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Company to Host Conference Call on Thursday, May 12, 2022, at 8:00 a.m. ET BEIJING, May 11, 2022 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced results for the year ended December 31, 2021. 2021 Year-end Financial Highlights: - Revenues of $145.1 million, compared to $18.3 million for 2020, primarily driven by increased contributions from the LBS advertising business - Net loss of $61.5 million, compared to net loss of $40.1 million for 2020, primarily as a result of increased research and development ("R&D") expenses related to the hiring of additional staff and ongoing investment in related to autonomous driving-related business efforts. - Basic and diluted loss per share of $0.21, compared to basic and diluted loss per share of $0.18 for 2020 Management Commentary Mr. Xuesong Song, Chairman and CEO, stated, "We are pleased to have achieved record top line growth of $145.1 million in 2021, which is more than seven times total revenue in the prior year. This was primarily driven by significant growth in our LBS advertising business as a result of the integration and improvement of geographic information points of interest (POI), characteristic areas of interest (AOI) and other data with AI algorithms, which subsequently led to a growing customer base and increased demand. We also reported increased revenue contributions from our smart transportation and software and services businesses. Since closing the acquisition of eMapgo Technology (Beijing) Co., Ltd. ('EMG') in the first half of 2021, we have successfully integrated EMG's portfolio of technological services into Luokung. As anticipated, EMG has opened up opportunities for the Company in the areas of smart transportation, smart natural resource asset management and Internet LBS and related smart industry services. Our revenue growth was further supported by the tangible results of our research and development efforts, and with the addition of more than 500 employees to our R&D staff, we look forward to continuing to strengthen Luokung's strategic position and competitive advantages in our three core business pillars and to expanding our industrially recognized portfolio of products and services." Mr. Song continued, "Our gross profit margin increased to 11.1% in 2021 from 4.3% in 2020. With the continuous optimization of our self-developed LBS intelligent advertisement placement platform in 2021, we expect gross profit margin will improve over time as we offered value-added services. As the Company continues to diversify its revenue streams with increased contributions from smart transportation and software and services, which tend to be higher margin businesses, we anticipate improving our margin profile. Luokung made significant investments in R&D and in the growth of our business in 2021, which led to increased cost of services and operating expenses. In 2022, we anticipate R&D investments as a percentage of total revenues to remain stable as that of 2021." Mr. Song concluded, "We remain optimistic about our growth prospects from all lines of business in 2022 with the positive momentum we built in 2021. In recent months, we announced the strategic acquisition of Beijing Hongda Jiutong Technology Development Co., Ltd ('Hongda Jiutong'), which we anticipate enhancing the long-term development and growth of our business. We look forward to deepening our relationships with existing partners and establishing new partnerships that span across various industries and diverse application scenarios. In 2022, Luokung announced exciting business developments, including the successful integration of EMG's mapping services into two of Ford Motor Company's ('Ford') new vehicle models, and the launch of our remote sensing holographic spatial-temporal portfolio of products and services, both of which we believe will serve as growth drivers for Luokung." Recent Operational Developments - In February 2022, Luokung announced that its operating affiliate, EMG, began providing mapping services for two new Ford vehicle models—the Ford EVOS and Mustang Mach-E—both of which are equipped with Ford's BlueCruise active drive assist system, which supports L2 autonomous driving function as defined by SAE International. EMG provided approximately $2.5 million of services during the third quarter of 2021. - In March 2022, Luokung announced the signing of an agreement pursuant to which the Company's operating affiliate, Beijing Zhong Chuan Shi Xun Technology Limited, has agreed to acquire Hongda Jiutong, a leading big data service provider for intelligent transportation and connected vehicles in China. The Company expects to close this transaction by the end of the second quarter of 2022. - In April 2022, Luokung announced the launch of its remote sensing holographic spatial-temporal portfolio of products and services for natural resource monitoring and carbon sink accounting, including applications such as real 3D natural resource spatial-temporal holograms, dynamic monitoring of natural ecological carbon sinks, forestry carbon sink remote sensing intelligent accounting and measurement, farmland protection remote sensing AI monitoring and crop growth and disaster monitoring. Select products have been successfully applied as pilot projects in Huangshan and Jixi, Anhui Province, in Jixian, Heilongjiang Province and in other county-level regions. - In May 2022, Luokung announced that its operating affiliate, Beijing BotAiot Intelligent Co., Ltd. ("BotAiot"), has signed a service contract to provide electronic blockchain data and certificate storage platform services, to improve the efficiency of highway transport infrastructure and equipment calibration and to enhance traffic flow rates. 2021 Financial Review – GAAP Results Revenue For 2021, revenues increased to $145.1 million, compared to $18.3 million for 2020. The increase was primarily due to increased revenue contributions from the LBS advertising business, which was supported by improved advertising conversion due to a growing customer base and increased demand, as well as revenue growth in both the remote sensing and GIS data management service platform software and services and smart transportation businesses. Cost of Revenues Total cost of revenues increased to $129.0 million in 2021, compared to $17.5 million for 2020. The increase was primarily a result of increased traffic acquisition costs to meet the growth of revenue and increased salary and benefit expenses associated with the hiring of additional employees directly involved in data collection and processing and data collection costs during the period. Operating expenses Total operating expenses increased to $81.7 million in 2021, compared to $41.0 million for 2020. The increase was primarily driven by: - a $36.1 million increase in R&D expenses attributable to increased salaries and share-based compensation for additional staff in the R&D department, software development expenses and amortization of intangible assets; and - a $4.3 million increase in selling and marketing expenses related to increased compensation related to the hiring of additional marketing personnel and increased promotional and marketing expenses. Loss from operations Loss from operations was $65.6 million in 2021, compared to loss from operations of $40.3 million in 2020, as a result of the increased operating expenses described above. Net loss Net loss was $61.5 million, or $0.21 per share, in 2021, compared to net loss of $40.1 million, or $0.18 per share, for 2020. Weighted average shares outstanding for the year ended December 31, 2021, and 2020 were 334,907,324 and 221,984,037, respectively. Balance Sheet Highlights At December 31, 2021, Luokung's cash balance was $16.4 million, working capital deficit was $44.0 million and total shareholders' equity was $153.8 million, compared to a cash balance of $0.07 million, working capital deficit of $61.6 million and total shareholders' equity of $52.7 million, respectively, at December 31, 2020. Conference Call and Webcast Information Luokung will host a conference call at 8:00 a.m. Eastern Time on Thursday, May 12, 2022, during which management will discuss 2021 year-end results. Investors and analysts are welcomed to participate or send questions in advance. To participate in the conference call, please use the following dial-in numbers: A live webcast of the conference call can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=N22lRjLu. A replay will be available shortly after the call and will remain available for 90 days. ABOUT LUOKUNG TECHNOLOGY CORP. Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and multi-sourced intelligent spatial-temporal big data, Luokung established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including smart transportation (autonomous driving, smart highway and vehicle-road collaboration), natural resource asset management (carbon neutral and environmental protection remote sensing data service), and LBS smart industry applications (mobile Internet LBS, smart travel, smart logistics, new infrastructure, smart cities, emergency rescue, among others). The Company routinely provides important updates on its website: https://www.luokung.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Information regarding the Company's future growth prospects and the preliminary unaudited financial results contained in this press release may constitute forward-looking-information within the meaning of securities laws. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The financial estimates provided in this press release are to provide early guidance on the semi-annual financial performance of the Company and readers are cautioned that this information may not be appropriate for any other purpose. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events including that the Company has not finished its review of the full financial positions and the Company may continue to incur net losses. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Other than as required under securities laws, we do not undertake to update this information at any particular time. Forward-looking information contained in this press release, including with respect to any future growth, is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. CONTACT: The Company: Mr. Jay Yu Chief Financial Officer Tel: +86-10-5327-4727 Email: ir@luokung.com Investor Relations: Ms. Carolyne Sohn Vice President The Equity Group Inc. Tel: 415-568-2255 Email: csohn@equityny.com View original content: SOURCE Luokung Technology Corp.	https://www.whsv.com/prnewswire/2022/05/11/luokung-reports-2021-year-end-financial-results-reports-record-annual-revenues-1451-million/	2022-05-11T21:30:23Z
FAIRPORT, N.Y., May 11, 2022 /PRNewswire/ -- Manning & Napier, Inc. (NYSE: MN), ("Manning & Napier" or "the Company") today reported preliminary assets under management ("AUM") as of April 30, 2022 of $19.6 billion, compared with $20.6 billion at March 31, 2022. AUM by investment vehicle and by portfolio are set forth in the table below. About Manning & Napier, Inc. Manning & Napier (NYSE: MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, we offer equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. We serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, our relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY and had 275 employees as of March 31, 2022. Safe Harbor Statement This press release and other statements that the Company may make may contain 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, which reflect the Company's current views with respect to, among other things, its operations and financial performance. Words like "believes," "expects," "may," "estimates," "will," "should," "intends," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, are used to identify forward-looking statements, although not all forward-looking statements contain these words. Although the Company believes that it is basing its expectations and beliefs on reasonable assumptions within the bounds of what it currently knows about its business and operations, there can be no assurance that its actual results will not differ materially from what the Company expects or believes. Some of the factors that could cause the Company's actual results to differ from its expectations or beliefs include, without limitation: changes in securities or financial markets or general economic conditions; the impact of COVID-19 on the U.S. and global economy; a decline in the performance of the Company's products; client sales and redemption activity; any loss of an executive officer or key personnel; changes in the Company's business related to strategic acquisitions and other transactions; the Company's ability to successfully deploy new technology platforms and upgrades; changes of government policy or regulations; and other risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. Contacts Investor Relations Contact Emily Blum Prosek Partners 973-464-5240 eblum@prosek.com Public Relations Contact Nicole Kingsley Brunner Manning & Napier, Inc. 585-325-6880 nbrunner@manning-napier.com View original content: SOURCE Manning & Napier, Inc.	https://www.whsv.com/prnewswire/2022/05/11/manning-amp-napier-inc-reports-april-30-2022-assets-under-management/	2022-05-11T21:30:29Z
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 TORONTO, May 11, 2022 /PRNewswire/ - Today, Manulife announced its first quarter of 2022 ("1Q22") results. Key highlights include: - Net income attributed to shareholders of $3.0 billion in 1Q22, up $2.2 billion from the first quarter of 2021 ("1Q21") - Core earnings1 of $1.6 billion in 1Q22, down 4% on a constant exchange rate basis from 1Q212 - LICAT ratio3 of 140% - Core ROE4 of 11.8% and ROE of 23.0% in 1Q22 - NBV5 of $513 million in 1Q22, down 14%6 from 1Q21 - APE sales5 of $1.6 billion in 1Q22, down 9% from 1Q21 - Global Wealth and Asset Management ("Global WAM") net inflows5 of $6.9 billion in 1Q22, compared with net inflows of $1.4 billion in 1Q21 - Global WAM average AUMA5 increased by 8% in 1Q22 from 1Q21 - Closed the U.S. variable annuity reinsurance transaction and released $2.4 billion of capital.7 We commenced share buybacks under our Normal Course Issuer Bid ("NCIB"), and as of March 31, 2022 purchased for cancellation approximately 14.4 million common shares for $377 million - Embedded value5 of $64.8 billion or $33.35 per share, as of December 31, 2021, an increase of $3.7 billion from December 31, 2020 "Our diversified footprint, operational resilience, and proven digital capabilities enabled us to deliver solid results in the first quarter, despite a challenging operating environment caused by the resurgence of COVID-19 and global market volatility," said Manulife President & Chief Executive Officer Roy Gori. "Global WAM generated another quarter of strong net inflows of $6.9 billion, and our Canada and U.S. insurance businesses achieved double-digit NBV growth, benefiting from ongoing strong customer demand," Mr. Gori continued. "While the rapid and unprecedented resurgence of COVID-19 disrupted new business activities in multiple markets in Asia, our diversified, digitally-enabled, and well-established distribution channels delivered double digit growth in APE Sales and NBV relative to the average levels during the first wave of the pandemic in the first and second quarters of 2020." "Looking to the future, we believe the importance of insurance and wealth management solutions is more visible than ever before and we are encouraged to see signs of stronger customer demand as containment measures relax in some markets. I am confident in our ability to capture this rebound as those markets recover from these temporary disruptions." Mr. Gori added. "Our U.S. variable annuity reinsurance transaction with Venerable Holdings Inc. closed during the quarter, resulting in the release of $2.4 billion of capital. We commenced share buybacks and purchased 0.74% of our common shares in the first two months following the transaction, demonstrating our commitment to deliver shareholder value and neutralize the impact of the transaction on Core EPS," said Phil Witherington, Chief Financial Officer. "We also delivered in-force business growth of 7% after excluding the impact of the transaction1, and achieved net favourable policyholder experience amid continued impacts from COVID-19, reflecting the diverse nature of our business." "We are pleased to be providing an update on the expected impacts of IFRS 17 on our financial reporting and targets as we look towards its upcoming adoption. IFRS 17 will impact where, when and how specific items are recognized in the financial statements; however, it will not impact the fundamental economics of our business, our financial strength, claims paying ability, or the dividend capacity of the Company. We are committed to our medium-term financial and operating targets under IFRS 17, and upon transition our core ROE target will be increased to 15%+ and dividend payout ratio2 target range will be increased to 35% – 45% as a result of expected changes in equity and core earnings," added Mr. Witherington.3 BUSINESS HIGHLIGHTS: In Asia, we commenced offering insurance solutions to VietinBank's 14 million customers, as part of our new 16-year exclusive bancassurance partnership in Vietnam. In the U.S., we closed the transaction to reinsure over 75% of the legacy variable annuity block. The transaction resulted in the release of $2.4 billion of capital. In Global WAM, we announced the launch of the Real Asset Investment Strategy in Canada, which provides investors access to a mix of global private and public real asset investments, combining the benefits of broad private asset exposures with the liquidity benefits of allocating to public markets. In addition, we continued to make progress on our digital journey in 1Q22. In Asia, greater than 10% of APE sales resulted from leads generated using advanced analytics to identify additional needs from existing customers. In Canada, we launched an enhanced Manulife Vitality mobile app experience for our individual insurance business, giving the app a new look and feel with easier navigation to further drive customer engagement. In the U.S., we reduced the time to onboard a producer in our digital brokerage channel from three weeks to just five days, by implementing automated background checks. In our Global WAM Retirement business, we enabled registration directly through the mobile app in Canada, resulting in approximately 50,000 customers using our mobile applications by the end of the quarter. FINANCIAL HIGHLIGHTS: PROFITABILITY: Reported net income attributed to shareholders of $3.0 billion in 1Q22, up $2.2 billion from 1Q21 The increase in net income attributed to shareholders was driven by gains from the direct impact of markets compared with losses in the prior year quarter, a gain related to the U.S. variable annuity reinsurance transaction, and a larger gain from investment-related experience compared with the prior year quarter. Investment-related experience in 1Q22 reflected the favourable impact of fixed income reinvestment activities, higher-than-expected returns (including fair value changes) on alternative long duration assets primarily driven by fair value gains on private equity and real estate as well as favourable credit experience. The gain from the direct impact of markets in 1Q22 reflected the flattening of the yield curve in the U.S. and Canada and widening corporate spreads in the U.S., partially offset by unfavourable equity market performance and losses on the sale of available-for-sale bonds. Delivered core earnings of $1.6 billion in 1Q22, a decrease of 4% compared with 1Q21 The decrease in core earnings was driven by lower new business gains in Asia, unfavourable impact of markets on seed money investments in new segregated and mutual funds (compared with gains in the prior year quarter) and lower in-force earnings in U.S. Annuities, primarily due to the variable annuity reinsurance transaction. These items were partially offset by experience gains, in-force business growth in Canada and Asia, higher yield on fixed income investments and lower cost of external debt in Corporate and Other, and higher new business gains in Canada and the U.S. BUSINESS PERFORMANCE: New business value ("NBV") of $513 million in 1Q22, a decrease of 14% compared with 1Q21 In Asia, NBV decreased 28% to $340 million, reflecting lower sales volumes in Hong Kong and several markets in Asia Other1 due to the impact of COVID-19, lower corporate-owned life insurance ("COLI") product sales in Japan, and unfavourable product mix related to lower critical illness sales in mainland China. In Canada, NBV of $104 million was up 33% from 1Q21, driven by higher margins across all business lines. In the U.S., NBV of $69 million was up 57% from 1Q21, driven by higher sales volumes and interest rates, and favourable product mix. Annualized premium equivalent ("APE") sales of $1.6 billion in 1Q22, a decrease of 9% compared with 1Q21 In Asia, APE sales decreased 17% due to continued adverse impacts from COVID-19 in Hong Kong and several markets in Asia Other and lower sales in Japan. In Japan, APE sales declined 48%, primarily due to a decrease in COLI product sales. In Hong Kong, APE sales decreased 23% driven by tighter containment measures following an outbreak of COVID-19 during the quarter. Asia Other APE sales decreased 8%, as higher sales in bancassurance in Singapore were more than offset by lower agency sales, which were adversely impacted by a resurgence of COVID-19 in markets such as Vietnam and Indonesia, and lower critical illness sales in mainland China. In Canada, APE sales increased 2%, primarily driven by increased customer demand for our lower risk segregated fund products and higher mid-size group insurance sales, partially offset by variability in the large-case group insurance market. In the U.S., APE sales increased 32%, driven by our differentiated domestic product offerings which include the John Hancock Vitality feature and higher customer demand for insurance protection in the current COVID-19 environment of greater consumer interest in improving baseline health, and strong international sales, which are reported as a part of the U.S. segment results. Reported Global Wealth and Asset Management net inflows of $6.9 billion in 1Q22, compared with 1Q21 net inflows of $1.4 billion Net inflows in Retail were $4.0 billion in 1Q22 compared with net inflows of $6.5 billion in 1Q21, reflecting lower gross flows, mainly in fixed income products and higher mutual fund redemptions in Canada. This was partially offset by Asia Retail, as higher gross flows in mainland China and Japan were partially offset by Indonesia. U.S. Retail net inflows remained robust and were in line with prior year. Net inflows in Retirement were $2.0 billion in 1Q22 compared with net inflows of $2.1 billion in 1Q21, reflecting higher plan redemptions, partially offset by growth in member contributions and new plan sales, as well as lower member withdrawals. Net inflows in Institutional Asset Management were $0.9 billion in 1Q22 compared with net outflows of $7.2 billion in 1Q21, driven by the non-recurrence of a $9.4 billion redemption in Asia in 1Q21, partially offset by lower sales of fixed income mandates. UPDATE ON IFRS 17:2 IFRS 17 "Insurance Contracts" will replace IFRS 4 "Insurance Contracts" beginning on January 1, 2023 and will materially change the recognition and measurement of insurance contracts and the corresponding presentation and disclosures in the Company's financial statements. The establishment of a Contractual Service Margin ("CSM") on our in-force business is expected to lead to an increase in insurance contract liabilities and, together with other measurement impacts on our assets and liabilities, to decrease equity by approximately 20% upon transition. The deferral of new business gains via the CSM and the amortization of CSM on our in-force business into income as services are provided, and to a substantially lesser extent the timing of investments results, are expected to result in a net reduction of 2022 core earnings, on transition, of approximately 10% under IFRS 17 compared with IFRS 4. The CSM will be treated as available capital under LICAT1, and our capital position will remain strong under IFRS 17. We are also confirming our medium-term financial and operating targets under IFRS 17, and upon transition our core ROE target will be increased to 15%+ (from 13%+ currently) as a result of the expected changes to core earnings and equity, and our dividend payout ratio target range will be increased to 35% – 45% (from 30% – 40% currently) as a result of the expected changes to core earnings. Given that CSM is an objective metric that illustrates the growth and future earnings capability of an insurance business, we will be introducing two new medium-term targets: new business CSM growth of 15% per year and CSM balance growth of 8% – 10% per year. QUARTERLY EARNINGS RESULTS CONFERENCE CALL Manulife Financial Corporation will host a First Quarter 2022 Earnings Results Conference Call at 8:00 a.m. ET on May 12, 2022. For local and international locations, please call 416-340-2217 or toll free, North America 1-800-806-5484 (Passcode: 9778458#). Please call in 15 minutes before the call starts. You will be required to provide your name and organization to the operator. A replay of this call will be available by 11:00 a.m. ET on May 12, 2022 through August 12, 2022 by calling 905-694-9451 or 1-800-408-3053 (Passcode: 7780836#). The conference call will also be webcast through Manulife's website at 8:00 a.m. ET on May 12, 2022. You may access the webcast at: manulife.com/en/investors/results-and-reports. An archived version of the webcast will be available on the website following the call at the same URL as above. The First Quarter 2022 Statistical Information Package is also available on the Manulife website at: www.manulife.com/en/investors/results-and-reports. Any information contained in, or otherwise accessible through, websites mentioned in this news release does not form a part of this document unless it is expressly incorporated by reference. EARNINGS: The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings: NON-GAAP AND OTHER FINANCIAL MEASURES: The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure in respect of "specified financial measures" (as defined therein). Non-GAAP financial measures include core earnings (loss); pre-tax core earnings; core earnings available to common shareholders; core general expenses; and assets under management and administration ("AUMA"). Non-GAAP ratios include core return on common shareholders' equity ("core ROE"); diluted core earnings per common share ("core EPS"); expense efficiency ratio; common share core dividend payout ratio ("dividend payout ratio"); and percentage growth/decline on a constant exchange rate basis in any of the above non-GAAP financial measures. Other specified financial measures include assets under administration; embedded value; NBV; APE sales; gross flows; net flows; average assets under management and administration ("average AUMA"); and percentage growth/decline in such other financial measures. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and, therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the section "Non-GAAP and other financial measures" in our 1Q22 MD&A, which is incorporated by reference. Reconciliation of core earnings to net income attributed to shareholders Core earnings, CER basis Reconciliation of core earnings to net income attributed to shareholders Core earnings, CER basis Reconciliation of core earnings to net income attributed to shareholders Core earnings, CER basis Core earnings available to common shareholders Core ROE Core EPS Common share core dividend payout ratio Global WAM AUMA reconciliation Expense efficiency ratio CAUTION REGARDING FORWARD-LOOKING STATEMENTS: From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document include, but are not limited to, statements with respect to possible share buybacks under our NCIB, the impact of IFRS 17 and the Company's earnings presentation and reporting under the new accounting standard and our medium-term financial and operating targets under IFRS 17, including our core ROE target, dividend payout ratio target and new CSM targets, and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "estimate", "believe", "plan", "objective", "aim", "continue", and "goal" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); the ongoing prevalence of COVID-19, including any variants, as well as actions that have been, or may be taken by governmental authorities in response to COVID-19, including the impacts of any variants; changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies, actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified as available-for-sale; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our non-North American operations; acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this purpose; the disruption of or changes to key elements of the Company's or public infrastructure systems; environmental concerns; our ability to protect our intellectual property and exposure to claims of infringement; and our inability to withdraw cash from subsidiaries. Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent annual report, under "Risk Management and Risk Factors Update" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent interim report, in the "Risk Management" note to the consolidated financial statements in our most recent annual and interim reports as well as elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law. View original content to download multimedia: SOURCE Manulife Financial Corporation	https://www.whsv.com/prnewswire/2022/05/11/manulife-reports-1q22-net-income-30-billion-core-earnings-16-billion-ape-sales-16-billion-global-wealth-asset-management-net-inflows-69-billion/	2022-05-11T21:30:36Z
PACE Funding helps communities reduce energy and water usage, reach climate change policy goals, prepare for natural disasters LOS GATOS, Calif., May 11, 2022 /PRNewswire/ -- The City of Maywood, in Los Angeles County, has voted to approve the Property Assessed Clean Energy (PACE) home improvement financing option, available through the California-based company Home Run Financing. This innovative financing mechanism helps communities upgrade their housing stock to be more energy and water efficient and more resilient in the face of earthquakes and wildfires, while creating good jobs in the clean energy sector. PACE enables homeowners to make renewable energy, energy and water efficiency, and earthquake and wildfire related upgrades, then pay over time through their property taxes. Because of this payment mechanism, PACE providers must be approved by each city and county. "PACE is an equity creator," explained Robert Giles, CEO of Home Run Financing. "This financing model opens up access to capital for underbanked, underfinanced communities, including low-income communities and communities of color. These communities have welcomed the PACE model with its inclusive accessibility and robust consumer protections." Maywood has the highest proportion of Latinos and immigrants in Los Angeles County. Maywood joins Alhambra, Arcadia, Covina, and Montebello, that have added PACE as an option for their property owners since last year. More than 45 cities in Los Angeles County have now approved a PACE program; the following have access to Home Run PACE financing: Agoura Hills, Alhambra, Arcadia, Azusa, Baldwin Park, Claremont, Commerce, Covina, Cudahy, Duarte, El Monte, Gardena, Glendale, Glendora, Inglewood, La Verne, Lancaster, Long Beach, City of Los Angeles, Lynwood, Maywood, Montebello, Monterey Park, Norwalk, Palmdale, Redondo Beach, Santa Fe Springs, Santa Monica, Torrance, Walnut, West Covina and West Hollywood. "Approving PACE unanimously is a great step forward for Maywood," said Mayor Heber Marquez. "We live with ongoing injustices, inequities, and rising property prices, but PACE brings a new type of hope through equitable financing solutions Latino communities often don't qualify for, bringing efficient water and energy options for homeowners." The PACE financing model has evolved significantly over the last decade. It now provides the strongest consumer protections of any home improvement financing product, requiring price cap protections on project costs; additional protections for elderly and low-income homeowners; financial hardship protection policies; term verification calls to confirm the homeowner understands their contract terms; a call to verify the project is complete before the contractor gets paid; third-party inspection of the completed project; and rigorous contractor oversight and training, among several other stringent consumer protection measures. Learn more at www.homerunfinancing.com. CONTACT Severn Williams swilliams@tanagercommunications.com 510-336-9566 View original content to download multimedia: SOURCE Home Run Financing	https://www.whsv.com/prnewswire/2022/05/11/maywood-approves-pace-financing-option-energy-water-savings-renewable-energy-earthquake-preparedness-wildfire-hardening/	2022-05-11T21:30:43Z
RACINE, Wis., May 11, 2022 /PRNewswire/ -- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that it will host a conference call and webcast to discuss its fourth quarter financial results for the period ended March 31, 2022 on Thursday, May 26, 2022 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). Results are scheduled to be released after the market closes on Wednesday, May 25, 2022. During the call, Modine President and Chief Executive Officer, Neil D. Brinker, and Executive Vice President and Chief Financial Officer, Michael B. (Mick) Lucareli, will review the company's fourth quarter financial results. To access the live webcast, including presentation slides, please log on through the investor section of Modine's website at http://www.modine.com at least 10 minutes prior to the start of the event. A replay of the slides and the audio will be available on or after May 26, 2022 on the investor section of Modine's website at http://www.modine.com. An audio only replay will be available through midnight on May 31, 2022 by dialing 800-770-2030 (international replay 647-362-9199) and entering the Conference ID# 79220. A transcript of the call will be posted to the company's website on or after May 31, 2022. About Modine Modine, with fiscal 2021 revenues of $1.8 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling components, original equipment products, and systems to diversified global markets through its four complementary segments: Commercial and Industrial Solutions; Building HVAC; Heavy Duty Equipment; and Automotive. Modine is a global company headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com. Contact: Kathleen Powers (262) 636-1687 kathleen.t.powers@modine.com View original content to download multimedia: SOURCE Modine Manufacturing Company	https://www.whsv.com/prnewswire/2022/05/11/modine-host-fourth-quarter-fiscal-2022-earnings-conference-call-may-26-2022/	2022-05-11T21:30:50Z
Monument to Acquire Tempest, Creating the Most Comprehensive Digital Alcohol Treatment Program Offering on the Market Published: May. 11, 2022 at 4:00 PM EDT\|Updated: 1 hours ago NEW YORK, May 11, 2022 /PRNewswire/ -- Today, Monument and Tempest announced that Monument, a leading telemedicine platform for alcohol use disorder, has signed an agreement to acquire Tempest, a pioneering digital alcohol recovery program. Monument's acquisition of Tempest will accelerate its mission of providing a highly-personalized and holistic treatment experience for anyone looking to change their relationship with alcohol. In the coming months, Monument will integrate Tempest's extensive resource library and community programming into its existing clinician-led care plans, which include medication-assisted treatment, therapist-moderated support groups, and specialized therapy. Together, the combined services will represent the most robust and personalized virtual treatment offering on the market. In the meantime, Tempest and Monument will continue to provide service on their respective platforms and all current Tempest members will continue to have access to content, support calls and community on the Tempest platform. The acquisition will grow Monument's audience across all channels to over 300,000, representing a powerful digital community of people rethinking their drinking and building a healthier and happier life. "Today's announcement marks a major milestone in our journey to make holistic alcohol use disorder treatment available to everyone," said Mike Russell, CEO & Co-Founder of Monument. "Tempest's commitment to changing the narrative around alcohol use disorder through member-first care perfectly aligns with our own mission and values. We're thrilled to be able to offer both Monument and Tempest members new tools in their treatment journey, along with anyone else ready to take the next step." "After almost a decade of building, I'm excited for this next chapter for Tempest," said Holly Whitaker, founder of Tempest. "I believe in Monument's model and Mike Russell both as a leader and a human that wants to help people. The potential to help more people access effective and affordable treatment with this combination is endless." For more information about Monument please visit joinmonument.com or reach out to support@joinmonument.com. View original content: SOURCE Monument The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.	https://www.whsv.com/prnewswire/2022/05/11/monument-acquire-tempest-creating-most-comprehensive-digital-alcohol-treatment-program-offering-market/	2022-05-11T21:30:57Z
National Press Club To Hold Moment of Silence Thursday For Al Jazeera Reporter Published: May. 11, 2022 at 4:52 PM EDT\|Updated: 39 minutes ago WASHINGTON, May 11, 2022 /PRNewswire/ -- The National Press Club will hold a moment of silence event to mark the killing of al Jazeera reporter Shireen Abu Akleh in Jenin. Following are the details: Coverage is welcome but there will not be a Q&A as part of the event. Entry requirements: Everyone entering the National Press Club must show a proof of vaccination and a photo ID. Founded in 1908, the National Press Club is the world's leading professional organization for journalists. The Club has 3,000 members representing nearly every major news organization and is a leading voice for press freedom in the U.S. and worldwide. Contact: Bill McCarren, 202-662-7534 for the National Press Club The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.	https://www.whsv.com/prnewswire/2022/05/11/national-press-club-hold-moment-silence-thursday-al-jazeera-reporter/	2022-05-11T21:31:03Z
BOSTON, May 11, 2022 /PRNewswire/ -- Ceres and the Filene Research Institute have released a new report that finds thousands of U.S credit unions have significant unaddressed risk arising from the climate crisis. This first-of-its-kind analysis provides insights on how credit unions can respond to the climate crisis, mitigate their risks, and become part of a system-wide solution. The report, The Changing Climate for Credit Unions, finds that more than 60% of all credit unions—and at least $1.2 trillion in credit union assets—are at physical risk from climate change. They face growing risks from extreme weather events including fires, floods, hurricanes, and increased transition risk, such as changes in regulation, technology, as well as legal and reputational risks. The report argues that it is incredibly risky for credit unions to ignore the climate threats with 60% of U.S. credit unions physically located in vulnerable locations and with credit unions having $141 billion in assets from high-risk industries that are evolving due to climate change. There are almost five thousand credit unions throughout the country, serving more than 130 million people and representing over $2 trillion in assets. Credit unions represent a diverse cross-section of U.S. households, and as not-for-profit financial cooperatives, they seek to balance growth with their mission of serving and supporting local and regional communities across the country. Many of these communities are underserved and are already more likely to be severely affected by climate disasters. The report offers seven action steps for credit unions to address climate risk. They include: - Publicly acknowledge that climate change poses a risk to their balance sheet and to their members. - Conduct research and educate themselves, their members, and other stakeholders about climate-related risks and opportunities facing their organizations. - Begin collecting climate-relevant data for their organization. - Adopt the recommendations of the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (TCFD). - Conduct climate scenario analysis of their loan portfolios. - Invest in their organizations while leveraging partnerships and building system-wide resources. - Foster proactive communication among credit unions, national trade associations, state leagues, policymakers, and state and federal regulators. On Thursday, July 28, 12:00 p.m. ET, Ceres and the Filene Research Institute will host a virtual panel of credit union leaders to further discuss the findings and recommendations of the report. Registration is open. Media Contact: Barbara Grady, grady@ceres.org Related Link: Original Publication View original content to download multimedia: SOURCE Ceres	https://www.whsv.com/prnewswire/2022/05/11/new-report-finds-half-all-credit-union-industry-assets-risk-climate-change/	2022-05-11T21:31:12Z
A new study finds patients with cancer who smoke are more likely to receive evidence-based cessation assistance by using the ELEVATE program, increasing the likelihood of better outcomes. PLYMOUTH MEETING, Pa., May 11, 2022 /PRNewswire/ -- New research in the May 2022 issue of JNCCN—Journal of the National Comprehensive Cancer Network finds the inclusion of the smoking cessation tool Electronic Health Record-Enabled Evidence-Based Smoking Cessation Treatment (ELEVATE, from Epic) into electronic health records (EHRs) can increase self-reported patient quit rates by more than 5 percentage points. The study, from researchers at Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine—an NCCN Member Institution—was part of the National Cancer Institute (NCI) Cancer Moonshot program through the Cancer Center Cessation Initiative. Active smoking after a cancer diagnosis is associated with worse outcomes, lower survival rates, higher risk of additional cancers, and more frequent and severe side-effects from cancer treatment. The oncology community agrees that it is never too late to stop smoking. However, far too many patients are not receiving adequate counseling and support according to evidence-based smoking cessation guidelines. "ELEVATE seems to be emerging as a relatively rare example of a program that enables access to high-quality smoking cessation care while minimizing costs and burden," said lead researcher, Alex T. Ramsey, PhD, a Washington University researcher at Siteman Cancer Center. "ELEVATE features an easy-to-use smoking module built into the electronic health record that cues actions by multiple members of the oncology care team to assess smoking status, provide cessation advice, prescribe cessation medications, and offer a variety of cessation counseling options to patients who smoke." "We must make sure oncology providers are fully supported by the entire healthcare team and have access to efficient EHR decision support," explained senior researcher Li-Shiun, Chen, MD, MPH, ScD, also with Siteman and Washington University. "We were pleasantly surprised to see how eager oncology providers are to transform their practice in order to offer tobacco treatment as part of routine care, as long as this evidence-based care is baked into their workflow and EHR. ELEVATE offers an innovative, low-burden paradigm shift so tobacco cessation strategies can be fully embedded into point-of-care for every oncology visit." A total of 3,238 medical oncology patients documented in the EHR with a current smoking status were studied in the pre-implementation period (January through May 2018) and post-implementation period (June through December 2018). In the subsequent 6-month follow-up periods, 12% of those treated prior to the implementation of ELEVATE had documented smoking cessation, compared to 17.2% of those treated after implementation. The researchers also compared the rates of cessation for medical oncology patients versus surgical oncology patients and general internal medicine patients at Washington University over the same time periods, who did not have access to the ELEVATE program during either time. That population group consisted of 9,719 patients who smoke without a known cancer diagnosis. They found no significant changes in the rate of smoking between the two time periods for this non-cancer group. "Abstinence from smoking is a critical component of cancer care," commented Christine E. Sheffer, PhD, Roswell Park Comprehensive Cancer Center, who was not involved with this research. "The findings from this pre-post quasi-experimental study, conducted from 2018 to 2019, demonstrates the utility of using an EHR-enabled cessation tool to reach cancer patients with a moderate intervention for smoking cessation." Dr. Sheffer, a member of NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) Panel for Smoking Cessation continued: "Although the proportion of patients for whom a period of abstinence was reported during the 6 months after the intervention increased significantly, it still falls short of an obligation to provide long-term effective smoking cessation treatment as a critical component of care. Combining an EHR-enabled cessation tool with NCCN-recommended counseling and pharmacotherapy has the potential to further increase the proportion of patients who achieve, and maintain, abstinence from smoking." The NCCN Guidelines® Panel for Smoking Cessation is comprised of multidisciplinary experts on topics that include oncology, psychology, pulmonary medicine, and supportive care, from across NCCN's 32 Member Institutions. Their recommendations are available free-of-charge for non-commercial use at NCCN.org or via the Virtual Library of NCCN Guidelines® App. Smoking cessation advice is also included within NCCN Guidelines for specific cancer types. A study in the March 2022 issue of Journal of Urology found the NCCN Guidelines were the only clinical practice guidelines to include recommendations for both tobacco screening and smoking cessation for bladder cancer, and were among a very small group to provide both recommendations as part of their guidelines for non-small cell lung cancer. To read the entire ELEVATE study, visit JNCCN.org. Complimentary access to "Increased Reach and Effectiveness With a Low-Burden Point-of-Care Tobacco Treatment Program in Cancer Clinics" is available until August 10, 2022. About JNCCN—Journal of the National Comprehensive Cancer Network More than 25,000 oncologists and other cancer care professionals across the United States read JNCCN—Journal of the National Comprehensive Cancer Network. This peer-reviewed, indexed medical journal provides the latest information about innovation in translational medicine, and scientific studies related to oncology health services research, including quality care and value, bioethics, comparative and cost effectiveness, public policy, and interventional research on supportive care and survivorship. JNCCN features updates on the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®), review articles elaborating on guidelines recommendations, health services research, and case reports highlighting molecular insights in patient care. JNCCN is published by Harborside. Visit JNCCN.org. To inquire if you are eligible for a FREE subscription to JNCCN, visit NCCN.org/jnccn/subscribe. Follow JNCCN on Twitter @JNCCN. About the National Comprehensive Cancer Network The National Comprehensive Cancer Network® (NCCN®) is a not-for-profit alliance of leading cancer centers devoted to patient care, research, and education. NCCN is dedicated to improving and facilitating quality, effective, equitable, and accessible cancer care so all patients can live better lives. The NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) provide transparent, evidence-based, expert consensus recommendations for cancer treatment, prevention, and supportive services; they are the recognized standard for clinical direction and policy in cancer management and the most thorough and frequently-updated clinical practice guidelines available in any area of medicine. The NCCN Guidelines for Patients® provide expert cancer treatment information to inform and empower patients and caregivers, through support from the NCCN Foundation®. NCCN also advances continuing education, global initiatives, policy, and research collaboration and publication in oncology. Visit NCCN.org for more information and follow NCCN on Facebook @NCCNorg, Instagram @NCCNorg, and Twitter @NCCN. Media Contact: Rachel Darwin 267-622-6624 darwin@nccn.org View original content to download multimedia: SOURCE National Comprehensive Cancer Network	https://www.whsv.com/prnewswire/2022/05/11/new-research-jnccn-encourages-harnessing-health-technology-help-cancer-patients-quit-smoking/	2022-05-11T21:31:19Z
TORONTO, May 11, 2022 /PRNewswire/ - Newtopia Inc. ("Newtopia" or the "Company") (TSXV: NEWU) (OTCQB: NEWUF), a tech-enabled habit change provider focused on disease prevention, announced today that it will release its financial results for the quarter ended March 31, 2022 after market close on Wednesday, May 18, 2022. The Company will also host a conference call that day at 5:00 p.m. Eastern Time to discuss the first quarter 2022 results in further detail. To access the conference call, please dial (877) 407-3982 (U.S.) or (201) 493-6780 (International) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company's website located at newtopia.com/investors. If you cannot listen to the conference call at its scheduled time, there will be a replay available through Wednesday, June 1, 2022 which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 13729573. The webcast will also be archived on the Company's website. About Newtopia Newtopia is a tech-enabled habit change provider focused on disease prevention and reducing the cost of care for health insurers. As a provider of whole person care, we prevent, reverse and slow the progression of chronic disease while enriching mental health, resilience and overall human performance. Newtopia's programs leverage genetic, social and behavioral insights to create individualized prevention programs with a focus on type 2 diabetes, heart disease, stroke and weight. With a person-centered approach that combines virtual care, digital tools, connected devices and actionable data science, Newtopia delivers sustainable clinical and financial outcomes. Newtopia serves some of the largest nationwide employers and health plans and is currently listed on the Toronto Stock Exchange (TSXV: NEWU) (OTCQB: NEWUF). To learn more, visit newtopia.com, LinkedIn or Twitter. View original content to download multimedia: SOURCE Newtopia Inc.	https://www.whsv.com/prnewswire/2022/05/11/newtopia-schedules-first-quarter-2022-earnings-release-conference-call/	2022-05-11T21:31:26Z
MANCHESTER, N.H., May 11, 2022 /PRNewswire/ -- Applied ABC On May 4, 2022, New Hampshire Governor Sununu and Manchester Mayor Joyce Craig, Department of Education officials, and therapists attended a ribbon-cutting ceremony in Manchester, New Hampshire, to commemorate the opening of Applied ABC's newest autism therapy center. "This is exactly what we need; it is where we need it," said Governor Sununu at the ceremony. "The pandemic was just terrible in so many ways. And this community, more than anyone, was left behind exponentially. And not having that one-on-one connection with folks and that home for families to have, that they can know and rely on, where they know the staff by their first name. It makes all the difference in the world. The fact that you're here, you're growing, and part of the New Hampshire family is just awesome." Applied ABC's new autism therapy center was founded to expand access to care for families and children in the Manchester and southern New Hampshire area. Although Applied ABC has primarily followed a home-based therapy model, the opening of the Manchester clinic provides children with autism a safe and designated space where they can receive personalized quality care. "I met Jonathan and Scarlet, two of the students here. What really struck me was how happy and how much fun they were having and the connections that they had with the adults they were working with," said Mayor Craig. The creation of the Manchester, New Hampshire, autism therapy clinic was inspired by a need from members of the diverse population of parents and community members that were looking for a more accessible way for their children to receive ABA therapy. "Here, our students will foster crucial friendships as they develop important life skills," said Applied ABC Cofounder Gitty Endzweig, BCBA. Recent history has shown that close partnerships between educators, mental health experts, and policymakers are helping to improve access to services and support for children with autism and other developmental disabilities. Learn more about the ribbon-cutting event for Applied ABC's newest autism therapy center. Applied ABC is an ABA therapy agency that provides home- and clinic-based behavioral therapy to children and young adults diagnosed with autism spectrum disorder in 29 states. View original content to download multimedia: SOURCE Applied ABC	https://www.whsv.com/prnewswire/2022/05/11/nh-governor-sununu-manchester-mayor-craig-attend-ribbon-cutting-new-autism-therapy-center/	2022-05-11T21:31:33Z
SHANGHAI, May 11, 2022 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its unaudited financial results for the first quarter of 2022. FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS - Net revenues for the first quarter of 2022 were RMB795.7 million (US$125.5 million), a 35.0% decrease from the corresponding period in 2021, and a 36.9% decrease from the fourth quarter of 2021, mainly due to decreases in one-time commissions and performance-based incomes. - Income from operations for the first quarter of 2022 was RMB313.8 million (US$49.5 million), a 37.5% decrease from the corresponding period in 2021, due to the decreased net revenues for the first quarter of 2022, but a 137.2% increase from the fourth quarter of 2021, due to less expenses and provision of credit losses incurred, which is partially offset by a decrease in net revenues. - Net income attributable to Noah shareholders for the first quarter of 2022 was RMB305.2 million (US$48.2 million), a 32.8% decrease from the corresponding period in 2021, but an 8.5% increase from the fourth quarter of 2021. - Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2022 was RMB313.5 million (US$49.5 million), a 32.1% decrease from the corresponding period in 2021, but an 8.2% increase from the fourth quarter of 2021. FIRST QUARTER 2022 OPERATIONAL UPDATES Wealth Management Business We offer investment products and provide value-added services to high net worth investors in China and overseas for our wealth management business. We primarily distribute private equity, private secondary, mutual funds and other products denominated in RMB and other currencies. - Total number of registered clients as of March 31, 2022 was 415,082, an 8.1% increase from March 31, 2021, and a 0.8% increase from December 31, 2021. - Total number of active clients[2], which excluded mutual fund-only clients during the first quarter of 2022 was 2,818, a 55.3% decrease from the first quarter of 2021, and a 21.2% decrease from the fourth quarter of 2021. Including mutual fund-only clients, the number of clients who transacted with us during the first quarter of 2022 was 14,970, a 46.2% decrease from the first quarter of 2021, and a 14.2% decrease from the fourth quarter of 2021. The decreases were mainly related to the adverse performance of secondary market in the first quarter. - Aggregate value of investment products distributed during the first quarter of 2022 was RMB15.0 billion (US$2.4 billion), a 44.6% decrease from the first quarter of 2021, primarily due to a 68.7%, 33.2% and 17.8% decrease of private secondary products, private equity products and mutual fund products, respectively. The aggregate value decreased by 28.7% compared with the fourth quarter of 2021, due to a 39.5% and 30.3% decrease of private secondary products and mutual fund products, respectively and partially offset by a 4.6% increase of private equity products. - Coverage network in mainland China covered 83 cities as of March 31, 2022, compared with 82 cities as of March 31, 2021 and 84 cities as of December 31, 2021. - Number of relationship managers was 1,281 as of March 31, 2022, a 2.8% increase from March 31, 2021, but a 2.7% decrease from December 31, 2021. Asset Management Business Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China with overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. - Total assets under management as of March 31, 2022 remained relatively stable in the amount of RMB156.1 billion (US$24.6 billion), a 1.3% increase from March 31, 2021. Other Businesses Our other businesses segment has been transitioned to "Noah Digital International", and to provide more comprehensive services and investment products to our clients. Ms. Jingbo Wang, co-founder and CEO of Noah, said, "In the first quarter of 2022, I am happy to see the number of our core clients, diamond and black card, continued to grow at 7.3% and 30.6% year-on-year respectively amid volatile market environment, showing the effectiveness of our client-centric reform. Despite weaker transaction value in mutual funds and private secondary products, which is in line with the market trend, and thanks to the sophistication of our clients and our investor education efforts, we allocated 4.6% more long-duration private equity products in the quarter compared with the fourth quarter of 2021. With the successful implementation of our new compensation scheme in 2021, as well as strict cost control and strategic investment, our operating margin restored to nearly 40% in the first quarter. We are mindful of the global macro outlook and the impact of the recent COVID-19 lockdowns in China, and recommend our clients to adopt a Protection before Growth strategy in 2022, by reevaluating and proactively rebalancing the asset allocation to construct a well-positioned portfolio that is safe and effective. We remain confident in the resilience of Chinese economy, the growth of the wealth management and asset management industries here, as well as the support from our clients, and hope to meet the full-year non-GAAP net income guidance that we published in the last earnings release." FIRST QUARTER 2022 FINANCIAL RESULTS Net Revenues Net revenues for the first quarter of 2022 were RMB795.7 million (US$125.5 million), a 35.0% decrease from the corresponding period in 2021, primarily due to decreases in one-time commissions and performance-based income, partially offset by increases in recurring service fees and other service fees. - Wealth Management Business - Net revenues from one-time commissions for the first quarter of 2022 were RMB92.6 million (US$14.6 million), a 68.4% decrease from the corresponding period in 2021, primarily due to a 68.7% decrease in transaction value of private secondary products that we distributed. - Net revenues from recurring service fees for the first quarter of 2022 were RMB310.8 million (US$49.0 million), a 0.9% decrease from the corresponding period in 2021. - Net revenues from performance-based income for the first quarter of 2022 were RMB156.0 million (US$24.6 million), compared with RMB325.6 million in the corresponding period of 2021. The decrease was primarily due to less performance-based income that were shared from private secondary products providers. - Net revenues from other service fees for the first quarter of 2022 were RMB19.0 million (US$3.0 million), compared with RMB13.9 million in the corresponding period in 2021, primarily due to more value-added services we offered to our high net worth clients. - Asset Management Business - Net revenues from one-time commissions for the first quarter of 2022 was RMB9.2 million (US$1.5 million), a 69.1% decrease from the corresponding period in 2021 due to less private equity products sold. - Net revenues from recurring service fees for the first quarter of 2022 were RMB173.3 million (US$27.3 million), a 7.5% increase from the corresponding period in 2021 due to increase in assets under management. - Net revenues from performance-based income for the first quarter of 2022 were RMB18.1 million (US$2.9 million), compared with RMB77.5 million in the corresponding period of 2021. The decrease was primarily due to less performance-based income realized from private equity products. - Other Businesses - Net revenues for the first quarter of 2022 were RMB16.6 million (US$2.6 million), compared with RMB8.3 million from the corresponding period in 2021. Operating Costs and Expenses Operating costs and expenses for the first quarter of 2022 were RMB481.9 million (US$76.0 million), a 33.3% decrease from the corresponding period in 2021. Operating costs and expenses primarily consisted of compensation and benefits of RMB357.9 million (US$56.5 million), selling expenses of RMB59.9 million (US$9.5 million), general and administrative expenses of RMB58.2 million (US$9.2 million), reversal of provision of credit losses of RMB9.2 million (US$1.5 million) and other operating expenses of RMB29.6 million (US$4.7 million). - Operating costs and expenses for the wealth management business for the first quarter of 2022 were RMB343.1 million (US$54.1 million), a 35.1% decrease from the corresponding period in 2021, primarily due to less relationship manager compensation relating to transaction value of investment products distributed and less selling, general and administrative expenses incurred. - Operating costs and expenses for the asset management business for the first quarter of 2022 were RMB106.7 million (US$16.8 million), a 31.4% decrease from the corresponding period in 2021, primarily due to less performance fee compensation as well as less selling, general and administrative expenses incurred. - Operating costs and expenses for other businesses for the first quarter of 2022 were RMB32.1 million (US$5.1 million), a 16.6% decrease from the corresponding period in 2021, primarily due to less compensation and benefits. Operating Margin Operating margin for the first quarter of 2022 was 39.4%, compared with 41.0% for the corresponding period in 2021. - Operating margin for the wealth management business for the first quarter of 2022 was 40.7%, compared with 44.2% for the corresponding period in 2021. - Operating margin for the asset management business for the first quarter of 2022 was 46.8%, compared with 42.4% for the corresponding period in 2021. - Loss from operation for the other businesses for the first quarter of 2022 was RMB15.5 million (US$2.4 million), compared with an operating loss of RMB30.2 million for the corresponding period in 2021, due to more revenues generated in the first quarter of 2022. Investment Income Investment income for the first quarter of 2022 was RMB25.4 million (US$4.0 million), compared with RMB34.4 million for the corresponding period in 2021. Income Tax Expenses Income tax expenses for the first quarter of 2022 were RMB77.3 million (US$12.2 million), a 40.4% decrease from the corresponding period in 2021. The decrease was primarily due to less taxable income. Net Income - Net Income - Net income for the first quarter of 2022 was RMB304.2 million (US$48.0 million), a 32.8% decrease from the corresponding period in 2021. - Net margin for the first quarter of 2022 was 38.2%, up from 37.0% for the corresponding period in 2021. - Net income attributable to Noah shareholders for the first quarter of 2022 was RMB305.2 million (US$48.2 million), a 32.8% decrease from the corresponding period in 2021. - Net margin attributable to Noah shareholders for the first quarter of 2022 was 38.4%, up from 37.1% for the corresponding period in 2021. - Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2022 was RMB4.54 (US$0.72) and RMB4.52 (US$0.71), respectively, compared with RMB6.77 and RMB6.72 for the corresponding period in 2021, respectively. - Non-GAAP Net Income Attributable to Noah Shareholders - Non-GAAP net income attributable to Noah shareholders for the first quarter of 2022 was RMB313.5 million (US$49.5 million), a 32.1% decrease from the corresponding period in 2021, but an 8.6% increase from the fourth quarter of 2021. - Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2022 was 39.4%, up from 37.7% for the corresponding period in 2021. - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2022 was RMB4.65 (US$0.73), down from RMB6.84 for the corresponding period in 2021. Balance Sheet and Cash Flow As of March 31, 2022, the Company had RMB3,899.9 million (US$615.2 million) in cash and cash equivalents, compared with RMB3,404.6 million as of December 31, 2021 and RMB4,904.3 million as of March 31, 2021, respectively. Net cash inflow from the Company's operating activities during the first quarter of 2022 was RMB501.2 million (US$79.1 million), primarily due to operating cash inflow generated by net income and collection of accounts receivables. Net cash inflow from the Company's investing activities during the first quarter of 2022 was RMB9.3 million (US$1.5 million), primarily due to the collection of loans originated. Net cash outflow from the Company's financing activities was RMB12.1 million (US$1.9 million) in the first quarter of 2022, primarily due to payment of assumed liability resulting from certain asset acquisition. 2022 FORECAST The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2022 will be in the range of RMB1.45 billion to RMB1.55 billion. This estimate reflects management's current business outlook and is subject to change. CONFERENCE CALL Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter of 2022 unaudited financial results and recent business activities. The conference call may be accessed with the following details: A telephone replay will be available starting one hour after the end of the conference call until May 18, 2022 at +1-877-344-7529 (US Toll Free) or 1-412-317-0088 (International Toll). The replay access code is 9378127. A live and archived webcast of the conference call will be available at Noah's investor relations website under the Announcements & Events section at ir.noahgroup.com. DISCUSSION ON NON-GAAP MEASURES In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management. ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH) is a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. In the first quarter of 2022, Noah distributed RMB15.0 billion (US$2.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB156.1 billion (US$24.6 billion) as of March 31, 2022. Noah's wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,281 relationship managers across 83 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong, Taiwan, New York, Silicon Valley and Singapore. The Company's wealth management business had 415,082 registered clients as of March 31, 2022. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. Noah also provides other businesses. For more information, please visit Noah at ir.noahgroup.com. FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the first quarter of 2022 ended March 31, 2022 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.3393 to US$1.00, the effective noon buying rate for March 31, 2022 as set forth in the H.10 statistical release of the Federal Reserve Board. SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for 2022 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law. ____________________________________ -- FINANCIAL AND OPERATIONAL TABLES FOLLOW -- View original content: SOURCE Noah Holdings Limited	https://www.whsv.com/prnewswire/2022/05/11/noah-holdings-limited-announces-unaudited-financial-results-first-quarter-2022/	2022-05-11T21:31:43Z
VANCOUVER, BC, May 11, 2022 /PRNewswire/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today reported unaudited results for the quarter ended March 31, 2022 ("Q1 2022"). "Pan American reported strong financial performance in the quarter, enabling us to declare a dividend of $0.12 per common share for Q1, in line with the new dividend policy announced in February 2022," said Michael Steinmann, President and Chief Executive Officer. "As we indicated in our February 23, 2022 news release, our operations experienced high levels of workforce absenteeism in January and early February due to the Omicron variant of COVID-19. Workforce deployment is now back to more normal levels, and we are maintaining our guidance for 2022 with production weighted to the second half of the year." Consolidated Q1 2022 Highlights: - Silver production of 4.6 million ounces and gold production of 131.0 thousand ounces. - Revenue of $439.9 million included inventory draw downs of 531.6 thousand ounces of silver and 17.6 thousand ounces of gold. - Net earnings of $76.8 million ($0.36 basic income per share). Adjusted earnings were $32.0 million ($0.15 basic adjusted income per share), with the most significant adjustment being the exclusion of the $44.6 million one-time gain for Pan American's investment in Maverix Metals Inc. ("Maverix"). - Operations generated $68.8 million of cash flow, net of $58.3 million in tax payments. - Silver Segment Cash Costs and All-in Sustaining Costs ("AISC") per silver ounce were $10.23 and $13.41, respectively. Excluding Net Realizable Value ("NRV") inventory adjustments, Silver Segment AISC was $13.08 per ounce. - Gold Segment Cash Costs and AISC per gold ounce were $1,069 and $1,502, respectively. Excluding NRV inventory adjustments, Gold Segment AISC was $1,409 per ounce. - Completed a quarterly-record 25,924 metres drilled on the La Colorada Skarn project, advanced pre-sinking of the concrete lined ventilation shaft and began commissioning of the refrigeration plant. See the news release issued on May 9, 2022, for further details on the recent drill results. - Management maintains its guidance for 2022 production, costs and capital expenditures. Production is expected to be weighted to the second half of 2022, reflecting the impact on production from reduced workforce deployment levels in Q1 2022 due to the Omicron variant and mine sequencing. See the "2022 Guidance" section of this news release for further details, and the Company's Management's Discussion and Analysis for the three months ended March 31, 2022. - As at March 31, 2022, Pan American had working capital of $620.7 million, inclusive of cash and short-term investment balances of $326.3 million; a long-term investment in Maverix with a market value of $124.7 million; and $500.0 million available under our sustainability-linked credit facility. Total debt of $47.0 million was related to lease liabilities and construction loans. - A cash dividend of $0.12 per common share has been declared, payable on or about June 3, 2022, to holders of record of Pan American's common shares as of the close on May 24, 2022. The dividend is comprised of a base dividend of $0.10 per common share and a variable dividend of $0.02 per common share. On February 23, 2022, Pan American introduced a dividend policy that provides for a base dividend plus a supplemental dividend amount tied to our net cash balance. The dividends are eligible dividends for Canadian income tax purposes. CONSOLIDATED RESULTS Cash Costs, AISC, adjusted earnings, basic adjusted earnings per share, sustaining and non-sustaining capital, working capital, total debt and net cash are not generally accepted accounting principle ("non-GAAP") financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. This news release should be read in conjunction with Pan American's unaudited Condensed Interim Consolidated Financial Statements and our Management's Discussion and Analysis for the three months ended March 31, 2022. This material is available on Pan American's website at panamericansilver.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. 2022 GUIDANCE There are no changes to the guidance for 2022 provided on February 23, 2022, as detailed below. We are currently experiencing higher than expected overall inflationary pressures, particularly for diesel and certain consumables, as well as disruptions in the supply chain. Management is monitoring this situation and will adjust its cost estimates if required. These estimates are forward-looking statements and information that are subject to the cautionary note associated with forward-looking statements and information at the end of this news release. Annual Production Cash Costs and AISC Capital Expenditures Conference Call and Webcast The live webcast, presentation slides and the Q1 2022 report will be available at panamericansilver.com. An archive of the webcast will also be available for three months. About Pan American Silver Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 28-year history of operating in Latin America, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com. Technical Information Scientific and technical information contained in this news release have been reviewed and approved by Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, and Christopher Emerson, FAusIMM, Vice President Business Development and Geology, each of whom are Qualified Persons, as the term is defined in Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects. For additional information about Pan American's material mineral properties, please refer to Pan American's Annual Information Form dated February 23, 2022, filed at www.sedar.com, or the Company's most recent Form 40-F filed with the Securities and Exchange Commission. Alternative Performance (Non-GAAP) Measures In this news release, we refer to measures that are not generally accepted accounting principle ("non-GAAP") financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include: - Cash Costs. Pan American's method of calculating cash costs may differ from the methods used by other entities and, accordingly, Pan American's Cash Costs may not be comparable to similarly titled measures used by other entities. Investors are cautioned that Cash Costs should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. - Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect normalized earnings as they eliminate items that in management's judgment are subject to volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods. - All-in Sustaining Costs per silver or gold ounce sold, net of by-product credits ("AISC"). Pan American has adopted AISC as a measure of its consolidated operating performance and its ability to generate cash from all operations collectively, and Pan American believes it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash costs per payable ounce, as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect Pan American's consolidated earnings and cash flow. - Total debt is calculated as the total current and non-current portions of: long-term debt, finance lease liabilities and loans payable. Total debt does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the financial debt leverage of Pan American. - Net cash is calculated as cash and cash equivalents plus short-term investments, other than equity securities less total debt. - Working capital is calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate whether Pan American is able to meet its current obligations using its current assets. - Total available liquidity is calculated as the sum of Cash and cash equivalents, Short-term Investments, and the amount available on the Credit Facility. Total available liquidity does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the liquid assets available to Pan American. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American's Management's Discussion and Analysis for the period ended December 31, 2021, for a more detailed discussion of these and other non-GAAP measures and their calculation. Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2022, our estimated Cash Costs and AISC, and our sustaining and project capital expenditures in 2022; the anticipated timing for metals production; the impact of inflationary pressures on our operations and business, particularly for diesel and certain consumables, as well as the impacts related to disruptions in the supply chain; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; expectations with respect to the future anticipated impact of COVID-19 on our operations and the assumptions that the impact of COVID-19, including the Omicron variant, will be such that we will be able to maintain our workforce at near normal levels in 2022; the ability to continue making progress at any of our exploration projects, including the Wetmore and Whitney projects, and the results of any exploration programs undertaken; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate sustainability-linked credit facility or otherwise, to sustain our business and operations; and the ability of Pan American to successfully complete any capital projects, including, but not limited to, the La Colorada Skarn project, the expected economic or operational results derived from those projects, and the impacts of any such projects on Pan American and Pan American's plans and expectations for its properties and operations. These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the world-wide economic and social impact of COVID-19 and the duration and extent of the COVID-19 pandemic and related restrictions, and the presence and impact of COVID-19 and COVID-19 related restrictions on our workforce, suppliers and other essential resources and what effect those impacts, if they change, would have on our business; the effect that the COVID-19 pandemic may have on our financial and operational results; the ability of Pan American to continue with its operations, or to successfully maintain our operations on care and maintenance, should the situation related to COVID-19 not be as anticipated; continuation of operations following shutdowns or reductions in production, our ability to manage reduced operations efficiently and economically, including to maintain necessary staffing; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects at La Colorada and our other operations, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; the world-wide economic and social impact of COVID-19 and the duration and extent of the COVID-19 pandemic and related restrictions; the presence and impact of COVID-19 and COVID-19 related restrictions on our workforce, suppliers and other essential resources and what effect those impacts, if they change, would have on our business; the effect that the COVID-19 pandemic may have on our financial and operational results; the ability of Pan American to continue with its operations, or to successfully maintain our operations on care and maintenance, should the situation related to COVID-19 not be as anticipated; continuation of operations following shutdowns or reductions in production, if applicable, and our ability to manage reduced operations efficiently and economically, including to maintain necessary staffing; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects at La Colorada and our other operations, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. View original content: SOURCE Pan American Silver Corp.	https://www.whsv.com/prnewswire/2022/05/11/pan-american-silver-reports-revenue-4399-million-q1-2022/	2022-05-11T21:31:51Z
Record quarterly gross profit of $4.3 million (17.2% margin), up $4.4 million from the prior year (-3.3% margin) TORONTO, May 11, 2022 /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced the filing of its Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter ending March 31, 2022. A comprehensive discussion of Payfare's financial position and results of operations are provided in the MD&A, which is filed on SEDAR under Payfare's profile and can be found at www.sedar.com. Q1 2022 Financial Highlights: - Revenue of $24.9 million, representing a $19.8 million (393%) increase over Q1 2021. - Gross profit of $4.3 million (17.2% margin) in Q1 2022, up $4.4 million compared to Q1 2021 (-3.3% margin). - Ended Q1 2022 with 696,362 active users1, an increase of 184,590 (36%) compared to active users as at December 31, 2021 and an increase of 549,520 (374%) compared to active users as at March 31, 2021. - Total gross dollar value (Total GDV)1 in Q1 2022 was $1.4 billion, an increase of $0.4 billion (41%) over Q4 2021 and $1.1 billion (321%) over Q1 2021. "The first quarter was a significant financial milestone for Payfare as we achieved record growth in gross profit dollars and margin," said Marco Margiotta, CEO and Founding Partner of Payfare. "This demonstrates the strength of our business model and charts a path to further margin expansion over the balance of the year." Conference Call Management will host a conference call on Thursday, May 12, 2022, at 8:30 a.m. ET to discuss these results. A short presentation in connection with the conference call will be made available on the Company's website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts. To access the conference call, please dial (438) 803-0546 or (888) 440-2009. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through. An archived recording of the conference call will be available until May 20, 2022. To listen to the recording, call 647-362-9199 or 1-800-770-2030 and enter passcode 2151054. Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce. 1Non-IFRS and Supplementary Financial Measures This press release contains references to "active users" and "Total GDV" which are not measures prescribed by International Financial Reporting Standards (IFRS). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management's perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions. Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers. The Company determines the number of users to its services based on active users. "Active users" represent users who have loaded earnings on their card in the period. "Total GDV" is defined as the aggregate dollar amount of active user earnings and direct deposits loaded on their payment card during the period. Additional information on these measure may be found under the heading "Definitions – IFRS, Additional GAAP and Non-GAAP Measures" in the MD&A for the three months ended March 31, 2022 and 2021 which is available under Payfare's profile on SEDAR at www.sedar.com and is incorporated by reference to this press release. Forward-Looking Information This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects Payfare's current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding the strength of the Company's business model and further margin expansion over the balance of the year. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the "Risk Factors" section in Payfare's MD&A for the year ended December 31, 2021. Other factors that could cause actual results or events to differ materially include the inability of Payfare to launch its new programs or platforms that are planned for 2022 in a timely manner, Payfare's inability to manage the increased volume of new cardholder sign-ups, active users or transactions, the impact of inflation on Payfare's revenue model which may impact management's expectations on margin growth during 2022, the imposition of new restrictions related to the COVID-19 pandemic, Payfare's ability to finance and support new programs and platforms, and a general decline in the credit markets or gig economy in North America. Accordingly, readers should not place undue reliance on forward-looking information. Payfare does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. View original content: SOURCE Payfare	https://www.whsv.com/prnewswire/2022/05/11/payfare-announces-first-quarter-2022-financial-results/	2022-05-11T21:31:57Z
BILOXI, Miss., May 11, 2022 /PRNewswire/ -- Peoples Financial Corporation (the "Company")(OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the first quarter ending March 31, 2022. First Quarter Earnings Net income for the first quarter of 2022 was $887,000 compared to net income of $4,330,000 for the first quarter of 2021. The earnings per weighted average common share for the first quarter of 2022 were $0.19 compared to earnings per weighted average common share of $0.89 for the first quarter of 2021. Per share figures are based on weighted average common shares outstanding of 4,678,186 and 4,878,557 for the first quarters 2022 and 2021, respectively. Earnings for the first quarter of 2021 included a reduction in the allowance for loan losses of $4,853,000. This reduction was the result of a recovery of $4,510,000 due to a previously charged off loan. Results for 2021 also included the cost of $1,125,000 relating to the settlement of a lawsuit. Impairment of Investment The Company completed its review (the "Review") of accounting related to the application of accounting principles generally accepted in the United States of America ("GAAP") that was previously announced in the Current Report Form 8-K originally filed on April 25, 2022, and amended on April 26, 2022. As announced previously, the Review focused on the accounting for a limited partnership investment (the "Investment") in a Low Income Housing Tax Credit entity (the "LIHTC Entity") that is held by the Company separate from its investment in its wholly owned bank subsidiary, The Peoples Bank, Biloxi, Mississippi. As a result of the Review, the Company concluded that its accounting for the Investment under GAAP according to "Accounting Standards Codification ('ASC')" 323, Equity Method and Joint Ventures (the "Accounting Guidance"), through the application of the equity method should have also included a periodic evaluation of the Investment for impairment (the "Error") as required by the Accounting Guidance. The Investment was purchased in 2008 and was primarily designed to provide tax credits to the Company over 10 years. The Error resulting from the failure to periodically evaluate the Investment for impairment totaled $2,110,000 cumulatively and should have been recorded in years ending December 31, 2018 and earlier. As part of the Review, the Company's management prepared an analysis relating to the potential impairment of the Investment. The analysis was prepared in accordance with the guidance set forth in Securities and Exchange Commission ("SEC") Staff Accounting Bulletin 99, Materiality, and SEC Staff Accounting Bulletin 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financials (collectively, "SEC Guidance"). In reliance upon management's analysis prepared as part of the Review, the Audit Committee of the Company concluded that the Error did not create any material misstatement to previously issued financial statements for any prior periods, the current period or the trend in earnings considering both quantitative and qualitative elements as required by the SEC Guidance. The Audit Committee, in reliance upon management's analysis and recommendations, also concluded that correcting the cumulative effect of the Error in the current period would result in a material misstatement in the current period. Therefore, a correction of the Error will be reflected in the Company's previously reported financial information contained in the Quarterly Report on Form 10-Q for the three months ended March 31, 2022. This decision was discussed with the Company's independent registered public accounting firm, Wipfli, LLP, in connection with the preparation of the Form 10-Q for the three months ended March 31, 2022. Shareholders' Equity Total shareholders' equity decreased from $92,350,000 at March 31, 2021 to $70,671,000 at March 31, 2022. The decrease is largely attributable to the increase in unrealized losses on the available for sale securities portfolio during the first quarter of 2022 of $19,334,000. These unrealized losses result from interest rate changes. The Company's risk-based capital ratios remain strong at 21.21% as of March 31, 2022. About the Company Founded in 1896, with $939 million in total assets as of March 31, 2022, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, the Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936. Peoples Financial Corporation's common stock is listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at the Company's website, www.thepeoples.com, and at the website of the Securities and Exchange Commission, www.sec.gov. This news release reflects industry conditions, Company performance and financial results and contains "forward-looking statements,' which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company's actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website and the Company's website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason. View original content to download multimedia: SOURCE Peoples Financial Corporation	https://www.whsv.com/prnewswire/2022/05/11/peoples-financial-corporation-reports-results-first-quarter-2022/	2022-05-11T21:32:03Z
WINNIPEG, MB, May 11, 2022 /PRNewswire/ - Pollard Banknote Limited (TSX: PBL) today announced that its Board of Directors has declared a cash dividend of $0.04 per Common Share for the period from April 1, 2022 to June 30, 2022. Payment will be made on July 15, 2022 to shareholders of record on June 30, 2022. About Pollard Banknote Limited Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, in-lane ticket options, and sales-driving merchandising solutions from its Schafer Retail Solutions + portfolio. It also offers a full suite of digital offerings, ranging from world-class game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also provides pull-tab tickets, bingo paper, ticket vending machines, and its Diamond Game and Compliant Gaming electronic games and devices to charitable and other gaming markets in North America. Established in 1907, Pollard Banknote is owned approximately 64.3% by the Pollard family and 35.7% by public shareholders, and is publicly traded on the TSX (PBL). For more information, please visit our website at www.pollardbanknote.com. Forward-looking Statements Certain statements in this press release may constitute "forward-looking" statements and information, which involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this document, such statements include such words as "may," "will," "expect," "believe," "plan," and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented, or revised whether as a result of new information, changing circumstances, future events, or otherwise. View original content to download multimedia: SOURCE Pollard Banknote Limited	https://www.whsv.com/prnewswire/2022/05/11/pollard-banknote-announces-dividend/	2022-05-11T21:32:10Z
WINNIPEG, MB, May 11, 2022 /PRNewswire/ - Pollard Banknote Limited (TSX: PBL) ("Pollard") today released its financial results for the three months ended March 31, 2022. Results and Highlights for the First Quarter ended March 31, 2022 - Sales reached $113.9 million, up 1.5% from the first quarter of 2021 - Combined sales(1) in the quarter, including our share of our NeoPollard Interactive LLC ("NPi") joint venture's sales, reached $125.2 million, up 2.5% from the $122.1 million achieved in 2021 - Income from operations was $9.3 million, compared to $12.3 million in the first quarter of 2021, primarily due to two specific factors: - Adjusted EBITDA(1) achieved in the first quarter of 2022 of $19.0 million decreased from $23.3 million in the first quarter of 2021 primarily due to the factors discussed above - NPi continued to demonstrate strong organic growth when compared to the third and fourth quarters of 2021 - Retail sales of instant ticket products remain at strong levels in the U.S. and in certain international jurisdictions - Charitable gaming and eGaming systems businesses continued to experience unprecedented demand, achieving record revenues and earnings - Inflationary price increases on our key instant ticket inputs (paper, ink and freight) negatively impacted margins "Given the challenging business conditions we are pleased with our financial results achieved in the first quarter of 2022 and the foundation laid for continuing improvement going forward in 2022," declared John Pollard, Co-Chief Executive Officer. "There is significant demand for all of our major products and these trends are expected to continue." "We set a quarterly record for production of instant tickets in the first quarter, reflecting the continued strong demand from our lottery customers combined with our success in expanding our production capacity through increased staffing. Our production volume increased as we proceeded through the first quarter, with noticeably higher volumes produced in March. However, our sales volumes for the first quarter were approximately 7% lower than actual production volumes, due to certain shipments falling into the first part of the second quarter." "Our quarterly combined sales of $125.2 million and Adjusted EBITDA of $19.0 million would have been higher had our sales volume mirrored our actual production volume, as this additional revenue and margin will be recognized next quarter. As expected, our mix of instant ticket product improved to a greater proportion of higher value work towards the end of the first quarter and we anticipate this trend will continue. As well, our production efficiencies improved slightly during this quarter and we believe that we will continue to see improvements in this area going forward." "Demand for our main products and services remained very strong throughout the quarter," commented Doug Pollard, Co-Chief Executive Officer. "Lotteries continue to place strong order volumes, well above pre-pandemic levels. Our charitable gaming and eGaming systems businesses are experiencing high levels of demand and very strong revenue in the first quarter, including sales of pull-tabs, bingo paper and electronics, particularly with our tablet-based solutions." "Our iLottery operations recorded their second quarter in a row of solid organic growth, with particularly strong results from our two newest operations in Virginia and Alberta. After the significant impact of the pandemic and large jackpot runs in draw-based games a year ago, we are very pleased to see steady improvement in our existing operations." "Inflationary price increases on our key instant ticket inputs (paper, ink and freight) continue to be an issue. Previously announced price increases were absorbed during the first quarter and we have been advised of additional price increases being implemented in the second and third quarters, reflecting the state of the pulp and paper industry, and impacting all paper-based businesses worldwide. While we have been able to pass on these cost increases to our customers in the charitable gaming market, the nature of our long-term lottery contracts, with fundamentally fixed selling prices, makes it difficult to adjust our instant ticket pricing in the short term." "We continue to initiate a number of strategies to deal with this margin pressure, including increasing our ticket production volumes, which we were able to achieve in the first quarter. Over time we expect to be able to increase our selling prices to reflect these higher input costs; however, this will take some time as our contracts have an average 3-5 year term." Use of GAAP and Non-GAAP Financial Measures The selected financial and operating information has been derived from, and should be read in conjunction with, the unaudited condensed consolidated financial statements of Pollard as at and for the three months ended March 31, 2022. These financial statements have been prepared in accordance with the International Financial Accounting Standards ("IFRS" or "GAAP"). Reference to "EBITDA" is to earnings before interest, income taxes, depreciation, amortization and purchase accounting amortization. Reference to "Adjusted EBITDA" is to EBITDA before unrealized foreign exchange gains and losses, and certain non-recurring items including acquisition costs, litigation settlement costs, contingent consideration fair value adjustments and insurance proceeds (net). Adjusted EBITDA is an important metric used by many investors to compare issuers on the basis of the ability to generate cash from operations and management believes that, in addition to net income, Adjusted EBITDA is a useful supplementary measure. Reference to "Combined sales" is to sales recognized under GAAP plus Pollard's 50% proportionate share of NeoPollard Interactive LLC's ("NPi") sales, its iLottery joint venture operation. Reference to "Combined iLottery sales" is to sales recognized under GAAP for Pollard's 50% proportionate share of its Michigan Lottery joint iLottery operation plus Pollard's 50% proportionate share of NPi' s sales, its iLottery joint venture operation. EBITDA, Adjusted EBITDA, Combined sales and Combined iLottery sales are measures not recognized under GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures presented by other entities. Investors are cautioned that EBITDA, Adjusted EBITDA, Combined sales and Combined iLottery sales should not be construed as alternatives to net income or sales as determined in accordance with GAAP as an indicator of Pollard's performance or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows. Forward-Looking Statements Certain statements in this report may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this document, such statements include such words as "may," "will," "expect," "believe," "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise. POLLARD BANKNOTE LIMITED Pollard is one of the leading providers of products and solutions to lottery and charitable gaming industries throughout the world. Management believes Pollard is the largest provider of instant tickets based in Canada and the second largest producer of instant tickets in the world. In addition, management believes Pollard is also the second largest bingo paper and pull-tab supplier to the charitable gaming industry in North America and, through its 50% joint venture, the largest supplier of iLottery solutions to the U.S. lottery market. On January 14, 2021, Pollard completed the acquisition of Next Generation Lotteries AS ("NGL"). On December 31, 2020, Pollard signed a definitive agreement to acquire 100% of the equity of NGL for a purchase price of €36.0 million ($56.5 million), prior to standard working capital adjustments and certain deferred cash considerations, of which €4.0 million ($5.9 million) will be paid upon the achievement of certain gross margin targets in 2021. The purchase price was funded from existing Pollard cash resources and availability under the existing credit facilities, and the issuance of treasury shares of Pollard for approximately €5.2 million ($8.0 million). Results of Operations – Three months ended March 31, 2022 During the three months ended March 31, 2022, Pollard achieved sales of $113.9 million, compared to $112.2 million in the three months ended March 31, 2021. Factors impacting the $1.7 million sales increase were: - Higher sales of ancillary lottery products and services increased revenue by $2.1 million in 2022. This growth was largely due to increased sales of digital and loyalty products, and retail merchandising products compared to 2021. - A lower instant ticket average selling price decreased sales by $3.9 million as compared to 2021 due to lower margin customer mix in the beginning of the quarter in 2022. This decrease was partially offset by an increase in instant ticket sales volumes in 2022, which increased sales by $2.0 million. - Lower sales from Michigan iLottery decreased revenue in 2022 by $2.5 million as compared to 2021 when Michigan iLottery sales were higher as a result of a double jackpot run early in the quarter. - eGaming systems revenue increased sales by $2.9 million due to a higher number of eGaming machines placed at charitable establishments as compared to 2021. As well, more retail establishments were open in the first quarter of 2022, as a number of jurisdictions had closed retail establishments where eGaming machines are placed due to COVID-19 during the first quarter of 2021. - The higher average selling price of charitable games in 2022 also increased sales by $2.7 million, as we have been able to pass along related inflationary cost increases. - During the three months ended March 31, 2022, Pollard generated approximately 70.6% (2021 – 70.1%) of its revenue in U.S. dollars including a portion of international sales which are priced in U.S. dollars. During the first quarter of 2022, the actual U.S. dollar value was converted to Canadian dollars at $1.270, compared to a rate of $1.273 during the first quarter of 2021. This 0.3% decrease in the U.S. dollar value resulted in an approximate decrease of $0.2 million in revenue relative to the first quarter of 2021. In addition, during the quarter the value of the Canadian dollar strengthened against the Euro resulting in an approximate decrease of $0.7 million in revenue relative to the first quarter of 2021. Cost of sales was $91.9 million in the first quarter of 2022 compared to $87.4 million in the first quarter of 2021. The increase of $4.5 million in cost of sales was primarily the result of inflationary pressures on raw material costs and increases in certain manufacturing overhead costs. In addition, increased sales of ancillary lottery products and services further contributed to the increase in cost of sales as compared to 2021. Gross profit was $22.0 million (19.3% of sales) in the first quarter of 2022 compared to $24.8 million (22.1% of sales) in the first quarter of 2021. This decrease of $2.8 million in gross profit was primarily a result of the reduction in Michigan iLottery sales, lowering gross profit by $2.1 million. Other factors contributing to the decrease in gross profit include lower instant ticket sales margin, due to a less profitable customer mix and increased manufacturing costs, and the lower contribution from NGL as compared to 2021. These decreases were partially offset by the increases in eGaming systems and charitable gaming sales as compared to 2021. The lower gross margin percentage was due to the reduction in higher margin Michigan iLottery sales, the change in the mix of instant tickets sales to lower margin customers, and the impact of inflationary cost increases. As well, NGL had a negative impact on our overall margin percentage. Administration expenses were $12.1 million in the first quarter of 2022 and $12.1 million in the first quarter of 2021. Increased legal and travel related costs incurred in the first quarter of 2022 were offset by a reduction in acquisition costs. Selling expenses increased to $4.5 million in the first quarter of 2022 from $3.9 million in the first quarter of 2021. The increase was primarily due to increased customer contract costs and higher compensation expenses. Pollard's share of income from its 50% owned iLottery joint venture, NPi, was $3.9 million in the first quarter of 2022 similar to the $4.0 million achieved in the first quarter of 2021. Contracts held by NPi continued to experience organic growth throughout the first quarter of 2022, increasing NPi's revenue as compared to 2021. However, there was a reduction in higher margin draw-based game sales in 2022, which translated into similar income between the quarters. This was due to the double jackpot runs in the U.S. in 2021. Other expenses were $nil in the first quarter of 2022 compared to $0.5 million in the first quarter of 2021. In the first quarter of 2021, other expenses were largely comprised of an accrual for a one-time patent litigation settlement of $2.5 million, which was partially offset by $1.9 million of CEWS recognized in the quarter. The net foreign exchange gain was $0.5 million in the first quarter of 2022 compared to a net loss of $0.5 million in the first quarter of 2021. The 2022 net foreign exchange gain of $0.5 million consisted of an unrealized foreign exchange gain of $0.7 million, primarily a result of the decreased Canadian equivalent value of U.S. dollar denominated accounts payable and long-term debt due to the strengthening of the Canadian dollar relative to the U.S. dollar. The unrealized foreign exchange gain was partially offset by a realized foreign exchange loss of $0.2 million, primarily due to foreign currency denominated accounts receivable collected being converted into Canadian dollars at unfavorable foreign exchanges rates. The 2021 net loss of $0.5 million was a result of a $1.4 million realized foreign exchange loss due to foreign currency denominated accounts receivable collected being converted into Canadian dollars at unfavorable foreign exchange rates. This loss was partially offset by the unrealized foreign exchange gain of $0.9 million, primarily the result of the decreased Canadian equivalent value of U.S. dollar denominated accounts payable and long-term debt due to the strengthening of the Canadian dollar relative to the U.S. dollar. Adjusted EBITDA decreased to $19.0 million in the first quarter of 2022 compared to $23.3 million in the first quarter of 2021. The primary reason for the $4.3 million decrease in Adjusted EBITDA was the decrease in gross profit of $2.5 million (net of amortization and depreciation), primarily due to the $2.1 million reduction in Michigan iLottery gross profit when compared to 2021. Lower instant ticket sales margin also contributed to the decrease in gross profit; however, this was offset by increases in eGaming systems and charitable gaming sales. Other factors contributing to the decrease in Adjusted EBITDA include the decrease in other income (net of contingent consideration and litigation settlement) of $1.8 million, largely due to the $1.9 million in CEWS received in 2021, the increase in selling expenses of $0.6 million, and the increase in administration expenses (net of acquisition costs) of $0.5 million. These changes were partially offset by a lower realized foreign exchange loss of $1.2 million. Interest expense increased to $1.8 million in the first quarter of 2022 from $1.1 million in the first quarter of 2021, primarily because of the increase in interest accretion on the discounted contingent consideration liability relating to the Compliant purchase of $0.9 million, partially offset by a decrease in average long-term debt as compared to 2021. Amortization and depreciation, including depreciation of property and equipment and the amortization of intangible assets, totaled $9.7 million during the first quarter of 2022 which increased from $9.4 million during the first quarter of 2021. The increase of $0.3 million was largely due to depreciation and amortization taken on newly acquired property, plant and equipment, and intangible assets. Income tax expense was $1.6 million in the first quarter of 2022, an effective rate of 19.9%, which was lower than our domestic rate of 27.0% due primarily to the effect of foreign exchange and lower federal tax rates in the United States. Income tax expense was $3.2 million in the first quarter of 2021, which was higher than the expense expected based on Pollard's domestic rate of 27.0% due primarily to the tax effect of unrecognized non-capital losses not being recorded and non-deductible expenses. Partially offsetting these increases in effective rate were lower federal income tax rates in the United States. Net income was $6.4 million in the first quarter of 2022 compared to $7.5 million in the first quarter of 2021. The decrease in net income of $1.1 million was due in part to the decrease in gross profit of $2.8 million, resulting primarily from the $2.1 million reduction in Michigan iLottery gross profits due to lower sales as compared to 2021. Lower instant ticket sales margin also contributed to the decrease in gross profit; however, this was offset by increases in eGaming systems and charitable gaming sales. Other factors contributing to the decrease in net income were the increase in selling expenses of $0.6 million and the increase in interest expense of $0.7 million. These factors were partially offset by the decrease in income tax expense of $1.6 million, the increase in net foreign exchange gain of $1.0 million and the decrease in other expenses of $0.5 million. Net income per share (basic and diluted) decreased to $0.24 per share in the first quarter of 2022 from $0.28 per share in the first quarter of 2021. iLottery Pollard and its iLottery partner, Neogames US LLP ("Neogames"), provide iLottery services to the North American Lottery market. In 2013, Pollard was awarded an iLottery contract from the Michigan Lottery. As a result, Pollard entered into a contract with Neogames to provide its technology in return for a 50% financial interest in the operation. Under IFRS, Pollard recognizes its 50% share in the Michigan Lottery contract in its consolidated statements of income in revenue and cost of sales. In 2014 Pollard, in conjunction with Neogames, established NeoPollard Interactive LLC ("NPi"). All iLottery related customer contracts, excluding the Michigan Lottery iLottery contract, have been awarded to NPi. Under IFRS, Pollard accounts for its investment in its joint venture, NPi, as an equity investment. Under the equity method of accounting, Pollard recognizes its share of the income and expenses of NPi separately as equity investment income. Beginning in the second quarter of 2020, with the onset of COVID-19, revenues from Pollard's contract with the Michigan Lottery increased substantially. Contracts held by NPi also experienced significant organic growth, in addition to the sales increase from the Virginia Lottery operation which added e-Instants on July 1, 2020. As well, NPi's contract with Alberta Gaming, Liquor & Cannabis ("AGLC"), went live with a limited product launch on September 30, 2020, with additional gaming verticals launching throughout 2021. The substantial jackpots for POWERBALL® and Mega Millions® awarded in the latter half of January 2021 further increased sales significantly in the fourth quarter of 2020 and the first quarter of 2021. Sales and income before income taxes from our Michigan iLottery operation declined starting in the second quarter of 2021 due to reduced draw-based game sales after the double jackpots in the first quarter of 2021, increased online gaming competition and new pricing coming into effect with our four-year contract extension, starting at the beginning of 2021. In 2022, NPi continues to achieve strong organic growth in its newer jurisdictions, adding to sales and income before taxes. Outlook The consumer demand for our products and services in the instant market and all aspects of our charitable gaming market remains very strong. Instant ticket retail sales remained solid throughout the early part of 2022, with growth levelling off from the large increases experienced over the past two years. However, demand from lotteries remains high, well above pre-pandemic levels. After setting a new quarterly record for production volume in the first quarter of 2022, our production schedule remains very busy over the next two quarters, and we see no indications that this strong demand will lessen. As well, our mix of instant ticket products returned to a greater proportion of higher value offerings starting in the latter part of the first quarter. This should continue through the second and third quarters of 2022, where historically we produce a greater percentage of higher value work in time for the holidays. As experienced in the first quarter of 2022, the timing of revenue recognition can be delayed from the actual timing of the production. The expansion of our productive capacity in our Ypsilanti facility continues. We have seen some of the positive impact of this expansion on our results in the first quarter, both in terms of higher capacity and increased flexibility in managing these volumes. Charitable gaming, both paper-based products and eGaming system solutions, continues to benefit from strong consumer demand. We continue to focus on expanding our capacity through increased staffing and production efficiencies in order to meet this high demand for our pull-tabs and bingo-related products. Our eGaming systems business is adding new sites and providing updated game content in a number of jurisdictions, with average revenue per machine responding positively. While faced with inflationary pressures for our product inputs in our charitable gaming market, particularly for pull-tabs and bingo paper, we have been able to increase our selling prices to offset these increases and maintain our margins. Our iLottery operations have shown two quarters of strong organic growth, particularly in our newer contracts in Virginia and Alberta, and we believe this trend will continue. We are engaging with lotteries throughout the U.S. and although it is difficult to predict when new opportunities will be formally initiated, we are confident that lotteries will look to iLottery as an important new growth prospect in the near future. We are uniquely situated as market leaders to benefit from these developments. Inflation continues to be a strong headwind, particularly in our instant ticket operations, with suppliers of our main inputs including paper, ink and freight continuing to introduce increased prices in 2022. In the short term, this results in pressure on our margins as the majority of our instant ticket supply contracts do not allow us to increase our selling prices to reflect these higher input costs. We continue to utilize a number of strategies to help mitigate these cost pressures, through focusing on innovation and higher value work, and producing higher volumes to help offset the reduced margin percentage. As our contracts come up for renewal and rebid, we are increasing our prices to reflect these higher input costs, with the current strong industry demand and limited manufacturing capacity providing support for this strategy. Our overall supply chains remain intact and functional, although they continue to be stressed from challenging logistics and supply allocations. We will continue to work closely with our supply partners to ensure our operations can be maintained efficiently, while supporting our future growth. Important foundations have been established over the last few quarters for improved financial results in the future, despite unprecedented inflationary price increases to inputs, all while experiencing record demand for our products and solutions. Barring additional unknown inflationary impacts, we expect to see higher financial results as we move through the rest of 2022, building on the initiatives put in place in all areas of our business. SEDAR: 00029950 (PBL) CO: Pollard Banknote Limited View original content to download multimedia: SOURCE Pollard Banknote Limited	https://www.whsv.com/prnewswire/2022/05/11/pollard-banknote-reports-1st-quarter-financial-results/	2022-05-11T21:32:11Z
Seasoned Executives Bring Unparalleled Expertise in Sales and Project Management to Practifi's Team CHICAGO, May 11, 2022 /PRNewswire/ -- Practifi, a performance optimization platform for the wealth management industry, today announced the continued build-out of its sales and consulting teams with the appointment of its newest members. The latest additions to the Practifi team collectively underscore the wealth management solutions provider's growing presence among financial firms, where demand for a customized and sophisticated platform is on the rise amid increased regulations and industry requirements. Adrian Johnstone, President, and Co-Founder at Practifi, said, "We are pleased to welcome this highly talented cohort of senior professionals to our team. As a group, Practifi's newest members hold the key to amplifying the core strengths of the firm's suite of products. Their previous experience developing solutions in the wealth management space to help financial professionals keep up with ever-changing industry dynamics will define the next chapter of Practifi's continued expansion." Practifi's new hires come from across North America, and hold a track record of bringing to market the latest innovations for wealth managers: - Brooke McNally, based in St. Augustine, Florida, joins Practifi as Account Executive. Brooke brings deep expertise in data analysis that serves to extract client insights for financial firms. She previously served as vice president of mid-market sales at Skience and joined Practifi for the firm's transparency and drive for innovation. - Mike Mackey, based in Chicago, Illinois, joins Practifi as Account Executive. Mike brings over 30 years of industry experience and sales expertise. Mike joins Practifi from Skience where he served as a vice president and prior to that, served as senior vice president at Morningstar. - Jen Mysliwicz, based in Boston, Massachusetts, joins Practifi as Account Executive. Jen brings over 10 years of combined sales experience within the financial services and software industry. She previously served as vice president, enterprise accounts at Naviplan, now part of InvestCloud. - Gabe Babi, based in Toronto, Ontario, joins Practifi as an Implementation Consultant. Gabe previously served as senior project manager at SS&C Salentica, where he was in charge of implementations of Salesforce technology solutions for wealth management clients. - Jenna Taddeo, based in Jacksonville, Florida, joins Practifi as Business Analyst. At SS&C Salentica, Jenna managed a team of consultants and provided product support for clients seeking customized solutions. - Michael Boone, also based in Jacksonville, Florida, joins Practifi's Professional Services team as Business Analyst. At SS&C Salentica, Michael was tasked with mentoring junior project consultants and data engineers and was responsible for CRM migration best practices. Emily Wilcox, Chief Operations Officer of Practifi, concluded, "As our firm continues to attract the best talent, we will provide the most intuitive and user-friendly technology hub for professionals who put their clients first. I extend my warmest welcome to our newest members and look forward to powering new possibilities for Practifi and our clients, together." About Practifi Practifi is the performance optimization platform purpose-built for the wealth management industry. Practifi empowers teams to automate workflows, create rich client records, and access advanced analytics in a unified experience. With comprehensive APIs, a range of specialist wealth industry integrations, and an ecosystem of hundreds of integrated apps, our platform centralizes data and gives greater visibility across organizations. Headquartered in Chicago, Illinois, with offices in Sydney, Australia, Practifi enables organizations across the globe to deepen loyalty with their clients and pioneer the future of wealth management. To learn more, visit practifi.com. Marie Cunningham, 224 289 5100, marie.cunningham@practifi.com View original content to download multimedia: SOURCE Practifi	https://www.whsv.com/prnewswire/2022/05/11/practifi-sustains-strong-growth-momentum-with-new-hires-across-teams/	2022-05-11T21:32:18Z
TAMPA, Fla., May 11, 2022 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of sustainable drinking water solutions in North America and Europe, today announced the results of voting for directors at its annual meeting of shareowners held on May 10, 2022 (the "Meeting"). By a vote conducted by ballot, each of the nominees listed in the proxy statement dated March 31, 2022 was elected as a director of the Company at the Meeting. The detailed voting results are as follows: Details of the voting results on all matters considered at the Meeting are available in the Company's report of voting results, which is available under the Company's profile on SEDAR at www.sedar.com. ABOUT PRIMO WATER CORPORATION Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe and generates approximately $2.1 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through retailers and online at various price points. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 22-country footprint direct to the customer's door, whether at home or to businesses. Through its Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 23,000 locations, respectively. Primo also offers water filtration units across its 22-country footprint. Primo's water solutions expand consumer access to purified, spring, and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection. Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com. View original content to download multimedia: SOURCE Primo Water Corporation	https://www.whsv.com/prnewswire/2022/05/11/primo-water-corporation-announces-results-voting-directors-annual-meeting-shareowners/	2022-05-11T21:32:24Z
BORDENTOWN, N.J., May 11, 2022 /PRNewswire/ -- Princeton NuEnergy, Inc. ("PNE"), an emerging growth company primarily engaged in the regeneration of lithium-ion battery ("LIB") material, announced it successfully closed a seed funding round at $7M in Q4 2021. The round was led by Wistron Corporation (TPE: 3231), a Fortune Global 500 member and an industry leader in electronics recycling services. Other investors in the round include Shell Ventures (NYSE: SHEL), Greenland Technologies (NASDAQ: GTECH), CleanTech Open, AIBasis Fund, WorldQuant Ventures, and the angel round investors. Dr. Yan Chao, CEO and Co-founder of PNE, announced, "We are beyond excited to have the support of our investors trusting our idea and backing our mission to revolutionize the lithium-ion battery recycling industry. The capital, knowledge and network our investors bring to PNE will enable a full-scale development of the company and accelerate our production line development." Princeton NuEnergy ("PNE") is an innovative clean-tech startup company spun out from Princeton University in 2019 focused on the direct recycling of lithium-ion batteries from electric vehicles and consumer electronics. PNE's mission is to deliver a cost-efficient, environmentally friendly lithium-ion battery recycling solution, solve the current industry pain point of high-operational cost battery recycling, and improve battery recycling efficiency and purity through its innovative recycling technology. PNE's state-of-the-art patented LPAS (low-temperature plasma-assisted separation) direct recycling process can recover up to 95% of all constituent materials found in all chemistries and formats of lithium-ion batteries. It can significantly reduce CO2 emission, energy consumption, and water usage, and not produce any landfill waste. The founding team of PNE has rich experience in manufacturing operations, engineering, strategic planning, and business development. Founder and CEO, Dr. Yan Chao, is from Princeton University; Co-Founder and CTO, Dr. Yang Xiaofang, has a solid research background at Princeton University, Columbia University, and Brookhaven National Laboratory. Co-Founders and technical advisors Prof. Yiguang Ju and Prof. Bruce E. Koel are well-known researchers at Princeton University. In addition, the core team members have diverse experience in Fortune 500 companies, including Panasonic, KPMG, Goldman Sachs, and Accenture. About Princeton NuEnergy Headquartered in Bordentown, NJ, Princeton NuEnergy is an innovative clean-tech startup company spun out from Princeton University in 2019 with over 20 years of battery recycling research and development experience. PNE successfully revolutionizes the material supply chain with its patented Direct Battery Recycling technology to produce high-quality and high value-added cathode active materials with low operating cost from spent lithium-ion batteries and delivers sustainable energy and environmental solutions. The enormousness of the impending spent battery situation drives PNE to commercialize its cost-effective, environmentally sustainable technology to step into recycling the vast stockpile of lithium-ion batteries looming on the horizon. For more information, please visit https://www.pnecycle.com/. Forward-Looking Statements This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. For more information, please contact: Company Contact Dr. Yan Chao, CEO Princeton NuEnergy Phone: +1(973)818-3428 Email: info@pnecycle.com View original content: SOURCE Princeton NuEnergy	https://www.whsv.com/prnewswire/2022/05/11/princeton-nuenergy-raises-7m-seed-funding-lithium-ion-battery-recycling/	2022-05-11T21:32:31Z
PGA Tour Player of The Year Justin Thomas is on a mission to motivate people to wear sunscreen after his own scare with Melanoma WearSPF is his Message on a Bottle NEW YORK, May 11, 2022 /PRNewswire/ -- After a personal skin cancer scare, professional golfer, Justin Thomas, launches high-performance, affordable suncare line, WearSPF, during Skin Cancer and Melanoma Awareness Month. Not your traditional brand collaboration, the development of WearSPF is deeply personal to Justin. "My scare with melanoma was a real wake-up call for me and why I decided to partner with veteran consumer goods managers to launch WearSPF," said Justin Thomas. WearSPF is a message on a bottle creating a call to action to wear sunscreen. Justin is on a mission to educate and encourage people of all ages to "apply, re-apply and go get checked". As a professional golfer, Justin has always relished the hard work that comes along with his career. The practice, the tournaments, all of which have resulted in some amazing experiences- PGA Tour victories, the FedExCup Championship, and being a part of Team USA via the Olympics, the President's Cup, and the Ryder Cup. But these experiences have something in common besides being a source of pride - they all took place out in the sun. In 2019, Justin's dermatologist discovered a mole on his calf that turned out to be a melanoma. Fortunately, his melanoma was discovered early and was able to be surgically removed. It left him with a scar and a close call with a very serious disease. He is setting out to help change people's awareness about prevention and ensure that they change their behavior and WearSPF. "As a young athlete, I wish I had known to wear sunscreen all the time. I was lucky, we caught it early. Now I WearSPF AND ReapplySPF every 2 hrs. Y'all know I love competing but NONE of us can compete with the Sun. It's the Sun!" WearSPF is a high-performance, high-quality, and accessible suncare collection. Apply it, re-apply it, and re-apply again so Wearing SPF is par for the course . Sunscreen Spray $13 Easy-to-apply, water-resistant, broad spectrum SPF 50 sports spray for face and body. Mineral Sunscreen SPF 30 $16 Original water-resistant, broad spectrum mineral SPF 30 lotion for face and body. Sunscreen Sport Stick $10 Portable, water-resistant, broad spectrum SPF 50 sports stick for face and body. Sunscreen Lip Balm $3 Original minty, water-resistant, broad spectrum UVA/UVB SPF 30 lip balm. After Sun Cleanser $10 Skin-softening cleanser for removing both SPF and impurities. Essential Sunscreen SPF 50 $18 coming soon Original broad spectrum hybrid SPF 50 lotion for face and body. WearSPF is available on wearspf.com, Amazon and in golf pro shops in May 2022. WearSPF is high-performance, accessible suncare line complete with sprays, sticks and lotions for face, lips, and body, made in collaboration with pro-golfer Justin Thomas. WearSPF is a message on a bottle creating a call to action to wear sunscreen. Justin is on a mission to educate and encourage people of all ages to apply, re-apply and go get checked. For more information, go to wearspf.com and follow us at @wearspf_ WearSPF is proud to partner with the Justin Thomas Foundation. Proceeds of every sale of WearSPF go directly to the Justin Thomas Foundation. View original content: SOURCE WearSPF	https://www.whsv.com/prnewswire/2022/05/11/professional-golfer-justin-thomas-launches-wearspf-suncare-line/	2022-05-11T21:32:37Z
RALEIGH, N.C., May 11, 2022 /PRNewswire/ -- Progress Solar Solutions® www.progresssolarsolutions.com announces partnership with Walsh-Jeter and Associates to be manufacturer's representative for the South-Central U.S., which includes Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. As Progress Solar continues to grow, adding this experienced sales team further solidifies Progress Solar's ability to reach customers at a local level in mobile solar light tower market. Walsh-Jeter www.walshjeter.com brings over 32 years of industry experience and a large network of customers in the rental and oil field services market. From their beginning Walsh-Jeter continues to effectively grow their manufacturers market share with excellent local in-person sales reach. Dan McKenzie, President of Progress Solar, said, "We are working very hard to better place our products into the hands of customers and educate them on their true value to their organization and the payback that goes along with their purchase. We believe adding Walsh-Jeter & Associates provides an incredible opportunity to reach customers at a local level and expand our reach in the South Central US market. We are excited to add the talent and experience of the Walsh-Jeter team to our organization." With the November 2021 launch of the new re-designed SLT™ line, we have reduced the cost of the new SLT 700™ significantly for our customers in a time when all prices are climbing. Combined with the Solar/Wind™ and Solar/Hybrid™ light tower lines this gives Progress Solar® the most diverse portfolio of mobile solar light towers in the industry. These changes position Progress Solar very well for 2022 and beyond. Brad Jeter, President of Walsh-Jeter and Associates, commented, "We are very proud of the opportunity to represent Progress Solar to our customers. We believe in strong relationships with both our customers and the manufacturers we represent. This partnership provides the foundation we stand on." About Walsh-Jeter and Associates Headquartered in Spring, Texas and operating across the Texas, Oklahoma, Arkansas, Louisiana, and Mississippi.Walsh-Jeter & Associates is proud to represent the strongest manufacturers in the construction industry. With over 32 years representing manufacturers based all over the world, we provide you with the ability to access products that make your business successful. www.walshjeter.com. About Progress Solar Solutions® Progress Solar Solutions® www.progresssolarsolutions.com of Raleigh, North Carolina was the first to introduce a commercial quality mobile solar light tower durable enough and powerful enough to address the rental equipment and military markets. Progress Solar® continues to offer the broadest product line of portable solar light towers, Solar/Wind, and Solar/Hybrid light towers to industries interested in providing portable, clean and quiet outdoor lighting applications. The Progress Solar® Light Tower resembles a traditional portable diesel light tower but is powered by solar energy giving it a much lower total cost of ownership. Media Contacts: Dan McKenzie Progress Solar Solutions P) 888-298-6657 Email: sales@progresssolarsolutions.com View original content: SOURCE Progress Solar Solutions	https://www.whsv.com/prnewswire/2022/05/11/progress-solar-solutions-announces-walsh-jeter-associates-be-manufactures-representative-south-central-us/	2022-05-11T21:32:43Z
CONSHOHOCKEN, Pa., May 11, 2022 /PRNewswire/ -- The Board of Directors of Quaker Houghton (NYSE: KWR) today declared a quarterly cash dividend of $0.415 per share, payable on July 29, 2022, to shareholders of record at the close of business on July 15, 2022. About Quaker Houghton Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,700 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more. View original content to download multimedia: SOURCE Quaker Houghton	https://www.whsv.com/prnewswire/2022/05/11/quaker-houghton-announces-quarterly-dividend/	2022-05-11T21:32:49Z
LAS VEGAS, May 11, 2022 /PRNewswire/ -- Realty ONE Group, a modern, purpose-driven lifestyle brand and ONE of the fastest growing franchisors in the world, celebrated its 17th anniversary on May 1, ONE Day, with an annual day of giving and volunteering to make an impact across the country So far, the company has logged nearly a thousand hours of volunteer time, impacting more than 21,000 lives, and assisting more than 20 nonprofit organizations including homeless and family shelters, food pantries, blood and bottled water drives, and beach clean-up all in just ONE Day. But the company continues to donate and do more every day of the year. "Celebrating our growth and success by giving back is what our COOLTURE is all about," said Kuba Jewgieniew, CEO and Founder of Realty ONE Group. "Our offices and awesome real estate professionals are so ingrained in our communities, we're all ONE family, that they see the need and work hard every day to fulfill it. We're so proud of all of their efforts." Realty ONE Group has a long legacy of giving back through its 501(c)3, ONE Cares, having impacted nearly 300,000 lives in 2021, giving back more than $200,000 to organizations everywhere while planting 139,000 trees through its ONE Tree, ONE World program. The company has also pledged to sponsor scholarships for young African women through its partnership with One Girl Can. The UNBrokerage, as it's known in the industry, now has more than 18,000 real estate professionals in more than 400 offices in 49 states, Washington D.C. and Canada and will be opening in Ecuador, Costa Rica, Italy, Singapore and Spain, in addition to the U.S. territory of Puerto Rico. Learn more at www.OwnAOne.com. Founded in 2005, Realty ONE Group is an industry disruptor, radically changing the face of real estate franchising with its unique business model, fun coolture, technology infrastructure and superior support for its real estate professionals. The company has rapidly evolved to include more than 18,000 real estate professionals in over 400+ offices across 49 U.S. states, Washington D.C., Puerto Rico, Canada, Italy, Spain, Singapore and Costa Rica. Realty ONE Group ranks in the top one percent in the nation by REAL Trends, has been recognized by Entrepreneur Magazine as a Top 5 Real Estate Franchise and has been on Inc. 500's list of the Fastest-Growing Companies for seven consecutive years. Realty ONE Group is surging ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com. View original content to download multimedia: SOURCE Realty ONE Group	https://www.whsv.com/prnewswire/2022/05/11/realty-one-group-celebrates-17th-anniversary-with-annual-one-day-volunteering-giving-back/	2022-05-11T21:32:55Z
HOUSTON, May 11, 2022 /PRNewswire/ -- Direct Digital Holdings (Nasdaq: DRCT) ("Direct Digital"), a leading advertising and marketing technology holding group, will report financial results for the first quarter ended March 31, 2022, on Thursday, May 12, 2022 after the U.S. stock market closes. Management will host a conference call and webcast on the same day at 5:00 p.m. ET to discuss the results. The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/ About Direct Digital Holdings Direct Digital Holdings (Nasdaq: DRCT) brings state-of-the-art supply- and demand-side advertising platforms together under one umbrella company. The holding group's supply-side platform Colossus SSP offers advertisers of all sizes extensive reach within general market and multicultural media properties. Its operating companies Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare and travel to financial services. Direct Digital Holdings' sell- and buy-side solutions manage 17,500 clients daily, generating over 30 billion impressions per month across display, CTV, in-app, and other media channels. View original content to download multimedia: SOURCE Direct Digital Holdings	https://www.whsv.com/prnewswire/2022/05/11/reminder-direct-digital-holdings-report-first-quarter-2022-financial-results/	2022-05-11T21:33:02Z
OKLAHOMA CITY, May 11, 2022 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today reported financial and operating results for the fiscal second quarter ended March 31, 2022. - Averaged oil production of 7.5 MBbls per day, which is at the high end of guidance and represents an increase of 24% as compared year-over-year to the fiscal second quarter 2021 - Reported a net loss of $7 million, which includes $31 million of non-cash loss on derivative contracts, Adjusted Net Income(1) of $19 million and income from operations of $41 million - Generated $34 million of Adjusted EBITDAX(1) and $30 million of operating cash flow - Incurred activity-based total capital expenditures of $25 million and cash capital expenditures of $10 million - Paid dividends of $0.31 per share for a total of $6 million - Proved reserves of 73 MMBoe (64% oil) with a standardized measure of future discounted cash flows of $863 million - PV-10 value(1) of total proved reserves and total proved developed reserves of $1,090 million and $790 million, respectively, as of March 31, 2022 based on NYMEX strip pricing - Subsequent to quarter-end, amended our credit facility to extend the maturity to April 2026, increase the borrowing base by 14% to $200 million, and relax minimum hedging requirements to allow for more discretionary hedging decisions when the Company is less levered - Increasing guidance for fiscal third quarter and fiscal year 2022 production volumes Mr. Bobby D. Riley, Chairman of the Board and Chief Executive Officer, commented, "We are very pleased with our fiscal second quarter results. Based on the execution by our operations team and the results of wells brought on line, we had oil production at the high end of guidance. We have also achieved drilling and completion efficiencies further advancing our development and growth objectives. The Company continues to make progress on its EOR pilot project and has started water injection in one well and expects to commence water injection in additional wells in fiscal third quarter. Our financial metrics demonstrate that our capital discipline and strategy generated free cash flow and a strong balance sheet enabling us to return capital to shareholders in the form of quarterly dividends. The Company declared and paid a dividend of $0.31 a share, which is the thirteenth consecutive quarter Riley Permian has returned capital to our shareholders. The Company amended its credit facility by increasing the borrowing base, extending maturity to April 2026, rebalanced allocations among the six lenders in the syndicate, and most importantly relaxed minimum hedging requirements." Mr. Riley further noted that "As we look forward, our team is taking several steps to navigate through inflationary pressure for services and products. Additionally, we continue to focus on executing a disciplined model of low leverage, production growth and return of capital through dividends to our shareholders." Riley Permian averaged oil production of 7.5 MBbls per day for the three months ended March 31, 2022, representing an increase of 24% as compared year-over-year to the fiscal second quarter 2021. The Company averaged total equivalent production of 9.8 MBoe per day for the three months ended March 31, 2022, an increase of 18% as compared to the same period in 2021. Beginning in February 2022 and continuing through the quarter end, the Company's primary midstream gas gathering and processing counterparty underwent a temporary curtailment and shutdown of their primary plant as part of an overall capacity expansion project, which impacted sales of natural gas and NGLs during this period and led to lower growth in natural gas and NGL sales volumes as compared to oil sales volumes. For the six months ended March 31, 2022, the Company averaged total equivalent production of 9.9 MBoe per day, an increase of 24% compared to the same period in 2021. The Company conducted extensive development activity during the fiscal second quarter, including drilling and completing 3 gross (3.0 net) horizontal wells (currently in early stages of flowing back), turning to production 2 gross (1.7 net) horizontal wells and preparatory activity for 3 gross (3.0 net) horizontal wells to be drilled and/or completed during the fiscal third quarter. Such activity corresponds with $23.8 million in accrual basis drilling, completions and facility capital expenditures, which also includes capitalized workovers, midstream infrastructure and minor additions to land and working interests. The Company advanced its EOR pilot project in Yoakum County, Texas during the fiscal second quarter, completing one of the six newly drilled injection wells, and laying the high-pressure injection lines for both water and CO2 during the quarter. Such activity corresponded with $1.5 million of accrual basis capital expenditures for the quarter. Previously, the Company anticipated incurring additional capital expenditures for certain equipment and the completion of additional injection wells during the fiscal second quarter. Subsequent to quarter end, the Company began water injection on the EOR pilot program in early April 2022. The Company incurred $25.3 million in total accrued capital expenditures for the three months ended March 31, 2022, which compares to the Company's previously released guidance of $26 million to $32 million. On a cash basis, the Company had total capital expenditures of $10.2 million for the three months ended March 31, 2022. The notable variance between cash and accrual based capital expenditures is driven by the majority of development activity occurring late in the quarter with the related cash capital expenditures expected to occur during the fiscal third quarter. For the three months ended March 31, 2022, the Company reported a net loss of $7.2 million and operating income of $41.0 million. The Company generated Adjusted EBITDAX(1) of $34.4 million, operating cash flow from continuing operations of $30.0 million and Free Cash Flow(1) of $20.3 million. For the six months ended March 31, 2022 (fiscal year to date), the Company reported net income of $14.2 million and operating income of $74.4 million. The Company generated Adjusted EBITDAX(1) of $61.5 million, operating cash flow from continuing operations of $51.7 million (inclusive of negative changes in working capital of $3.8 million) and Free Cash Flow(1) of $16.2 million. The pattern of the Company's development activity affects cash capital expenditures and may continue to cause fluctuations in Free Cash Flow(1) from quarter to quarter with longer periods more representative of Free Cash Flow(1) generation potential than an individual quarter. Fiscal second quarter 2022 average realized prices, before derivative settlements were $92.44 per barrel of oil, $2.62 per Mcf of natural gas and $26.71 per barrel of natural gas liquids, resulting in a total equivalent price, before derivative settlements, of $75.63 per Boe. Adjusted for derivative settlements, total equivalent price was $54.78 per Boe, corresponding to realized derivative settlement losses of $20.85 per Boe or $18.4 million. The Company reported a $49.6 million loss on derivatives, which includes the $18.4 million loss on settlements and a $31.2 million non-cash loss due to changes in the fair value of derivatives. Riley Permian's total Cash Costs(1) for the fiscal second quarter of 2022 were $16.46 per Boe, representing an increase of 4% compared to the fiscal first quarter of 2022 and an increase of only 2% compared to the fiscal second quarter 2021. Lease operating expense ("LOE") was $6.8 million, which was at the low end of guidance. On a per unit basis, LOE decreased by 4% as compared to the fiscal first quarter 2022 and 3% for the fiscal second quarter 2021. Production and ad valorem taxes increased 17% and 27% compared to fiscal first quarter 2022 and fiscal second quarter 2021 as a result of higher commodity prices. Cash G&A expense(1) was $3.5 million, which was at the low end of guidance, or $3.97 per Boe. Interest expense was $0.7 million, a decrease of 24% compared to fiscal first quarter 2022, primarily driven by capitalizing a portion of interest on the Company's EOR project. The decrease of 42% in interest expense as compared to fiscal second quarter 2021 is due to a lower average balance on our outstanding balance on our revolving credit facility as well as the capitalization of interest on the EOR project. The Company realized a fiscal second quarter 2022 Cash Margin(1) of $59.17 per Boe before derivative settlements, representing an increase of 28% quarter-over-quarter or 80% year-over-year. After derivative settlements, the Cash Margin(1) increased to $38.32 per Boe, an increase of 34% quarter-over-quarter and 30% year-over-year. During the fiscal second quarter 2022, the Company paid common dividends of $0.31 per share or $6.1 million. Subsequent to the quarter end, the Company paid common dividends of $0.31 per share in May 2022. Subsequent to the quarter end, the Company completed an amendment to its credit facility which extended the maturity to April 2026 and increased the borrowing base to $200 million. As of May 9, 2022, we had $63 million drawn and $137 million, or approximately 68%, of availability on the facility. Based on current market conditions, the Company forecasts drilling 5 gross (5 net), completing 4 gross (4 net) and putting on production 6 gross (6 net) horizontal wells during the fiscal third quarter 2022. Additional scheduled activity includes capital workovers, and modest spending for non-operated new wells and midstream infrastructure. Management forecasts accrual basis capital expenditures related to such development activity to total approximately $25 million to $28 million, which also includes estimates for anticipated non-operated drilling and completions, capital workovers, infrastructure, minor additions to land and existing working interests. Riley Permian forecasts fiscal third quarter 2022 oil production to average 7.6 MBbls per day to 8.1 MBbls per day, with the midpoint average representing 5% quarter-over-quarter growth from the fiscal second quarter. The midstream gas gathering and processing expansion project is expected to be fully commissioned in early June; however, the associated capacity constraint that began in February and will continue into June 2022 will impact sales of natural gas and NGLs during the fiscal third quarter. Following completion of the expansion project, the Company will enjoy a larger volume of contractual, firm capacity, which should lead to increased sales for natural gas and NGLs and reduced flaring. Based on historical averages and adjusting for some curtailment of natural gas and NGL sales volumes during the period, oil production could represent approximately 75% to 76% of total equivalent production, corresponding to an average of 10.0 MBoe per day to 10.8 MBoe per day for the fiscal third quarter. The Company forecasts third fiscal quarter of 2022 LOE of approximately $8.0 million to $10.0 million. Management forecasts higher LOE than the second quarter due to a combination of increased workover activity (from which we are seeing corresponding production increases) as well as from inflationary forces. We forecast cash G&A expenses(1) for the fiscal third quarter of approximately $3.7 million to $4.7 million (excluding share-based and unit-based compensation expense, shown after the effect of gross profit from contract services derived from management services agreements). The Company will continue to advance its EOR pilot project in the fiscal third quarter, with plans to complete 5 of 6 remaining injection wells and progress on the CO2 tap installation. Management forecasts approximately $3 million to $5 million of accrual basis capital expenditures for its EOR program during the fiscal third quarter. Based on anticipated delivery timing of compressors needed for CO2 injection, the Company forecasts beginning CO2 injection during late 2022 (calendar fourth quarter 2022). Management forecasts total accrual basis expenditures of $28 million to $33 million for the fiscal third quarter 2022. Based on current market conditions, the Company has elected to modestly increase planned development activity during the second half of fiscal 2022, following consideration of alternatives and with support from many of its shareholders. We have added 3 gross (3.0 net) horizontal wells to our fiscal year 2022 development program, with drilling scheduled to begin in fiscal third quarter 2022 and completions scheduled to occur in August or September 2022. Therefore, we anticipate incurring capital expenditures for the additional wells during fiscal year 2022 while production from these wells captured within fiscal year 2022 may be modest. Inclusive of 3 gross operated wells scheduled to come online during the fiscal fourth quarter 2022, we forecast an annual total of 15 gross (14.7 net) operated wells drilled, completed and brought online during fiscal year 2022. The Company has secured drilling rigs and casing for 100% of its fiscal year 2022 development activity and up to 14 wells for fiscal year 2023. Correspondingly, and based on current market conditions, the Company forecasts full-year fiscal 2022 accrued capital expenditures to total approximately $102 million to $111 million. This total includes estimates of (i) $84 million to $89 million for drilling and completions (operated and anticipated non-operated), capital workovers, infrastructure, minor additions to land and (ii) $18 million to $22 million for our EOR program. Approximately $2 million of $4 million of anticipated, accrual basis capital expenditures for our EOR program, previously estimated to be incurred during fiscal 2022, are now anticipated to be incurred in fiscal 2023. Based on current estimates, and availability, we forecast that full-year fiscal 2022 oil production could average 7.5 MBbls per day to 7.8 MBbls per day, representing 17% to 22% growth from fiscal year 2021 average oil production. Based on historical averages for oil contribution, and estimates for new gas processing capacity, we forecast that full-year fiscal 2022 total equivalent production could average 10.0 MBoe per day to 10.4 MBoe per day. Riley Permian management will host a conference call for investors and analysts on May 12, 2022 at 10:00 a.m. CT to discuss the Company's results. Interested parties are invited to participate by calling: - U.S./Canada Toll Free, (888) 330-2214 - International, +1 (646) 960-0161 - Conference ID number 5405646 An updated company presentation, which will include certain items to be discussed on the call, will be posted prior to the call on the Company's website (www.rileypermian.com). A replay of the call will be available until May 26, 2022 by calling: - (800) 770-2030 or (647) 362-9199 - Conference ID number 5405646 Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and natural gas liquids. For more information please visit www.rileypermian.com. Rick D'Angelo 405-438-0126 IR@rileypermian.com This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this release that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "intends," "may," "should," "anticipates," "expects," "could," "plans," "estimates," "projects," "targets," "forecasts" or comparable terminology or by discussions of strategy or trends. You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward looking statements. Among the factors that could cause actual future results to differ materially are the risks and uncertainties the Company is exposed to. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to: the volatility of oil, natural gas and NGL prices; the scope, duration, and reoccurrence of any epidemics or pandemics (including, specifically, the coronavirus disease 2019 ("COVID-19") pandemic and any related variants), including reactive or proactive measures taken by governments, regulatory agencies and businesses related to the pandemic, and the effects of COVID-19 on the oil and natural gas industry, pricing and demand for oil and natural gas and supply chain logistics; regional supply and demand factors, any delays, curtailment delays or interruptions of production, and any governmental order, rule or regulation that may impose production limits; cost and availability of gathering, pipeline, refining, transportation and other midstream and downstream activities; severe weather and other risks that lead to a lack of any available markets; our ability to successfully complete mergers, acquisitions and divestitures; the risk that the Company's EOR project may not perform as expected or produce the anticipated benefits; risks relating to our operations, including development drilling and testing results and performance of acquired properties and newly drilled wells; any reduction in our borrowing base on our revolving credit facility from time to time and our ability to repay any excess borrowings as a result of such reduction; the impact of our derivative strategy and the results of future settlement; our ability to comply with the financial covenants contained in our credit agreement; conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations on favorable terms or at all; the loss of certain tax deductions; risks associated with executing our business strategy, including any changes in our strategy; inability to prove up undeveloped acreage and maintain production on leases; risks associated with concentration of operations in one major geographic area; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions, and disposal of produced water, which may be negatively impacted by regulation or legislation; the ability to receive drilling and other permits or approvals and rights-of-way in a timely manner (or at all), which may be restricted by governmental regulation and legislation; risks related to litigation; evolving geopolitical and military hostilities in other areas of the world; and cybersecurity threats, technology system failures and data security issues. Additional factors that could cause results to differ materially from those described above can be found in Riley Permian's Annual Report on Form 10-K for the year ended September 30, 2021 filed with the SEC and available from the Company's website at www.rileypermian.com under the "Investor" tab, and in other documents the Company files with the SEC. The forward-looking statements in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise. The estimates and guidance presented in this release are based on assumptions of current and future capital expenditure levels, prices for oil, natural gas and NGLs, available liquidity, indications of supply and demand for oil, well results, and operating costs. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable as of the date on which they are made, they are inherently uncertain and are subject to, among other things, significant business, economic, operational, and regulatory risks, and uncertainties, some of which are not known as of the date of the statement. Guidance and estimates, and the assumptions on which they are based, are subject to material revision. Actual results may differ materially from estimates and guidance. Please read the "Cautionary Statement Regarding Forward-Looking Information" section above, as well as "Risk Factors" in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are incorporated herein. The reserves information in this press release, including standardized measure and PV-10 value are preliminary estimates that have not yet been audited or reviewed by Netherland, Sewell & Associates, Inc. or BDO USA, LLP and are subject to material revision. These are estimates that should not be regarded as a representation. Investors should not place undue reliance on these estimates. The Company prepared estimates of proved reserves as of March 31, 2022 using NYMEX pricing. The Company also prepared estimates of reserves using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended March 31, 2022 of $78.44 per Bbl for oil and $4.34 per Mcf for gas in accordance with SEC guidelines. Netherland, Sewell & Associates, Inc. ("NSAI") is the Company's third-party reservoir engineer, which prepares estimates of the Company's proved reserves annually as of its fiscal year-end, in accordance with the rules and regulations of the SEC. NSAI has not reviewed our proved reserves at March 31, 2022 using SEC or NYMEX pricing. A summary of these internal estimates as of March 31, 2022 is presented below. Estimates of reserves were prepared using an average price equal to the unweighted arithmetic average of the first day of each month within the 12-month period ended September 30, 2021 of $57.64 per Bbl for oil and $2.94 per Mcf for gas in accordance with SEC guidelines. Additionally, the Company prepared estimates of proved reserves as of September 30, 2021 using NYMEX pricing. The table below presents a summary of our proved reserves as of September 30, 2021. Reserve estimates above do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties, all of which are located within the continental United States. NYMEX pricing does not comport with the reporting requirements of the SEC and should not be used as a substitute for or compared with estimates of proved reserves using SEC pricing. The following table summarizes the open financial derivatives as of May 9, 2022, related to oil and natural gas production. Derivative positions in the table for calendar Q2 2022 are as of March 31, 2022(1). The Company presents certain non-GAAP financial measures to supplement its financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The non-GAAP financial measures include Adjusted Net Income, Adjusted EBITDAX, Cash G&A, Cash Costs and Cash Margin, Free Cash Flow and PV-10. A reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure is presented below. We believe that these non-GAAP measures presented, in conjunction with our financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the Company's performance. We use these non-GAAP measures to compare our financial and operating performance with that of other companies in the oil and natural gas industry as well as our financial and operating performance for current and historical periods. These non-GAAP measures should not be considered in isolation or as a substitute for GAAP measures, such as net income (loss), operating income (loss), total costs and expenses, general and administrative expenses, net cash provided by operating activities or standardized measure of discounted future net cash flows or any other GAAP measure of financial position or results of operations. As not all companies use the same calculation, our non-GAAP measures may not be comparable to similarly titled measures presented by other companies. Adjusted Net Income: We define Adjusted Net Income as net income (loss) plus loss on discontinued operations, non-cash loss on derivative contracts, transaction costs and other, income tax expense related to our change in tax status and the changes in estimated income tax as a result of these adjustments. We believe that Adjusted Net Income is a widely followed measure of operating performance and is one of many metrics used by investors as well as our management team. For example, Adjusted Net Income can be used to assess our operating performance and return on capital in comparison to other independent exploration and production companies without regard to financial or capital structure and to assess the financial performance of our assets and our company without regard to capital structure or historical cost basis. The following table provides a reconciliation of Net Income (Loss) to Adjusted Net Income for the periods indicated: Adjusted EBITDAX: We define Adjusted EBITDAX as net income (loss) adjusted for loss on discontinued operations, exploration costs, depletion, depreciation, amortization and accretion, equity-based compensation expense, interest expense, non-cash loss on commodity derivative contracts, income taxes, and transaction costs and other. We believe Adjusted EBITDAX is useful to investors because it provides an effective way to evaluate our operating performance and compare the results of our operations from period to period as well as to other companies in the oil and natural gas industry without regard to our financing methods or capital structure. The following table provides a reconciliation from the GAAP measure of Net income (loss) to Adjusted EBITDAX. Cash G&A: Cash G&A is defined as general and administrative expense, excluding equity-based compensation, less contract services–related parties revenue plus cost of contract services–related parties. We believe Cash G&A is used by analysts and others in valuation, comparison and investment recommendations of companies in our industry to allow for analysis of cash G&A spend without regard to equity based compensation programs or amounts related to contract services. Administrative costs exclude equity-based compensation as those expenses are presented separately as components of general and administrative expense on our condensed consolidated statement of operations. The following table provides a calculation for Cash G&A for the periods indicated: Cash Costs and Cash Margin per Boe: Cash Costs is a non-GAAP financial measure that we use as an indicator of our total cash-based cost of production and operations. We define "Cash Costs" as lease operating expenses plus production and ad valorem taxes, cash G&A, and interest expense. Management believes that Cash Costs is an important financial measure for use in evaluating the Company's operating and financial performance and for comparison to other companies in the oil and natural gas industry. We believe this is a useful measure for investors in evaluating our results against other oil and natural gas companies. Cash Costs should be considered in addition to, rather than as a substitute for, Total Costs and Expenses. The following table provides a calculation for Cash Costs and Cash Margin for the periods indicated: Free Cash Flow: Free Cash Flow is a measure that we use as an indicator of our ability to fund our development activities and generate excess cash for other corporate purposes. We define Free Cash Flow as Net Cash Provided by Operating Activities, before changes in working capital and reduced by capital expenditures before acquisitions. Free Cash Flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. The following table provides a reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow for the periods indicated: PV-10: The non-GAAP financial measure of PV-10, as defined and presented below, is intended to provide readers with meaningful information that supplements our financial statements prepared in accordance with GAAP. PV-10 is derived from the standardized measure of discounted future net cash flows ("Standardized Measure"), which is the most directly comparable financial measure under GAAP. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at an annual rate of 10%, determined in accordance with GAAP. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. We believe that securities analysts and rating agencies use PV-10 in similar ways. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our estimated reserves to other companies. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 and the Standardized Measure do not purport to present the fair value of our estimated oil and natural gas reserves. The following table provides a reconciliation of the Standardized Measure to PV-10 of the Company's estimated total proved reserves as of March 31, 2022 and September 30, 2021 (in thousands): View original content to download multimedia: SOURCE Riley Exploration Permian, Inc.	https://www.whsv.com/prnewswire/2022/05/11/riley-permian-reports-fiscal-second-quarter-2022-financial-operating-results/	2022-05-11T21:33:09Z
BEIJING, May 11, 2022 /PRNewswire/ -- RYB Education, Inc. ("RYB" or the "Company") (NYSE: RYB), a leading early childhood education service provider in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021. Fourth Quarter 2021 Operational and Financial Summary - Number of students enrolled at directly operated facilities was 33,890 as of December 31, 2021, compared with 34,011 as of December 31, 2020. - Net revenues increased by 0.7% to $47.4 million, compared with $47.1 million for the fourth quarter of 2020. - Gross profit decreased by 14.9% to $10.2 million, compared with $11.9 million for the fourth quarter of 2020. - Net income attributable to ordinary shareholders of RYB for the fourth quarter of 2021 was $4.7 million, compared with $9.3 million for the fourth quarter of 2020. Adjusted net income attributable to ordinary shareholders[1] of RYB for the fourth quarter of 2021 was $1.5 million, compared with $10.0 million for the fourth quarter of 2020. - Cash used in operating activities was $11.1 million in the fourth quarter of 2021, compared with $2.1 million cash used in operating activities for the fourth quarter of 2020. Full Year 2021 Financial Summary - Net revenues increased by 64.3% to $180.3 million, compared with $109.7 million for 2020. - Gross profit was $31.2 million, compared with a gross loss of $7.2 million for 2020. - Net income attributable to ordinary shareholders of RYB for 2021 was $6.8 million, compared with net loss of $37.3 million for 2020. Adjusted net income attributable to ordinary shareholders[2] of RYB for 2021 was $5.4million, compared with adjusted net loss of $34.4 million for 2020. "Over the past year, we continued to commit ourselves to the healthy and sustainable development of preschool education in China by strictly adhering to policies and rules implemented by the regulators. As we smoothly finished the fourth quarter and 2021, our business operations have notably recovered from the ongoing COVID-19 impacts. Children and their families also appreciate the series of effective measures that we adopted during this period, and speak highly of the quality of our educational services and products. This underpins our improved capability to navigate through COVID-19 and stronger business resilience." said Ms. Yanlai Shi, Co-founder, Director and Chief Executive Officer of RYB. "Earlier in March, we announced the divestiture of our directly operated kindergarten business in China, which marks a key milestone in enhancing compliance with regulation and further transforming the Company's business model. Going forward, we will focus on making the Company a powerful education service platform to provide end-to-end services across brand, content, systems, training, among others, to educational institutions." concluded Ms. Shi. Fourth Quarter 2021 Financial Results Net Revenues Net revenues for the fourth quarter of 2021 increased by 0.7% to $47.4 million, from $47.1 million for the same quarter of 2020. Service revenues for the fourth quarter of 2021 increased by 2.5% to $46.1 million, from $44.9 million for the same quarter of 2020. The increase was primarily caused by the increase in tuition fee from the Company's directly operated kindergartens in China, which was due to the increase of student enrollments. Increase in training fee revenue also contribute to the increase in service revenues. Product revenues for the fourth quarter of 2021 decreased by 36.2% to $1.4 million, from $2.1 million for the same quarter of 2020. The decrease was primarily due to a decrease in the amount of merchandise sold through the Company's franchise network. Cost of Revenues Cost of revenues for the fourth quarter of 2021 was $37.3 million, a 6.0% increase from $35.1 million for the same quarter of 2020. Cost of revenues for services for the fourth quarter of 2021 was $36.6 million, compared with $33.7 million for the same quarter of 2020. The increase was primarily due to increase in staff compensation and increase in direct cost of the Company's directly operated kindergarten business. Cost of products revenues for the fourth quarter of 2021 was $0.7 million, compared with $1.4 million for the same quarter of 2020. The decrease was generally in line with the decrease in product revenues. Gross Profit and Gross Margin Gross profit for the fourth quarter of 2021 decreased by 14.9% to $10.2 million, compared with $11.9 million for the same quarter of 2020. Gross margin for the fourth quarter of 2021 was 21.4%, compared with 25.3% for the same quarter last year. Operating Expenses Total operating expenses for the fourth quarter of 2021 were $10.0 million, compared with $10.8 million for the same quarter of 2020. Excluding share-based compensation expenses, operating expenses were $9.7 million, compared with $10.1 million for the fourth quarter of 2020. Selling expenses for the fourth quarter of 2021 were $0.8 million, compared with $0.4 million for the same quarter of 2020. General and administrative ("G&A") expenses for the fourth quarter of 2021 were $4.7 million, a 43.2% decrease from $8.2 million for the same quarter of 2020. Excluding share-based compensation expenses, G&A expenses were $4.3 million for the fourth quarter of 2021, compared with $7.5 million for the same quarter of 2020. The decrease in G&A expenses excluding share-based compensation expenses was primarily due to a one-off credit loss of $3.4 million incurred in the fourth quarter of 2020. The share-based compensation expenses included in G&A expenses were $0.3 million for the quarter. Impairment loss on goodwill was $4.6 million for the fourth quarter of 2021, compared to nil for the same quarter of 2020. Impairment loss on long-lived asset was nil for the fourth quarter of 2021, compared to $2.1 million for the same quarter of 2020. Operating Income Operating income for the fourth quarter of 2021 was $0.1million, compared with $1.2 million of operating income for the same quarter last year. Adjusted operating income[3] was $0.5 million for the fourth quarter of 2021, compared with $1.9 million for the same quarter of 2020. [3] Adjusted operating income is a non-GAAP financial measure, which is defined as operating income excluding share-based compensation expenses. Net Income/loss Net income attributable to ordinary shareholders of RYB for the fourth quarter of 2021 was $4.7 million, compared with $9.3 million for the same quarter of 2020. Adjusted net income attributable to ordinary shareholders of RYB, which excludes the impact of share-based compensation expenses and changes of redeemable non-controlling interests, for the fourth quarter of 2021 was $1.5 million, compared with $10.0 million for the same quarter of 2020. Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders of RYB for the fourth quarter of 2021 were $0.17 and $0.16, compared with basic and diluted net income per ADS attributable to ordinary shareholders of RYB of $0.34 and $0.33 respectively, for the same quarter of 2020. Each ADS represents one Class A ordinary share. Adjusted basic and diluted net income per ADS attributable to ordinary shareholders[4] of RYB for the fourth quarter of 2021 were both $0.05, compared with both $0.36 for the same quarter of 2020. EBITDA[5] for the fourth quarter of 2021 was $3.7 million, compared with $5.2 million for the same period of 2020. Adjusted EBITDA[6] for the fourth quarter of 2021 was $4.0 million, compared with $5.9 million for the same quarter of 2020. Operating Cash Flow Cash used in operating activities was $11.1 million during the fourth quarter of 2021, compared with $2.1 million of cash used in operating activities during the fourth quarter of 2020. Full Year of 2021 Financial Results Net Revenues Net revenues for the full year of 2021 were $180.3 million, compared with $109.7 million for 2020. Services revenues for the full year of 2021 were $172.4 million, compared with $103.1 million for 2020. The increase was primarily due to a significant increase in tuition fee revenue, as the Company's directly operated facilities in China were in normal operation during most of 2021 whereas those facilities, as a result of the COVID-19 pandemic, were temporarily closed for most of the first nine months of 2020. Product revenues for the full year of 2021 were $7.9 million, compared with $6.6 million for 2020. The increase was primarily due to an increase in the amount of merchandise sold through the Company's franchise network, the operation of which was temporarily suspended operations during most of the first nine months of 2020 caused by COVID-19 pandemic. Cost of Revenues Cost of revenues for the full year of 2021 was $149.1 million, compared with $116.9 million for 2020. Cost of services revenues for the full year of 2021 was $145.5 million, compared with $113.3 million for 2020. The increase was primarily due to increase in staff compensation and direct cost of the Company's directly operated kindergarten business. Cost of products revenues for the full year of 2021 was $3.7 million, compared with $3.6 million for 2020. Gross Profit / Loss Gross profit for the full year of 2021 was $31.2 million, compared with a gross loss of $7.2 million for 2020. Operating Expenses Total operating expenses for the full year of 2021 were $27.3 million, compared with $36.2 million for 2020. Excluding share-based compensation expenses, operating expenses were $25.3 million, compared with $33.3 million for 2020. Selling expenses were $2.5 million for the full year of 2021, compared with $1.3 million for 2020. G&A expenses for the full year of 2021 were $20.3 million, compared with $24.3 million for 2020. Excluding share-based compensation expenses, G&A expenses were $18.3 million for the full year of 2021, compared with $21.5million for 2020. The decrease was primarily due to a one-off credit loss of $4.3 million for other receivables and loan receivables incurred in 2020. Impairment loss on goodwill was $4.6 million for the full year of 2021, compared to $8.5 million for 2020. Impairment loss on long-lived asset was nil for the full year of 2021, compared to $2.1 million for 2020. Operating Income/loss Operating income for the full year of 2021 was $3.8 million, compared with operating loss of $43.4 million for 2020. Adjusted operating income for 2021 was $5.9 million, compared with adjusted operating loss of $40.5 million for 2020. Impairment loss on long-term investment Impairment loss on long-term investment for the full year of 2021 was nil, compared with $2.4 million for 2020. Net Income/loss Net income attributable to ordinary shareholders of RYB for the full year of 2021 was $6.8 million, compared with a loss of $37.3 million for 2020. Adjusted net income attributable to ordinary shareholders of RYB, which excludes the impact of share-based compensation expenses and changes of redeemable non-controlling interests, for the full year of 2021 was $5.4 million, compared with a loss of $34.4 million for 2020. Basic and diluted net income per ADS attributable to ordinary shareholders of RYB for the full year of 2021 were $0.24 and $0.23, compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RYB of both $1.32 for 2020. Each ADS represents one Class A ordinary share. Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of RYB for the full year of 2021 were both $0.19, compared with adjusted basic and diluted net loss per ADS attributable to ordinary shareholders of RYB of both $1.22 for 2020. EBITDA for the full year of 2021 was $20.0 million, compared with a loss of $29.3 million for 2020. Adjusted EBITDA for 2021 was $22.0 million, compared with a loss of $26.4 million for 2020. Balance Sheet As of December 31, 2021, the Company had total cash and cash equivalents of $65.3 million, compared with $53.5 million as of December 31, 2020. The increase in cash and cash equivalents balance was mainly due to the operating cash inflow of $19.2 million throughout the full year of 2021 as a result of tuition fees collected at the Company's directly operated facilities. The Divestiture of the Company's Directly Operated Kindergarten Business in China On March 1, 2022, the subsidiaries of the Company, Beijing RYB Technology Development Co., Ltd. ("RYB Technology") and Qiyuan Education Technology (Tianjin) Co., Ltd ("TJ Qiyuan") have entered into termination agreements with certain variable interest entities ("the previous VIEs"), Beijing RYB Children Education Technology Development Co., Ltd ("Beijing RYB") and Beiyao Technology Development Co., Ltd. ("Beiyao"). By entering into those termination agreements, the Company no longer has contractual control over its directly operated kindergarten business (the "Divestiture"). This Divestiture includes the termination of agreements by and among RYB Technology, TJ Qiyuan, Beijing RYB, Beiyao and their shareholders. As a result, 90 directly operated kindergartens are divested. As the consideration for the termination of VIE agreements, an aggregate amount of RMB158.5 million will be paid in installments to RYB Technology and TJ Qiyuan. At the same time, to ensure ongoing stability and sustained provision of quality kindergarten education, the subsidiaries of the Company have entered into a series of service agreements to provide brand royalty, training, management IT system, recruitment, and curriculum design services to the previous VIEs and/or their subsidiaries. The Divestiture becomes effective on April 30, 2022. As part of the Divestiture, RYB Technology has entered into a loan agreement with Beijing RYB and Beiyao to reflect the net balance of historical inter-company lending and borrowing, the exact amount of which is subject to the further audit procedure completion. The pro forma statements of financial position and pro forma statements of operations of all the entities as a group that would be deconsolidated through the Divestiture, as well as those of all entities that remain in the Group as of and for the year ended December 31, 2021, as if the Divestiture had become effective on January 1, 2021, are also attached with the Company's unaudited consolidated financial statements. About RYB Education, Inc. Founded on the core values of ''Care'' and ''Responsibility,'' ''Inspire'' and ''Innovate,'' RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide high-quality, individualized and age-appropriate care and education to nurture and inspire each child for his or her betterment in life. During its two decades of operating history, the Company has built "RYB" into a well-recognized education brand and helped bring about many new educational practices in China's early childhood education industry. RYB's comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services. For more information, please visit http://ir.rybbaby.com Use of Non-GAAP Financial Measures We use EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. EBITDA is defined as net income excluding depreciation, amortization, and income tax expenses; adjusted EBITDA is defined as net income excluding depreciation, amortization, income tax expenses, and share-based compensation expenses; adjusted operating income is defined as operating income excluding share-based compensation expenses; adjusted net income attributable to ordinary shareholders is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests; and adjusted basic and diluted net income per ADS attributable to ordinary shareholders are defined as basic and diluted net income per ADS attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests. We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income from operations and net income. We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical adjusted financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's brand recognition and market reputation; student enrolment in the Company's teaching facilities; the Company's growth strategies; its future business development, results of operations and financial condition; trends and competition in China's early childhood education market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese early childhood education market; Chinese governmental policies relating to the Company's industry and general economic conditions in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: RYB Education, Inc. Investor Relations E-mail: ir@rybbaby.com The Piacente Group, Inc. Yang Song Tel: +86 (10) 6508-0677 E-mail: ryb@tpg-ir.com In the United States: The Piacente Group, Inc. Brandi Piacente Tel : +1-212-481-2050 E-mail : ryb@tpg-ir.com View original content: SOURCE RYB Education, Inc.	https://www.whsv.com/prnewswire/2022/05/11/ryb-education-inc-reports-fourth-quarter-full-year-2021-financial-results/	2022-05-11T21:33:16Z
- Trigall Genetics to potentially own a majority position in newly created Australian company, Trigall Australia, which would include the wheat breeding activity of S&W to further develop performant varieties for Australian farmers. - Trigall Australia is expected to benefit from S&W´s existing footprint – including varieties, sales and marketing, Florimond Desprez's worldwide breeding expertise and Bioceres Crop Solutions´ drought-tolerance HB4® EcoWheat® technologies. ADELAIDE, Australia and MONTEVIDEO, Uruguay and ROSARIO, Argentina and LONGMONT, Colorado, May 11, 2022 /PRNewswire/ -- Trigall Genetics, the world leader in transgenic wheat, and S&W Seed Company (Nasdaq: SANW), a leading middle-market agricultural company, have entered preliminary, nonbinding discussions to potentially combine wheat operations through the creation of Trigall Australia, a wheat breeding company. The combination would harness S&W's Australian footprint and the capabilities of both Bioceres Crop Solutions (Nasdaq: BIOX) and Florimond Desprez, co-owners of Trigall Genetics. Trigall Genetics is the world leader in transgenic wheat thanks to the development of its drought-tolerance HB4® EcoWheat® technology and a leader in conventional wheat breeding in Argentina. Trigall Genetics aims to expand its activities into regions where farmers face climate change challenges and, more specifically, drought. With a harvest of more than 32 million tons of wheat, Australia is a priority development geography for Trigall Genetics, where the effects of climate change are ever more pressing. S&W Seed Company currently conducts wheat breeding activities in Australia, counting wheat within its crop portfolio alongside sorghum, alfalfa, and various pasture crops. To ensure the most successful development of its wheat variety portfolio, S&W seeks to benefit from the expertise of an international wheat breeder such as Florimond Desprez. Florimond Desprez historically breeds wheat in Greater Europe, North Africa, and Latin America. Trigall Australia activities would be based in New South Wales and would aim first at developing wheat varieties for all Australian regions and uses, all the while supporting Australian cereal farmers. Trigall Australia would be expected to be the favoured platform for Bioceres Crop Solutions and Florimond Desprez to develop their activities in Australia, be it crop productivity solutions or alternative breeding activities for crops such as barley, durum wheat, potato, or pulses. All Australian wheat breeding activities of S&W would be owned and operated by Trigall Australia. François Desprez, president of Trigall Genetics and Florimond Desprez declares: "As a cereals and pulses breeder, we are very excited with this opportunity which could potentially allow us to step into a major wheat country in the world and reinforces the fruitful cooperation that exists between Bioceres Crop Solutions and Florimond Desprez since 2013." Federico Trucco, vice-president of Trigall Genetics and CEO of Bioceres Crop Solutions comments: "This investment would be a very important step in our strategy to bring HB4® EcoWheat® to farmers in every corner of the world. Australia is not only a leading participant of the global wheat value chain, but it is also a geography that is chronically affected by severe drought events, a condition we seek to mitigate with our drought tolerance technology. Partnering with S&W would allow us to make this opportunity a near-term reality." Mark Wong, CEO of S&W Seed comments: "We believe this joint venture could significantly strengthen S&W's position in wheat, enabling us to benefit from the worldwide exposure the combined entity provides. Further, it would allow us to focus our efforts internally on our key centers of value. We look forward to further exploring the benefits this unique partnership would enable." Trigall Genetics is a joint venture between Bioceres Crop Solutions (Nasdaq: BIOX) and Groupe Florimond Desprez for the development of wheat varieties. Bioceres Crop Solutions is a fully-integrated provider of crop productivity solutions, including high-impact, patented technologies for seeds and microbial ag-inputs, as well as next-generation crop nutrition and protection solutions, each of which offers substantial economic and environmental benefits and are anchored by the HB4® technology, which is behind the world's only drought-tolerant soybeans and wheat. Florimond Desprez is a French independent family-owned breeding company that operates in 65 countries, devotes 15% of its turnover to R&D, and employs 1,200 persons worldwide. Florimond Desprez is an active player of the agroecology transition and works mainly on crops intended for human consumption ‒ a world leader in sugar beet seeds, a leading European cereal breeder, and a major player in the European seed potato market. Founded in 1980, S&W Seed Company is a global agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa, sorghum, and pasture seeds, with significant research and development, production, and distribution capabilities. S&W's product portfolio also includes hybrid sunflower and wheat, and the company is utilizing its research and breeding expertise to develop and produce stevia, the all-natural, zero-calorie sweetener for the food and beverage industry. For more information, please visit www.swseedco.com. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "intend", "will" or "should," "expect," "anticipates," "draft," "eventually" or "projected." Forward-looking statements in this release include but are not limited to statements regarding the existence of preliminary, nonbinding discussions to potentially create a wheat joint venture, the substance and status of those discussions and the possible benefits that could result from a joint venture. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including: the risk that the preliminary, nonbinding discussions may not result in a consummated transaction; the risk that the joint venture may not be created in the manner or on the terms expected, or at all; and the risk that the joint venture may not provide the benefits anticipated. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2021 and in other filings subsequently made by the Company with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. View original content to download multimedia: SOURCE S&W Seed Company	https://www.whsv.com/prnewswire/2022/05/11/sampw-trigall-genetics-jv-between-bioceres-crop-solutions-florimond-desprez-enter-discussions-combine-wheat-efforts-australia/	2022-05-11T21:33:24Z
VANCOUVER, BC, May 11, 2022 /PRNewswire/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties", "Sandstorm" or the "Company") (NYSE: SAND) (TSX: SSL) has released its results for the first quarter ended March 31, 2022 (all figures in U.S. dollars). FIRST QUARTER HIGHLIGHTS - Record attributable gold equivalent ounces1 of 18,741 ounces (Q1 2021—17,444 ounces); - Record revenue of $35.4 million (Q1 2021—$31.0 million); - Record cash flows from operating activities, excluding changes in non-cash working capital1 of $26.7 million (Q1 2021—$23.0 million); - Average cash cost per attributable gold equivalent ounce1 of $283 resulting in cash operating margins1 of $1,604 per ounce (Q1 2021 — $307 per ounce and $1,470 per ounce respectively); - Net income of $9.1 million (Q1 2021—$5.0 million); and - Creation of new strategic partner, Horizon Copper: - US$1.1 Billion Portfolio Transformation: Subsequent to the quarter's end, Sandstorm announced two transactions totaling $1.1 billion, including the acquisition of Nomad Royalty Company (the "Nomad Acquisition") and a portfolio of royalty assets from BaseCore Metals LP (the "BaseCore Transaction"). The combined transactions are expected to significantly increase Sandstorm's scale through the addition of several high quality, low-cost assets maintaining the Company's industry-leading growth and portfolio diversification. The Nomad Acquisition and BaseCore Transaction are subject to various closing conditions and are expected to close in the second half of 2022 and by the third quarter of 2022, respectively. For more information, see press release dated May 2, 2022. - Upsized Credit Facility: Concurrent with the transactions described above, Sandstorm entered into an agreement with the Bank of Nova Scotia and BMO Capital Markets securing a commitment to upsize the Company's existing revolving credit agreement to borrow up to $500 million with an additional uncommitted accordion of up to $125 million, for a total of up to $625 million. The upsize is contingent upon closing the BaseCore Transaction, and the accordion of up to $125 million is contingent on closing the Nomad Acquisition. See press release dated May 2, 2022 for more information. OUTLOOK Based on the Company's existing royalties and contingent on the close of the Nomad Acquisition and BaseCore Transaction, attributable gold equivalent ounces for 2022 is forecast to be between 80,000 and 85,000 ounces. Subject to the conversion of the Hod Maden interest into a gold stream and the closing of the Nomad Acquisition and BaseCore Transaction, the Company is forecasting attributable gold equivalent production to be 155,000 ounces in 2025. FINANCIAL RESULTS During the three months ended March 31, 2022, the Company realized record revenue of $35.4 million compared with $31.0 million for the comparable period in 2021. The increase is attributable to a 7% increase in attributable gold equivalent ounces sold as well as a 6% increase in the average realized selling price of gold. In particular, the increase in revenue was driven by an increase in revenue attributable to the Vale Royalties, which were purchased in June 2021, and an increase in revenue attributable to the Vatukoula gold stream, which commenced making deliveries in December 2021. Net income was higher during the first quarter of 2022 when compared to the same period in 2021 primarily due to the increase in revenue. Higher net income was also due to a $2.0 million increase in the gains recognized on the revaluation of the Company's investments compared to the comparable period in 2021. The year-over-year increase in net income was partially offset by an increase in depletion largely due to an increase in attributable gold ounces sold and an increase in tax expense resulting from higher net income. STREAMS & ROYALTIES Of the gold equivalent ounces sold by Sandstorm during the first quarter of 2022, approximately 18% were attributable to mines located in Canada, 10% from the rest of North America, 61% from South America, and 11% from other countries. Canada Streams and royalties on Canadian mines contributed 10% more gold equivalent ounces to Sandstorm when compared to the first quarter of 2021. The change is primarily due to an increase in royalty revenue from the Diavik mine in the Northwest Territories, driven by diamond price increases. The increase was partially offset by a decrease in ounces sold from the Ming mine. In April 2022, Rambler Metals & Mining PLC, the operator of Ming, exercised its option to repurchase the Ming gold stream in exchange for a payment of $6.7 million in cash and 1,150 ounces of gold (delivered over the course of 18 months). North America Excluding Canada The gold equivalent ounces sold from operations located within North America, but outside of Canada, contributed 30% less gold equivalent ounces when compared to the first quarter of 2021. The change was primarily driven by a decrease in ounces received from the Santa Elena mine, partly due to a decrease in production at Santa Elena as well as the timing of sales. The decrease was partially offset by an increase in ounces received from the Relief Canyon mine in Nevada. South America Operations in South America contributed 14% more gold equivalent ounces sold when compared to the first quarter of 2021. The change is primarily due to an increase in royalty revenue from the Vale Royalties, which were purchased in June 2021, and an increase in gold equivalent ounces sold from the Chapada mine in Brazil, primarily driven by an increase in the average selling price of copper. The increase was partially offset by a decrease in royalty revenue from the Aurizona mine in Brazil. Other Streams and royalties on mines in other countries contributed 22% more gold equivalent ounces sold when compared to the first quarter of 2021. This change is primarily due to an increase in ounces sold from the Vatukoula mine in Fiji, which commenced making deliveries to Sandstorm in December 2021, and an increase in royalty revenue from the Houndé mine in Burkina Faso. The increase was partially offset by a decrease in gold equivalent ounces sold from the Karma mine in Burkina Faso, which was primarily due to the conclusion of the five-year fixed delivery period in accordance with the terms of the stream agreement. WEBCAST & CONFERENCE CALL DETAILS A conference call will be held on Thursday, May 12, 2022 starting at 8:30am PDT to further discuss the first quarter results. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast using the link below: International: (+1) 416-764-8688 North American Toll-Free: (+1) 888-390-0546 Conference ID: 30491561 Webcast URL: https://bit.ly/3kzDz4D CONTACT INFORMATION For more information about Sandstorm Gold Royalties, please visit our website at www.sandstormgold.com or email us at info@sandstormgold.com. ABOUT SANDSTORM GOLD ROYALTIES Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. After the closing of the transactions announced on May 2, 2022, Sandstorm will have acquired a portfolio of 260 royalties, of which 39 of the underlying mines are producing. Sandstorm plans to grow and diversify its low cost production profile through the acquisition of additional gold royalties. For more information visit: www.sandstormgold.com. CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP. This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein and the documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Corporation is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained or incorporated by reference herein may not be comparable to similar information disclosed by United States companies subject to the United States federal securities laws and the rules and regulations thereunder. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that all or any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable without further work and analysis. Further, "inferred mineral resources" have a greater amount of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of SEC Industry Guide 7. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include, but are not limited to, the impact of general business and economic conditions; the properties underlying the Nomad Acquisition, the mines underlying the BaseCore Transaction; the expectation that the various closing conditions of the Hod Maden transaction will be met; the expectation that the Hod Maden transaction with Horizon will close; the expectations regarding whether the proposed Nomad Acquisition and BaseCore Transaction (collectively "The Transactions") will be consummated, including whether conditions to the consummation of the Transactions will be satisfied, or the timing for completing the Transactions; the expectations regarding the potential benefits and synergies of the Transactions and the ability of Sandstorm post-completion of the Transactions to successfully achieve business objectives, including integrating the companies or assets or the effects of unexpected costs, liabilities or delays; the expectations regarding the growth potential of Sandstorm including in scale and production and the anticipated benefits of the Transactions; the expectations relating to the entering into of definitive agreements related to the Horizon Antamina Agreement and the subsequent spin-out of the Antamina NPI, including the anticipated terms and expected timing thereof; management's expectations regarding Sandstorm's growth; the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2021 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2022 available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. View original content to download multimedia: SOURCE Sandstorm Gold Ltd.	https://www.whsv.com/prnewswire/2022/05/11/sandstorm-gold-royalties-announces-record-2022-first-quarter-results/	2022-05-11T21:33:33Z
ORLANDO, Fla., May 11, 2022 /PRNewswire/ -- SeaWorld Entertainment, Inc. (NYSE: SEAS) ("SeaWorld" or the "Company"), a leading theme park and entertainment company, today announced that after a nine-year tenure with the Company, Elizabeth Castro Gulacsy intends to retire from SeaWorld in order to move on to the next chapter of her career effective on December 31, 2022 or upon the appointment of her successor, if earlier. She will continue to serve in a consulting capacity with the Company for an extended period thereafter to ensure a smooth transition. The Company has retained a nationally recognized recruiting firm to conduct a search for this position. About SeaWorld Entertainment, Inc. SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. The Company is one of the world's foremost zoological organizations and a global leader in animal welfare, training, husbandry and veterinary care. The Company collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. The Company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped more than 40,000 animals in need over the Company's history. SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 60-year history, the Company has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests. Copies of this and other news releases as well as additional information about SeaWorld Entertainment, Inc. can be obtained online at www.seaworldentertainment.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website. Forward-Looking Statements In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: COVID-19 or any related mutations and its impact on the Company's business and the economy in general; failure to hire and/or retain employees; factors beyond the Company's control adversely affecting attendance and guest spending at its theme parks, including, but not limited to, weather, natural disasters, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, and governmental actions; complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups before government regulators and in the courts; activist and other third-party groups and/or media can pressure governmental agencies, vendors, partners, and/or regulators, bring action in the courts or create negative publicity about us; incidents or adverse publicity concerning the Company's theme parks, the theme park industry and/or zoological facilities; a decline in discretionary consumer spending or consumer confidence; risks affecting the States of Florida, California and Virginia which generate a significant portion of the Company's revenues such as natural disasters, closures due to pandemics, severe weather and travel-related disruptions or incidents; seasonal fluctuations in operating results, inability to compete effectively in the highly competitive theme park industry; interactions between animals and the Company's employees and its guests at attractions at its theme parks, animal exposure to infectious disease; high fixed cost structure of theme park operations; changing consumer tastes and preferences; cyber security risks and failure to maintain the integrity of internal or guest data; technology interruptions or failures that impair access to the Company's websites and/or information technology systems; increased labor costs, including wage increases, and employee health and welfare benefits; inability to grow the business or fund theme park capital expenditures, inability to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities; inability to remediate an identified material weakness on a timely basis; adverse litigation judgments or settlements; inability to protect the Company's intellectual property or the infringement on intellectual property rights of others; the loss of licenses and permits required to exhibit animals or the violation of laws and regulations; unionization activities and/or labor disputes; inability to maintain certain commercial licenses; restrictions in its debt agreements limiting flexibility in operating the business; inability to retain the Company's current credit ratings; the Company's leverage; inadequate insurance coverage; inability to purchase or contract with third party manufacturers for rides and attractions or construction delays; environmental regulations, expenditures and liabilities; suspension or termination of any of the Company's business licenses, including by legislation at federal, state or local levels; delays, restrictions or inability to obtain or maintain permits; financial distress of strategic partners or other counterparties; tariffs or other trade restrictions; actions of activist stockholders; the ability of Hill Path Capital LP and its affiliates to significantly influence its decisions; the policies of the U.S. President and his administration or any change to tax laws; changes in the method for determining LIBOR and the potential replacement of LIBOR may affect its cost of capital; mandates related to COVID-19 vaccinations for employees; changes or declines in its stock price, as well as the risk that securities analysts could downgrade the Company's stock or its sector; risks associated with the Company's capital allocation plans and share repurchases, including the risk that its share repurchase program could increase volatility and fail to enhance stockholder value and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" in the Company's most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the Company's periodic filings with the Securities and Exchange Commission ("SEC"). Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.seaworldinvestors.com). CONTACT: Investor Relations: Matthew Stroud Investor Relations 855-797-8625 Investors@SeaWorld.com Media: Lisa Cradit SVP – Head of Communications (646) 245-2476 Lisa.cradit@seaworld.com Libby Panke FleishmanHillard (314) 719-7521 Libby.Panke@fleishman.com View original content to download multimedia: SOURCE SeaWorld Entertainment, Inc.	https://www.whsv.com/prnewswire/2022/05/11/seaworld-entertainment-inc-announces-cfo-transition/	2022-05-11T21:33:39Z
ORLANDO, Fla., May 11, 2022 /PRNewswire/ -- SeaWorld Entertainment, Inc. (NYSE: SEAS) ("SeaWorld" or the "Company"), a leading theme park and entertainment company, announced that its Board of Directors approved a $250.0 million share repurchase program (the "Share Repurchase Program"). Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company's trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities. About SeaWorld Entertainment, Inc. SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. The Company is one of the world's foremost zoological organizations and a global leader in animal welfare, training, husbandry and veterinary care. The Company collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. The Company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped more than 40,000 animals in need over the Company's history. SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 60-year history, the Company has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests. Copies of this and other news releases as well as additional information about SeaWorld Entertainment, Inc. can be obtained online at www.seaworldentertainment.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website. Forward-Looking Statements In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: COVID-19 or any related mutations and its impact on the Company's business and the economy in general; failure to hire and/or retain employees; factors beyond the Company's control adversely affecting attendance and guest spending at its theme parks, including, but not limited to, weather, natural disasters, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, and governmental actions; complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups before government regulators and in the courts; activist and other third-party groups and/or media can pressure governmental agencies, vendors, partners, and/or regulators, bring action in the courts or create negative publicity about us; incidents or adverse publicity concerning the Company's theme parks, the theme park industry and/or zoological facilities; a decline in discretionary consumer spending or consumer confidence; risks affecting the States of Florida, California and Virginia which generate a significant portion of the Company's revenues such as natural disasters, closures due to pandemics, severe weather and travel-related disruptions or incidents; seasonal fluctuations in operating results, inability to compete effectively in the highly competitive theme park industry; interactions between animals and the Company's employees and its guests at attractions at its theme parks, animal exposure to infectious disease; high fixed cost structure of theme park operations; changing consumer tastes and preferences; cyber security risks and failure to maintain the integrity of internal or guest data; technology interruptions or failures that impair access to the Company's websites and/or information technology systems; increased labor costs, including wage increases, and employee health and welfare benefits; inability to grow the business or fund theme park capital expenditures, inability to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities; inability to remediate an identified material weakness on a timely basis; adverse litigation judgments or settlements; inability to protect the Company's intellectual property or the infringement on intellectual property rights of others; the loss of licenses and permits required to exhibit animals or the violation of laws and regulations; unionization activities and/or labor disputes; inability to maintain certain commercial licenses; restrictions in its debt agreements limiting flexibility in operating the business; inability to retain the Company's current credit ratings; the Company's leverage; inadequate insurance coverage; inability to purchase or contract with third party manufacturers for rides and attractions or construction delays; environmental regulations, expenditures and liabilities; suspension or termination of any of the Company's business licenses, including by legislation at federal, state or local levels; delays, restrictions or inability to obtain or maintain permits; financial distress of strategic partners or other counterparties; tariffs or other trade restrictions; actions of activist stockholders; the ability of Hill Path Capital LP and its affiliates to significantly influence its decisions; the policies of the U.S. President and his administration or any change to tax laws; changes in the method for determining LIBOR and the potential replacement of LIBOR may affect its cost of capital; mandates related to COVID-19 vaccinations for employees; changes or declines in its stock price, as well as the risk that securities analysts could downgrade the Company's stock or its sector; risks associated with the Company's capital allocation plans and share repurchases, including the risk that its share repurchase program could increase volatility and fail to enhance stockholder value and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" in the Company's most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the Company's periodic filings with the Securities and Exchange Commission ("SEC"). Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.seaworldinvestors.com). CONTACT: Investor Relations: Matthew Stroud Investor Relations 855-797-8625 Investors@SeaWorld.com Media: Lisa Cradit SVP – Head of Communications (646) 245-2476 Lisa.cradit@seaworld.com Libby Panke FleishmanHillard (314) 719-7521 Libby.Panke@fleishman.com View original content to download multimedia: SOURCE SeaWorld Entertainment, Inc.	https://www.whsv.com/prnewswire/2022/05/11/seaworld-entertainment-inc-announces-share-repurchase-program/	2022-05-11T21:33:45Z
VANCOUVER, BC, May 11, 2022 /PRNewswire/ -- SIGMA Lithium Corporation ("Sigma Lithium" or the "Company") (NASDAQ: SGML, TSXV: SGML) dedicated to powering the next generation of electric vehicles with environmentally sustainable and high-purity lithium, is pleased to announce that its upcoming Annual and Special Meeting of shareholders ("AGM") to be held virtually on Thursday June 30, 2022 at 11:00 a.m. Eastern Time. Additionally, the members of The Company's senior management team led by the Co-CEO, Ana Cabral-Gardner will be participating in person and will be available for one-on-ones at the following conferences: - Itaú BBA LatAm CEO Conference on May 12 in New York, NY - Canaccord Genuity Global Metals and Mining Conference from May 15-17 in Palm Desert, CA - Bank of America 2022 Global Metals, Mining and Steel Conference from May 17-19 in Miami Beach, FL "2022 is a critical year for Sigma with key milestones to be achieved, as we progress our Grota do Cirilio lithium project into production, finalize the feasibility study for Phase 2 and further expand the production potential by completing a preliminary economic assessment of Phase 3", commented Ana Cabral-Gardner, Sigma Lithium Co-CEO and Co-Chairperson. "As such we are strengthening the intensity and frequency of our dialogue with investors and increasing communication of our progress, reinvigorating our IR efforts with at these important industry events, hosted by Bank of America, Canaccord Genuity and Itaú BBA". Bank of America 2022 Global Metals, Mining and Steel Conference The Bank of America conference is where leading investors and senior company executives will discuss business conditions and strategies, and evaluate global markets. Ana Cabral-Gardner, Co-Chairman and Co-CEO, will participate in the lithium panel "Supply in Focus. Can Supply Really Increase 5x?" at the conference in Miami Beach, FL. The presentation is scheduled for 12:05 p.m. Pacific Time / 3:05 p.m. Eastern Time on May 18, 2022. In addition to the presentation, the Company will be hosting one-on-one and small group meetings throughout the day. Canaccord Genuity Global Metals and Mining Conference The Canaccord conference brings together standout companies across the diverse and vital industry of metals and mining. Ana Cabral-Gardner, Co-Chairman and Co-CEO, will participate in the panel "Looking Beyond China for Refined Lithium Chemicals" at the conference in Palm Desert, CA. The panel is scheduled for 9:45 a.m. Pacific Time / 12:45 p.m. Eastern Time on May 16, 2022. In addition to the presentation, the Company will be hosting one-on-one and small group meetings throughout the day. Itaú BBA LatAm CEO Conference The Itaú BBA conference brings together CEO's of leading companies operating in Latin America on May 12th, 2022. Ana Cabral-Gardner, Co-Chairman and Co-CEO, will be participating in the Itaú BBA LatAm CEO Conference in New York, NY and will be hosting one-on-one and group meetings throughout the day. AGM Details The AGM will be held by virtual only meeting via live audio webcast online on Thursday, June 30, 2022. Subject to certain exceptions, only Shareholders of record at the close of business on May 31, 2022 will be entitled to vote at the AGM. Details on virtual attendance and voting will be included in the management information circular, the form of proxy, and other related materials (the "Meeting Materials") which will be provided to Shareholders in early June. Shareholders who are planning to vote ahead of the AGM must submit their proxy voting instructions to Computershare no later than 11:00 a.m. Eastern Time on Tuesday, June 28, 2022. The Meeting Materials will also be available to view at Sigma Lithium's profile on SEDAR at www.sedar.com as well as in the Investor Section of Sigma Lithium's website at https://www.sigmalithiumresources.com/. ABOUT SIGMA LITHIUM CORPORATION Sigma Lithium (NASDAQ: SGML, TSXV: SGML) is a Canadian company dedicated to powering the next generation of electric vehicle batteries with environmentally sustainable and high-purity lithium. Sigma is currently in construction at its wholly owned Grota do Cirilo Project in Brazil, which includes a state-of-the-art, green-tech processing plant that uses 100% renewable energy, 100% recycled water and 100% dry-stack tailings. The project also represents one of the largest and highest-grade hard rock lithium spodumene deposits in the Americas. Since inception, Sigma has devoted itself to strong ESG practices, from its ongoing support of local communities to its goal of achieving net zero by 2024. For more information about Sigma Lithium, visit https://www.sigmalithiumresources.com/ FOR ADDITIONAL INFORMATION PLEASE CONTACT Jamie Flegg, Chief Development Officer (Toronto) +1 (604) 706-1087 jamie.flegg@sigmaca.com Vítor Ornelas, Manager, Corporate Development & Investor Relations vitor.ornelas@sigmaca.com Sigma Lithium FORWARD-LOOKING STATEMENTS This news release includes certain "forward-looking information" under applicable Canadian and U.S. securities legislation, including but not limited to statements relating to the general business and operational outlook of the Company, and other forward-looking information. All statements that address future plans, activities, events, estimates, expectations or developments that the Company believes, expects or anticipates will or may occur is forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Forward-looking information contained herein is based on certain assumptions regarding, among other things: general economic and political conditions; the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates; anticipated trends and effects in respect of the COVID-19 pandemic and post-pandemic; the military conflict in Ukraine and related sanctions; demand for lithium, including that such demand is supported by growth in the electric vehicle market; the Company's market position and future financial and operating performance; the Company's estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; and the Company's ability to develop and achieve production at its mineral projects. Although management believes that the assumptions and expectations reflected in the forward-looking information are reasonable, there can be no assurance that these assumptions and expectations will prove to be correct. Forward-looking information inherently involves and is subject to risks and uncertainties, including but not limited to that the Company may not develop its mineral projects into a commercial mining operation; the market prices for lithium may not remain at current levels; and the market for electric vehicles and other large format batteries currently has limited market share and no assurances can be given for the rate at which this market will develop, if at all, which could affect the success of the Company and its ability to develop lithium operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the current annual information form of the Company and other public filings available under the Company's profile at www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. View original content: SOURCE Sigma Lithium	https://www.whsv.com/prnewswire/2022/05/11/sigma-lithium-announces-annual-special-meeting-shareholders-upcoming-conference-participation/	2022-05-11T21:33:53Z
The New Smirnoff lineup redefines fun this summer, opening the door to bold, one-of-a-kind experiences For the People NEW YORK, May 11, 2022 /PRNewswire/ -- These days, fun is in high demand and short supply - not anymore. Smirnoff is taking over the first-ever Billboard MusicCon, elevating fun to new heights. As the presenting partner of the inaugural weekend in Las Vegas May 13-14, Smirnoff will introduce its NEW Smirnoff Lemonade Collection, including the new Smirnoff ICE and Smirnoff Seltzer Neon Lemonade variety packs and new Smirnoff Peach Lemonade flavored spirit. Billboard MusicCon goers (21+) are invited to "Squeeze the Day" with a vibrant lemonade wonderland experience, with delicious fun around every corner. Mingle through the Smirnoff Lemonade Lounge where a simple (faux) lemon unlocks spontaneous bold prizes, which could include a pair of tickets to the Billboard Music Awards on Sun., May 15, VIP meet and greets with Smirnoff partner Ty Dolla $ign and more. Fans are also invited to enjoy live performances from VIP artists like DJ Brittany Sky and Ty Dolla $ign, who will take the stage for an unforgettable headlining performance on Sat., May 14 to wrap the two days of flavorful festivities. "Smirnoff is redefining fun with our new Neon Lemonades Variety Packs for people who refuse to settle for good, and demand great — better yet, BOLD," said Lisa Lee, Smirnoff FMB Director. "Fun these days is in high demand and life is most fun when you make things happen rather than let life happen to you. That's exactly what Smirnoff Lemonades will continue to do for the people, it's the neon way to lemonade." For fans at home, Smirnoff is sharing custom content from the hottest artists including Ty Dolla $ign. But that's not all. Throughout the summer, Smirnoff will raise the bar for fun with unexpected lemonade drops in select U.S. cities, ripe for bold new experiences and squeeze the day moments. The first-of-its-kind, MusicCon will expand the Billboard Music Awards footprint through exclusive conversations, unique fan experiences and nightly performances that celebrate the past year in music while setting the tone for the year to come. All concerts will be free, with entry on a first come, first serve basis, giving all the people an opportunity to get in on the action. Fans can RSVP or purchase tickets here. As part of its Lemonades national launch, Smirnoff collaborated with multi-platinum selling recording artist, Ty Dolla $ign to appear in a series of advertising spots set to air throughout the summer. "Smirnoff Lemonades are all about the dope memories and fun that happen when people live life boldly. I'm all about that vibe and excited to bring it to the first-ever Billboard MusicCon," said Ty Dolla $ign. "But that's just the beginning, because Smirnoff is bringing the fun and flavor to the people all summer long. The summer is ours baby!" To level-up the fun, the new Smirnoff ICE and Smirnoff Seltzer Neon Lemonade Variety Packs include four bold flavors: Pink Lemonade, Peach Lemonade, Blue Raspberry Lemonade and Pineapple Lemonade. The Variety Packs are available nationwide at a suggested retail price of $15.99 per 12 pk. New Smirnoff Peach Lemonade flavored spirit is available nationwide at a suggested retail price of $17.99 per 1.75L, $11.99 per 750ml and $0.99 per 50ml. Also on the scene to bring the flavor all summer long, Smirnoff ICE Smash Lemonades - available in Peach Lemonade and Pink Lemonade at a suggested retail price of $1.49 per 16 Oz or $2.49 per 5 Oz. For more deliciously bold updates and news, follow @Smirnoff on Instagram and @SmirnoffUS on Twitter. And no matter how you choose to enjoy Smirnoff Lemonades, please remember to always drink responsibly. **NO PURCHASE NECESSARY. Must be 21 or older. Sweepstakes begins 5/13 @ 6:00 p.m. & ends 5/14 @11:59 p.m., subject to availability of prizes/gifts. Most participants will receive gifts, NOT prizes). Participation available on a first come, first serve basis. Alcohol NOT part of any prize/gift. For Billboard Music Awards tickets prize, guest must be 21+. Additional restrictions apply. Unclaimed prizes/gifts NOT awarded. Consumer must agree to Official Rules (with code of conduct, odds and other details) prior to participation. Sponsor: Diageo Beer Company USA, New York, NY; Diageo Americas, Inc., New York, NY. Smirnoff has been giving the people what they want since 1864 serving as a catalyst to revolutionizing drinking culture across generations from inventing the Mule and reimagining the vodka martini to creating a cultural mainstay that defines the flavored malt beverage category with the launch of Smirnoff Ice in 2000. Because the brand is dedicated to the people and their evolving taste preferences, Smirnoff has an option for everyone along with a dedicated history of adding fun to any occasion while keeping diversity and inclusion at the forefront. Truly showing the power of socializing when everyone (21+) is invited to celebrate. The Smirnoff portfolio offers a variety of options for adults across vodka and flavored malt beverages. Current offerings include foundations in Smirnoff No. 21 Vodka and Smirnoff Ice, a line of flavors in North America and ready-to-serve flavored malt beverages including Smirnoff Seltzer and Smirnoff Ice Smash. From culturally relevant limited editions to new innovations and zero sugar offerings, Smirnoff has always been known for quality and affordability, and prides itself on giving the people what they want. Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan's whiskies, Smirnoff, Cîroc and Ketel One vodkas, Casamigos, DeLeon and Don Julio tequilas, Captain Morgan, Baileys, Tanqueray and Guinness. Diageo is listed on both the New York Stock Exchange (NYSE: DEO) and the London Stock Exchange (LSE: DGE) and their products are sold in more than 180 countries around the world. For more information about Diageo, their people, brands, and performance, visit www.diageo.com. Visit Diageo's global responsible drinking resource, www.DRINKiQ.com, for information, initiatives, and ways to share best practice. Follow on Twitter and Instagram for news and information about Diageo North America: @Diageo_NA. Nicole Anastasi DIAGEO nicole.anastasi@2bsquaredcommunications.com 704-796-9992 TAYLOR Smirnoff@taylorstrategy.com View original content to download multimedia: SOURCE SMIRNOFF	https://www.whsv.com/prnewswire/2022/05/11/smirnoff-lemonades-splash-down-first-ever-billboard-musiccon-quenching-thirst-fun-weve-all-been-craving/	2022-05-11T21:34:00Z
HOUSTON, May 11, 2022 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE: SCM) ("Stellus" or "the Company") today announced financial results for its first fiscal quarter ended March 31, 2022. Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid results in the first quarter in which we grew our investment portfolio, maintained net asset value, covered the dividend, and generated $3.4 million of realized gains. In particular, core and GAAP net investment income covered our first quarter regular dividend of $0.28 per share. In April, in addition to our regular dividend of $0.28 per quarter in the aggregate, our Board of Directors declared an additional aggregate dividend of $0.06 for the second quarter. These dividends total $0.34 per share in the aggregate for the second quarter and are payable in increments of $0.1133 for each of May, June and July. Our portfolio at fair value increased by $65 million, ending the quarter at $838 million." Results of Operations Investment income for the three months ended March 31, 2022 and 2021 totaled $15.5 million and $14.0 million, respectively, most of which was interest income from portfolio investments. Operating expenses for the three months ended March 31, 2022 and 2021, totaled $10.0 million and $8.9 million, respectively. For the same respective periods, base management fees totaled $3.5 million and $3.0 million, there were no income incentive fees for both periods, capital gains incentive fees (reversal) totaled ($0.0) million and $0.1 million, fees and expenses related to our borrowings totaled $4.9 million and $4.3 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million for both periods, income tax totaled $0.3 million and $0.2 million and other expenses totaled $0.8 million for both periods. Net investment income was $5.5 million and $5.1 million, or $0.28 and $0.26 per common share based on weighted average common shares outstanding for the three months ended March 31, 2022 and 2021 of 19,517,761 and 19,486,003, respectively. The capital gains incentive fee reversal of ($0.0) million for the three months ended March 31, 2022 was accrued for GAAP purposes due to the decrease in net realized and unrealized gains over the quarter. Such fees, as calculated and accrued, would not necessarily be payable under the investment advisory agreement, and may never be paid based upon the computation of incentive fees in subsequent periods. The income tax expense accrual of $0.3 million for the three months ended March 31, 2022 was accrued based on estimates of undistributed taxable income, which was generated largely from capital gains. Core net investment income, which is a non-U.S GAAP measure that excludes these accruals, for the three months ended March 31, 2022 was $5.8 million, or $0.29 per share; and for the three months ended March 31, 2021 was $5.4 million, or $0.28 per share. The Company's investment portfolio had a net change in unrealized (depreciation) appreciation for the three months ended March 31, 2022 and 2021, of ($3.7) million and $0.1 million, respectively. For the three months ended March 31, 2022 and 2021, the Company had realized gains of $3.5 million and $0.5 million, respectively. Net increase in net assets resulting from operations totaled $5.2 million and $4.9 million, or $0.27 and $0.25 per common share, based on weighted average common shares outstanding for the three months ended March 31, 2022 and 2021 of 19,517,761 and 19,486,003, respectively. Liquidity and Capital Resources As of March 31, 2022, our amended and restated senior secured revolving credit agreement with certain bank lenders and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent (as amended from time to time, the "Credit Facility") provided for borrowings in an aggregate amount of up to $250.0 million on a committed basis. As of March 31, 2022 and 2021, our credit facility had an accordion feature which allowed for potential future expansion of the facility size to $280.0 million. As of March 31, 2022 and December 31, 2021, we had $205.5 million and $177.3 million in outstanding borrowings under the credit facility, respectively. For the three months ended March 31, 2022, our operating activities used cash of $62.9 million primarily in connection with purchases and origination of portfolio investments, which was slightly offset by repayments of our investments. For the same period, our financing activities provided cash of $43.4 million, primarily from proceeds from SBA-guaranteed debentures and net borrowings on our Credit Facility. For the three months ended March 31, 2021, our operating activities used cash of $57.1 million, primarily in connection with the purchase and origination of new portfolio investments, which was slightly offset by repayments of our investments. For the same period, our financing activities provided cash of $69.0 million, due to the issuance of our 4.875% fixed-rate notes due 2026 offset by the repayment of our 5.75% fixed-rate notes due 2022 and net repayments on our Credit Facility. Distributions During the three months ended March 31, 2022 and 2021, we declared aggregate distributions of $0.28 per share and $0.25 per share ($5.5 million and $4.9 million, respectively) for each quarter. Tax characteristics of all distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year. None of these dividends are expected to include a return of capital. Recent Portfolio Activity On January 5, 2022, we invested $0.1 million in the equity of Tower Arch Infolinks Media, LP, an existing portfolio company. On March 31, 2022, we invested an additional $0.1 million in the equity of the company. On February 1, 2022, we invested $6.2 million in the first lien term loan and committed $0.1 million in the unfunded revolver of BLP Buyer, Inc., a distributor of lifting solutions. Additionally, we invested $0.8 million in the equity of the company. On February 7, 2022, we invested $5.4 million in the first lien term loan and committed $0.1 million in the unfunded revolver and $0.1 million in the unfunded delayed draw term loan of Service Minds Company, LLC, a provider of residential electrical services. On February 10, 2022, we invested $1.0 million in the first lien term loan of NuSource Financial, LLC, an existing portfolio company. On February 15, 2022, we invested £10.0 million pounds sterling ($13.5 million dollars) in the first lien term loan and committed $0.1 million in the unfunded delayed draw term loan and $0.1 million in the unfunded revolver of a provider of Oracle-focused IT services. Additionally, we invested $0.8 million in the equity of the company. On February 24, 2022, we invested $13.5 million in the first lien term loan and committed $0.1 million in the unfunded revolver of BDS Solutions Intermediateco, LLC, a leading provider of outsourced marketing services. On March 1, 2022, we received $3.9 million in full realization on the equity of Mobile Acquisition Holdings, LP, resulting in a $3.4 million realized gain. On March 16, 2022, we invested $9.1 million in the first lien term loan and committed $0.1 million in the unfunded revolver and $0.1 million in the unfunded delayed draw term loan of Exigo, LLC, a software platform for direct selling organizations. Additionally, we invested $0.4 million in the equity of the company. On March 22, 2022, we invested $5.0 million in the second lien term loan of TFH Reliability, LLC, an existing portfolio company. On March 22, 2022, we invested $12.0 million in the first lien term loan and committed $0.1 million in the unfunded revolver and $0.1 million in the unfunded delayed draw term loan of Axis Portable Air, LLC, an air conditioning, heating, and air quality equipment rental company. Additionally, we invested $0.4 million in the preferred equity of the company. On March 31, 2022, we invested $7.5 million in the first lien term loan of Credit Connection, LLC, an existing portfolio company. On March 31, 2022, we invested $0.1 million in the convertible term loan of Venbrook Holdings, LLC, an existing portfolio company. Events Subsequent to March 31, 2022 On April 1, 2022, we invested $0.1 million in the first lien term loan and committed $0.1 million in the revolver of Cancos Tile & Stone LLC, a regional distributor, seller, and custom fabricator of high-end ceramic and stone tile products and accessories. Additionally, we invested $0.1 million in the equity of the company. On April 1, 2022, we invested $0.1 million in the first lien term loan and committed $0.1 million in the revolver of Tilley Chemical Company, Inc., a distributor of specialty chemicals, oils, and lubricants into the food & beverage, lubricants, flavor and fragrances, personal care, and other chemicals end-markets. On April 4, 2022, we invested $11.3 million in the first lien term loan and committed $0.1 million in the revolver of Microbe Formulas LLC, a provider of dietary supplements and other natural solutions for detox and gut health. On April 7, 2022, we received $1.3 million in full realization on the equity of Energy Labs Holding Corp., resulting in a $0.7 million realized gain. On April 15, 2022, we invested $6.6 million in the first lien term loan of Anne Lewis Strategies, LLC, an existing portfolio company. On April 15, 2022, we invested $0.1 million in the equity of Pure TopCo, LLC, an existing portfolio company. On April 25, 2022 we received full repayment on the first lien term loan of SQAD, LLC for total proceeds of $14.1 million. We also received $2.4 million in full realization on the equity of the company, resulting in a $2.1 million realized gain. On April 29, 2022, we invested $10.0 million in the first lien term loan and committed $0.1 million in the revolver and $0.1 million in the delayed draw term loan of Florachem Holdings, LLC, a distiller and supplier of natural citrus, pine, and specialty inputs. Additionally, we invested $0.4 million in the equity of the company. Credit Facility The outstanding balance under the credit facility as of May 11, 2022 was $204.1 million. SBA-guaranteed Debentures The total balance of SBA-guaranteed debentures outstanding as of May 11, 2022 was $290.0 million. ATM Program Since March 31, 2022, the Company issued 13,416 shares under the ATM Program, for gross proceeds of $0.2 million and underwriting and other expenses of less than $0.1 million. The average per share offering price of shares issued in the ATM Program subsequent to March 31, 2022 was $14.01. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the issuance of shares would be dilutive in nature. As such, the Advisor reimbursed the Company less than $0.1 which resulted in net proceeds of $0.2 million, or $14.61 per share. Distributions Declared On April 19, 2022, our board of directors declared a regular monthly distribution for each of April 2022, May 2022 and June 2022 as follows: On April 19, 2022, our board of directors declared a supplemental monthly distribution for each of April 2022, May 2022 and June 2022 as follows: Conference Call Information Stellus Capital Investment Corporation will host a conference call to discuss these results on Thursday, May 12, 2022 at 10:00 AM, Central Daylight Time. The conference call will be led by Robert T. Ladd, chief executive officer, and W. Todd Huskinson, chief financial officer, chief compliance officer, treasurer, and secretary. For those wishing to participate by telephone, please dial (888) 220-8451 (domestic). Use passcode 2120806. Starting approximately two hours after the conclusion of the call, a replay will be available through Friday, May 20, 2022 by dialing (888) 203-1112 and entering passcode 2120806. The replay will also be available on the company's website. For those wishing to participate via Live Webcast, connect via the Public Company (SCIC) section of our website at www.stelluscapital.com, under the Events tab. A replay of the conference will be available on our website for approximately 90 days. About Stellus Capital Investment Corporation The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien (including unitranche) loans, second lien loans and unsecured debt financing, with corresponding equity co-investments. The Company's investment activities are managed by its investment adviser, Stellus Capital Management. To learn more about Stellus Capital Investment Corporation, visit www.stelluscapital.com under the "Public (SCIC)" tab. Forward-Looking Statements Statements included herein may contain "forward-looking statements" which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release, including statements about COVID-19 and its impacts, may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. Contacts Stellus Capital Investment Corporation W. Todd Huskinson, Chief Financial Officer (713) 292-5414 thuskinson@stelluscapital.com View original content to download multimedia: SOURCE Stellus Capital Investment Corporation	https://www.whsv.com/prnewswire/2022/05/11/stellus-capital-investment-corporation-reports-results-its-first-fiscal-quarter-ended-march-31-2022/	2022-05-11T21:34:06Z
TORONTO, May 11, 2022 /PRNewswire/ - The Board of Directors (the "Board") of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced that a dividend of $0.69 per share on the common shares of the Company has been declared, payable June 30, 2022 to shareholders of record at the close of business on June 1, 2022. This reflects an increase of 3 cents per share from the amount paid in the previous quarter. The Board also announced that the following dividends have been declared on the Company's Class A Non-Cumulative Preferred Shares, payable on June 30, 2022 to shareholders of record at the close of business on June 1, 2022: Common shares of the Company acquired under the Company's Canadian Dividend Reinvestment and Share Purchase Plan (the "Plan") will be purchased by the Plan agent on the open market through the facilities of the Toronto Stock Exchange and through the facilities of other Canadian stock exchanges and alternative Canadian trading platforms. Sun Life Financial Inc. has designated the dividends referred to above as eligible dividends for the purposes of the Income Tax Act (Canada). Sun Life is a leading international financial services organization providing asset management, wealth, insurance, and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2022, Sun Life had total assets under management of $1.35 trillion. For more information please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Note to editors: All figures in Canadian dollars View original content to download multimedia: SOURCE Sun Life Financial Inc.	https://www.whsv.com/prnewswire/2022/05/11/sun-life-declares-dividends-common-preferred-shares-payable-q2-2022/	2022-05-11T21:34:12Z
Published: May. 11, 2022 at 5:01 PM EDT\|Updated: 33 minutes ago TORONTO, May 11, 2022 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the first quarter ended March 31, 2022. Q1'22 reported net income of $858 million decreased 8% and underlying net income(1) of $843 million decreased 1% from Q1'21. Q1'22 reported EPS(2) was $1.46 and underlying EPS(1)(2) was $1.44. "Sun Life delivered solid first quarter results driven by the strength of our diversified business model. We continue to deliver on our Purpose for Clients amidst a challenging economic environment and ongoing COVID-19 impacts. We saw our insurance and wealth sales grow this quarter, highlighting the value our Clients place on financial security and healthier lives, and we delivered strong long-term investment performance," said Kevin Strain, President and CEO of Sun Life. "Our capital position remained strong and we are pleased to announce a 4.5% increase in our dividend to $0.69 per common share, reflecting our confidence in meeting our medium-term financial goals." Sun Life also announced the expansion of its strategic partnership with CIMB Niaga, a leading regional bank in Indonesia. This extended partnership will increase distribution and product offerings starting in 2025, and more importantly, help millions of people to access financial security solutions across all life stages. Financial and Operational Highlights - Quarterly Comparison (Q1 2022 vs. Q1 2021) Our strategy is focused on key business segments, where we aim to be a leader in the markets in which we operate. Reported net income of $858 million decreased $79 million or 8% from prior year, driven by less favourable market-related impacts, partially offset by a Q1'21 restructuring charge and lower fair value changes on MFS' share-based payment awards.(1) Underlying net income of $843 million(2) was down slightly, driven by broad-based business growth, higher investment gains and lower Corporate expenses, offset by unfavourable mortality and disability which included impacts from COVID-19, and lower available-for-sale ("AFS") gains. Canada: A leader in insurance and asset management Canada reported net income of $263 million decreased $142 million or 35% from prior year, primarily reflecting changes in interest rates and lower equity markets, partially offset by an increase in the value of real estate investments and an increase in underlying net income of $13 million. Underlying net income of $298 million increased 5%, driven by business growth and new business gains. Experience in the quarter consisted of higher investment gains, partially offset by morbidity reflecting longer durations for disability claims, and unfavourable credit impacts. Canada insurance sales were $332 million, up 42% year-over-year, driven by large case group benefits sales in Sun Life Health. Canada wealth sales were $5 billion, up 11%, driven by defined contribution sales in Group Retirement Services ("GRS"), partially offset by individual wealth sales. Aligned with our Purpose to help Clients achieve lifetime financial security, we launched Prosprby Sun Life, a hybrid advice solution combining a best-in-class digital platform with a team of licensed advisors, to meet Canadians' personalized and holistic financial planning needs. Prosprby Sun Life makes it easier for Canadians to select, prioritize and track their goals all in one place. U.S.: A leader in health and benefits U.S. reported net income of $169 million decreased $42 million or 20% from prior year, reflecting a $53 million decrease in underlying net income. Underlying net income of $118 million decreased 31%, driven by mortality and morbidity, partially offset by business growth. In the first quarter, COVID-19 impacts of US$30 million ($39 million) were largely driven by elevated group life mortality. Earnings for the quarter also reflected higher long-term disability claims in Group Benefits, offset by higher medical stop-loss margins and investment gains. The trailing four-quarter after-tax profit margin for Group Benefits(3) was 4.9% as of Q1'22 (Q1'21 - 8.1%). U.S. insurance sales were $148 million, down 4% year-over-year, reflecting a large employee benefits case sale in the prior year, largely offset by a 56% increase in medical stop-loss sales. During Q1, we launched Benefits Explorer, an interactive platform designed to provide employees with personalized, live educational content and customized tools to help them make well-informed benefits decisions. We also continued to invest in our dental business and digital capabilities by partnering with Teledentistry.com. The service offers members 24/7 virtual access to dental providers, making it easier to get dental care and advice in emergencies while traveling or during evenings and weekends. This complements the recent announcement of our intention to acquire DentaQuest Group Inc. ("DentaQuest"), one of the largest providers of dental benefits in the U.S., and their mission to make oral health accessible to all. Asset Management: A global leader in both public and alternative asset classes through MFS and SLC Management Asset Management reported net income of $308 million increased $78 million or 34% from prior year, driven by lower fair value changes on MFS' share-based payment awards and an increase in underlying net income of $35 million. Underlying net income of $326 million increased 12%, driven by higher results in MFS and SLC Management. Asset Management ended Q1'22 with $981 billion in AUM, consisting of $796 billion (US$637 billion) in MFS and $185 billion in SLC Management. Total Asset Management net outflows of $2 billion in Q1'22 reflected MFS net outflows of approximately $7 billion (US$5 billion), largely offset by SLC Management net inflows of approximately $5 billion. The MFS pre-tax net operating profit margin(1) was 39% for Q1'22, consistent with prior year. The SLC Management fee-related earnings margin(1)(2) was 23%, down from 26%. Through its collective expertise, long-term investing philosophy and active risk management, MFS continues to deliver on its consistent track record as a top-performing active asset manager. For 2021, MFS ranked in the top 10(3) for its 5- and 10-year performance across its U.S. fund line up, marking the 13th time in the last 14 years that MFS has achieved this recognition. During Q1, Crescent Capital Group LP ("Crescent") closed its third U.S. Direct Lending Fund, raising approximately US$6 billion, more than double the size of the predecessor fund. WELPUT(4), a fund managed by BentallGreenOak ("BGO"), won the 2022 Pension Real Estate Association ("PREA") Closed-End Fund ESG Award. In addition, SLC Management, and its affiliates, BGO and Crescent, have become founding signatories to the CFA Institute's recently launched Diversity, Equity, and Inclusion ("DEI") Code in the U.S. and Canada. Asia: A regional leader focused on fast-growing markets Asia reported net income of $161 million decreased $37 million or 19% from prior year, reflecting less favourable market-related impacts. Underlying net income of $152 million decreased $7 million or 4%, reflecting new business strain in Hong Kong largely driven by lower sales as a result of COVID-19 restrictions, partially offset by experience-related items. Experience in the quarter included higher investment gains, partially offset by higher mortality mainly in International, related to a small number of large claims. Foreign exchange translation led to a $5 million decline in reported net income and underlying net income. Asia insurance sales were $319 million, down 7% year-over-year, reflecting lower sales in Hong Kong, partially offset by sales growth in India and Singapore. Asia wealth sales were $4 billion, up 7%, driven by higher sales in the Philippines and India, partially offset by lower sales in Hong Kong. We continue to expand our distribution channels across Asia to better service Clients in our fast-growing markets. In Indonesia, we announced the expansion of our existing bancassurance partnership with CIMB Niaga, Indonesia's second largest privately-owned bank(5). Sun Life will be the provider of all insurance solutions to the bank's seven million customers, across all channels, starting in 2025 through 2039. Corporate Corporate reported net loss of $43 million improved $64 million from prior year, as Q1'21 included a restructuring charge of $57 million. Underlying net loss of $51 million improved by $5 million. Earnings Conference Call The Company's Q1'22 financial results will be reviewed at a conference call on Thursday, May 12, 2022, at 10:00 a.m. ET. To listen to the call via live audio webcast and to view the presentation slides, as well as related information, please visit www.sunlife.com and click on the link to Quarterly reports under Investors – Financial results & reports 10 minutes prior to the start of the call. Individuals participating in the call in a listen-only mode are encouraged to connect via our webcast. Following the call, the webcast and presentation will be archived and made available on the Company's website, www.sunlife.com, until the Q1 2023 period end. The conference call can also be accessed by phone by dialing 602-563-8756 (International) or 1-877-658-9101 (toll‑free within North America) using Conference ID: 6588671. A replay of the conference call will be available from Thursday, May 12, 2022 at 1:00 p.m. ET until 1:00 p.m. ET on Thursday, May 26, 2022 by calling 404-537-3406 or 1-855-859-2056 (toll‑free within North America) using Conference ID: 6588671. Forward-looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this document include statements (i) relating to our strategies; (ii) relating to the expansion of our bancassurance partnership with CIMB Niaga; (iii) relating to our intention to acquire DentaQuest; (iv) relating to our growth initiatives and other business objectives; (v) relating to the plans we have implemented in response to the COVID-19 pandemic and related economic conditions and their impact on the Company, (vi) that are predictive in nature or that depend upon or refer to future events or conditions, and (vii) that include words such as "achieve", "aim", "ambition", "anticipate", "aspiration", "assumption", "believe", "could", "estimate", "expect", "goal", "initiatives", "intend", "may", "objective", "outlook", "plan", "project", "seek", "should", "strategy", "strive", "target", "will", and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts, and remain subject to change, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its uncertain impact on our business. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the impact of the COVID-19 pandemic and related economic conditions on our operations, liquidity, financial conditions or results and the matters set out in Q1 2022 MD&A under the headings C - Profitability - 5 - Income taxes, E - Financial Strength and H - Risk Management and in SLF Inc.'s 2021 AIF under the heading Risk Factors, and the factors detailed in SLF Inc.'s other filings with Canadian and U.S. securities regulators, which are available for review at www.sedar.com and www.sec.gov, respectively. Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward-looking statements, essentially depends on our business performance which, in turn, is subject to many risks, which have been further heightened with the current COVID-19 pandemic given the uncertainty of its duration and impact. Factors that could cause actual results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; and fluctuations in foreign currency exchange rates; insurance risks - related to policyholder behaviour; mortality experience, morbidity experience and longevity; product design and pricing; the impact of higher-than-expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial institutions and other entities; business and strategic risks - related to global economic and political conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market conduct by intermediaries and agents; the impact of competition; the performance of our investments and investment portfolios managed for Clients such as segregated and mutual funds; changes in the legal or regulatory environment, including capital requirements and tax laws; the environment, environmental laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber-attacks; our ability to attract and retain employees; legal, regulatory compliance and market conduct, including the impact of regulatory inquiries and investigations; the execution and integration of mergers, acquisitions, strategic investments and divestitures; our information technology infrastructure; a failure of information systems and Internet-enabled technology; dependence on third-party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - COVID-19 matters, including the severity, duration and spread of COVID-19; its impact on the global economy, and its impact on Sun Life's business, financial condition and or results; risks associated with IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments; our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates and judgements used in calculating taxes. The following risk factors are related to our intention to purchase DentaQuest that could have a material adverse effect on our forward-looking statements: (1) the ability of the parties to complete the transaction; (2) failure of the parties to obtain necessary consents and approvals or to otherwise satisfy the conditions to the completion of the transaction in a timely manner, or at all; (3) our ability to realize the financial and strategic benefits of the transaction; and (4) the impact of the announcement of the transaction and the dedication of our and DentaQuest's resources to completing the transaction. These risks all could have an impact on our business relationships (including with future and prospective employees, Clients, distributors and partners) and could have a material adverse effect on our current and future operations, financial conditions and prospects. The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law. About Sun Life Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2022, Sun Life had total assets under management of $1.35 trillion. For more information, please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.	https://www.whsv.com/prnewswire/2022/05/11/sun-life-reports-first-quarter-2022-results/	2022-05-11T21:34:21Z
Reaffirms Full-Year 2022 Guidance NEW YORK, May 11, 2022 /PRNewswire/ -- Thorne HealthTech, Inc. ("Thorne HealthTech" or the "Company") (NASDAQ: THRN), a leader in developing personalized, innovative solutions to help people live healthier, longer lives, today announced its financial results for the first quarter ended March 31, 2022. Highlights: - Net sales grew 22.9% to $54.7 million, with direct-to-consumer ("DTC") sales growth of 33.0% - Gross profit grew 29.6% to $30.1 million; gross margin increased 285 basis points to 55.1% - Net income attributable to common stockholders of $5.0 million; adjusted EBITDA of $8.7 million - Diluted earnings per share of $0.09; adjusted diluted earnings per share of $0.12 - Full-year 2022 guidance reaffirmed for projected net sales of $240 million to $250 million; adjusted EBITDA of $30 million to $35 million; and adjusted EPS of $0.28 to $0.30 "Our solid first quarter performance was driven by robust growth across sales channels," said Paul Jacobson, Thorne HealthTech's chairman and CEO. "More health professionals, sports organizations, and individuals are becoming aware of the science-backed solutions we offer that help optimize performance and inform personalized decisions that can lead to a longer, healthier life. With the recent launch of our healthy aging campaign, positive results from the OneDraw blood collection device study and upcoming product launches, we are strengthening our position in each of our end markets." As of March 31, 2022, the Company's number of active subscriptions grew 57.0% to approximately 265,000, compared to approximately 168,000 as of March 31, 2021. The Company continued to experience high customer retention, recurring purchases, and low customer acquisition costs. For each of the three months ended March 31, 2022 and 2021, the Company's annual life-time value ("LTV") to customer acquisition cost ("CAC") ratio was 6.2x. Important disclosures about, and reconciliations of, non-GAAP measures to their most directly comparable GAAP measures, including adjusted EBITDA, adjusted net income and adjusted diluted earnings per share ("EPS") are provided in the "Non-GAAP Financial Measures" section of this press release. Financial Position As of March 31, 2022, the Company had $31.4 million in cash, and it had $2.3 million of debt outstanding, inclusive of $0.8 million attributable to finance lease liabilities. On April 8, 2022, the Company entered into a new loan agreement that provides a $15.0 million revolving line of credit (the "Line of Credit"). Outstanding borrowings under the Line of Credit are subject to interest at a rate equal to the Bloomberg Short-Term Bank Yield Index rate, plus 1.50 percentage points, and is subject to an unused commitment fee of 0.2% per year due quarterly until the expiration of the loan agreement on March 31, 2027. There are no outstanding borrowings under the Line of Credit as of the date of this news release. The Company's financial guidance assumes the following: - Foreign exchange rates, the effects of which are currently not significant, will remain in effect throughout the year - Net sales attributable to the acquisition of Nutrativa are expected to contribute to between 1% and 2% of projected net sales growth for the year - Marketing costs are expected to be between 16% and 18% of net sales; these costs are expected to be lower in the first quarter compared to the second through fourth quarters of the year due to the anticipated timing of certain brand campaigns which have typically resulted in incremental net sales both during and after such campaigns - For adjusted net income and adjusted diluted earnings per share, guidance also assumes (i) an estimated full-year adjusted tax rate of 10% and (ii) diluted weighted-average shares outstanding of 62.0 million as of December 31, 2022 In addition, while the Company expects that (i) advanced purchases of necessary raw materials for its products are sufficient to meet anticipated demand for the full-year and (ii) remaining costs for the construction of its new manufacturing and distribution facility in South Carolina will approximate forecasted amounts, the Company's guidance also assumes that existing global supply chain and inflation conditions do not further deteriorate. Webcast and Conference Call Details The Company will host a conference call on Thursday, May 12, 2022, at 8 a.m. (U.S. Eastern Time) to discuss its first quarter 2022 financial results. A live webcast of the call can be accessed by logging onto the investors section of the Thorne HealthTech website at https://investors.thornehealthtech.com. A replay will be available on the same website after the call. In addition, the conference call can be accessed over the phone by dialing +1 844 200 6205 for U.S. callers, or +1 929 526 1599 for international callers, approximately 10 minutes prior to the start time. An audio replay will be available for 7 days following the call. To access the replay, dial +1 866 813 9403 (U.S.) or +44 204 525 0658 (International). The access code for the live call and replay is 237057. About Thorne HealthTech Thorne HealthTech is a leader in developing personalized, innovative solutions to help people life healthier, longer lives. Thorne HealthTech is a science-driven wellness company that is utilizing testing and data to create improved product efficacy and deliver personalized solutions to consumers, health professionals and corporations. Thorne HealthTech's unique, vertically integrated brands, Thorne and Onegevity, provide insights and personalized data, products, and services that help individuals take a proactive and actionable approach to improve and maintain their health over a lifetime. Forward-Looking Statements This news 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 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this news release, including, without limitation, statements regarding the conditions of our industry, our future results of operations and financial position, business strategy, development plans, expected research and development costs, regulatory strategy, product and service development, sales and marketing activities, international expansion efforts, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "guidance," "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this news release include, but are not limited to, statements regarding financial guidance, market opportunity, ability to penetrate the market, expanded product offerings and expectations for growth. We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements are current only as of the date of this news release and are subject to a number of risks, uncertainties and assumptions described in the section titled "Risk Factors" and elsewhere in Thorne HealthTech's filings made with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on March 16, 2022 and Quarterly Report on Form 10-Q, which we plan to file on or about May 12, 2022, and other SEC filings, copies of which are available free of charge on the SEC website at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise. Non-GAAP Financial Measures To provide investors with additional information regarding its financial results, the Company has provided certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP") in this press release, including: earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings per share. The Company calculates EBITDA, a non-GAAP financial measure, as net income or loss excluding depreciation and amortization, interest expense and income taxes. The Company calculates adjusted EBITDA, a non-GAAP financial measure, by further excluding non-cash items for stock-based compensation expenses, change in fair value of warrant liability, loss on Drawbridge step acquisition, loss on Drawbridge transaction, guarantee fees and income or loss from equity in unconsolidated affiliates. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue. The Company calculates adjusted net income, a non-GAAP financial measure, as net income or loss excluding (i) stock-based compensation expenses, change in fair value of warrant liability, loss on Drawbridge step acquisition, loss on Drawbridge transaction, guarantee fees and income or loss from equity in unconsolidated affiliates and (ii) utilizing an adjusted provision for income taxes based on the Company's estimate of applicable statutory rates. EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings per share should be viewed as measures of operating performance that are supplements to, and not substitutes for, operating income or loss, net income or loss and other GAAP measures of income and loss. The Company has included EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings per share in this press release because they are key measures used by the Company's management to evaluate and compare the Company's financial and operational performance over multiple periods, identifying trends affecting the Company's business, formulating business plans and making strategic decisions. In particular, the exclusion of certain expenses or income in calculating adjusted EBITDA and adjusted net income facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain non-recurring variable charges. In addition, the Company believes that providing each of EBITDA and adjusted EBITDA and adjusted net income, together with a reconciliation of net income or loss to each such measure, helps investors make comparisons between Thorne HealthTech and other companies that may have different capital structures, different tax rates and different forms of employee compensation. Each of EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings per share has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies. The Company has not reconciled the forward-looking adjusted EBITDA and adjusted diluted earnings per share guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), certain fair value measurements, acquisition transactions and integration, tax items and others that may arise during the year, each of which are potential adjustments to future earnings. The Company expects the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. View original content to download multimedia: SOURCE Thorne HealthTech, Inc.	https://www.whsv.com/prnewswire/2022/05/11/thorne-healthtech-reports-first-quarter-2022-results/	2022-05-11T21:34:28Z
NEW YORK, May 10, 2022 /PRNewswire/ -- Fencers Club (FC) –North America's oldest and most accomplished fencing sport club – welcomes its newest coach: Guillermo Madrigal. Coach Madrigal is a former national coach in Cuba and Puerto Rico. Coach Madrigal has just returned from the 2022 Junior World and Cadet Championships, where one of his most accomplished students won the Junior World's in Women's Epee. He now joins the ranks of FC's past and present fencing masters, who have groomed National Champions, World Champions, and Olympic Medalists throughout the iconic New York fencing club's 139-year history. Coach Madrigal joins a Fencers Club coaching roster that includes three active USA Fencing Hall of Fame coaches; Simon Gershon (2015), Akhi Spencer-El (2020) and Mikhail Petin (2021). "After an international search to identify and hire an outstanding coach for our Epee program, the Coaches Search Committee fully believe that Coach Guillermo will be an invaluable asset to the Fencers Club community," says Philippe Bennett, Chairman of the Fencers Club's Board of Directors. Born in Cuba, Coach Madrigal was an accomplished athlete – competing internationally at a senior level, including as team captain of the National Cuban Fencing Team. Coach Madrigal received a degree in fencing and studied all 3 weapons at the University in Physical Education in Cuba. His coaching career started as assistant coach for the Cuban team in 2008. He then moved to Puerto Rico where he was the National Coach from 2012-2015. Coach Madrigal moved to the U.S. in 2016 and since then, many of his students have consistently achieved at the national and international levels. "New York City is one of the most culturally diverse places in the world, and our fencing community reflects this strength, with club members and board representatives of widely differing backgrounds in terms of ethnicity, color, national origin, sex, disability, veteran status, sexual orientation, religion and age," says Luisa Sanchez, Co-Treasurer and member of FC's Diversity, Equity, and Inclusion Committee and Coaches Search and Dues Committee. "We are proud to welcome Coach Madrigal, as we continue to diversify our leadership representation to reflect the goals and values of our multifaceted community." David Niu, FC's executive director, is equally excited for this new step: "We ask our New York City neighbors and the global fencing network at large to join us in welcoming Coach Guillermo to the FC community. We cannot wait to see what we can all accomplish together." About Fencers Club : Established in 1883, Fencers Club is the oldest fencing club in New York and one of the oldest in the Americas. FC is a 501(c)(3) not-for-profit organization dedicated to the pursuit of excellence through the sport of fencing – both on and off the fencing strip. The club's students have gone on to become not only National Champions, World Champions, and Olympic Medalists, but also Ivy League graduates, doctors, lawyers, and other accomplished individuals dedicated to supporting their communities. We actively support a culture of sharing by performing community services that extend beyond fencing. Fencers Club is recognized by the U.S. Olympic Committee as a Community Olympic Development Program. At least one Fencers Club member has competed for the USA in each Olympic Games. Contact: (212) 807-6947 info@fencersclub.org View original content: SOURCE FENCERS CLUB	https://www.whsv.com/prnewswire/2022/05/11/top-epee-coach-guillermo-madrigal-joins-acclaimed-nyc-fencers-club/	2022-05-11T21:34:35Z
Company to install 1020 kilowatt (kW) solar panels and an energy storage system (ESS), with total energy capacity of 375kW / 753 kilowatt hour (kWh), at its City of Commerce, California location, marking Univar Solutions' latest new major renewable energy installation. DOWNERS GROVE, Ill., May 11, 2022 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a global chemical and ingredient distributor and provider of value-added services, today announced it will install 1020kW of solar capacity and an ESS with total energy capacity of 375kW/753kWh at its City of Commerce, CA facility in partnership with Motive Energy. This partnership marks a further investment by Univar Solutions in on-site renewable energy generation capacity, having recently completed solar projects at other global facilities in Europe and Latin America. The installation will significantly reduce the non-renewable energy usage and emissions of Univar Solutions' City of Commerce facility, one of the Company's largest locations, through a custom solar and energy storage solution. The project will remove more than 1,300 tons of carbon dioxide from the environment per year, equivalent to removing 259 cars from the road or the electricity usage of 217 homes annually. This change is one more step toward achieving the Company's long-term Environment, Social, and Governance (ESG) goal of 20 percent absolute reduction of Scope 1 and 2 carbon dioxide emissions by 2025. "As part of our ambitions to achieve our ESG goals, Univar Solutions has committed to invest significantly in climate change reduction," said Jen McIntyre, chief people & culture officer and executive ESG lead at Univar Solutions. "Our partnership with Motive Energy, which will reduce emissions and costs at one of our major U.S. facilities, is another important proof point in our journey to transforming our operations with low-carbon enabling technologies. We look forward to continuing to invest in solar energy for our other sites around the world to reduce our carbon footprint in line with our net zero commitment." "This project marks another important milestone toward achieving Univar Solutions' 2025 ESG goals and commitment to reach net-zero emissions by 2050," commented Liam McCarroll, director of sustainability at Univar Solutions. "Univar Solutions' driving purpose is to keep our communities healthy, fed, clean, and safe, and recognizing the importance of carbon reduction is central to supporting the wellbeing of communities around the world. We are excited to be partnering with an innovative company like Motive Energy to transform how we generate and store electricity at the City of Commerce facility as part of our ongoing efforts to create a positive impact to our emissions reductions while also providing attractive economic returns on our investments." The project is expected to be completed during 2022. It will utilize Motive Energy's Watt.io Energy Storage System and the CodeWatt software suite to build a Microgrid at the Univar Solutions facility. "Motive Energy's unique capabilities in providing full engineering, procurement, and construction (EPC) services in conjunction with its proprietary CodeWatt Energy Management System allows customers to benefit from the advancements made in renewable energy technologies," said Yogesh Singh, general manager vice president for Motive Energy. "This is self-evident at the Univar Solutions facilities in Southern California where the Solar Photovoltaic (PV) + ESS Microgrid being built will allow a leading chemical distribution facility to offset significant amounts of its energy usage. It will reduce their energy bills in meaningful ways and add resiliency to the operation. Our post construction operations and maintenance (O&M) services will also allow Univar Solutions to focus on its operations without having to worry about energy related issues." About Univar Solutions Univar Solutions (NYSE: UNVR) is a leading global commodity and specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at univarsolutions.com. About Motive Energy Motive Energy is a division of the Motive Companies. With a nearly 50-year track record designing innovative power and energy solutions, Motive Energy will help your business transform the way you source, store and manage your energy. Motive Energy partners with other companies to develop customized, fully integrated, end-to-end solutions that move those companies toward greater energy independence and efficiency. To learn more about Motive Energy's suite of solutions, please visit https://motiveenergy.com. Forward-Looking Statements This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and predictions for the future, which are "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, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the ultimate geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo Solutions, Inc., or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company's filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek, "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law. View original content to download multimedia: SOURCE Univar Solutions Inc.	https://www.whsv.com/prnewswire/2022/05/11/univar-solutions-significantly-increase-on-site-renewable-energy-capacity-through-partnership-with-sustainable-solutions-provider-motive-energy/	2022-05-11T21:34:41Z
Global Family Business Continues To Raise The "Innovation Bar" In Meat Processing WALLUF, Germany, May 11, 2022 /PRNewswire/ -- For 75 years, VAN HEES has been elevating the standards for meat processing and is one of the leading Halal and Kosher manufacturer of premium spices, unique spice blends and marinades, functional ingredients, and patented processing additives/enhancers used across a broad range of meat products. Germany – 1947, VAN HEES opened its doors for the sole purpose of delivering processing additives for the butcher's trade. Always innovating to meet the evolution in trends, VAN HEES touts recognized success in producing a robust range of vegan/plant-based products under the brand name VECAN™ that appeal to a growing group of "barbecue enthusiasts" and "flexitarians" who want meat-free alternatives. VAN HEES has made a significant impact in shaping meat technology as it is known today. From custom solutions resulting in hundreds of innovative products developed over the years to the joint venture with Tasty Food Solutions that delivers custom flavors with the added functionality and safety of VAN HEES products. Food.PreTECT, the company's innovative food safety consulting, is changing the landscape in creating customized solutions for food safety, product stability and shelf life. In addition to being certified in accordance with the highest level of IFS (International Featured Standard), VAN HEES pioneered the first plant in Europe to produce and certify spices and processing additives exclusively in accordance with strict halal guidelines. The company received the 2021 seal of approval from the German Institute for Sustainability & Economics for its sustainability approach. Success doesn't just happen. For 75 years, VAN HEES has been commited to their mission – To deliver safe and flavorful meat and meat alternative specialties to our customers by providing innovative solutions and creating cutting-edge functional ingredients worldwide. VAN HEES was founded in 1947 by Kurt van Hees, who recognized the advantages of food-grade phosphates in meat processing and pioneered the development of many renowned and patented processing additives in this field. Soon after, the company created a second mainstay with premium spices, unique spice blends and marinades. Globally, VAN HEES is committed to solving challenges by providing solutions that focus on everything from alternative raw material and flavor and functional nutrition enhancement to safety and stability and sustainable manufacturing practices. VAN HEES continues to innovate by addressing convenience and changing nutritional trends and providing solutions for ALL food distribution channels – with an extensive range of marinades, sauces, functional and seasoning blends – many of which are in line with modern, clean-label nutritional trends and produced without added glutamates or allergens. Through advancement in science, customer service, and product portfolio expansion, VAN HEES is continuously growing, including the opening of numerous production facilities and company acquisitions globally. With customers in 80 countries, VAN HEES operates in ten locations worldwide, including the United States. VAN HEES products can be purchased in the USA through authorized US distributor's. For more information: www.van-hees.com/us/en View original content to download multimedia: SOURCE VAN HEES	https://www.whsv.com/prnewswire/2022/05/11/van-hees-celebrates-75-years-innovation/	2022-05-11T21:34:47Z
CALGARY, AB, May 11, 2022 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion") (TSX: VET) (NYSE: VET) is pleased to announce a cash dividend of $0.06 CDN per share payable on July 15, 2022 to all shareholders of record on June 30, 2022. The ex-dividend date for this payment is June 29, 2022. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). About Vermilion Vermilion is an international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing assets in North America, Europe and Australia. Our business model emphasizes free cash flow generation and returning capital to investors when economically warranted, augmented by value-adding acquisitions. Vermilion's operations are focused on the exploitation of light oil and liquids-rich natural gas conventional resource plays in North America and the exploration and development of conventional natural gas and oil opportunities in Europe and Australia. Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important to us than the safety of the public and those who work with us, and the protection of our natural surroundings. We have been recognized by leading ESG rating agencies for our transparency on and management of key environmental, social and governance issues. In addition, we emphasize strategic community investment in each of our operating areas. Employees and directors hold approximately 4% of our outstanding shares and are committed to delivering long-term value for all stakeholders. Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET. View original content to download multimedia: SOURCE Vermilion Energy Inc.	https://www.whsv.com/prnewswire/2022/05/11/vermilion-energy-announces-quarterly-dividend/	2022-05-11T21:34:54Z
CALGARY, AB, May 11, 2022 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report operating and condensed financial results for the three months ended March 31, 2022. The unaudited interim financial statements and management discussion and analysis for the three months ended March 31, 2022 will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml, and on Vermilion's website at www.vermilionenergy.com. Highlights - Q1 2022 fund flows from operations ("FFO")(1) was $390 million and free cash flow ("FCF")(2) was $305 million, an increase of 21% and 73%, respectively from the prior quarter. The increases were primarily due to higher commodity prices. - Pro forma the incremental 36.5% ownership in Corrib, Q1 2022 FFO was $575 million and FCF was $489 million or ~$3.00/share, inclusive of the acquisition hedges put in place as part of the acquisition. As a reminder, all free cash flow from the Corrib acquisition accrues to Vermilion as at January 1, 2022 and will be netted off the approximate $600 million purchase price at the time of closing which remains on track for 2H 2022. - Cash flow from operating activities was $341 million in Q1 2022, including the impact from asset retirement obligations settled and changes in non-cash operating working capital. - Generated net earnings of $284 million in Q1 2022 (Q4 2021 - $345 million). Q1 net earnings were supported by an increase in FFO and impairment reversals which were primarily offset by higher unrealized hedged losses, which is accounted for on a mark-to-market basis. - Cash flow used in investing activities totaled $110 million and included exploration and development ("E&D") capital expenditures(3) of $85 million in the first quarter. - Long-term debt decreased by $271 million in Q1 2022 to $1.4 billion and net debt(4) decreased by $280 million in Q1 2022 to $1.4 billion, resulting in a net debt to trailing FFO ratio of 1.2 times(5). - Production in Q1 2022 averaged 86,213 boe/d(6) an increase of 2% from the previous quarter. The increase was primarily due to higher production in Canada, Germany and Australia. - Production from our North American assets averaged 56,598 boe/d(6) in Q1 2022, an increase of 2% from the prior quarter primarily as a result of new production added from our Q4 2021 Canadian drilling program. - Production from our International assets averaged 29,616 boe/d(6) in Q1 2022, an increase of 2% from the prior quarter primarily due to higher production in Germany and Australia. - On March 28, 2022 we announced an agreement to acquire Leucrotta Exploration Inc. ("Leucrotta") for a net purchase price of $477 million. This is a strategic acquisition of fully delineated, Montney assets in Northeast British Colombia and Northwest Alberta, which is expected to add 20+ years of free cash flow generating Tier 1 drilling inventory, and positions us for sustainable long-term shareholder returns. We anticipate the closing date to be in the second half of May 2022. - Vermilion reinstated a quarterly cash dividend of $0.06 CDN per share in Q1 2022 which was paid on April 18, 2022. In conjunction with our Q1 2022 release, we announced a quarterly cash dividend of $0.06 CDN per share payable on July 15, 2022 to all shareholders of record on June 30, 2022. The ex-dividend date for this payment is June 29, 2022. We expect to achieve our $1.2 billion net debt target in 2H 2022, at which time we will provide more details on our go forward return of capital framework. - Subsequent to the quarter, we issued US$400 million of eight-year senior unsecured notes at a coupon of 6.875% (priced at 99.241%). We also negotiated an extension of our credit facility with our banking syndicate to May 2026. As a result of our projected liquidity requirements and the proceeds from the debt issuance, we elected to reduce our bank facility to $1.6 billion from $2.1 billion. These transactions increase the weighted average tenor of our debt from 2.4 years to 5.3 years. Message to Shareholders We are off to a strong start in 2022 as we continue to make progress on our debt reduction targets while also announcing a strategic acquisition that enhances our long-term inventory and underpins our longer term return of capital strategy. Our Q1 2022 results benefited from strong operational performance across our portfolio along with robust commodity prices that persisted through the quarter. European natural gas prices remained at record levels during the first quarter, averaging near $40 per mmbtu, while global oil prices increased over 20% compared to the previous quarter due to geopolitical tension and concern over future supply constraints. In fact, not only did Q1 2022 commodity prices strengthen, but we have seen the forward curve strengthen across all commodities. Relative to the beginning of the year, the 2023 forward strip price(1) has increased by approximately 28% for oil to US$85/bbl (WTI), 90% for European gas to $32/mmbtu (TTF) and 65% for North American gas to $5.01/mmbtu (AECO). The tragic events in Ukraine and the resulting impact they have had on commodity markets has increased global awareness and concern around energy security, especially in Europe. Vermilion's operations in Europe have not been directly impacted by these events; however, we have had increased dialogue with the local governments and regulators in the countries where we operate to discuss how Vermilion can contribute to Europe's future energy security. We are encouraged by the more constructive conversations around energy security and in particular the role of natural gas in the energy transition. We remain committed to growing our European business over time through organic development and strategic acquisition opportunities as they arise. We delivered average production of 86,213 boe/d(2) in Q1 2022 which represents a 2% increase over the previous quarter. Strong commodity prices during the quarter, including premium European gas, resulted in an operating netback of $59.72/boe(3), including the impact from hedging. Fund flows from operations ("FFO") was $390 million (cash flows from operating activities of $341 million), representing a 21% increase over the prior quarter. Exploration and development ("E&D") capital expenditures were $85 million (cash flow used in investing activities totaled $110 million) in Q1 2022, resulting in record quarterly free cash flow ("FCF") of $305 million. The vast majority of this free cash flow was allocated to debt reduction while the remainder was used to fund acquisitions, asset retirement obligations and our recently reinstated quarterly dividend. Net debt decreased $280 million from year-end 2021 to $1.365 billion (long-term debt of $1.381 billion) at the end of Q1 2022, reflecting a net debt to trailing FFO ratio of approximately 1.2 times. This represents a significant improvement over the previous quarter (1.8 times) and the prior year (3.9 times), and is now within our long-term target range of 0.8 to 1.2 times. Our pro forma Q1 results incorporating the incremental 36.5% ownership in Corrib provide another data point to reinforce our strong position to further augment shareholder return of capital later this year. We continue to make progress on the Corrib closing and expect to close the acquisition in the second half of this year while noting that the economic benefits of the acquisition accrue to Vermilion as of January 1, 2022. The Q1 2022 pro forma results illustrate the FFO and FCF generating capability of Vermilion, highlighted with FFO and FCF results of $575 million and $489 million respectively. This pro forma Q1 2022 FCF generation positions us uniquely and allows us to take a balanced approach in the near-term balancing net debt reduction with high grading and increasing the depth of the portfolio for the coming decades. At the end of the quarter, we announced the strategic acquisition of Leucrotta Exploration Inc., a transaction that will significantly enhance our North American portfolio by adding a fully delineated, multi-decade free cash flow generating, Montney asset. This acquisition, combined with our previously announced Corrib acquisition, will significantly strengthen our free cash flow profile over the near-and-long term. We are now forecasting a 16% increase in our 2022 exit production per share versus our base budget plans. Our objective, as we augment our return of capital plans, is to create more value per Vermilion share over the long-term, which the combination of the Corrib and Leucrotta acquisitions puts us on strong footing to achieve. Both acquisitions are expected to be funded with internally generated pro forma FCF in 2022, currently estimated at $1.8 billion based on forward commodity prices(4). Inclusive of funding for these two acquisitions, we remain on track to achieve our $1.2 billion debt target in 2H 2022 and currently estimate year-end net debt of $1.1 billion(4), representing a pro forma net debt to trailing FFO ratio of 0.5 times. As we continue to execute our 2022 plan and move closer to achieving our $1.2 billion debt target, we expect to be in a position to increase the return of capital to our shareholders during the second half of 2022. Our Q2 2022 drilling program is also off to a solid start. We commenced our US drilling program in mid-March and are working closely with Leucrotta on the drilling of a 6-well Montney pad which will transition to Vermilion once the transaction closes. In addition, we are making final preparations to begin our two-well offshore drilling campaign in Australia while also planning for an active maintenance turnaround schedule in several of our other business units in Q2 2022. Due to planned turnaround activity and limited contribution from the Leucrotta acquisition in Q2 2022, we expect Q2 production to be below Q1 levels but within our initial guidance range of 83,000 to 85,000 boe/d. Q1 2022 Operations Review North America Production from our North American operations averaged 56,598 boe/d(2) in Q1 2022, an increase of 2% from the prior quarter primarily due to new production added from our Canadian drilling program. During the first quarter, we drilled eight (7.2 net) wells and brought on production 18 (15.3 net) condensate-rich Mannville natural gas wells in west-central Alberta, and continued our drilling campaign in south-east Saskatchewan, where we drilled eight (7.6 net) wells and brought on production 10 (9.6 net) wells. In the United States, we received all necessary permits for our six (5.9 net) well operated Turner drilling program in Wyoming, which will include three (2.9 net) two-mile lateral wells which are significantly more economic than one-mile laterals. Similar to our 2021 program, we moved an experienced drilling crew from Alberta down to Wyoming and completed drilling the first (0.96 net) well prior to the end of Q1 2022, with the remaining wells to be drilled in Q2 2022. In addition, one (0.4 net) two-mile non-operated Turner well is planned for Q4 2022. International Production from our International assets averaged 29,616 boe/d(2) in Q1 2022, an increase of 2% from the prior quarter primarily due to higher production in Germany and Australia. In Germany, the increase in production was mainly attributable to the small European gas acquisition announced in Q4 2021 to further consolidate our interest in the region. We also drilled and completed the Vorhop 63 well (1.0 net) and the Vorhop H2a2 injection well (1.0 net). Our Australia operations benefited from the absence of turnaround activities and cyclone downtime in Q1 2022. We continued the detailed engineering and equipment preparation work for the two-well Australia drilling program scheduled for Q2 2022. The increase in Germany and Australia production was slightly offset by natural declines and unplanned downtime in the Netherlands. Production in France and Ireland was relatively consistent with the prior quarter as we continue to experience strong operational performance from those business units. In Croatia, the SA-07 3D seismic acquisition was completed (365 sq km) and the data has been sent for processing. In SA-10, the 3D seismic acquired in 2021 (292 sq km) continues to be evaluated to high grade prospects, while the regulatory, permitting, engineering and procurement activities continue for the Croatian gas plant. Return of Capital Vermilion reinstated a quarterly cash dividend of $0.06 CDN per share in Q1 2022 which was paid on April 18, 2022. In conjunction with our Q1 2022 release, we announced a quarterly cash dividend of $0.06 CDN per share payable on July 15, 2022 to all shareholders of record on June 30, 2022. The ex-dividend date for this payment is June 29, 2022. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). As we achieve further debt targets, it is our intention to augment our return of capital to shareholders through one or a combination of base dividend increases, special dividends or share buybacks. We expect to achieve our $1.2 billion net debt target in 2H 2022 at which time we will provide more details on our go forward return of capital framework. Commodity Hedging Vermilion hedges to manage commodity price exposures and increase the stability of our cash flows. In aggregate, as of May 2, 2022, we have 40% of our expected net-of-royalty production hedged for the remainder of 2022. With respect to individual commodity products, we have hedged 63% of our European natural gas production, 27% of our oil production, and 42% of our North American natural gas volumes for the remainder of 2022, respectively. Please refer to the Hedging section of our website under Invest With Us for further details using the following link: https://www.vermilionenergy.com/invest-with-us/hedging.cfm. Non-GAAP and Other Specified Financial Measures This earnings release and other materials release by Vermilion includes financial measures that are not standardized, specified, defined, or determined under IFRS and are therefore considered non-GAAP or other specified financial measures and may not be comparable to similar measures presented by other issuers. These financial measures include: Fund flows from operations (FFO): A total of segments measure most directly comparable to net earnings. FFO is comprised of sales excluding royalties, transportation, operating, G&A, corporate income tax, PRRT, interest expense, realized loss on derivatives, realized foreign exchange gain (loss), and realized other income. The measure is used to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations and make capital investments. Free cash flow (FCF): A non-GAAP financial measure most directly comparable to cash flows from operating activities. FCF is comprised of fund flows from operations less drilling and development costs and exploration and evaluation costs. The measure is used to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. 2023+ FFO and FCF: A forward-looking total of segments measure and a forward-looking non-GAAP measure; the equivalent historical measures FFO and FCF have been disclosed above. Capital expenditures: A non-GAAP financial measure that is calculated as the sum of drilling and development costs and exploration and evaluation costs from the Consolidated Statements of Cash Flows and is most directly comparable to cash flows used in investing activities. We consider capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures are also referred to as E&D capital. Net debt: A capital management measure in accordance with IAS 1 "Presentation of Financial Statements" that is most directly comparable to long-term debt. Net debt is comprised of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working, capital and represents Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations. Net debt to four quarter trailing fund flows from operations: A supplementary financial measure that is calculated as net debt (capital measure) over the FFO (total of segments measure) from the preceding four quarters. The measure is used to assess the ability to repay debt. Adjusted working capital: A non-GAAP financial measure defined as current assets less current liabilities, excluding current derivatives and current lease liabilities. The measure is used to calculate net debt, a capital measure disclosed above. Payout and payout % of FFO: A non-GAAP financial measure and non-GAAP ratio respectively most directly comparable to dividends declared. Payout is comprised of dividends declared plus drilling and development costs, exploration and evaluation costs, and asset retirement obligations settled. The measure is used to assess the amount of cash distributed back to shareholders and reinvested in the business for maintaining production and organic growth. The reconciliation of the measure to primary financial statement measure can be found below. Management uses payout and payout as a percentage of fund flows from operations (also referred to as the payout or sustainability ratio). Dividends % of FFO: A supplementary financial measure that is calculated as dividends declared divided by FFO (total of segments measure). The measure is used by management as a metric to assess the cash distributed to shareholders. Operating netback: Is a non-GAAP financial measure most comparable to primary financial measure net earnings and is calculated as sales less royalties, operating expense, transportation costs, PRRT, and realized hedging gains and losses presented on a per unit basis. Management assesses operating netback as a measure of the profitability and efficiency of our field operations. Fund flows from operations per boe: A supplementary financial measure that is calculated as FFO (total of segments measure) by boe production. Fund flows from operations per boe is used by management to assess the profitability of our business units and Vermilion as a whole. Management's Discussion and Analysis and Consolidated Financial Statements To view Vermilion's Management's Discussion and Analysis and Interim Condensed Consolidated Financial Statements for the three months ended March 31, 2022 and 2021, please refer to SEDAR (www.sedar.com) or Vermilion's website at https://www.vermilionenergy.com/invest-with-us/reports-filings.cfm. Annual General Meeting and Webcast Details Vermilion will hold its Annual General Meeting on May 11, 2022 at 3:00 pm MT. Our Meeting will be held as a virtual only shareholder meeting with participation electronically as explained further in the Proxy Statement and Information Circular. Shareholders can participate electronically at https://web.lumiagm.com/299274697. Please see our Virtual Meeting Guide at https://www.vermilionenergy.com/files/pdf/investor-relations/2022_Virtual_Meeting_Guide.pdf for detailed instructions on how to access the meeting, vote on resolutions and submit questions. Following the formal portion of the Meeting, a presentation will be given by President of Vermilion. Guests may also view the event at https://web.lumiagm.com/299274697 by registering as a guest. The live webcast link, webcast slides, and archive link will be available on Vermilion's website at http://www.vermilionenergy.com/ir/eventspresentations.cfm. Please visit the Annual General Meeting page on our website under Invest with Us for complete details and links to all relevant documents ahead of the Meeting at https://www.vermilionenergy.com/invest-with-us/annual-general-meeting.cfm. Vermilion is an international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing assets in North America, Europe and Australia. Our business model emphasizes free cash flow generation and returning capital to investors when economically warranted, augmented by value-adding acquisitions. Vermilion's operations are focused on the exploitation of light oil and liquids-rich natural gas conventional resource plays in North America and the exploration and development of conventional natural gas and oil opportunities in Europe and Australia. Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important to us than the safety of the public and those who work with us, and the protection of our natural surroundings. We have been recognized by leading ESG rating agencies for our transparency on and management of key environmental, social and governance issues. In addition, we emphasize strategic community investment in each of our operating areas. Employees and directors hold approximately 4% of our outstanding shares and are committed to delivering long-term value for all stakeholders. Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET. Disclaimer Certain statements included or incorporated by reference in this document may constitute forward-looking statements or financial outlooks under applicable securities legislation. Such forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this document may include, but are not limited to: capital expenditures and Vermilion's ability to fund such expenditures; Vermilion's additional debt capacity providing it with additional working capital; the flexibility of Vermilion's capital program and operations; business strategies and objectives; operational and financial performance; sustainability (Environment, Social, and Governance or ESG) data and performance; estimated volumes of reserves and resources; petroleum and natural gas sales; future production levels and the timing thereof, including Vermilion's 2022 guidance, and rates of average annual production growth; the effect of changes in crude oil and natural gas prices, changes in exchange rates and significant declines in production or sales volumes due to unforeseen circumstances; the effect of possible changes in critical accounting estimates; statements regarding the growth and size of Vermilion's future project inventory, and the wells expected to be drilled in 2022; exploration and development plans and the timing thereof; Vermilion's ability to reduce its debt; statements regarding Vermilion's hedging program, its plans to add to its hedging positions, and the anticipated impact of Vermilion's hedging program on project economics and free cash flows; the potential financial impact of climate-related risks; acquisition and disposition plans and the timing thereof; operating and other expenses, including the payment and amount of future dividends; royalty and income tax rates and Vermilion's expectations regarding future taxes and taxability; and the timing of regulatory proceedings and approvals. Such forward looking statements or information are based on a number of assumptions, all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things: the ability of Vermilion to obtain equipment, services and supplies in a timely manner to carry out its activities in Canada and internationally; the ability of Vermilion to market crude oil, natural gas liquids, and natural gas successfully to current and new customers; the timing and costs of pipeline and storage facility construction and expansion and the ability to secure adequate product transportation; the timely receipt of required regulatory approvals; the ability of Vermilion to obtain financing on acceptable terms; foreign currency exchange rates and interest rates; future crude oil, natural gas liquids, and natural gas prices; and management's expectations relating to the timing and results of exploration and development activities. Although Vermilion believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because Vermilion can give no assurance that such expectations will prove to be correct. Financial outlooks are provided for the purpose of understanding Vermilion's financial position and business objectives, and the information may not be appropriate for other purposes. Forward looking statements or information are based on current expectations, estimates, and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Vermilion and described in the forward looking statements or information. These risks and uncertainties include, but are not limited to: the ability of management to execute its business plan; the risks of the oil and gas industry, both domestically and internationally, such as operational risks in exploring for, developing and producing crude oil, natural gas liquids, and natural gas; risks and uncertainties involving geology of crude oil, natural gas liquids, and natural gas deposits; risks inherent in Vermilion's marketing operations, including credit risk; the uncertainty of reserves estimates and reserves life and estimates of resources and associated expenditures; the uncertainty of estimates and projections relating to production and associated expenditures; potential delays or changes in plans with respect to exploration or development projects; Vermilion's ability to enter into or renew leases on acceptable terms; fluctuations in crude oil, natural gas liquids, and natural gas prices, foreign currency exchange rates and interest rates; health, safety, and environmental risks; uncertainties as to the availability and cost of financing; the ability of Vermilion to add production and reserves through exploration and development activities; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; uncertainty and current evolutions with relation to sustainability/ESG reporting methodologies; uncertainty in amounts and timing of royalty payments; risks associated with existing and potential future law suits and regulatory actions against Vermilion; and other risks and uncertainties described elsewhere in this document or in Vermilion's other filings with Canadian securities regulatory authorities. The forward looking statements or information contained in this document are made as of the date hereof and Vermilion undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. This document contains metrics commonly used in the oil and gas industry. These oil and gas metrics do not have any standardized meaning or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies where similar terminology is used and should therefore not be used to make comparisons. Natural gas volumes have been converted on the basis of six thousand cubic feet of natural gas to one barrel of oil equivalent. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This document may contain references to sustainability/ESG data and performance that reflect metrics and concepts that are commonly used in such frameworks as the Global Reporting Initiative, the Task Force on Climate-related Financial Disclosures, and the Value Reporting Foundation (Sustainability Accounting Standards Board). Vermilion has used best efforts to align with the most commonly accepted methodologies for ESG reporting, including with respect to climate data and information on potential future risks and opportunities, in order to provide a fuller context for our current and future operations. However, these methodologies are not yet standardized, are frequently based on calculation factors that change over time, and continue to evolve rapidly. Readers are particularly cautioned to evaluate the underlying definitions and measures used by other companies, as these may not be comparable to Vermilion's. While Vermilion will continue to monitor and adapt its reporting accordingly, the Company is not under any duty to update or revise the related sustainability/ESG data or statements except as required by applicable securities laws. Financial data contained within this document are reported in Canadian dollars, unless otherwise stated. View original content to download multimedia: SOURCE Vermilion Energy Inc.	https://www.whsv.com/prnewswire/2022/05/11/vermilion-energy-inc-announces-results-three-months-ended-march-31-2022/	2022-05-11T21:35:00Z
SAN DIEGO, May 11, 2022 /PRNewswire/ -- Viracta Therapeutics, Inc. (Nasdaq: VIRX), a precision oncology company targeting virus-associated malignancies, today announced that company management will present and participate in one-on-one meetings at the following investor conferences in May: RBC Capital Markets 2022 Global Healthcare Conference Presentation Date: May 18, 2022 Presentation Time: 9:00 a.m. EDT Format: Fireside chat H.C. Wainwright Global Investment Conference Presentation Date: May 24, 2022 Presentation Time: 11:30 a.m. EDT Format: Fireside chat A live webcast of each presentation will be available on the Investors section of the Viracta website under "Events and Webcasts" at https://viracta.investorroom.com/events-and-webcasts. The webcasts will be archived for 30 days. About Viracta Therapeutics, Inc. Viracta is a precision oncology company targeting virus-associated malignancies. Viracta's lead product candidate is an all-oral combination therapy of its proprietary investigational drug, nanatinostat, and the antiviral agent valganciclovir (collectively referred to as Nana-val). Nana-val is currently being evaluated in multiple ongoing clinical trials, including a pivotal, global, multicenter, open-label Phase 2 basket trial for the treatment of multiple subtypes of relapsed/refractory Epstein-Barr virus-positive (EBV+) lymphoma (NAVAL-1), as well as a multinational Phase 1b/2 trial for the treatment of EBV+ recurrent or metastatic nasopharyngeal carcinoma and other EBV+ solid tumors. Viracta is also pursuing the application of its inducible synthetic lethality approach in other virus-related cancers. For additional information please visit www.viracta.com. Investor Relations Contact: Ashleigh Barreto Head of Investor Relations & Corporate Communications Viracta Therapeutics, Inc. abarreto@viracta.com View original content to download multimedia: SOURCE Viracta Therapeutics, Inc.	https://www.whsv.com/prnewswire/2022/05/11/viracta-therapeutics-present-upcoming-may-investor-conferences/	2022-05-11T21:35:07Z
Conference call to discuss financial and operational results scheduled for Thursday, May 12, at 8:30 a.m. U.S. Eastern Time AUSTIN, Texas, May 11, 2022 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition") today announced financial results and a business update for the first quarter ended March 31, 2022. Volition management will host a conference call tomorrow, May 12 at 8:30 a.m. U.S. Eastern Time to discuss these results. Conference call details can be found below. "I am delighted with the progress we are making, and in particular could not be prouder of the team's achievement in securing a global licensing and supply agreement for our Nu.Q® Vet Cancer Screening Test with Heska Corporation, one of the industry's leading companies," commented Cameron Reynolds, President and Chief Executive Officer of Volition. "In April, we expanded our geographic footprint with the launch of the Nu.Q® Vet Cancer Test in Singapore through SAGE Healthcare. We have also made good progress in other key areas including our Nu.Q® NETs and Nu.Q® Capture programs as we shift gears towards our goal of becoming a commercial company with a wide range of world class products." Volition is hosting a Capital Markets Day at the New York Stock Exchange, in a hybrid format, on Friday, May 13, 2022, at 10 a.m. U.S. Eastern Time. Volition's executive team will provide strategic updates and discuss the Company's key short-term growth drivers. Details for this event can be found below. Company Highlights Financial - Cash and cash equivalents as of March 31, 2022, totaled approximately $23.7 million compared with $20.6 million as of December 31, 2021. - On March 30th Volition received a $10 million milestone payment from Heska Corporation. - Net loss for the quarter was $7.7 million dollars compared to $6.1 million for the three-months ended March 31, 2021. Personnel/ Operational - To support our commercial expansion of Nu.Q® Vet we welcomed Daniel Sheres, Product Manager, Devin DeVoue, Marketing Manager and Kristy Valdivia, Global Accounts Manager to the Volition Veterinary Team. - Subsequent to quarter end we appointed Sharon Ballesteros as U.S. Head of Quality and Development Process. Volition Veterinary - Executed a global licensing and supply agreement with one of the industry's leading companies, Heska Corporation. - In exchange for granting Heska exclusive worldwide rights to sell the Nu.Q® Vet Cancer Screening Test for companion animals at the Point of Care, Volition has received a $10 million upfront payment and is eligible to receive up to a further $18 million based upon the achievement of near/mid-term milestones. - In addition to these milestone payments Volition expects to receive ongoing revenue for the supply of key components for said exclusive point of care product(s). - Volition has also granted Heska non-exclusive rights to sell the Nu.Q® Vet Cancer Screening Test in kit format for companion animals, through Heska's network of central reference laboratories for which Volition will receive ongoing additional revenue for such kit sales. - This is a long-term deal with significant market and revenue potential for Volition through the sale of kits and key components. - Subsequent to the quarter end SAGE Healthcare launched our Nu.Q® Vet Cancer Test in Singapore. - We are in advanced negotiations with other potential licensing partners in our efforts to make Nu.Q® Vet products as accessible as possible worldwide and anticipate further announcements in 2022. Nu.Q® Capture - Nu.Q® Capture, when used in combination with either sequencing, mass spectrometry and/or Volition's Nu.Q® assays could potentially aid diagnosis, treatment selection, and both treatment and disease monitoring in addition to aiding biomarker discovery. - The Nu.Q® Capture program now has several strands of technology which: - Subsequent to the quarter end Volition sponsored a GenomeWeb webinar entitled "Novel Proteomics Approach to Epigenetic Profiling of Circulating Nucleosomes" featuring Professor Axel Imhof. To watch on demand, visit the GenomeWeb website. - Volition is developing a large 1000-plus patient Nu.Q® Capture study in lung cancer and colorectal cancer with further announcements expected in 2022. Upcoming Milestones - Drive near term revenue in the following key areas: - Continue to progress the research program for the use of Nu.Q® in NETosis, in monitoring disease progression of COVID-19, sepsis, and potentially other diseases and as a possible companion diagnostic for a treatment for sepsis. - Continue to advance its previously announced large-scale blood, lung, and colorectal cancer trials in Europe, Asia, and the U.S. - Publish several abstracts and peer-reviewed scientific papers with clinical results showing the robustness and utility of its Nu.Q® platform. - Advance the development of Nu.Q® Capture. - Continue to file patents to expand and extend its intellectual property portfolio. Event: VolitionRx Limited First Quarter 2022 Earnings and Business Update Conference Call Date: Thursday, May 12, 2022 Time: 08:30 a.m. U.S. Eastern Time U.S. & Canada Dial-in:1-877-407-9716 (toll free) U.K. Dial-in: 0 800 756 3429 (toll free) Toll/International: 1-201-493-6779 Conference ID: 10167203 Cameron Reynolds, President and Chief Executive Officer of Volition, will host the call along with Terig Hughes, Chief Financial Officer of Volition, Dr. Tom Butera, Chief Executive Officer of Volition Veterinary Diagnostics Development LLC, and Scott Powell, Executive Vice President, Investor Relations of Volition. The call will provide an update on important events which have taken place in the first quarter of 2022 and upcoming milestones. A live audio webcast of the conference call will also be available on the investor relations page of Volition's corporate website at http://ir.volition.com. In addition, a telephone replay of the call will be available until May 25, 2022. The replay dial-in numbers are 1-844-512-2921 (toll-free) in the U.S. and Canada and 1-412-317-6671 (toll) internationally. Please use replay pin number 10167203. Event: VolitionRx Limited Capital Markets Day Date: Friday, May 13, 2022 Time: 10:00 a.m. U.S. Eastern Time In-person Venue: Siebert Hall, New York Stock Exchange To attend in person, contact investorrelations@volition.com To attend virtually please register HERE The event will be webcast and the presentations will be posted to Volition's website. A replay will be made available. About Volition Volition is a multi-national epigenetics company that applies its Nucleosomics™ platform through its subsidiaries to develop simple, easy to use, cost effective blood tests to help diagnose and monitor a range of life-altering diseases including some cancers and diseases associated with NETosis such as sepsis and COVID-19. Early diagnosis and monitoring have the potential to not only prolong the life of patients, but also to improve their quality of life. The tests are based on the science of Nucleosomics™, which is the practice of identifying and measuring nucleosomes in the bloodstream or other bodily fluid - an indication that disease is present. Volition is primarily focused on human diagnostics and monitoring but also has a subsidiary focused on animal diagnostics and monitoring. Volition's research and development activities are centered in Belgium, with an innovation laboratory in California and additional offices in Texas, London, and Singapore, as the company focuses on bringing its diagnostic and disease monitoring products to market. For more information about Volition, visit Volition's website volition.com or connect with us via: Twitter: https://twitter.com/volitionrx LinkedIn: https://www.linkedin.com/company/volitionrx Facebook: https://www.facebook.com/VolitionRx/ YouTube: https://www.youtube.com/user/VolitionRx The contents found at Volition's website address, Twitter, LinkedIn, Facebook, and YouTube are not incorporated by reference into this document and should not be considered part of this document. The addresses for Volition's website, Twitter, LinkedIn, Facebook, and YouTube are included in this document as inactive textual references only. Media Enquiries: Louise Batchelor/Debra Daglish, Volition, mediarelations@volition.com +44 (0)7557 774620 Safe Harbor Statement Statements in this press release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. Words such as "expects," "anticipates," "intends," "plans," "aims," "targets," "believes," "seeks," "estimates," "optimizing," "potential," "goal," "suggests," "could," "would," "should," "may," "will" and similar expressions identify forward-looking statements. These forward-looking statements relate to, among other topics, Volition's expectations related to the potential benefits under the agreements with Heska and SAGE, the size of Volition's addressable markets, the success of negotiations and the timing, completion and execution of term sheets and/or agreements with third parties regarding the licensing and distribution of Volition's products, the timing, completion and delivery of data from clinical studies, effectiveness of Volition's blood-based diagnostic, prognostic and disease monitoring tests, Volition's ability to develop and successfully commercialize such test platforms for early detection of cancer and other diseases as well as serving as a diagnostic, prognostic or disease monitoring tools for such diseases, the timing of product launches and publications, and expectations regarding Volition's ability to transition to a commercial products company, its future revenue and financial performance. Volition's actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties, including, without limitation, results of studies testing the efficacy of its tests. For instance, if Volition fails to develop and commercialize diagnostic, prognostic or disease monitoring products, it may be unable to execute its plan of operations. Other risks and uncertainties include Volition's failure to obtain necessary regulatory clearances or approvals to distribute and market future products; a failure by the marketplace to accept the products in Volition's development pipeline or any other diagnostic, prognostic or disease monitoring products Volition might develop; Volition's failure to secure adequate intellectual property protection; Volition will face fierce competition and Volition's intended products may become obsolete due to the highly competitive nature of the diagnostics and disease monitoring markets and their rapid technological change; downturns in domestic and foreign economies; and other risks identified in Volition's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Volition files with the Securities and Exchange Commission. These statements are based on current expectations, estimates and projections about Volition's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are made as of the date of this release, and, except as required by law, Volition does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances. Nucleosomics™ and Nu.Q® and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of the United States of America. View original content to download multimedia: SOURCE VolitionRx Limited	https://www.whsv.com/prnewswire/2022/05/11/volitionrx-limited-announces-first-quarter-2022-financial-results-business-update/	2022-05-11T21:35:14Z
Charles will lead global organization in the collection of plasma that is used by CSL Behring to manufacture life-saving therapies for patients around the world BOCA RATON, Fla., May 11, 2022 /PRNewswire/ -- Walter Charles has been named Senior Vice President and General Manager of CSL Plasma, effective 1 May. He leads the global CSL Plasma organization in driving operational excellence, engaging new and existing donors, and growing its network of centers to collect human plasma that is essential to the manufacturing of life-saving therapies for people in more than 100 countries. CSL Plasma operates one of the world's largest and most sophisticated plasma collection networks, with more than 300 plasma collection centers in U.S., Europe and China, and more than 13,000 uniquely qualified and passionate employees. Human plasma is used to produce therapies that treat diseases such as primary immune deficiencies, hereditary angioedema, inherited respiratory disease, hemophilia and other bleeding and neurological disorders. Charles will be based at the company's office in Boca Raton, Florida. He was previously on the leadership team of CSL's end-to-end operations organization as the global Chief Procurement Officer, leading the enterprise-wide procurement organization for CSL Behring, Seqirus and CSL Plasma. "Walt has demonstrated a strong ability to lead across a matrixed organization, drive change at all levels of the organization, and develop strong relationships with both internal and external partners," said CSL Chief Operating Officer Paul McKenzie. "Walt's proven skills and strong experience will be an asset to CSL Plasma as it continues to grow collections, enhance the donor experience, engage employees and expand collection centers in the U.S., Europe, Asia and beyond." Throughout his career, Charles has held leadership roles driving operational excellence and transformation as well as establishing strong internal and external partnerships, working in senior positions at companies including Allergen, Biogen, Kraft Foods, Kellogg's, the Johnson & Johnson Consumer Supply Chain and Cordis. "I am honored to lead CSL Plasma at a time when there is a critical and ongoing need for human plasma to produce these life-saving and life-improving medicines," said Charles. "I look forward to supporting the growth and leadership of an organization committed to delivering on our promise to patients and public health and a team committed to each other, our plasma donors and the patients, families and communities that rely on therapies made from plasma." Charles holds a Bachelor of Science degree in engineering from the U.S. Merchant Marine Academy, a Master of Engineering degree in environmental engineering from Stevens Institute of Technology and a Master of Business Administration degree from Columbia University. Michelle Meyer, who has served as interim General Manager, has been named to the role of Vice President, Global Operations, for CSL Plasma, leading operations across the entire business. Meyer brings more than 40 years of operations and quality leadership experience with the company. She will report to Charles and will be working closely to ensure a smooth transition. About CSL Plasma CSL Plasma operates one of the world's largest and most sophisticated plasma collection networks, with more than 300 plasma collection centers in the U.S., Europe and China. Headquartered in Boca Raton, Florida, CSL Plasma is a subsidiary of CSL Behring, a global biotherapeutics company and a member of the CSL Group of companies. Plasma collected at CSL Plasma facilities is used by CSL Behring for the sole purpose of manufacturing lifesaving plasma-derived therapies for people in more than 100 countries. The parent company, CSL Limited (ASX:CSL) (USOTC: CSLLY), headquartered in Melbourne, Australia, employs more than 25,000 people. For more information about CSL Plasma visit, www.cslplasma.com. Media Contact Rhonda Sciarra Director, Communications, CSL Plasma Office: + 1 561 981 4207 Mobile: +1 551 228 3244 rhonda.sciarra@cslplasma.com View original content to download multimedia: SOURCE CSL Plasma	https://www.whsv.com/prnewswire/2022/05/11/walter-charles-named-senior-vice-president-general-manager-csl-plasma/	2022-05-11T21:35:20Z
- WELL reported record quarterly revenues of $126.5 million in Q1-2022 representing a 395% year-over-year (YoY) increase compared to Q1-2021, catapulting the Company to over $500 million annualized revenue run-rate. Revenues reflected accelerating organic growth to 15% on a YoY basis. - WELL achieved Adjusted EBITDA(2) of $23.5 million in Q1-2022, compared to Adjusted EBITDA(2) of $0.5 million for Q1-2021. - WELL reported Adjusted Net Income(3) of $8.6 million in Q1-2022, compared to Adjusted Net Loss(3) of $2.4 million in Q1-2021. - WELL delivered 772,093 total omni-channel patient visits in Q1-2022, representing a YoY increase of 62%. When combined with our diagnostic and asynchronous visits, the total number of patient interactions were 1,064,987 in the quarter, representing an annual run-rate of 4.26 million patient interactions. - WELL is increasing its guidance for 2022 annual revenue to exceed $525 million from the previous guidance of over $500 million. WELL expects to generate Adjusted EBITDA approaching $100 million and the Company expects to be profitable for the full year of 2022, on an Adjusted Net Income(3) basis. VANCOUVER, BC, May 11, 2022 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (the "Company" or "WELL"), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, today announced its audited consolidated annual financial results and results for the fiscal first quarter ended March 31, 2022. Hamed Shahbazi, Chairman and CEO of WELL commented, "First quarter 2022 was an exceptional quarter which exemplified our organic growth potential. We are very pleased with our Q1 results in which we surpassed half a billion in annualized run-rate revenue. We managed to achieve approximately 15% YoY organic growth in the first quarter which demonstrates a 50% acceleration from our previous quarters' organic growth rate; all this despite the effects of seasonality that normally exists in the first quarter in our US based specialist business. We witnessed strength across all segments of our business in Q1 including both primary and specialized care in both online and in-person channels. Our impressive results were driven by strong patient visits in the quarter. During Q1-2022 WELL delivered more than one million combined omni-channel, diagnostic and asynchronous patient interactions. We've added significant scale to our business and increased our leadership position as the preeminent end-to-end healthcare company in Canada, while our US businesses continue to flourish in their respective sectors. Also, WELL is a profitable business that generated $11.8 million free cash flow attributable to shareholders(4) in Q1 which is used to fund the Company's future organic and in-organic growth." Mr. Shahbazi added, "Our outlook for the remainder of 2022 remains very positive. Despite the current geo-political, inflationary, and turbulent economic environment, the Company does not see any material influences or challenges that would impair its ability to deliver strong results in 2022. Many of the key variables inherent in the execution of WELL's business are firmly in its own grasp and not dependent on outside factors." First Quarter 2022 Financial Highlights: - WELL achieved record quarterly revenue of $126.5 million in Q1-2022, compared to revenue of $25.6 million generated during Q1-2021, an increase of 395% driven by acquisitions during the past year and organic growth. - Omni-channel Patient Services revenue increased 657% to $88.4 million in Q1-2022, compared to $11.7 million in Q1-2021. - Virtual Services revenues increased 174% to $38.1 million in Q1-2022, compared to Virtual Services revenue of $13.9 million in Q1-2021. - WELL achieved record Adjusted Gross Profit(1) of $69.4 million in Q1-2022, compared to Adjusted Gross Profit(1) of $10.0 million in Q1-2021, representing an increase of 591%. - WELL achieved Adjusted Gross Margin(1) percentage of 54.8% during Q1-2022 compared to Adjusted Gross Margin(1) percentage of 39.3% in Q1-2021. The increase in Adjusted Gross Margin percentage is driven by the addition of higher margin CRH and MyHealth acquisitions as well as an increase in Virtual Services revenue. - Adjusted EBITDA(2) was $23.5 million for Q1-2022, compared to Adjusted EBITDA(2) of $0.5 million in Q1-2021. Adjusted EBITDA(2) was positively impacted in the quarter by healthy EBITDA margins in the Company's Omni-channel Patient Services businesses. - Adjusted Net Income(3) was $8.6 million, or $0.04 per share, in Q1-2022, compared to Adjusted Net Loss(3) of $2.4 million, or $0.01 loss per share in Q1-2021. First quarter 2022 Patient Visit Metrics: Total omni channel patient visits in Q1-2022 increased by 62% to 772,093 compared to Q1-2021 and reflected a 10% increase as compared to Q4-2021. In addition, MyHealth conducted 149,906 diagnostic visits in Q1-2022, while Wisp completed 142,988 asynchronous patient consultations. Combining WELL's omni-channel patient visits, MyHealth's diagnostic visits and Wisp's asynchronous patient consultations, WELL achieved a total of 1,064,987 patient interactions in Q1-2022, representing an annual run-rate of 4.26 million patient interactions. First quarter 2022 Business Highlights: - On March 7, 2022, the Company entered into an asset purchase agreement to acquire a 100% interest in Greater Connecticut Anesthesia Associates ("GCAA"), a gastroenterology anesthesia services provider in Connecticut, USA. The purchase consideration, to be paid via cash and holdback liability, for the acquisition of the Company's 100% interest was US$12.5 million. - During the first quarter WELL announced and exceeded its goal of donating $100,000 towards relief efforts to support Ukraine. The total amount donated included donations from WELL corporate and the employees at WELL. The donations will be made to UNICEF Canada and will contribute towards supporting Ukrainian children who have been harmed or may be in immediate danger. Events Subsequent to March 31, 2022: - On April 26, 2022, the Company filed its Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") with the Toronto Stock Exchange ("TSX"). The NCIB remains subject to approval by the TSX and would be a renewal of its current NCIB expiring May 11, 2022. Since March 31, 2022, WELL purchased and subsequently cancelled 50,000 Shares, at an average price of $4.85 on the TSX pursuant to its expiring NCIB. Outlook: WELL's outlook for 2022 remains strong and resilient. To date, WELL's performance in Q2 continues to be very positive across all its business units and for the entire Company as a whole. The cash flows generated by the Company will continue to be re-invested in the business and allocated in a disciplined manner, which may come in the form of further acquisitions, share repurchases, or to accelerate organic growth. As a result of WELL's healthy organic growth, the Company is increasing its guidance for 2022 annual revenue to exceed $525 million, from the previous guidance of over $500 million in annual revenue. Furthermore, WELL expects to generate Adjusted EBITDA approaching $100 million in 2022 and the Company expects to be profitable for the full year 2022, on an Adjusted Net Income basis. In Canada, WELL is quickly expanding on what it has built - the most consequential network of non-governmental healthcare assets across the country with significant operations and interoperability between its outpatient clinics, EMR, Diagnostics and Telehealth businesses. Meanwhile, WELL's strategy in the US is to focus on key specialty areas such as: Gastroenterology, Women's health, and Primary care with a focus on specialty niches such as mental health. WELL's US-based virtual patient services businesses, which includes Circle Medical and Wisp, continued to demonstrate robust growth in Q1-2022. Based on March 2022 results, the combined businesses generated positive Adjusted EBITDA3 with the revenue run-rate exceeding $100 million. It is expected that the combined businesses will exceed $130 million on a revenue run-rate basis later this year. WELL is a well-diversified, fast growing digital health and tech enabled healthcare company delivering on a strong ESG (Environmental, Social and Governance) program and building societal value. WELL is a purpose-driven business that aims to transform the world for the better, as such the Company has embarked on an ongoing ESG program. The Company plans on publishing a report in the coming weeks highlighting WELL's ESG strategy, reporting initiatives and targeted actions. Conference Call: WELL will hold a conference call to discuss its 2022 First Quarter financial results on Thursday, May 12, 2022, at 1:00 pm ET (10:00 am PT). Please use the following dial-in numbers: +1-416-764-8650 (Toronto local and International), 778-383-7413 (Vancouver local), 1-888-664-6383 (Toll-Free), with Conference ID: 57493220. The conference call will also be simultaneously webcast and can be accessed at the following audience URL: https://www.well.company/for-investors/events/ Selected Unaudited Financial Highlights: Please see SEDAR for complete copies of the Company's consolidated financial statements and MD&A for the three months ended March 31, 2022. WELL HEALTH TECHNOLOGIES CORP. Per: "Hamed Shahbazi" Hamed Shahbazi Chief Executive Officer, Chairman and Director About WELL Health Technologies Corp. WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end-to-end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and is part of the TSX Composite Index. To learn more about the Company, please visit: www.well.company. Forward-Looking Statements This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases; the expected financial performance as well as information in the "Outlook" section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein. Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. View original content to download multimedia: SOURCE WELL Health Technologies Corp.	https://www.whsv.com/prnewswire/2022/05/11/well-health-reports-record-quarterly-revenue-reflecting-395-growth-q1-2022-accelerating-organic-growth-increases-annual-guidance/	2022-05-11T21:35:27Z
VANCOUVER, BC, May 11, 2022 /PRNewswire/ - Willow Biosciences Inc. ("Willow" or the "Company") (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of high-value molecules traditionally derived from plants, announces expanded production capacity with a new manufacturing partnership and progress with respect to its Generally Recognized as Safe ("GRAS") determination. Willow is pleased to announce the signing of a Manufacturing Services Agreement ("MSA") with a second Contract Development and Manufacturing Organization ("CDMO"), which will offer increased fermentation capacity to produce Willow's FutureGrown™ products, including cannabigerol ("CBG"). Willow's new partner has a strong track record in the large-scale production of food, nutritional, and pharmaceutical products and holds all necessary certifications to serve these markets. This new CDMO partnership allows Willow to accommodate new programs, both internal and partnered, in addition to its cannabinoid portfolio. Willow's Chief Operating Officer Dr. Chris Savile noted, "with the unprecedented demand for precision fermentation assets, having a global network of CDMOs with diverse capabilities is an absolute requirement. The addition of this premier CDMO with large scale fermentation assets will ensure Willow's manufacturing capabilities can readily expand to meet market demand." Willow has successfully completed the Stage 1 toxicological assessment of its FutureGrown™ CBG product for oral product applications, an important milestone for biosynthetically produced cannabinoids. The assessment concluded that FutureGrownTM CBG was non-mutagenic, non-clastogenic, non-genotoxic, which, is the first step toward concluding Willow's FutureGrown™ CBG as GRAS in the United States. Willow is engaging AIBMR Life Sciences, Inc. to perform the toxicology studies, with Stage 2 studies to be initiated shortly. Willow produces its FutureGrown™ CBG through precision fermentation, drastically reducing production time and carbon footprint when compared to traditionally grown cannabis extracts. Willow is a leading biotechnology company that develops and produces high-purity, plant derived ingredients for the personal care, food and beverage, and pharmaceutical markets. Willow's FutureGrown™ biotechnology platform allows large-scale production of pure, consistent, and sustainable products to benefit our B2B partners and their customers. This news release may include forward-looking statements including opinions, assumptions, estimates and the Company's assessment of future plans and operations, and, more particularly, statements concerning: the MSA, including the ability to accommodate new programs and to expand capabilities; the ability to obtain GRAS certification for Willow's FutureGrownÔ CBG; and the business plan of the Company, generally, including cannabinoid research and production. When used in this news release, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to: the success of Willow's strategic partnerships, including the CDMO; the financial strength of the Company; the ability of the Company to fund its business plan using cash on hand and existing resources; the market for Willow's products; the ability of the Company to obtain and retain applicable licences; the ability of the Company to obtain suitable manufacturing partners and other strategic relationships; and the successful implementation of Willow's commercialization and production strategy, generally. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, risks associated with: the cannabinoid industry in general; the success of the Company's research and development strategies; infringement on intellectual property; failure to benefit from partnerships or successfully integrate acquisitions; actions and initiatives of federal and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; import/export and research restrictions for cannabinoid-based operations; the size of the medical-use and adult-use cannabinoid market; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises, including the current COVID-19 outbreak; failure to comply with certain regulations; departure of key management personnel or inability to attract and retain talent; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company's most recent annual information form and management's discussion and analysis for additional risk factors relating to Willow, which can be accessed either on Willow's website at www.willowbio.com or under the Company's profile on www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement. View original content to download multimedia: SOURCE Willow Biosciences Inc.	https://www.whsv.com/prnewswire/2022/05/11/willow-biosciences-announces-expansion-its-fermentation-manufacturing-network-progress-its-cbg-gras-determination/	2022-05-11T21:35:34Z
Strong core portfolio performance drives continued wholesale growth LOS ANGELES, May 11, 2022 /PRNewswire/ -- Winc, Inc. ("Winc" or the "Company") (NYSE American: WBEV), a differentiated platform for growing alcoholic beverages brands, today announced financial results for the quarter ended March 31, 2022. First Quarter 2022 Results Compared to the First Quarter of 2021 - Total net revenues increased 5.7% to $18.5 million - Wholesale revenues increased 75.1% to $5.0 million - DTC revenues declined 6.7% to $13.3 million - Net loss was $4.2 million compared to net income of $0.6 million - Adjusted EBITDA* loss of $3.1 million versus a loss of $0.4 million "We are pleased with our first quarter results and the progress we made on key initiatives to drive growth and enhance profitability. Wholesale revenues were up 75.1% and fueled our top-line growth, attributable in part to a 62.2% increase in the number of retail accounts*** versus the prior year period," said Geoff McFarlane, Chief Executive Officer. "Distribution gains continued to reflect the breadth of our expansion with leading national chains, including Walmart and Target. In our DTC business, ongoing initiatives aimed at optimizing customer activity drove average order value up 11.7% versus the prior year period while marketing spend declined nearly 36%. The 6.7% decline in DTC revenues for the quarter was unsurprising as we cycled a 96.2% increase a year earlier and customer demand returned to pre-COVID levels; on a two-year basis, DTC revenues were up 83.0%. We delivered a 47.6% sequential improvement in Adjusted EBITDA* versus the fourth quarter of 2021, a significant milestone on our path to profitability as the business continues to scale." Brian Smith, Winc's President, commented, "The strength of our core brand portfolio continued to be a major growth driver. In the first quarter, case volume was up 42.6% in core brands versus a year ago, reflecting strong underlying demand coupled with expanding wholesale distribution. Our innovation pipeline remains robust and we continue to be very pleased with the growth trajectory of our newest brands, including a Summer Water orange wine extension, as well as the significant traction we are gaining in the organic wine category. We believe the proven power of our unique omni-channel platform to efficiently develop new products and brands, and rapidly expand distribution, is a competitive advantage that underpins our confidence in driving continued growth." First Quarter 2022 Results Net revenues increased 5.7% to $18.5 million in the first quarter of 2022 compared to $17.5 million in the first quarter of 2021. Wholesale net revenues of $5.0 million increased 75.1% compared to the first quarter of 2021 primarily driven by increases in retail accounts, the number of products sold through retailers and higher sales velocities. DTC net revenues of $13.3 million were down 6.7% as compared to the same period in 2021, primarily related to decreased order volume partially offset by an 11.7% increase in average order value ("AOV")*. Year-over-year DTC comparisons to 2021 remain challenging given the high growth in 2021 and rising customer acquisition costs, but we anticipate a return to growth in net DTC revenues over the coming quarters through an improved marketing mix, website optimization and development of new customer acquisition channels and branded websites. Revenue mix continues to shift towards the wholesale channel with the segment accounting for 26.9% of revenue in the first quarter of 2022, up from 16.2% in the previous year, reflecting the Company's strategic focus to diversify revenue streams. Gross profit of $7.4 million in the first quarter of 2022 decreased 5.1% as compared to the first quarter of 2021 and gross profit margin decreased to 40.3% from 44.9% in the prior year period. In the DTC segment, gross margin was 42.4%, a 300 basis point decline compared to the first quarter of 2021, primarily due to excise tax timing, as well as increased logistics-related expenses. Management believes the Company was able to minimize the impact of global supply chain constraints and inflation due to an agile supply chain, improved gross margin in the Company's core brands and a focus on operating efficiencies. Gross margin in the wholesale segment was 35.1%, a 560 basis point decline compared to the same period in 2021, due to a shift in product mix to an increased percentage of sales of imported wines, which have higher freight costs and overall lower margins but offer other benefits such as increased turnover per year and beneficial working capital dynamics. Total operating expenses in the first quarter of 2022 increased $3.2 million, or 36.2%, compared to the same period in 2021, reflecting investments in growth initiatives and incremental public company expenses. Marketing expenses decreased by 35.6% to $2.6 million driven by lower digital advertising expenses in the quarter. Personnel expenses were $4.2 million as compared to $2.4 million in the same period in 2021, with $0.8 million of the increase reflecting stock-based compensation and $0.9 million due to expenses related to increasing headcount to support growth. General and administrative expenses rose 124.6% or $2.7 million to $4.8 million due to increased expenses for professional services to support operating as a public company and other growth-related expenses. Net loss for the first quarter of 2022 was $4.2 million or ($0.32) per share based on 13.2 million weighted average common shares outstanding in that quarter compared to a net income of $0.6 million or $0.06 per diluted share in the first quarter of 2021 based on 10.3 million weighted average common shares outstanding in that quarter. Adjusted EBITDA loss increased to $3.1 million in the first quarter of 2022 compared to Adjusted EBITDA* loss of $0.4 million in the first quarter of 2021. Adjusted EBITDA* loss improved $2.8 million sequentially, versus the fourth quarter of 2021, largely reflecting the seasonal normalization of marketing expenses. Balance Sheet As of March 31, 2022, the Company had cash of $4.3 million and $3.0 million of borrowing under its line of credit compared to cash of $4.9 million and no outstanding borrowings at December 31, 2021. The decrease in net cash reflected increased operating expenses and working capital needs to support growth. The Company borrowed an additional $2.0 million subsequent to quarter end for total outstanding borrowings under the line of credit of $5.0 million as of the date of this press release. The Company's line of credit matures on June 30, 2022, and the Company is currently negotiating an extension with the lender. The Company's management believes it will continue to require third-party financing to support future operations. However, if the Company is unable to extend the maturity date of its line of credit or obtain alternative debt financing, there are no assurances that the Company will be able to repay the line of credit at maturity. Conference Call and Webcast The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss first quarter 2022 results. The conference call can be accessed by dialing (877) 704-4453 or for international callers by dialing (201) 389-0920. The live audio webcast can be accessed via the "News & Events" section of the Company's investor relations website at https://ir.winc.com/ or directly here. An archived replay of the webcast will be available on the Company's website shortly after the live event has concluded for at least 30 days. About Winc Winc is a differentiated platform for growing alcoholic beverages brands, fueled by the joint capabilities of a data-driven brand development strategy paired with a true omni-channel distribution network. Winc's mission is to become the leading brand builder within the alcoholic beverages industry through an omni-channel growth platform. Winc's common stock trades under the ticker symbol "WBEV" on the NYSE American. Contact: Matt Thelen Chief Strategy Officer and General Counsel invest@winc.com 424-353-1767 Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "potentially," "preliminary," "likely," and similar expressions are intended to identify forward-looking statements. All statements contained in this press release other than statements of historical fact, are forward-looking statements, including statements regarding: - the Company's total addressable market, future results of operations, financial position, research and development costs, capital requirements and needs for additional financing; - the Company's expectations about market trends and its ability to capitalize on these trends; - the Company's business strategy and plans; - the impact on the Company's business, financial condition and results of operation from the ongoing and global COVID-19 pandemic, or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide; - the Company's ability to effectively and efficiently develop new brands of wines and introduce products in beverage categories beyond wine; - the Company's ability to efficiently attract and retain consumers; - the Company's ability to increase awareness of its portfolio of brands in order to successfully compete with other companies; - the Company's ability to maintain and improve its technology platform supporting the Winc digital platform; - the Company's ability to maintain and expand its relationships with wholesale distributors and retailers; - the Company's ability to continue to operate in a heavily regulated environment; - the Company's ability to establish and maintain intellectual property protection or avoid claims of infringement; - the Company's ability to hire and retain qualified personnel; and - the Company's ability to obtain adequate financing and continue as a going concern. The Company cautions you that the foregoing list may not contain all of the forward-looking statements made in this press release. The Company has based the forward-looking statements contained in this press release on the Company's current expectations and projections about future events and trends that the Company believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, and assumptions, including those described under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (the "SEC") on March 30, 2022 and the Company's other periodic filings with the SEC. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can the Company assess the impact of all factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Any forward-looking statements made herein speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations. Any forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, restructurings, joint ventures, partnerships or investments the Company may make. These forward-looking statements are based upon information available to the Company as of the date of this press release, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Non-GAAP Financial Measures The Company's management believes Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts and other interested parties because these measures can assist in providing a more consistent and comparable overview of the Company's operations across its historical financial periods. In addition, these measures are frequently used by analysts, investors and other interested parties to evaluate and assess performance. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation and amortization, stock-based compensation expense and other items the Company believes are not indicative of the Company's operating performance, such as gain or loss attributable to the change in fair value of warrants. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net revenues. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are presented for supplemental informational purposes only and should not be considered as alternatives or substitutes to financial information presented in accordance with GAAP. These measures have certain limitations in that they do not include the impact of certain expenses that are reflected in the Company's condensed consolidated statement of operations that are necessary to run the Company's business. Some of these limitations include: - Adjusted EBITDA and Adjusted EBITDA margin do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on the Company's debt; - Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for the Company's working capital needs; - although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future; - and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures. Other companies, including other companies in the Company's industry, may not use such measures or may calculate the measures differently than as presented in this press release, limiting their usefulness as comparative measures. A reconciliation of net loss to Adjusted EBITDA and net loss margin to Adjusted EBITDA margin is set forth below (dollars in thousands). Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenues. Average Order Value The Company believes the continued growth of its average order value, or AOV, demonstrates both the Company's increasing value proposition for its consumer base and their increasing affinity for the Company's premium brands. The Company defines AOV as the sum of DTC net revenues, divided by the total orders placed in that period. Total orders are the summation of all completed individual purchase transactions in a given period. AOV may fluctuate as the Company expands into and increases its presence in additional product categories. The Company increased AOV by 11.7%, to $75.27 from $67.37 for the three months ended March 31, 2022 and 2021, respectively. Retail Accounts Retail account growth is a key metric for the Company's continued growth in wholesale as it is a measure of how widely the Company's products are distributed. The metric represents the number of retail accounts in which the Company sold its products in a given period. The Company expanded its retail accounts by 62.2% to 9,348 from 5,764 for the three months ended March 31, 2022 and 2021, respectively. View original content to download multimedia: SOURCE Winc, Inc.	https://www.whsv.com/prnewswire/2022/05/11/winc-reports-first-quarter-2022-financial-results/	2022-05-11T21:35:40Z
PARSIPPANY, N.J., May 11, 2022 /PRNewswire/ -- Wyndham Hotels & Resorts, Inc. (NYSE: WH) announced today its Board of Directors declared a quarterly cash dividend of $0.32 per share on its common stock, payable June 29, 2022 to shareholders of record as of June 15, 2022. About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company by the number of properties, with over 8,900 hotels across over 95 countries on six continents. Through its network of over 813,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 22 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company's award-winning Wyndham Rewards loyalty program offers approximately 94 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com. The Company may use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Disclosures of this nature will be included on the Company's website in the Investors section, which can currently be accessed at www.investor.wyndhamhotels.com. Accordingly, investors should monitor this section of the Company's website in addition to following the Company's press releases, filings submitted with the Securities and Exchange Commission and any public conference calls or webcasts. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements related to the Company's quarterly dividend. Forward-looking statements include those that convey management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, general economic conditions; the continuation or worsening of the effects from COVID-19, its scope, duration, resurgence and impact on the Company's business operations, financial results, cash flows and liquidity, as well as the impact on the Company's franchisees and property owners, guests and team members, the hospitality industry and overall demand for travel; the success of the Company's mitigation efforts in response to COVID-19; the Company's performance during the recovery from COVID-19 and any resurgence or mutations of the virus; various actions governments, businesses and individuals continue to take in response to the pandemic, including stay-in-place directives (including, for instance, quarantine and isolation guidelines and mandates), safety mitigation guidance, as well as the timing, availability and adoption rates of vaccinations, booster shots and other treatments for COVID-19; concerns with or threats of other pandemics, contagious diseases or health epidemics, including the effects of COVID-19; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising and management businesses; the Company's relationships with franchisees and property owners; the impact of war, terrorist activity, political instability or political strife; risks related to restructuring or strategic initiatives; the Company's ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company's ability to obtain financing and the terms of such financing, including access to liquidity and capital; and the Company's ability to make or pay, plans for, and the timing and amount of any future share repurchases and/or dividends, as well as the risks described in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise. View original content to download multimedia: SOURCE Wyndham Hotels & Resorts	https://www.whsv.com/prnewswire/2022/05/11/wyndham-hotels-amp-resorts-declares-quarterly-cash-dividend/	2022-05-11T21:35:47Z
Zion files for a new exploration license in the Megiddo-Jezreel Valley. DALLAS and CAESAREA, Israel, May 11, 2022 /PRNewswire/ -- Zion Oil & Gas, Inc. (OTCQX: ZNOG) files for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. "This new exploration license application will further our current and future work plans in Israel," stated Vice President and Managing Director in Israel, Jeff Moskowitz. All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion's operations. Zion's MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in country despite the global logistical backlog. Simultaneously with the new exploration license filing, Zion has submitted a petition seeking administrative approval of a term of three-years for the #428 exploration license under Israel's petroleum law. Zion Oil & Gas, a public company, traded on OTCQX Best Market, explores for oil and gas onshore in Israel on their 99,000-acre Megiddo exploration license area. "The Lord Himself goes before you and will be with you; He will never leave you nor forsake you. Do not be afraid; do not be discouraged." Deuteronomy 31:8 "Sing to the Lord, for he has done glorious things; let this be known to all the world. Shout aloud and sing for joy, people of Zion, for great is the Holy One of Israel among you." Isaiah 12:5-6 FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations and the results therefrom, including testing and completion; Zion's ability to discover and produce oil in commercial quantities; Zion's ability to continue as a going concern; operational risks in ongoing exploration efforts; the timing and completion of the processing, interpretation of the results and plans contingent thereon of the 3-D seismic survey; regulatory approvals needed for the rig's operation; the effect, if any, of the coronavirus pandemic on the timing of the operation of the well, and liquidity for shareholders on OTCQX are forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion's filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements. Contact Info: Andrew Summey VP, Marketing and Investor Relations Zion Oil & Gas, Inc. (OTCQX: ZNOG) 12655 North Central Expressway, Suite 1000, Dallas, TX 75243 Telephone: 888-891-9466 Email: info@zionoil.com www.zionoil.com View original content to download multimedia: SOURCE Zion Oil & Gas, Inc.	https://www.whsv.com/prnewswire/2022/05/11/zion-oil-amp-gas-operational-update-license-428-israel/	2022-05-11T21:35:54Z
CHEYENNE – Students in Laramie County Community College’s Radiography Program donated $2,500 last month to support Cheyenne Regional Medical Center’s Curie Fund. Over the past 12 years, the Radiography Club at LCCC has raised and donated more than $35,000 to the fund. “The engagement and fundraising support provided by the young women and men of the LCCC Radiography Club is really exciting for several reasons,” said Scott Fox, executive director of the CRMC Foundation. "Not only will patients benefit, but the students’ willingness to give some of their time to help people in need in their community is really admirable. This program also helps those future health care professionals understand that giving back to their community can be very rewarding." The Curie Fund was established in the 1980s by Cheyenne Regional’s Radiation Oncology Department to help patients undergoing cancer treatment pay for personal or family necessities, including utilities, transportation expenses and school supplies. Funds are given to patients with financial struggles and are not used to pay medical bills. “It’s important to continue the tradition of supporting the Curie Fund because it allows us to care for patients in an unconventional way. When we presented the check at the CRMC Cancer Center, it was one of the most humbling and rewarding experiences I have had during my time with the Radiography Club,” LCCC student Kaitlyn Jacobs said. LCCC’s students hold fundraisers such as bake sales and T-shirt sales to help raise the funds they donate. To learn more about LCCC’s radiography program, contact Ashleigh Ralls, program director, at aralls@lccc.wy.edu or 307-778-1292.	https://www.wyomingnews.com/news/local_news/lccc-radiography-club-donates-2-500-to-support-crmcs-curie-fund/article_1266af66-5d30-5950-b76c-91e133b8d63b.html	2022-05-11T22:23:42Z
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Revolutionary People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.wyomingnews.com/news/local_news/water-main-installation-project-set-to-begin-next-week-on-gardenia-drive/article_315dd37e-2d09-57ef-ba51-46396041925c.html	2022-05-11T22:23:49Z
CHEYENNE – The Wyoming Weed and Pest Council, in partnership with the North American Invasive Species Management Association, has announced a new twine color for NAISMA certified weed-free hay. Any forage or hay certified as weed-free will now be marked with blue and orange twine or will be accompanied by either a certification form or a transit certificate. The weed-free twine program helps limit the spread of noxious weeds through the movement of forage or hay, according to a news release. Many federal and state lands require certified weed-free forage to prevent the spread of invasive weeds. The new bright blue and orange colors will make it easier to identify weed-free hay. “It’s important to use weed-free forage whenever possible,” said Larry Smith, WWPC president. “It ensures that it’s free of invasive weeds and helps offset the billions of dollars that it takes to control those weeds. It helps us keep Wyoming’s natural beauty alive.” Noxious weeds are increasingly damaging to the landscape and livestock in Wyoming. Invasive weeds are usually unpalatable and sometimes poisonous to livestock. Additionally, the management of invasive weeds in the U.S. costs upwards of $130 billion each year. Certifying hay or buying certified weed-free hay prevents the spread and can lower the cost of prevention. Previously, weed-free hay was identified with purple and yellow twine. It may still be common to see the old twine color as it is phased out. The new orange and blue twine can only be purchased by the WWPC to provide to certified hay producers.	https://www.wyomingnews.com/news/local_news/weed-and-pest-council-announces-new-color-twine-for-weed-free-hay/article_a2bc85a6-ed17-52c5-b3c3-0d79cb1d72cf.html	2022-05-11T22:23:55Z
Country United States of America US Virgin Islands United States Minor Outlying Islands Canada Mexico, United Mexican States Bahamas, Commonwealth of the Cuba, Republic of Dominican Republic Haiti, Republic of Jamaica Afghanistan Albania, People's Socialist Republic of Algeria, People's Democratic Republic of American Samoa Andorra, Principality of Angola, Republic of Anguilla Antarctica (the territory South of 60 deg S) Antigua and Barbuda Argentina, Argentine Republic Armenia Aruba Australia, Commonwealth of Austria, Republic of Azerbaijan, Republic of Bahrain, Kingdom of Bangladesh, People's Republic of Barbados Belarus Belgium, Kingdom of Belize Benin, People's Republic of Bermuda Bhutan, Kingdom of Bolivia, Republic of Bosnia and Herzegovina Botswana, Republic of Bouvet Island (Bouvetoya) Brazil, Federative Republic of British Indian Ocean Territory (Chagos Archipelago) British Virgin Islands Brunei Darussalam Bulgaria, People's Republic of Burkina Faso Burundi, Republic of Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.wyomingnews.com/news/local_news/wyoming-highway-patrol-to-host-free-child-safety-seat-check-at-walmart/article_80794b6b-edeb-5373-9838-7998f74c5dfd.html	2022-05-11T22:24:01Z
CASPER — Tribal officials removed St. Stephens Indian School Superintendent Frank No Runner as well as other administrators and the entire board governing the school following an investigation that found “widespread wrongdoing of school leadership.” The council voted to fire the administrators and school board members after the Bureau of Indian Education found they had engaged in the use of drugs and alcohol on school property and at school functions, sexual misconduct and harassment, bullying, nepotism and financial exploitation, according to a statement. School officials also failed to ensure that employees maintained valid state teaching certification, according to the investigators’ report. St. Stephens Indian School is a K-12 school on the Wind River reservation. Part of its funding comes from the Bureau of Indian Education, which conducted the independent federal investigation. The Northern Arapaho and Eastern Shoshone business councils requested the bureau open an investigation following “various allegations” against No Runner, including that he had engaged in “sexual harassment, bullying, consumption of alcohol on school property, and creating a toxic environment,” the report states. The bureau conducted the investigation in March and April. In addition to the former superintendent No Runner, the council also fired K-8 principal Greg Juneau, high school principal Matthew Mortimer, food services supervisor Pattee Bement and school board members William C’Hair, John Goggles, Ronnie Oldman and Eugene Ridge Bear. Former school board member Dominic Littleshield was not a member at the time of the investigation itself, but was part of the board during the period covered by the investigation. No Runner had been the school’s superintendent since July 2015 and lived with his family, including his wife and St. Stephens employee Bement, on property leased by the St. Stephens Indian School, the report states. Multiple witnesses said that No Runner had sexually harassed or bullied them and others and created a toxic work environment where employees were threatened with termination, according to the report. The report states that some of the harassment and bullying took place over social media. One former employee said she left the school because of this behavior from No Runner and Juneau, the school’s former K-8 principal. Witnesses who testified for the investigation said No Runner asked current and former students for sexual favors, sometimes in exchange for money. The investigators found that No Runner used his position as superintendent to influence his subordinates and to give his wife, Bement, a salary and position that was inappropriate. Bement also had frequent absences, the report found. One witness said that when he complained of this, No Runner told him, “You are not going to fire my wife.” The investigation also concluded that No Runner had consumed alcohol and used marijuana on school premises or at school-related events, sometimes with other St. Stephens employees. The report states that Juneau and Bement also used marijuana on school property. School board members signed off on inappropriate pay increases for employees, and both board members and employees used school funds for personal expenses, the report states. The investigators also found that the board had failed to dismiss employees with expired state certifications. The Inter-Tribal Council handed its authority over the school to the Bureau of Indian Education after the investigation and firing of the administrators and board members. Eastern Shoshone Business Council Chairman John St. Clair said in a statement that this action was “a precautionary effort aimed at protecting our children and community.” “Our children deserve the best possible education, but that hardly seems possible with the kind of misconduct discussed in this report by the Bureau of Indian Education,” Northern Arapaho Business Council Chairman Jordan Dresser said in the statement. St. Clair emphasized that the report is only an administrative investigation. It doesn’t address criminal misconduct. It’s not clear how the school plans to move forward or how the Bureau of Indian Education will take over the responsibilities of these former employees and board members. St. Clair, Dresser and the school did not respond to the Star-Tribune by press time for further comment. This story was published on May 11, 2022.	https://www.wyomingnews.com/wyomingbusinessreport/industry_news/education/indian-school-leadership-ousted/article_eeaed6cc-d172-11ec-bc59-6f734aaebbe8.html	2022-05-11T22:24:07Z
Country United States of America US Virgin Islands United States Minor Outlying Islands Canada Mexico, United Mexican States Bahamas, Commonwealth of the Cuba, Republic of Dominican Republic Haiti, Republic of Jamaica Afghanistan Albania, People's Socialist Republic of Algeria, People's Democratic Republic of American Samoa Andorra, Principality of Angola, Republic of Anguilla Antarctica (the territory South of 60 deg S) Antigua and Barbuda Argentina, Argentine Republic Armenia Aruba Australia, Commonwealth of Austria, Republic of Azerbaijan, Republic of Bahrain, Kingdom of Bangladesh, People's Republic of Barbados Belarus Belgium, Kingdom of Belize Benin, People's Republic of Bermuda Bhutan, Kingdom of Bolivia, Republic of Bosnia and Herzegovina Botswana, Republic of Bouvet Island (Bouvetoya) Brazil, Federative Republic of British Indian Ocean Territory (Chagos Archipelago) British Virgin Islands Brunei Darussalam Bulgaria, People's Republic of Burkina Faso Burundi, Republic of Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.wyomingnews.com/wyomingbusinessreport/industry_news/legal_and_courts/sweetwater-county-sheriffs-office-announces-boat-safety-training-classes/article_22f5053c-d173-11ec-816e-83cb45b2ab5b.html	2022-05-11T22:24:13Z
2 children robbed at gunpoint for their puppy, police say MILWAUKEE (WISN) – Authorities in Wisconsin are investigating after two children were robbed at gunpoint for their puppy Friday afternoon. Alanna Vaughn, 12, and her little brother Izayah Savangvongsavanh, 10, were both uninjured, but someone stole their 4-month-old puppy Coco. The siblings were walking their puppy on the streets of Milwaukee in the middle of the afternoon when a man approached them, asking questions about the dog. Then, the man pulled out a gun and stole Coco. The siblings said they immediately ran home and told their parents. While Alanna and Izayah are physically OK, they are sad and begging for the return of their puppy. “Can I please have my dog back?” Alanna asked. “Please just give us our dog back,” Izayah said. Their grandmother, Katrina Chester, is angry. “They pulled a gun on these little kids, innocent kids; I was hysterical,” Chester said. “It’s crazy, I mean, real crazy.” Milwaukee police said the suspects – two young adult males – drove off in a four-door 2017 silver INFINITI Q50 with heavily-tinted windows and stock wheels. Coco is a white and tan mixed-breed bulldog with blue eyes and cropped ears. Anyone with information is asked to call Milwaukee police at 414-935-7272 or Crime Stoppers at 414-224-TIPS. Copyright 2022 WISN via CNN Newsource. All rights reserved.	https://www.whsv.com/2022/05/11/2-children-robbed-gunpoint-their-puppy-police-say/	2022-05-11T22:31:44Z
City proclaims ‘Ella Mae Colbert Day’ after former teacher on her 106th birthday CHESNEE, S.C. (WHNS/Gray News) - A school district in South Carolina celebrated a beloved figure in its community who turned 106 years old Wednesday. Ella Mae Colbert is a former teacher with the Spartanburg County School District who taught at Chesnee Elementary School, according to WHNS. The school district planned a party for Colbert’s birthday with students during a special gathering at the school in the Chesnee Elementary School Media Center. The City of Chesnee said Colbert received a police escort to her party and was presented with a proclamation making May 11 “Ella Mae Colbert Day.” The birthday girl said the celebration was a total surprise. “It’s filling me up. This is something that I wasn’t expecting,” Colbert said. “I wasn’t expecting anybody to be thinking about me or doing something. But they always slip a surprise on me. You just don’t know how the feeling has been this morning.” Copyright 2022 WHNS via Gray Media Group, Inc. All rights reserved.	https://www.whsv.com/2022/05/11/city-proclaims-ella-mae-colbert-day-after-former-teacher-her-106th-birthday/	2022-05-11T22:31:50Z
Court: California’s under-21 gun sales ban unconstitutional LOS ANGELES (AP) — A U.S. appeals court ruled Wednesday that California’s ban on the sale of semiautomatic weapons to adults under 21 is unconstitutional. In a 2-1 ruling, a panel of the San Francisco-based 9th U.S. Circuit Court of Appeals said Wednesday the law violates the 2nd Amendment right to bear arms and a San Diego judge should have blocked what it called “an almost total ban on semiautomatic centerfire rifles” for young adults. “America would not exist without the heroism of the young adults who fought and died in our revolutionary army,” Judge Ryan Nelson wrote. “Today we reaffirm that our Constitution still protects the right that enabled their sacrifice: the right of young adults to keep and bear arms.” The Firearms Policy Coalition, which brought the case, says the ruling makes them optimistic other age-based gun bans will be overturned. Attorney General Rob Bonta did not immediately comment. Copyright 2022 The Associated Press. All rights reserved.	https://www.whsv.com/2022/05/11/court-californias-under-21-gun-sales-ban-unconstitutional/	2022-05-11T22:31:56Z
The EF Scale: What is it? (WHSV) - When it comes to determining the strength of a tornado, we use the Enhanced Fujita Scale (EF) to rate the damage. This was orginally known as just the Fujita Scale (F) but in 2007, that changed to the EF scale which more accurately characterized damage. Tornadoes are not measured as they happen. It takes surveyers to look at the damage to determine what wind speed could have caused the destruction. Also, they need to differeniate whether the wind damage was caused by a tornado or just straight line winds. THE SCALE: EF-0: EF-0′s are the weakest tornadoes. An EF-0 tornado has max wind speeds of 65-85 mph. Typically with an EF-0, damages include shingles or portions of a roof peeled off, gutter and siding damage, branches broken off trees, and trees that are shallow rooted being toppled. EF-0 tornadoes can be weaker than straight line wind damage. The tornado that touched down near the town of Fairfield in Rockbridge County last Friday actually had weaker winds then the straight-line winds that went through the area. EF-1: These tornadoes have max wind speeds of 86-110 mph. Typically with these tornadoes, there is significant roof damage, broken windows, exterior door damage, and mobile homes begin toppled over or severely damaged. The Augusta County tornado last month was an EF-1. EF-2: EF-2 tornadoes cause considerable damage. They have wind speeds of 111-135 mph. This is enough to tear roofs compeletely off, knock homes off their foundation, completely destroy mobile homes, snap large trees and even pick up and toss vehicles. EF-3: This is where we really start to get really bad tornadoes. Wind speeds at this rating are 136-165 mph which causes severe damage. Damages at this level include stories of houses completely destroyed, significant damage to large builidings, homes on weak foundations being blown away, and bark actually getting ripped from trees. EF-4: Tornadoes at this level are not common at all. Out of all tornadoes that have touched down in recorded history, only 1 percent of tornadoes have been EF/F-4 or stronger. Having wind speeds of 166-200 mph, these tornadoes level well-built homes, throw cars a significant distance, and collapse walls of masonry buidlings. EF-5: These tornadoes are very rare and are catastrophic. Wind speeds of an EF-5 are 200 mph or greater. The last time we had an EF-5 tornado in the United States was back in 2013. Damages at this level include homes being swept away, steel-reinforced concrete structures and high-rise buildings being severly damaged, and trees stripped entirely of their bark and branches or compeletly snapped. OTHER TORNADO FACTS The strongest tornado the United States has ever seen was a tornado that touched down near Oklahoma City on May 3rd, 1999. This tornado had max wind speed estimated at 302 mph! Since 1950, the state of Virginia has not seen an EF/F-5 tornado and only 2 of EF/F-4 level. One occured on August 6th, 1993 touching down near Petersburg, VA. The second one on September 24th, 2001 near the town of Rixeyville in Culpeper County. In our area, we have seen 2 EF/F-3 level tornadoes. Both were in Albemarle County (1959 and 1985). We have also seen 9 EF/F-2 tornadoes with the last one occuring April 28th, 2011. This was the long track tornado that was on the ground for 33 miles in Rockingham and Shenandoah County. Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/11/ef-scale-what-is-it/	2022-05-11T22:32:02Z
Lawyers: Nearly $1B settlement in Florida condo collapse ST. PETERSBURG, Fla. (AP) — A nearly $1 billion tentative settlement has been reached in a class-action lawsuit brought by families of victims and survivors of last June’s condominium collapse in Surfside, Florida, an attorney said Wednesday. Harley S. Tropin announced the $997 million settlement during a hearing before Miami-Dade Circuit Court Judge Michael Hanzman. Still pending final approval, the settlement involves insurance companies, developers of an adjacent building and other defendants. Earlier this year, Hanzman had approved an $83 million settlement to compensate people who suffered economic losses such as condominium units and personal property. A key question from the beginning has been how to allocate money from the property’s sale, insurance proceeds and damages from lawsuits among wrongful death cases and property claims. The 12-story Champlain Towers South condominium collapsed abruptly in the early-morning hours of June 24, almost instantly destroying dozens of individual condo units and burying victims under tons of rubble. Rescuers spent weeks carefully digging through mountains of concrete, first to find survivors and later to recover the remains of those who died. A total of 98 people were killed. The main lawsuit, filed on behalf of Champlain Towers South victims and family members, contends that work on the adjacent Eighty Seven Park tower damaged and destabilized the Champlain Towers building, which was in dire need of major structural repair. Champlain Towers was in the midst of its 40-year structural review when it partially crumbled to the ground The collapse triggered lawsuits from victims, families and condo owners as well as state and federal investigations. In December, a Florida grand jury issued a lengthy list of recommendations aimed at preventing another condominium collapse, including earlier and more frequent inspections and better waterproofing. The condominium building was located in Surfside, a town just north of Miami Beach. The little-known enclave comprises a mix of older homes and condos similar to the collapsed tower, built decades ago for the middle-class, and recently erected luxury condos drawing the wealthy. That includes former first daughter Ivanka Trump and her husband, Jared Kushner, who live about a block north of the collapsed condo. Copyright 2022 The Associated Press. All rights reserved.	https://www.whsv.com/2022/05/11/lawyers-nearly-1b-settlement-florida-condo-collapse/	2022-05-11T22:32:09Z
NASA: Total lunar eclipse happening over weekend (Gray News) - On Sunday, the Earth will cast its shadow over the moon, and we should start seeing the total lunar eclipse that evening. According to NASA, the moon will begin entering the partial shadow of Earth at 9:32 p.m. Eastern Standard Time on Sunday. But the slight darkening of the moon will not stand out until the moon starts entering the full shadow of the Earth at 10:28 p.m. ET. It will take until 11:29 p.m. for the full shadow of Earth to cover the moon. The peak of the eclipse will be at 12:11 a.m. ET on May 16. Officials said the moon will begin emerging from the full shadow of the Earth at 12:54 a.m. ET and finish emerging from the full shadow at 1:55 a.m. ET. The moon will finish exiting the partial shadow at 2:51 a.m. ET, but the subtle shading from this last part of the eclipse will be difficult to notice. The lunar eclipse will be visible anywhere the moon is visible. NASA reports lunar eclipses occur during the full moon phase. So, the moon will generally be visible starting around sunset. A lunar eclipse occurs when Earth gets directly between the sun and moon. The sun’s rays then get blocked by Earth and cause a shadow that darkens the moon. Copyright 2022 Gray Media Group, Inc. All rights reserved.	https://www.whsv.com/2022/05/11/nasa-total-lunar-eclipse-happening-over-weekend/	2022-05-11T22:32:15Z
SKITTLES partners with two Richmond artists for Pride 2022 pack design Published: May. 11, 2022 at 1:25 PM EDT\|Updated: 5 hours ago RICHMOND, Va. (WWBT) - SKITTLES is partnering with two Richmond artists as part of Pride Month. Richmond residents Ashley Molesso and Chess Needham are among six artists within the LGBTQ+ community who crafted original pack designs that represent how they “see the rainbow” each day. Each pack will have a QR Code that when scanned will send people to a virtual studio - where they can learn about the artists and the inspiration behind their designs. To learn more about Ash and Chess’ design, click here. Copyright 2022 WWBT. All rights reserved. Want NBC12’s top stories in your inbox each morning? Subscribe here.	https://www.whsv.com/2022/05/11/skittles-partners-with-two-richmond-artists-pride-2022-pack-design/	2022-05-11T22:32:21Z
UVA Health allergist offers advice during this allergy season CHARLOTTESVILLE, Va. (WVIR) - If you’ve been suffering from seasonal allergies this year, you are not alone. Doctor Michael Nelson, an allergist with UVA Health, says spring brings some of the highest peak pollen counts compared to other times of the year. Tree season lasts from late February to late May, and can cause people to feel typical allergy symptoms. “Those with grass are getting worried because that’s coming in and I got to tell you a lot of people here in central Virginia are allergic to trees and grasses and weeds, which kick in through the fall. So people with allergies to pollens in the air theoretically and quite often can be allergic from late January all the way through that first freeze,” Dr. Nelson said. If you suffer from severe allergies, Nelson says you should consult your doctor about different types of treatments. Copyright 2022 WVIR. All rights reserved. Do you have a story idea? Send us your news tip here.	https://www.whsv.com/2022/05/11/uva-health-allergist-offers-advice-during-this-allergy-season/	2022-05-11T22:32:27Z
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United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.kitv.com/news/local/531-million-budget-proposal-for-honolulu-light-rail-project-passes-third-reading/article_0529e0ea-d173-11ec-b9e5-6f8469f5e9e6.html	2022-05-11T22:54:31Z
(CNN) -- Warming waters from escalating climate change have caused coral bleaching in 91% of reefs surveyed along the Great Barrier Reef this year, according to new findings from an Australian government agency. Scientists from the Great Barrier Reef Marine Park Authority (GBRMPA) confirmed in March this was the sixth mass bleaching event of the reef on record and the fourth since 2016. But Tuesday's report, Reef snapshot: summer 2021-22, found almost every coral reef surveyed across the 1,400 mile (2,300 kilometer) system was impacted by bleaching. Coral reefs are some of the most vibrant marine ecosystems on earth -- between a quarter and one third of all marine species rely on them at some point in their life cycle. But the rapid warming of the planet due to human emissions of heat-trapping gases is causing above average water temperatures, leading to stress events like mass bleaching. Coral bleaching tends to happen when water temperatures are much warmer than normal. But for the first time, this mass bleaching comes despite La Niña, a weather event which is characterized by cooler-than-normal temperatures across the equatorial Pacific Ocean, the Authority's scientists said. The report surveyed a total of 719 reefs from a low flying aircraft during the Australian 2021-2022 summer season and found that 654 reefs, 91%, "exhibited some bleaching." "The surveys confirm a mass bleaching event, with coral bleaching observed at multiple reefs in all regions. This is the fourth mass bleaching event since 2016 and the sixth to occur on the Great Barrier Reef since 1998," the Australian Government's Great Barrier Reef Marine Park Authority said in its findings. The Great Barrier Reef's waters started warming in December 2021 and exceeded "historical summer maximums." It was hit by three distinct heat waves throughout the summer until early April 2022, which increased "thermal stress" throughout the reef's central and northern areas, the report found. Stressed coral ejects algae from within its tissue, depriving it of a food source. If conditions don't improve, coral can starve and die, turning white as its carbonate skeleton is exposed. "Even the most robust corals require nearly a decade to recover," Jodie Rummer, associate professor of Marine Biology at James Cook University in Townsville, told CNN in March. "So we're really losing that window of recovery. We're getting back-to-back bleaching events, back-to-back heat waves. And the corals just aren't adapting to these new conditions," she said. The report warned that the climate crisis remains the reef's greatest threat and "events that cause disturbances on the reef are becoming more frequent." It's the fourth mass bleaching in six years and the first since 2020, when about one quarter of the reef surveyed showed signs of severe bleaching. That event came just three years after back-to-back bleaching events in 2016 and 2017. Previous bleaching occurred in 1998 and 2002. Scientists say time is running out for the reefs to be able to recover and that governments urgently need to address the root cause: the climate crisis. "To give our reef a fighting chance, we must deal with the number one problem: climate change. No amount of funding will stop these bleaching events unless we drive down our emissions this decade," said Amanda McKenzie, CEO of the Climate Council in March. The Great Barrier Reef is one of Australia's national treasures, stretching some 1,400 miles (2,300km) down the Queensland coast, and attracting around three million tourists a year prior to the pandemic. The Australian government has faced prolonged pressure from UNESCO to prove that it's doing enough to save the reef and has been called out by global climate experts, among others, for not doing enough to transition Australia away from fossil fuels and slash greenhouse gas emissions. The report's publication comes after leading scientists called on the agency to release its findings before the federal election on May 21. The-CNN-Wire ™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.	https://www.kitv.com/news/local/great-barrier-reef-suffers-sixth-mass-bleaching-event-with-91-of-reefs-surveyed-affected/article_9b36a2fe-d172-11ec-b284-3b540d03bfeb.html	2022-05-11T22:54:37Z
HONOLULU (KITV4) – Sea turtle season has begun and federal and state agencies are asking the public to be cautious of the turtles while they are nesting. The National Oceanic and Atmospheric Administration (NOAA) and the Pacific Islands Fish and Wildlife Office are reminding the public to report sea turtle nesting activities and to maintain distance. “The most important thing we can do for honu is give them space," said USFWS coastal program coordinator Sheldon Plentovich. Sea turtles, or honu in Hawaiian, are known to nest on all beaches statewide. The public can report turtles nesting to the NOAA Fisheries Marine Wildlife Hotline at 1-888-256-9840. “Most honu nest at night and are easily disturbed by lights, including flashlights, cell phones (e.g., flash photography), bonfires, and flood light from houses. Any bright lights can disorientate nesting females and hatchlings. While we don’t know how many honu will nest along Hawaiʻi beaches this year, both state and federal agencies are working together with our community volunteers to locate and monitor them,” added Plentovich. It is important to know the difference between a resting honu and a nesting honu. Below is a guide on how to distinguish between these two activities. Nesting: • Honu typically lay their nest at night near or under coastal vegetation, and well above the high tide line. • Honu digging with their rear flippers after “throwing” sand with their front flippers is likely an indicator of nesting activity. Basking: • Basking honu are usually found closer to the water (near the high tide line) both during the day and at night. • Honu do move sand with their front flippers when basking. Everyone in Hawaii can protect honu. If you see honu on the beach, in the water, or observe any suspected nesting activity, please remember to: - View honu from a distance of more than 10 feet. Do not touch, feed, or chase them. - Harassing or disrupting honu or their nests can incur hefty fines. - Avoid blocking their access to or from the ocean. - Avoid driving off-road vehicles (trucks and ATVs) on beaches that can crush nests, create tire ruts that trap hatchlings, and degrade habitats. Driving on the beach is also illegal in most areas. - Report illegal beach driving to the Police Department or the DLNR Enforcement Hotline: 808-643-DLNR or the DLNRTip app. - Avoid shining bright lights near sea turtles or on nesting beaches after dusk (such as flash photography, cell phone screen lights, flashlights, vehicle lights, exterior building lights, beach fires, etc.). - Light pollution can disorient adult and hatchling honu, leading them to wander inland, into vegetation or roads, and away from the ocean. - If you suspect that you may live near a nesting beach, please contact the Pacific Islands Fish and Wildlife Office at 808-792-9400 and request information on ‘turtle friendly lightingʻ. - Ensure fishing line or rubbish is disposed of properly so sea turtles and their hatchlings do not become entangled. E no'ono'o pono and help keep our reefs and beaches clean. - Keep dogs leashed to avoid disturbance to honu and other marine wildlife. - Report suspecting nesting activities to the NOAA Fisheries Marine Wildlife Hotline: 1-888-256-9840.	https://www.kitv.com/news/local/here-s-how-you-can-help-protect-the-honu-hawaii-s-sea-turtles-during-nesting/article_1cd2f084-d163-11ec-9c3f-afe44fd3be48.html	2022-05-11T22:54:43Z
A key vote on the Women's Health Protection Act, a Democrat-led bill aimed at preserving access to abortion nationwide, failed in the Senate on Wednesday. The vote comes as the US Supreme Court may be poised to overturn the landmark 1973 Roe v. Wade ruling, as indicated by a leaked draft opinion. The final tally was 49 to 51 with moderate Democrat, Sen. Joe Manchin of West Virginia, joining with Republicans to vote against the measure and stop it from advancing. The bill's failure to advance was expected amid GOP resistance. But the outcome of the vote nevertheless underscores how Democrats are severely limited in what they can achieve with their narrow Senate majority. At the same time, the party faces enormous pressure to take action on abortion rights amid fears that Roe v. Wade will soon be struck down. Holding the vote provided an opportunity for Democrats to spotlight the issue and criticize Republican resistance to passage of the legislation. President Joe Biden lashed out at Senate Republicans after the failed Senate vote. "Once again -- as fundamental rights are at risk at the Supreme Court -- Senate Republicans have blocked passage of the Women's Health Protection Act, a bill that affirmatively protects access to reproductive health care," Biden said in a statement. "This failure to act comes at a time when women's constitutional rights are under unprecedented attack -- and it runs counter to the will of the majority of American people." But the vote also highlighted division over the contentious issue among Democrats. Manchin told CNN ahead of Wednesday's vote he would be a "no" on the Democratic bill, arguing it's too broad. He indicated he would support a codification of Roe v. Wade, but said this bill goes too far. The moderate Democrat, who represents the red state of West Virginia and has previously described himself as "pro-life and proud of it," also voted with Republicans in opposition to the bill when it came before the Senate in February. The Senate took up a version of the Women's Health Protection Act sponsored by Democratic Sen. Richard Blumenthal of Connecticut. The bill would codify the right to access abortion into federal law and guarantee the right of health care providers to perform abortion services. A House-passed version of the bill failed to advance in the Senate earlier this year amid GOP opposition. Senate Majority Leader Chuck Schumer called the vote one of the "most important" senators will take, "not only this session, but in this century." "This is not an abstract exercise, it's as real and as urgent as it gets," Schumer said at a news conference on Friday. Senate Minority Leader Mitch McConnell blasted Democrats for forcing the vote, arguing that "it would attack Americans' conscience rights and religious freedoms." "It would overturn modest and overwhelmingly popular safeguards like waiting periods, informed consent laws and possibly even parental notification," McConnell said of Democrats' bill in remarks on the Senate floor on Monday. Sens. Susan Collins and Lisa Murkowski, rare Republican abortion-rights supporters, have introduced their own legislation to codify the rights established by Roe into federal law. Both voted against the Women's Health Protection Act in February and voted against it again during Wednesday's vote. Collins criticized the Democratic bill in a statement ahead of the vote. The Maine Republican said the bill "explicitly invalidates the Religious Freedom Restoration Act in connection with abortion and supersedes other longstanding, bipartisan conscience laws." Asked at a news conference on Friday why he won't instead bring the Collins and Murkowski bill to the floor, which could receive bipartisan support, Schumer said, "We are not looking to compromise something as vital as this." Earlier this week, more than a dozen abortion rights groups wrote a letter strongly opposing Murkowski and Collins' bill, arguing it "would not protect the right to abortion if Roe v. Wade is overruled." Democrats have sounded the alarm and reacted with outrage in response to a recently leaked Supreme Court draft opinion revealing plans to strike down Roe v. Wade after roughly five decades. Republicans, despite many opposing abortion rights, have focused their response instead on the bombshell leak of the Supreme Court opinion, arguing that the leak itself represents a significant threat to judicial independence and freedom from outside interference. While the Senate vote on Wednesday had been expected to fail, many Democrats still argued that the political landscape has shifted now that it has become evident Roe v. Wade may soon be struck down and that it is imperative to put lawmakers on the record over the issue. "I do think that the vote is necessary," Rep. Cori Bush, a Missouri Democrat, said. "There has been time since (the bill) failed in the Senate the last time for people to have more conversations, more outreach. And then when this news of the leak, the draft opinion, when that became public, for a lot of work, a lot of conversations, a lot of advocacy groups reaching out, a lot more information stirring in people's communities to open up a conversation where people could have a mind change." Prior to the vote starting, about two dozen House progressive members came over from the House side and were chanting "my body, my decision" near Schumer's office. The chants were audible from in the chamber. This story has been updated with additional developments Wednesday. The-CNN-Wire ™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.	https://www.kitv.com/news/national/key-vote-to-protect-access-to-abortion-fails-in-the-senate/article_53fdfca3-4617-5575-96aa-d87619d82411.html	2022-05-11T22:54:49Z
Grottoes continues to weigh options on backyard chickens GROTTOES, Va. (WHSV) - While Rockingham County is known for its massive poultry industry, in Grottoes, there has been an ongoing debate for several years about allowing backyard chickens in the town. The town’s laws do not allow chickens on properties less than one acre but some residents hope that will change soon. “The City of Waynesboro, the City of Staunton, the City of Harrisonburg all of these places allow backyard chickens, not to mention Grottoes isn’t a city we’re a small town. I can drive 5 minutes down the street and there are chickens running loose,” said Kayla Reed, a Grottoes resident. Reed has been advocating for the town to create an ordinance allowing backyard chickens for years, she even runs a Facebook page dedicated to the issue. Reed said she has received a lot of support from fellow residents. “I’ve gone door to door with a little petition and I added in there ‘Would you own chickens? Yes or no’ and I truly did not think that many people would say yes but just about everybody said yes they would potentially own chickens if it was possible,” she said. The town’s leadership has explored several options to gather feedback and consider a chicken ordinance. They recently looked into a possible referendum vote but decided against it as it would have required changing the town’s charter. “It was a fairly comprehensive project to go through all that just for one ordinance. So I recommended for the town to have a survey through the water and sewer bills with the opportunity for each citizen to express their support or opposition,” said Nathan Miller, attorney for the Town of Grottoes. Miller believes the survey option would not only be simpler, but also get a more accurate poll of the town’s residents. “My thought would be that most people who get their sewer and water bills would be more likely to send back a little piece of paper that says yes or no rather than go to a polling booth to vote on a referendum,” he said. Kayla Reed hopes the town will act soon to allow chickens. She said allowing them could be very beneficial to residents, especially at a time when grocery prices are soaring. “Prices are getting higher and higher every single day, there’s always stuff missing. People say ‘well it’s just eggs, it’s just eggs’ but I noticed a two-dollar increase in eggs when I purchased them from Walmart last week, I mean that’s a big deal,” she said. Reed said that chickens would also provide other benefits. “Chickens eat mosquitos, ticks, slugs, all sorts of insects, they are a natural pesticide right there that’s also giving you food. There are just so many benefits I think to having backyard chickens,” she said. Reed said the main points made in opposition to backyard chickens come from people who are worried they would escape from their cages and cause issues in the town. The Grottoes Town Council could authorize a survey to go out to the town’s residents at its next meeting in June. Nathan Miller said the decision on how to handle the issue is ultimately up to the council. “They’ve already had a public hearing on it so they could bring it back up to the whole council for consideration and it would be a straightforward vote. The proposed amendment on the statute is complete it’s just a matter of whether or not it passes,” he said. The next Grottoes Town Council meeting is on Monday, June 13. Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/11/grottoes-continues-weigh-options-backyard-chickens/	2022-05-12T00:03:05Z
‘It’s an $800 tip!’: Pizza server gets slice of kindness with generous tip from customers PROVIDENCE, R.I. (WJAR) - A Rhode Island pizza shop server got served a surprise slice of kindness from some generous customers. Since 1968, the Big Cheese Pub has been a customer favorite for things like handmade pizza and super subs. The staff said they are also extremely close. “We are just a big family. We tried to all look out for one another and do what’s best,” manager Kim Tierney said. Waitress Jennifer Venancio, who’s a single mom of a 3-year-old, said this is a reason she is able to make it work. “The Big Cheese works with us no matter what. Especially with my schedule,” Venancio said. Last week, she said her Wednesday was a little rough, but it ended up being a great day. “My first table was a super nice gentleman with his wife,” Venancio said. “The gentleman looked over his shoulder. He said, ‘Goodbye, have a nice day.’” And after taking the bill from the table, she couldn’t believe what was written on the tip line. “Jen told me someone left her a $600 tip. And I pulled the paper out, I said, ‘Well, I have better news for you, it’s not $600… it’s an $800 tip!’” Tierney said. Venancio said she plans to pay bills and get her child a toy police vehicle. She also said she never got the couple’s name or any information, but their kindness melted her heart. “Thank you, the money is very much appreciated. It helps out no matter what,” Venancio said. Copyright 2022 WJAR via CNN Newsource. All rights reserved.	https://www.whsv.com/2022/05/11/its-an-800-tip-pizza-server-gets-slice-kindness-with-generous-tip-customers/	2022-05-12T00:03:11Z
Louisiana governor slams bill that could jail women for abortion BATON ROUGE, La. (AP) — Louisiana Gov. John Bel Edwards, a Democrat with a history of opposing abortion rights, came out Wednesday emphatically against legislation that could subject women to prosecution and prison for getting abortions. Edwards told a Baton Rouge civic club he would veto a measure by Rep. Danny McCormick, an Oil City Republican, according to news outlets. Later, he issued a statement calling the bill “anti-woman.” He called it “patently unconstitutional” and said it would criminalize some types of contraception and parts of the in vitro fertilization process. McCormick’s bill, set for debate in the state House on Thursday, was introduced in March. But it got its first legislative hearing last week, less than two days after the leak of a draft U.S. Supreme Court opinion indicating the high court is preparing to overturn decisions upholding a constitutional right to abortion. It makes abortion a crime of homicide for which a woman ending her pregnancy could be charged, along with anyone helping her. It also declares that any federal law, regulation or court ruling that allows abortion is void and that any judge who blocks enforcement of the bill’s provisions could be impeached. “In addition to the fact that this legislation is patently unconstitutional, this bill would criminalize the use of certain types of contraception, as well as parts of the in vitro fertilization process, and it could even serve as a barrier to life-saving medical treatment for a woman who is suffering a miscarriage,” Edwards said. “To suggest that a woman would be jailed for an abortion is simply absurd.” In addition to the anti-abortion governor, the bill has also drawn opposition from the anti-abortion organization Louisiana Right to Life, as well as numerous groups supporting abortion rights. Copyright 2022 The Associated Press. All rights reserved.	https://www.whsv.com/2022/05/11/louisiana-governor-slams-bill-that-could-jail-women-abortion/	2022-05-12T00:03:17Z
Navy sailor killed in training accident was Texas man WASHINGTON (AP) — The Navy on Wednesday said the Naval Special Warfare sailor killed in a training accident in Virginia was Electronics Technician 1st Class Ryan DeKorte from Lubbock, Texas. DeKorte died Monday from injuries received late last week in a helicopter landing incident during an exercise at Joint Expeditionary Base Little Creek-Fort Story in Virginia. He was 35. “Our thoughts and prayers are with the DeKorte family. Ryan was an exceptional teammate, and we mourn his tragic loss,” said Rear Adm. H.W. Howard III, commander of Naval Special Warfare Command. “Ryan was one of our premiere combat support technicians, who possessed all the attributes that make our force combat ready for highly complex and high-risk missions in the nation’s defense.” Howard said DeKorte’s “humility, stewardship and commitment to Naval Special Warfare made an indelible mark on his teammates and our community.” According to a Navy official, the helicopter experienced a hard landing near DeKorte, who was on the ground and not in the aircraft. The official spoke on condition of anonymity to provide details not yet made public. DeKorte joined the Navy in 2014. After his initial training, he served aboard the USS Jason Dunham, a Navy destroyer, before he was assigned to Naval Special Warfare in 2020. His identity was withheld until Wednesday due to family notifications. The cause of the incident is under investigation. Copyright 2022 The Associated Press. All rights reserved.	https://www.whsv.com/2022/05/11/navy-sailor-killed-training-accident-was-texas-man/	2022-05-12T00:03:23Z
Teen accused of killing Spanish high school teacher to be tried as adult, judge ruling FAIRFIELD, Iowa (KCRG/Gray News) - A judge in Iowa has denied the request to transfer a case involving a teen who is accused of killing a high school teacher to juvenile court. Jeremy Goodale, 17, and another teen, Willard Miller, are accused of killing Fairfield High School Spanish teacher Nohema Graber last year. KCRG reports Graber was reported missing on Nov. 3, 2021. Her body was later found at Chautauqua Park, and police said she was beaten with a baseball bat. Goodale faces charges of first-degree murder and conspiracy to commit a forcible felony in a separate trial from Willard Miller. State officials report both teens would be charged as adults, and Miller has a motion to move his trial to juvenile court, but that has currently not been ruled on. Attorneys for Goodale said he was a good candidate for rehabilitative efforts. But the state argued the Iowa State Training School would only hold him until he turned 18, limiting the amount of time available for rehabilitation for such a serious offense. A jury trial for Goodale is scheduled for Aug. 23. If both teens are convicted as adults, they face life in prison without parole. Copyright 2022 KCRG via Gray Media Group, Inc. All rights reserved.	https://www.whsv.com/2022/05/11/teen-accused-killing-spanish-high-school-teacher-be-tried-adult-judge-ruling/	2022-05-12T00:03:29Z
Valley wrestling coach takes home world title, qualifying for world competition STAUNTON, Va. (WHSV) - A Valley wrestling coach won a national championship in Las Vegas, and he said it was all about becoming a better coach. Jesse West, founder and head coach of Mat Pack Wrestling, decided to go to the competition as a lesson in commitment for his students. In winning the Masters Greco-Roman division, he qualifies for the world competition. The masters division is for older wrestlers. 43-year-old West doesn’t see his win as a big deal. “I made a joke that success was not breaking a hip,” West said. Even though he did qualify in Greco-Roman, he also competed in freestyle, but he came in second. He’s proud of the win, but the match he lost brings a greater lesson for his students. “You gotta put in the work and train harder and want it more than the other guy. If I want to show up next year and beat him, I’m going to have to train harder. That’s the lesson in it. And the win? Yeah, it’s fun,” West said. He said he wants the experience to be a motivator for his students. “Sometimes I’m not always the most fun coach to wrestle for, but I’m trying to train these guys for the next level and let them see that they can do it just through their hard work, whether they see me succeed or see me fail. There’s lessons to be learned,” he said. West said he still has to decide if he wants to go to the world competition, but he said he’s thinking about it. Before he can think of that, he’s turning his attention to a big regional competition and the possibility of nationals for his wrestlers. Mat Pack just took eight athletes to a state competition, where many of them placed in their divisions. West said C.J. Robinson placed 3rd in Freestyle. Cody Cash, who West said is not currently with Mat Pack but has trained with them in the past, placed 2nd in Greco and Freestyle. Jude Robeson finished 2nd in Greco and 3rd in Freestyle. Cooper Brant took home two second-place wins and won his weight class. Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/11/valley-wrestling-coach-takes-home-world-title-qualifying-world-competition/	2022-05-12T00:03:36Z
LARAMIE – Two years into the pandemic, Laramie representatives are considering changes in the city’s approach to COVID-19 monitoring to account for public reaction to the virus and the virus itself. Since 2020, the community has been monitoring the virus with a series of approaches, including testing, mask wearing and curtailing in-person gatherings. As COVID-19 vaccines and at-home testing have become widely accessible and early precautions are retired, creating a more robust and understandable wastewater testing system could be the next step in monitoring infection rates in the city. To explore this, a community group of Laramie City Council and residents are now shifting focus from COVID-19 vaccination incentives to wastewater testing. With case numbers increasing nationwide, the group hopes wastewater testing can act as a sort of “canary in the coal mine” to indicate when local residents should start to worry. “We aren’t trying to sound the alarm, but we are trying to get data so we know when to sound the alarm,” said Vice Mayor Jayne Pearce. After the state halted a wastewater testing program in December, the city decided to continue monitoring on its own dime and with the help of a University of Wyoming laboratory. The testing is now being conducted with a graduate student who coordinates the work with the supervisor of the local wastewater treatment plant. The samples are collected twice a week at the plant. If a tester notices a high signal for the virus, officials can work to pinpoint more specific geographic areas by taking samples from manholes near apartment buildings or dorms. Information from testing wastewater tends to be a more accurate indicator than COVID-19 human test numbers, which rely on people to choose to get tested, said Carol Wilusz, a scientist at Colorado State University. “We have a way to monitor the whole population without the population actually participating in it,” Wilusz said. “There are communities that really don’t even believe that (COVID-19) really exists. Those people aren’t going to go get tested when they get sick.” Wilusz is the principal investigator of a CSU lab that has been conducting wastewater COVID-19 testing since spring 2020. The method has been a useful tool for communities to gauge outbreaks of the virus in an early, accurate way, she said. This is because people can shed generic material from the virus even if they aren’t displaying any symptoms. The testing method also provides an early indicator of infection rates before people start getting sick enough to go to the hospital. Wastewater testing also can better represent the entire community, because it includes groups of people who may not get tested out of fear of repercussions, such as missing work or revealing an undocumented immigration status, she said. For Laramie, the method could mean striking a balance between producing accurate data on the virus spread while respecting people’s individual choices. The local group plans to work with scientists, statisticians and students at UW to develop a streamlined way to interpret the wastewater test data and then communicate it to the public. For Sharon Cumbie, the leader of the initiative, this could mean creating a color coding system similar to the well-known fire danger scale, then working with the community to display it in as many areas as possible. “We aren’t trying to tell people what to do, but people could go in and read bullet points about mitigation,” Cumbie said. Added challenges There are a range of challenges that come with making wastewater testing a widespread practice, Wilusz said. Though the method has been used in the past to test for polio and even drug use in communities, the practice wasn’t widely known or used before the pandemic. “Wastewater isn’t a nice thing to handle,” Wilusz said. Anyone working in the lab must be trained in biosafety practices, and to actually interpret the testing, a strong understanding of molecular biology is necessary. The samplers used to collect the wastewater cost $3,000 each. There are cheaper methods that don’t require as much scientific knowledge, but they are less sensitive, Wilusz said. The CSU lab charges $200 per sample tested. Some labs charge more, with one in Arizona charging up to $1,140 per sample, depending on the type of analysis required. Despite the challenges, wastewater testing could help communities with more than just COVID-19 in the future, Wilusz said. The technology could one day be used to detect other common illnesses, such as the flu. More money for the local testing program could become available in August through grant dispersal at the state level. In the meantime, the city group hopes to continue solidifying the program and have more details outlined within the next three weeks.	https://www.wyomingnews.com/news/from_the_wire/laramie-group-mulls-benefits-of-covid-19-wastewater-program/article_1d241d30-2a82-57af-9846-3dd23d3c3a13.html	2022-05-12T00:12:28Z
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United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.kitv.com/news/crime/suspect-arrested-for-sexual-assault-in-connection-to-unattended-death-investigation-in-kalihi/article_bf92f1f8-d180-11ec-8306-278e842c7ff0.html	2022-05-12T00:56:29Z
Chase Ingalls is described as being 6’1” tall and weighs approximately 195 pounds. He has brown hair and brown eyes. A clothing description was not given. HONOLULU (KITV4) -- Nearly a weeklong search effort for 23-year-old Chase Ingalls near the Makapuu Lighthouse Trail has prompted renewed discussion about trail and safety management. In the days long search, police, Coast Guard, and Ocean Safety officials have all responded to the location effort. Ingalls' car was located, early in the search, in the parking lot, and his backpack was found along the trail way. Still, as of now there are still no leads as to his whereabouts Wednesday. This most recent incident is now prompting further discussion as to hiker safety, park, and trail management. "We do have boundaries," explained the Department of Land and Natural Resources (DLNR) leader, Curt Cottrell. "We need to have people stay in the managed areas. Yeah, some of the coolest shots are out of bounds, but the risk that those people are putting both themselves at, and now first responders, is morally and ethically criminal." Of course, the million-dollar question remains: What is the solution to combatting curious explorers who want to go off the beaten track? Bills in this years legislative session have proposed people paying for their rescues if made in an out-of-bounds areas, but concerns as to people feeling less inclined to call and being put at further risk remains a concern. Erin found her passion in journalism from a young age, watching her dad on the news. He taught her the importance of meeting, learning, and sharing people's stories.	https://www.kitv.com/news/local/concerns-over-trail-management-expressed-as-search-continues-for-missing-makapuu-trail-hiker/article_67621712-d17a-11ec-8d40-5bb55be40f67.html	2022-05-12T00:56:35Z
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Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.kitv.com/news/local/crews-battling-large-brush-fire-near-central-maui-landfill/article_2841a780-d186-11ec-a845-bf5dce1f8409.html	2022-05-12T00:56:42Z
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Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe	https://www.kitv.com/news/local/lawyers-nearly-1b-tentative-settlement-in-condo-collapse/article_5649f676-d17e-11ec-ae5b-e3a2bbc8b17f.html	2022-05-12T00:56:48Z
Greenbrier Hotel Corporation, Council of Labor Unions reach agreement LEWISBURG, W.Va. (WVVA) - On Tuesday, the Greenbrier Council of Labor Unions announced that- after more than 90 days of negotiations- an agreement had been met with the Greenbrier Hotel Corporation. The two parties have ratified a three-year collective bargaining agreement. WVVA spoke with Cam Huffman, the Director of Public Relations and Content at the Greenbrier Resort, who shares what he hopes this agreement will do for the hotel. “The goal all along was to give the team members here what they deserve. Obviously, this place has incredible history, a lot of beauty and great hospitality- a lot of things going on- but it’s nothing without the team members here. Time and time again, when guests leave, they talk about the interaction they’ve had with team members.” In addition to Huffman, WVVA reached out to a resort employee, who says a good employer makes his employees want to stay where they are. And he would know. He’s been an employee at the Greenbrier for 47 years. “I love what I do,” said Lead Doorman James “Dale” Mann. “I love people, and the Greenbrier itself has been a historic place throughout my family. I had family work here for fifty and sixty years, and it’s been in my family forever.” As an employee, Mann will see an immediate five percent wage increase, as well as regular wage increases and a summer bonus. This can be said for all bargain unit employees at the Greenbrier Resort. When this agreement wasn’t ratified in April, like it was expected to, it gained some attention from local leaders. Senator Stephen Baldwin, who represents Greenbrier County in the 10th Senatorial District, shared his thoughts on this issue. He says this vote was more important than those of Tuesday’s Primary Election due to the Resort’s economic stability. “...All of those jobs are connected to other jobs in the region because this is such a central employer, so when the Greenbrier does well, the Greenbrier Valley does well.” WWVA did reach out to the Greenbrier Council of Labor Unions, who did not wish to make a statement but shared a release they sent out on Tuesday, acknowledging the agreement. Huffman says this new agreement will go into effect immediately and will run through May of 2025. In addition to multiple pay increases and bonuses, this new plan also provides updated retirement and insurance benefits. Copyright 2022 WVVA. All rights reserved.	https://www.whsv.com/2022/05/11/greenbrier-hotel-corporation-council-labor-unions-reach-agreement/	2022-05-12T01:34:05Z
OBGYN sees surge in appointments, birth control concerns in light of Roe V. Wade RICHMOND, Va. (WWBT) - It was a senate showdown over abortion rights and women’s health on Capitol Hill Wednesday. A bill aimed at preserving nationwide protections, provided under Roe V. Wade, failed. Now, legislators are scrambling as Supreme Court justices are set to make a final decision as soon as next month. The uncertainty surrounding the ruling has many women calling their OBGYN. Dr. Anna Baur with Commonwealth OB/GYN Specialists says she’s seeing more patients than usual. Many women are not hesitating to address new concerns about reproductive choices. “I think that there is a lot of fear and confusion and just unknown about the future,” Dr. Baur said. She says many patients are exploring new birth control options and she has seen an increased interest in long-acting forms of birth control like IUDs. “I’ve had definitely an increase in patients coming in looking at long-acting reversible contraceptives like IUDs,” she said. “Clearly, that’s something we do very regularly for our patients, but there’s definitely been a little bit of an uptick and a few patients have voiced current conditions as a motivating factor for them in making that decision.” She says the best thing she can do for her patients right now is act as a sounding board. “Right now, we’re all sort of in a waiting game and the most important thing is to figure out what their goals are for themselves and for their life and what their plans are and to figure out what I can offer them and what’s safe for them to meet those goals,” Dr. Baur said. Copyright 2022 WWBT. All rights reserved. Want NBC12’s top stories in your inbox each morning? Subscribe here.	https://www.whsv.com/2022/05/11/obgyn-sees-surge-appointments-birth-control-concerns-light-roe-v-wade/	2022-05-12T01:34:12Z
UVA Health and Focused Ultrasound Foundation partner for cancer treatment CHARLOTTESVILLE, Va. (WVIR) - UVA Health and the Charlottesville-based Focused Ultrasound Foundation are launching what they say is the world’s first center solely dedicated to advancing the focused ultrasound and cancer immunotherapy treatment approach. This center will work to improve focused ultrasound and cancer immunotherapy treatment. When the ultrasound beam is focused on the area that is being treated with immunotherapy the two come together to fight the cancer. “We have so many new treatments that are available, we want to add to that list. We eventually want to cure cancer, right? We don’t want cancer to be something that exists as a disease, so that’s our ultimate goal,” UVA Health CEO Doctor Craig Kent said. Lab work is happening right now and the next step down the road will be clinical trials. Copyright 2022 WVIR. All rights reserved. Do you have a story idea? Send us your news tip here.	https://www.whsv.com/2022/05/11/uva-health-focused-ultrasound-foundation-partner-cancer-treatment/	2022-05-12T01:34:18Z
An Alzheimer’s Disease study is seeking participants over 60 years old with mild symptoms BOSTON (Gray News) – Researchers with Mass General Brigham, a nonprofit hospital in Boston, are looking for participants for a study on Alzheimer’s Disease between the age of 60 and 85 years of age and showing mild symptoms. In a release, the researchers said they are looking to see if a new nasal drug called Protollin is safe in those suffering from Alzheimer’s and whether it ultimately improves cognition. Doses will gradually be increased in different subjects in the study to find out what the highest dose of Protollin to take is, the researchers said. They said the drug is yet to be studied nasally and they want to see if it affects the immune system and is safe to use. The researchers said they aim to find the proper dose to use on Alzheimer’s patients and work to identify a new potential treatment for the disease. The study is requiring participants who are: - Between the ages of 60 and 85 who have been diagnosed with early to mild Alzheimer’s disease - On able to be on a stable medication regimen for 8 weeks before the study and which will be stable during the study - Not pregnant, lactating or of childbearing potential, which includes being two years post-menopausal for women or surgically sterile - Amyloid-positive PET scan (if the other criteria are met) - Able to understand and provide informed consent The study will take eight visits over a 45-day period. The researchers said participants are not expected to gain any medical benefit from the study, but they will walk away with up to $400 for their time. For more information on the study, visit the Mass General Brigham website. Copyright 2022 Gray Media Group, Inc. All rights reserved.	https://www.whsv.com/2022/05/12/an-alzheimers-disease-study-is-seeking-participants-over-60-years-old-with-mild-symptoms/	2022-05-12T01:34:24Z
Biden calls Trump ‘MAGA king,’ vows to push GOP contrasts CHICAGO (AP) — President Joe Biden on Wednesday labeled his predecessor, Donald Trump, “the great MAGA king” and continued sharp criticism against Republicans ahead of midterm elections that could be bruising for Democrats. “I think it’s important that, as we go forward, you’re gonna hear me talking more about not only what we’ve done, but what they’re trying to do,” the president told an evening Democratic fundraiser crowd of about 40 at a Chicago hotel. The party that controls the presidency usually loses seats during the next election and, with inflation reaching its highest levels in 40 years, Biden’s party could see its control of Congress wiped out in November. To try to counter that, Biden has in recent days begun decrying “ultra-MAGA” Republicans — a reference to Trump’s “Make America Great Again” campaign slogan. He told the fundraiser that the Democratic National Committee is already devoting more time and money to promoting the differences between his party and the GOP, adding, “We have to make sure we keep this clear contrast on either side.” The president also said he has not done enough to promote his administration’s accomplishments, including a $1 trillion, bipartisan infrastructure package approved by Congress last fall. “One of the things that I think we have to do is not just talk about what we’ve done — we don’t do that enough and that’s my fault,” he said. But Biden also added, “Because of how outrageous some of the things that former President Trump has done and said, I think we found ourselves in the position where it was almost like, ‘How could that happen?’ ‘How could that be?’” When an attendee’s cell phone rang, the president joked: “I know that’s Trump calling. He always does that.” His remarks at the fundraiser followed a speech earlier Thursday in which Biden offered a new nickname for Trump, who himself enjoys bestowing often unflattering monikers on political opponents. “Under my predecessor — the great MAGA king — the deficit increased every single year he was president,” he told the International Brotherhood of Electrical Workers conference, which was also being held in Chicago. “The first year of my presidency, the first year, I reduced the deficit.” During the conference and fundraiser, Biden also repeated criticism he’s offered lately of Republican Florida Sen. Rick Scott’s 11-point plan. It was released in February and suggests imposing a modest tax increase on many of the lowest-paid Americans, while opening the door for cutting Social Security and Medicare. “I call it the ultra-MAGA plan, Make America Great Again plan,” Biden told the union conference. At the fundraiser he struck a similar note, saying, “I think we have to point out how radical it is ... so people are reminded what’s at stake here.” Copyright 2022 The Associated Press. All rights reserved.	https://www.whsv.com/2022/05/12/biden-calls-trump-maga-king-vows-push-gop-contrasts/	2022-05-12T01:34:32Z
JMU program aims to help address teacher shortage HARRISONBURG, Va. (WHSV) - James Madison University is holding its graduation ceremonies this weekend, and among those graduating are students from the university’s Secondary Education Post-Baccalaureate Program. It’s intended to help address Virginia’s teacher shortage by fast-tracking a degree for those looking to go into teaching as a second career. “We’re really excited about the ways that this specific program has been able to contribute to getting caring qualified teachers in front of every learner in Virginia,” said Dr. Angela Webb, the program coordinator and an associate professor at JMU. The program launched in 2020 and allows anyone with a bachelor’s degree to complete a quick three-semester program and get into the field of teaching. “A lot of the more traditional master’s programs I think take more time but because of the way the program is set up. I was able to get my degree in 18 months which was nice and now I can start teaching at Harrisonburg High School this fall,” said Dr. Timothy Bill, a new graduate of the program. Dr. Bill worked as a hand surgeon in the Shenandoah Valley for 17 years before closing his practice during the pandemic and deciding to pursue teaching. “I had been thinking for some time about going into teaching before that. I always had an interest in basic science and I’m interested in continuing to teach that. I’ve been a student for 30 years now and so I’d like to give back to and honor my former teachers,” said Bill. Dr. Angela Webb said one of the biggest highlights of the program is that it’s bringing teachers with unique life experiences into the classroom. “It really is exciting the lived experiences that folks like Dr. Bill can bring from their previous career into the classroom and kind of bring those ideas and concepts to life,” said Webb. The accelerated teacher training program has had 18 new teachers graduate from it since 2021 and will have 13 more graduates in 2023. It also partners with local school divisions to get the student’s classroom experience. “We have built-in multiple opportunities to get students in the program out into the local schools. So the program starts in May and as one of those first classes we have them out in the schools, particularly local middle schools interacting with teachers and students,” said Dr. Webb. You can learn more about the program here. Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/12/jmu-program-aims-help-address-teacher-shortage/	2022-05-12T01:34:41Z
Pepsi-Cola Student Athlete of the Week: Leah Wood HARRISONBURG, Va. (WHSV) - Leah Wood is a star senior at Stuarts Draft High School. “It’s kind of scary because you have to use a pole to jump into a small box,” said Wood. Wood is one of the first pole vaulters in the history of Stuarts Draft. Over the past four years, she has established herself as one of the best athletes to ever compete for the Cougars. Wood has won four state championships in the pole vault and will be aiming for her fifth title this spring. “You never know where you will excel,” said Wood. “But if you don’t try it, you’ll never know.” According to track coach James Carter, Wood has used pole vault to set lofty goals on the track and beyond. “She’s really taken to this sport with a vision of where she wanted to go with it,” he explained. “And she has gotten to that place.” This fall, Wood will be continuing her track and field career at Liberty University, where she will compete as a Division I student-athlete for the Flames. The drive to Liberty is familiar for Wood, who began her pole vaulting career in Lynchburg. Since the sport is new for the Cougars, Wood continues traveling to Lynchburg for extra practice, and her mom is always by her side. “I see how dedicated she is and I’m very thankful for her,” said Wood. “I look up to her as a role model.” With her continued success on the track, Wood is helping pave the way for the next generation of pole vaulters in Stuarts Draft. “There are many girls who want to follow in her footsteps,” said Carter. “If it wasn’t for Leah, we wouldn’t have this interest.” As Wood goes for a final state title this spring, she will prepare with the same snack that has fueled her for the past four years. “Cheerios are my superstition,” said Wood. “I don’t know why but I eat them every single time I compete.” Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/12/pepsi-cola-student-athlete-week-leah-wood/	2022-05-12T01:34:47Z
ABC pulls Russian liquor in solidarity with Youngkin’s call for ‘decisive action’ RICHMOND, Va. (WWBT) - Virginia ABC announced over social media that they would be removing all Russian-sourced vodka brands from their shelves after Governor Glenn Youngkin called for ‘decisive action’ in support of Ukraine. In a statement released Saturday, the governor said any state involvement with Russian goods and services would be put to an end. Virginia ABC took it upon themselves to do their part in breaking trade ties with the country. “It just made sense for us to pull these products that could be giving benefit to a country that was showing maximum aggression against another nation,” Virginia ABC CEO Travis Hill said. Roughly $68,000 worth of inventory was pulled from the shelves Monday morning. Also, $9,500 worth of inventory at the distribution center will not be put up for sale. As of now, they have identified seven Russian vodkas from their stores which include: - Beluga - Hammer & Sickle - Imperia - Mamont - Organika - Russian Standard - ZYR “These products, as far as sales-wise, accounted for over a million dollars in sales in Fiscal Year 2021,” Virginia ABC Spokesperson Dawn Eischen said. Any liquors with a Russian theme or moniker but not made or sourced in Russia like Stolichnaya or Smirnoff will still be available for purchase. ABC is currently looking at the rest of its inventory to determine if other products have Russian origins. Eischen says this provides an excellent opportunity to support local distilleries. “We are encouraging customers to try a different brand. If your favorite brand of vodka is no longer available, there are plenty of vodkas in Virginia and vodkas around the country that are not Russian-sourced,” she said. Copyright 2022 WWBT. All rights reserved. Want NBC12’s top stories in your inbox each morning? Subscribe here.	https://www.whsv.com/2022/02/27/abc-pulls-russian-liquor-solidarity-with-youngkins-call-decisive-action/	2022-05-12T01:53:50Z
Bernett earns All-CAA honors, Shifflett named Player of the Year HARRISONBURG, Va. (WHSV) - Late James Madison softball star Lauren Bernett has been honored by the Colonial Athletic Association. Bernett was named First Team All-CAA on Wednesday. The honor comes about two weeks after the JMU star catcher passed away due to apparent suicide. Bernett’s death has resonated throughout the college softball world, with many teams around the country honoring her during recent games. She earned All-CAA honors by posting a .336 batting average with nine home runs and 33 RBI. Shifflett named CAA Player of the Year JMU first baseman Hannah Shifflett has named the CAA Player of the Year for her performance during the 2022 season. The Central Virginia native, who starred at Monticello High School, led the conference in multiple offensive categories. She claimed the CAA triple crown by leading the league in batting average (.393), home runs (15), and RBI (39). Shifflett posted an impressive 1.266 OPS, which also led all players in the CAA. Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/12/bernett-earns-all-caa-honors-shifflett-named-player-year/	2022-05-12T01:53:58Z
Shenandoah District Track & Field Championships Published: May. 11, 2022 at 9:47 PM EDT\|Updated: 6 minutes ago HARRISONBURG, Va. (WHSV) - The Shenandoah District track & field championships were held Wednesday night. Teams competed at Waynesboro High School. The Shenandoah District includes: Staunton, Waynesboro, Riverheads, Wilson Memorial, Fort Defiance, Buffalo Gap, and Stuarts Draft. For more information and to see complete results from the meet, click here. Copyright 2022 WHSV. All rights reserved.	https://www.whsv.com/2022/05/12/shenandoah-district-track-field-championships/	2022-05-12T01:54:04Z
Sheriff: Mother blames ‘voodoo spell’ for forcing her kids to drink bleach, 3-year-old’s death OSCEOLA COUNTY, Fla. (Gray News) - Authorities in Florida report a mother is expected to be charged with attempted murder and aggravated child abuse in a recent incident involving her two children. Osceola County Sheriff Marcos Lopez said his team is investigating Joanne Zephir after receiving a call about a possible homicide on May 8. Arriving deputies found Zephir unconscious in her car with her 3-year-old also unconscious and her other child, 8, outside of the vehicle. All three of them were then taken to the hospital. When questioning Zephir about what happened, authorities said she told them she made her children drink bleach from a makeshift glass and admitted to choking the 3-year-old. Zephir also told authorities that someone must have put a voodoo spell on her, making her harm her children, according to Lopez. Before this incident, the sheriff’s office said Zephir told a family that she was going to turn herself in on an outstanding warrant but wanted to see her kids one more time. Authorities said they interviewed the family member who confirmed the details and that Zephir told this person that her child was going to die and that afterward, she would kill herself. The Osceola County sheriff said Zephir’s 3-year-old child died at the hospital, but her 8-year-old child survived the incident. Lopez also said his team is planning to charge Zephir with attempted murder and aggravated child abuse but is currently waiting on the medical examiner’s office findings. Copyright 2022 Gray Media Group, Inc. All rights reserved.	https://www.whsv.com/2022/05/12/sheriff-mother-blames-voodoo-spell-forcing-her-kids-drink-bleach-3-year-olds-death/	2022-05-12T01:54:11Z
VANCOUVER, BC, May 11, 2022 /PRNewswire/ - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U, and HOT.DB.V) announces that at its annual and special meeting of unitholders ("the Meeting"), held earlier today, all directors nominated as listed in the information circular dated April 8, 2022 were elected as directors of American Hotel Income Properties REIT (GP) Inc. for the ensuing year. As a ballot was not required, the number of votes disclosed in the below table reflects only the proxies received by management of AHIP in advance of the Meeting. The renewal and amendment and restatement of AHIP's securities-based compensation plan was approved by unitholders at the Meeting, with 12,302,035 votes (84.34%) in favour. The reconfirmation and amendment and restatement of AHIP's unitholder rights plan agreement was also approved by unitholders at the Meeting, with 14,243,670 votes (97.65%) in favour. AHIP has filed a report of voting results of all resolutions voted on at this meeting on SEDAR at www.sedar.com. American Hotel Income Properties REIT LP (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.V), or AHIP, is a limited partnership formed to invest in hotel real estate properties across the United States. AHIP's portfolio of premium branded, select-service hotels are located in secondary metropolitan markets that benefit from diverse and stable demand. AHIP hotels operate under brands affiliated with Marriott, Hilton, IHG and Choice Hotels through license agreements. The Company's long-term objectives are to build on its proven track record of successful investment, deliver monthly U.S. dollar denominated distributions to unitholders, and generate value through the continued growth of its diversified hotel portfolio. More information is available at www.ahipreit.com. View original content: SOURCE American Hotel Income Properties REIT LP	https://www.whsv.com/prnewswire/2022/05/11/american-hotel-income-properties-reit-lp-reports-voting-results-annual-special-meeting/	2022-05-12T01:54:18Z
Generates Record Quarterly Revenue and Mine Operating Income VANCOUVER, BC, May 11, 2022 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6), "Avino" or "the Company") released today its consolidated financial results for the Company's first quarter 2022. The Financial Statements and Management's Discussion and Analysis (MD&A) can be viewed on the Company's website at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. "We are very pleased with the strong start to the year, highlighted by record revenues and mine operating income," said David Wolfin, President and CEO. "We had an outstanding first quarter and our financial performance demonstrates strong operational achievements that generated $11.1 million in revenues and $4.7 million in mine operating income, with earnings per share of $0.01 and operating cash flow and adjusted earnings per share of $0.03. During the quarter, we maintained strong and consistent margins. The closing of the acquisition of La Preciosa sets us on the pathway to expand our current mining complex through regional growth with the goal of achieving intermediate producer status. Together with exciting drill results from La Potosina and the Oxide Tailings, the events of the quarter are just the beginning of an important time in Avino's history, and we are looking forward to the remainder of the year and beyond." - Record revenues and mine operating income, with revenues of $11.1 million and mine operating income of $4.7 million, earnings per share of $0.01 and operating cash flow generated (pre-working capital adjustments) per share of $0.03. - On March 21, 2022, the Company announced that it has closed the acquisition with Coeur to acquire the La Preciosa silver project, which is located adjacent to the Avino Mine in the state of Durango, Mexico, for upfront consideration of $29.7 million, consisting of $15.3 million cash and the remaining in equity on closing, and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment. - On March 9, 2022, the Company announced drill results from the La Potosina area of the Avino property, including 668 g/t AgEq over 2.95 metres. These results are following up on historic results from 2011, which included 2,737 g/t AgEq over 0.40 metres. - With the release of the results from the 110 drill-hole program, the Company is moving forward with a comprehensive metallurgical testwork program to progress this project to the next phase of development. - The Company's cash balance at March 31, 2022, totaled $11.7 million compared to $24.8 million at December 31, 2021. Working capital totaled $14.5 million at March 31, 2022, compared to $31.6 million at December 31, 2021. Both of these figures have increased on a net basis following the upfront consideration payment of $15.3 million and addition of $5 million note payable to Coeur for the acquisition La Preciosa. - Record revenues of $11.1 million - Record mine operating income of $4.7 million, $5.2 million net of non-cash depreciation and depletion - Net income of $0.6 million, or $0.01 per share - Cash costs per silver equivalent payable ounce sold1 - $11.81 per ounce - All in sustaining cash cost per silver equivalent payable ounce sold1 - $19.90 per ounce - Earnings before interest, taxes, depreciation and amortization ("EBITDA")1 of $2.8 million - Adjusted earnings1 of $3.4 million, or $0.03 per share - Operating cash flows (before working capital changes) of $3.7 million, or $0.03 per share1 Cash capital expenditures company-wide for the first quarter 2022 were $0.9 million compared to $0.4 million for first quarter 2021. Expenditures relate to exploration drilling costs on the Avino property and on TSF #1, which contains the Oxide Tailings Resource, and costs related to the construction of the dry-stack tailings storage facility. The Company also added an additional $1.0 million in leased capital equipment, including a new underground scooptram. During Q1 2022, underground mining operations continued to ramp up with consolidation production for the quarter of 457,798 silver equivalent ounces consisting of 164,358 ounces of silver, 801 ounces of gold, and 1,217,349 pounds of copper. Underground mining operations are now hauling between 1,400 and 1,900 tpd to surface on a daily basis, with the mill operating at a similar capacity. The Company is working towards achieving nameplate capacity of 2,500 tpd. The Company has budgeted 15,000 metres of drilling in 2022, with a focus on La Potosina, at depths below the current Elena Tolosa production area and further drilling of 17 additional holes on the Oxide Tailings project. To date, the Company has completed 5,075 metres of drilling in 2022. During the quarter, the Company announced drill results from Phase 2 of the 2021 drill campaign which included over 15,500 metres of drilling focusing on several targets. The initial results from La Potosina were announced in early March and included 2,400 metres of drilling. This area of the Avino property has been known to host high-grade, low suphidation style mineralization similar to our San Gonzalo mine. The La Potosina area is only 3 kms from the San Gonzalo Mine and 5 kms from the mill facilities at the Avino mine. Peter Latta, P.Eng, MBA, VP Technical Services, Avino who is a qualified person within the context of National Instrument 43-101 has reviewed and approved the technical data in this news release. The financial results in this news release include references to cash flow per share, cash cost per silver equivalent ounce, and all-in sustaining cash cost per silver equivalent ounce, EBITDA, and adjusted earnings/losses, all of which are non-IFRS measures. These measures are used by the Company to manage and evaluate operating performance of the Company's mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS, and are disclosed in addition to the prescribed IFRS measures provided in the Company's MD&A. In addition, the Company will be holding a conference call and webcast on Thursday, May 12, 2022, at 9:00 am PDT (12:00 pm EDT). Shareholders, analysts, investors and media are invited to join the webcast and conference call by logging in here: Avino First Quarter 2022 Financial Results Conference Call and Webcast. Outside of Canada & USA: 1-604-638-5340 About Avino Avino is primarily a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company's silver, gold and copper production remains unhedged. The Company's mission and strategy is to create shareholder value through its focus on profitable organic growth at the historic Avino Property and the strategic acquisition of mineral exploration and mining properties. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on Twitter at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines. To view the Avino Mine VRIFY tour, please click here. "David Wolfin" ________________________________ David Wolfin President & CEO Avino Silver & Gold Mines Ltd. This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the amended mineral resource estimate for the Company's Avino Property located near Durango in west-central Mexico (the "Avino Property") with an effective date of January 13, 2021, prepared for the Company, and La Preciosa's updated October 27, 2021 resource estimate and references to Measured, Indicated, Inferred Resources that may be referred to in this press release. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold, silver and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; the COVID-19 pandemic; volatility in the global financial markets; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. For more detailed information regarding the Company including its risk factors, investors are directed to the Company's Annual Report on Form 20-F and other periodic reports that its files with the U.S. Securities and Exchange Commission. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"). Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures reported by other companies. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Readers should also refer to our management's discussion and analysis available under our corporate profile at www.sedar.com or on our website at www.avino.com. View original content: SOURCE Avino Silver & Gold Mines Ltd.	https://www.whsv.com/prnewswire/2022/05/11/avino-reports-q1-2022-financial-results/	2022-05-12T01:54:25Z
HANGZHOU, China, May 11, 2022 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China, today announced that Mr. Mark Qiu has resigned from his position as a director of the Company due to personal reasons, effective May 6, 2022. Mr. Qiu served as the chairman of the audit committee, and also served as the chairman of the compensation committee, of the Company's board of directors. "On behalf of the Company and the Board, I would like to express our sincerest gratitude to Mr. Mark Qiu for his contributions and service since joining the Company as a director in 2011," commented Mr. Shao-Ning Johnny Chou, Chairman and CEO of BEST. "We are grateful that Mr. Qiu will remain as one of the Company's strategic advisors and we wish him the best of success in his future endeavors." The Company today also announced that the Company has appointed Mr. Ying Wu and Mr. Klaus Anker Petersen as independent directors of the Company. Each of Mr. Wu and Mr. Petersen satisfies the requirements for an "independent director" within the meaning of Section 303A of the Corporate Governance Rules of the NYSE, and meets the criteria for independence set forth in Rule 10A-3 of the Exchange Act. As of today, the Company has three independent directors. The Company today also announced that Mr. Wu will serve as the chairman of the audit committee, and will also serve as the chairman of the compensation committee, of the Company's board of directors. Mr. Wu is a highly regarded technology innovator, successful entrepreneur and distinguished investor with over thirty-five years of strong track record for delivering values to investors. Mr. Wu currently serves as a global board member of The Nature Conservancy (TNC), and a board member of TNC China. Ying also serves as a founding board member of the Future Forum in China. Mr. Wu manages six venture capital / private equity funds with around US$2 billion in assets under management. He has been the president of China Capital Management Limited since October 2008. Mr. Wu is currently the chairman of ZJBC Information Technology Co., Ltd. (SZSE: 000889), an independent non-executive director of JD Health International Inc. (HKSE: 6618), an independent non-executive director of Zall Smart Commerce Group Ltd. (HKSE: 2098), and chairman of the board of supervisors of Huayi Brothers Media Corporation Ltd. (SZSE: 300027). Mr. Wu was an independent non-executive director of Zhong An Online P&C Insurance Co., Ltd, (HKSE: 6060), a director of HyUnion Holdings Co., Ltd. (SZSE: 002537), an independent director of TCL Corporation Ltd. (SZSE: 000100), a director of Joyoung Co., Ltd. (SZSE: 002242), and an independent director of Guangzhou TechLong Packaging Machinery Co., Ltd. (SZSE: 002209). Mr. Wu was also the co-founder of UTStarcom (NASDAQ: UTSI), a global telecommunication infrastructure business and served as Chairman and CEO of UTStarcom China for twelve years. He obtained a bachelor's degree in electronic engineering from Beijing Institute of Technology, a master's degree in science and a doctor's degree (honoris causa) from New Jersey Institute of Technology. Mr. Petersen is a highly accomplished entrepreneur, investor and successful financial management executive with over 20 years of experience in retailing, e-commerce logistics and financial industry. He is currently the chairman and owner of Lane House Limited, a multi-brand specialty retailer that supports Western and Chinese companies develop retail presence in China. He is also the CEO and co-founder of Green Planet Foods, an innovator of plant-based food and beverage products, as well as a co-founder and investor in Brandhouse Group, a cross-border e-commerce parcel delivery business that focuses on Scandinavian markets. From 2014 to 2015, Mr. Petersen was a managing director of Sunshine Insurance Group, an insurance, healthcare and asset management services provider. From 2004 to 2014 he held various roles as associate, vice president and executive director at Morgan Stanley in London and Beijing. From 1998 to 2003, he worked as an associate and engagement manager with McKinsey & Company. Mr. Petersen earned a master's degree in science in engineering and applied mathematics from the Technical University of Denmark, and an MBA from INSEAD in 2003. SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST's strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST's goals and strategies; BEST's future business development, results of operations and financial condition; BEST 's ability to maintain and enhance its ecosystem; BEST 's ability to compete effectively; BEST 's ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law. ABOUT BEST INC. BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management, and global logistics services. BEST's mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/. For investor and media inquiries, please contact: View original content to download multimedia: SOURCE BEST Inc.	https://www.whsv.com/prnewswire/2022/05/11/best-inc-announces-changes-its-board-directors/	2022-05-12T01:54:32Z
- Cordani unveiled new research about the mental health of teens and its impact on families - Showcased Cigna's expansion of virtual behavioral health services for teens and parents BLOOMFIELD, Conn., May 11, 2022 /PRNewswire/ -- Cigna Corporation Chairman and CEO David M. Cordani today unveiled new findings about the growing mental health crisis among teenagers and the impact it is having on parents, both at home and work. The conversation was part of a broader dialogue about the macro forces shaping the future of health care at the Fortune Brainstorm Health Conference, moderated by the event's co-chair Arianna Huffington, Founder and CEO of Thrive. "Today's teens are suffering from a broad range of mental health issues and our new research is an important alarm bell, signaling the far-reaching implications to the health and well-being of our families, communities and businesses," Cordani said. "We've aggressively grown our network of behavioral health providers who treat teens by 140 percent over the past five years and purposefully expanded our virtual care capabilities through MDLIVE and other partners." Cigna Corporation and Evernorth, its health services business, commissioned the study from Economist Impact to more deeply understand the mental health effects of the COVID-19 pandemic on teenagers and their parents. The study was conducted in April 2022 and key findings include: - Approximately 80% of working parents reported some form of impact on the mental health of their teenage children as a result of the pandemic, including new or increased levels of anxiety, depression, behavioral issues, and problems with social interactions. - Nearly one in five working parents reported a negative impact on their work performance and productivity because of concerns about their child's mental health. - More than half (55%) of parents reported not having enough support from their employer, and nearly 14% of all respondents reported having to leave the workforce or stay out of the workforce to care for their teenagers' needs. - Nearly two-thirds of working parents had difficulty finding a trusted mental health provider in a reasonable amount of time. Recent data from Evernorth's pharmacy benefit manager, Express Scripts, confirms these findings. From 2017 to 2021, pharmacy claims data show a 41% increase in antidepressant medication prescriptions for children aged 13-19, and a 28% increase for those aged 12 and under. Evernorth is making behavioral health care and resources more accessible to both teens and parents through its behavioral health solutions which offer a leading national network of high-quality providers and innovative coaching solutions to meet customers' unique needs. Evernorth's behavioral health network includes virtual providers from MDLIVE who are able to treat patients as young as 10, along with providers from Brightside, Alma and Talkspace, among others. The network continues to grow to include specialized programs that treat specific behavioral conditions, such as alcohol use disorder and eating disorders. Evernorth also recently expanded its Caregiver program to help parents address their own needs, while also providing support and resources for caring for teens with chronic or serious physical and mental health conditions. The Economist Impact surveyed 1,100 parents of teens aged 13-17 in the United States. Read more findings of the research here. Cigna Corporation is a global health service company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Evernorth companies or their affiliates and Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits and other related products. Cigna maintains sales capability in over 30 countries and jurisdictions, and has over 190 million customer relationships around the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com. Evernorth creates and connects premier health services offerings, including benefits management, pharmacy, care solutions, insights and intelligence. With an open approach to partnering across the health care landscape, we deliver innovative and flexible solutions for health plans, employers and government programs. Evernorth capabilities are powered by our family of companies, including Express Scripts, Express Scripts® Pharmacy, Accredo, eviCore and MDLIVE, along with holistic Evernorth platforms and solutions that elevate health and drive progress for people and businesses. All Evernorth solutions are serviced and provided by or through operating affiliates of Evernorth Health, a wholly owned subsidiary of Cigna Corporation, or third-party partners. Learn more at Evernorth.com. Media Contact Meaghan MacDonald Meaghan.MacDonald@cigna.com 860-840-1212 View original content to download multimedia: SOURCE Cigna	https://www.whsv.com/prnewswire/2022/05/11/cignas-david-cordani-addresses-teen-mental-health-crisis-fortune-brainstorm-health-conference/	2022-05-12T01:54:39Z
Copa Holdings Reports Financial Results for the First Quarter of 2022 Published: May. 11, 2022 at 5:22 PM EDT\|Updated: 4 hours ago PANAMA CITY, May 11, 2022 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2022 (1Q22). The terms "Copa Holdings" and "the Company" refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2019 (1Q19) (which the Company believes are more relevant than year-over-year comparisons due to the significant impacts in 2020 and 2021 of the COVID-19 pandemic). OPERATING AND FINANCIAL HIGHLIGHTS - Copa Holdings reported a net profit of US$19.8 million for the quarter or US$0.47 per share, as compared to a net profit of US$89.4 million or earnings per share of US$2.11 in 1Q19. Excluding special items, the Company would have reported a net profit of US$29.5 million or US$0.70 per share. Special items for the quarter amount to US$9.7 million, comprised of unrealized mark-to-market losses related to the Company's convertible notes as well as changes in the value of financial investments. - Copa Holdings reported an operating profit of US$44.8 million for the quarter and a 7.8% operating margin, compared to an operating profit of US$112.9 million in 1Q19. - Total revenues for 1Q22 came in at US$571.6 million, reaching 85.0% of 1Q19 revenues. Passenger revenue for 1Q22 was 83.4% of 1Q19 levels, while cargo revenue was 40.6% higher than 1Q19. Revenue per Available Seat Mile (RASM) came in at 10.2 cents, or 3.0% lower than 1Q19. - Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 1.6% in the quarter vs. 1Q19 to 6.0 cents. - Capacity for 1Q22, measured in terms of available seat miles (ASMs), was 87.6% of the capacity flown in 1Q19. - The Company ended the quarter with approximately US$1.2 billion in cash, short-term and long-term investments, which represents 65% of the last twelve months' revenues. - The Company closed the quarter with total debt, including lease liabilities, of US$1.6 billion. - During the quarter, the Company took delivery of 2 Boeing 737 MAX 9 aircraft. - Including 3 Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 93 aircraft – 68 Boeing 737-800s, 16 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic. - Copa Airlines had an on-time performance for the quarter of 91.3% and a flight completion factor of 99.3%, once again positioning the airline among the best in the industry. - During the quarter, the Company announced two new destinations starting in June 2022 — Santa Marta in Colombia and Barcelona in Venezuela. (1) Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures. (2) Average Aircraft Utilization is calculated based on the Company's active fleet, excluding aircraft in storage. (3) The Company believes that comparisons with 2019 are more relevant than year-over-year comparisons due to the significant impacts in 2020 of the COVID-19 pandemic. FULL 1Q22 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: https://copa.gcs-web.com/financial-information/quarterly-results 1Q22 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST About Copa Holdings Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central and South America and the Caribbean. For more information visit: www.copaair.com. CONTACT: Copa Holdings S.A. Investor Relations: Ph: 011 507 304-2774 www.copaair.com (IR section) This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management's expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings' filed disclosure documents and are, therefore, subject to change without prior notice. CPA-G Copa Holdings, S.A. NON-IFRS FINANCIAL MEASURE RECONCILIATION This press release includes the following non-IFRS financial measures: Adjusted Operating Profit, Adjusted Net Profit, Adjusted Basic EPS, Operating CASM Excluding Fuel, and Cash Buildup. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit, and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures: View original content: SOURCE Copa Holdings, S.A. The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.	https://www.whsv.com/prnewswire/2022/05/11/copa-holdings-reports-financial-results-first-quarter-2022/	2022-05-12T01:54:45Z
- Lease area could support up to 1.6 gigawatts of potential offshore wind energy by 2032. CHARLOTTE, N.C., May 11, 2022 /PRNewswire/ -- Duke Energy Renewables Wind, LLC, a nonregulated subsidiary of Duke Energy (NYSE: DUK), has been named a provisional winner of OCS-A 0546 lease area in the Carolina Long Bay offshore wind auction. The lease was one of two awarded as part of an Atlantic Outer Continental Shelf renewable energy auction held by the Bureau of Ocean Energy Management (BOEM). "Securing this lease creates optionality for future offshore wind if the North Carolina Utilities Commission determines it's part of the least cost path to achieve 70% carbon reduction by 2030 and net-zero by 2050," said Stephen De May, Duke Energy's North Carolina president. "As we continue to assess the area and project potential, we look forward to listening and learning from diverse stakeholders and community members in the region to ensure we are being thoughtful about all aspects of the potential project." The company will file its proposed carbon plan with the North Carolina Utilities Commission on May 16, which includes multiple scenarios for the Commission to consider as it finalizes its carbon plan by the end of 2022. Wind energy is one of a number of carbon-free technologies Duke Energy is evaluating to reduce carbon emissions on its system. Lease area OCS-A 0546, which is east of Wilmington, could support up to 1.6 gigawatts of potential offshore wind energy, enough to power nearly 375,000 homes. Subject to regulatory approval, the company could begin site assessment and characterization activities in the OCS-A 0546 lease area in 2023, which would keep the company on target for a potential in-service project in the 2030-2032 time frame. Over the next year, the team will develop a Site Assessment Plan for BOEM's approval, which outlines a detailed proposal for studying the project area to better understand the wind energy resource and potential impacts. This is just the first of many stages in the approximately 10-year development process. Ultimately, construction could begin once BOEM approves a Construction and Operations Plan and all appropriate federal and state regulatory approvals are obtained. Duke Energy Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky. The company employs 28,000 people. Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear. Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook Media contact: Jennifer Garber 800.559.3853 View original content to download multimedia: SOURCE Duke Energy	https://www.whsv.com/prnewswire/2022/05/11/duke-energy-secures-offshore-wind-lease-carolina-long-bay/	2022-05-12T01:54:52Z
FRAS-LE ANNOUNCES RESULTS FROM Q122 Published: May. 11, 2022 at 5:29 PM EDT\|Updated: 4 hours ago CAXIAS DO SUL, Brazil, May 11, 2022 /PRNewswire/ -- Fras-le S.A. (B3 – "FRAS3"), an auto-parts powerhouse whose portfolio includes iconic products and brands, as well as the largest manufacturer of friction materials in Latin America and an international leader in the field, has announced its results for the first quarter of 2022. The Company's financial information is consolidated in accordance with the IFRS – International Financial Reporting Standards. MAIN RESULTS – Q122 (Percentages show variations with the respective periods from Q121 and Q421 – amounts in MM) RESULTS VIDEO-CONFERENCE (In Portuguese with simultaneous interpretation into English) 12/05 – 11 am Brazil \| 10 am New York \| 3 pm London Register / Access Video-Conference: Click here Contact RI Email: ri@fras-le.com Website: http://ri.fras-le.com.br Hemerson Fernando de Souza Tel.: +55 54 3239-1519 View original content: SOURCE Fras-le S.A. The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.	https://www.whsv.com/prnewswire/2022/05/11/fras-le-announces-results-q122/	2022-05-12T01:54:59Z
BENSALEM, Pa., May 11, 2022 /PRNewswire/ -- Law Offices of Howard G. Smith continues its investigation on behalf of Dentsply Sirona Inc. ("Dentsply" or the "Company") (NASDAQ: XRAY) investors concerning the Company's possible violations of federal securities laws. On April 19, 2022, Dentsply stated that the Company's Chief Executive Officer had been terminated, effective immediately, and will "cease to serve as a member of the Company's Board." On this news, Dentsply's stock fell $6.52, or 13.4%, to close at $42.20 per share on April 19, 2022, thereby injuring investors. Then, on May 10, 2022, the Company stated that it could not timely file its first quarter 2022 quarterly report due to "an internal investigation of allegations regarding certain financial reporting matters." Specifically, the investigation concerned "the Company's use of incentives to sell products to distributors in the third and fourth quarters of 2021 and whether those incentives were appropriately accounted for and the impact of those sales was adequately disclosed." On this news, Dentsply's stock fell $2.87, or 7.3%, to close at $36.38 on May 10, 2022, thereby injuring investors further. If you purchased Dentsply securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contacts Law Offices of Howard G. Smith Howard G. Smith, Esquire 215-638-4847 888-638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com View original content: SOURCE Law Offices of Howard G. Smith	https://www.whsv.com/prnewswire/2022/05/11/investor-alert-law-offices-howard-g-smith-continues-its-investigation-dentsply-sirona-inc-xray-behalf-investors/	2022-05-12T01:55:06Z
$100 million Investment in Joint Venture - Asset Purchase Agreement closing results in approximately $260 million in proceeds to LMC, in addition to prior $50 million common stock purchase - Contract manufacturing of the Endurance by Foxconn at Lordstown facility with no interruption in operations - Creation of $100 million joint venture, MIH EV Design LLC, to develop electric vehicles for the global market - Foxconn and LMC to share expertise and resources to accelerate EV adoption LORDSTOWN, Ohio, May 11, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown Motors" or "LMC"), an original equipment manufacturer (OEM) of electric light duty trucks focused on the commercial fleet market, today announced that it has closed the sale of its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement for product development with affiliates of Hon Hai Technology Group ("Foxconn") (TWSE: 2317). As previously disclosed, on November 10, 2021, Lordstown Motors and Foxconn entered into an Asset Purchase Agreement ("APA") providing for the sale of LMC's Lordstown, Ohio vehicle assembly plant to Foxconn for $230 million plus the reimbursement of certain operating and expansion costs from September 1, 2021 to the closing date. The transaction was subject to several conditions, including that the parties enter into a contract manufacturing agreement for LMC's flagship vehicle, the Endurance, a full-size, all-electric pickup truck. On May 11, the transactions under the APA were completed. Total proceeds to LMC were $230 million, plus the reimbursement of approximately $27 million in operating and expansion costs. In addition, Foxconn had previously purchased $50 million of LMC Class A common stock directly from the company. Concurrently with the closing, Foxconn and Lordstown Motors entered into a manufacturing supply agreement for the Endurance. Start of commercial production of the Endurance is targeted for the third quarter of this year, with the first commercial deliveries expected in fourth quarter. Foxconn will assume manufacturing operations at the Lordstown plant immediately with no interruption. Approximately 400 skilled and talented LMC employees will transition to employment with Foxconn. LMC will retain a presence in Lordstown, Ohio along with engineering and technical centers, as well as corporate staff, in Farmington Hills, Mich. and Irvine, Calif. In connection with the closing of the APA, Foxconn and LMC also entered into a joint venture agreement to co-develop EV programs using Foxconn's Mobility-in-Harmony (MIH) open-source EV platform. The new joint venture will be called MIH EV Design LLC and will be 55% owned by Foxconn and 45% by LMC. Foxconn is committing $100 million towards the new joint venture, including a loan to Lordstown for $45 million to support its initial capital commitment. The joint venture creates an innovative business model whereby LMC and Foxconn would jointly develop new electric vehicles, utilizing the MIH platform, for LMC in the North American commercial vehicle market and for other OEMs internationally. Vehicles developed by MIH EV Design would be built for North America at the Lordstown, Ohio plant, and at other Foxconn contract-manufacturing locations around the world. The objective is for OEM users of Foxconn's flexible MIH platform, manufacturing footprint, and supply chain to achieve production scale at lower volumes and with a shorter time to market. The joint venture also leverages Lordstown Motors' strong engineering and product development capabilities globally and provides LMC a scalable vehicle development platform in North America, accelerating EV development, reducing product development costs, and increasing the breadth of LMC's product portfolio over time. "The closing of the Foxconn APA and the completion of a joint venture agreement for the development of new electric vehicles using Foxconn's MIH platform are important milestones for LMC," said Daniel Ninivaggi, CEO of Lordstown Motors. "Our strategic partnership with Foxconn provides LMC with a flexible and less capital-intensive business model, access to broad supply chain and software capabilities and an effective vehicle development platform to bring EVs to market faster and more efficiently. I have always been a strong believer in what Foxconn is doing to accelerate the adoption of electric vehicles and we are proud to be their partner." "The creation of the MIH EV Design LLC joint venture between Lordstown Motors and Foxconn supports the EV ambitions of both companies. The MIH shared EV architecture will create synergies in vehicle design, engineering, development, testing, sourcing, and manufacturing. This will enable us to create innovative and winning products for our customers, while optimizing costs and reducing our time to market," said Edward T. Hightower, President of Lordstown Motors. About Lordstown Motors Corp. Lordstown Motors is an electric vehicle (EV) innovator developing high-quality, light duty commercial fleet vehicles, with the Endurance all electric pick-up truck as its first vehicle being launched in the Lordstown, Ohio facility. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. For additional information visit www.lordstownmotors.com. Forward Looking Statements This release includes forward looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believe," "expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the need to raise substantial additional capital to execute our business plan, achieve our production targets for the Endurance in 2022 and beyond, to continue ongoing operations and remain a going concern, and our ability to raise such funding on a reasonable timeline and with suitable terms; the cost and other impacts of litigation, regulatory proceedings, investigations, claims and availability of insurance coverage and/or adverse publicity including with respect to the matters raised by the March 24, 2022 stockholder letter, which may have a material adverse effect, whether or not successful or valid, on our liquidity position, business prospects and ability to obtain financing; our limited operating history and our ability to execute our business plan, including through our relationship with Foxconn; our ability to raise sufficient capital in order to invest in the tooling that we expect will enable us to eventually lower the Endurance bill of materials cost, continue design enhancements of the Endurance and fund any future vehicles we may develop; the rollout of our business and the timing of expected business milestones, including our ability, together with Foxconn as applicable, to complete the engineering of the Endurance, and conversion and retooling of the Lordstown facility, to establish and maintain appropriate supplier relationships, to successfully complete testing, homologation and certification, and to start production of the Endurance in accordance with our projected timeline; supply chain disruptions, inflation and the potential inability to source essential components and raw materials, including on a timely basis or at acceptable cost, and their consequences on testing, production, sales and other activities; our ability to obtain binding purchase orders and build customer relationships; our ability to deliver on the expectations of customers with respect to the pricing, performance, quality, reliability, safety and efficiency of the Endurance and to provide the levels of service and support that they will require; our ability to conduct business using a direct sales model, rather than through a dealer network used by most other OEMs; the effects of competition on our ability to market and sell vehicles; our inability to retain key personnel and to hire additional personnel; the ability to protect our intellectual property rights; the failure to obtain required regulatory approvals; changes in laws or regulatory requirements or new or different interpretations of existing law; changes in governmental incentives and fuel and energy prices; the impact of health epidemics, including the COVID-19 pandemic, on our business; cybersecurity threats and compliance with privacy and data protection laws; failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; and the possibility that we may be adversely affected by other economic, geopolitical, business and/or competitive factors, including the direct and indirect effects of the war in Ukraine. In addition, the transactions entered into with Foxconn are subject to risks and uncertainties. No assurances can be given that Lordstown Motors and Foxconn will successfully implement the contract manufacturing agreement, jointly develop additional EVs for launch through the joint venture or otherwise achieve the expected benefits of their business relationship. If we are unable to maintain our relationship with Foxconn or effectively manage outsourcing the production of the Endurance to Foxconn, we may be unable to ensure continuity, quality, and compliance with our design specifications or applicable laws and regulations, which may ultimately disrupt and have a negative effect on our production and operations. The success of the joint venture depends on many variables, such as technology, innovation, adequate funding, supply chain and other economic conditions, competitors, customer demand and other factors that impact new vehicle development, many of which are not within the parties' control. If we are unable to develop new vehicles for ourselves and potentially other OEM customers, our business prospects, results of operations and financial condition may be adversely affected. We will need additional funding to execute our 2022 business plan and achieve scaled production of the Endurance. As we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, the significant amount of capital required, the fact that our bill of materials cost is currently, and expected to continue to be, substantially higher than our anticipated selling price, uncertainty surrounding regulatory approval and the performance of the vehicle, meaningful exposure to material losses related to ongoing litigation and the SEC investigation, our performance and investor sentiment with respect to us and our business and industry, as well as our ability to successfully implement our arrangements with Foxconn. Additional information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Contacts: Investors Carter W. Driscoll, CFA IR@lordstownmotors.com Media Colleen Robar 313.207.5960 crobar@robarpr.com View original content to download multimedia: SOURCE Lordstown Motors Corp.	https://www.whsv.com/prnewswire/2022/05/11/lordstown-motors-foxconn-close-asset-purchase-agreement-enter-into-jv-agreement-mih-based-ev-development/	2022-05-12T01:55:12Z
NEW YORK, May 11, 2022 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), an AI-technology company transforming the $22B Third-Party Administrator (TPA) market supporting self-funded employer health plans, today reported financial results for the first quarter ended March 31, 2022. The Company's consolidated results of operations include the results of operations of Marpai and its wholly owned subsidiary, Marpai Health, Inc., for all periods presented, and the results of Continental Benefits, LLC ("Continental Benefit") since its acquisition on April 1, 2021. Financial Highlights - Net revenue of approximately $6.2 million for the first quarter of 2022, compared to net revenue of approximately $5.9 million for the fourth quarter of 2021, representing a sequential increase of approximately $300,000, or 5.5%. - The number of our customers' employees covered under the Company's administered health plans was 21,139, 25,195 and 25,136 on March 31, 2022, December 31, 2021, and September 30 ,2021, respectively. - Operating expenses (including cost of revenues) were approximately $11.8 million for the first quarter of 2022, as compared to approximately $11.6 million for the fourth quarter of 2021, and approximately $1.4 million for the first quarter of 2021, reflecting the acquisition of Continental Benefit, which increased the overall level of activity of the Company. - Net loss was approximately $5.5 million for the first quarter of 2022, compared to net loss of approximately $5.7 million for the fourth quarter of 2021, and a net loss of approximately $1.6 million for the first quarter of 2021. - Adjusted negative EBITDA of approximately $4.0 million for the first quarter of 2022 compared to negative EBITDA of approximately $4.7 million in the fourth quarter of 2021 and negative EBITDA of approximately $1.2 million for the first quarter of 2021. A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures." "We continue to expand our partnerships with top healthcare brokers focusing on the upcoming selling season," said Edmundo Gonzalez, Chief Executive Officer of Marpai. "Our investments over the past quarters are aimed at making meaningful progress in terms of new business wins, with key dates for us to implement new business being October 1st, 2022, and January 1st, 2023. Second Quarter 2022 Financial Guidance The Company expects the second quarter 2022 revenue to be in a range of $5.2 million to $5.5 million. The foregoing forward-looking statements reflect our expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. We do not intend to update our financial outlook until our next quarterly results announcement. Webcast and Conference Call Information Marpai will host a conference call and webcast tomorrow, on Thursday, May 12, 2022 at 8:30 a.m. ET to answer questions about the Company's operational and financial highlights for its first quarter of 2022. Investors interested in listening to the conference call may do so by dialing (866)-652-5200 for domestic callers or +1-412-902-4216 for international callers, or by dialing 1-855-669-9657 for Canadian callers ,or via webcast: https://app.webinar.net/weABj0MVL1g For interested individuals unable to join the conference call, a recording of the webcast will also be available on the Marpai, Inc. investor relations site https://ir.marpaihealth.com. About Marpai, Inc. Marpai, Inc. (Nasdaq: MRAI) is a technology company bringing AI-powered health plan services to employers providing health benefits to employees. Primarily competing within the $22B TPA (Third Party Administrator) sector serving self-funded health plans and representing over $1T in annual health care claims, Marpai's SMART services focus on reducing claims costs, lowering reinsurance premiums, and elevating care quality for plan members. Marpai's proprietary deep learning algorithms predict potential near-term health events for members to prevent costly claims and improve health outcomes. Operating nationwide, Marpai offers access to provider networks including Aetna and Cigna, and partners with brokers and consultants. For more information, visit www.marpaihealth.com. Forward-Looking Statement Disclaimer This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding anticipated second quarter 2022 results. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, the Company is using forward looking statements when it discusses the expected timing of new business wins and its second quarter revenue guidance. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai's current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai's filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. Use of Non-GAAP Financial Measures and Their Limitations In addition to our results and measures of performance determined in accordance with U.S. GAAP presented in this press release, we believe that certain non-GAAP financial measures are useful in evaluating and comparing our financial and operational performance over multiple periods, identifying trends affecting our business, formulating business plans and making strategic decisions. Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that Adjusted EBITDA, together with a reconciliation to net loss, helps identify underlying trends in our business and helps investors make comparisons between our company and other companies that may have different capital structures, tax rates, or different forms of employee compensation. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision-making. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider these measures in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these potential limitations include: - other companies, including companies in our industry which have similar business arrangements, may report Adjusted EBITDA, or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures; - although depreciation and amortization expenses are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditures for such replacements or for new capital expenditure requirements; - Adjusted EBITDA also does not reflect changes in, or cash requirements for, our working capital needs or the potentially dilutive impact of stock-based compensation; and - Adjusted EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt that we may incur. Because of these and other limitations, you should consider our non-GAAP measures only as supplemental to other GAAP-based financial measures. View original content to download multimedia: SOURCE Marpai	https://www.whsv.com/prnewswire/2022/05/11/marpai-inc-reports-first-quarter-2022-results/	2022-05-12T01:55:19Z

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