself down.”
He eventually worked himself up to shooting.
Now as a member of the U.S. Paralympic Shooting Team he is using this unlikely outlet as a way to move forward. He often encourages others to find outlets and hobbies to help them, and not let their injuries, whether physical or invisible, define them.
“Life isn’t over just because you suffered an injury,” he said. “It’s good to know that life isn’t over just because a big change like that happens. There’s so much adaptability, there’s so much technology out there to help us out.
“So definitely don’t give up,” he said.
It is the message he wants to share - and the lesson he still practices daily - as he tries to live out the consistency and endurance for which he spends his time training.
Morales says he finished with the fourth-highest score in a recent competition with the U.S. National Paralympic Shooting Team in Colorado. He could even compete in the next Paralympics in France.
He is also beginning to train for Paralympic swimming.
Resources:
- National Alliance on Mental Illness resources for public safety professionals
- CDC tips on how to cope as first responders
If You Know Someone in Crisis:
Call the National Suicide Prevention Lifeline (Lifeline) at 1-800-273-TALK (8255), or text the Crisis Text Line (text HELLO to 741741).
Copyright 2022 WKYT. All rights reserved.
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https://www.wkyt.com/2022/03/31/troopers-small-child-killed-clay-county-crash/
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Troopers: Small child killed in Clay County crash
Published: Mar. 31, 2022 at 8:50 AM EDT|Updated: 12 hours ago
MANCHESTER, Ky. (WYMT) - Kentucky State Police troopers say a small child was killed in a crash Wednesday in Clay County.
It happened around 3 p.m. on U.S. 421 south near Manchester.
We’re told a pickup truck was traveling north on the highway when the driver, identified as Delbert L. Allen, 59, of Manchester, hit the child who was in the road at the time.
Police say the little girl was taken to a nearby hospital for her injuries, but did not survive. Officials have scheduled an autopsy, but say drugs or alcohol are not believed to be involved in the incident.
An investigation into the crash is ongoing.
Copyright 2022 WYMT. All rights reserved.
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https://www.wkyt.com/2022/03/31/uk-doctor-discusses-ob-gyn-shortage-rural-kentucky-areas/
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UK doctor discusses OB-GYN shortage in rural Kentucky areas
MOREHEAD, Ky. (WKYT) - Health experts say that not having enough OB-GYNs can reduce the level of care for women living in rural Kentucky.
Dr. Rebecca Todd is the only obstetrician gynecologist who lives in the Morehead area and works full time at UK’s St. Claire Women’s Health Unit. She says that the clinic sees thousands of women, which puts a strain on her and her staff.
“There’s only so much that one or two people can handle,” said Dr. Todd.
But the lack of women health care providers has an even bigger impact. Todd says that some of her patients have traveled hours to see her. The long distance increases the chance that women will delay much needed care.
“They can put off an evaluation like abnormal uterine bleeding, so weird bleeding from the uterus, and ultimately it turns out to be cancer,” said Dr. Todd.
Even though rural communities have medical professionals like nurse practitioners and family physicians, Dr. Todd says that sometimes women need more specialized care that only an OB-GYN can provide.
UK St. Claire is working to recruit more OB-GYNs to the area. Todd believes that can begin with finding people who already live in the community.
“People who want to live and work in rural Kentucky, especially Eastern Kentucky, are people who grew up in this area,” said Dr. Todd.
Dr. Todd says it’s important to undergo those routine health care screenings. She says if something is wrong, the sooner doctors catch it, the better.
Copyright 2022 WKYT. All rights reserved.
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https://www.wkyt.com/2022/03/31/wkyts-kristen-kennedy-bill-bryant-moderating-major-summit-lexington/
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WKYT’s Kristen Kennedy & Bill Bryant moderating major summit in Lexington
LEXINGTON, Ky. (WKYT) - A major summit is coming to Kentucky.
The 2022 Concordia Lexington Summit will be in town next week.
The event is in partnership with Rubicon. Rubicon is headquartered in Lexington and uses software technology for smart waste and recycling solutions.
Big names from all over the world will be in Lexington for the Concordia Summit, including Governor Andy Beshear and the U.S. Secretary of Commerce Gina Raimondo.
Rubicon CEO Nate Morris says this summit will open up networks to work together to reduce waste.
“We must be united in reducing waste, reducing the amount of waste we send to landfills and increasing the amount of materials we send to recycling and cleaning up the waste that is choking our environment, risking our security and clogging up space,” Morris said.
The Concordia Summit will be held April 7-8.
WKYT’s Kristen Kennedy and Bill Bryant will both be there as moderators for the event.
Copyright 2022 WKYT. All rights reserved.
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https://www.wkyt.com/2022/04/01/oscars-producer-says-police-offered-arrest-will-smith/
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Oscars producer says police offered to arrest Will Smith
LOS ANGELES (AP) — Oscars producer Will Packer said Los Angeles police were ready to arrest Will Smith after Smith slapped Chris Rock on the Academy Awards stage.
“They were saying, you know, this is battery, was a word they used in that moment,” Packer said in a clip released by ABC News Thursday night of an interview he gave to “Good Morning America.” “They said we will go get him. We are prepared. We’re prepared to get him right now. You can press charges, we can arrest him. They were laying out the options.”
But Packer said Rock was “very dismissive” of the idea.
“He was like, ‘No, no, no, I’m fine,” Packer said. “And even to the point where I said, ‘Rock, let them finish.’ The LAPD officers finished laying out what his options were and they said, ‘Would you like us to take any action?’ And he said no.”
The LAPD said in a statement after Sunday night’s ceremony that they were aware of the incident, and that Rock had declined to file a police report. The department declined comment Thursday on Packer’s interview, a longer version of which will air on Friday morning.
The Academy of Motion Pictures Arts and Sciences met Wednesday to initiate disciplinary proceedings against Smith for violations against the group’s standards of conduct. Smith could be suspended, expelled or otherwise sanctioned.
The academy said in a statement that “Mr. Smith’s actions at the 94th Oscars were a deeply shocking, traumatic event to witness in-person and on television.”
Without giving specifics, the academy said Smith was asked to leave the ceremony at the Dolby Theatre, but refused to do so.
Smith strode from his front row seat on to the stage and slapped Rock after a joke Rock made about Smith’s wife, Jada Pinkett Smith, when he was on stage to present the Oscar for best documentary.
On Monday, Smith issued an apology to Rock, the academy and to viewers, saying “I was out of line and I was wrong.”
The academy said Smith has the opportunity to defend himself in a written response before the board meets again on April 18.
Rock publicly addressed the incident for the first time, but only briefly, at the beginning of a standup show Wednesday night in Boston, where he was greeted by a thunderous standing ovation. He said “I’m still kind of processing what happened.”
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Follow AP Entertainment Writer Andrew Dalton on Twitter: https://twitter.com/andyjamesdalton
Copyright 2022 The Associated Press. All rights reserved.
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https://www.wkyt.com/2022/04/01/usda-forecasting-higher-food-grocery-costs-2022/
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USDA forecasting higher food, grocery costs in 2022
(Gray News) - It looks like elevated food prices are going to continue this year, according to the U.S. Department of Agriculture.
The USDA released its Food Price Outlook for 2022 and predicted the cost of groceries would continue to increase to as much as 4%.
According to the Consumer Price Index, grocery and supermarket food prices were already 8.6% higher in February than last year and up nearly 1.5% from January to February in 2022.
As reported by the Associated Press, prices for U.S. consumers have continued to jump recently, leaving families facing the highest inflation rate since 1990.
“We’re getting into this situation where we have spiraling inflation,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “Inflation in one area drives inflation in another.”
Currently, the CPI reports all food categories are increasing in price other than fresh vegetables. Last year, the beef and veal categories had the most significant price increase of 9.3%, and the fresh vegetable category had the smallest at 1.1%. However, no food categories decreased in price in 2021.
Poultry prices are also expected to increase up to 7%, with egg prices predicted to increase up to 3.5% in 2022.
Overall, grocery store and supermarket food purchases are expected to increase up to 4%, with restaurant purchases or food away from home forecasted to increase up to 6.5%, according to the USDA.
Copyright 2022 Gray Media Group, Inc. All rights reserved.
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CALABASAS, Calif., March 31, 2022 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company") today announced that its operating partnership, American Homes 4 Rent, L.P. (the "Operating Partnership"), has priced an offering of $600 million aggregate principal amount of 3.625% Senior Notes due 2032 (the "2032 Notes") and $300 million aggregate principal amount of 4.300% Senior Notes due 2052 (the "2052 Notes" and together with the 2032 Notes, the "Notes"). The 2032 Notes will be issued at 97.517% of par value with a coupon of 3.625% per annum. The 2052 Notes will be issued at 97.237% of par value with a coupon of 4.300% per annum. Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing October 15, 2022. The 2032 Notes will mature on April 15, 2032 and the 2052 Notes will mature on April 15, 2052. The offering is subject to the satisfaction of customary closing conditions and is expected to close on or about April 7, 2022.
The Operating Partnership intends to use the net proceeds from the offering to repay amounts outstanding on its revolving credit facility and any remaining net proceeds for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in its portfolio, other capital expenditures, the redemption of its Series F preferred shares, the redemption of its other preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes.
BofA Securities, J.P. Morgan and PNC Capital Markets LLC are acting as joint book-running managers for the offering, and Wells Fargo Securities, BMO Capital Markets, Citigroup, Morgan Stanley and Raymond James are acting as book-running managers for the offering. Mizuho Securities, Scotiabank, US Bancorp, Regions Securities LLC, Ramirez & Co., Inc. and RBC Capital Markets are acting as co-managers for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") and only by means of a prospectus and prospectus supplement. Copies of the preliminary prospectus supplement relating to the offering and the final prospectus supplement, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov or from BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attn: Prospectus Department, by telephone at 1-800-294-1322 or by email at dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204; and PNC Capital Markets LLC, The Tower at PNC Plaza, 300 Fifth Avenue, Floor 10, Pittsburgh, PA 15222, or by telephone at 1-855-881-0697.
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is a nationally recognized brand for rental homes, known for high-quality, good value and resident satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of December 31, 2021, we owned 57,024 single-family properties in selected submarkets in 22 states.
Forward-Looking Statements
This press release contains "forward-looking statements" that relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, the Operating Partnership's ability to complete the offering and the intended use of net proceeds. The Operating Partnership has based these forward-looking statements on its current expectations and assumptions about future events. While the Operating Partnership's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Operating Partnership's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These and other important factors, including "Risk Factors" disclosed in, or incorporated by reference into, the prospectus from the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2021, and in the Company's and the Operating Partnership's subsequent filings with the SEC, may cause the Operating Partnership's actual results to differ materially from anticipated results expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements. The Company undertakes no obligation to update any forward-looking statement to conform to actual results or changes in expectations, unless required by applicable law.
Contact:
American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: investors@ah4r.com
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DENVER, March 31, 2022 /PRNewswire/ -- Aphelion Aerospace, based in Denver, Colorado is establishing itself as a one-stop-shop for low-cost small satellite integration and on-demand launch operations from practically anywhere around the world. Aphelion announced today that it has received significant investment from strategic investors including The Mercury Group, Founder Advisors, and Richtr Financial Studio. These investments are part of Aphelion's Seed round which the company is running in parallel with their equity crowdfunding campaign on StartEngine.
Aphelion CEO Miguel Ayala and CTO Matthew Travis indicate that these investments will help them continue pushing forward with the development of their suborbital launch vehicle technology demonstrator. They plan to conduct low-altitude suborbital demonstration launches by the end of the year to prove out their green non-toxic, non-cryogenic propulsion technology in flight.
Based on the caliber and background of their board advisors and investors, it is clear that the Aphelion team is positioning to become a strong player in the space industry. Last year, Aphelion announced that Edward Mango, former Program Manager of the NASA Commercial Crew Transportation Program had joined their board of advisors. Mr. Mango is one of the key NASA leaders behind the success of SpaceX. Aphelion also announced that Kevin Rice, former Director of Business Management at NASA Jet Propulsion Laboratory and Lockheed Martin Skunk Works had joined their board of advisors. Mr. Rice practically wrote the book on business management for NASA. In addition, Aphelion announced that Geoff Brim, former VP of Product Management at Deutsche Telekom had joined their board of advisors. Mr. Brim evangelized digital transformation, data science, artificial intelligence, and robotics at Deutsche Telekom.
Now come Aphelion's visionary investors. Ben West of The Mercury Group is a US Air Force veteran. Before his years in finance, Ben was an F117A and F16 Crew Chief. He is well aware that military fighter jets use hydrazine in their emergency power units. He knows very well that hydrazine is extremely toxic and thus costly and slow to deal with. He is also aware that other uses of hydrazine include spacecraft propulsion. Hearing that Aphelion had developed a propulsion technology that could essentially replace anything hydrazine powered was music to his ears. Ben feels excited to back Aphelion with investment and plans to continue supporting Aphelion along its journey to bring this new technology to market.
Steven Williams, of Founder Advisors advises Aphelion on market strategy. Along with Steven, the Founder Advisors team provides corporate and business strategy advisory to Aphelion. They are composed of accomplished aerospace and tech entrepreneurs and executives like Steven. Some have spent years in launch vehicle development at companies such as Lockheed Martin. These guys truly understand and value the business model that Aphelion is structuring for bundled small satellite integration and launch services.
James Graham, CEO of Richtr Financial Studio, is an ardent supporter of Aphelion's possibilities. Richtr Financial Studio supports Aphelion with financial and accounting services. They are a powerhouse for startups that are poised for exponential growth.
For more information about Aphelion Aerospace, please visit: https://aphelionaerospace.com
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https://www.wkyt.com/prnewswire/2022/03/31/aridis-pharmaceuticals-announces-2021-fourth-quarter-year-end-financial-results-business-update/
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Awarded funding from the Gates Foundation to support development of inhaled formulation technology to deliver cost-effective monoclonal antibodies against influenza and COVID-19
LOS GATOS, Calif., March 31, 2022 /PRNewswire/ -- Aridis Pharmaceuticals, Inc. (Nasdaq: ARDS), a biopharmaceutical company focused on the discovery and development of novel anti-infective therapies to treat life-threatening infections, today reported financial and corporate results for its fourth quarter and year ended December 31, 2021.
Fourth Quarter Highlights
- Continued enrollment in the Company's Phase 2a study of AR-501 targeting cystic fibrosis (CF), conducted in collaboration with the funding support from the CF Foundation. Aridis is on track to report top-line data from this CF study in mid-2022.
- Continued enrollment in the Company's Phase 3 study evaluating AR-301 for the treatment of Ventilator Associated Pneumonia (VAP). Aridis is on track to report top-line data in the second half of 2022.
- The Company is on track to initiate the Phase 3 trial of AR-320 for the prevention of VAP in mid-2022 following regulatory feedback on the clinical development plans and Phase 3 study design received from the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA). Clarity on the regulatory pathway to the registrational Phase 3 trial and licensure has been achieved. The Phase 3 SAATELLITE-2 study will be conducted in collaboration with the COMBACTE-Net consortium of HAP/VAP experts, funded up to 25 million Euros by the Innovative Medicines Initiative (IMI) program of the European Commission.
- Reported preclinical data demonstrating that AR-701, the Company's first fully human monoclonal antibody (mAb) cocktail, is broadly reactive against the Omicron and other SARS-CoV-2 (COVID-19) variants, SARS (Severe Acute Respiratory Syndrome), MERS (Middle East Respiratory Syndrome Coronavirus), and multiple seasonal ('common cold') human coronavirus strains.
- In January 2022, Aridis announced that it had received a $1.9 million grant from the Bill and Melinda Gates Foundation (Gates Foundation) to evaluate the application of the Company's inhaled formulation technology to deliver cost-effective monoclonal antibodies (mAbs) against influenza and SARS-CoV-2 to people in low- and middle-income countries.
- Signed loan agreement for $10 million in non-dilutive financing with Streeterville Capital. Received first $5 million payment in November 2021 and the second $5 million payment in February 2022.
"I am proud of our team's work in 2021 as we strengthened our foundation and advanced key development programs," commented Vu Truong, Ph.D., Chief Executive Officer of Aridis Pharmaceuticals. "2022 will be a pivotal year for Aridis as we achieve important clinical milestones, including data readout from our AR-501 Phase 2a and AR-301 Phase 3 studies as well as the initiation of the AR-320 registrational Phase 3 study, and the anticipated launch of the first-in-human clinical study of AR-701. We look forward to sharing further updates on the progress of these programs in the coming months as we continue to build our leadership in the respiratory health space."
Clinical Program Update
AR-301 (tosatoxumab): AR-301 is being evaluated in a Phase 3 clinical study as an adjunctive treatment to standard of care antibiotics in S. aureus VAP patients. The ongoing AR-301 Phase 3 study remains blinded, and the independent Data Monitoring Committee with access to unblinded data continues to monitor study subjects for safety and has not expressed any safety concerns. The Company observed modest improvement in enrollment in recent months despite the continued pandemic. However, because a significant number of participating clinical sites in the study are in Eastern Europe, the escalating Ukraine-Russia conflict is expected to negatively impact enrollment. At the present time, the company anticipates reporting top-line data in the second half of 2022.
The trial represents the first ever Phase 3 superiority clinical study evaluating immunotherapy with a fully human mAb to treat acute pneumonia in the ICU setting. Details of the study can be viewed on www.clinicaltrials.gov using identifier NCT03816956.
AR-320 (suvratoxumab): The Company licensed this Phase 3-ready asset from AstraZeneca in July 2021. A multinational, randomized, double-blind, placebo-controlled Phase 2 study (n=196 patients) showed that mechanically ventilated ICU patients colonized with S. aureus who were treated with suvratoxumab, a fully human mAb, demonstrated a relative risk reduction in onset of pneumonia by 32% in the overall intent-to-treat (ITT) study population, and by a statistically significant 47% in the under 65-year-old population, which is the target population in the planned Phase 3 study. This statistically significant relative risk reduction in the target population was also associated with a substantial reduction in the duration of care needed in the ICU and hospital. The Company completed successful discussions with the EMA via the Scientific Advisory meeting and the FDA via an End-of-Phase 2 meeting, including obtaining agreement on the planned Phase 3 study serving as a single pivotal trial. The regulatory feedback from these agencies is incorporated in the Company's clinical study design. The Company expects to launch its Phase 3 SAATELLITE-2 study of AR-320 in the mid-2022 in collaboration with the public-private COMBACTE-Net consortium of HAP/VAP experts, funded by the Innovative Medicines Initiative (IMI) program of the European Commission in the amount of up to 25 million Euros.
AR-501 (gallium citrate): The Company initiated its Phase 2a study to evaluate the safety, pharmacokinetic (PK), and preliminary efficacy in cystic fibrosis (CF) patients in the first quarter of 2021. The Phase 2a study is actively enrolling patients with a goal of delivering full data readout in mid-2022. AR-501 is being developed in collaboration with the CF Foundation and has been granted Orphan Drug Designation (ODD), Fast Track and Qualified Infectious Disease Product (QIDP) designations by the FDA. In addition, the European Medicines Agency (EMA) granted ODD to AR-501. The Phase 1/2a clinical trial underway is a randomized, double-blind, placebo-controlled trial, utilizing single- and multiple-ascending dose and dose-ranging strategies, investigating the safety and PK of inhaled AR-501 in healthy volunteers and CF patients with chronic bacterial lung infections. Details of the Phase 1/2a clinical trial can be viewed on https://www.clinicaltrials.gov using identifier NCT03669614.
AR-701: AR-701 is a cocktail of two fully human immunoglobulin G1 (IgG1) mAbs discovered from screening the antibody secreting B-cells of convalescent SARS-CoV-2 infected (COVID-19) patients. Each mAb of the AR-701 cocktail neutralizes coronaviruses using a distinct mechanism of action, namely inhibition of viral fusion and entry into human cells (AR-703) or blockage of viral binding to the human 'ACE2' receptor (AR-720). The AR-701 mAbs are engineered to be half-life extended and potentially active for 6-12 months in the blood. AR-701 is being developed as a long-acting intramuscular prophylactic to prevent COVID-19 infections, as well as a self-administered inhaled formulation for the treatment of COVID-19 patients who are not yet hospitalized. In February 2022, Aridis reported that both of its fully human mAbs in the AR-701 cocktail neutralized the SARS-CoV-2 Omicron variant. Moreover, both mAbs conferred strong protection against Omicron infected animals when given either parenterally or by intranasal administration. The performance of the AR-701 cocktail is published in Biorxiv [see https://www.biorxiv.org/content/10.1101/2022.03.05.483133v1]. We expect to initiate a Phase 1 clinical study in 2H2022.
Fiscal 2021 Financial Results:
- Cash: Total cash, cash equivalents and restricted cash as of December 31, 2021, were approximately $20.0 million.
- Revenues: Grant and licensing revenue increased to approximately $1.5 million for the year ended December 31, 2021 primarily due to the recognition of revenue from grants from the Cystic Fibrosis Foundation (CFF) and the Gates Foundation as well as from Kermode, an Apex technology licensee. Grant and licensing revenue earned during the year ended December 31, 2020 was approximately $1.0 million, all from CFF. Grant and licensing revenue was approximately $0.6 million and $0 for the three months ended December 31, 2021 and 2020, respectively.
- Research and Development Expenses: Research and development expenses increased by approximately $21.0 million to $38.0 million for year ended December 31, 2021 from $17.0 million for the year ended December 31, 2020. The increase was due primarily to: an increase of approximately $11.5 million to in-license AR-320 rights from Medimmune; an increase of approximately $6.6 million for AR-320 drug manufacturing and clinical trial preparation costs; an increase of approximately $0.7 million for costs associated with the development of AR-701; an increase of approximately $0.5 million for the continuing conduct of the Phase 2a clinical trial evaluating AR-501 for the treatment of Cystic Fibrosis and an increase of approximately $0.6 million in personnel, consulting and other related costs.
Research and development expenses increased by approximately $4.4 million in the quarter ended December 31, 2021 to $8.6 million from $4.2 million in the same quarter in 2020. This is primarily due to increases in drug manufacturing for our AR-320 trial ($2.8 million), spending on the Gates Foundation funded project ($0.5 million) and spending on personnel, consulting and other related costs ($0.4 million). - General and Administrative Expenses: General and administrative expenses increased by approximately $0.9 million to $7.3 million for the year ended December 31, 2021 from $6.4 million for the year ended December 31, 2020. The increase was due primarily to increases in professional service fees, franchise tax and recruitment expense to attract talent. General and administrative expenses increased in Q4 2021 to $2.0 million from $1.6 million in Q4 2020 primarily due to increases in consulting, legal fees, insurance and recruitment offset by lower accounting, rent and repairs expense.
- Interest Income (Expense) net: Net interest expense, increased by approximately $322,000 to approximately $245,000 for the year ended December 31, 2021 from approximately $77,000 net interest income for the year ended December 31, 2020. The increased expense was primarily due to our debt servicing in 2021.
- Share of Loss in Equity Method Investment. Loss from our share of equity method investment in Shenzhen Arimab Biopharmaceuticals Co., Ltd. decreased by approximately $9,000 to zero for the year ended December 31, 2021. The loss was $9,000 for the year ended December 31, 2020. Our share of loss from our minority interest calculated under the equity method was limited to the reduction of the net book value of the investment to zero as of March 31, 2020.
- Other Income: Other income in the year ended December 31, 2021, increased by approximately $796,000 from zero during the year ended December 31, 2020, primarily due to forgiveness of the $722,000 Paycheck Protection Program loan by the U.S. Small Business Administration. Additionally, other income from a sublease agreement we entered into with a tenant in March 2021 to sublet a small portion of our Los Gatos facility increased by approximately $74,000 during the year ended December 31, 2021, from zero for the year ended December 31, 2020. Other income increased by approximately $22,000 in Q4 2021. There was no sublease agreement or related income during the three months ended December 30, 2020.
- Net Loss: The net loss available to common stockholders for the year ended December 31, 2021, was approximately $47.3 million, or $3.85 net loss per share, compared to a net loss available to common stockholders of approximately $22.3 million, or $2.44 net loss per share, for the year ended December 31, 2020. The weighted average common shares outstanding used in computing net loss per share available to common stockholders was 12,291,600 million and 9,168,744 million for the years ended December 31 of 2021 and 2020, respectively.
About Aridis Pharmaceuticals, Inc.
Aridis Pharmaceuticals, Inc. discovers and develops anti-infectives to be used as first-line treatments to combat antimicrobial resistance (AMR) and viral pandemics. The Company is utilizing its proprietary ʎPEX and MabIgX® technology platforms to rapidly identify rare, potent antibody-producing B-cells from patients who have successfully overcome an infection, and to rapidly manufacture mAbs for therapeutic treatment of critical infections. These mAbs are already of human origin and functionally optimized by the natural human immune system for high potency. Hence, they are already fit-for-purpose and do not require further engineering optimization to achieve full functionality.
The Company has generated multiple clinical stage mAbs targeting bacteria that cause life-threatening infections such as ventilator associated pneumonia (VAP) and hospital acquired pneumonia (HAP), in addition to preclinical stage antibacterial and antiviral mAbs. The use of mAbs as anti-infective treatments represents an innovative therapeutic approach that harnesses the human immune system to fight infections and is designed to overcome the deficiencies associated with the current standard of care, which is broad spectrum antibiotics. Such deficiencies include, but are not limited to, increasing drug resistance, short duration of efficacy, disruption of the normal flora of the human microbiome and lack of differentiation among current treatments. The mAb portfolio is complemented by a non-antibiotic novel mechanism small molecule anti-infective candidate being developed to treat lung infections in cystic fibrosis patients. The Company's pipeline is highlighted below:
Aridis' Pipeline
AR-301 (VAP). AR-301 is a fully human IgG1 mAb currently in Phase 3 clinical development targeting gram-positive Staphylococcus aureus (S. aureus) alpha-toxin in VAP patients.
AR-320 (nosocomial pneumonia). AR-320 is a fully human mAb targeting S. aureus alpha-toxin for prevention of nosocomial pneumonia. Statistically significant Phase 2 data in the target population of those ≤ 65 years of age, was recently published in Lancet Infectious Diseases journal. The Company has completed discussions with the EMA and FDA on study design and expects to launch its Phase 3 study of AR-320 in mid-2022.
AR-101 (HAP). AR-101 is a fully human immunoglobulin M (IgM) mAb in Phase 2 clinical development targeting Pseudomonas aeruginosa (P. aeruginosa) liposaccharides serotype O11, which accounts for approximately 22% of all P. aeruginosa hospital acquired pneumonia cases worldwide. This program is licensed to the Serum Institute of India and Shenzhen Arimab.
AR-501 (cystic fibrosis). AR-501 is an inhaled formulation of gallium citrate with broad-spectrum anti-infective activity being developed to treat chronic lung infections in cystic fibrosis patients. This program is currently in a Phase 2a clinical study in CF patients.
AR-701 (COVID-19). AR-701 is a cocktail of fully human mAbs discovered from convalescent COVID-19 patients that are directed at multiple envelope proteins of the SARS-CoV-2 virus.
AR-401 (blood stream infections). AR-401 is a fully human mAb preclinical program aimed at treating infections caused by gram-negative Acinetobacter baumannii.
AR-201 (RSV infection). AR-201 is a fully human IgG1 mAb directed against the F-protein of diverse clinical isolates of respiratory syncytial virus (RSV). This program is licensed exclusively to the Serum Institute of India.
For additional information on Aridis Pharmaceuticals, please visit https://aridispharma.com/.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. These statements may be identified by the use of words such as "anticipate," "believe," "forecast," "estimated" and "intend" or other similar terms or expressions that concern Aridis' expectations, strategy, plans or intentions. These forward-looking statements are based on Aridis' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, the need for additional financing, the timing of regulatory submissions, Aridis' ability to obtain and maintain regulatory approval of its existing product candidates and any other product candidates it may develop, approvals for clinical trials may be delayed or withheld by regulatory agencies, risks relating to the timing and costs of clinical trials, risks associated with obtaining funding from third parties, management and employee operations and execution risks, loss of key personnel, competition, risks related to market acceptance of products, intellectual property risks, risks related to business interruptions, including the outbreak of COVID-19 coronavirus, which could seriously harm our financial condition and increase our costs and expenses, risks associated with the uncertainty of future financial results, Aridis' ability to attract collaborators and partners and risks associated with Aridis' reliance on third party organizations. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described under the caption "Risk Factors" in Aridis' 10-K for the year ended December 31, 2020, and Aridis' other filings made with the Securities and Exchange Commission. Forward-looking statements included herein are made as of the date hereof, and Aridis does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
Contact:
Investor Relations
Dave Gentry, CEO
RedChip Companies
Dave@redchip.com
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LOS ANGELES, March 31, 2022 /PRNewswire/ -- Arixa Capital Advisors, LLC is pleased to announce that Eric Cooper has joined the company as Vice President of Construction. In this role, Mr. Cooper is responsible for enhancing Arixa's construction risk management, through further development of Arixa's funds control program and construction underwriting, as well as building the scalable infrastructure that will allow Arixa to continue to grow its construction lending platform. Mr. Cooper comes to Arixa with over a decade of onsite construction project management experience and five years of construction lending experience.
Prior to joining Arixa, Mr. Cooper was the Vice President of Construction Operations at Genesis Capital. During his five years with that company, he oversaw the development of a nationwide residential construction underwriting program and was responsible for managing the in-house funds control team.
Eric Cooper shares, "As I suspected, Arixa Capital has an incredible culture, talented staff and a fantastic borrower base. I feel lucky and excited to further build out the construction department to best serve both borrowers and investors."
Earlier in his career, Mr. Cooper was the onsite supervisor and project manager for a two-year project, building an ultra-luxury custom home for a celebrity client in the Trousdale Estates neighborhood of Beverly Hills, with the highly regarded general contractor Corbin Reeves. From 2013 to 2015, Mr. Cooper was a project manager for ANR Industries, where he oversaw all aspects of luxury single-family residential construction projects in the Los Angeles area, from conceptual design through final sale. From 2010 to 2013, Mr. Cooper worked as a project manager for Anchor Loans where he oversaw all aspects of remodeling for single-family residential projects with resale values between $700,000 and $3,000,000.
Arixa Capital's Managing Director, Greg Hebner, said, "We are excited to bring someone like Eric onto the Arixa team. Eric's deep construction experience and his passion for client service is an ideal fit for our team. As Arixa continues to grow its lending business across larger construction projects and new geographies, Eric's extensive industry knowledge will allow us to execute on our growth plans and maintain the high level of service that our clients expect, while also mitigating risk for our fund investors."
Contact:
Eric Cooper
Vice President, Construction Operations
M 818-692-9646
E ecooper@arixacapital.com
About the Company
Arixa Capital is one of the premier private real estate lenders and credit fund managers in the Western U.S., providing small balance loan solutions to lower middle-market residential and commercial investors and developers. Visit www.arixacapital.com for more information on investing or borrowing.
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Delivers another record quarter for design-related revenue for IoT, both sequential and year over year billings growth for Cybersecurity, as well as positive operating cash flow and net profit
Fourth Quarter Fiscal 2022:
- Total company revenue of $185 million.
- IoT revenue of $52 million.
- Cybersecurity revenue of $122 million.
- Licensing & Other revenue of $11 million.
- Net cash generated from operations of $10 million.
- Non-GAAP basic earnings per share of $0.01, GAAP basic earnings per share of $0.25 and GAAP diluted loss per share of $0.03.
Fiscal Year 2022:
- Total company revenue of $718 million.
- Non-GAAP basic loss per share of $0.10, GAAP basic earnings per share of $0.02 and GAAP diluted loss per share of $0.31.
WATERLOO, ON, March 31, 2022 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months and fiscal year ended February 28, 2022 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
"We're pleased with the progress that BlackBerry made this quarter. The IoT business recorded its first $50m-plus revenue quarter since the start of the pandemic. In addition to overcoming a number of industry-wide challenges, such as supply chain constraints and the war in Ukraine, the QNX business set another record for quarterly design-related revenue, demonstrating both strong fundamentals and momentum for the business," said John Chen, Executive Chairman & CEO, BlackBerry. "We're also excited about the prospects for the Cybersecurity business given another quarter of billings growth and further strengthening of the team with industry expertise in both sales and product development. The key components are in place, and we expect continued billings momentum this year. Following the demonstration of our BlackBerry IVY edge-to-cloud data platform on auto-grade hardware at CES, we have secured a number of Proof-of-Concept trials."
Fourth Quarter Fiscal 2022 Financial Highlights
- Total company revenue was $185 million.
- Total company non-GAAP gross margin was 68% and GAAP gross margin was 67%.
- IoT revenue was $52 million, with gross margin of 85% and ARR of $93 million, an 11% increase year-over-year.
- Cybersecurity revenue was $122 million, with gross margin of 61% and ARR of $347 million.
- Licensing and Other revenue was $11 million, with gross margin of 55%.
- Non-GAAP operating profit was $8 million. GAAP operating profit was $146 million.
- Total cash, cash equivalents, short-term and long-term investments were $770 million.
- Total net cash position was $405 million.
- Net cash generated from operating activities was $10 million.
Business Highlights & Strategic Announcements
IoT:
- BlackBerry QNX records a record number of new design wins in a quarter: 17 in Auto and 28 in the General Embedded Market (GEM).
- BlackBerry announces first BlackBerry IVY™ proof-of-concept, or POC, trial with PATEO, a leading Chinese tier 1 supplier, and a Chinese electric vehicle automaker to integrate IVY into a digital cockpit.
- BlackBerry and Marelli expand collaboration in China with BlackBerry QNX® Neutrino® RTOS and BlackBerry QNX® Hypervisor selected to power next generation cockpit technology.
- BlackBerry® QNX® real time operating system selected by Critical Software as the foundation for a railway protection system for Portugal's national rail network.
- BlackBerry® Jarvis® enhanced to include standardized reporting that enables compliance with the U.S. government's recent Executive Order relating to the software bill of materials.
Cybersecurity:
- BlackBerry receives maximum AAA rating from SE Labs following their Enterprise Advanced Security Test that used real-world hacking tactics against BlackBerry® Protect and BlackBerry® Optics.
- BlackBerry® SecuSUITE® encrypted communication solution endorsed for NATO use by the NSAB.
- BlackBerry® AtHoc® is being deployed, in partnership with TELUS, by all municipalities and the regional police in Niagara, Canada, displacing a key competitor's solution.
- BlackBerry releases annual threat report, highlighting a cybercriminal underground which has been optimized to better target small local businesses.
Outlook
BlackBerry will provide fiscal year 2023 outlook in connection with the quarterly earnings announcement on its earnings conference call. The earnings call transcript will be made available on our website and on SEDAR.
Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures and non-GAAP financial ratios used by the company to comparable U.S. GAAP measures and an explanation of why the company uses them.
Conference Call and Webcast
A conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed by dialing +1 (877) 761-5600 or by logging on at BlackBerry.com/Investors.
A replay of the conference call will also be available at approximately 8:30 p.m. ET by dialing +1 (800) 770-2030 and entering Conference ID #1566649 and at the link above.
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including more than 195M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.
BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow @BlackBerry.
Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com
Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@blackberry.com
This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, strategies and objectives including its expectations with respect to increasing and enhancing its product and service offerings.
The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, the ongoing COVID-19 pandemic, the Russia Ukraine conflict, competition, and BlackBerry's expectations regarding its financial performance. Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry's ability to enhance, develop, introduce or monetize products and services for the enterprise market in a timely manner with competitive pricing, features and performance; BlackBerry's ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; the intense competition faced by BlackBerry; the occurrence or perception of a breach of BlackBerry's network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; the failure or perceived failure of BlackBerry's solutions to detect or prevent security vulnerabilities; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; litigation against BlackBerry; BlackBerry's dependence on its relationships with resellers and channel partners; acquisitions, divestitures and other business initiatives; the impact of the COVID-19 pandemic; network disruptions or other business interruptions; BlackBerry's ability to foster an ecosystem of third-party application developers; BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; BlackBerry's ability to obtain rights to use third-party software and its use of open source software; failure to protect BlackBerry's intellectual property and to earn expected revenues from intellectual property rights; BlackBerry being found to have infringed on the intellectual property rights of others; the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; BlackBerry's indebtedness; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the use and management of user data and personal information; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; environmental, social and governance expectations and standards; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; regulations regarding health and safety, hazardous materials usage and conflict minerals; foreign operations, including fluctuations in foreign currencies; adverse economic, geopolitical and environmental conditions; the fluctuation of BlackBerry's quarterly revenue and operating results; the volatility of the market price of BlackBerry's common shares; and rising inflation.
These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry's Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of which filings may be obtained at www.sedar.com or www.sec.gov). All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry's forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry's shareholders to view the anticipated performance and prospects of BlackBerry from management's perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry's business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. Any forward-looking statements are made only as of today and the company has no intention and undertakes no obligation to update or revise any of them, except as required by law.
Reconciliations of the Company's Segment Results to the Consolidated Results
The following table shows information by operating segment for the three months ended February 28, 2022 and February 28, 2021. The Company reports segment information in accordance with U.S. GAAP Accounting Standards Codification Section 280 based on the "management" approach. The management approach designates the internal reporting used by the Chief Operating Decision Maker for making decisions and assessing performance of the Company's reportable operating segments.
The following table reconciles the Company's segment results for the three months ended February 28, 2022 to consolidated U.S. GAAP results:
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The following table reconciles the Company's segment results for the three months ended February 28, 2021 to consolidated U.S. GAAP results:
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Reconciliation of Non-GAAP Measures with the Nearest Comparable U.S. GAAP Measures
In the Company's internal reports, management evaluates the performance of the Company's business on a non-GAAP basis by excluding the impact of certain items below from the Company's U.S. GAAP financial results. The Company believes that these non-GAAP financial measures and non-GAAP ratios provide management, as well as readers of the Company's financial statements with a consistent basis for comparison across accounting periods and is useful in helping management and readers understand the Company's operating results and underlying operational trends. In the first quarter of fiscal 2022, the Company discontinued its use of software deferred revenue acquired and software deferred commission expense acquired adjustments in its non-GAAP financial measures due to the quantitative decline in the adjustments over time. For purposes of comparability, the Company's non-GAAP financial measures for the three months ended and year ended February 28, 2021 have been updated to conform to the current year's presentation.
Readers are cautioned that adjusted gross margin, adjusted gross margin percentage, adjusted operating expense, adjusted net income (loss), adjusted income (loss) per share, adjusted research and development expense, adjusted selling, marketing and administrative expense, adjusted amortization expense, adjusted operating income (loss), adjusted EBITDA, adjusted operating income (loss) margin percentage, adjusted EBITDA margin percentage and free cash flow (usage) and similar measures do not have any standardized meaning prescribed by U.S. GAAP and are therefore unlikely to be comparable to similarly titled measures reported by other companies. These non-GAAP financial measures should be considered in the context of the U.S. GAAP results.
Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the three months ended February 28, 2022 and February 28, 2021
A reconciliation of the most directly comparable U.S. GAAP financial measures for the three months ended February 28, 2022 and February 28, 2021 to adjusted financial measures is reflected in the table below:
Reconciliation of U.S. GAAP operating expense (income) for the three months ended February 28, 2022 and February 28, 2021 to adjusted operating expense is reflected in the table below:
Reconciliation of U.S. GAAP net income (loss) and U.S. GAAP basic earnings (loss) per share for the three months ended February 28, 2022 and February 28, 2021 to adjusted net income and adjusted basic earnings per share is reflected in the table below:
Reconciliation of U.S. GAAP research and development, selling, marketing and administration, and amortization expense for the three months ended February 28, 2022 and February 28, 2021 to adjusted research and development, selling, marketing and administration, and amortization expense is reflected in the table below:
Adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage and adjusted EBITDA margin percentage for the three months ended February 28, 2022 and February 28, 2021 are reflected in the table below. These are non-GAAP financial measures and non-GAAP ratios that do not have any standardized meaning as prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures presented by other companies.
______________________________
Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the years ended February 28, 2022 and February 28, 2021
A reconciliation of the most directly comparable U.S. GAAP financial measures for the years ended February 28, 2022 and February 28, 2021 to adjusted financial measures is reflected in the table below:
Reconciliation of U.S. GAAP net income (loss) and U.S. GAAP basic earnings (loss) per share for the years ended February 28, 2022 and February 28, 2021 to adjusted net income (loss) and adjusted basic earnings (loss) per share is reflected in the table below:
Reconciliation of U.S. GAAP research and development, selling, marketing and administration, and amortization expense for the years ended February 28, 2022 and February 28, 2021 to adjusted research and development, selling, marketing and administration, and amortization expense is reflected in the table below:
Adjusted operating income (loss), adjusted EBITDA, adjusted operating income (loss) margin percentage and adjusted EBITDA margin percentage for the years ended February 28, 2022 and February 28, 2021 are reflected in the table below.
______________________________
The Company uses free cash flow when assessing its sources of liquidity, capital resources, and quality of earnings. The Company believes that free cash flow is helpful in understanding the Company's capital requirements and provides an additional means to reflect the cash flow trends in the Company's business.
Reconciliation of U.S. GAAP net cash provided by operating activities for the three months ended February 28, 2022 and February 28, 2021 to free cash flow is reflected in the table below:
Reconciliation of U.S. GAAP net cash provided by (used in) operating activities for the years ended February 28, 2022 and February 28, 2021 to free cash flow (usage) is reflected in the table below:
Key Metrics
The Company regularly monitors a number of financial and operating metrics, including the following key metrics, in order to measure the Company's current performance and estimate future performance. Readers are cautioned that annual recurring revenue ("ARR"), dollar-based net retention rate ("DBNRR"), and recurring revenue percentage do not have any standardized meaning and are unlikely to be comparable to similarly titled measures reported by other companies.
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SOURCE BlackBerry Limited
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https://www.wkyt.com/prnewswire/2022/03/31/bmo-led-sustainability-social-bonds-recognized-by-environmental-finances-2022-bond-awards/
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- City of Toronto Social Bond wins Social Bond of the Year, Local Authority/Municipality category – BMO Joint-Lead Manager
- World Bank Sustainability Bond wins Sustainability Bond of the Year, Supranational category – BMO Joint-Lead Manager
- City of Vancouver Sustainability Bond wins Sustainability Bond of the Year, Local Authority/Municipality category – BMO Joint Bookrunner
TORONTO, March 31, 2022 /PRNewswire/ - The City of Toronto Social Bond, the World Bank Sustainability Bond, and the City of Vancouver Sustainability Bond were recognized today by Environmental Finance's 2022 Bond Awards in the categories of Social Bond of the Year – Local Authority/Municipality, Sustainability Bond of the Year – Supranational, and Sustainability Bond of the Year – Local Authority/Municipality. BMO Financial Group (BMO) acted as Joint-Lead Manager on the City of Toronto and World Bank bond issuances, and Joint Bookrunner on the City of Vancouver Sustainability Bond issuance.
The City of Toronto's Social Bond is the city's second Social Bond, following on their inaugural issue in June 2020 – the first-ever Social Bond from a Canadian Government issuer – which BMO also led. The Social Bond, issued under Toronto's Social Debenture Framework, is part of a program to promote positive socioeconomic outcomes, from affordable housing and access to essential infrastructure and services, to socioeconomic advancement and empowerment.
The World Bank Sustainability Bond is an $8 billion 2-year and 7-year Dual-Tranche Fixed-Rate Global Sustainability Bond launched in April 2021. The World Bank has been issuing sustainable development bonds in the international capital markets for over 70 years to fund programs and activities that achieve a positive impact. BMO is proud to be a joint lead-manager on this issuance. World Bank bonds are aligned with the Sustainability Bond Guidelines published by the International Capital Market Association and support the financing of a combination of green and social projects, programs, and activities.
The inaugural City of Vancouver Sustainability Bond was the first Sustainability Bond from a Canadian governmental issuer. Proceeds of the bond are supporting eligible projects such as green buildings, renewal and upgrade of the main sewer and a fire hall, street and bridge infrastructure, an accessibility program to provide access to essential services, a climate emergency response program and a seawall maintenance program.
"As Joint-Lead Manager we're pleased with the recognition the City of Toronto Social Bond, the World Bank Sustainability Bond, and the City of Vancouver Sustainability Bond have received from Environmental Finance," said Jonathan Hackett, Head, BMO Sustainable Finance. "These transactions are leading examples in sustainable financing that we believe will act as a catalyst to others as they explore social and sustainability labeled financing and BMO is excited to be a leader working with our clients in this space -- one that so closely aligns with our Purpose to Boldly Grow the Good, in business and life."
BMO is a recognized sustainability leader
Carbon neutral in its own operations since 2010, BMO announced its Climate Ambition in March 2021 with a commitment to deploy $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025. BMO is focused on being its clients' lead partner in their transition to a net zero world and, since December 2019, has completed green and sustainability-linked loans for companies in a range of sectors, with targets including decarbonization, diversity & inclusion, and health and safety. To support clients' pursuit of opportunities driven by the increasing momentum of the global economy's shift in production and consumption of energy, in 2021 BMO established a dedicated Energy Transition Group and the BMO Climate Institute.
BMO's leadership on sustainability has been recognized by the Wall Street Journal's 100 Most Sustainably Managed Companies in the World, Corporate Knights' Global 100 Most Sustainable Corporations, Dow Jones Sustainability Indices World Index, and Ethisphere Institute's list of the World's Most Ethical Companies.
For more information on BMO's commitment to a sustainable future, please visit the bank's latest Sustainability Report. To learn more about sustainable finance at BMO click here. For BMO's climate ambition, visit its Climate page.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.02 trillion as of January 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
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SOURCE BMO Financial Group
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https://www.wkyt.com/prnewswire/2022/03/31/confront-art-announces-justice-day-charity-nft-campaign-partnership-with-john-lewis-breonna-taylor-george-floyd-families/
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Dionne Warwick and Bone Thugs-N-Harmony's Krayzie Bone will announce the charity NFTs via a live-stream event on Justice Day, April 15th.
NEW YORK , March 31, 2022 /PRNewswire/ -- Confront Art, an organization that produces social justice art installations, has rallied a diverse group of artists, designers, and activists to create a charity NFT campaign launching on April 15 to honor Justice Day.
Confront Art will release 9,000 NFTs on mintNFT.com with proceeds supporting the prospective charities: We Are Floyd Org., The Breonna Taylor Foundation, and The John and Lilian Miles Lewis Foundation. The NFT project is an extension of Confront Art's 'SEEINJUSTICE' series, which debuted three powerful sculptures by artist Chris Carnabuci of John Lewis, Breonna Taylor, and George Floyd at New York City's Union Square in wake of the events in 2020.
Justice Day is designed to be an open platform to engage and inspire artists, activists and thinkers to collaborate and co-create together. Justice Day will honor and commemorate the Civil Rights Act of 1968, which passed the first federal hate crime laws in the United States prohibiting individuals from injuring, intimidating, or interfering with any person because of race, color, religion, or national origin. With widespread support Justice Day will be considered eligible to become a National Holiday by 2023.
"My brother's death was a catalyst for change," says Terrence Floyd, Founder of We Are Floyd Org. "We cannot let that change, and that momentum slow. There is still a huge divide in this country, and if we can start on a community level, creating educational opportunities and safe spaces for the youth to gather and learn, then we can create change and hope where there once was a void."
Dionne Warwick, American singer, former TV host, and Goodwill ambassador will announce her support and participation in the NFT project on the live-streamed event. Warwick has agreed to include selections of her latest single 'Power in the Name' featuring Krayzie Bone in the NFT. "I'm thrilled to be using this new NFT technology to raise awareness and funds for social justice programs." said Warwick. "Using song to shine light on charity is not new to me, with We Are The World in 1985 we raised an incredible amount of money and awareness, and now I'm excited to be part of the SEEINJUSTICE campaign, using art and song in new ways to move forward progress and change."
"We are constantly looking for innovative ways to support artists and charities," said Andrew Cohen & Lindsay Eshelman, Co-Founders of Confront Art. "We are excited to bring together entertainment legends and emerging artists alike for a major movement for social justice and charity in the metaverse."
The campaign aims to celebrate, support, and promote diverse emerging NFT artists. The artists participating in the NFT project include LÁOLÚ NYC, Jesse Uranta, JOJO ABOT, Izzakko, Denny Ow, Sasha Bianca, Menyelek, Milana Burdette, SuperWAXX, Q. Oliver, Candace Dane and more.
The live-stream and NFTs will be available exclusively on mintNFT, a new platform that aims to provide users with a simple, safe, and social experience with NFTs. From automated wallet creation to accepting credit cards, users do not need to be crypto-fluent to participate. Additionally, unique videos that are part of the smart contract not only showcase the creation story of the NFT but ensure buyers the NFT they are purchasing is authentic.
"NFTs are all about community building, but those communities cannot grow if people think engaging in NFTs will be too difficult or you need to have crypto. Projects like this one are too important to have barriers like that in place," said James Sun, Founder and CEO of mintNFT. "We're grateful to play a role to help break those barriers down so that all people can fully engage in a project that uplifts multicultural artists' voices and benefits these valuable charities."
Users are encouraged to utilize the Discord server (@SEEINJUSTICE) as a discussion forum.
About We Are Floyd Org.
WE ARE FLOYD is a 501C3 led by Terrence Floyd, George Floyd's brother. We Are Floyd supports initiatives to help communities dealing with mental health issues, poverty, police brutality, and social injustice. In the name of George Floyd, We Are Floyd partners with existing community-centric organizations, bringing awareness to issues surrounding underserved communities, highlighting the lack of educational programs, and promoting change and progress. For more information on We Are Floyd, please visit www.wearefloyd.org.
About Confront Art
Confront Art was founded by Andrew Cohen and Lindsay Eshelman in 2020, with the mission to promote diversity and education in the arts by creating collaborative opportunities between emerging artists and established organizations. The collective aims to create productions that foster socially progressive art and merchandise. For more information on Confront Art, visit www.confrontart.com.
About mintNFT
mintNFT is a new marketplace for non-fungible tokens (NFTs) that makes collecting NFTs simple, safe and social. The company is focused on providing easy onboarding of non-crypto users, a high level of security, and IP protection for brands and artists. Through collaboration, community, and successful activations, mintNFT aims to provide a richer and more meaningful experience around NFTs. For more information on mintNFT, please visit: www.mintnft.com
Media Contact:
Lindsay Eshelman
lindsay.eshelman@recitgroup.com
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SOURCE Confront Art
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https://www.wkyt.com/prnewswire/2022/03/31/conrad-industries-announces-2021-results-backlog/
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MORGAN CITY, La., March 31, 2022 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) today announced its 2021 results and backlog.
The Company had net income of $6.5 million and earnings per diluted share of $1.29 for the twelve months ended December 31, 2021 compared to net loss of $4.0 million and loss per diluted share of $0.80 for the twelve months ended December 31, 2020. Net income for 2021 includes other income related to Payment Protection Plan loan forgiveness and Employee Retention Credit. The Company's financial reports are available at www.otcmarkets.com.
Our backlog as of December 31, 2021 was $148.5 million, compared to $183.7 million at December 31, 2020, and $79.2 million at December 31, 2019.
Johnny Conrad, Chairman and CEO stated, "Our results for 2021 reflect a continued challenging operating environment. The improving but uneven pace of pandemic recovery in 2021 was accompanied by sharp increases in steel prices, inflationary price increases in other materials and equipment, supply chain disruptions and a tight labor market."
Mr. Conrad continued, "Although we face substantial uncertainties in our markets, we believe we are well-positioned to take advantage of opportunities when market fundamentals improve. We believe customers have delayed orders due to high steel prices and pandemic uncertainties, and that some of these orders will move forward when steel prices decline or our customers' business opportunities or fleet replacement needs require the vessels. We have seen a continued strong market for dredging and other infrastructure-related vessels, which we expect may continue, supported by the Infrastructure Investment and Jobs Act enacted in 2021. We are also optimistic about opportunities in our repair and conversions segment."
Mr. Conrad concluded, "We are optimistic about our long-term prospects including the recent award of a contract by the U.S. Navy for the design and construction of a Yard, Repair, Berthing and Messing ("YRBM") barge, with options for an additional seven barges. This contract along with the infrastructure and repair markets are encouraging signs for the future of our business."
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel products for both the commercial and government markets. The company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.
Cautionary statement: This press release contains forward-looking statements, which are all statements other than those of historical facts, and reflect our expectations as of the date of this press release about future events. Forward-looking statements are subject to risks and uncertainties, including risks and uncertainties related to the COVID-19 pandemic, current high steel prices and constrained availability, competition, our reliance on cyclical industries, ability to perform contracts at costs consistent with estimated costs utilized in bidding, and ability to replenish our backlog and compete in changing markets. These and other risks are discussed in more detail in our Annual Report and subsequent reports available on www.otcmarkets.com. Should one or more of these risks materialize, achievement of anticipated results may differ materially from those anticipated. We do not intend to update these forward-looking statements, other than through our regular quarterly and annual reports.
For Information Contact:
Cecil A. Hernandez (985) 702-0195
CAHernandez@ConradIndustries.com
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SOURCE Conrad Industries, Inc.
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https://www.wkyt.com/prnewswire/2022/03/31/electro-sensors-inc-announces-2021-year-end-financial-results/
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MINNETONKA, Minn., March 31, 2022 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the year ended December 31, 2021.
- Record net sales of $8.6 million, up 12.9% over prior year
- Gross Margin of 54.3%
- Cash and investments of $9.8 million
"We are pleased to report we achieved record annual revenue during 2021," said David L. Klenk, Electro-Sensors' president. "Growth during the year was driven by customers moving forward with capacity expansions and facility modernizations."
Klenk continued, "Following a very difficult period brought on by the COVID-19 pandemic, business conditions are steadily improving, and we are excited to once again be able to travel and meet face to face with our customers."
A full analysis of results for the year ended December 31, 2021 is available in the Company's Form 10-K, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.
2022 Annual Meeting of Shareholders
Our Annual Meeting will be held via live webcast on April 20, 2022 at 2:00 PM Central Time at www.virtualshareholdermeeting.com/ELSE2022. Please retain a copy of the 16 digit Control Number that is printed on your proxy card as you will need it to enter the Annual Meeting as a verified shareholder. Shareholders will be able to ask questions and vote in this virtual meeting as if they were attending an in-person meeting.
About Electro-Sensors
Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Most standard products ship within one to two days and have an industry-leading 5-year warranty. Electro-Sensors is proud to be an ISO9001:2015 quality certified company and is committed to providing excellent customer service and technical support. Founded in 1968 and located in Minnetonka, Minnesota, Electro-Sensors provides its loyal customers with reliable products that improve safety and help plants operate with greater efficiency, productivity and control.
Cautionary Statement Regarding Forward Looking Statements
This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities. These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, the Company claims the protection of the safe harbor for forward−looking statements contained in federal securities laws. Forward-looking statements reflect the company's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. These forward-looking statements are subject to a number of factors, risks and uncertainties, including those disclosed in our periodic filings with the SEC that could cause actual performance, activities, plans, or opportunities after the date the statements are made to differ significantly from those indicated in the forward-looking statements.
For more information please visit our website at: www.electro-sensors.com. Also look us up on:
LinkedIn: linkedin.com/company/electro-sensors-inc-
Twitter: twitter.com/ESIsensors
Facebook: facebook.com/ElectroSensors
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SOURCE Electro-Sensors, Inc.
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https://www.wkyt.com/prnewswire/2022/03/31/ellume-officially-opens-production-facility-frederick-maryland/
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With the capacity to produce approximately 15 million COVID-19 Home Tests per month, the flagship facility furthers the company's commitment to supporting America's pandemic response.
**Photos and b-roll of the event for use in news coverage may be found here**
FREDERICK, Md., March 31, 2022 /PRNewswire/ -- Digital diagnostics company Ellume, a producer of at-home COVID-19 test kits, today officially opened its new, 215,000 square foot production facility in Frederick, Maryland. Joined by Maryland Governor Larry Hogan, Ellume Founder and Chief Executive Officer Dr. Sean Parsons inaugurated the new facility, which has the capacity to produce approximately 15 million COVID-19 Home Tests per month and will create hundreds of new jobs.
"From the very onset of the COVID-19 pandemic, Ellume has been committed to supporting the U.S. government's response. With this new facility, we now have the capacity to substantially scale production to meet any future surge in demand for home tests, while also accelerating innovation in developing solutions for the public health needs of today and tomorrow," said Dr. Sean Parsons, Ellume Founder and CEO. "We are grateful for the support of the US Department of Defense, US Department of Health and Human Services, our partnerships with the State of Maryland, the Governor's office and Frederick County, as well as the highly skilled workforce in Maryland's Biotech Corridor who have helped make this facility a reality."
"Maryland truly is open for business, and we are seeing further proof of that here today as Ellume, a respected, global digital diagnostics company opens its very first U.S.-based facility right here in Frederick County," said Governor Larry Hogan. "I want to congratulate the entire team at Ellume, and thank you for investing in the future of our state and helping to build on the already strong mateship between our two great nations."
"The pandemic and the economic disruptions it has caused underscore the need to improve our supply chains and make more in America – especially critical medical equipment," said Senator Chris Van Hollen. "With a federal investment of more than $230 million, Ellume is joining us in our efforts to bring more American manufacturing jobs to our state as they produce the tests we need to stay on top of the ongoing fight against COVID-19. This investment in Western Maryland will strengthen the region and its economy."
"I am delighted to welcome Ellume's flagship facility to Frederick County," said Congressman Jamie Raskin. "Keeping the COVID-19 pandemic at bay requires sustained investment in our public health infrastructure. I am proud that Maryland's Eighth District continues to serve as an economic and public health engine for our nation."
Ellume's COVID-19 Home Test, the first over-the-counter (OTC) rapid antigen test to receive emergency use authorization from the U.S. Food and Drug Administration, is a best-in-class product that Americans count on to keep their families safe. One of the most reliable at-home antigen tests on the market, it is also the only at-home antigen test to use fluorescent detection technology – usually reserved for healthcare professionals and clinical laboratories – and one of the only tests to incorporate sample quality controls to support accurate results. Ellume COVID-19 Home Tests are currently available through a variety of major retailers and in partnership with Federal and local governments.
Test assembly operations were initiated at the Frederick facility in February 2022. The facility will initially bring 200 jobs to the community and up to 1,500 when operating at full capacity.
An innovator in infectious disease digital diagnostics and global health preparedness, Ellume continues to work with the U.S. government to respond to COVID-19 and prepare for and mitigate future pandemics.
About Ellume
Ellume is a digital diagnostics company that develops, manufactures, and commercializes high-performance, connected products for healthcare professionals and consumers. It is at the forefront of accurate, rapid and accessible testing that is integral to today's COVID-19 response and will help ensure the world is prepared for the next infectious disease pandemic. Ellume's key focus is on the detection of common infectious diseases which affect the global population across all diagnostic settings; at-home, point-of-care and in-laboratory. Ellume has a global COVID-19 and TB partnership with QIAGEN, and a range of professional products under its ellume·lab brand. Ellume is committed to developing high-quality digital diagnostics that the world can rely on in a health crisis.
For further information visit ellumehealth.com.
U.S. Media Inquiries
Seven Letter for Ellume
E: ellume@sevenletter.com
M: +1 202 315 2386
Australian Media Inquiries
Patrick Condren, Ellume
E: Patrick.condren@ellumehealth.com
M: +61 405 186 630
In the USA, this product has not been FDA cleared or approved; but has been authorized by FDA under an EUA. This product has been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens; and, the emergency use of this product is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C.360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner.
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https://www.wkyt.com/prnewswire/2022/03/31/emmaus-life-sciences-reports-2021-financial-results-provides-business-update/
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TORRANCE, Calif., March 31, 2022 /PRNewswire/ -- Emmaus Life Sciences, Inc. (OTCQX: EMMA), a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease, today reported financial results for the year ended December 31, 2021 and an update on recent activities.
Recent Highlights
- March 2022: Announced that the Florida Medicaid Pharmaceutical & Therapeutics Committee has added Endari® to the Florida Medicaid Preferred Drug List, effective April 1, 2022, eliminating the need for prior authorization for Medicaid patients.
- March 2022: Received full marketing authorization for Endari from the United Arab Emirates (U.A.E.) Ministry of Health after a five-month review of the company's marketing authorization application.
- December 2021: Presented positive transfusion data from a post-hoc analysis of the phase 3 clinical study of Endari, the company's prescription L-glutamine oral powder, in patients with sickle cell disease, at the 63rd American Society of Hematology (ASH) Annual Meeting. Data confirmed that Endari meaningfully reduces both pain crises and hospitalizations.
- November 2021: Announced collaboration with UpScript to offer telehealth solutions to sickle cell disease patients, expanding access to Endari. The partnership allows patients to see a doctor remotely and receive same-day physician authorization and prescriptions for Endari, which will be delivered directly to their home within just a few days.
- November 2021: Entered into an agreement with Asembia to provide expanded patient and provider support services to simplify access to Endari. Asembia provides a single point of contact for benefits investigation and financial and co-pay assistance, as well as patient and provider education.
- October 2021: Signed an agreement with Kainos Medicine, Inc., granting Emmaus an exclusive license to patent rights, know-how and other intellectual property relating to Kainos' novel IRAK4 inhibitor (KM10544) for the treatment of cancers, including leukemia, lymphoma and solid tumors.
"Recently, we have made substantial progress in expanding access to Endari for sickle cell disease patients in need," stated Yutaka Niihara, M.D., M.P.H., Chairman and Chief Executive Officer of Emmaus. "Although our financial results for 2021 were below our expectations, we anticipate that the full roll-out of our new telehealth solution in the coming weeks will improve patient access and efficiency in the delivery of Endari to sickle cell patients throughout the United States. Internationally, we are pleased to have recently received marketing approval of Endari in the U.A.E. and our first major order from our exclusive distributor there. We are actively pursuing additional marketing approvals of Endari to treat the approximately 225,000 sickle cell disease patients throughout the Middle East North Africa (MENA) region and we expect this expanded distribution, along with our telehealth solution, to help generate increased sales of Endari during 2022."
Dr. Niihara continued, "In addition to our focus on increasing patient access to Endari, we have expanded our clinical pipeline. In particular, we have seen promising results from our ongoing preclinical studies of the IRAK4 inhibitor licensed from Kainos Medicine, Inc. in October 2021, which may prove to be a novel, potential treatment option for hard-to-treat lymphomas such as Waldenström's Macroglobulinemia with MYD88 mutation. We also eagerly anticipate results from an additional proof-of-concept study of Endari as a treatment for diverticulosis, expected in mid-2022. If positive, we should be able to move directly into a registration trial. The current year is shaping up to be an exciting one for Emmaus and we look forward to providing updates throughout the year."
Net Revenues. Net revenues for the year ended December 31, 2021 were $20.6 million, compared to $23.2 million for 2020. Although sales volume as measured by number of boxes of Endari sold held steady compared to 2020, net revenues were adversely affected by somewhat higher and more frequent discounts afforded distributors on bulk pre-orders in 2021 compared to 2020.
Operating Expenses. Total operating expenses for the year were $23.4 million, compared with $21.0 million for 2020. Of the increased expenses, $1.7 million was attributable to increased research and development expenses primarily related to license fees paid to Kainos Medicine, Inc. relating to Kainos' novel IRAK4 inhibitor in research and development expenses associated with the company's pilot/phase 1 diverticulosis sub-study in which enrollment was completed in December 2021. The company also incurred a $1.0 million increase in selling expenses resulting from more frequent travel associated with the lifting of COVID-19 related travel restrictions in the U.S. and foreign countries.
Operating Income (Loss). Operating loss for the year ended December 31, 2021 was $6.1 million, compared with operating loss of $32,000 in 2020.
Other Income (Expense). Other expense increased by $10.8 million, or 1,074%, to $9.8 million for the year ended December 31, 2021, compared to other income of $1.0 million in 2020, which included a $7.7 million gain from sale of marketable securities. The company did not realize a similar gain in 2021. The increase in other expense in 2021 included a $3.5 million increase in foreign exchange loss and a $2.0 million increase in change in fair value of conversion feature derivatives, partially offset by a $2.9 million decrease in interest expense.
Net Income (Loss). For the year, the company reported a net loss attributable to common stockholders of $15.9 million, or $0.32 per share, based on approximately 49.3 million weighted average basic and diluted common shares. This compares to net income of $1.4 million, or $0.03 per share, based on approximately 49.0 million weighted average basic and diluted common shares, for 2020. The increased net loss was primarily attributable to the operating loss for the year and increase in other expense discussed above.
Liquidity and Capital Resources. At December 31, 2021, the company had cash and cash equivalents of $2.3 million, compared with $2.5 million at December 31, 2020.
About Emmaus Life Sciences
Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease. The company currently markets U.S. Food and Drug Administration approved Endari® (L-glutamine oral powder), indicated to reduce the acute complications of sickle cell disease in adults and children 5 years and older. The company is also engaged in the discovery and development of innovative treatments and therapies for certain rare and orphan diseases as well as those affecting larger populations, such as diverticulosis. For more information, please visit www.emmausmedical.com.
About Endari® (prescription grade L-glutamine oral powder)
Endari®, Emmaus' prescription grade L-glutamine oral powder, was approved by the FDA in July 2017 for treating sickle cell disease in adult and pediatric patients five years of age and older. Sales of Endari® began in the United States in 2018.
Indication
Endari® is indicated to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older.
Important Safety Information
The most common adverse reactions (incidence >10 percent) in clinical studies were constipation, nausea, headache, abdominal pain, cough, pain in extremities, back pain, and chest pain.
Adverse reactions leading to treatment discontinuation included one case each of hypersplenism, abdominal pain, dyspepsia, burning sensation, and hot flash.
The safety and efficacy of Endari in pediatric patients with sickle cell disease younger than five years of age has not been established.
For more information, please see full Prescribing Information of Endari at: www.ENDARIrx.com/PI.
Forward-looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding possible increased access to Endari in the U.S. through telemedicine and potential increased sales of Endari following full marketing authorization for Endari in the U.A.E. and, possibly, other countries in the Middle East North Africa region. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time, including uncertainties related to the company's working capital and ability to carry on its existing operations and obtain needed financing, risks inherent in the commercialization of Endari in the U.S. and abroad, and other factors disclosed in the company's Annual Report on Form 10-K for 2021 filed with the Securities and Exchange Commission on March 31, 2022, and actual results may differ materially. Such forward-looking statements speak only as of the date they are made, and Emmaus assumes no duty to update them, except as may be required by law.
(Financial Tables Follow)
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https://www.wkyt.com/prnewswire/2022/03/31/enveric-biosciences-reports-full-year-2021-financial-results-provides-business-update/
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NAPLES, Fla., March 31, 2022 /PRNewswire/ - Enveric Biosciences Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, today reported its financial results for the full year ended December 31, 2021, and provided a business update.
"2021 was a foundational year that set the stage for Enveric to execute on its strategy in the future," said Dr. Joseph Tucker, Enveric's Chief Executive Officer. "With the acquisition of MagicMed in September 2021, we immediately began moving forward with the clinical development strategy of our next-generation treatments and therapies for mental health. We find ourselves strategically positioned with an experienced team of industry professionals, collaborative partners including the University of Calgary, a growing intellectual property portfolio, and a robust Central Nervous System pipeline of promising drug candidates. As we build upon the three core pillars of our success, Drug Development, Drug Discovery, and Intellectual Property, we are focused on creating effective mental health medicines."
Corporate Updates During and Subsequent to the Fourth Quarter 2021:
Clinical Trials
- Announced collaboration with the University of Calgary on a groundbreaking clinical trial for EVM-201 in cancer-related distress. A clinical trial, expected to launch in 2023, of EVM-201, a second-generation psychedelic treatment, for Cancer Related Distress will be led by HBI researcher, Dr. Valerie Taylor, Head of the Department of Psychiatry, in Calgary, Canada.
- Announced positive preclinical data for EV102 radiodermatitis drug candidate. EV102 has demonstrated a significant and meaningful reduction in dermatitis severity, skin redness, and duration in a preclinical rodent model.
- PsyAITM, an artificial intelligence platform, successfully identified viable psychedelic molecules for further drug discovery from Enveric's initial list of 500 psychedelic molecular compounds within its "Psybrary." We believe it is a first of its kind to employ this machine-learning technology against an extensive psychedelic molecule library to evaluate higher-likelihood molecules that treat conditions that include cancer-related distress, PTSD, and other central nervous system (CNS) indications.
IP Portfolio
- Filed and published four patent applications for psychedelic-inspired drug candidates by the World Intellectual Property Organization (WIPO). The four patent applications are focused on the tryptamine family of novel molecules.
- Filed its 10th Patent Cooperation Treaty (PCT) patent application directed to tryptamine-based derivative molecules, completing the Company's broad series of PCT applications covering this family of compounds.
- Successfully synthesized and filed a provisional patent for EV104, the Company's cannabinoid, and celecoxib conjugate. EV104a and EV104b are the Company's new molecular conjugates for Osteoarthritis ("OA") and other pain indications.
- Filed an additional provisional patent application based on new discoveries by the company. The patent application and claimed drug candidates fall into the Company's EVM201 second-generation, psychedelic-derived drug development program.
Leadership Team
- Appointed Bob Dagher, MD, as Chief Medical Officer. Dr. Dagher is a Board-certified neurology and psychiatry physician, bringing over 15 years of clinical experience and extensive therapeutic knowledge in the neuroscience space.
Capital Markets
- Closed a $10 million public offering. The Company intends to use the net proceeds from this offering for working capital and to fund other general corporate purposes.
- Included in the new AdvisorShares Psychedelics ETF, trading under the ticker symbol "PSIL" on the NYSE Arca exchange. PSIL is an ETF that focuses on investments in biotechnology, pharmaceutical, and life sciences companies that are leading the nascent but advancing psychedelic industry.
Financial Results for the Full Year Ended December 31, 2021:
Comprehensive net loss was $48.8 million for the year ended December 31, 2021, including $36.3 million in net non-cash expenses, with basic and diluted loss per share of $2.07, as compared to a comprehensive net loss of $7.0 million with basic and diluted loss per share of $1.19 per share for the year ended December 31, 2020.
Net cash used in operations for the year ended December 31, 2021, was $11.5 million consisting of the net loss, adjusted by a net of $36.3 million in non-cash expenses and changes in asset and liability balances of $1.2 million.
As of December 31, 2021, the Company had cash and cash equivalents of $17.4 million and working capital of $15.3 million. Subsequent to December 31, 2021, the Company raised an additional $10 million and expects to use the funds to help advance its new drug discovery platform, robust IP portfolio, and a growing pipeline of promising drug candidates.
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is a neuroscience company developing next-generation psychedelic-inspired mental health medicines. Enveric's robust pipeline supports drug development from the clinic to commercialization for millions of patients in need around the world suffering from conditions that include cancer-related distress, PTSD, and more. For more information, please visit www.enveric.com.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability to achieve the value creation contemplated by technical developments; the impact of the novel coronavirus (COVID-19) on Enveric's ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on Enveric's ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric's ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric's products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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https://www.wkyt.com/prnewswire/2022/03/31/escalade-announces-first-quarter-2022-results-conference-call-date/
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EVANSVILLE, Ind., March 31, 2022 /PRNewswire/ -- Escalade, Inc. (NASDAQ: ESCA, or the "Company"), a leading manufacturer and distributor of sporting goods and indoor/outdoor recreational equipment, today announced that it will issue first quarter 2022 results before the market opens on Thursday, April 14, 2022.
A conference call will be held Thursday, April 14, 2022, at 11:00 a.m. ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of Escalade's website at www.escaladeinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
ABOUT ESCALADE
Founded in 1922, and headquartered in Evansville, Indiana, Escalade designs, manufactures, and sells sporting goods, fitness, and indoor/outdoor recreation equipment. Our mission is to connect family and friends creating lasting memories. Leaders in our respective categories, Escalade's brands include Bear® Archery; STIGA® table tennis; Accudart®; RAVE Sports®; Victory Tailgate®; Onix® Pickleball; Goalrilla™; Lifeline® fitness products; Woodplay®; Brunswick Billiards®. Escalade's products are available online and at leading retailers nationwide. For more information, visit www.escaladeinc.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements relating to present or future trends or factors that are subject to risks and uncertainties. These risks include, but are not limited to: specific and overall impacts of the COVID-19 global pandemic on Escalade's financial condition and results of operations; the impact of competitive products and pricing; product demand and market acceptance; new product development; Escalade's ability to achieve its business objectives, especially with respect to its Sporting Goods business on which it has chosen to focus; Escalade's ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and products; the continuation and development of key customer, supplier, licensing and other business relationships; Escalade's ability to develop and implement our own direct to consumer e-commerce distribution channel; Escalade's ability to successfully negotiate the shifting retail environment and changes in consumer buying habits; the financial health of our customers; disruptions or delays in our business operations, including without limitation disruptions or delays in our supply chain, arising from political unrest, war, labor strikes, natural disasters, public health crises such as the coronavirus pandemic, and other events and circumstances beyond our control; Escalade's ability to control costs; Escalade's ability to successfully implement actions to lessen the potential impacts of tariffs and other trade restrictions applicable to our products and raw materials, including impacts on the costs of producing our goods, importing products and materials into our markets for sale, and on the pricing of our products; general economic conditions; fluctuation in operating results; changes in foreign currency exchange rates; changes in the securities markets; continued listing of the Company's common stock on the NASDAQ Global Market and/or inclusion in market indices such as the Russell 2000; Escalade's ability to obtain financing and to maintain compliance with the terms of such financing; the availability, integration and effective operation of information systems and other technology, and the potential interruption of such systems or technology; risks related to data security of privacy breaches; and other risks detailed from time to time in Escalade's filings with the Securities and Exchange Commission. Escalade's future financial performance could differ materially from the expectations of management contained herein. Escalade undertakes no obligation to release revisions to these forward-looking statements after the date of this press release.
INVESTOR RELATIONS CONTACT
Patrick Griffin
Vice President - Corporate Development & Investor Relations
812-467-1358
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https://www.wkyt.com/prnewswire/2022/03/31/extra-space-storage-inc-announces-date-earnings-release-conference-call-discuss-1st-quarter-2022-results/
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SALT LAKE CITY, March 31, 2022 /PRNewswire/ -- Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today it will release financial results for the three months ended March 31, 2022 on Tuesday, May 3, 2022 after the market closes. The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, May 4, 2022 to discuss its financial results. Hosting the call will be Extra Space Storage's CEO, Joe Margolis. Joining him will be Scott Stubbs, Executive Vice President and CFO.
During the conference call, company officers will review operating performance, discuss recent events, and conduct a question-and-answer period. The question-and-answer period will be limited to registered financial analysts. All other participants will have listen-only capability.
The playback can be accessed beginning on May 4, 2022 at 4:00 p.m. ET through May 11, 2022 at 4:00 p.m. ET.
The conference call will also be available on the Company's website under Investor Relations at www.extraspace.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 30 days on the Company's website.
Full Text of the Earnings Report and Supplemental Data
The full text of the earnings report and supplemental data will be available at the Company's website at http://ir.extraspace.com immediately following the earnings release to the wire services after the market close on Tuesday, May 3, 2022.
For those without Internet access, the earnings release will be available by mail or fax, on request. To receive a copy, please call Extra Space Storage Investor Relations at (801) 365-1759.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of December 31, 2021, the Company owned and/or operated 2,096 self-storage properties, which comprise approximately 1.5 million units and approximately 160.9 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.
For more information, please visit www.extraspace.com.
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https://www.wkyt.com/prnewswire/2022/03/31/fleetops-announces-integration-partnership-with-turvo-bringing-new-capacity-turvo-transportation-management-system/
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Brokerages using Turvo will gain access to over 227,000 drivers in the FleetOps network
TORONTO, March 31, 2022 /PRNewswire/ -- FleetOps, North America's fastest-growing capacity aggregation and freight matching platform built exclusively for brokers and third-party logistics, is excited to announce its most recent integration with Turvo, provider of the world's leading collaboration application designed for the supply chain. Turvo connects people, systems and organizations allowing shippers, logistics providers, and carriers to unite their supply chains, deliver outstanding customer experiences, collaborate in real-time, and accelerate growth. Through this partnership, Turvo customers will have access to FleetOps' growing network of more than 227,000 drivers.
For freight brokerages using Turvo, this new integration will allow for easy posting of loads, access to quality capacity, onboarding of carriers, and booking of loads directly within the Turvo platform. Additionally, the partnership will give brokers the ability to reduce the number of external applications required to run their business and maintain their current transportation management system (TMS) processes while allowing access to a new subset of carriers interested in hauling their loads. With trucks driving empty 20% of the time, providing automated load matching is more important than ever.
"Turvo's commitment to providing a comprehensive supply chain management solution to its customers is unmatched, and we are excited about this partnership and opportunity to further their efforts," said Chris Atkinson, CEO of FleetOps. "Without this integration, brokers typically resort to unnecessary and time-consuming manual processes such as outbound calling, email blasts, and negotiations. Through this partnership, FleetOps will proactively bring trucking companies to brokers by aggregating capacity across load boards, then provide easy access to this information through Turvo's TMS platform."
"This partnership will be instrumental in saving brokers' time - from easy posting of loads to on-the-spot booking, all within a platform they already use," said Ron Richardson, Chief Revenue Officer, Turvo. "We are constantly looking for ways to streamline processes and offer efficiencies to our customers, and this integration with FleetOps will further support our efforts.
About FleetOps
Founded in 2017, FleetOps is an on-demand freight marketplace that matches freight from brokers to carriers with available capacity. The system does this by leveraging driver Electronic Logging Device data and Artificial Intelligence to improve on existing systems and increase efficiency in trucking.
Currently boasting more than 227,000 drivers available to haul loads, the company has raised more than $8.5 million to date from investors including Resolute Ventures and Inspired Capital. FleetOps has existing partnerships with Convoy, Edge Logistics, FleetComplete, and Loadsmart.
Visit FleetOps.ai to learn more.
LinkedIn: @FleetOps
Twitter, Facebook: @FleetOpsFreight
About Turvo
Turvo provides the world's leading collaboration application designed specifically for the supply chain. Turvo connects people and organizations allowing shippers, logistics providers, and carriers to unite their supply chains, deliver outstanding customer experiences, collaborate in real-time, and accelerate growth. The technology unifies all systems, internal and external, providing one end-to-end solution to execute all operations and analytics while eliminating redundant manual tasks and automating business processes. Turvo's customers include some of the world's largest, Fortune 500 logistics service providers, shippers, and freight brokers. Turvo is based in the San Francisco Bay Area with offices in Dallas, Texas, and Hyderabad, India. (www.turvo.com)
Visit Turvo.com to learn more.
LinkedIn, Facebook: @TurvoInc
Twitter: @Turvo
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https://www.wkyt.com/prnewswire/2022/03/31/fresh-vine-wine-announces-fourth-quarter-full-year-2021-financial-results/
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December 2021 IPO Provides Capital to Accelerate Growth Strategy
2021 Revenues Increase 681% While Fourth Quarter Revenues Grew 19% Sequentially Compared to the Third Quarter, Reflecting an Acceleration in Momentum and an Inflection Point in the Company's Growth Trajectory – With Most Growth Occurring Prior to IPO Funding
IPO Proceeds Deployed to Grow the Brand, Increase Awareness, and Procure Inventory to Sustain Strong Sequential Momentum in 2022
Over 1,000 New Points of Distribution Added in First Quarter, More Than All of Last Year
Celebrities Nina Dobrev and Julianne Hough, Initial and Ongoing Investors, Continue to Enthusiastically Endorse FVW Celebrating Partners and Product Launches Among Their More Than 30 Million Social Media Followers
MINNEAPOLIS, March 31, 2022 /PRNewswire/ -- Fresh Vine Wine, Inc. (NYSE American: VINE), the premier producer of premium lower carb, lower sugar, and lower calorie wines in the United States, today reported strong financial results for the three months and fiscal year ended December 31, 2021, including year-over-year annual revenue growth of 681% from $217 thousand in 2020 to $1.700 million in 2021.
Janelle Anderson, CEO of Fresh Vine Wine, Inc., said, "I am extremely proud of our team, which grew the business both for the year and sequentially in the fourth quarter by executing on extremely aggressive marketing and go-to-market strategy, while concurrently completing our IPO. This reflects an inflection in the company's growth trajectory and is indicative of the results we expect this year. We have already put the IPO proceeds to work building our brand, investing in our people, and procuring inventory. In the first quarter of 2022, we added over 1,000 new points of distribution (PODs), which is more than twice the 900 PODs we had at time of IPO. We believe that this leading indicator, coupled with our increased inventory levels, suggest accelerating revenue growth and strong first quarter results."
Ms. Anderson continued, "The speed of our expansion is remarkable, which speaks to the quality of our sales and marketing strategy and the pedigree of our organization. Our success reinforces the viability of consumer demand for our category-defining, premium tasting brand of lower carb, lower sugar, lower calorie wines. We plan to continue this positive trajectory in 2022 by introducing new product offerings and expanding our marketing efforts, in part by leveraging the 30 million-plus social media followers of our celebrity spokespeople and co-founders, Nina Dobrev and Julianne Hough. It is encouraging and rewarding to begin this year with significant positive momentum."
Recent Business Highlights
- In December 2021, the Company closed its Initial Public Offering, raising net proceeds of $19.2 million
- Added 1,000 Points of Distribution in the first quarter
Retail
- Launched in our first national "C-Store" where we have been authorized at their more than 1,600 California locations
- Securing a top national convenience store chain to carry our wines in the state of California is a true breakthrough for Fresh Vine Wine and further validates the demand for our lower carb, lower calorie, lower sugar premium wines
- Secured placement at the newest resort on the Famous Las Vegas Strip
- FVW wines premium Cabernet Sauvignon, Chardonnay and other varietals will be featured at 22 various venues at the newly launched Resorts World Las Vegas
- Expanded partnership with retail grocer, Hy-Vee, for the distribution of our premium Limited Reserve Napa Cabernet
- To be featured at all Hy-Vee stores in the Upper Midwest
- Announced a partnership with CRAVE American Kitchen & Sushi Bar
- Featured as a premium wine pairing and frequently recommended as the perfect complement to their special lunch and dinner menus
Geographic Expansion
- Expanded into 6 new states in the first quarter of 2022, including Nevada coincident with the Resorts World launch
- FVW now available nationwide, one of the Company's key strategic priorities.
Direct to Consumer
- Experienced record-breaking single day sales on two separate occasions, reflecting the impact of our social media marketing strategy
- Record demand after major shareholders Nina Dobrev and Julianne Hough appeared across national media following VINE IPO day and then again after their appearance on The Ellen Show https://bit.ly/36VuRd4. Expect more exciting appearances representing Fresh Vine Wine by these highly influential celebrities
New Product Release
- Released a fifth varietal, a Limited Reserve Napa Cabernet Sauvignon
- The introduction of this premium wine represents further progress in our business objectives to leverage our presence at retail to increase distribution and fuel future growth.
- Announced the bottling of our 2021 Vintage Rosé at 21 times the quantity of 2020 Rosé bottled
- After selling out the entire 2020 Rosé Vintage within months of bottling, now bottling the 2021 Vintage Rosé at 21 times the amount of Rosé bottled for the 2020 vintage.
Fourth Quarter and Fiscal Year 2021 Financial Results and Commentary
Net revenue in fiscal 2021 was $1.70 million, up from $217,000 in fiscal 2020. Growth was primarily attributable to our increased presence in the wholesale market, where we significantly expanded our distributor network and geographic presence, and the introduction of our wine club, which drove direct-to-consumer sales. Of total 2021 revenue, $773,000 was from our wholesale distribution channel and $774,000 was from our direct-to-consumer sales channel. As fourth quarter revenues were affected by an inventory drawdown precipitated by very strong demand, the Company used this period to accelerate the timing of the launch of its Strategic Services segment, which netted over $150,000 of revenue in the quarter, and is expected to continue quarterly in fiscal 2022. Selling, general and administrative expenses were $4.79 million for the fiscal year ended December 31, 2021, compared to $1.33 million for the fiscal year ended December 31, 2020, largely driven by increases in Selling, Marketing and General & Administrative expenses. The year-over-year increase in Marketing expenses primarily resulted from our sports marketing partnerships while the increase in General & Administrative expenses is the result of increased salaries and wages needed to support the growth in sales. Selling expenses generally follow our sales volume growth. The Company reported a net loss of $9.97 million, or ($1.12) per share, for fiscal 2021, compared to a net loss of $1.29 million, or ($0.21) per share in fiscal 2020.
Liquidity and Capital Resources
- The Company's cash and cash equivalents balance as of December 31, 2021, was $16.1 million. The Company has no material debt.
About Fresh Vine Wine, Inc.
Fresh Vine Wine, Inc. (NYSE American: VINE) is a premier producer of lower carb, lower calorie premium wines in the United States, kicking off a 2022 growth plan following its IPO in mid-December 2021. Fresh Vine Wine's brand vision is to lead the emerging natural and accessible premium wine category, as health trends continue to accelerate in the US marketplace. The 2020 US wine market was a $69 billion category. Fresh Vine Wine plans to accelerate growth in 2022 by amplifying its marketing, expanding product offerings, and expanding its team. Fresh Vine Wine positions its core brand lineup as an affordable luxury, retailing between $14.99-$22.99. Fresh Vine Wine's varietals currently include its Cabernet Sauvignon, Chardonnay, Pinot Noir, and Rosé.
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to hire additional personnel and to manage the growth of its business; the Company's reliance on its brand name, reputation and product quality; the Company's ability to adequately address increased demands that may be placed on its management, operational and production capabilities; the effectiveness of the Company's advertising and promotional activities and investments; the Company's reliance on celebrities to endorse its wines and market its brand; general competitive conditions; fluctuations in consumer demand for wine; overall decline in the health of the economy and consumer discretionary spending; the occurrence of adverse weather events, natural disasters, public health emergencies, or other unforeseen circumstances that may cause delays to or interruptions in the Company's operations; risks associated with disruptions in the Company's supply chain for grapes and raw and processed materials; the impact of COVID-19 and its variants on the Company's customers, suppliers, business operations and financial results; disrupted or delayed service by the distributors the Company relies on for the distribution of its wines; the Company's ability to successfully execute its growth strategy; the Company's success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company's ability to protect its trademarks and other intellectual property rights; the Company's ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; claims, demands and lawsuits to which the Company may be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company's ability to operate, update or implement its IT systems; the Company's ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company's potential ability to obtain additional financing when and if needed; the Company's founders' significant influence over the Company; and the risks identified in the Company's other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company's filings with the SEC, available at www.sec.gov for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company's business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Contact: freshvinewine@jonesworks.com
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https://www.wkyt.com/prnewswire/2022/03/31/frigo-cheese-heads-brand-awards-30000-winning-schools-its-8th-annual-build-bright-future-program/
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LINCOLNSHIRE, Ill., March 31, 2022 /PRNewswire/ -- Today, Frigo® Cheese Heads® announced the winning schools in its "Build a Bright Future" program, which is aimed at helping schools improve their learning experience and environment through funding for equipment, materials and renovations. Schools across the country had the opportunity to be nominated for the chance at a grand prize of $10,000, followed by 10 runner-up awards. The grand prize-winning school, Desert Star Elementary in Goodyear, Arizona, was revealed today during a morning student assembly that included a surprise visit and a check presentation from the Frigo® Cheese Heads® mascot.
During the period of August 2021 to October 2021, parents, teachers and other adults across the country were invited to submit a video or written nomination explaining why their school deserved to win. All entries were evaluated by a panel of judges for the overall quality of the nomination and the proposed benefit to the school's educational needs. A total of 945 nominations from K-8 schools nationwide were received this year. The judges then narrowed down the list to 11 finalists, and community members, school supporters and fans were invited to vote on social media to determine the grand prizewinner. Winning entries can be viewed at CheeseHeadsBrightFuture.com.
The runner-up schools receiving $2,000 each include:
- Angie Debo Elementary – Edmond, Oklahoma
- Atlantis Academy – Coral Springs, Florida
- Birdilee V. Bright Elementary School – Los Angeles
- Boulder Creek Elementary School – Boulder Creek, California
- Cambridge Elementary School – Jeffersonville, Vermont
- Dunham Elementary School – Petaluma, California
- Elmwood Elementary School – Baltimore
- Meadowlark Elementary School – Billings, Montana
- Valley Elementary School – Poway, California
- Woodland Hills Elementary – Woodland Hills, California
"Giving children the tools and environment to thrive in school starts with the little things like proper equipment, access to nutritious food and other needed supplies and upgrades to help the incredible teachers and school staff who guide their learning," said Saputo Dairy USA Vice President, Marketing and Innovation David Cherrie. "We are proud to support education through the Frigo® Cheese Heads® 'Build a Bright Future' program and look forward to seeing the impact this funding will have to benefit the schools, their teachers and their students."
"We are extremely proud of our community and the support we received during the voting period for the Frigo® Cheese Heads® Build a Bright Future program. Our students deserve the best and that is what we plan to do with our new lab — give them the best science experience so that they can grow as thinkers, problem-solvers and communicators," said Desert Star Principal Jessica Worthington.
Thank you to all who nominated their school or voted, and congratulations to the winning schools!
About Frigo® Cheese Heads®
Frigo® Cheese Heads® cheese is the creamy, delicious, stringy and fun on-the-go snack for both kids and adults. With everyday snacking options like regular or light string cheese, as well as cheese and meat combo packs, Frigo® Cheese Heads® brand products are a good source of calcium and protein in a convenient individually wrapped, enjoyable snack. Learn more at FrigoCheeseHeads.com.
About Saputo Dairy USA
Saputo Dairy USA is part of Saputo Inc., one of the top 10 dairy processors in the world. Through the Dairy Division (USA), Saputo produces, markets and distributes a vast assortment of cheeses. Furthermore, the company converts, markets and sells a broad range of specialty cheeses and holds an important portfolio of import licenses for specialty cheeses manufactured abroad. Saputo Dairy USA also produces a variety of dairy and non-dairy extended shelf-life products. Additionally, Saputo produces, markets and distributes dairy ingredients in the U.S. and on the international market. Products are sold under a variety of the company's brand names, as well as under customer brand names.
Saputo Dairy USA is among the top mozzarella, string cheese, domestic blue and goat cheese producers and is one of the largest producers of extended shelf-life and cultured dairy products in this region.
Media contact:
Samantha Liebhard
612-375-8579
samantha.liebhard@clynch.com
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SOURCE Frigo Cheese Heads
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https://www.wkyt.com/prnewswire/2022/03/31/gerdau-sa-files-form-20-f/
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SÃO PAULO, March 31, 2022 /PRNewswire/ -- GERDAU S.A. (NYSE: GGB, B3: GGBR3, GGBR4) hereby announces that the Form 20-F related to the fiscal year ended December 31, 2021 was filed with the U.S. Securities and Exchange Commission (SEC) at http://sec.gov and with the Securities and Exchange Commission of Brazil (CVM) at http://cvm.gov.br and it is also available at the Company's Investor Relations website at https://ri.gerdau.com/en/
Shareholders may request a free copy of the Form 20-F from the IR team by sending an email to inform@gerdau.com.br or by calling +55 11 3094-6300.
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SOURCE Gerdau S.A.
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https://www.wkyt.com/prnewswire/2022/03/31/greenidge-generation-reports-fourth-quarter-full-year-2021-results-provides-first-quarter-2022-update/
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Fourth Quarter 2021 Highlights
- Total revenue increased to $44.3 million, up 617% year-over-year
- Cryptocurrency datacenter revenue increased to $33.7 million, up 676% year-over-year
- GAAP net loss was $41.4 million for the fourth quarter, including a $42.3 million noncash goodwill impairment charge related to the Support.com business, as compared to a net loss of $0.8 million in the prior year
- Adjusted EBITDA of $19.1 million – in line with February 2022 guidance of $18 million to $20 million
- Adjusted EBITDA margin of 43.2%, compared to 19.2% in the prior year
- Produced 609 bitcoins in the fourth quarter
- Mining capacity of approximately 1.4 EH/s from 17,300 miners as of December 31, 2021
- Adjusted net income of $7.6 million
- Completed acquisition of Spartanburg, SC site and commenced operations at the facility within one week
- Cash, short term investments and cryptocurrency holdings of $84.4 million as of December 31, 2021
Full Year 2021 Highlights
- Total revenue increased to $107.3 million, up 433% year-over-year
- Cryptocurrency datacenter revenue increased to $87.9 million, up 575% year-over-year
- GAAP Net Loss of $44.5 million, including the $42.3 million noncash goodwill impairment charge, as compared to a net loss of $3.3 million in the prior year
- Adjusted EBITDA of $52.9 million – consistent with $52 million estimate provided in March of 2021
- Adjusted net income of $26.8 million
- Produced 1,866 bitcoins during 2021
First Quarter 2022 Highlights
- Mining fleet as of March 31, 2022 consists of approximately 19,400 miners with approximately 1.6 EH/s of capacity
- 17% of hash rate capacity located at Spartanburg, SC less than four months after operations commenced at facility
- 29,600 additional miners contracted for delivery during the balance of 2022 from Bitmain representing approximately 3.1 EH/s of additional capacity
- Received and deployed approximately 11,800 miners in last twelve months with 97% deployed as scheduled
- Over $115 million of liquidity as of March 31, 2022 consisting of over $90 million in cash and fair value of crypto holdings and over $25 million in undrawn financing commitments
- Over $135 million of cash on deposit with Bitmain as of March 31, 2022
FAIRFIELD, Conn., March 31, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge"), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the fourth quarter and fiscal year ended December 31, 2021 and provided an update regarding the first quarter of 2022.
"Consistent with the estimates we released in February, Greenidge demonstrated another strong quarter of significant revenue growth and substantial Adjusted EBITDA generation," said Jeff Kirt, Chief Executive Officer of Greenidge. "During the quarter, in addition to commencing mining operations at our Spartanburg, SC facility within a week of its acquisition, our operations team continued to execute the deployment of our fleet as scheduled. After just four months of operations, our Spartanburg facility houses approximately 17% of our datacenter capacity."
"Since the end of the year, we have fortified our balance sheet with non-dilutive capital and ended the first quarter with over $115 million in liquidity. This puts us on solid footing to execute the deployment of the remaining fleet of over 29,000 miners we have delivering throughout the balance of 2022 from Bitmain, which will bring our total capacity to approximately 4.7 EH/s. Over the last twelve months, our in-house operations team has deployed almost 12,000 new miners and energized substantially all of the equipment into production within days or even hours of receipt. Despite the well-known challenges in the global air freight market, 97% of the machines were received and deployed as scheduled."
Fourth Quarter 2021 Financial Results
Greenidge's revenue for the fourth quarter was $44.3 million, up 617% compared to the prior year. Cryptocurrency Datacenter revenue was $33.7 million, up 676% versus the prior year, and Power and Capacity revenue was $2.2 million, up 19% compared to the prior year. The merger with Support.com on September 14, 2021 added approximately $8.4 million to fourth quarter revenue.
Net loss was $41.4 million for the fourth quarter as compared to a net loss of $0.8 million in the prior year. The fourth quarter included a $42.3 million noncash goodwill impairment charge relating to the Support.com business, a $3.6 million remeasurement adjustment associated with an environmental liability, $2.2 million of expansion costs and $1.2 million of merger and public company filing costs. Excluding these items, Adjusted net income was $7.6 million, compared to Adjusted net loss of $0.3 million in the fourth quarter of 2020.
Adjusted EBITDA for the fourth quarter was $19.1 million, or 43.2% of revenue, compared to the prior year fourth quarter of $1.2 million, or 19.2% of revenue. The significant and continuing expansion of cryptocurrency datacenter operations drove the growth in Adjusted EBITDA and Adjusted EBITDA margin.
As of December 31, 2021, Greenidge had cash, short term investments and fair value of cryptocurrency holdings of $84.4 million.
Note, Adjusted net income, adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. See the tables attached to this press release for a reconciliation from GAAP to non-GAAP measures and Use of Non-GAAP Information below for more details
Cryptocurrency Datacenter Commentary
Greenidge produced 609 bitcoins during the fourth quarter, compared to 228 bitcoins in the fourth quarter of the prior year. For the full year of 2021, Greenidge produced 1,866 bitcoins, which compared to 1,146 bitcoins in 2020.
As of December 31, 2021, Greenidge had approximately 17,300 miners with an aggregate hash rate capacity of approximately 1.4 EH/s and has additional purchase commitments that are expected to bring the company's total capacity to approximately 49,000 miners and 4.7 EH/s by the end of 2022.
Capital Discussion
During the fourth quarter of 2021, Greenidge successfully closed $72.2 million of public offerings of senior unsecured notes due in 2026, netting proceeds of $66.9 million after commissions, discounts and issuance costs.
During the fourth quarter of 2021, Greenidge also successfully raised $47.4 million in net proceeds through the sale of 2.13 million shares of its class A common stock, pursuant to the previously announced equity purchase agreement. Through March 31, 2022, the Greenidge has raised $51.4 million in net proceeds through the sale of 2.55 million shares of its class A common stock pursuant to the equity purchase agreement.
South Carolina Expansion
During the fourth quarter of 2021, Greenidge completed the acquisition of its facility in Spartanburg, SC, including over 750,000 square feet of buildings and 175 acres of land. The transaction closed on December 7, 2021 and Greenidge commenced operations at the site within a week of the acquisition.
First Quarter 2022 Update
Greenidge anticipates having approximately 19,400 miners at its datacenters in New York and South Carolina as of March 31, 2022 with approximately 1.6 EH/s of capacity. Approximately 17% of the hash rate capacity is located at Greenidge's second facility in Spartanburg, SC. The company has approximately 29,600 additional miners scheduled for delivery from Bitmain throughout the balance of 2022 representing approximately 3.1 EH/s in additional capacity and has over $135 million of cash on deposit with Bitmain associated with the purchase agreements for these miners.
In the twelve months ended March 31, 2022, Greenidge has taken delivery of approximately 11,800 miners, of which 97% arrived as scheduled, with only approximately 370 delayed due primarily to freight vendor performance and a brief Covid-related lockdown in Malaysia during 2021.
Greenidge has liquidity of over $115 million as of March 31, 2022 consisting of over $90 million in cash and fair value of cryptocurrency holdings and over $25 million in undrawn financing commitments.
In late March, at the request of the New York State Department of Environmental Conservation (the "Department"), Greenidge agreed to extend, for a second time, the deadline for the Department to complete its review of the renewal application for the Title V Air Permit at the company's New York facility. The application was deemed complete by the Department in September 2021 and this second extension is to June 30, 2022. Greenidge continues to operate in New York without interruption during this period and intends to continue to work constructively with the Department to finalize a permit renewal. Greenidge notes that it is not uncommon for renewal applicants to operate for extended periods of time, sometimes years, prior to finalizing a permit renewal and additional future extensions may be requested.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company. Greenidge is committed to 100% carbon-neutral datacenter operations at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint.
Use of Non-GAAP Information
To provide investors and others with additional information regarding the financial results of Greenidge (the "Company"), the Company has disclosed in this press release certain non-GAAP operating performance measures of Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net income. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to costs associated with the merger with Support.com, costs of becoming a public company (which included the costs of a corporate reorganization from an LLC, public registration of shares and associated costs), business expansion costs, impairment of goodwill and remeasurement of environmental liability. Adjusted EBITDA margin is the percentage of Adjusted EBITDA of revenue. Adjusted net income (loss) is net loss adjusted for the after-tax impacts of special items determined by management, including but not limited to costs associated with the merger with Support.com, costs of becoming a public company (which included the costs of a corporate reorganization from an LLC, public registration of shares and associated costs), business expansion costs, impairment of goodwill and remeasurement of environmental liability. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by the Company may be different from non-GAAP financial measures presented by other companies. Specifically, the Company believes the non-GAAP information provides useful measures to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measures to U.S. GAAP results is included herein.
Forward-Looking Statements
This press release includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as "anticipate," "believe," "continue," "foresee," "expect," "intend," "plan," "may," "will," "would," "could," and "should," and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future, such as statements concerning (i) the delivery of miners currently on order with Bitmain, (ii) the development of facilities in South Carolina, (iii) future mining capacity, (iv) future electrical capacity, (v) the ability to offset carbon emissions, (vi) future liquidity, (vii) the ability to obtain future debt or equity financing and (viii) the Department Title V Air permit renewal process, are forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part II, Item 1A. "Risk Factors" of Greenidge's Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
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https://www.wkyt.com/prnewswire/2022/03/31/hallaron-advertising-agency-using-digital-ads-update-local-political-campaigns/
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THE WOODLANDS, Texas, March 31, 2022 /PRNewswire/ -- Hallaron, a full-service advertising and branding agency in The Woodlands, Texas has begun using digital advertising platforms to serve smaller, local political advertisers. The advantage is using microtargeted geographic and behavioral factors to serve highly custom display and video ads to local voters. The results point to more efficient campaigns that can get better results even with monthly ad spends less than $10,000.
Through a collaborative partnership with Vici Media Inc., based in Philiadelphia, PA, Hallaron began using sophisticated digital platforms including precise targeting tools to serve ads among local county and even city elections in early 2022 primaries. Often reserved for larger business or political clients, Hallaron uses the same big-client ad tools to shape strategy for smaller local low budget campaigns. Often the focus is replacing older marketing thinking with smarter targeting that serves ads to local voters using cell phones and social media instead of billboards or direct mail.
"Our new political campaigns aim to serve voters with ads where they consume daily news and entertainment – that's through their mobile phones and the Internet," explains agency principal Mike Hallaron.
Statista reports that mobile media usage in the United States is set to increase to four hours and 29 minutes per day in 2022. Compare that time with traditional drive time and radio listening, print, or TV viewership.
Because of lengthy Covid-19 shutdowns, Hallaron says many Americans extended their digital and mobile reliance even further – turning to these devices for business, shopping, and reaching the world beyond their front door.
Direct mail is still popular in most small market political races where access to new digital techniques lags behind. Inexpensive yard signs are still widely used but limited. Digital and mobile ads include links to landing pages where voters can watch a candidates videos, read a bio, or review her platform positions on local issues. "When you add a well-executed social strategy on Facebook, the frequency and reach for a small campaign can be game-changing," Hallaron says.
Hallaron's digital partner Vici Media works with nearly 200 ad agencies and media companies in the U.S., serving 3 billion digital ad impressions annually. The company was named to Deloitte's Technology Fast 500 in 2020. Hallaron sees more clients educating themselves about creative digital media strategies, such as geofencing, mobile conquesting and social mirroring techniques, for example.
Hallaron Advertising Agency is an award-winning full-service ad agency in The Woodlands, Texas. Since 2003, Hallaron has helped reshape winning brands and mastered creative advertising campaigns that lead to better sales and business growth for their clients. Visit www.hallaron.com to learn more.
Media contact:
Mike Hallaron
mike@hallaron.com
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SOURCE Hallaron Advertising Agency
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https://www.wkyt.com/prnewswire/2022/03/31/health-care-service-corporation-announces-leadership-changes/
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CHICAGO , March 31, 2022 /PRNewswire/ -- Health Care Service Corporation (HCSC), the nation's largest customer-owned health insurer, announced today several changes to its senior leadership team.
The leadership transitions reflect a thoughtful and strategic approach to long-term growth and succession planning for the company.
Dr. Opella Ernest, chief operating officer, takes on a new role effective immediately as executive vice president, HCSC Commercial Markets, succeeding Jeff Tikkanen, who announced he will retire from HCSC in March 2023. Mike Frank, senior vice president, Pharmacy and Ancillary Business, will become senior vice president, chief operating officer. Dr. Ernest and Frank will report to Maurice Smith, president and CEO of HCSC.
Jeff Tikkanen, executive vice president, Commercial Markets, will transition to an advisory role focused on market initiatives including national account strategy and key client relationships until his retirement in March 2023.
"As our strategic priorities evolve, so does our organizational structure," said Maurice Smith president and CEO of HCSC. "Our continued focus on building our leadership bench strength allows us to continue to execute on our strategy -- to expand health care access, to deepen relationships in our communities and to advance our mission and commitments to remain the health coverage partner of choice for our stakeholders. HCSC has an action-oriented leadership team that is a result of a long-standing focus on attracting and growing top talent."
Dr. Opella Ernest will take on her new role, effective immediately, as executive vice president, HCSC Commercial Markets. As our former chief operating officer, Dr. Ernest helped reshaped our customer and provider experience through advancements in technology and innovation. In her new role, Dr. Ernest assumes responsibility for the company's five BCBS health plans in Illinois, Montana, New Mexico, Oklahoma and Texas as well as national account growth, clinical and pharmacy operations and analytics. She joined HCSC in 2012 and has had increasing responsibility leading the company's clinical strategy and operation as Senior Vice President, Chief Clinical Officer. She also served as Divisional Senior Vice President, Chief Medical Officer of Blue Cross and Blue Shield of Illinois. A board-certified family physician, she has a degree in medicine from The Ohio State University College of Medicine and a bachelor's degree from the University of Michigan
Mike Frank, senior vice president Pharmacy and Ancillary Business, will become senior vice president, chief operating officer, reporting to Dr. Ernest. In his new role, Mike will lead HCSC's IT and Customer Service organizations. Frank joined HCSC in 2013 when BCBSMT became part of the company. Since that time as SVP, Tri-State plans, he provided strategic oversight on how HCSC served members in our Blue Cross and Blue Shield Plans in Montana, New Mexico and Oklahoma as well as expanding our pharmacy solutions and better understanding of our customer service needs. Previously Frank was president of the Montana plan. Other roles at the plan included chief legal and operations officer, chief administrative officer, vice president of Corporate Integrity and Human Resources, and vice president of Compliance and Ethics. He earned his Bachelor of Science in psychology from Montana State University and his Juris Doctor from the University of Montana.
"These leadership changes will position the company for continued growth and demonstrate the strength of the HCSC management bench," said Smith. "Opella and Mike's leadership has been instrumental in both advancing and driving HCSC strategy over the last few years. In their new roles, we will see them have even greater impact on the company's success in the future."
About Health Care Service Corporation
Health Care Service Corporation is the country's largest customer-owned health insurer, with more than 17 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association.
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https://www.wkyt.com/prnewswire/2022/03/31/heritage-financial-announces-earnings-release-date-conference-call/
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OLYMPIA, Wash., March 31, 2022 /PRNewswire/ -- Heritage Financial Corporation ("Company" or "Heritage") (Nasdaq: HFWA) anticipates issuing its first quarter earnings release on Thursday, April 21, 2022 before the market opens. The Company has scheduled a telephone conference call to discuss the first quarter on Thursday, April 21, 2022 at 11:00 a.m. Pacific time (2:00 p.m. Eastern time).
To access the conference call, call the numbers listed below:
The conference call will be recorded and will be available following the live conference call for replay twenty-four hours a day ending April 28, 2022. Questions regarding the conference call may be directed to Kaylene Lahn at 360-943-1500.
About Heritage Financial
Heritage Financial Corporation is an Olympia-based bank holding company with Heritage Bank, a full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a branching network of 49 banking offices in Washington and Oregon. Heritage Bank also does business under the Whidbey Island Bank name on Whidbey Island. Heritage's stock is traded on the NASDAQ Global Select Market under the symbol "HFWA". More information about Heritage Financial Corporation can be found on its website at www.hf-wa.com and more information about Heritage Bank can be found on its website at www.heritagebanknw.com.
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SOURCE Heritage Financial Corporation
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https://www.wkyt.com/prnewswire/2022/03/31/hg-global-closes-new-150-million-credit-facility/
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HAMILTON, Bermuda, March 31, 2022 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that HG Global Ltd. ("HG") closed a new $150 million, 10-year term loan credit facility with Hudson Structured Capital Management Ltd, (conducting its re/insurance business as HSCM Bermuda) and Security Benefit Life Insurance Company. HG expects to receive the proceeds of the loan on or prior to May 31, 2022. A portion of the proceeds of the loan will be used to pay a $120 million dividend to White Mountains Insurance Group, Ltd. and the other equity holders of HG. The facility received an investment grade rating of BBB from Kroll Bond Rating Agency, LLC. The facility does not impact the reinsurance obligations of HG Re Ltd.
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.
Hudson Structured Capital Management Ltd., conducting its re/insurance investment management business as HSCM Bermuda ("HSCM"), is an asset manager focused on alternative investments seeking mezzanine level returns. HSCM focuses on the Re/Insurance and Transportation sectors. HSCM launched in 2016, and as of January 1, 2022 had more than $3 billion in assets under management and committed capital. HSCM focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet to market financing. For more information, please visit www.hscm.com.
Security Benefit Corporation ("Security Benefit"), through its subsidiary Security Benefit Life Insurance Company (SBL), a Kansas-based insurance company that has been in business for 130 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and reached $50.5 billion in assets under management as of September 30, 2021. Security Benefit, an Eldridge business, is one of the fastest growing U.S. retirement companies and continues its mission of helping Americans To and Through Retirement®. Learn more at www.securitybenefit.com or www.eldridge.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements include statements with respect to the funding of, or receipt of proceeds from, a loan and HG's payment of a dividend from the proceeds of such loan.
These statements are based on certain assumptions and analyses made by White Mountains in light of current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual developments will conform to its expectations is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including actions taken by ratings agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; deterioration of general economic; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains or HG, its competitors or its customers; and other factors, most of which are beyond White Mountains's control.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Rob Seelig
(603) 640-2212
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SOURCE White Mountains Insurance Group, Ltd.
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WINNEMUCCA, Nev., March 31, 2022 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"), a development company operating the Hycroft Mine in the prolific mining region of Northern Nevada, filed its Form 10-K for the year ended December 31, 2021.
2021 Financial Highlights
- Production: As previously announced, gold production for the year ended December 31, 2021, of 57,668 ounces exceeded the high end of the guidance range as the process team continued to improve equipment, process control and costs. Silver production of 355,967 ounces was approximately 20% below guidance due to slower than planned leach kinetics. Processing of ore on leach pads is currently planned to proceed through the second quarter of 2022.
- Sales: Sales for the year ended December 31, 2021 were 56,045 ounces of gold (average realized price of $1,794 per ounce) and 397,546 ounces of silver (average realized price of $25.66 per ounce).
- Unrestricted Cash Position: The Company ended 2021 with $12.3 million of cash on hand and was in compliance with debt covenants
- Net Loss and Cash Used: Due to high operating costs relative to the associated gold equivalent production and sales volumes and ceasing of mining operations in November, 2021, the Company recorded a net loss of $88.6 million for the year ended December 31, 2022. Due to the losses from operations, the Company ceased mining activities and is now focused on completing its technical studies and exploration to develop the Hycroft mine through a milling and pressure oxidation process. The $44.0 million reduction in unrestricted cash since the beginning of the year was primarily due to cash used for operating activities of $37.0 million, cash used for investing activities of $6.9 million, cash used for financing activities of $5.5 million, and a $5.4 million reduction in restricted cash.
Subsequent Events:
- The Company completed several financing transactions to significantly strengthen its balance sheet, including:
- Nasdaq trading: With the recent improvement in the stock price, the Company has regained compliance with the Nasdaq minimum bid price for continued listing.
About Hycroft Mining Holding Corporation
Hycroft Mining Holding Corporation is a U.S.-based gold and silver development company that owns the Hycroft Mine, a well-established, world-class asset with a significant mineral endowment in Northern Nevada, a tier one mining jurisdiction. The company is focused on transforming Hycroft into a large-scale mining operation by developing a process for its large sulfide gold and silver mineral resources on site. Additional information is available at hycroftmining.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the Unites States Securities Exchange Act of 1934, as amended, or the Unites States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. These risks may include the following and the occurrence of one or more of the events or circumstances alone or in combination with other events or circumstances, may have a material adverse effect on the Company's business, cash flows, financial condition and results of operations. Please see our "Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2021, and other reports filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
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KNOXVILLE, Tenn., March 31, 2022 /PRNewswire/ -- The Institute for Advanced Composites Manufacturing Innovation® (IACMI) today announced Dale Brosius has been appointed interim chief executive officer effective April 1, 2022. Brosius will lead IACMI as it identifies a permanent CEO to succeed Dr. John Hopkins, who is stepping down after leading the organization for more than four years. IACMI is one of 16 Manufacturing USA innovation institutes created to secure U.S. global leadership in advanced manufacturing through large scale public-private collaboration on technology, supply chain and workforce development.
"Dale has been a foundational part of IACMI since its origins and brings proven experience, expertise, and stability to the IACMI leadership role," said Dr. Stacey S. Patterson, president of the University of Tennessee Research Foundation (UTRF). UTRF is the sole corporate member of Collaborative Composite Solutions Corporation, the non-profit organization which operates IACMI. "From our inception, and even prior to his being named chief commercialization officer in February 2015, Dale has played a key role establishing IACMI, growing and serving our consortium membership, and ensuring success in meeting our Department of Energy objectives."
As interim CEO, Dale will become responsible for the full scale of day-to-day operations of the institute. He will also continue in his roles as Chief Commercialization Officer, Executive Director of the IACMI Consortium, and chair of the IACMI Consortium Council.
With more than 30 years of industrial experience in the composites industry, Brosius' career has included positions at U.S.-based firms Dow Chemical Co., Fiberite and successor Cytec Industries Inc. At Fiberite and Cytec, he led key activities related to high performance carbon fiber prepreg-based components for aerospace and industrial markets, and managed thermoset molding compound businesses in the U.S. and France. Prior to joining IACMI, he led the establishment of European and U.S. operations for Australian-based composites manufacturer Quickstep Technologies. Brosius has a BS in chemical engineering from Texas A&M University and an MBA from the University of Phoenix.
Since 2015, IACMI has managed over 50 collaborative and industry led technical projects with greater than $150 million in research and development value. More than 15 new products are now commercially available and $400 million-plus has been invested in a broad system of open access facilities for demonstration at scale in eight states. IACMI has engaged more than 9,000 people in composites training and STEM outreach and placed more than 100 university interns with industry collaboration.
Through collaboration with industry, academia, and national laboratories, IACMI projects have demonstrated faster cycle times and lower costs for composite materials and structures, decreased carbon intensity, and increased recyclability of composites.
About IACMI – The Composites Institute
IACMI – The Composites Institute is a 130-plus member community of industry, universities, national laboratories, and federal, state, and local government agencies working together to accelerate advanced composites design, manufacturing, technical innovation, and workforce solutions to enable a cleaner and more sustainable, more secure, and more competitive U.S. economy. IACMI is managed by the Collaborative Composite Solutions Corporation (CCS), a not-for-profit organization established by The University of Tennessee Research Foundation. A Manufacturing USA institute, IACMI is supported by the U.S. Department of Energy's Advanced Manufacturing Office, as well as key state and industry partners. Visit www.iacmi.org and follow IACMI on LinkedIn, Twitter and Facebook.
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