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Gross revenue totaled R$7.6 billion in the period, up 25% over 1Q21. EBITDA came to R$646 million, a first-quarter all-time high for the Company.
SÃO PAULO, May 11, 2022 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the South American leader in the export of fresh beef and cattle byproducts, which also operates in the processed foods segment, announces to the market the financial results for the first quarter of 2022 (1Q22).
The Company's consolidated gross revenue totaled R$7.6 billion in 1Q22, up by 25% over 1Q21. In the 12 months ended March 2022 (LTM1Q22), consolidated gross revenue reached R$30.1 billion, a 35% increase over LTM1Q21.
In 1Q22, exports accounted for 70% of Minerva Foods' gross revenue, consolidating the Company's position as the leading beef exporter in South America, with a market share of about 20% on the continent.
EBITDA totaled R$646 million in 1Q22, up 33% year on year and a first-quarter all-time high, with an EBITDA margin of 8.9%. In LTM1Q22, EBITDA was R$2.6 billion, a growth of 15% compared to the same period of 2021, with an EBITDA margin of 9.1%.
In 1Q22, the Company recorded net income of R$114.6 million. In the 12 months ended March, net income was around R$454 million.
In 1Q22, net leverage measured by the Net Debt/LTM EBITDA ratio remained flat at 2.5x, confirming the Company's healthy capital structure and its commitment to capital discipline.
We also highlight the payment of additional dividends in the amount of R$200 million, or R$0.34/share. For the 2021 fiscal year, Minerva Foods distributed a total of R$400.0 million in dividends, or R$0.69/share, corresponding to a dividend yield of 6.5% and a payout of around 70%.
About Minerva Foods
Minerva Foods is the South American leader in beef exports, which also operates in the processed foods segment, selling its products to over 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, Colombia and Chile. The Company supplies five continents with beef and its cattle byproducts and currently operate 25 slaughter and deboning plants, 16 international offices, 14 distribution centers and 3 processing plants.
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SOURCE Minerva Foods | https://www.whsv.com/prnewswire/2022/05/11/minerva-foods-posts-record-consolidated-gross-revenue-ebitda-first-quarter-2022/ | 2022-05-12T01:55:25Z |
VANCOUVER, BC, May 11, 2022 /PRNewswire/ - New Pacific Metals Corp. ("New Pacific" or the "Company") reports its unaudited consolidated financial results for the three and nine months ended March 31, 2022, the third quarter of fiscal 2022. All figures are expressed in US dollars unless otherwise stated.
QUARTERLY HIGHLIGHTS
- Reported assay results of the 2021-2022 drill program at Silver Sand Project. The 2021 drill programs comprise structural orientation drilling, step-out and infill drilling as well as exploration drilling. Assay results of all 55 holes completed in 2021 and results of 13 holes from 48 holes in 10,520 m completed during the quarter under the 2022 drill program have been received;
- Reported assay results of 25 drill holes from the discovery drill program completed in 2021 at the Carangas Silver-Gold Project. All drill holes with assay results intersected silver-rich polymetallic mineralization near surface with some deep holes intersecting a wide zone of gold mineralization below; and
- Maintained working capital of $34.7 million, sufficient to advance the Silver Sand Project, the Carangas Project and other regional exploration initiatives.
FINANCIAL RESULTS
Net loss attributable to equity holders of the Company for the three months ended March 31, 2022 was $1.41 million or $0.01 per share (three months ended March 31, 2021 – net loss of $1.69 million or $0.01 per share). The Company's financial results were mainly impacted by the following: (i) operating expenses of $1.52 million compared to $1.60 million in the prior year quarter; (ii) income from investments of $0.12 million compared to $0.07 million in the prior year quarter; and (iii) foreign exchange loss of $0.04 million compared to loss of $0.16 million in the prior year quarter.
For the nine months ended March 31, 2022, net loss attributable to equity holders of the Company was $4.08 million or 0.03 per share compared to net loss of $4.59 million or 0.03 per share for the nine months ended March 31, 2021.
Operating expenses for the three and nine months ended March 31, 2022 were $1.52 million and $4.49 million, respectively (three and nine months ended March 31, 2021 - $1.60 million and $4.38 million, respectively).
Income from investments for the three months ended March 31, 2022 was $0.12 million (three months ended March 31, 2021 – $0.07 million) and is comprised of a $60,323 gain on the Company's equity investments (three months ended March 31, 2021 – gain of $37,223), a $34,037 gain on bonds (three months ended March 31, 2021 – loss of $6,039), $nil income from dividends (three months ended March 31, 2021 – income of $1,411), and $30,500 interest earned from cash accounts (three months ended March 31, 2021 - $39,152).
For the nine months ended March 31, 2022, income from investments was $0.21 million (nine months ended March 31, 2021 – income of $0.61 million).
Foreign exchange loss for the three months ended March 31, 2022 was $0.04 million (three months ended March 31, 2021 – loss of $0.16 million). The Company holds a large portion of cash and short-term investments in USD to support its operations in Bolivia. Revaluation of these USD-denominated financial assets to their CAD functional currency equivalents resulted in unrealized foreign exchange gain or loss for the relevant reporting periods. During the three months ended March 31, 2022, the USD depreciated by 1.4% against the CAD (from 1.2678 to 1.2496) while in the prior year quarter the USD depreciated by 1.2% against the CAD (from 1.2732 to 1.2575).
For the nine months ended March 31, 2022, foreign exchange gain was $0.16 million (nine months ended March 31, 2021 – loss of $0.83 million).
Working Capital: As of March 31, 2022, the Company had working capital of $34.7 million.
PROJECT OVERVIEW
SILVER SAND PROJECT
On April 6, 2022, the Company reported the assay results of the 2021-2022 drill programs for the Silver Sand Project. The 2021 drill programs comprise structure orientation drilling, step-out and infill drilling as well as exploration drilling. Assay results of all 55 drill holes in 13,313.7 m completed in 2021 have been received. The 2022 drill program is planned at 15,000 m of infill and step-out drilling. The aim of the resource infill drilling is to improve the confidence in the continuity of mineralization in the core area of Silver Sand and upgrade resource categories, and the step-out drilling is to test the extension of the major mineralized zones up and down dip as well as on strike. As of the date of this news release, a total of 10,520 m in 48 holes were completed, for which assay results of 13 holes have been received.
For the three and nine months ended March 31, 2022, total expenditures of $1.02 million and $4.44 million, respectively (three and nine months ended March 31, 2021 - $0.88 million and $2.23 million, respectively) were capitalized under the project.
CARANGAS PROJECT
On June 29, 2021, the Company announced the commencement of an initial 2021 discovery drill program at the Carangas Project to test near-surface bulk-tonnage and high-grade vein-hosted silver-rich polymetallic targets centered on and adjacent to the historically exploited West and East Dome areas. Total drilling of 13,209 m was completed in 35 holes under the 2021 discovery drill program, defining a mineralized area of approximately 1,000 m long by 700 m wide and up to 400 m in depth. On February 10 and 23, 2022, the Company announced assays results of 25 drill holes, with the remaining 10 drill holes pending. All drill holes with assay results intersected silver-rich polymetallic mineralization near surface with some deep holes intersecting a wide zone of gold mineralization below.
Following the success of the 2021 discovery drill program, the Company has commenced a 2022 resource definition drill program during the quarter with initial planned meterage of 30,000 m which could be extended to 40,000 m or more if on-going drill results continue to be encouraging.
For the three and nine months ended March 31, 2022, total expenditures of $1.16 million and $3.13 million, respectively (three and nine months ended March 31, 2021 - $nil and $nil, respectively) were capitalized under the project.
SILVERSTRIKE PROJECT
During 2020, the Company's exploration team completed reconnaissance and detailed mapping and sampling programs on the northern portion of the project. The results to date indicate good to excellent exploration potential for hosting narrow, high-grade, near-surface broad-zones of silver mineralization. The Company is planning a discovery drill program in 2022 to test the northern and central areas of the project.
For the three and nine months ended March 31, 2022, total expenditures of $0.03 million and $0.04 million, respectively (three and nine months ended March 31, 2021 - $0.43 million and $1.40 million, respectively) were capitalized under the project.
MANAGEMENT DISCUSSION AND ANALYSIS
This news release should be read in conjunction with the Company's Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements and notes thereto for the corresponding period, which have been filed with the Canadian Securities Administrators and are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.newpacificmetals.com.
QUALIFIED PERSON
The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Resources ("NI 43-101"). The Qualified Person has verified the information disclosed herein and are not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company with precious metal projects, including the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, exploring the Carangas broad silver-gold Project, recently discovered in 2021 and initiating the exploration of the historic silver mining district of the Silverstrike Project.
To receive company news by e-mail, please register using New Pacific's website at www.newpacificmetals.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING 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. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; timing and content of the PEA, and estimates of the Company's revenues and capital expenditures.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading "Risk Factors" in the Company's Annual Information Form for the year ended June 30, 2021 and its other public filings.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information.
The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company's ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company's ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability of the Company's Bolivian partner to convert the exploration licenses at the Carangas Project to AMC; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.
CAUTIONARY NOTE TO US INVESTORS
This news release, including the documents incorporated by reference herein, has been prepared in accordance with the requirements of the securities laws in effect in Canada which differ from the requirements of United States securities laws. All mining terms used herein but not otherwise defined have the meanings set forth in NI 43-101.
Accordingly, information contained in this news release and the documents incorporated by reference herein containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.
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SOURCE New Pacific Metals Corp. | https://www.whsv.com/prnewswire/2022/05/11/new-pacific-reports-financial-results-three-nine-months-ended-march-31-2022/ | 2022-05-12T01:55:32Z |
NEWS CONFERENCE TOMORROW (THURSDAY) AT SALTZ MOGELUZZI & BENDESKY P.C TO ANNOUNCE MAJOR DEVELOPMENTS FOLLOWING TIKTOK "BLACKOUT CHALLENGE" DEATH OF 10-YEAR-OLD PENNSYLVANIA GIRL
Published: May. 11, 2022 at 7:05 PM EDT|Updated: 2 hours ago
PHILADELPHIA, May 11, 2022 /PRNewswire/ -- Social media-injury attorneys and Internet safety advocates at Saltz Mongeluzzi & Bendesky P.C. tomorrow will hold a news conference to discuss major developments following the accidental death of 10-year-old Nylah Anderson, of suburban Philadelphia, who died last December 12th after attempting the highly addictive and dangerous TikTok 'blackout challenge', the firm announced today.
Lawyers from the leading national catastrophic injury law firm, that represents the child's family and Estate, will for the first time review the results of their months long post-incident investigation. Here are details of the news conference, which will also be live-streamed:
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SOURCE Saltz Mongeluzzi & Bendesky
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/news-conference-tomorrow-thursday-saltz-mogeluzzi-amp-bendesky-pc-announce-major-developments-following-tiktok-blackout-challenge-death-10-year-old-pennsylvania-girl/ | 2022-05-12T01:55:39Z |
LEXINGTON, Ky., May 11, 2022 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco Resources" or the "Company") announced today that its board of directors has authorized management to pursue an issuance of a new class of common stock of the Company, which is expected to receive a dividend based on the financial performance of a portion of the assets it recently acquired through its Ramaco Coal acquisition. In connection with the creation of the new tracking stock, record holders of the Company's common stock would receive shares of the tracking stock as a distribution.
Ramaco Resources intends to attribute to the tracking stock the assets related to the Company's metallurgical coal royalty interests, intellectual property and licensing arrangements related to advanced carbon products and materials and the reserve interest and permit rights related to the Brook Mine in Sheridan, Wyoming. The Company intends to refer to this new business line as "Core Resources", signifying its focus on carbon ore and rare earth elements. The creation of the new tracking stock is subject to various conditions, including the requisite approval of the holders of the Company's common stock at a stockholders' meeting and the receipt of the opinion of tax counsel. Ramaco Resources expects to complete the creation of the new tracking stock in the second half of 2022.
The record date, the distribution date and the stockholder meeting date will be announced at a later date.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The tracking stock may only be distributed pursuant to an effective registration statement. The Company's stockholders and other investors are urged to read the registration statement to be filed with the SEC, because it will contain important information about the issuance of shares of the proposed tracking stock. Copies of the Company's SEC filings are available free of charge on the SEC's website at www.sec.gov.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, the creation of the tracking stocks and the ability of Ramaco Resources to realize the expected benefits of these transactions, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or further decline of demand for coal in export markets and underperformance of the railroads. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the SEC, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
About Ramaco Resources, Inc.
Ramaco Resources, Inc. (NASDAQ:METC) is an operator and developer of high-quality, low-cost metallurgical coal in central and southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. For more information about us, please visit our website at www.ramacoresources.com.
Contact:
Phone: 859-244-7455
E-mail: info@ramacocoal.com
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SOURCE Ramaco Resources, Inc. | https://www.whsv.com/prnewswire/2022/05/11/ramaco-resources-inc-announces-plan-issue-new-tracking-stock/ | 2022-05-12T01:55:45Z |
LEXINGTON, Ky., May 11, 2022 /PRNewswire/ --
- Quarterly net income was $41.5 million (diluted EPS of $0.92) and Adjusted EBITDA was $64.1 million for the first quarter of 2022. Quarterly net income and Adjusted EBITDA were 123% and 103% higher than our previous respective quarterly records. During the first quarter of 2022, due to rail service delays and disruptions the Company was unable to ship roughly 100,000 tons of contracted production and spot export shipments to customers, which then was added to inventory. This dynamic negatively impacted EPS by $0.38 and Adjusted EBITDA by $23.0 million1.
- As of May 9, the Company has total booked sales of roughly 2.4 million tons, with roughly 90% or 2.1 million tons of those sales booked at a fixed price and 300,000 tons sold for export at index-based prices which will be shipped throughout the balance of the year. Based on the midpoint of our cost guidance, we estimate that these 2.4 million tons of committed sales currently translate into estimated 2022 net income of roughly $235 million (EPS of over $5.00) and Adjusted EBITDA of $330 million2.
- Roughly 1 million tons remains open to be sold into export markets, which represents approximately 30% of our 2022 production guidance of up to 3.4 million tons (increased from 3.3 million tons previously) at the top end of the range. Our most recent realized margins on spot sales have been at roughly $275 per short ton FOB mine.
- As previously announced, the Company's Board of Directors ("Board") authorized an annual base dividend increase to $20 million from $10 million, resulting in an increase in the regular quarterly dividend to $5.0 million from $2.5 million. Our second quarter dividend will be paid on June 15, 2022, to shareholders of record on June 1, 2022 in the amount of approximately $0.1129 per share.
- Quarterly production of 666,000 tons came in slightly ahead of budget. The Company anticipates an increase in second quarter of 2022 results due to improving rail service. In addition, the Company expects second half of 2022 results to be stronger than the first half of 2022. This is on the back of production increases mainly at the Berwind Mining Complex, in-line with our previously announced growth strategy, as well as lower cash costs per ton due to the anticipated startup of our Berwind Preparation Plant this summer, as well as a meaningful reduction in coal royalty costs resulting from the Ramaco Coal acquisition.
- As previously announced, the Company has closed on the purchase of 100% of the equity interests of Ramaco Coal, LLC ("Ramaco Coal"). We anticipate this transaction will provide the immediate benefit of an accretive reduction in royalty cost. We project this on-going royalty savings will in essence pay for the entire acquisition in roughly 2.5 years, based on current spot prices, and will continue to provide an ongoing cost benefit for the projected 20-year life of the reserves.
Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco" or the "Company") today reported quarterly net income for the three months ended March 31, 2022 of $41.5 million, or $0.92 per diluted share. This was over 900% above net income of $4.1 million, or $0.10 per diluted share for the three months ended March 31, 2021.
The Company's adjusted earnings before interest, taxes, depreciation, amortization, and equity-based compensation ("Adjusted EBITDA") for the three months ended March 31, 2022 was $64.1 million, 455% higher than $11.5 million of Adjusted EBITDA for the three months ended March 31, 2021. (See "Reconciliation of Non-GAAP Measure" below.)
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1 Using spot pricing as of March 31, 2022 for the portion of future export sales.
2 Mine level, before corporate expenses, using index pricing as of May 9, 2022 for the portion of future export sales.
Key operational and financial metrics are presented below:
First Quarter 2022 Summary
In the following paragraphs, all references to "quarterly" periods or to "the quarter" refer to the first quarter of 2022, unless specified otherwise.
Year over Year Quarterly Comparison
Overall production in the quarter was 666,000 tons, up 15% from the same period of 2021. Elk Creek alone produced 503,000 tons. Production from the Berwind and Knox Creek Mining complex increased from 66,000 tons in 2021 to 163,000 tons this quarter. Overall total sales were 583,000 tons, up from 422,000 tons in the first quarter of 2021.
Cash margins on Company produced coal were $128 per ton during the quarter, up approximately 325% from the same period of 2021. Pricing was $234 per ton of Company produced coal sold during the quarter, which was 163% higher compared to the first quarter of 2021. Company produced cash mine costs during the first quarter of 2022 were $106 per ton. Quarterly cash mine costs per ton were 80% higher than for the same period of 2021, principally due to higher sales-related costs, as well as inflationary pressures on overall costs due to the robust metallurgical coal market environment. Cash mine costs at Elk Creek were $98 per ton during the quarter. Higher sales-related costs accounted for $17 per ton of the cost increase at Elk Creek compared to the first quarter of 2021. This accounted for 40% of the year over year increase, which should come down meaningfully going forward given the reduction in royalties from the Ramaco Coal acquisition. The other 60% of the increase was due to an increase in labor and other inflationary pressures such as higher supply costs, which are being seen industry wide.
We anticipate a meaningful decline in per ton costs in subsequent quarters due to much lower trucking costs at our Berwind Mine complex after the anticipated startup of our Berwind Preparation Plant this summer, as well as a material reduction in coal royalty costs from the recently closed Ramaco Coal acquisition and an increased cadence in production as greater levels of coal are mined in the second half of 2022.
Sequential Quarter Comparison
Total sales volume of 583,000 tons for the quarter was up 9% from the fourth quarter of 2021. During the first quarter of 2022, the Company built a meaningful 83,000 tons of inventory, due to rail service delays and disruptions, alongside having production of 666,000 tons come in slightly ahead of budget. In April, we began to observe an improvement in rail service, though rail shipments continue to remain below optimal levels. We remain hopeful about a return to normal in the second half of 2022, based on recent comments by our railroad partners related to an increase in capacity from manpower and equipment additions.
Cash margins on Company produced coal nearly doubled to $128 per ton during the quarter from $66 per ton in the fourth quarter of 2021, due to higher revenue per ton sold. As noted above, cash mine costs on Company produced coal were $106 per ton during the quarter compared to $77 per ton in the fourth quarter of 2021. The 38% sequential increase in cash mine costs during the quarter was more than offset by the 64% increase in revenue per ton during the quarter relative to the fourth quarter of 2021.
Additional Financial Results
As of March 31, 2022, the Company had record liquidity of $111.1 million, consisting of $71.5 million of cash on hand plus $39.6 million of availability under its revolving credit facility.
Quarterly capital expenditures totaled $19.7 million, an increase of 67% versus $11.8 million for the fourth quarter of 2021 (excluding the Amonate acquisition), principally due to the continued development of new mines and preparation plant renovation at the Berwind complex, as well as the ongoing plant expansion of the Elk Creek complex.
The Company's effective quarterly tax rate was 19.5%. For the first quarter 2022, we recognized an income tax expense of $10.7 million, as compared with income tax benefit of $0.2 million in the first quarter of 2021.
The following summarizes key sales, production and financial metrics for the periods noted:
Outlook and Comment
Randall Atkins, Ramaco Resources' Chairman and Chief Executive Officer commented, "The first quarter was our best financial performance by a wide margin on continued favorable market conditions and our growing production levels. Despite some logistical rail challenges, somewhat outside our ability to control, we managed to produce record results. Compared against our previous quarterly record metrics, net income was $41 million or almost 125% higher, Adjusted EBITDA was $64 million or 103% higher and Free Cash Flow3 was $44 million or almost 125% higher. We also managed to exceed both our internal production budget and achieve record gross margins. Importantly, we ended the quarter with record cash generation holding almost $72 million in cash and equivalents up $50 million from year-end.
Unfortunately, operationally during this quarter, because of rail delays we built far more inventory of coal (over 80,000 tons) than we had planned. Like many other producers in our industry, we could not control our rail logistics and received cars for only roughly 80% of our expected shipments. Had we been able to make timely shipments our first quarter earnings per share would have been $0.38 higher and Adjusted EBITDA would have increased by $23 million to almost $90 million4.
Looking ahead, we anticipate a record second quarter and an increased cadence in all key metrics in second half results. We have already committed sales for 2.4 million tons or almost 70% of our 2022 production at the high end of guidance. Of those sales 2.1 million tons or 90% has already priced or shipped. Using current market pricing for the remaining 300,000 tons, we have now booked roughly $235 million of 2022 net income and $330 million of 2022 Adjusted EBITDA53and over $5.00 of EPS5 committed.
Equally positive, we still have almost 30% of our production left to sell into export markets at currently record levels of pricing. We therefore are on track for a record 2022 on both earnings and cash generation. We expect to increase guided production from up to 3.4 million tons this year by over 20% to over 4 million tons in 2023 (up from our previous guidance of 3.7 million tons). At this point, 2023 also looks to be another record year, based on our production guidance and the current forward curve.
For the balance of this year, we have dual aims to increase both the cadence of production, while reducing costs. We anticipate higher earnings by next quarter from improving rail service, greater production and a decrease in overall costs…especially on royalties as a consequence of the Ramaco Coal acquisition. We project production increases mainly at Berwind, as well as lower cash costs there due to the anticipated startup of our Berwind Prep Plant this summer and reduction or elimination of more expensive trucking.
For some greater background on the Ramaco Coal acquisition, I would refer you to our inaugural Shareholder Letter included in the recent 2021 Annual Report. This letter articulates the cost savings, synergies, and transformational opportunities that this acquisition hopefully brings.
First, now owning the Ramaco Coal assets provides an immediate accretive royalty savings which should allow us to recoup the entire purchase cost in roughly 2.5 years, based on current spot pricing. Second, the acquisition also includes unique assets held by Ramaco Carbon, LLC. The Company hopes to profit from the ultimate commercialization of a wide body of intellectual property and licensing rights on technologies Ramaco Carbon has developed over the past eight years working alongside the Department of Energy's national labs in the field of advanced carbon products and materials. In addition, its permitted reserves in Wyoming hold promise for development as a potential rare earth deposit, which we are pursuing now through enhanced geological assessment.
Another recent event I want to highlight is the increase in the free float of our common stock to roughly now 50% from 34% at year-end 2021. In March, Energy Capital Partners, one of our two original private equity sponsors, distributed to their limited partners virtually all their almost 13% holdings of our common stock. Our other private equity sponsor Yorktown Energy has also made significant stock sales over the past year. Since we became public just over five years ago, we have received frequent investor comment that the amount of our stock publicly available to trade was constrained by the large majority institutional ownership of our private equity sponsors. I am pleased to note since these sales and distributions that our stock has now traded at almost a 1.3 million share average daily volume in the month of April. This confirms the thesis that with more share availability in our float that our stock would trade more widely.
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3 Free cash flow is a non-GAAP financial measure and is defined as Adjusted EBITDA minus purchases of property, plant, and equipment, which can be found on page 10.
4 Using index pricing as of March 31, 2022, for the portion of future export sales.
5 Mine level, before corporate expenses, using index pricing as of May 9, 2022 for the portion of future export sales.
Turning to our 2022 forward outlook, we are increasing our production guidance by 100,000 tons, to 3.4 million tons at the high end of the range, with virtually all of that increase coming in the second half of the year. Specifically, the Board recently approved the opening of the second section at our #2 Gas mine at Elk Creek. As a result, we are increasing our capital expenditure and SG&A guidance largely based on an acceleration of our budgeted production growth in order to take advantage of today's strong met coal pricing market. In fact, while immediate met coal spot prices are currently down from the peak, today's forward curve is now up roughly $70 per ton over the past month to almost $400 per ton in the fourth quarter of 2022.
Also, despite the issues we faced in the first quarter, I am pleased that we are maintaining our full-year 2022 cost guidance in the $82-90 per ton range. Highlighting another benefit of the Ramaco Coal acquisition, given higher than anticipated inflationary headwinds, as well as stronger pricing, we would not have been able to maintain this cost guidance were it not for the material reduction in coal royalty costs we will see from this month of May onward.
Lastly, in terms of our capital return program, the second quarter dividend of $5 million will be paid on June 15, 2022, to shareholders of record on June 1, 2022. As I mentioned, we generated record free cash flow in the first quarter and anticipate increasing our cash position meaningfully especially in the second half as the year progresses. This should set the table for discussion of additional future capital return plans later in the year. While we will always try to maintain the discipline of a conservative balance sheet, we look forward to further forms of returning meaningful cash to our shareholders as we continue to grow."
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has three active mining complexes in Central Appalachia and one mine in development in Wyoming. Near Sheridan, Wyoming the Company owns a roughly 500-million-ton resource and reserve, as well as a permitted mine. Contiguous to the mine it operates a research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 40 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.
Earnings Conference Call
Ramaco Resources will hold its quarterly conference call and webcast at 11:30 AM Eastern Time (ET) on Thursday, May 12, 2022. An accompanying slide deck will be available at https://www.ramacoresources.com/investors-center/events-calendar/ immediately before the conference call.
The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The Conference ID is 2464838. The webcast for this release will be accessible by visiting https://edge.media-server.com/mmc/p/t7nzgn2p.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the further decline of demand for coal in export markets and underperformance of the railroads, the expected benefits of the Ramaco Coal acquisition to the Company's shareholders, and the anticipated benefits and impacts of the Ramaco Coal acquisition. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Reconciliation of Non-GAAP Measures
Adjusted EBITDA
Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.
We define Adjusted EBITDA as net income plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
Non-GAAP revenue and cash cost per ton
Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs, which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial condition. Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with GAAP and therefore should not be considered as an alternative to revenue and cost of sales under GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:
We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.
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SOURCE Ramaco Resources, Inc. | https://www.whsv.com/prnewswire/2022/05/11/ramaco-resources-inc-reports-first-quarter-2022-financial-results/ | 2022-05-12T01:55:52Z |
NEW YORK, May 11, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds investors of PLAYSTUDIOS, Inc. f/k/a Acies Acquisition Corp. (NASDAQ: MYPS) (NASDAQ: MYPSW) (NASDAQ: ACAC) who: (1) purchased, or otherwise acquired the securities of PLAYSTUDIOS between June 22, 2021 and March 1, 2022, both dates inclusive, including, but not limited to, those who purchased or acquired PLAYSTUDIOS securities pursuant to the PIPE offering; (2) held common stock of Acies as of May 25, 2021, and were eligible to vote at Acies' June 16, 2021 special meeting; and/or (3) purchased or otherwise acquired PLAYSTUDIOS common stock pursuant to or traceable to the Acies' Registration Statement and Proxy Statement issued in connection with the June 2021 Merger (the "Class Period"), of the important June 6, 2022 lead plaintiff deadline.
SO WHAT: If you purchased PLAYSTUDIOS securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the PLAYSTUDIOS class action, go to https://rosenlegal.com/submit-form/?case_id=5097 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 6, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PLAYSTUDIOS was having significant problems with its flagship game, Kingdom Boss; (2) PLAYSTUDIOS would not be releasing Kingdom Boss as expected; (3) PLAYSTUDIOS had not revised its financial projections to account for the problems it had encountered with Kingdom Boss; and (4) as a result, defendants' statements about PLAYSTUDIOS' business, operations, and prospects lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the PLAYSTUDIOS class action, go to https://rosenlegal.com/submit-form/?case_id=5097 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/05/11/rosen-top-ranked-firm-encourages-playstudios-inc-fka-acies-acquisition-corp-investors-secure-counsel-before-important-deadline-securities-class-action-myps-mypsw-acac/ | 2022-05-12T01:56:01Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Arqit Quantum Inc. (f/k/a Centricus Acquisition Corp.) ("Arqit" or the "Company") (NASDAQ: ARQQ). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Arqit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 18, 2022, The Wall Street Journal published a story entitled: "British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say." The Wall Street Journal reported, among other things, that "Arqit has given investors an overly optimistic view of its future revenue and the readiness and workability of its signature encryption system", citing "former employees and other people familiar with the company, and documents viewed." Specifically, "people familiar with the matter said that the bulk of [Arqit's] committed revenue isn't from selling its product and that at its public launch, [Arqit] had little more than an early-stage prototype of its encryption system. Several clients [Arqit] lists—including a number of British government agencies—are simply giving Arqit research grants, nonbinding memorandums of understanding or research agreements that come with no funding, not contracts for its encryption product, they said." The article also reported that "[i]n April 2021, Arqit's chief revenue officer resigned after raising concerns with [Arqit's CEO] that he was overstating contracts and giving unrealistic revenue projections to potential investors".
On this news, Arqit's stock price fell $4.61 per share, or 30.61%, over the following two trading sessions, to close at $10.45 per share on April 19, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-arqit-quantum-inc-fka-centricus-acquisition-corp-arqq/ | 2022-05-12T01:56:07Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dentsply Sirona Inc. ("Dentsply Sirona" or the "Company") (NASDAQ: XRAY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Dentsply Sirona and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 19, 2022, Dentsply Sirona issued a press release announcing the termination of Chief Executive Officer Don Casey, effective immediately, and stating that Casey "will cease to serve as a member of the Company's Board." On this news, Dentsply Sirona's stock price fell sharply during intraday trading on April 19, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-dentsply-sirona-inc-xray/ | 2022-05-12T01:56:10Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Molecular Partners AG ("Molecular Partners" or the "Company") (NASDAQ: MOLN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Molecular Partners and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around June 16, 2021, Molecular Partners conducted its U.S. initial public offering ("IPO"), offering 3 million American Depositary Shares ("ADS") priced at $21.25 per ADS. Then, on April 26, 2022, Molecular Partners issued a press release "announc[ing] that Amgen, its collaboration partner for MP0310 (AMG 506), has informed the Company of their decision to return global rights of MP0310 to Molecular Partners following a strategic pipeline review" and that "Molecular Partners is presently conducting a phase 1 study of MP0310 and will look to present full phase 1 data at a scientific conference when available." The press release further stated that "[u]nder the agreement with Amgen, following Phase 1 data, Amgen would have had the right to progress the program into later stage development, including into combination trials." On this news, Molecular Partners' ADS price fell sharply during intraday trading on April 27, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-molecular-partners-ag-moln/ | 2022-05-12T01:56:17Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Mullen Automotive, Inc. ("Mullen" or the "Company") (NASDAQ: MULN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Mullen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 6, 2022, Hindenburg Research ("Hindenburg") published a report addressing Mullen, entitled "Mullen Automotive: Yet Another Fast Talking EV Hustle", calling the Company among the worst electric vehicle ("EV") hustles that Hindenburg has seen in a crowded field of contenders such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that "[d]espite only spending ~$3 million in R&D in 2021, Mullen claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions on solving the problem." The Hindenburg report also alleged that the Chief Executive Officer of EV Grid, Inc. ("EV Grid"), which makes batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding test results for its battery, stating "[w]e never would have said that" and "[w]e never did say it and certainly wouldn't have said it based on the results of testing that battery." Additionally, the Hindenburg report alleged that Mullen's claims to be in a joint venture with NextMetals Ltd. ("NextMetals") to create a solid-state battery were refuted by a NextMetals senior executive who said it "'was a nonstarter' and 'didn't exist.'"
On this news, Mullen's stock price fell $0.07 per share, or 2.57%, to close at $2.65 per share on April 6, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-mullen-automotive-inc-muln/ | 2022-05-12T01:56:23Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Netflix, Inc. ("Netflix" or the "Company") (NASDAQ: NFLX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Netflix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 20, 2022, after the market closed, Netflix reported that it "slightly overforecasted paid net adds in Q4," adding 8.3 million subscribers compared to the 8.5 million forecast. The Company also stated that, despite "healthy" retention and engagement, it only expected to add 2.5 million net subscribers during first quarter 2022, below the 4.0 million net adds in the prior year period.
On this news, Netflix's stock price fell $110.75 per share, or 21.7%, to close at $397.50 per share on January 21, 2022.
Then, on April 19, 2022, after the market closed, Netflix reported that it lost 200,000 subscribers during the first quarter of 2022, compared to prior guidance expecting the Company to add 2.5 million net subscribers. The Company cited the slowing revenue growth to four factors, including account sharing with an estimated 100 million additional households and competition with other streaming services.
On this news, Netflix's stock price fell $122.42 per share, or over 35%, to close at $226.19 per share on April 20, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-netflix-inc-nflx/ | 2022-05-12T01:56:30Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Protagonist Therapeutics, Inc. ("Protagonist" or the "Company") (NASDAQ: PTGX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Protagonist and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 13, 2022, Protagonist disclosed in a filing with the U.S. Securities and Exchange Commission that "[t]he Company has received a letter from United States Food and Drug Administration (the "FDA") indicating the FDA's intent to rescind Breakthrough Therapy Designation for the Company's rusfertide product candidate in polycythemia vera," citing "observed malignancies[.]"
On this news, Protagonist's stock price fell $5.57 per share, or 21.83%, to close at $19.95 per share on April 14, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-protagonist-therapeutics-inc-ptgx/ | 2022-05-12T01:56:37Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of TG Therapeutics, Inc. ("TG Therapeutics" or the "Company") (NASDAQ: TGTX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether TG Therapeutics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 30, 2021, TG Therapeutics issued a press release "announc[ing] the U.S. Food and Drug Administration (FDA) has notified the Company that it plans to host a meeting of the Oncologic Drugs Advisory Committee (ODAC) in connection with its review of the pending Biologics License Application (BLA)/supplemental New Drug Application (sNDA) for the combination of ublituximab and UKONIQ® (umbralisib) (combination referred to as U2) for the treatment of adult patients with chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL)." TG Therapeutics advised that "[t]he FDA has notified the Company that potential questions and discussion topics for the ODAC include: the benefit-risk of the U2 combination in the treatment of CLL or SLL, and the benefit-risk of UKONIQ in relapsed/refractory marginal zone lymphoma (MZL) or follicular lymphoma (FL). In addition, as part of the benefit-risk analysis, the overall safety profile of the U2 regimen, including adverse events (serious and Grade 3-4), discontinuations due to adverse events, and dose modifications, is expected to be reviewed", stating that "[t]he FDA's concern giving rise to the ODAC meeting appears to stem from an early analysis of overall survival from the UNITY-CLL trial."
On this news, TG Therapeutics' stock price fell $8.16 per share, or 34.93%, to close at $15.20 per share on November 30, 2021.
Then, on April 15, 2022, TG Therapeutics issued a press release "announc[ing] that the Company has voluntarily withdrawn the pending Biologics License Application (BLA)/supplemental New Drug Application (sNDA) for the combination of ublituximab and UKONIQ® (umbralisib) (combination referred to as U2) for the treatment of adult patients with chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL)." The press release stated that "[t]he decision to withdraw was based on recently updated overall survival (OS) data from the UNITY-CLL Phase 3 trial that showed an increasing imbalance in OS."
On this news, TG Therapeutics' stock price fell $1.93 per share, or 21.81%, to close at $6.92 per share on April 18, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-tg-therapeutics-inc-tgtx/ | 2022-05-12T01:56:44Z |
Ernest Morrell Taylor Jr 1942-2022 Ernest M. "Butch" Taylor Jr., 79, of Scott Depot, passed away on April 19, 2022. He was born on September 29, 1942 to the late Ernest M. Taylor and Grace Andrews Taylor in Youngstown Ohio. He graduated Conneaut High School in 1960. After serving honorably in the U.S. Air Force, he earned a Bachelor of Science Degree from Florida State University. He accepted a job with the U.S.D.A. in Cheyenne, Wyoming where he also earned a Master of Science Degree from the University of Wyoming. He spent 20 years in the Wyoming Air National Guard and retired after 30 years as a Soil Scientist. In 2007, he moved to WV to be closer to his nephew Mike and his family, as well as his "adopted" Wells family, who he had much love and respect for. He did make it clear that he would miss his neighbors and family from Neal Ave., and his good friend Gerald Schuman, who he worked and played with for many years. He enjoyed fishing, camping and serving his community and church where he was generous with his time and money. He was also known to enjoy dining out and all who knew or met him would agree that he loved sharing a meal with friends and family. Even if he did flirt with the waitresses! His greatest joy came from spending time with his great nieces and nephew. The real reason he moved back east. Everyone he met all have a "Butch" story. He was preceded in death by his brother Gilbert M. Taylor. He is survived by his brother Jeffrey S. Taylor of Conneaut, OH, his nephews, Mike (Stacy) Taylor of Winfield, WV, Doug Taylor and Matt Taylor of Conneaut, OH, Nathan Taylor of Painesville, OH, nieces, Sarah Lucas and Kalli Taylor of Conneaut, OH. Butch would like to thank the wonderful staff of Bellaire at Devonshire for their friendships and great care over the last few years. Butch loved and appreciated his church family and especially Pastor Sonny Williams of Teays Valley Church of the Nazarene. Special thanks to Kanawha Hospice for their care during his last days. A celebration of life will be held at 6:00 pm on Sunday May 15th at Teays Valley Church of the Nazarene, with Rev. Charles V. Williams officiating. In lieu of flowers the family suggests donations to Teays Valley Church of the Nazarene or charity of your choice. The services will be live cast on church Facebook and Teays Valley Church of the Nazarene YouTube page. Anyone wishing to leave the family an online memory or condolence may do so by visiting Butch's tribute page at, www.chapmanfuneralhomes.com. Chapman Funeral Home, 3941 Teays Valley Road Hurricane WV 25526 is honored to serve the Taylor family. | https://www.wyomingnews.com/milestones/obituaries/taylor-jr-ernest-morrell/article_63f381b0-cb91-55ef-9bd1-a615d648ec4f.html | 2022-05-12T01:56:52Z |
NEW YORK , May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Youdao, Inc. ("Yaoudao" or the "Company") (NYSE: DAO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Youdao and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 5, 2022, Youdao issued a press release "provid[ing] an update on its status under the Holding Foreign Companies Accountable Act (the 'HFCAA')." The press release stated, in relevant part, that "[o]n May 4, 2022, the U.S. Securities and Exchange Commission (the 'SEC') provisionally named the Company as a Commission-Identified Issuer after the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 28, 2022, which included an audit report issued by a public accounting firm that the Public Company Accounting Oversight Board (the 'PCAOB') has determined that it is unable to inspect or investigate completely." The press release advised investors that "[i]n accordance with the HFCAA, if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that cannot be inspected or investigated completely by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit its shares or American depositary shares (the 'ADSs') from being traded on a national securities exchange or in the over-the-counter trading market in the United States."
On this news, Youdao's ADS price fell $0.67 per share, or 9.24%, to close at $6.58 per share on May 5, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-youdao-inc-dao/ | 2022-05-12T01:56:51Z |
JACKSON – A 42-year-old Colorado man was working for BMZ Roofing when he fell 60 feet from a roof April 27 while working on the Cody House in Teton Village. Ricardo Miranda Hernandez was killed instantly.
This death highlights Wyoming’s alarming rate of workplace fatalities, the worst in the nation in 2020.
Hernandez was working as a subcontractor for MD Roofing, based in Colorado Springs like BMZ, though the company also has a Jackson location.
The Occupational Safety and Health Administration conducted a two-day investigation.
The crew of seven, all from the Colorado Springs area, told the responding deputy from Teton County Sheriff’s Office, Chad Sachse, on the day of the incident that they had been working on roofing projects in the Jackson area for three weeks and on the Cody House job for one week.
On the morning of the incident, Hernandez and four other crew members were on the roof. The crew accessed the roof by using a lift on the east side of the building. Once on the roof, there were anchors and ropes in place for the men to attach themselves to their harnesses, according to Sachse’s report.
“The east side of the roof was dry, but for reasons unknown, he stepped over to the west side, which was [covered in] plastic and slippery,” Sachse said. “All the safety measures were there, and he was wearing his harness, but it looks like he just didn’t clip it into a safety rope.”
The foreman that day, Martin Hernandez, was Ricardo’s younger brother. Martin did not return to the job site, along with some others who returned to Colorado in mourning.
Seven crew members stayed to keep the job going, according to Erich Tucker of MD Roofing.
Tucker confirmed all necessary fall protections were in place that day, and that the company is honoring Hernandez by increasing oversight.
“We’re implementing stricter safety procedures, like a no-tolerance policy,” Tucker said. “Guys are always required to wear their harness before they get on the roof, and we’ve checked this at the start of the day and at lunch to make sure they’re clipped in, but now we’ve implemented a policy where if we catch you once not clipped in, you’re on the ground for the rest of the day.”
Teton County Coroner Brent Blue determined the cause of death was head and chest trauma and the manner was accidental.
According to OSHA, fatalities caused by falls from heights continue to be a leading cause of death for construction employees, accounting for 351 of the 1,008 construction fatalities recorded in 2020.
At the Workers Memorial Day event held on the steps of the Wyoming State Capitol on April 28, the prayer honoring all those killed on the job included one for Hernandez and his family.
Workers’ Memorial Day marked the day 51 years ago the Occupational Safety and Health Act was signed into law.
Wyoming deaths
According to the U.S. Department of Labor Bureau of Labor Statistics and the census of fatal occupational injuries, Wyoming consistently has one of the highest occupational fatality rates.
From 2008 to 2018, the national average of workplace deaths was 3.5 deaths per 100,000. In Wyoming during, it was 11.2.
Data gathered from 2008 to 2018 found that Wyoming experienced an average of 30 worker deaths per year. That’s one worker every 12 days.
Wyoming has consistently been in the top five states when it comes to workplace fatality rates.
“It’s not just that we have these dangerous fields here in Wyoming,” said Tammy Johnson, executive director of the Wyoming AFL-CIO. “We don’t get inspections or compliance checks done regularly.
“In other states, OSHA is federally run, but in Wyoming, ours is state run,” she added. “If Wyoming were to do a compliance check on every job site at the rate they did them in 2021, it would take 173 years for OSHA to visit every job site.”
According to Ty Stockton, the chief deputy administrator of the Wyoming Department of Workforce Services, there are 18 overall OSHA positions; eight of those are dedicated to compliance or enforcement.
“While more staffing may be ideal, we are able to meet or exceed the federal inspection requirements at our current staffing and funding levels,” Stockton said via email. “It would be hard to justify the taxpayer dollars necessary to employ enough compliance officers and expect OSHA to visit EVERY work site in the state because the vast majority of the time, no violations would be found. The OSHA Act requires employers to provide a workplace free of known hazards ... and they do so the overwhelming majority of the time. Thus, we rely on employee reports and programmed inspections to identify hazards.”
The year 2020 also marked a five-year high for workplace fatalities in Wyoming with 35 fatalities. That’s roughly one death every 11 days.
I-80
Stockton cited the high volume of truck traffic on Interstate 80 as a key driver of Wyoming fatalities.
“More than half (57.1%) of the fatalities referenced were the result of transportation incidents,” Stockton said. “Many of these fatalities are not Wyoming businesses or employees. Keep in mind that cases are counted in the state of incident, which is not necessarily the state of residence or the state of employment.”
Cory Gneiting, an OSHA compliance officer and foreman for Wapiti construction, has a theory on why Wyoming job sites are so unsafe. It’s tied to Gneiting’s own daily commute.
“I drive over from Idaho Falls every day,” Gneiting said. “Everybody comes in from different areas, and those areas have different regulations. Knowledge of OSHA regulations should be standard.”
Gneiting is all too familiar with the human cost of workplace incidents.
“My dad is in a wheelchair from an industrial accident back in the early ‘90s,” Gneiting said. “He was suspended off a basket while working on some tanks. The basket he was in bucked him and threw him, and he broke his back.”
Unions
Jack Edwards, a workers’ compensation lawyer, said he sees far more injuries stemming from non-union companies.
“More of my clients come from non-union companies,” Edwards said. “Union workers are much more safety conscious. They fight for safety.”
Rick Oswalt, the president of the Local Union 58, which represents roofers in Colorado Springs, spoke to a greater level of training.
“The amount of training non-union companies get is a big difference,” Oswalt said. “We utilize off-site safety, as well as an onsite trainer that has OSHA 500, a 10- and 30-hour training program in OSHA standards. Our apprenticeship program is usually a three-year program; it explains the safety implements to be used.”
In 2016, a study published by the American Public Health Association said that “the decline of American unions is a threat to public health.” | https://www.wyomingnews.com/news/from_the_wire/annual-report-finds-wyoming-led-the-nation-in-workplace-fatalities/article_aaf325ea-ebd4-5fa8-94c8-d06b203bce44.html | 2022-05-12T01:56:58Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Aurinia Pharmaceuticals Inc. ("Aurinia" or the "Company") (NASDAQ: AUPH) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 22-cv-02185, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Aurinia securities between May 7, 2021 and February 25, 2022, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Aurinia securities during the Class Period, you have until June 14, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Aurinia is a biopharmaceutical company that develops and commercializes therapies to treat various diseases with unmet medical need in Japan and the People's Republic of China. The Company's only product is LUPKYNIS, which it offers for the treatment of adult patients with active lupus nephritis.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Aurinia was experiencing declining revenues; (ii) Aurinia's 2022 sales outlook for LUPKYNIS would fall well short of expectations; (iii) accordingly, the Company had significantly overstated LUPKYNIS's commercial prospects; (iv) as a result, the Company had overstated its financial position and/or prospects for 2022; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
On February 28, 2022, Aurinia issued a press release announcing its financial results for the quarter and full year ended December 31, 2021. Among other items, Aurinia reported a year-over-year revenue decline and announced a lower-than-expected sales outlook for 2022.
On this news, Aurinia's common share price fell $3.94 per share, or 24.26%, to close at $12.30 per share on February 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Bakkt Holdings, Inc. ("Bakkt" or the "Company") f/k/a VPC Impact Acquisition Holdings ("VIH") (NYSE: BKKT; BKKT WS) (NASDAQ: VIHAU; VIH; VIHAW) and certain of its former officers and directors. The class action, filed in the United States District Court for the Eastern District of New York and docketed under 22-cv-02283, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Bakkt securities between March 31, 2021 and November 19, 2021, both dates inclusive (the "Class Period"); and/or (b) Bakkt Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the business combination between the Company and Bakkt Holdings, LLC ("Legacy Bakkt") completed on or about October 15, 2021 (the "Business Combination"). Plaintiff pursues claims against the Defendants under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired Bakkt securities during the Class Period, or Bakkt Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the Business Combination (defined above), you have until June 20, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Bakkt was formerly known as "VPC Impact Acquisition Holdings" and operated as a special purpose acquisition company (SPAC), also called a blank-check company, which is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person.
On January 11, 2021, the Company and Legacy Bakkt announced entry into a definitive agreement for the Business Combination that would result in Legacy Bakkt becoming a publicly traded company with an enterprise value of approximately $2.1 billion.
On March 31, 2021, the Company filed a registration statement on Form S-4 with the U.S Securities and Exchange Commission ("SEC") in connection with the Business Combination, which, after several amendments, was declared effective by the SEC on September 17, 2021 (the "Registration Statement"). Also on September 17, 2021, the Company filed a proxy statement and prospectus on Form 424B3 with the SEC in connection with the Business Combination, which formed part of the Registration Statement (the "Proxy" and, together with the Registration Statement, the "Offering Documents").
On or about October 15, 2021, the Company and Legacy Bakkt completed the Business Combination pursuant to the Offering Documents. Thereafter, the Company changed its name to "Bakkt Holdings, Inc." and began operating a digital asset platform that enables consumers to buy, sell, convert, and spend digital assets.
The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation, and that throughout the Class Period Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had defective financial controls; (ii) as a result, there were errors in the Company's financial statements related to the misclassification of certain shares issued prior to the Business Combination; (iii) accordingly, the Company would need to restate certain of its financial statements; (iv) the Company downplayed the true scope and severity of these issues; (v) the Company overstated its remediation of its defective financial controls; and (vi) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On May 17, 2021, Bakkt—then still operating as VIH—notified the SEC of its inability to timely file its quarterly report for the quarter ended March 31, 2021. Specifically, the Company advised that, as a result of a statement issued by the SEC, "the Company reevaluated the accounting treatment of its public warrants and private placement warrants" and "is currently determining the extent of the SEC Statement's impact on its financial statements[.]"
On this news, the Company's share price fell $0.13 per share, or 1.26%, to close at $10.18 per share on May 18, 2021.
Then, on October 13, 2021, the Company disclosed in an SEC filing that it had also previously failed to properly account for the classification of its Class A ordinary shares and "adjust[ed] . . . the initial carrying value of the Class A ordinary shares subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A ordinary shares." Notably, the Company revised its balance sheet as of December 31, 2020, including, among other changes, additional paid-in capital that was reduced from $9,860,338 to nil, an accumulated deficit that ballooned from $4,861,190 to $29,250,419, and total shareholders' equity of $5,000,009 that swung to a total shareholders' deficit of $29,249,901.
Following these additional disclosures, the Company's share price fell $0.47 per share, or 4.73%, to close at $9.46 per share on October 14, 2021.
Finally, on November 22, 2021, Bakkt disclosed in another SEC filing that the Company's management "has re-evaluated . . . the accounting classification of the Class A ordinary shares . . . of [VIH] . . . and has identified errors in the historical financial statements of VIH . . . related to the misclassification . . . of the Class A Ordinary Shares prior to the [Business Combination]." Specifically, the Company found that, as a result of errors in its condensed consolidated financial statements for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021, Bakkt should "restate certain of VIH's condensed consolidated financial statements from" those periods.
On this news, Bakkt's stock price fell $2.70 per share, or 13.69%, to close at $17.02 per share on November 22, 2021.
As of the time the complaint was filed, Bakkt's Class A common stock was trading between $4 to $5 per share and continues to trade below its initial value from the Business Combination, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-their-investment-bakkt-holdings-inc-fka-vpc-impact-acquisition-holdings-class-action-lawsuit-upcoming-deadline-bkkt-bkkt-ws-vihau-vih-vihaw/ | 2022-05-12T01:57:07Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Credit Suisse Group AG ("Credit Suisse" or the "Company") (NYSE: CS) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 22-cv-02477, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Credit Suisse securities between March 19, 2021 and March 25, 2022, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Credit Suisse securities during the Class Period, you have until June 28, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Credit Suisse, together with its subsidiaries, provides various financial services in Switzerland, Europe, the Middle East, Africa, the Americas, and Asia Pacific. The Company offers private banking and wealth management solutions, including advisory, investment, financial planning, succession planning, and trust services, and financing and lending, and multi-shore platform solutions.
Credit Suisse has a history of business dealings with Russian oligarchs, or ultra-high net worth business leaders possessing significant political influence. For example, an article published by Financial Times on February 7, 2022, entitled "Credit Suisse securitizes yacht loans to oligarchs and tycoons", cited a recent investor presentation for a synthetic securitization deal, in which Credit Suisse sold off $80 million worth of risk related to a $2 billion portfolio of loans backed by assets owned by certain of the bank's ultra-high net worth clients (the "Securitization Deal"), which disclosed that, in 2017 and 2018, Credit Suisse experienced 12 defaults on yacht and aircraft loans, a third of which were related to U.S. sanctions against Russian oligarchs. Press reports at the time indicated that Russian billionaires Oleg Deripaska, Arkady Rotenberg, and Boris Rotenberg had to terminate private jet leases with Credit Suisse in those years.
Beginning in or around October 2021, Russia commenced a major military build-up near the Russo-Ukrainian border, in apparent preparation for an invasion of Ukraine. Although the Russian government repeatedly denied it had plans to invade or attack Ukraine, the U.S. later released intelligence of Russian invasion plans, including satellite photographs showing Russian troops and equipment near the Russo-Ukrainian border.
In November 2021, as Russia's military buildup on the Russo-Ukrainian border continued, the Company entered the Securitization Deal.
Just months later, on February 24, 2022, Russian military forces invaded Ukraine. In the immediate aftermath of the invasion, Western governments including, among others, the U.S., Canada, and the European Union, imposed significant sanctions on Russia. The sanctions included, inter alia, measures targeting Russia's ultrawealthy oligarchs by denying them access to the global financial system and by, in some cases, authorizing the seizure of certain of their high-value assets located outside of Russia.
Barely a week after the commencement of the Russian invasion and the retaliatory sanctions imposed by Western nations, news outlets reported that Credit Suisse had requested non-participating investors who received information about the Company's loan portfolio to destroy and permanently erase any confidential information that Credit Suisse provided to them regarding the Securitization Deal.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Credit Suisse had deficient disclosure controls and procedures and internal control over financial reporting; (ii) Credit Suisse's practice of lending money to Russian oligarchs subject to U.S. and international sanctions created a significant risk of violating rules pertaining to those sanctions and future sanctions; (iii) the foregoing conduct subjected the Company to an increased risk of heightened regulatory scrutiny and/or enforcement actions; (iv) the Securitization Deal concerned loans that Credit Suisse made to Russian oligarchs previously sanctioned by the U.S.; (v) the purpose of the Securitization Deal was to offload the risks associated with these loans and mitigate the impact on Credit Suisse of sanctions likely to be implemented by Western nations in response to Russia's invasion of Ukraine; (vi) Credit Suisse's request that non-participating investors destroy documents related to the Securitization Deal was intended to conceal the Company's noncompliance with U.S. and international sanctions in its lending practices; (vii) the foregoing, once revealed, was likely to subject the Company to enhanced regulatory scrutiny and significant reputational harm; and (viii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On March 28, 2022, the U.S. House of Representatives Committee on Oversight and Reform sent Credit Suisse a letter asking the Company to turn over information and documents about a portfolio of loans backed by yachts and private jets owned by clients, potentially including sanctioned Russian individuals. In the letter, House Oversight Chair Carolyn Maloney and Rep. Stephen Lynch, chair of the Subcommittee on National Security, questioned Credit Suisse's request that hedge funds and other non-participating investors "destroy documents" related to yachts and private jets owned by the bank's clients. "Given the timing of this request and its subject matter," the House Democrats wrote, "Credit Suisse's action raises significant concerns that it may be concealing information" about whether participants in the deal may be "evading sanctions" imposed by the West after Russia's invasion of Ukraine.
On this news, Credit Suisse's stock price fell $0.21 per share, or 2.58%, to close at $7.94 per share on March 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against FAT Brands. Inc. ("FAT Brands" or the "Company") (NASDAQ: FAT) (NASDAQ: FATBB) (NASDAQ: FATBP) (NASDAQ: FATBW) and certain of its officers. The class action, filed in the United States District Court for the Central District of California, and docketed under 22-cv-02541, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired publicly traded FAT Brands securities between December 4, 2017 and February 18, 2022, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired FAT Brands securities during the Class Period, you have until May 17, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
FAT Brands purports to be a franchising company which acquires, develops, and markets quick-service, fast casual, and casual dining restaurant concepts including the brands of: Fatburger, Johnny Rockets, Twin Peaks, Fazoli's, Buffalo's Cafe, Buffalo's Express, Ponderosa Steakhouse, Bonanza Steakhouse, Hurricane Grill & Wings, Yalla Mediterranean, and Elevation Burger.
The complaint alleges that, throughout the Class Period, statements made by Defendants were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company's business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company, Andrew Wiederhorn, FAT Brands' Chief Executive Officer ("CEO") and President, and members of his family ("Wiederhorns") engaged in transactions "for no legitimate corporate purpose"; (2) the Company ignored warning signs relating to transactions with Wiederhorns; (3) as a result, the Company was likely to face increased scrutiny, investigations, and other potential issues; (4) certain executives, who are touted as critical to the Company's success, were at great risk of scrutiny—potentially, at least in part, due to the Company's actions; (5) the Company's touted CEO and Chief Operating Officer were under investigation regarding transactions with the Company; and (6) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On Saturday February 19, 2022, the Los Angeles Times published an article entitled "Family behind Fatburger under investigation for alleged fraud, money laundering, records show" which revealed the investigations into Defendant Wiederhorn and his son and Company COO Thayer Wiederhorn in connection with the Company.
On February 22, 2022 before trading hours, the Company filed with the U.S Securities and Exchange Commission a Form 8-K, in which the Company announced the following, in relevant part, regarding the investigation: … [t]he U.S. Attorney's Office for the Central District of California (the "U.S. Attorney") and the U.S. Securities and Exchange Commission informed the Company in December 2021 that they have opened investigations relating to the Company and our Chief Executive Officer, Andrew Wiederhorn, and are formally seeking documents and materials concerning, among other things, the Company's December 2020 merger with Fog Cutter Capital Group Inc., transactions between these entities and Mr. Wiederhorn, and compensation, extensions of credit and other benefits or payments received by Mr. Wiederhorn or his family.
On this news, FAT Brands' class A common stock price fell $2.42 per share, or 23%, to close at $8.14 per share on February 22, 2022, on unusually heavy trading volume, damaging investors.
On this news, FAT Brands' class B common stock price fell $1.83 per share, or 17%, to close at $8.89 per share on February 22, 2022, on unusually heavy trading volume, damaging investors.
On this news, FAT Brands' preferred stock price fell $5.36 per share, or 30%, to close at $12.37 per share on February 22, 2022, on unusually heavy trading volume, damaging investors.
On this news FAT Brands' warrants' price fell $2.41, or 35%, to close at $4.47 per warrant on February 22, 2022, on unusually heavy trading volume, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-their-investment-fat-brands-inc-class-action-lawsuit-upcoming-deadline-fat-fatbb-fatbp-fatbw/ | 2022-05-12T01:57:22Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Grab Holdings Limited ("Grab" or the "Company") (NASDAQ: GRAB; GRABW) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 22-cv-03277, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Grab securities between August 2, 2021 and March 3, 2022, inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired Grab securities during the Class Period, you have until May 16, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Grab offers a superapp that operates primarily across the deliveries, mobility, and digital financial services sectors in Southeast Asia.
On December 1, 2021, Grab became a public entity via a business combination with Altimeter Growth Corp., a special purpose acquisition company.
Between late 2019 and early 2020, a novel strain of the coronavirus disease, commonly referred to as COVID-19, became an ongoing global pandemic, with the outbreak first identified in Wuhan, China, in December 2019. The virus quickly spread to other countries, including the U.S., prompting state, federal, and private parties to enact various health and safety measures to halt the spread of the disease, which has since claimed millions of lives.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Grab had overstated its post-business combination business and financial prospects; (2) that, notwithstanding the ongoing COVID-19 pandemic, Grab's financial projections failed to take into account the pandemic's broad consequences, which included increased driver supply demand; (3) that Grab's driver supply declined during the third quarter; (4) that, as a result, Grab continued to invest heavily in driver and consumer incentives to "preemptively recalibrate driver supply"; (5) that, as a result, the Company's financial results would be adversely impacted, including, among other things, a significant decline in revenue; and (6) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 3, 2022, at 7:01 a.m. Eastern, over two years into the ongoing COVID-19 pandemic, Grab disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. Grab's Chief Financial Officer attributed the poor financial results to "invest[ing] heavily" in driver incentives and stated that it would take one or two quarters "to get that equilibrium between drivers and riders, between supply and demand."
On this news, the Company's stock price fell $1.95, or 37.3%, to close at $3.28 per share on March 3, 2022, on unusually heavy trading volume.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/11/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-their-investment-grab-holdings-limited-class-action-lawsuit-upcoming-deadline-grab-grabw/ | 2022-05-12T01:57:29Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Volta Inc. ("Volta" or the "Company") (NYSE: VLTA; VLTA WS) and certain of its officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 22-cv-02730, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Volta securities between August 2, 2021 and March 28, 2022, inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired Volta securities during the Class Period, you have until May 31, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Volta partners with real estate and retail businesses to locate and deploy its electric vehicle charging stations. The Company generates revenue from advertising on its content-driven charging stations, installing and maintaining the charging stations, and delivering electricity at the charging stations.
On August 26, 2021, Volta Industries, Inc. ("Legacy Volta"), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination pursuant to which the combined entity was named Volta Inc. (the "Business Combination").
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination; (2) that, as a result, the Company had understated its net loss for third quarter 2021; (3) that there were material weaknesses in the Company's internal control over financial reporting that resulted in a material error; (4) that, as a result of the foregoing, the Company would restate its financial statements; (5) that, as a result of the foregoing, Legacy Volta's founders would imminently exit the Company; (6) that, as a result, the Company's financial results would be adversely impacted; and (7) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 2, 2022, after the market closed, Volta revealed that the financial impact of the restatement of its third quarter 2021 financial results was greater than previously disclosed, expecting to report a net loss of $69.7 million for the quarter.
On this news, the Company's share price fell $0.11, or 2.6%, to close at $4.01 per share on March 3, 2022, on unusually heavy trading volume.
Then, on March 21, 2022, Volta announced that it would reschedule its fourth quarter and full year 2021 financial results.
On this news, the Company's share price fell $0.38, or 8.4% to close at $4.12 per share on March 21, 2022, on unusually heavy trading volume.
Then, on March 28, 2022, Volta announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as Chief Executive Officer and President, respectively, and from the Board of Directors of the Company.
On this news, the Company's share price fell $0.76, or 18%, to close at $3.37 per share on March 28, 2022, on unusually heavy trading volume.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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NEW YORK, May 11, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Redbox Entertainment Inc. ("Redbox" or the "Company") (NASDAQ: RDBX) in connection with the proposed acquisition of the Company by Chicken Soup for the Soul Entertainment, Inc. (NASDAQ: CSSE). Under the terms of the merger agreement, the Company's shareholders will receive a fixed exchange ratio of 0.087 of a share of class A common stock of CSSE per Redbox share owned. Upon completion of the transaction, CSSE shareholders will own approximately 76.5% of the combined company, while Redbox shareholders will own only approximately 23.5% of the combined company.
If you own Redbox shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/rdbx
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) Redbox's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the per-share merger consideration adequately compensates Redbox's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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NEW YORK, May 11, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Switch, Inc. ("Switch" or the "Company") (NYSE: SWCH), in connection with the proposed acquisition of the Company by funds managed by DigitalBridge Group, Inc. (NYSE: DBRG). Under the terms of the merger agreement, the Company's shareholders will receive $34.25 in cash for each share of Switch common stock owned. The transaction is valued at approximately $11 billion.
If you own Switch shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/swch
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) Switch's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the $34.25 per-share merger consideration adequately compensates Switch's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed. Notably, at least one analyst set a price target for the Company of $36 per share, $1.75 above the per-share merger consideration.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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NEW YORK, May 11, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Trecora Resources ("Trecora" or the "Company") (NYSE: TREC) in connection with the proposed acquisition of the Company by an affiliate of Balmoral Funds, LLC via a tender offer. Under the terms of the merger agreement, the Company's shareholders will receive $9.81 in cash for each share of Trecora common stock owned. The transaction is valued at approximately $247 million.
If you own Trecora shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/trec
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) Trecora's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the $9.81 per-share merger consideration adequately compensates Trecora's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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Social enterprise will support BIPOC fashion entrepreneurs focused on sustainability
LOS ANGELES, May 11, 2022 /PRNewswire/ -- Sovereignty Company, a first-of-its-kind circular social enterprise and not-for-profit, recently launched in Los Angeles. Sovereignty empowers fashion entrepreneurs of color to collectively solve climate change and inclusion challenges. Through Sovereignty's support, these entrepreneurs will redefine and disrupt fashion, equitable wealth creation, and the creative workforce economy. The not-for-profit will focus on three areas of impact: a nonprofit Fashion CEOs Accelerator, a sustainable fashion brand SO.TY, and the Vision 33 impact funding plan.
Dr. Corneil (Neil) Montgomery founded the not-for-profit building upon his experience as a creative social impact executive in Fortune 50 companies, global not-for-profits, and consulting. He has secured partnerships with Wells Fargo and Lexus and gained early support from fashion influencers and thought leaders, including sustainable fashion blogger Aditi Mayer, James Higa CEO of Philanthropic Ventures Foundation, Edwina Kulego vice president of international and business development at Informa Markets Fashion and founder of Essentials By Edwina. Sovereignty's goal is to realize a diverse, inclusive, equitable, prosperous, and circular fashion society for BIPOC communities. The non-diluted accelerator will help fashion designers and entrepreneurs of color design and launch sustainable fashion business models and brands.
"Designers of color helped shape fashion history and evolution but are still underrepresented and lack the resources and connections to build and grow their careers," says Neil Montgomery, founder and chief executive officer of Sovereignty Fashion CEOs Accelerator. "Our goal is to advance fashion entrepreneurs' careers by giving them the tools to build sustainability into their brands and define their reputations as change makers, leaders, and influencers in high-end fashion, which they so deserve."
The Fashion CEOs Accelerator provides resources to fashion designers and fashion entrepreneurs to design and launch sustainable and circular business models. Sovereignty will focus investments in Environmental Social Governance (ESG) impact-driven, startups, early growth fashion brands and tech companies that are building the future of circular and sustainable fashion with a particular interest in funding BIPOC and underrepresented founders with pre-seed or seed capital. All designers in the program will receive a $50,000 non-diluted cash grant, eight months of immersive education and training, peer support, hands-on mentorship, and connections to a network of sustainability and circular fashion experts to help them launch or grow their brands.
Charles Harbison, a sought-after creative director for global modern luxury lifestyle and consumer products is partnering with Sovereignty to serve as the chief fashion director for SO.TY, the sustainable fashion arm of the enterprise. Harbison has dressed notable celebrities like Beyonce, Michelle Pfeiffer, and Ava Duvernay, and designed and directed sustainable lines for Ungaro in London, Cult Gaia & Nicholas in LA, and Banana Republic. Four percent of the profit from SO.TY will be directed to Sovereignty's Fashion CEOs Accelerator.
"Fashion makes up a huge part of the waste in our landfills, which impacts the environment in detrimental ways," said Charles Harbison, chief fashion director for SO.TY. "We have tools to create sustainable models through slow and neo luxe fashion movements that uphold high-end fashion aesthetics. Sovereignty and SO.TY are working to be at the forefront of democratizing access to the next wave in sustainable design."
SO.TY and Sovereignty Company aligns with the United Nations Sustainable Development Goals 4, 5, 6, 8, 9, 10, 12, and 13, the Paris Agreement on climate change, and the Fashion Industry Charter for Climate Action, sponsored by the United Framework Convention on Climate Change (UNFCCC).
The Vision 33 Impact Fund will launch in November as a funding arm to invest and further support sustainable and circular fashion brands and tech companies growing under the Fashion CEOs Accelerator Program.
During the first year, Sovereignty announced the Fashion CEOs Accelerator and hosted the first SO.TY fashion show in Los Angeles. The next moves for the company include producing multicultural content for climate change, launching the first Fashion CEOs Accelerator cohort, opening the Center for Sustainable Circular Fashion Innovation in Los Angeles, announcing the Change Coalition and members at Climate Week in New York City, and launching the impact fund with seed investors. Sovereignty will raise $21 million in year one to further fund the accelerators program, scale our impact investments in #netzero fashion solutions and empower underrepresented communities.
Related Links: https://sov-er-eign-ty.com/
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Hall of Fame Broadcaster Joins the Company as a Content Creator and Community Liaison
VIRGINIA BEACH, Va., May 11, 2022 /PRNewswire/ -- Studio Center, a nationally acclaimed and award-winning firm specializing in content creation, distribution, and measurement, is proud to welcome celebrated broadcaster Bruce Rader as the company's Vice President of Special Projects.
Rader, a broadcast legend in the Hampton Roads region for decades, recently retired after a 45-year television career with WAVY and WVBT where he served as the stations' Sports Director and primary sports anchor.
A creative force in front of and behind the camera, Rader is not only a multi-award-winning broadcast journalist he is a renowned philanthropist who has helped raise millions of dollars for local and national charities.
In his new role as Studio Center's Vice President of Special Projects, Rader will produce original content for the company and its clients across the country. He will also create branding and marketing campaigns to share the content through multiple platforms including television, radio, social and digital channels.
About his new position, Rader said, ""I am honored to join the hundreds of talented professionals at Studio Center! Woody has created a world-renowned organization perfecting the definition of what today's media company is. Demand for content continues to grow exponentially on an increasing number of platforms. There are so many wonderful stories out there and I can't wait to tell them."
William "Woody" Prettyman, Studio Center's CEO commented, "Bruce is a Hall of Fame Talent literally and figuratively. He can write, direct, and produce amazing content! We are thrilled to add him to our talented crew."
About Studio Center
Studio Center is a 55-year-old, nationally acclaimed media firm specializing in content creation, distribution, and measurement. The Studio Center brand is renowned both for its high-end work and unmatched customer service. The company has eight successful divisions: Video, Audio, Talent, Web Design and Development, Media Strategy and Fulfillment, The Studio Center Network, Studio Center Entertainment, and Social Media Management. Studio Center is a privately owned company that operates in four different locations, headquartered in Virginia Beach (two locations) with hubs in Washington, DC, and Richmond, VA.
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SOURCE Studio Center | https://www.whsv.com/prnewswire/2022/05/11/studio-center-welcomes-bruce-rader-vice-president-special-projects/ | 2022-05-12T01:58:14Z |
Conference Call and Live Audio Webcast Scheduled for Wednesday, May 11, 2022, at 10:00 a.m. ET
Corporate Highlights
- During first quarter of 2022, completed two structured debt transactions deploying $18.5 million with an additional $4.2 million funded to existing borrowers
- Received a $10.7 million cash payment from B&D Dental to successfully resolve long-running non-accrual position. Loan carried at $8.3 million with gain recognized during the quarter
- First quarter 2022 GAAP net income grew 2.9% to $3.5 million compared to the first quarter 2021
- SWK well positioned for current capital markets environment with cash and unfunded credit facility availability totaling $63.4 million as of March 31, 2022
Finance Receivables Segment Update
- As of March 31, 2022, non-GAAP tangible financing book value per share was $18.39, a 12.7% increase from March 31, 2021
- First quarter 2022 finance portfolio effective yield was 13.9%, a 0.1% increase compared with 13.8% for the first quarter 2021
- First quarter 2022 finance portfolio realized yield was 22.5%, a 580 bps year-over-year increase
- First quarter 2022 core finance receivables business adjusted non-GAAP net income was $8.4 million, a 25% increase from the first quarter of 2021
- As of March 31, 2022, total investment assets were $195.8 million, a 10.6% decrease from March 31, 2021
- For the trailing twelve months ended March 31, 2022, SWK's core finance receivables segment generated a 14.6% adjusted return on tangible book value
DALLAS, May 11, 2022 /PRNewswire/ -- SWK Holdings Corporation (Nasdaq: SWKH) ("SWK" or the "Company"), a life science focused specialty finance company catering to small- and mid-sized commercial-stage companies, today provided a business update and announced its financial and operating results for the first quarter ended March 31, 2022.
"SWK's core specialty finance business performed well during the quarter highlighted by a 22.5% realized yield as solid loan performance was buttressed by the successful B&D Dental loan resolution, Acerus loan repayment, and upside in the royalty portfolio," stated Winston Black, Chairman and CEO of SWK. "SWK originated two loans during the quarter and our pipeline exceeds historical levels. We are carefully pursuing opportunities with an eye towards selectively funding high quality assets positioned to weather a capital market drought. We are also in regular contact with our existing borrowers discussing business trends and capital markets conditions."
Mr. Black concluded, "The team at our Enteris BioPharma subsidiary is pursuing multiple business development opportunities for its Peptelligence® and ProPerma® oral drug formulation technologies. Enteris is currently advancing four feasibility programs targeting therapeutic indications with others anticipated near-term. Additionally, Enteris' internal development pipeline continues to advance, and we are pleased to report that research involving oral formulations of leuprolide developed utilizing Peptelligence are scheduled to be featured in two poster presentations at the 104th annual meeting of The Endocrine Society (ENDO 2022) in June."
First Quarter 2022 Financial Results
For the first quarter 2022, SWK reported total revenue of $11.1 million, a 18% increase compared to $9.4 million for the first quarter 2021. Finance Receivables segment revenue increased $1.7 million year-over-year to $10.4 million, with the increase consisting of a $2.6 million increase in fees and interest due to the early payoff of two term loans during the quarter, as well as a $1.9 million increase in revenue from new and existing loans. The increase in revenue was partially offset by a $2.0 million decrease in interest and fees earned on finance receivables that were paid off in 2021 and a $1.0 million net decrease in royalty revenue when compared to the same period of the previous year.
Income before taxes for the quarter was $4.6 million compared to $4.3 million for the same period the previous year, an increase of 7%. The year-over-year increase is due to a $1.7 million increase in income from our Finance Receivables segment and a $0.4 million decrease in expenses. The decrease in expenses included a $1.0 million decrease in depreciation and amortization expense related to the Enteris fixed and intangible assets. The decrease was offset by a $0.3 million increase in general and administrative expense, a $0.4 million increase in our research and development expenses related to internal pipeline programs, and a $1.9 million decrease in the change in fair value of our warrant assets and marketable investments.
For the first quarter 2022, non-GAAP adjusted net income was $6.0 million, an increase from $4.7 million for the first quarter 2021. Non-GAAP adjusted net income for the Finance Receivables segment was $8.4 million, an increase from $6.8 million for the first quarter 2021. First quarter 2022 non-GAAP adjusted net income includes $0.2 million in non-recurring expenses from the Company's strategic review process.
GAAP net income for the quarter ended March 31, 2022, increased 2.6% to $3.5 million, or $0.27 per diluted share, from $3.4 million, or $0.26 per diluted share for the first quarter 2021.
Income-producing assets (defined as finance receivables and corporate debt securities) totaled $188.4 million as of March 31, 2022. This is a 10.4% decrease compared with income-producing assets of $210.2 million as of March 31, 2021. Total investment assets, which include income-producing assets plus equity-linked securities, totaled $195.8 million as of March 31, 2022, compared to the March 31, 2021, total investment assets of $219.1 million.
Tangible financing book value per share totaled $18.39 as of March 31, 2022, a 12.7% increase from $16.31 as of March 31, 2021. Management views tangible financing book value per share as a relevant metric to value the Company's core finance receivable business. Book value per share was $21.10 as of March 31, 2022, compared to $17.00 as of March 31, 2021.
Tables detailing SWK's financial performance for the first quarter 2022 are below.
Portfolio Status
At the end of the first quarter 2022, the weighted average projected effective yield of 13.9% for the finance receivables portfolio, including non-accrual positions, increased slightly from 13.8% for the same period of the previous year. The projected effective yield is the rate at which income is expected to be recognized pursuant to the Company's revenue recognition policies, if all payments are received pursuant to the terms of the finance receivables and excludes non-interest earning assets such as warrants and equity investments.
For the first quarter 2022, the realized yield of the finance receivables portfolio was 22.5%, versus 16.7% for the same period the previous year. The realized yield is inclusive of all fees, including all realized unamortized fees, amendment fees, and prepayment fees, and is calculated based on the simple average of finance receivables at the beginning and end of the period. The realized yield is greater than the effective yield due to actual cash collections being greater than modeled.
Non-accrual loans totaled $9.8 million, while non-accrual royalty purchases, net of credit loss allowances, totaled $3.2 million. The $9.8 million loan to Flowonix Medical Inc. remains on non-accrual, and SWK continues to work with Flowonix to achieve a resolution.
During the quarter SWK deployed $18.5 million in two structured debt transactions to AOTI and Acer Therapeutics, while SWK borrowers B&D Dental and Acerus Pharmaceuticals fully repaid their credit obligations. SWK funded $4.2 million to existing borrowers with an additional $1.3 million funded after quarter close. As of May 9, 2022, SWK had $1.4 million of unfunded commitments.
Total portfolio investment activity for the three months ended March 31, 2022, and 2021 was as follows (in thousands):
Adjusted Non-GAAP Net Income
The following table provides a reconciliation of SWK's reported (GAAP) consolidated net income to SWK's adjusted consolidated net income (Non-GAAP) for the three-month period ended March 31, 2022 and 2021. The table eliminates provisions for income taxes, non-cash mark-to-market changes on warrant assets and equity securities, amortization of Enteris intangible assets, legal and board expenses incurred in connection with the Company's strategic review, and any non-cash impact on the remeasurement of contingent consideration.
In the table above, management has deducted the following non-cash items: (i) change in the fair-market value of equities and warrants, as mark-to-market changes are non-cash, (ii) income taxes, as the Company has substantial net operating losses to offset against future income, (iii) amortization expense associated with Enteris intangible assets, and (iv) (gain) loss on remeasurement of contingent consideration. Management has also deducted legal and board expenses associated with the Company's strategic review process because management believes these expenses are not reflective of operational execution.
Finance Receivables Adjusted Non-GAAP Net Income
The following table provides a reconciliation of SWK's consolidated adjusted income before income tax expense, listed in the table above, to the non-GAAP adjusted net income for the Finance Receivable segment for the three-month periods ended March 31, 2022 and 2021. The table eliminates Enteris operating (income) and loss. The adjusted income before income taxes is derived in the table above and eliminates income tax expense, non-cash mark-to-market changes on warrant assets and equity securities.
Rights Agreement Expiration
SWK has determined to allow the Rights Agreement, dated as of April 8, 2016 by and between SWK Holdings Corporation and Computershare Trust Company, N.A., as amended, to expire on its termination date of May 31, 2022.
Conference Call Information
SWK Holdings will host a conference call and live audio webcast on Wednesday, May 11, 2022, at 10:00 a.m. ET, to discuss its corporate and financial results for the first quarter 2022. Interested participants and investors may access the conference call by dialing either:
(844) 378-6488 (U.S.)
(412) 317-1079 (International)
Passcode: 10166330
An audio webcast will be accessible via the Investors Events & Presentations section of the SWK Holdings' website: https://swkhold.investorroom.com/events. An archive of the webcast will remain available for 90 days beginning at approximately 11:30 a.m. ET, on May 11, 2022.
Non-GAAP Financial Measures
This release includes non-GAAP adjusted net income and non-GAAP finance receivable segment net income, which are metrics that are not compliant with generally accepted accounting principles in the United States (GAAP).
Non-GAAP adjusted net income is adjusted for certain items (including (i) changes in the fair-market value of public equity-related assets and SWK's warrant assets as mark-to-market changes are non-cash, (ii) income taxes as the Company has substantial net operating losses to offset against future income, (iii) changes in the fair-market value of contingent consideration associated with the Enteris acquisition as these changes are non-cash, and (iv) depreciation and amortization expenses, primarily associated with the Enteris acquisition). Management has also deducted legal and board expenses associated with the Company's strategic review process because management believes these expenses are not reflective of operational execution.
In addition to the adjustments noted above, non-GAAP finance receivable segment net income also excludes Enteris operating losses.
Tangible financing book value per share excludes the deferred tax asset, intangible assets, goodwill, Enteris PP&E, and contingent consideration associated with the Enteris transaction. Adjusted return on tangible financing book value is calculated by dividing finance receivables segment adjusted non-GAAP net income by Tangible financing book value.
These non-GAAP measures may not be directly comparable to similar measures used by other companies in our industry, as other companies may define such measures differently. Management believes that these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to our operations and financial condition. These metrics should be considered in addition to, and not as a replacement for, the most comparable GAAP measure.
About SWK Holdings Corporation
SWK Holdings Corporation is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK's business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. SWK also owns Enteris BioPharma, whose Peptelligence® and ProPerma™ drug delivery technologies create oral formulations of peptide-based and BCS class II, III, and IV small molecules. With Enteris, SWK has the opportunity to grow its finance business by actively building a wholly-owned portfolio of milestones and royalties through licensing activities. Additional information on the life science finance market is available on the Company's website at www.swkhold.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect SWK's current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" and elsewhere in SWK's Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein, could affect the Company's future financial results and could cause actual results to differ materially from those expressed in such forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company's actual results to differ materially from expected and historical results. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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SOURCE SWK Holdings Corporation | https://www.whsv.com/prnewswire/2022/05/11/swk-holdings-corporation-announces-financial-results-first-quarter-2022/ | 2022-05-12T01:58:23Z |
Revenue decreased 2.3% to $356.6 million in seasonally slow first quarter, due to residual impact of cyberattack and absenteeism related to Omicron spike
Secured 19 high-quality new clients representing 58.2% of $53.3 million in Total Annual Value of sales and with 19.1% EBITDA margin, up 300bps
Sales in E-Commerce, Fintech and Travel sectors accounted for 67.1%, 9.8% and 13.4% of new wins in the quarter
Hard currency revenues expanded 310 bps to 28.1% of consolidated revenue
EBITDA decreased 10.1% to $35.0 million on lingering effects of cyberattack, one-time costs related to absenteeism and higher inflation, partially offset by accrued cyber insurance recovery in Brazil and inflation pass-through
Healthy exit rate in March, with sales, EBITDA and operating cash flow expected to accelerate in second half of year
High levels of inflation and interest rate hikes increased financing costs
Company enhances sales organization and advances cost-saving initiatives
2022 guidance reiterated
NEW YORK, May 11, 2022 /PRNewswire/ -- Atento S.A. (NYSE: ATTO) ("Atento" or the "Company"), one of the five largest providers of Customer Relationship Management and Business Process Outsourcing (CRM / BPO) services worldwide and sector leader in Latin America, announced today its first quarter operating and financial results for the period ending March 31, 2022. All comparisons in this announcement are year-over-year (YoY) and in constant-currency (CCY), unless otherwise noted.
"As previously announced, our first quarter was a challenging one. However, we saw month-to-month improvements and exited the quarter strongly. Current run-rate and sales trends have increased our confidence in our growth trajectory and meeting our year-end targets for sales, EBITDA margin and leverage," commented by Carlos Lopez-Abadía, Chief Executive Officer.
Residual impact of cyberattack and absenteeism lower volumes, while new client wins improve revenue mix
- Total Annual Value of sales (TAV) deceased 26% to $53.3 million, growing 59% in US, with 19 new clients carrying strong margins
- New In-Year revenue for new business down slightly to $100.0 million
- Revenue decreased 2.3% to $356.6 million, due to residual impact of October cyberattack and substantially higher absenteeism related to Omicron spike in January and February, both impacting volumes in Brazil and Americas
- Brazil Multisector sales declined 7.7% as some clients shifted volumes to other CX suppliers and Company declined to renew low margin contracts
- Telefónica (TEF) sales declined 1.5%, mainly due to global cost reduction program implemented by client, while previously announced consolidation of CX suppliers benefited Atento's TEF business in EMEA
- Sales in E-commerce, Fintech and Travel growth sectors accounted for 67.1%, 9.8% and 13.4% of new wins, respectively
- US revenues increased 0.4% to $35.8 million, excluding a in-time Covid-19 services contract signed in the first quarter of 2021
- Hard-currency revenues expanded 310 bps to 28.1% of total revenue
EBITDA impacted by cyber expenses, one-time costs related to elevated absenteeism and higher inflation
- EBITDA decreased 10.1% on aforementioned decreases in Multisector and TEF sales, coupled with one-time costs related to elevated absentee rates stemming from Omicron spike in region, severance costs, higher inflation, as well as residual impact of Q4 cyberattack
- Decrease in EBITDA and 70 bps margin contraction partially offset by accrued cyber insurance and improved inflation pass-through
- US EBITDA margin at 15.6%
- Hard currency EBITDA represented 23.0% of total EBITDA, down 900 bps, mainly due to one-time severance costs in EMEA and cyber insurance on Brazil
- Net loss of $70.6 million, or negative EPS of $4.99, mainly due to net financial expenses of $79.8 million, $63.3 million of which was non-cash items
- Negative Free cash flow of $65.4 million, stemming from negative operating cash flow of $39.6 million and net financial expenses of $25.8 million, which rose 16.7% due to higher interest expenses on new credit lines and to the impact of BRL fluctuation and higher CDI rate on Company's currency hedge
- Healthy exit rate at end of quarter, with revenue, EBITDA and operating cash flow forecasted to accelerate during second half of year
Healthy cash position
- Healthy cash position of $97.0 million, including $89.4 million from existing credit revolvers
- At the end of 1Q22, LTM net debt-to-EBITDA was 4.5x, up sequentially due to seasonally low EBITDA and impact of cyberattack in 4Q21 and 1Q22, and expected to reach target level by year-end
- Shareholders' equity was negative $78.8 million at March 31, 2022, principally due to balance sheet and P&L conversions as well as changes in fair value of derivatives
New revenue growth initiatives implemented
- Commercial team reorganized, including formation of dedicated local and global account teams
- Inflation pass-through adjustments ahead of internal plan and on track to reach 80% target level
Update on cybersecurity measures
- Investments in improved cyber defenses completed
Summarized Consolidated Financials
Message from Management
With the passing of the first quarter, we are pleased to report that the adverse effects of the pandemic and the recent cyberattack are largely behind us, and that we now look ahead with greater optimism.
In January and February, which are seasonally slow months, Covid-related illnesses spiked and drove absenteeism substantially higher in many markets, affecting our ability to serve clients and raising costs temporarily. Also, some clients chose to diversify and shift portions of their business to other CX providers, following the disruptions caused by the cyberattack, although the shifts were less pronounced than expected and some volume is recovering. This also impacted our profitability, with the decrease in first quarter EBITDA partially offset by accrued cyber insurance as well as improved inflation pass-through, which is well ahead of plan and expected to reach our target level of 80% this year.
Atento's client base remains solid and our exit rate at the end of the quarter was healthy, both of which speak once again to the strength of our client relationships and the trust we have built through consistently improving service levels. Atento's strong reputation is also why our pipeline is growing in key markets and in the sectors that are improving our revenue mix.
During the quarter we continued transforming the core of our business and recently took steps to improve the effectiveness of our sales organization. With the aim of capturing greater share of wallet, we have established local and global account teams that will enable us stay closer to our clients and better understand their evolving CX needs. This new structure will also help us further penetrate the US market as well as the higher growth, higher margin verticals that we continue targeting across our markets. On the cost front, we have consolidated some facilities to reduce structural costs and we are extending zero-based budgeting to other areas of the business to achieve additional annual savings.
As we regain the momentum built during most of last year, we expect revenues and margins to improve and to meet our performance targets for this year, which we still plan to exit with strength. Soon we will communicate a date for our postponed Investor Day, when we will have the opportunity to provide greater details about the various growth initiatives under our Three Horizon Plan and to unveil our strategy for the next phase of Atento's growth.
Carlos López-Abadía José Azevedo
Chief Executive Officer Chief Financial Officer
First Quarter Consolidated Financial Results
Atento's first quarter consolidated revenue decreased 2.3% to $356.6 million, with Multisector and Telefónica (TEF) sales decreasing 2.7% and 1.5%, respectively. The decline in Multisector sales was mainly due to a 7.7% decrease in Brazil, where certain clients shifted a portion of volumes to other CX providers, following the October cyberattack that temporarily disrupted Atento's operations. The residual effects of the cyberattacks resulted in lost revenue and expenses totaling $25 million. The decrease in revenue also reflects contracts that the Company did not renew in Brazil due to insufficient profitability. In addition, substantially higher absenteeism rates stemming from a spike in the Omicron variant across Latin America hindered the Company's ability to deliver services in January and February.
TEF revenue decreases in Brazil as well as the Americas were mainly due to this client implementing a company-wide cost-cutting program that resulted in lower service volumes. In EMEA, Atento benefited from TEF consolidating the CX services it receives, as previously announced.
US revenues increased 0.4% to $35.8 million, with hard-currency revenues expanding 310 bps to 28.1% of total revenue.
TAV reached $53.3 million, with 19 new clients carrying strong margins of 19.1%. Decrease was mainly due to a big one time Covid-19 services contract signed with State of Maryland in first quarter 2021.
New In-Year revenue for new business down slightly to $100.0 million
Sales in fast-growing E-Commerce, Fintech and Travel sectors accounting for 67.1%, 9.8% and 13.4% of new wins, with EBITDA margin in this category increasing 160 bps to 18.7%.
Atento's first quarter consolidated EBITDA decreased 10.1% to $35.0 million, due to the 2.3% decrease in revenue. In addition to lost revenue, the aforementioned increase in absenteeism also impacted EBITDA due to paid sick leave as well as the need to temporarily hire replacement workers and pay overtime in certain instances. Also, significantly higher inflation impacted contracts that had not yet been subject to periodic price adjustments. During the quarter, the Company also incurred additional expenses related to strengthening cyber defenses. The decline in EBITDA and a 70-basis point decline in the corresponding margin were partially offset by accrued cyber insurance in Brazil and by improved inflation pass-through.
US EBITDA decreased 1.8% to $2.9 million, representing 8.3% of consolidated EBITDA, with an EBITDA margin of 15.6%. Hard currency EBITDA represented 23.0% of the Company's total EBITDA, down from 32% in the first quarter of 2021, mainly due to one-time severance costs in EMEA and to the accrued cyber insurance in Brazil.
The Company reported a recurring net loss of $70.6 million in the first quarter, partially offset by the aforementioned cyber insurance reimbursement, compared to a net loss of $20.2 million in the prior year period. First quarter reported EPS was negative $4.99 compared to negative $1.44 in last year's comparable quarter. The first quarter 2022 losses were mainly due to net financial expenses of $79.8 million, of which $63.3 million was non-cash items comprised of a change in fair value of derivative instruments of $60.1 million and $3.2 million in IFRS 16 financial costs. Cash financial costs were $25.8 million, which consisted of a semiannual $20.0 million bond interest payment and $5.8 million in other interest expenses, primarily those related to the Company's hedge and bank credit facilities.
Free cash flow was negative $65.4 million, due to negative operating cash flow of $39.6 million that primarily stemmed from residual revenue and cost impacts of the cyberattack, capex that had been postponed in 2021, and higher net financial expenses, which totaled of $25.8 million in the quarter.
On March 31, 2022, Atento held $97.0 million in cash, including $89 million drawn from existing credit facilities. Net debt was $650.7 million at the end of the quarter, with sequentially higher LTM net debt-to-EBITDA of 4.5x, mainly due to increased gross debt, a lower cash position, seasonally low EBITDA and the fourth quarter impact of the cyberattack.
At the end of the first quarter, shareholders' equity was negative $78.8 million, principally due to $104.3 million in financial items consisting of $33.9 million in financial costs, $15.2 million in balance sheet and P&L conversion and a negative net $70.4 million change in the fair value of hedging instruments
Segment Reporting
Brazil
Brazil revenue decreased 6.1% in the fourth quarter to $146.3 million, mainly due to a 7.7% decline in Multisector sales. The decrease in Multisector sales was mostly related to the October 2001 cyberattack, subsequent to which certain clients shifted some of their volumes to other CX providers. Declines in Multisector volumes also stemmed from the Company's decision not to renew service agreements that were insufficiently profitable, as well as from elevated absenteeism related to the spike in the Omicron variant during January and February. Multisector sales accounted for 74.2% of revenue in the quarter, down 130 bps compared to last year's comparable quarter. TEF revenue decreased 1.4%, as this client implemented a company-wide cost-cutting program that called for lower CX service volumes.
EBITDA in Brazil increased 9.2% to $21.7 million, with the margin expanding 230 bps to 14.8%, both due to accrued insurance covering lost revenue and costs related to the cyberattack. EBITDA was otherwise impacted by substantially higher costs related to sick leave, the hiring of temporary workers and overtime payments, all of which were related to the Omicron variant affecting existing employees in January and February. EBITDA was also affected by additional expenses related to upgrades of the Company's cyber defenses.
Americas Region
Fourth quarter revenue rose slightly to $146.7 million in the Americas region. Multisector sales increased 2.5% to 71.4% of revenue, a 220 bps increase that was also due to a 5.0% decrease in TEF sales stemming lower volumes related to the higher absentee rates and this client's new cost-cutting program. Most volume reductions were in Argentina, Chile and Peru. US revenues increased 0.4% to $35.8 million, excluding a large one-time Covid-19 services contract signed in the first quarter of 2021.
Americas EBITDA decreased 24.0% to $9.2 million, due to a 210 bps contraction in the corresponding margin. The margin decline stemmed from the aforementioned volume and cost impacts of the pronounced spike in Covid related illnesses. US EBITDA decreased 1.8% to $2.9 million, with a margin of 15.6%, and represented 8.3% of the Company's consolidated EBITDA at the end of the quarter.
EMEA Region
Fourth quarter EMEA revenue was unchanged at $64.3, with Multisector sales decreasing 3.3% and TEF sales rising 3.5%. Sales in the latter category benefited from TEF shifting volumes to Atento as this client recently consolidated the number of CX providers it utilizes.
EBITDA decreased 41.8% in EMEA on a 400 pbs margin contraction stemming from one-time severance payments related to rationalizing a call center in this market. For the quarter, EMEA EBITDA accounted for 10.3% of consolidated EBITDA.
Cash Flow
Free cash flow decreased during the fourth quarter to negative $65.4 million, mainly due to negative operating cash flow of $30.5 million and $25.8 million in net financial expenses. Operating cash flow was mainly impacted by the residual effects of the cyberattack, which totaled approximately $25.0 million in costs and lost revenue, as explained above. Of the $13.8 million in capex, $6.3 million had been postponed in 2021. Capex is expected to be between 3.5% and 4.0% of revenue in 2022. Net financial expenses rose 16.7%, primarily due to higher interest expenses on new credit lines as well as the impact of the Brazilian reais' appreciation and higher CDI rate on the Company's currency hedge.
Indebtedness & Capital Structure
At March 31, 2022, Gross debt totaled $747.7 million, or $586.2 million when excluding lease obligations under IFRS 16. With cash and cash equivalents of $97.0 million, net debt was $650.7 million at the end of the quarter. Approximately $101.4 million in revolving credit facilities were available at quarter-end, of which $89.4 million was drawn from existing and new credit facilities.
At the end of the first quarter, LTM net debt-to-EBITDA was 4.5x, up sequentially from 4.0x on higher gross debt, a lower cash position, seasonally low EBITDA and the impact of the cyberattack in fourth quarter 2021. The Company finished the year with a comfortable maturity profile going out to 2026.
Fiscal 2022 Guidance
Share Repurchase Program
During the first quarter, Atento did not repurchase shares and vested a total of 451,667 shares which were issued in relation to management compensation programs. At the end of March 31, 2022, the Company held 951,957 Atento shares in treasury.
Conference Call
Atento will host a conference call and webcast on Thursday, May 12, 2022, at 8:30 am ET to discuss the Company's fiscal first quarter 2022 operating and financial results. The conference call can be accessed by dialing: USA: +1 (866) 807-9684; UK: (+44) 20 3514 3188; Brazil: (+55) 11 4933-0682; Spain: (+34) 80 030-0687; or International: (+1) 412 317 5415. No passcode is required. Individuals who dial in will be asked to identify themselves and their affiliations. A live webcast of the conference call will be available on Atento's Investor Relations website at investors.atento.com (click here). A web-based archive of the conference call will also be available at the website.
About Atento
Atento is one of the five largest global providers for client relationship management and business process outsourcing services nearshoring for companies that carry out their activities in the United States. Since 1999, the company has developed its business model in 13 countries with a workforce of 150,000 employees. Atento has over 400 clients for which it provides a wide range of CRM/BPO services through multiple channels. Its clients are leading multinational companies in the technology, digital, telecommunications, finance, health, consumer and public administration sectors, amongst others. Atento trades under ATTO on the New York Stock Exchange. In 2019 Atento was recognized by Great Place to Work® as one of the 25 World's Best Multinational Workplaces and as one of the Best Places to Work in Latin America. For more information www.atento.com
Media Relations
Investor and analyst inquiries
Hernan van Waveren
+1 979-633-9539
hernan.vanwaveren@atento.com
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue" or similar terminology. These statements reflect only Atento's current expectations and are not guarantees of future performance or results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In particular, the COVID-19 pandemic, and governments' extraordinary measures to limit the spread of the virus, are disrupting the global economy and Atento's industry, and consequently adversely affecting the Company's business, results of operation and cash flows and, as conditions are recent, uncertain and changing rapidly, it is difficult to predict the full extent of the impact that the pandemic will have. Risks and uncertainties include, but are not limited to, competition in Atento's highly competitive industries; increases in the cost of voice and data services or significant interruptions in these services; Atento's ability to keep pace with its clients' needs for rapid technological change and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; the effects of global economic trends on the businesses of Atento's clients; the non-exclusive nature of Atento's client contracts and the absence of revenue commitments; security and privacy breaches of the systems Atento uses to protect personal data; the cost of pending and future litigation; the cost of defending Atento against intellectual property infringement claims; extensive regulation affecting many of Atento's businesses; Atento's ability to protect its proprietary information or technology; service interruptions to Atento's data and operation centers; Atento's ability to retain key personnel and attract a sufficient number of qualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where Atento operates; changes in foreign exchange rates; Atento's ability to complete future acquisitions and integrate or achieve the objectives of its recent and future acquisitions; future impairments of our substantial goodwill, intangible assets, or other long-lived assets; and Atento's ability to recover consumer receivables on behalf of its clients. In addition, Atento is subject to risks related to its level of indebtedness. Such risks include Atento's ability to generate sufficient cash to service its indebtedness and fund its other liquidity needs; Atento's ability to comply with covenants contained in its debt instruments; the ability to obtain additional financing; the incurrence of significant additional indebtedness by Atento and its subsidiaries; and the ability of Atento's lenders to fulfill their lending commitments. Atento is also subject to other risk factors described in documents filed by the comp any with the United States Securities and Exchange Commission.
These forward-looking statements speak only as of the date on which the statements were made. Atento undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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BURNABY, BC, May 11, 2022 /PRNewswire/ - Cellula Robotics Ltd. (Cellula) is pleased to announce we are six months into a contract with Trusted Autonomous Systems (TAS), to develop the next generation of fuel cell powered, Extra-Large Unmanned Underwater Vehicle (XLUUV). Funded by the Royal Australian Navy (RAN) and in collaboration with sovereign sub-contractors, project SeaWolf is set to debut the first 12m XLUUV hull in the fourth quarter of 2022.
The SeaWolf project builds on Cellula's existing Solus-LR system and uses the proven Solus control architecture and software. Some notable features of the SeaWolf project include a mission range of over 5,000 kms powered by a state-of-the-art fuel cell power system and two modular 2,500 liter flooded payload bays. With a 12 meter by 1.7 meter hull, SeaWolf can be shipped in a single 40' ISO container. World renown Ron Allum has been sub-contracted by Cellula to implement a robust thruster and battery system.
"Cellula is excited to take the DRDC funded Solus-LR project to the next level of capability with TAS and RAN" said Adrian Woodroffe, Business Development Manager at Cellula. "Our fuel cell power system is the key enabler that gives SeaWolf a game changing submerged range and payload capacity."
CEO of TAS, Professor Jason Scholz noted "TAS are excited to see the progress on the SeaWolf project across engineering, manufacturing, regulatory, control, propulsion and other supporting technologies and concepts. The novel technologies and demonstrated capabilities at Cellula Robotics made them a partner of choice; and plans underway to establish an Australian Cellula entity will bring them closer to the sovereign enterprises in Australia already working on delivering our concept of an underwater loyal-wingman to the Royal Australian Navy".
While headquarters for Cellula are based in Burnaby, British Columbia, the company is in its final stages of establishing an Australian office in Brisbane to further the next stages of this project, including Australian-based design and manufacturing. Demonstration missions with Solus-LR and the prototype SeaWolf XLUUV will take place in the first quarter of 2023 in Australia.
About Cellula Robotics Ltd.
Engineering solutions, intelligent systems.
Cellula Robotics Ltd. is a proudly Canadian, privately owned, world leading marine technology company specializing in turnkey design and production of subsea robotic systems. Headquartered in Burnaby, British Columbia, Cellula employs 70 staff with a dedicated team of highly-skilled engineers, designers, and technicians. Cellula's extensive experience in projects that require integrated mechanical, electrical, hydraulic, and software elements in a subsea environment is evident in its wide client base spanning over the defence, mineral exploration and oil & gas sectors. Cellula prides itself in having developed and implemented a rigorous ISO 9001:2015 Quality Management System that continues to meet and exceed client expectations.
For more information, please go to www.cellula.com.
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GUATEMALA CITY, May 11, 2022 /PRNewswire/ -- Without giving an exact date for security reasons, in recent days, Dionisio Gutiérrez was part of a group of experts on reconstruction and development issues that traveled to various cities of Ukraine for 3 days.
Gutierrez described the trip as dramatic and sad, but at the same time hopeful after seeing the determination of the Ukrainians to defend their country.
The group flew from Madrid to Warsaw and then they were taken in several helicopters to Chelm. After getting to the border with Ukraine, a military convoy took them to Kyiv. Along the way they witnessed death, drama and destruction.
They visited Bucha and the cemeteries with mass graves. Gutiérrez affirms that there is evidence of war crimes committed by the Russians troops.
They spent two nights in an abandoned school in Irpin, in the northwest of Kyiv, which they used as a base to move around the region.
Gutiérrez and the group met with civil society leaders and specialists from various think tanks to discuss the reconstruction and development plan;, and to design the formulation of public policies so that Ukraine will soon become a modern European nation, with checks and balances system, rule of law and freedom. Fundación Libertad y Desarrollo will participate in this effort.
The participants of the mission signed confidentiality agreements on the visit to Ukraine to ensure their safety and that of the organizers.
At the end of the visit, Dr. Gutiérrez said that it will take a few weeks to assimilate the experiences and emotions felt on this trip to the land invaded by the Russian tyrant; and affirmed that the respect and admiration he feels for the Ukrainian people, for its army and for its president, will accompany him until the last of his days.
Dionisio Gutiérrez is a businessman, activist and communicator with a PhD in Sociology and Political Science. President of the Latin American think-tank Fundación Libertad y Desarrollo (Freedom and Development Foundation) and host of the weekly television program Razón de Estado. He is a member of the Latin American Council of Georgetown University and of the Council of the Harvard Kennedy School. In 2021, he became the only Latin American on the Freedom House Council.
For more information, visit https://fundacionlibertad.com/
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SOURCE Fundación Libertad y Desarrollo | https://www.whsv.com/prnewswire/2022/05/12/dionisio-gutierrez-joins-mission-experts-visit-ukraine/ | 2022-05-12T01:58:42Z |
MIAMI, May 11, 2022 /PRNewswire/ -- As the world heads to the airport in Summer 2022, they will have a new experience—not PCR tests or face shields—but instead a premium food delivery solution. Covid-19 has radically and permanently changed air travel, and travelers expect airports to evolve their offerings for the post-pandemic era.
Food on the Fly is the world's best app-based food delivery service that will operate in airport terminals, connecting transiting passengers with the existing food and beverage concessions located in the secured terminal areas using a sophisticated mobile application, a Web3-based proprietary flight tracking order management system, and dedicated personnel in the terminal.
Passengers who would otherwise be constrained by their connection time or departure gate will now be empowered to place an order in real time or in advance from any of the airport's variety of premium restaurant and bar offerings—with guaranteed, on-time delivery.
Chad D. Cummings, founder and principal, explains: "The existing solutions and platforms were all brought to market pre-Covid. Those models, platforms, and ideas all need to be re-worked for the post-Covid world. That's what we've done with this new iteration of Food on the Fly—the first post-Covid platform operating in this space."
He continues: "My team has given a tremendous amount of thought as to how the airport experience will evolve post-Covid and the qualities that travelers will expect and demand in their new outlook. Premium is the new standard."
Food on the Fly is a winner for airports and existing food and beverage outlets alike. Ongoing schedule shake-ups are pushing tight connections even tighter, driving down revenue for restaurants in terminals and rents collected by airport operating authorities.
While delivering meals to weary passengers, Food on the Fly will also deliver revenue to these stakeholders by monetizing what would otherwise be a missed opportunity to connect travelers with premium, locally-sourced, and nationally-recognized food and beverage offerings.
Food on the Fly is launching later this summer.
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SOURCE Food on the Fly | https://www.whsv.com/prnewswire/2022/05/12/food-fly-celebrates-their-return-market/ | 2022-05-12T01:58:48Z |
- Total revenues increased by 6.1% year over year to RMB307.4 million (US48.2 million)[1] for the fourth quarter 2021.
- Income from operations decreased by 69.5% year over year to RMB36.1 million (US$5.7 million) [1] for the fourth quarter 2021.
- Adjusted EBITDA (non-GAAP) [2] decreased by 47.4% year over year to RMB68.8 million (US10.8 million) for the fourth quarter 2021.
- Core net income (non-GAAP) [3] decreased by 67.2% year over year to RMB35.8 million (US$5.6 million) [1] for the fourth quarter 2021.
- GreenTree's board of directors has approved a share repurchase program of up to US$20 million over the next 12 months.
SHANGHAI, May 11, 2022 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2021.
Fourth Quarter of 2021 Operational Highlights
- A total of 4,659 hotels with 337,153 hotel rooms were in operation as of December31, 2021, compared to 4,626 hotels and 334,162 hotel rooms as of September 30, 2021.
- As of December 31, 2021, the Company had 66 leased-and-operated ("L&O") hotels and 4,593 franchised-and-managed ("F&M") hotels in operation in 367 cities across China, compared to 40 L&O hotels and 4,300 F&M hotels in operation in 345 cities as of December 31, 2020. Geographic coverage increased by 6.4% year-over-year.
- During the quarter, the Company opened 138 hotels, a decrease of 65 compared to 203 hotels opened in the fourth quarter of 2020. Of the hotels opened in the fourth quarter of 2021, three were in the luxury segment, 44 were in the mid-to-up-scale segment, 59 were in the mid-scale segment, and 32 were in the economy segment. Geographically speaking, 15 hotels were in Tier 1 cities [3], 34 were in Tier 2 cities and the remaining 89 were in Tier 3 and lower cities in China as of December 31, 2021.
- As of December 31, 2021, the Company had a pipeline of 1,225 hotels contracted for or under development, of which 57 hotels were in the luxury hotel segment, 347 were in the mid-to-up-scale segment, 478 were in the mid-scale segment, and 343 were in the economy segment.
- The average daily room rate, or ADR, for all hotels in operation was RMB170, a 4.6% increase from RMB162 in the fourth quarter of 2020, and a 0.8% increase from RMB168 in the fourth quarter of 2019, before the COVID-19 outbreak.
- The occupancy rate, or OCC, for all hotels in operation was 69.2%, a decrease of 7.5% compared with 76.7% in the fourth quarter of 2020, and a 7.2% decrease compared with 76.4% in the fourth quarter of 2019, before the COVID-19 outbreak.
- The revenue per available room, or RevPAR, which is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB117, a 5.6% year-over-year decrease, and a 8.7% decrease compared with RMB129 in the fourth quarter of 2019, before the COVID-19 outbreak.
- As of December 31, 2021 the Company's loyalty program had over 69 million individual members and approximately 1,850,000 corporate members, compared to over 66 million individual members and approximately 1,810,000 corporate members, respectively, as of September 30, 2021. The Company sold approximately 91.0% of room nights directly during the fourth quarter of 2021.
2021 Full Year Operational Highlights
- For the full year 2021, the Company opened 722 hotels, an increase of 34.2% comparing to 538 newly-opened hotels in the full year 2020. Of the hotels opened in 2021, 10 were in the luxury hotel segment, 189 were in the mid-to-up-scale segment, 415 were in the mid-scale segment, and 108 were in the economy segment. Geographically speaking, 46 hotels were in Tier 1 cities, 200 were in Tier 2 cities and the remaining 476 were in Tier 3 and other cities in China as of December 31, 2021. During 2021, the Company closed 403 hotels, and added a net of 319 hotels to its portfolio.
- The average daily room rate, or ADR, for all hotels in operation, was RMB164 in the full year 2021, a 7.5% year-over-year increase.
- The occupancy rate, or OCC for all hotels in operation was 71.1% in the full year 2021, compared with 68.7% in the full year 2020.
- The revenue per available room, or RevPAR, which is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB116 in the full year 2021, a 11.3% year-over-year increase.
"While addressing unprecedented challenges brought by the pandemic, we have continued to focus on the execution of our strategic growth plan for the long term," said Mr. Alex Xu, Chairman and Chief Executive Officer of GreenTree. "Thanks to the hard work and vigilance of our team, franchisees and partners to protect the health, safety and comfort of our customers, we delivered solid results during the fourth quarter of 2021, recovering 91.3% of our RevPAR in this quarter compared to the same period in 2019.
Several waves of COVID-19 infections in parts of China in the fourth quarter of 2021 dampened user demand for hotels stays overall. Despite the impact of COVID-19 in November, and thanks to our resilient business model, RevPAR for the quarter recovered to 91.3% of its level in the same period in 2019. This performance was better than our industry's average and gave momentum to our business. We also made progress in some of our new business models, such as E-sports hotels. As a result, E-sports hotels have performed better throughout the pandemic, bringing stable occupancy rates and profits to our franchisees and partners.
Going into 2022, we are pleased to see that our business has maintained better momentum than our industry in January and February, especially during Chinese New Year. However, additional COVID-19 outbreaks in March slowed down the pace of recovery in the domestic hospitality industry, especially in top-tier cities. March was negatively impacted by the resurgence of COVID-19 in many parts of China, particularly in Jilin Province, Guangdong Province and Shanghai. While the hotel industry as a whole has been hit hard and is under tremendous pressure, we have been strongly supported by the unwavering dedication of our staff and partners. Their dedication gives us confidence for the future, in our ability to continue to navigate uncertainty and to emerge from the pandemic stronger than ever."
Fourth Quarter 2021 Financial Results
Total revenues for the fourth quarter of 2021 were RMB307.4 million (US$48.2 million) [1], a 6.1% year-over-year increase. The increase was primarily due to newly opened L&O and F&M hotels. Compared with the fourth quarter of 2019, before the COVID-19 outbreak, total revenues for the fourth quarter of 2021 increased by 6.2%. Total revenues for the full year 2021 were RMB1,206.1 million (US$189.3 million) [1], a 29.7% year-over-year increase.
Total revenues from leased-and-operated hotels for the fourth quarter of 2021 were RMB112.4 million (US$17.6 million) [1], a 47.7% year-over-year increase. The increase was primarily due to a 1.2% year-over-year increase in L&O hotels' RevPAR and revenues from the 29 L&O hotels opened since the beginning of 2021. This revenue increase was partially offset by the closure of three L&O hotels over the same period. Total revenues from L&O hotels for the full year 2021 were RMB392.0 million (US$61.5 million) [1], a 72.6% year-over-year increase.
Total revenues from franchised-and-managed hotels for the fourth quarter of 2021 were RMB184.7 million (US$29.0 million) [1], a 10.8% year-over-year decrease. Initial franchise fees for the fourth quarter of 2021 increased by 5.7% year-over-year, mainly attributable to the gross opening of 132 F&M hotels and the closure of 105 F&M hotels. Recurring franchisee management fees and others for the fourth quarter of 2021 decreased by 12.4% year-over-year, primarily due to a 5.8% decrease in RevPAR due to impact of COVID-19 and the fee waiver to franchisees of quarantined hotels and hotels whose RevPAR has been severely affected by the pandemic. Total revenues from F&M hotels for the full year 2021 were RMB774.4 million (US$121.5 million) [1], a 14.3% year-over-year increase.
Total operating costs and expenses
Hotel operating costs for the fourth quarter of 2021 were RMB191.9 million (US$30.1 million) [1], a 92.3% year-over-year increase. The increase was mainly attributable to the opening of 29 L&O hotels since the beginning of 2021, which resulted in higher rents, higher utilities and consumables, higher staff headcount and compensation expenses, higher depreciation and amortization, and higher ramp up costs. Excluding the impact from newly-opened L&O hotels in 2021, hotel operating costs for the fourth quarter of 2021 increased 19.7%. Hotel operating costs for the full year 2021 were RMB651.4 million (US$102.2 million) [1], a 65.9% year-over-year increase.
Selling and marketing expenses for the fourth quarter of 2021 were RMB10.6 million (US$1.7 million) [1], a 56.1% year-over-year decrease. The decrease was mainly attributable to lower advertising expenses. Selling and marketing expenses for the full year 2021 were RMB66.9 million (US$10.5 million) [1], a 11.2% year-over-year decrease.
General and administrative expenses for the fourth quarter of 2021 were RMB72.5 million (US$11.4 million) [1], a 42.4% year-over-year increase. The increase was mainly attributable to the opening of 29 L&O hotels since the beginning of 2021, increased one-time consulting fees for capital markets advice and increased bad debts during 2021. Excluding the impact from newly-opened L&O hotels and one-time consulting fees, general and administrative expenses for the fourth quarter of 2021 increased by 19.9%. General and administrative expenses for the full year 2021 were RMB268.3 million (US$42.1 million) [1], a 55.5% year-over-year decrease.
Gross profit for the fourth quarter of 2021 was RMB115.5 million (US$18.1 million) [1], a year-over-year decrease of 39.2%. Gross margin for the fourth quarter of 2021 was 37.6%, compared to 65.6% a year ago. The decrease was primarily due to the operating loss recorded by newly-opened L&O hotels during their ramp-up period. Gross profit for the full year 2021 was RMB554.8 million (US$87.1 million) [1], a 3.2% year-over-year increase.
Income from operations for the fourth quarter of 2021 was RMB36.1 million (US$5.7 million) [1], a year-over-year decrease of 69.5%, with a margin of 11.8%. The decrease was mainly due to the operating loss recorded by newly-opened L&O hotels during their ramp-up period. Excluding the impact of newly-opened hotels, income from operations for the fourth quarter of 2021 was RMB261.4 million, a year-over-year increase of 16.6%, with a margin of 54.3%. Income from operations for the full year 2021 was RMB241.7 million (US$37.9 million) [1], a year-over-year decrease of 24.3%.
Net income for the fourth quarter of 2021 was RMB28.6 million (US$4.5 million) [1], compared to RMB79.5 million in the fourth quarter of 2020 and net margin was 9.3%. The year-over-year decrease was mainly attributable to the operating loss recorded by newly-opened L&O hotels during their ramp-up period. Net income for the full year 2021 was RMB207.8 million(US$32.6 million) [1], a year-over-year decrease of 15.1%.
Adjusted EBITDA (non-GAAP) [2] for the fourth quarter of 2021 was RMB68.7 million (US$10.8 million) [1], a year-over-year decrease of 47.4%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, for the fourth quarter of 2021 was 22.4%, compared to 45.1% a year ago. Excluding the impact of newly-opened hotels, adjusted EBITDA (non-GAAP) for the fourth quarter of 2021 was RMB105.0 million, with a margin of 40.2%. Adjusted EBITDA (non-GAAP) for the full year 2021 was RMB317.7 million (US$49.9 million) [1], a year-over-year decrease of 10.6%.
Core net income (non-GAAP) for the fourth quarter of 2021 was RMB35.8 million (US$5.6 million) [1], a year-over-year decrease of 67.2%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, for the fourth quarter of 2021 was 11.7%, compared to 37.7% one year ago. Core net income (non-GAAP) for the full year 2021 was RMB208.8 million (US$32.7 million) [1], a year-over-year decrease of 27.9%.
Earnings per ADS (basic and diluted) for the fourth quarter of 2021 were RMB0.25 (US$0.04) [1], down from RMB0.83 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) for the fourth quarter of 2021 was RMB0.35 (US$0.05) [1], down from RMB1.06 a year ago. Earnings per ADS (basic and diluted) for the full year 2021 was RMB2.05 (US$0.32) [1] down from RMB2.54 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.03 (US$0.32) [1] for the full year 2021, a decrease from RMB2.81 a year ago.
Cash flow Operating cash inflow for the fourth quarter of 2021 was RMB201.3 million (US$31.6 million) [1] as a result of income from operations. Investing cash outflow for the fourth quarter of 2021 was RMB256.4 million (US$40.2 million) [1], which was primarily attributable to purchases of short-term investment, investments and deposits for property and equipment, and loans to franchisees. The investing cash outflow was partially offset by proceeds from short-term investments. Financing cash inflow for the fourth quarter of 2021 was RMB154.2 million (US$24.2 million), mainly attributable to dividends distributed by the end of the year 2021. Operating cash inflow for the full year 2021 was RMB361.0 million (US$56.6 million) [1]. Investing cash outflow for the full year 2021 was RMB928.4 million (US$145.7 million) [1]. Financing cash inflow for the full year 2021 was RMB255.6 million (US$40.1 million) [1].
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposit. As of December 31 , 2021, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,235.9 million (US$193.9 million) [1], compared to RMB1,192.1 million as of September 30, 2021. The increase from the prior quarter was primarily attributable to drawing down of bank facilities offset by dividend distribution to our shareholders, acquisition costs of our L&O hotels, changes in fair value of equity securities and loans to franchisees.
COVID-19 Update
Despite the resurgence of COVID-19 in the fourth quarter of 2021, we delivered solid results, with RevPAR recovering to 91.3% of its level in the same period in 2019. At the end of December 2021, our RevPAR had bounced back to almost 100% of its level in the fourth quarter of 2019 (the "4Q2019 Level"). With the resurgence of COVID-19 nationwide, our RevPAR fell to around 81.3% of the 4Q2019 Level in the first week of November 2021, but gradually recovered to 98.5% of the 4Q2019 Level in the last week of December 2021. In early 2022, hotels braced for a rush of guests during the Chinese New Year due to family reunions and anticipated recovery in domestic tourism, leading to a boom for the hospitality industry. In the first quarter of 2022, the Company's RevPAR temporarily reached 88% of its level in the first quarter of 2019. However, the reintroduction of travel restrictions due to increased omicron variant cases led to a decline in RevPAR.
At the beginning of 2022, another round of COVID outbreaks in March and April led to some restrictions in major cities being locked down, and millions of residents confined at home, slowing down the recovery pace of the domestic hospitality industry, especially in top-tier cities. Outbreaks in Jilin Province, Guangdong Province and Shanghai in March led to a drop in our RevPAR of the first week of May to only 56.0% of its level at the same time in 2019. A certain number of our hotels participate in domestic quarantine programs. We help local governments implement quarantine policies, help our guests isolate safely, and help our franchisees stabilize their income. We believe our hotels' participation can help them stay competitive in the industry. While China's domestic market remains under pressure due to a new wave of infections and the rapid increase in omicron cases, we believe we can continue to outperform the industry across business lines.
Guidance
Assuming the recent resurgences of COVID-19 remain under control in China and the market will recover in the third quarter and fourth quarter, the Company expects an increase in total revenues of up to 5% for the full year 2022, compared to 2021.
The guidance set forth above reflects the Company's current and preliminary views based on its recovery and may not be indicative of the final financial results for any future interim period and/or the full year ending December 31, 2022.
Share Repurchase Program
The Company today also announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$20 million worth of its outstanding (i) American depositary shares ("ADSs"), each representing one Class A ordinary share, and/or (ii) Class A ordinary shares over the next 12 months.
Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. The Company will also effect repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy, as applicable. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company's working capital requirements and general business conditions. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance and does not expect the repurchase program to adversely affect its existing growth plan and strategies.
Conference Call
GreenTree's management will hold an earnings conference call at 8:00 PM U.S. Eastern Time on May 11, 2022, (9:00 AM Beijing/Hong Kong Time on May12, 2022).
Dial-in numbers for the live conference call are as follows:
Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.
A telephone replay of the conference call will be available after the conclusion of the live conference call until May, 2022.
Dial-in numbers for the replay are as follows:
Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com.
Use of Non-GAAP Financial Measures
The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.
The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
The term Adjusted EBITDA and core net income is not defined under U.S. GAAP, and Adjusted EBITDA and core net income is not a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.
Reconciliations of the Company's non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE: GHG) is a leading hospitality management group in China. As of December 31 2021, GreenTree had a total number of 4,659 hotels. In 2020, HOTELS magazine ranked GreenTree Top 12 Ranking among 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was also the fourth largest hospitality company in China in 2020 based on the statistics issued by the China Hospitality Association.
GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit http://ir.998.com
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished 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. Any statements that are not historical facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree's goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.
Financial Tables and Operational Data Follow
Operational Data
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7999
E-mail: ir@998.com
Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: ir@998.com
Christensen
In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: jxu@christensenir.com
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: khui@christensenIR.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
1 The conversion of Renminbi ("RMB")into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.3726 on December 31, 2021 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/
2 Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization and losses from investment in equity securities but excludes other operating income, interest income and other, net, gains from investment in equity securities, share of gains in equity investees (net of tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the abovementioned definition.
3 Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), one-time fees and expense and asset impairment/accrued bad debt but excludes government subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax).
4 Tier 1 Cities refers to Beijing, Shanghai, Shenzhen and Guangzhou; Tier 2 Cities refers to the 32 major cities, other than Tier 1 Cities, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and other major cities designated as municipalities with independent planning by the State Council.
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SOURCE GreenTree Hospitality Group Ltd. | https://www.whsv.com/prnewswire/2022/05/12/greentree-hospitality-group-ltd-reports-fourth-quarter-fiscal-year-2021-financial-results/ | 2022-05-12T01:58:55Z |
Led by Animoca Brands and Gaw Capital, the fresh capital will support Gusto Collective's growth in Web3, Metaverse and product development
HONG KONG, May 11, 2022 /PRNewswire/ -- Gusto Collective, Asia's first BrandTech holding company, has raised US$ 11 million in its Seed Plus funding round led by Animoca Brands and Gaw Capital. The oversubscribed round also received participation from BlackPine, YCI Limited, and several existing shareholders including ClearVue Partners. With the completion of this round, the company has raised US$ 23 million in cumulative external funding since launching in 2020.
Gusto Collective was founded in 2020 by Chairman and CEO Aaron Lau, with the ambition of combining best-in-class storytelling and immersive technology. Gusto Collective has around 200 full-time "Gustodians" and the group consists of four specialisms in Web3 marketing services, an augmented reality experience platform, a metahuman platform and luxury marketing services. The company has partnered with Hong Kong's largest wireless operator, CSL, to create 5G AR experiences through an AR application it created; partnered with Phillips Auctioneers on the world's first real-time generative data art, based on auction data; and created AR experiences for Pixar Fest in the Harbour City mall in 2021.
The funding will support Gusto Collective's growth in 1) geographic expansion into other parts of Asia; 2) Web3 services and products, and 3) recurring-revenue product development.
"Gusto Collective was founded with the simple idea of helping brands connect with their franchise in the fast-growing world of Asia, whether in the physical world of bricks and mortar, or the emerging world of the metaverse. Since 2020, the company has been focused on creating content and experiences using the latest AR, VR and XR technologies. In the last 18 months, we have added metaverse services onto our tech stack to help brands build relationships with their franchises in this new medium. With the new funding, we intend to move more aggressively into Web3 tech services and expand geographically to bring our BrandTech capabilities to other fast-growth geographies within Asia," said Aaron Lau, Gusto Collective Founder and CEO.
Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: "Major brands continue to increase their Web3 involvement and capabilities in order to engage with customers in the open metaverse. Gusto Collective has already proven to be adept at partnering with customers for Web3 and augmented reality services. With Aaron leading a growing and world-class team, Gusto Collective has the opportunity to establish strong recurring-revenue products and client services."
"Gusto Collective's team has decades of experience connecting brands with consumers via online, offline and hybrid mediums. Just like how Web2 revolutionized online marketing, Web3 is the next dimension for brands to further interact and deepen their relationships with consumers. Having witnessed Gusto Collective's marketing and branding prowess first-hand, we are excited to support the company to bring their marketing and creative expertise into the dynamic and fast-growing Web3 universe. " said Kenny Gaw, Managing Partner and Co-Founder of Gaw Capital Partners.
Gusto Collective also recently announced the appointment of Jeff Zielinski, Chief Financial Controller, Gusto Collective, based in Hong Kong.
About Gusto Collective
Gusto Collective is Asia's first BrandTech holding company – bringing the best businesses in technology and branding together to drive value and growth for brands through immersive and engaging customer experiences. Gusto Collective is a leading player in determining the future of immersive customer experiences that are increasingly operating within the spheres of AR, the metaverse and NFTs. The Collective was founded in January 2020 by Aaron Lau, an advertising, and branding veteran. The Collective has around 200 full-time employees. Gusto Luxe is focused on the Luxury and Premium sectors, Gusto Labs develops products in AR, VR, and more.
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SOURCE Gusto Collective | https://www.whsv.com/prnewswire/2022/05/12/hong-kong-based-gusto-collective-completes-seed-plus-financing-round-11-million-usd/ | 2022-05-12T01:59:02Z |
SAN FRANCISCO, May 11, 2022 /PRNewswire/ -- Instacart today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC"). The registration statement is expected to become effective after the SEC completes its review process, subject to market and other conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). This announcement is being issued in accordance with Rule 135 under the Securities Act.
Contacts:
Press: press@instacart.com
Investor Relations: investors@instacart.com
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SOURCE Instacart | https://www.whsv.com/prnewswire/2022/05/12/instacart-announces-confidential-submission-draft-registration-statement/ | 2022-05-12T01:59:11Z |
SEOUL, May 11, 2022 /PRNewswire/ -- LG Display, the world's leading innovator of display technologies, unveiled its original research results on the ergonomic requirements of gaming displays, providing further evidence that OLED is the optimal gaming display. The research was introduced during the 2022 SID Business Conference at Display Week in San Jose, California.
With demand for gaming displays surging since the onset of the pandemic, this move aims to establish new and reliable standards that can objectively judge the performance of gaming displays from the perspective of consumers.
For the study, LG Display tested a handful of gamers to discover which display conditions provide the best gaming experiences. The players tested games of different genres on a wide spectrum of displays, from OLED and LCDs to flat and curved form factors. The study results show that a gamer's reaction time can be improved by using OLED, while a display's curvature provides a more immersive gaming experience.
Reaction time is the time it takes for the user to recognize the input signal on the screen and then react to it by clicking their mouse or keyboard. Because a shorter reaction time increases the player's chances of winning, it is widely considered one of the most important factors when choosing a display. Study results reveal that an OLED's average reaction time was 50 milliseconds (ms) faster than an LCD. "Considering the gamer uses a special mouse or keyboard for gaming which usually provides speed advantage of 10 to 20ms, 50ms is critical in determining a game's outcome," said Dr. Jang Jin Yoo, Research Fellow and the head researcher of the study at LG Display.
Curvature, which refers to the display's degree of curve, is another determinant factor of a gaming display's performance. The research study shows that 800R was selected as the display curvature to deliver the most immersive playing experience, although less curved screens performed slightly better for specific sports games. The curvature of today's gaming monitor screen ranges from 1800R to 4000R, while the study found out that the optimal viewing distance from the monitor display and the person for gaming is around 800mm. This suggests that gamers are missing out on the optimal curvature, and therefore the ultimate gaming experience, too.
"Given its flexible nature, OLED can maximize a display's degree of curve to the highest level, which is impossible on an LCD," said Chang-han Kim, Vice President and Head of Gaming Display Business Division at LG Display. "Finding out that the optimal curvature for gaming is 800R was definitely an exciting discovery for us."
With its leading reputation for introducing the world's first Rollable OLED TV in 2018, LG Display has now set its sights on developing game-changing displays that bring the next-level immersion gamers crave. The company is backing its recent studies, which identified a bendable display as the ideal gaming monitor, by developing a Bendable OLED display that leverages its flexible nature to safely bend from curved to straight on command while maintaining unmatched picture quality.
"Bendable OLED display will be one of the most fun gaming devices that gamers will find in the market," remarked Kim. "We will continue to expand our gaming OLED lineup to offer new and exciting gaming experiences for our customers."
LG Display is developing gaming-exclusive OLED panels with unique and distinctive form factors which shift between curved and flat states, and plans to collaborate with major global gaming brands to release the most innovative gaming displays in the future.
Globally renowned for its excellent performance, OLED is considered the perfect choice for console or high-end PC games. It also boasts outstanding three-dimensional image quality across an infinite contrast ratio, the fastest response time, and a wide variable refresh rate that ranges from 40 Hz to 240 Hz.
Another crucial aspect of gaming performance is eye health. LG Display's OLED displays boast the lowest blue light level in the industry, emitting 60% less than that of premium LCD displays of the same size. The OLED's exceptionally low blue light allows players to enjoy longer, flicker-free gaming experiences without side effects such as eye fatigue or headaches.
About LG Display
LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world's leading innovator of display technologies, including thin-film transistor liquid crystal and OLED displays. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, and various other applications, including tablets and mobile devices. LG Display currently operates manufacturing facilities in Korea and China, and back-end assembly facilities in Korea, China, and Vietnam. The company has approximately 70,707 employees operating worldwide. For more news and information about LG Display, please visit www.lgdisplay.com.
Media Contact:
TaeHyun Tommy Jang, Assistant Manager, Global PR Team
Email: tommy.jang@lgdisplay.com
Lee Jean, Team Leader, Global PR Team
Email: jean.lee@lgdisplay.com
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SOURCE LG Display | https://www.whsv.com/prnewswire/2022/05/12/lg-displays-research-results-reaffirm-oled-is-optimal-gaming-display/ | 2022-05-12T01:59:18Z |
ANDOVER, Mass. and BERWYN, Pa. and CHARLOTTE, N.C. , May 11, 2022 /PRNewswire/ -- Rita M. Gardner, President and CEO of Melmark, Inc. has recently been named the Overall Winner and Financial Strength Category Winner of the 2022 CBIZ Inc. Women Transforming Business Awards. Martha Stewart unveiled the news to those in attendance during the live, virtual event in Minneapolis, MN on April 26th.
CBIZ is a $2.1 BIL award winning professional consulting provider that works with businesses across the nation. This annual award program is powered by CBIZ Women's Advantage and recognizes visionary women in business across the country for their success in advancing financial, cultural and innovational initiatives. Ms. Gardner was nominated because of her leadership at Melmark throughout the COVID-19 pandemic. During her acceptance remarks, Ms. Gardner thanked all of Melmark's direct support professionals for always putting Melmark's mission of serving those with intellectual disabilities first.
"It's such an honor to have been nominated alongside this group of exceptional women leaders," said Gardner. "I really want to share these two awards with all my team members at Melmark who have worked tirelessly during the height of the COVID-19 pandemic, maintained the organization's financial stability and who continue to take their roles as essential workers seriously for the vulnerable children and adults they work with. They are truly mission driven and they make Melmark everything it is today."
Rita M. Gardner, M.P.H., LABA, BCBA leads Melmark's more than $100-million multi-state operations across all of its divisions. Melmark's programs include premier private special education schools, professional development, and training and research centers. The organization's clinically-sophisticated, evidence-based programs serve individuals with the diagnosis of autism spectrum disorders, acquired brain injuries, medical fragility and severe challenging behaviors.
Gardner, who is the co-founder of Melmark New England and Melmark Carolinas, is an accomplished legislative advocate, and her work has positively impacted services for individuals diagnosed with autism throughout the United States. One of her most notable accomplishments as an advocate is her involvement in the establishment of multiple public policy pieces that improve services to students and adults with autism and their families.
Gardner received her Master of Public Health degree from Boston University's School of Public Health in the School of Medicine. Most important, she holds the heart of Melmark's mission at the core of her professional standards. She is dedicated to every child, adult and family served at Melmark, as well as every member of Melmark's professional staff.
About Melmark
Melmark is a multi-state human service provider with premier special education schools, professional development, training, and research centers. Programs and services include a children's day school, after-school and residential programs, adult day and adult residential programs. Other services include public school consultation and family outreach services, a formal professional development program including onsite graduate education, an Expert Speakers Series and the creation and design of EnvisionSMART™,
which includes a series of professional practitioner manuals and proprietary software programs designed to replicate the Melmark Model of Program Development for public schools and other service providers. For more information, visit www.Melmark.org.
About CBIZ Women's Advantage
CBIZ Women's Advantage (CWA)'s mission is simple: Women helping women succeed in business. CWA helps create a competitive advantage for our women through professional training, development, mentorship, recognition, and career enhancement. We also bring these same elements to women in our business communities through a variety of educational and networking events as well as through our charitable initiatives. For more information, visit www.cbiz.com.
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SOURCE Melmark | https://www.whsv.com/prnewswire/2022/05/12/melmark-ceo-named-financial-strength-overall-winner-2022-cbiz-women-transforming-business-awards/ | 2022-05-12T01:59:25Z |
WASHINGTON, May 11, 2022 /PRNewswire/ -- The National Organization for Rare Disorders (NORD) applauds efforts of Congressional leaders to protect the Orphan Drug Act (ODA) and ensure proper incentives are in place to continue to foster robust rare disease drug development. Last week, leaders of the House Energy and Commerce Committee included language in their bipartisan Food and Drug Amendments of 2022 (H.R. 7667) and today Senators Baldwin and Cassidy introduced the Retaining Access and Restoring Exclusivity (RARE) Act (S.4185) to clarify the original intent of the ODA and codify FDA's long-standing interpretation of that landmark law. The decision from a recent court case, if not addressed by Congress, could hinder continued progress in rare disease drug development.
"Catalyst Pharms., Inc. v. Becerra threatens to undermine 40 years of practice and progress enabled by the Orphan Drug Act, which has benefited millions of Americans and their families facing rare disease diagnoses," said Peter L. Saltonstall, President and CEO, NORD. "Still, there are approximately 25-30 million Americans living with a rare disease and more than 90% of the 7,000 known rare diseases do not yet have an FDA-approved treatment. We are very encouraged by the legislation in both the House and Senate to clarify that orphan drug exclusivity is awarded only for the specific use that is approved by the FDA. This clarification will maintain appropriate incentives to encourage rare disease drug development as intended in the Orphan Drug Act with a goal of addressing the still significant unmet needs of many in the rare disease community."
The ODA provides a set of incentives to support research and development into drugs for rare diseases, which had been largely neglected by the pharmaceutical industry before the 1983 law. One of the key incentives is a seven-year term of "exclusivity," or market protection from competition, for the orphan drug once approved and marketed. The law established a two-part process for obtaining orphan drug exclusivity. First, at an early stage in development, a company can request that FDA "designate" the drug as an orphan drug to prevent, diagnose or treat a rare disease or condition. Once a company receives this designation, the company can access other ODA incentives, including tax credits for the research and clinical testing on the drug. Second, after completing the necessary clinical studies and obtaining FDA approval, the drug is then awarded exclusivity that protects the specific use of the drug that is approved.
However, the recent 11th Circuit decision in the case of Catalyst Pharms., Inc. v. Becerra, if allowed to stand, would turn this system on its head. The Court rejected FDA's decades-long interpretation of the ODA that the exclusivity protects the "use or indication" ultimately approved. The Court instead held that the rare disease designated at the outset of the drug development process dictates the scope of the orphan drug exclusivity. NORD believes this is an incorrect interpretation of the statute and is grateful to see Congress working to correct and clarify the law.
In the absence of a legislative fix, NORD believes there would be fewer orphan drugs approved for fewer special patient populations. That is not the goal of the ODA, and it is not in the best interest of the rare disease community. In most cases, the orphan designation is intentionally broader than the use ultimately approved. For instance, a drug might be designated for the treatment of Fabry's disease, a rare lysosomal storage disorder. After conducting studies in the disease, the sponsor may have only obtained data sufficient to support a narrower population than the entire patient population with Fabry's disease and seek approval for the treatment of only adults with the disease. Similarly, many orphan drugs designated for cystic fibrosis are designated for the disease broadly but are only approved for use in patients with a specific mutation.
If the 11th Circuit decision is left in place, the law would create an incentive for sponsors to seek broader designations for an entire rare disease at the outset, leaving little incentive to continue to study the safety and efficacy that drug in special populations, like children. More than half of people with rare diseases are children, so the implications of this Court ruling have the potential to be significant.
"NORD is grateful that Energy and Commerce Committee leadership and Senators Baldwin and Cassidy have recognized the threat posed by the 11th Circuit's interpretation of the Orphan Drug Act," said Heidi Ross, Vice President, Policy and Regulatory Affairs, NORD. "This issue must be addressed swiftly to ensure access to safe and effective drugs for specific rare disease populations is maintained and future research and development efforts for new treatments for rare diseases are appropriately incentivized."
To learn more about NORD's policy work and how to get involved, visit: http://bit.ly/Policy-Issues.
About the National Organization for Rare Disorders (NORD)
The National Organization for Rare Disorders (NORD) is the leading independent advocacy organization representing all patients and families affected by rare diseases in the United States. NORD began as a small group of patient advocates that formed a coalition to unify and mobilize support to pass the Orphan Drug Act of 1983. Since then, the organization has led the way in voicing the needs of the rare disease community, driving supportive policies, furthering education, advancing medical research, and providing patient and family services for those who need them most. Together with over 300 disease-specific member organizations, more than 17,000 Rare Action Network advocates across all 50 states, and national and global partners, NORD delivers on its mission to improve the lives of those impacted by rare diseases. Visit rarediseases.org.
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SOURCE National Organization for Rare Disorders (NORD) | https://www.whsv.com/prnewswire/2022/05/12/nord-applauds-legislative-efforts-restore-intent-orphan-drug-act/ | 2022-05-12T01:59:31Z |
AUSTIN, Texas, May 11, 2022 /PRNewswire/ -- Nutrabolt, a global active health and wellness company, today announces the appointments of Jody Macedonio, Chief Financial Officer at Chobani, and Alicia LeBeouf, Head of Industry – Retail at Meta, to the company's board of directors. These two accomplished women will play an integral role in guiding the innovative and growing company.
"I'm thrilled to welcome these two successful and experienced professionals to our Board of Directors. I'm confident that Jody's financial and operational expertise, and Alicia's passion for the customer experience will strengthen our board and support Nutrabolt in achieving its strategic growth objectives," said Doss Cunningham, Chairman and Chief Executive Officer of Nutrabolt. "I'm excited to have a world-class team in place on our Board, and work closely with them to reach our full potential as a company."
Jody Macedonio joins the board with more than 20 years of experience as a financial executive in the consumer packaged goods industry. Since 2020, Macedonio has served as the Chief Financial Officer of Chobani, the private manufacturer of Greek yogurt and other food and beverage products. By deploying smart cost controls, efficient systems, and building operational capability as part of category expansion efforts, Macedonio has delivered profitable growth for the company.
"I'm excited to join Nutrabolt's board, and look forward to helping them strategically grow market-leading performance brands. I'm looking forward to what we can do together to navigate a dynamic business environment," said Jody Macedonio.
Before her role with Chobani, Macedonio was Chief Financial Officer for Dean Foods and held senior finance roles at Henkel, Frito Lay North America and PepsiCo. Throughout her career, Macedonio has also sat on the board of Organic Valley Fresh. In addition, she has been active in several non-profit organizations including 4word, a national group serving professional women with faith through mentorship.
Alicia LeBeouf is currently at Meta as Head of Industry for Retail. In her role, LeBeouf helps retailers reimagine the shopping experience both digitally and in store to improve the omnichannel customer journey.
"I have admired the Nutrabolt brand and products for a long time. I'm honored to join the Board of Directors to support the mission of helping people live their best active lives," stated Alicia LeBeouf.
Prior to joining Meta, LeBeouf oversaw merchandising and marketing efforts for Canteen – a sector of Compass Group North America – the nation's largest micro-market and vending company. Additionally, LeBeouf held several senior leadership positions over her ten-year career at Target, including roles in operations and stores that focused on elevating the consumer experience and delivering profitable growth.
LeBeouf is passionate about the community and recently served as Vice Chair of the board for the Goodwill of the Southern Piedmont region. She also champions DEI initiatives professionally and personally by leading a diversity mentoring circle for professional Black women.
The appointment of both Macedonio and LeBeouf reinforce Nutrabolt's commitment to ensuring long-term, strategic growth. The board is comprised of a diverse, highly engaged group of individuals each with specific skills and experiences to help guide the company through today's everchanging business environment.
About Nutrabolt
Nutrabolt is a fast-growing, global active health and wellness company with a portfolio of market leading performance-oriented brands that energize and fuel active lifestyles. The company's disruptive and innovative products compete in the Functional Beverage and Active Nutrition segments, under three consumer-loved brands: C4® (one of the fastest-growing energy drink brands in the United States and the #1 selling global pre-workout brand), XTEND® (the #1 post-workout recovery brand in the United States), and Cellucor® (an award-winning sports nutrition brand created in 2002).
Since our founding 20 years ago, our goal has been to meet the discerning needs of performance athletes and fitness enthusiasts, while appealing beyond this core group to include consumers around the globe who are making healthy, active living a daily priority.
Nutrabolt's portfolio, which is distributed in over 125 countries, is sold through company-owned DTC platforms, Amazon, and other third-party marketplaces, and is available at leading retailers across the U.S., including Walmart, Target, 7-Eleven, Walgreens, Kroger, H-E-B, Wawa, Publix, GNC, and the Vitamin Shoppe. For more information about Nutrabolt, please visit www.nutrabolt.com.
Press Contact
Rachel Kasab
CURICH|WEISS
c4@curichweiss.com
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SOURCE Nutrabolt | https://www.whsv.com/prnewswire/2022/05/12/nutrabolt-appoints-two-new-board-members/ | 2022-05-12T01:59:38Z |
Legislation Would Require All CA Refiners To Disclose CA Profits Monthly
LOS ANGELES, May 11, 2022 /PRNewswire/ -- The latest investor profits reports show that California oil refiners are making unprecedented profits from refining oil into gasoline in the first quarter of 2022.
Some California oil refiners report profits from the first quarter of 2022 that are more than twice as high as those reported by the same refiners in other regions and as much as five times more than in the first quarter of 2021.
"Despite the oil industry's claims that the $1.50 extra per gallon Californians pay at the pump is due to taxes and environmental standards, first quarter profit reports show that California is nothing more than an ATM for oil refiners," said Jamie Court, president of Consumer Watchdog.
"These profit reports show the Golden State Gouge is real. Oil refiners exploited the crisis in Ukraine to make a mint from California drivers."
PBF Energy reports its crack spreads – the difference between the price of the crude oil it processes and petroleum products it sells – from both of its refineries in California on a quarterly basis.
For the first quarter of 2022, PBF's profits from its LA refinery grew to $32.84 per barrel from $15.75 per barrel in the first quarter of 2021. With 42 gallons in a barrel of gasoline, this means that PBF made about 78 cents per gallon on the gasoline it sold in Los Angeles from January 1 thru March 31st. That compares to 37 cents per gallon profits in LA in Q1 2021and 42 cents per gallon profit from its Midwest refinery in the first quarter of 2022.
"Since prices only tipped $6 per gallon well into the reporting period, this means that PBF likely made $1 per gallon profits on the gasoline sold in Southern California from March through May," said Court. "That's an obscene level of profits that should be a wake up call in Sacramento."
With gasoline prices skyrocketing only at the end of Q1, this shows the extreme profits California oil refiners have been making off the opportunity to charge more based on the increase in world crude oil prices. California oil refiners charge gasoline prices reflective of $109 per barrel crude oil prices. Profit reports reveal, however, that their crude oil costs are significantly less, leading to the unprecedented refining margins compared to previous California margins and margins across the rest of America.
Most California refiners don't break out their margins by refinery as PBF does, but all report margins or crack spreads on a Western regional basis. Given that California has the highest gas prices in America, $1.50 more per gallon than US gasoline prices, the California refining margins for these companies, if reported by state and not region, would almost certainly be greater than reported in Western region margins.
SB 1322 (Allen), sponsored by Consumer Watchdog, requires every California oil refiner to report their per barrel profit margins monthly. "With this information, California officials will be equipped to respond to periods of gouging like we are currently seeing," said Court. "The legislature needs to pass SB 1322 on an urgency basis with a two-thirds vote so that it can take effect immediately and we can monitor profit spikes this summer."
Chevron reports its refinery margins on a regional basis, but not by quarter, only year. Still, Chevron's first quarter profit report indicated "U.S. downstream operations reported earnings of $486 million in first quarter 2022, compared with a loss of $130 million a year earlier. The increase was mainly due to higher margins on refined product sales and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company."
Marathon's Western region crack spread was $19.99 per barrel in Q1 2022, compared to $12.35 in the Midwest and $13.80 in 2021 in the West.
Phillips 66's Western refining margins were $17.68 per barrel in Q1 2022, compared to roughly $7 per barrel in its Midwest and Gulf Coast refineries, and $7.49 per barrel in the West in 2021. Remarkably, Phillips 66's Q1 2021 margins were $3.33 per barrel. The increase from Q1 2021 to Q1 2022 is more than five-fold.
Valero's Q1 2022 refining margin for its Western region was $13.97 per barrel, which is greater than all its other regions and more than the $9.75 per barrel made in the West Q1 2021. Valero's Q1 2021 margin was $5.09, so its Q1 2022 margin is more than double.
Oil refiners freely share their margins or crack spread, but the measures are inconsistent and not published frequently enough to pinpoint periods of price gouging or specifically for California. SB 1322 would require monthly standardized reporting of California oil refiners' margins that would allow the public and regulators to pinpoint periods of price gouging.
In addition, existing California Energy Commission data and reports on "refiner margins" do not appear to account for actual crude oil costs of the refiners and are misleading. The margins appear to reflect the world price of crude oil, not the actual costs paid by refiners, who have long term contracts for crude oil and can pay half as much as the world crude price, therefore reaping a huge benefit when crude oil prices skyrocket.
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SOURCE Consumer Watchdog | https://www.whsv.com/prnewswire/2022/05/12/profit-reports-show-oil-refiners-are-gouging-californians-profits-per-gallon-double-says-consumer-watchdog/ | 2022-05-12T01:59:46Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Cassava Sciences, Inc. ("Cassava" or the "Company") (NASDAQ: SAVA). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Cassava and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 18, 2022, The New York Times published an article entitled "Scientists Question Data Behind an Experimental Alzheimer's Drug." The article addressed Cassava's experimental Alzheimer's drug, simufilam, and reported that one of Cassava's advisers, Dr. H.Y. Wang, had five papers he authored retracted from the scientific journal PLoS One after an in-depth investigation revealed "serious concerns about the integrity and the reliability of the results."
On this news, Cassava's stock price fell sharply during intraday trading on April 19, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/12/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-cassava-sciences-inc-sava/ | 2022-05-12T01:59:54Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Celsius Holdings, Inc. ("Celsius" or the "Company") (NASDAQ: CELH). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Celsius and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 1, 2022, Celsius disclosed that it could not timely file its 2021 annual report due to "staffing limitations, unanticipated delays and identified material errors in previous filings." Specifically, Celsius "determined that the calculation and expense of non-cash share-based compensation, related to grants of stock options and restricted stock units awarded to certain former employees and retired directors were materially understated for the three and six month periods ended June 30, 2021 and three and nine month periods ended September 30, 2021." As a result, management concluded that there was a material weakness in the Company's internal controls over financial reporting.
On this news, Celsius's stock price fell sharply during intraday trading on March 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/12/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-celsius-holdings-inc-celh/ | 2022-05-12T02:00:02Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dentsply Sirona Inc. ("Dentsply Sirona" or the "Company") (NASDAQ: XRAY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Dentsply Sirona and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 19, 2022, Dentsply Sirona issued a press release announcing the termination of Chief Executive Officer Don Casey, effective immediately, and stating that Casey "will cease to serve as a member of the Company's Board." On this news, Dentsply Sirona's stock price fell sharply during intraday trading on April 19, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP|
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/12/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-dentsply-sirona-inc-xray/ | 2022-05-12T02:00:09Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Enservco Corporation ("Enservco" or the "Company") (NYSE: ENSV). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Enervco and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 18, 2022, Enservco disclosed in a filing with the U.S. Securities and Exchange Commission that it had "concluded that the Company's previously issued condensed consolidated financial statements as of and for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 (collectively, the 'Relevant Periods') should no longer be relied upon due to the Company's utilization of certain deferred tax liabilities in 2021" and that "[t]he Company intends to amend its Quarterly Reports on Form 10-Q for the Relevant Periods to reflect restatements of its condensed consolidated financial statements for the Relevant Period."
On this news, Enservco's stock price fell sharply during intraday trading on April 19, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/12/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-enservco-corporation-ensv/ | 2022-05-12T02:00:18Z |
NEW YORK, May 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Prudential Financial, Inc. ("Prudential" or the "Company") (NYSE: PRU). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Prudential and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 29, 2022, the Wall Street Journal published an article entitled "How Prudential's Big Tech Bet Went Sour." The article reported on Prudential's $2.3 billion acquisition of Assurance IQ in late 2019, stating that "[t]he deal for Assurance IQ has badly missed its financial targets and left Prudential facing questions from regulators." Specifically, the article stated that "Prudential disclosed in a February filing that it had received a government subpoena and other inquiries 'related to the appropriateness of Assurance IQ's supplemental health product sales and marketing activity.'"
On this news, Prudential's stock price fell $3.61 per share, or 3.22%, to close at $108.51 per share on April 29, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP | https://www.whsv.com/prnewswire/2022/05/12/shareholder-alert-pomerantz-law-firm-investigates-claims-behalf-investors-prudential-financial-inc-pru/ | 2022-05-12T02:00:26Z |
Featuring a Capsule-shape design Electric Toothbrush with Built-In UVC-LED Sterilizer for a 100% Bacteria-Free Toothbrush
HONG KONG, May 11, 2022 /PRNewswire/ -- UTC Pro, a professional-grade 100% bacteria-proof and rust-proof electric toothbrush that can be seamlessly operated from one single button, has been launched today on Kickstarter, at <https://www.kickstarter.com/projects/1271636145/utc-pro-the-full-function-true-portable-electric-toothbrush?ref=4seqda>. A set of innovative features and functionalities is expected to draw the attention of backers looking for the ultimate solution in oral hygiene.
UTC Pro resembles a lipstick. The brush is covered by a multifunctional protective cover with a lid that closes it and leaves it ready to store or carry anywhere. "If fits into any pocket, so it's extremely compact," said Kevin of the UTC Pro campaign. Resembling a lipstick capsule that divides into two parts, it's as easy to open as it is to close. The base handle magnetic aligns with the lid, so closing it is an effortless process.
The device's protective cover has multiple functions. The bristles are kept protected and intact when the lid is closed, it's easy to keep closed due to the magnetic alignment with the device's body, and, when closed, a UVC-LED sterilization process automatically starts and lasts exactly 60 seconds, leaving the brush free from bacteria and viruses. When closed, its air flow channel design also means that there's ventilation to keep the brush dry, fresh, and again free from bacteria. When opened, the device automatically lights up to indicate the battery level, and the lid can be attached to handle to work as a convenient extension of it.
UTC Pro has an all-in-one button that allows you to fully control every function of the toothbrush, making it easy to switch between five brushing modes. Differently colored lights activate in the LED button displaying also the brushing countdown to know when the user should stop brushing, the power ON and OFF modes, and the countdown to know when the UVC-LED has completed the disinfection.
Another innovative aspect of UTC Pro is the fact that it introduces brush head using copper-free bristle technology that essentially removes any metal away from the actual brush—which prevents metal rust stains from being formed and bacteria from growing. By having no copper on the bottom of the brush head has no copper, this technology puts the conventional metal flocking process in the past, as well as the typical oral health issues caused by the presence of rust.
UTC Pro uses extra resistant FDA-approved DuPont bristles that are optimized for electric toothbrushes. In a nutshell, this stands for unparalleled quality and durability. It is a powerful yet extra quiet device that fully charges in only one hour, and that works for up to 25 days until the next charge is required
The UTC Pro Electric Toothbrush campaign on Kickstarter at <https://www.kickstarter.com/projects/1271636145/utc-pro-the-full-function-true-portable-electric-toothbrush?ref=4seqda> is seeking to raise $3,000 to fund the large-scale production of the brush. Backers who support the campaign gain early and discounted access to the device.
About the Company
WESMYLE focuses on innovative design and development of personal care products—especially in the field of oral care products. We intend to revolutionize this universe by matching outstanding design with convenience and advanced functionalities and a great user experience.
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SOURCE WESMYLE | https://www.whsv.com/prnewswire/2022/05/12/wesmyle-launches-utc-pro-capsule-shape-portable-sonic-electric-toothbrush-kickstarter/ | 2022-05-12T02:00:34Z |
SÃO PAULO, May 11, 2022 /PRNewswire/ -- Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX communications platform in Latin America, empowering companies to transform their existing communications with end-customers along their life cycle, today announced that it filed its interim financial statements from first quarter 2022 with the Securities and Exchange Commission. The quarterly report can be accessed on the Company's investor relations website at http://investors.zenvia.com or at http://www.sec.gov.
About ZENVIA
ZENVIA is driven by the purpose of empowering companies to create unique experiences for customer communications through its unified end-to-end platform. ZENVIA empowers companies to transform their existing customer communications from non-scalable, physical, and impersonal interactions into highly scalable, digital first and hyper contextualized experiences across the customer journey. ZENVIA's unified end-to-end CX communications platform provides a combination of (i) SaaS focused on campaigns, sales teams, customer service and engagement, (ii) tools, such as software application programming interfaces, or APIs, chatbots, single customer view, journey designer, documents composer and authentication and (iii) channels, such as SMS, Voice, WhatsApp, Instagram and Webchat. Its comprehensive platform assists customers across multiple use cases, including marketing campaigns, customer acquisition, customer onboarding, warnings, customer services, fraud control, cross-selling and customer retention, among others. ZENVIA's shares are traded on Nasdaq, under the ticker ZENV.
Contacts
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SOURCE Zenvia | https://www.whsv.com/prnewswire/2022/05/12/zenvia-files-its-interim-financial-statements-q1-2022/ | 2022-05-12T02:00:40Z |
SHANGHAI, May 11, 2022 /PRNewswire/ -- Shanghai Zhimeng Biopharma, Inc. ("Zhimeng"), announced dosing of the first participant in the US Phase I study in healthy subjects of its innovative small-molecule KCNQ2/3 selective opener (CB03), developed for the treatment of refractory epilepsy.
CB03 is a candidate drug for the treatment of refractory epilepsy, independently developed by Zhimeng. The phase 1 study is to evaluate the safety, tolerability, and pharmacokinetics of CB03 in healthy subjects.
"The successful completion of the first human administration of CB03 in the United States is a small but critical step in the clinical development of CB03 and an important milestone in its global clinical development." Said Dr. Huanming Chen, President and Chief Executive Officer of Zhimeng, "CB03 is the first drug candidate of Zhimeng to enter clinic trials in the area of central nervous system diseases. We hope that through our unremitting efforts, we can provide safer and more effective medicines to patients worldwide and improve their quality of live."
About CB03
Studies on the pathogenesis of epilepsy have shown that the imbalance between neuronal excitation and inhibition is the major underlying mechanism associated with alterations in ion channels, synaptic transmission and connections. As the structural basis of neuronal excitability and activity, ion channels dysfunctions are bound up with the development of epilepsy. As the most widely distributed and the most diverse group of ion channels, potassium (K+) channels are mainly involved in the modulation of neuronal excitability and the frequency and amplitude of action potential discharges. K+ channels alterations have been known to be associated with benign familial neonatal convulsions (BFNC) and severe epileptic encephalopathies. KCNQ2/3 potassium ion opener is not only used in the treatment of refractory epilepsy, but also for major depression (MDD), amyotrophic lateral sclerosis (ALS), neuropathic pain and other diseases
Retigabine (Potiga, Ezogabine/Retigabine) was the first KCNQ2/3 potassium channel opener approved by the FDA and EMA in 2011 for the treatment of refractory epilepsy, to which other drugs were ineffective. Unfortunately, retigabine was withdrawn from the market in 2017 because of the risk of vision impairment induced by hyperpigmentation.
CB03 is a new generation of KCNQ2/3 potassium channel opener. Compared with retigabine, it shows better chemical and metabolic stability, antiepileptic activity, pharmacokinetic properties, and safety. Moreover, CB03 has a more specific ion channel selectivity and is unlikely to present the same safety concerns as retigabine.
About Epilepsy
Epilepsy is a central nervous system disorder elicited by excessive discharge of cerebral neurons, afflicting approximately 50 million people worldwide, including nearly 9 million patients in China. Unfortunately, existing antiepileptic treatments are far from meeting the clinical needs of epilepsy patients, and about 30% of epilepsy patients are suffering from refractory epilepsy which cannot be controlled by a single drug.
About Zhimeng
Zhimeng is a clinical-stage biopharmaceutical company committed to developing innovative drugs for the treatment of chronic hepatitis B (CHB) and severe neurological diseases with significant unmet medical needs. The company has recently announced the successful completion of the phase Ib clinical trial on its novel HBV capsid inhibitor, Canocapavir (ZM-H1505R), and plans to kick off the phase II study in June 2022. In addition, the clinical trial application of the company's TLR8 agonist (CB06) was approved by the FDA in December 2021, and the phase I study was launched in the United States in March 2022.
Disclaimer
This press release contains forward-looking statements. While Zhimeng considers the projections to be based on reasonable assumptions, these forward-looking statements may be called into question by a number of hazards and uncertainties, so that actual results may differ materially from those anticipated in such forward-looking statements.
For more information, please visit: www.corebiopharma.com
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SOURCE Shanghai Zhimeng Biopharma, Inc. | https://www.whsv.com/prnewswire/2022/05/12/zhimeng-biopharma-announces-dosing-first-subject-its-novel-antiepileptic-drug-candidate-cb03-first-in-human-phase-i-clinical-trial/ | 2022-05-12T02:00:51Z |
Welcoming all to campus for a wide variety of all-ages activities, Klamath Community College will host the KCC Comic Con from 3 to 8 p.m. Friday, May 13.
The KCC Comic Con will include video games, board games, arts and crafts, virtual reality, and much more. Family friendly, and horror-themed to match the lone Friday the 13th on this year’s calendar, Comic Con participants are encouraged to dress in costume for a cosplay contest with nearly $1,000 in prizes.
Comic Con programs will include a passport: get your passport stamped at a variety of locations across the KCC campus to net a prize. Activities will also include board games and Dungeons & Dragons inside the Learning Resource Center in Building 9, full-motion flight and commercial truck simulators in Building 6, videogames and virtual reality in Building 7, fire truck and semi-truck tours outside Building 5, arts and crafts inside the Building 4 Wellness Center, and vendors and the main stage in the Building 4 Commons. More than 40 vendors and food trucks across on campus will sell collectibles, clothing, games, music, food, fan art, and more.
Featured speakers on the Building 4 main stage will include author/animator Peter Tieryas at 3:30 p.m., filmmaker Taylor Morden at 4 p.m., puppeteer Jesse Blanchard at 5 p.m., and the screenwriting duo of Patrick Casey and Josh Miller – writers of the Sonic the Hedgehog films – at 7 p.m.
Blanchard will also lead a puppetry workshop from 3 to 5 p.m. in which anyone can design a puppet under the guidance of a professional puppeteer. Blanchard’s all-puppet comedy/horror film “Frank and Zed” will be shown at 7 p.m. Saturday, May 14 at the Oregon Tech Auditorium. Tickets for the screening are $10, available at www.klamathfilm.org. | https://www.heraldandnews.com/kcc-comic-con-has-something-for-all/article_90a9dc70-6a29-5f94-9c23-ba52a14ea5a9.html | 2022-05-12T02:11:44Z |
Bonanza Junior/Senior High School senior Tanner Mestas, who is joining the Air Force, poses for a picture with his family after the school’s first Signing Day event Monday.
Bonanza Junior/Senior High School senior Madalyn Cory is excited about attending Oklahoma State University this fall. She plans to major in biology with plans for a career in the medical field.
Lost River Junior/Senior High School seniors sign their letters of intent during the school’s sixth annual Signing Day event last week.
Marcia Schlottmann/Special to the Herald & News
Lost River senior Yoselin Salazar accepts a sweatshirt and certificate from Portland State University during the school’s Signing Day event last week.
Marcia Schlottmann/Special to the Herald & News
Bonanza Junior/Senior High School senior Tanner Mestas, who is joining the Air Force, poses for a picture with his family after the school’s first Signing Day event Monday.
Marcia Schlottmann/Special to the Herald & News
Bonanza Junior/Senior High School senior Madalyn Cory is excited about attending Oklahoma State University this fall. She plans to major in biology with plans for a career in the medical field.
One student plans to be a welder, another a video game designer. Others plan careers in the military and as psychologists, medical doctors and veterinarian technicians.
The soon-to-be graduates of Bonanza and Lost River high schools celebrated their futures with signing day events over the past week, publicly announcing their next steps as they move from high school seniors to young adults.
At Lost River, soon-to-be graduates will represent their alma mater at five community colleges, eight four-year universities and two trade schools. Bonanza’s soon-to-be graduates signed to three community colleges, five four-year universities, the Air Force, the Marines, and a trade school.
Lost River Vice Principal Angie Wallin was the keynote speaker for Lost River’s sixth annual event.
“I know that you can be your dream,” she told the seniors “… Do not just let life happen to you. Create yourself. Be the director of your future. Set your goals, determine the steps to get there and follow through to achieve that vision.”
As family members and fellow classmates watched, students put pens to paper during a ceremonial signing at the end of the each of the events.
Tanner Mestas of Bonanza posed for photos with his parents. He committed to the U.S. Air Force and will start basic training in September. Classmate Andrew Ibarra will play football and study welding at the College of Siskiyous in Weed. Madalyn Cory heads to Stillwater, Okla., where she will study biology at Oklahoma State University.
This was the first signing day for Bonanza seniors. Lost River started the tradition in 2017 and it has now become part of the school’s culture.
Annabelle Ross was a seventh-grader when she watched the Raiders first signing day celebration. Today, with a presidential scholarship in hand, she is getting ready to head to Purdue University to study speech and hearing sciences.
‘This is quite an incentive for our underclassmen to see where self-discipline, a lot of work, and goals can lead you,” said Jen Johnson, Lost River’s ASPIRE coordinator, librarian and leader behind the Signing Day event.
Counselor Andy Davis started Signing Day at Bonanza this year and plans to make it an annual event.
“It’s always difficult and a bit scary to make a life decision and we wanted to celebrate that,” he said. | https://www.heraldandnews.com/klamath/future-decisions-be-your-dream/article_84b9aa52-968d-5d7c-8823-82ee71c8cfa6.html | 2022-05-12T02:11:50Z |
ASHLAND – The premise is familiar: two lonely people who love their pets happen to meet and, guess what, fall in love.
But it’s the way the story is told and, even more, performed that makes “Chapatti” an emotionally appealing, heartwarming tale of love and loss. The couple, played with unflinchingly honesty by Robin Goodrin Nordli as Betty and Michael Elich as Dan, give nuanced performances that never feel like acting. Be prepared to laugh, root for the eclectic twosome and, as the story unfolds, likely shed a few tears.
“Chapatti” is the current offering by the Rogue Theater Company at the Grizzly Peak Winery in Ashland. In the play, written by Christian O’Reilly, Dan and Betty are dealing with unresolved romantic pasts – she a failed marriage, he the death of his longtime love.
Chapatti” is aptly described as “a warm and gentle story about two people rediscovering the importance of human companionship.” It is all that and more. Under the direction of Robynn Rodriguez, who like Nordli and Elich has years of experience at the Oregon Shakespeare Festival, the one-act play is often laugh-out-loud funny but it’s also emotionally textured and sometimes intense.
The play’s title, “Chapatti,” refers to a thin pancake of unleavened whole-grain bread cooked on a griddle that is popular in India. Dan gave his dog the name because it eagerly gobbled chapattis as a young pup. Betty is an animal lover, but she prefers cats – as evidenced by the 19 that inhabit her purr-fect home.
Much of the pleasure, and the story’s believability, stems from the very real performances by Nordli and Elich, who off-stage are husband and wife. “Chapatti” involves other people but, like Chapatti and the cats, they are never visually seen. That’s something audiences easily accept because of the two actors. Both become their characters, whether convincingly petting or talking to their invisible pets, or bringing their eccentric personalities to life, not merely with words but, more connectively, through a variety of physical expressions – raucous laughs, wrinkled foreheads, pursed lips, expressive eyes.
There are delightful surprises, from the sudden appearance of Dan in a natty white shirt and tie to Betty’s form-fitting red dress.
“Chapatti” is a play that touches a range of emotions. The only disappointment is its short run. It closes this week with 2 p.m. performances Friday through Sunday, all at the Grizzly Peak Winery. In case of inclement weather, the scheduled outdoor performances will be moved indoors. Because of relaxed Covid restrictions masks are optional and there is a mask-wearing section. Tickets are $30. For tickets and information visit the website at roguetheatercompany.com or call (541) 205-9190. | https://www.heraldandnews.com/klamath/heartwarming-chapatti-is-rogue-theater-s-latest-offering/article_17a292db-a8c7-5630-b522-cf95d93ac89f.html | 2022-05-12T02:11:57Z |
Twenty-one weeks of live music have been booked for the Summer Sunday Music Patio Series at Mia & Pia’s Pizzeria & Brewhouse, 3545 Summers Lane in Klamath Falls.
Kicking off the season is Second Hand Sage, performing at 6 p.m. Sunday, May 15.
Second Hand Sage is made up of veteran local performers Treve Sears, Rod Kucera, Paul Allen, Jim Fischer and Dave Boetger.
“They are a great choice to kick off the patio season with a fun, high energy show filled with rock, country, blues, originals and even a tribute or two to Northwest legend Sasquatch,” said Mia & Pia’s co-owner Jodi Kucera, “and they all happen to be Mia & Pia’s Mug Club Members, too.”
This is Mia & Pia’s third summer of Sunday music on the patio, which started with the goal to keep live music events going in the community during the pandemic. The series popularity led Mia & Pia’s owners Rod and Jodi Kucera to bring it back for 2022.
While most shows are individual or group acts, the July 31 show will be a Jamboree, organized by Bill Palmer, featuring multiple performers from 5-9 p.m. Thes Jamboree will be the concluding event in a weekend celebrating Mia & Pia’s 25th Brewery anniversary.
All shows are 6 p.m. Sundays on Mia & Pia’s outdoor patio under the big top tent, weather permitting. Shows will be moved inside due to inclement weather.
“The Kucera family and our team at Mia & Pia’s Pizzeria & Brewhouse want to thank our awesome patrons for the ongoing support of our commitment to bring live, local music to our community,” Jodi Kucera said. | https://www.heraldandnews.com/klamath/summer-sunday-music-patio-series-kicks-off-this-weekend/article_ed50d307-693e-5730-a780-38e649413ee9.html | 2022-05-12T02:12:03Z |
Oregon voters are holding onto their ballots longer this year than they have in recent primary elections.
Less than a week before the May 17 election, just over 288,000 of the state’s more than 2.9 million registered voters have cast their ballots, according to the Oregon Secretary of State’s Office. That’s a turnout rate of 9.8%.
Both the number of votes cast and the turnout percentage significantly lag recent elections, a Capital Chronicle review of data showed. By this point in 2010, 2014 and 2018, more than 300,000 people had voted and turnout ranged from 12.4% to 15%.
Oregon’s usually high turnout has fallen in recent years, since the 2016 Motor Voter law began automatically registering to vote anybody getting a driver’s license or otherwise interacting with the state Department of Motor Vehicles. About 800,000 net voters have been added to voter rolls since then, including many who have shown no interest in voting.
Non-affiliated voters are also now the state’s largest group, and most of them don’t vote in primaries. Oregon’s closed partisan primaries exclude anyone but registered Democrats or Republicans from voting in primaries for governor, Congress and the Legislature. In 2018, only 14% of non-affiliated voters voted in the primary, compared to 44% of Democrats and 47% of Republicans.
So far this year, almost 134,000 Democrats and more than 93,000 Republicans have cast their ballots, compared to just over 43,000 non-affiliated voters. That amounts to 13.2% of Democrats, 12.8% of Republicans and just 4.3% of non-affiliated voters.
Pacific University professor Jim Moore, who studies Oregon politics, told the Capital Chronicle he suspects low turnout so far is due to a lack of enthusiasm for candidates at the top of the ballot. Neither primary for governor has a clear front-runner driving turnout, and there’s no reason to believe Sen. Ron Wyden won’t breeze to another term.
“First of all, there’s no clear favorite that can really get people jazzed,” Moore said. “They all have to introduce themselves, so the voters still don’t know who they are. And secondly, except for the independent spending on (6th Congressional District candidate) Carrick Flynn, nobody got their ads out early to generate buzz, get people talking and get that turnout up. They all hit in a clump, right about the same time ballots went out.”
Recent polling in the Republican and Democratic primaries for governor showed that many voters hadn’t made up their minds. Former House Speaker Tina Kotek and state Treasurer Tobias Read are in a close race in a Democratic primary with 13 other lesser-known Democrats running, but the two have struggled to differentiate themselves and their policies.
Among a crowded field of 19 Republicans, former House Minority Leader Christine Drazan and former Oregon Republican Party Chair Bob Tiernan hold slight leads in a recent poll, but more than a quarter of Republicans remained undecided in early May.
“There’s nobody who’s really standing out and saying ‘I want to go in a new direction,’” Moore said. “That really drives voters.”
Election law changes could also contribute to slower voter turnout.
This is the first year that election officials will count ballots that arrive after Election Day, as long as they were postmarked on or before May 17. In previous years, ballots needed to be at an election office or in an official drop box by 8 p.m. on election night or they weren’t counted.
That meant candidates and their surrogates would push hard the week before the election to make sure voters had mailed their ballots by the Thursday before Election Day or made plans to return them to a ballot box. That messaging and urgency is missing this year.
The state Democratic and Republican parties aren’t involved in “get out the vote” efforts in primaries, leaving it up to campaigns, advocacy groups and some county party committees. | https://www.heraldandnews.com/klamath/week-before-election-oregon-voter-turnout-lags-past-primaries/article_e3760a3f-496e-5cd3-aab8-5cdbf6a782a8.html | 2022-05-12T02:12:09Z |
Gasoline is dispensed into a motorist's vehicle at a station Friday, April 22, 2022, in south Denver. A number of gas stations in Oregon could close if existing lease deals expire without renewals.(AP Photo/David Zalubowski)
Sixteen gas stations and convenience stores across Oregon, Wyoming and Washington could close if retail lease extensions are not forged by May 31.
The closures could result in 163 layoffs in the three states, according to the California company who operates the locations
Carlsbad-based Porter’s of American Retail Services (ARS) — which operates Speedway branded gas stations in the Pacific Northwest — has notified the state of Oregon of the potential closures which could result in the loss of 163 jobs, according to a company notification to the Oregon Office of Workforce Investments.
The impacted stores include Porter’s operated Speedway locations in Klamath Falls, Medford, Grants Pass, Eugene, Portland and Roseburg in Oregon as well as three Wyoming locations and one in Vancouver, Washington. ARS operates the Wyoming stations under the USA Gasoline banner.
The looming layoffs were reported to the state of Oregon via the federal Workforce Adjustment and Retraining Notification Act, which requires employers to report large layoffs to impacted states.
“We are currently in negotiations to extend our leases. However, because discussions are taking longer than expected, it falls within the 60-day notice period of the WARN Act. While we remain optimistic that the leases will renew, the outcome is uncertain. The lease for all sites expires on May 31, 2022 which would be our last day of operation at each site. It is currently expected that most, if not all employees would remain on site until the final week,” said Jan Sucha, CFO for ARS in a pending layoff notification letter to Oregon officials.
The parent company, which operates a ARS/Fresno LLC, did not disclose the landlord entities involved in the lease negotiations.
Brenda McDaniel, a human resources representative with Porter’s/ARS, said May 11 the company continues to work on lease renewals at the 16 locations
“They may not close,” said McDaniel.
The potential closures of the stations come as gas prices hit record highs nationally and in the region.
AAA reports the average price in Oregon was $4.86 per gallon as of May 11 and all-time record. Nationally, gas prices average $4.40 per gallon on Wednesday, a fresh record high.
Gasoline prices are up 43.6% nationally since last April, according to new inflation numbers released Wednesday by the U.S. Bureau of Labor Statistics. | https://www.heraldandnews.com/news/local_news/gas-stations-could-close-sparking-worker-layoffs/article_10ba10f8-2d55-5917-9b29-fa7f1864f655.html | 2022-05-12T02:12:15Z |
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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.heraldandnews.com/news/local_news/head-on-in-the-middle-of-the-highway-man-dies-two-others-seriously-injured-in/article_3900173b-d7a3-5127-a197-c9787b3b6d67.html | 2022-05-12T02:12:21Z |
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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.heraldandnews.com/news/local_news/man-seriously-hurt-after-truck-hits-honda-in-multi-car-klamath-crash/article_303753d7-dcc2-5a7e-8480-2abe288e6d0b.html | 2022-05-12T02:12:28Z |
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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.heraldandnews.com/news/oregon/man-arrested-on-child-exploitation-charges/article_f494bce6-ce1a-50ad-83e1-fbeeabd88402.html | 2022-05-12T02:12:34Z |
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.wvva.com/2022/05/11/2-children-robbed-gunpoint-their-puppy-police-say/ | 2022-05-12T02:20:25Z |
‘Chalk the Walk’ event promotes suicide prevention on Princeton’s Sidewalks
Published: May. 11, 2022 at 5:51 PM EDT|Updated: 4 hours ago
BLUEFIELD, W.Va. (WVVA) - In Princeton, The Mercer County Coalition for Healthy Communities took to the streets to promote suicide prevention. The ‘Chalk the Walk’ event invited the community to write positive messages on Mercer Street to brighten someone’s day.
Kathy Easley with the American Foundation of Suicide Prevention says that one positive message has the potential to save a life.
If you are feeling suicidal, you’re urged to contact the National Suicide Prevention Lifeline at 1-800-273-talk. You can also text “Home” to 7-4-1-7-4-1.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/11/chalk-walk-event-promotes-suicide-prevention-princetons-sidewalks/ | 2022-05-12T02:20:32Z |
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.wvva.com/2022/05/11/city-proclaims-ella-mae-colbert-day-after-former-teacher-her-106th-birthday/ | 2022-05-12T02:20:39Z |
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, said the ruling makes it optimistic age-based gun bans will be overturned in other courts.
However, the ruling was not a total victory for gun rights advocates.
They had sought to block the state from requiring a hunting license for purchases of rifles or shotguns by adults under 21 who are not in the military or law enforcement.
Handgun sales to those under 21 were already prohibited when the hunting license requirement was passed in 2018 after some of the nation’s worst mass shootings were committed by young adults using rifles, including the Valentine’s Day slayings at Marjory Stoneman Douglas High School in Parkland, Florida.
The court ruled the hunting license requirement was reasonable for increasing public safety through “sensible firearm control.”
In 2019, the state passed an additional law banning sales of semiautomatic centerfire rifles to anyone under 21. There were exemptions for police or military troops but not for those with hunting licenses.
Matthew Jones, a 20-year-old at the time from Santee in San Diego County, was the lead plaintiff in the case. He said he wanted a gun for self-defense and other lawful purposes but didn’t want to obtain a hunting license.
His lawsuit, which had been filed before the under-age ban on semiautomatic weapons, was amended to challenge that law and the hunting license requirement.
The suit said the state had “whittled down (the) already inapplicable and irrelevant hunting license ‘exemption’ — the only exemption that is even possible for an ordinary, law abiding young adult who does not wish to enter into a highly dangerous career in law enforcement or the military — by prohibiting an entire class of firearms.”
The two judges who ruled in the majority were part of President Donald Trump’s wave of conservative-approved nominees to the famously liberal court.
A dissent was written by U.S. District Court Judge Sidney Stein, who was assigned to the panel from the Southern District of New York. Stein was nominated to the lower court by President Bill Clinton.
Democratic Sen. Anthony Portantino of La Cañada Flintridge, who wrote both laws, said he was disappointed the semiautomatic ban was struck down but was pleased the hunting license requirement survived.
“I remain committed to keeping deadly weapons out of the wrong hands,” Portantino said. “Student safety on our campuses is something we should all rally behind and sensible gun control is part of that solution.”
Attorney General Rob Bonta’s office said it was reviewing the decision. In a statement, a spokesperson said it was committed to “defending California’s commonsense gun laws.”
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/05/11/court-californias-under-21-gun-sales-ban-unconstitutional/ | 2022-05-12T02:20:52Z |
Egg-sized diamond fetches over $21M with fees at Geneva sale
GENEVA (AP) — Christie’s says “The Rock,” an egg-sized white diamond billed as the largest of its kind to go up for auction, sold Wednesday for more than 21.6 million Swiss francs ($21.75 million), including fees — though at the low end of the expected range.
The 228-carat pear-shaped G-Color stone, with its platinum pendant mounting, has a gross weight of 61.3 grams (2.2 ounces) and dimensions of 5.4 centimeters by 3.1 centimeters (2.1 inches by 1.2 inches) — making it about the size of a medium hen’s egg.
G-Color is not the highest grade, but fourth on the letter rung below the top-grade D-Color diamonds.
An unspecified private buyer acquired The Rock, for which the pre-auction estimate was between 19 million and 30 million francs.
Max Fawcett, head of jewelry at Christie’s Geneva, hailed a successful sale in “uncharted territory” for a stone of its kind.
Also going under the hammer Wednesday was the “Red Cross” diamond, a 205.1-carat fancy yellow stone, which fetched nearly 14.2 million francs, double the pre-sale estimate. The diamond was cut from a rough stone unearthed from South Africa’s Griqualand mines in the early 20th century, and went up for auction for the first time in 1918.
Fawcett testified to a “huge amount of interest” in the Red Cross diamond, saying that an unspecified “7-figure sum” from the proceeds of the sale to an unspecified private buyer would be donated to the international Red Cross Movement, the Geneva-based humanitarian aid group.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/05/11/egg-sized-diamond-fetches-over-21m-with-fees-geneva-sale/ | 2022-05-12T02:20:59Z |
Fair weather still expected into Thursday; rain returns into the weekend
Most will stay dry and seasonable again tomorrow
We should stay mainly clear and again seasonable overnight, with lows in the upper 40s and low 50s.
Thursday will bring increasing cloud cover by the late afternoon, mainly along and east of I-77, as low pressure off the coast spins a bit of moisture in our direction off of the Atlantic. Highs Thursdsay will range from the low 70s (east) to the low 80s (far west of I-77), with more sun on the western side of the mountains Thursday, While most will stay dry, a stray shower or two will be possible, especially across our eastern facing slopes.
Cloud cover will increase Thursday night, but aside from a few isolated showers, most will still stay dry. Low temps Thursday night will be mild, in the 50s for most.
Rain chances will rise into the weekend as low-pressure further influences our weather pattern. Friday, we will see a mix of sun, clouds, and scattered showers/a few t-storms. Severe weather is not looking likely, and rain will be rather hit-or-miss to end the workweek.
A frontal system moving in from the west will act together with the low along the shoreline to bring a better chance of wider-spread showers and thunderstorms throughout the day(s) Saturday and Sunday. High temps won’t be quite as warm (but still seasonable), in the upper 60s-low to mid-70s Friday-Sunday.
Next week is looking to bring more on and off rain compared to this week.
Stay tuned!
BLUEFIELD, W.Va. (WVVA) -
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/11/fair-weather-still-expected-into-thursday-rain-returns-into-weekend/ | 2022-05-12T02:21:08Z |
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.wvva.com/2022/05/11/greenbrier-hotel-corporation-council-labor-unions-reach-agreement/ | 2022-05-12T02:21:14Z |
‘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.wvva.com/2022/05/11/its-an-800-tip-pizza-server-gets-slice-kindness-with-generous-tip-customers/ | 2022-05-12T02:21:20Z |
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 developers of an adjacent building, insurance companies and other defendants.
“I’m shocked by this result — I think it’s fantastic,” Tropin said. “This is a recovery that is far in excess of what I had anticipated.”
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 partially collapsed 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. Ten days after the initial collapse, demolition crews used explosives to bring down the remaining portion of the building to give searchers access to additional areas where survivors might have been located. A total of 98 people were killed.
The tragedy in the town of Surfside, just north of Miami Beach, triggered lawsuits from victims, families and condo owners, and prompted state and federal investigations. In October, a coalition of engineers and architects said the state of Florida should consider requiring high-rise buildings near the coast to undergo safety inspections every 20 years. And 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.
At the time of the collapse, Miami-Dade and Broward were the only two of the state’s 67 counties that had condominium recertification programs.
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 need of major structural repair. Champlain Towers was in the midst of its 40-year structural review when it partially crumbled to the ground.
Video released by a team of federal investigators showed evidence of extensive corrosion and overcrowded concrete reinforcement in the building.
Seven months after the collapse, temporary structural supports were added to areas in the underground garage of Champlain Towers South’s sister tower, Champlain Towers North, in what the building’s condo board called “an abundance of caution.” The condo was built in 1981 and has a nearly identical design as the Champlain Towers South.
The little-known enclave of Surfside 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. The residents of Champlain Towers South were an international mix: South American immigrants, Orthodox Jews and foreign retirees.
———-
This story has been corrected to show that Harley S. Tropin said he was shocked by the settlement, not Court Judge Michael Hanzman.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/05/11/lawyers-nearly-1b-settlement-florida-condo-collapse/ | 2022-05-12T02:21:31Z |
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.wvva.com/2022/05/11/louisiana-governor-slams-bill-that-could-jail-women-abortion/ | 2022-05-12T02:21:42Z |
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.wvva.com/2022/05/11/nasa-total-lunar-eclipse-happening-over-weekend/ | 2022-05-12T02:21:49Z |
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.wvva.com/2022/05/11/navy-sailor-killed-training-accident-was-texas-man/ | 2022-05-12T02:21:59Z |
New law requires daily recess for all elementary students in Georgia
(Gray News) – Georgia Governor Brian Kemp signed a bill into law Monday afternoon that will make daily recess mandatory for all public elementary schools across the state.
The law will go into effect starting next school year and applies to all students, kindergarten through fifth grade. Previously, Georgia only required schools to offer recess once a week.
Under the new law, school employees will not be allowed to withhold recess from students for disciplinary or academic reasons. However, the law states recess will not be required on school days in which a student has gym class.
The bill, known as the Quality Basic Education Act, was authored by Rep. Demetrius Douglas, a democrat.
“It is time for our students to get moving and learn how to play with each other again,” Douglas said in a press release. “Before HB 1283 was signed into law, our state only required schools to offer recess once a week; however, many elementary school students spend the majority of their school day in one classroom, which limits their ability to make new friends and build social skills. Recess is a crucial part of a child’s learning experience, and this legislation ensures that elementary school students can have a chance to enjoy recess.”
Douglas said he is passionate about getting kids active because he was a defensive linebacker at the University of Georgia. According to his website, he then played football for the New York Jets, Washington Redskins (now the Washington Commanders), and the Calgary Stampeders.
According to the press release, Douglas has worked on this issue for several years.
“WE DID IT!!!” Douglas wrote in a Facebook post, following Kemp’s signing of the bill into law.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/05/11/new-law-requires-daily-recess-all-elementary-students-georgia/ | 2022-05-12T02:22:05Z |
‘No reason for him to shoot my son’: Navy sailor killed on Mother’s Day; police search for gunman
MILWAUKEE (WTMJ) - Police in Wisconsin are searching for the person who shot and killed a 19-year-old Navy sailor who was visiting his girlfriend on Mother’s Day.
Phoenix Castanon was in Wisconsin from Arizona over the holiday weekend.
Castanon’s mother, Tiata Nez-Dunklin, said he enlisted in the Navy last year. Nez-Dunklin is a Navy veteran herself.
“To know that he wanted to follow in my footsteps. His dad was also in the Army,” she said.
West Allis police said the Mother’s Day incident occurred just before 3 a.m. Castanon approached a man in a car who was bothering a woman. During the argument, that man pulled a gun and shot the 19-year-old.
“There was no reason for him to shoot my son. To me, that’s just so cowardly. To use a weapon to take a child, my child’s life,” Nez-Dunklin said.
Castanon’s mother said her son was known for his big heart, always sticking up for others, protecting her, his 15-year-old sister and 9-year-old brother. He was their hero.
“They’re hurting. They’re trying their very best to stay strong, but they’re just as lost as we are, along with his dad,” Nez-Dunklin said.
In their last phone conversation, Castanon’s mother said they said they loved each other, as they always did, and he sent a text message just hours before the shooting.
“He was asking me what I wanted for Mother’s Day. He told me that he loved me,” Nez-Dunklin said.
Now, she’s pleading for help from strangers in a city she’s never been to in helping to find the man who killed her son.
“Anybody can help; just bring justice for my son,” Nez-Dunklin said.
West Allis police urge anyone with more information to contact them at 414-302-8000.
Copyright 2022 WTMJ via CNN Newsource. All rights reserved. | https://www.wvva.com/2022/05/11/no-reason-him-shoot-my-son-navy-sailor-killed-mothers-day-police-search-gunman/ | 2022-05-12T02:22:12Z |
Students use ‘skip day’ to raise money for injured classmate
HINTON, W.Va. (WVVA) - Seniors at Summers County High sacrificed time off to relax from school to instead raise money for a classmate recently injured in a crash.
Nick Gill and his family were airlifted to a Charleston hospital after they were involved in a crash on Airport Road in Beaver on Sunday.
While the Class of 2022 was given the opportunity to skip classes on Wednesday as a pre-graduation perk, Gill’s friends spent the day asking for donations with a bake sale and car wash.
“For it to be a workday in the middle of a Wednesday, there has been a lot of people come by,” said Marlee Meador. “We’ve seen a lot of help.”
“He [is] a good guy,” said Greg Angel, one of Gill’s close friends. “You have to know him to really appreciate him. Fun to be around.”
“He’s full of personality,” said Kylie Lilly.
Gill’s friends said they hoped he would be able to join them for graduation on May 20.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/11/students-use-skip-day-raise-money-injured-classmate/ | 2022-05-12T02:22:19Z |
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.wvva.com/2022/05/11/teen-accused-killing-spanish-high-school-teacher-be-tried-adult-judge-ruling/ | 2022-05-12T02:22:25Z |
WATCH: Good Samaritans rush in to help woman suffering medical episode in car
BOYNTON BEACH, Fla. (Gray News) – A group of good Samaritans were caught on camera springing into action to help a woman who was having a medical episode while driving through an intersection.
The woman was stopped at an intersection in Boynton Beach, Florida, waiting for the light to turn green when suddenly her car can be seen on the video slowly drifting into the intersection.
According to Boynton Beach police, the woman’s coworker, who was in another car, saw her slumped over the steering wheel, so she raced across the street, waving her arms to get the attention of the other people.
Seeing what was happening, several people got out of their cars and worked together to stop the woman’s moving car. One woman grabbed a dumbbell from her car, and a man used it to smash the rear passenger side window.
Another man then climbed through the window to unlock the passenger side door.
The good Samaritans then put the car in neutral and pushed it to a nearby 7-Eleven parking lot.
A nurse who was on the phone with 911 provided medical attention until the fire department arrived.
The police department said it was sharing the video to learn the identities of the strangers who came together to save the woman’s life. The department said it wants to recognize them all and meet the woman they saved.
If you know any of the people involved, the police department asks you to contact Public Information Officer Stephanie Slater at slaters@bbfl.us.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/05/11/watch-good-samaritans-rush-help-woman-car-suffering-medical-episode/ | 2022-05-12T02:22:32Z |
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.wvva.com/2022/05/12/an-alzheimers-disease-study-is-seeking-participants-over-60-years-old-with-mild-symptoms/ | 2022-05-12T02:22:40Z |
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.wvva.com/2022/05/12/biden-calls-trump-maga-king-vows-push-gop-contrasts/ | 2022-05-12T02:22:47Z |
James Long returns as Best Virginia head coach for TBT
Published: May. 11, 2022 at 9:14 PM EDT|Updated: 1 hour ago
BLUEFIELD, W.Va. (WVVA) - James Long -- WVU Tech Head Men’s Basketball Coach -- will be returning as the head coach for team Best Virginia in TBT tournament play this summer.
WVU’s alumni squad just missed the quarterfinal round of the tournament in 2021.
This year’s West Virginia Regional will take place at the Charleston Coliseum -- July 24th-27th.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/12/james-long-returns-best-virginia-head-coach-tbt/ | 2022-05-12T02:22:53Z |
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.wvva.com/2022/05/12/sheriff-mother-blames-voodoo-spell-forcing-her-kids-drink-bleach-3-year-olds-death/ | 2022-05-12T02:23:03Z |
Tazewell baseball duo signs with Bluefield University
Published: May. 11, 2022 at 8:51 PM EDT|Updated: 1 hours ago
TAZEWELL, Va. (WVVA) - Two Tazewell High School baseball players are taking their talent to the collegiate level. Jonathan Davis and Caleb O’Neal put pen to paper on Wednesday, signing to play baseball at Bluefield University.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/12/tazewell-baseball-duo-signs-with-bluefield-university/ | 2022-05-12T02:23:09Z |
That revelation came up as council members on Wednesday discussed a $2 million cleanup at the former Shingle Mountain site. The funding was approved. Plans call for turning the site into a new park.
In 2021, the city acquired ownership of the site in the Floral Farms neighborhood where many tons of old shingles and other construction debris was dumped for many years. That debris was hauled away by the city last year as well.
Council member Tennell Atkins represents the area. Atkins said at Wednesday’s council meeting that he worries about the extent of the contamination.
This is not the first site, he said, where there have been “environmental problems around the neighborhood.”
Atkins said in a statement that he looked forward to seeing the area “brought up to residential standards to finally give the community the safety and peace of mind they deserve.”
“We must be good stewards of our environment, and as a city, we must advocate for the health and wellbeing of our Dallas communities," said council member Paula Blackmon, who serves as the chairwoman of the Environment and Sustainability Committee.
Atkins also asked during Wednesday’s meeting who would be responsible for possible contamination in the area beyond the site.
Earlier this week, Genaro Viniegra Jr. who lives in the Floral Farms neighborhood, said he and other residents worry that the hazardous materials found at the site are impacting their health. Residents have attributed dry coughs, asthma and breathing problems to the contamination.
“We have kids running around and playing, and we have livestock to take care of. So, it’s a little upsetting,” Viniegra said.
An environmental assessment found alarming levels of lead in the soil at the site last year. They were three times higher than the minimum required to clean up the site.
Environmental activists have said they didn’t just want the shingles removed — they wanted the ground underneath to be safe as well.
Environmental activist Evelyn Mayo said this week that restoring the site is a huge step toward transforming it into a park.
“This is a good sign that the city is not just remediating it, but actually committed to going to residential standards,” said Mayo, who is with the group Downwinders at Risk.
Viniegra said the cleanup will help residents reclaim their neighborhood.
“It is just one step closer to fulfilling our dreams... getting that park,” he said.
The Office of Environmental Quality and Sustainability (OEQS) said it started an additional assessment of the property. Once that is done officials plan to enter the property into a state regulatory cleanup program. Then officials at the Texas Commission on Environmental Quality will determine what is the best remediation option.
“The purpose of this remediation is to better protect the health of our neighbors, particularly those that live immediately adjacent to the site,” said Carlos Evans, Director of the OEQS in a statement earlier this week.
Environmental experts say the site's cleanup could be completed as early as fall 2023.
Got a tip? Alejandra Martinez is a Report For America corps member for KERA News. Email Alejandra at amartinez@kera.org. You can follow Alejandra on Twitter @alereports.
KERA News is made possible through the generosity of our members. If you find this reporting valuable, consider making a tax-deductible gift today. Thank you. | https://www.keranews.org/news/2022-05-11/lead-contamination-at-shingle-mountain-site-linked-to-old-plant-and-could-extend-into-neighborhood | 2022-05-12T02:44:42Z |
Recording artist Pitbull attends Sugar Factory Aventura VIP Grand Opening at Aventura Mall on Wednesday, April 13, 2022, in Aventura, Fla. (Photo by Scott Roth/Invision/AP)
HONOLULU (KITV4) -- Sugar Factory, a popular restaurant, bar and retail sweet shop that’s frequented by such celebrities as Mariah Carey, Jennifer Lopez, Pitbull and Jonas Brothers, has filed public documents to expand to Hawaii with a new store at Ala Moana Center in Honolulu.
Touted as “America’s favorite brasserie and candy shop,” Sugar Factory has locations in Las Vegas, New York City, Miami, Chicago, Orlando, Houston and in Dubai.
Sugar Factory has filed a building permit valued at $2.5 million at the former Islands Fine Burgers & Drinks space on the 4th Floor of the state’s largest shopping mall between Jade Dynasty Seafood and Gen Korean BBQ House.
Sugar Factory’s menu items include everything from sweet breakfast dishes and savory appetizers to soups, salads and burgers, as well as a unique drink menu featuring its signature 60-ounce alcohol-infused smoking candy goblets and candy-inspired martinis.
Additionally, it serves up a selection of desserts including its signature King Kong Sundae, which may be shared by up to 12 people with 24 scoops of ice cream, two cupcakes, marshmallows, chocolate chip cookies, sliced bananas and giant swirly pops. Sugar Factory also sells merchandise and candy.
KITV4 has reached out to Ala Moana Center and Sugar Factory officials for comment.
Duane Shimogawa has more than 15 years of experience in the media industry with stints as a reporter/anchor at several TV and radio stations, as well as newspapers such as Pacific Business News, Hawaii News Now, KNDU/KNDO-TV, and more. | https://www.kitv.com/news/business/sugar-factory-may-be-expanding-to-hawaii-with-new-location-at-ala-moana-center/article_5f846810-d193-11ec-a83d-13d9ba44ee41.html | 2022-05-12T02:50:47Z |
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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.kitv.com/news/local/large-brush-fire-near-central-maui-landfill-about-90-contained-mfd-says-update/article_2841a780-d186-11ec-a845-bf5dce1f8409.html | 2022-05-12T02:50:59Z |
In an effort to save people from dying in home fires, the Red Cross is providing free smoke alarms to residents in Hawai'i and across the country.
Volunteers with the Red Cross installed free alarms in 14 units at the Ka Hale Moi condos in Makiki Wednesday. The organization plans to provide alarms for 30 units in the Marco Polo high-rise, where an inferno claimed 4 lives in 2017, as well as for homes in Anahola on Kaua'i.
"We respond every three to four days throughout the islands to a home fire and often it is a multi-home fire situation so it is a very, very critical issue," said Red Cross Pacific Islands Region CEO Diane Peters-Nguyen.
The free installations are a part of the national Red Cross Sound the Alarm initiative launched in 2014. Since then, the Red Cross reported the program helped save more than 1,200 lives.
According to the Red Cross, smoke alarms cut the risk of dying in a fire by half.
Kaua'i Fire Dept. Capt. Jeremie Makepa pointed out the devices buy time, as fires often double every 30 seconds.
"If you're out in three minutes, is about the right time to get out safely. After that, it gets beyond your safety level to get out," Makepa said.
So far this year, the Honolulu Fire Dept. has responded to 39 one or two family house fires on O'ahu. 62 percent of those homes were not equipped with smoke alarms.
HFD Capt. Cris Bartolome called smoke alarms the first line of defense against a blaze during the nighttime, because people are not likely to see or smell a fire while asleep.
"When you're sleeping, you don't know if you're having a fire, you're only going to know if something wakes you up," Bartolome added.
Click here for information on how to sign up for a free smoke alarm from the Red Cross.
Do you have a story idea? Email news tips to news@kitv.com
'A'ali'i is a reporter with KITV. He was born and raised on the island of Maui and graduated from the University of Southern California with a bachelor's degree in Journalism. | https://www.kitv.com/news/local/the-red-cross-is-giving-out-free-smoke-alarms-heres-how-you-can-get-one/article_33a02f2c-d193-11ec-9ff1-2bb00a207bc2.html | 2022-05-12T02:51:05Z |
2022 Atlantic Hurricane Season Preview
(WHSV) - Hurricane season begins 3 weeks from Wednesday and you may be wondering what this season could look like.
Over the last 30 years, on average, the Atlantic Hurricane Season has 14 named storms, 7 hurricanes, and 3 major hurricanes every season.
Looking at weather patterns into the summer, we are looking at another above average hurricane season. We’ve had above average seasons for named storms the last 6 years. Last year, we had 21 named storms in which 7 were hurricanes and 4 were major hurricanes.
THIS YEAR’S PREDICITONS
There are two major predictions every year from NOAA and Colorado State University (CSU). CSU released their outlook in early April, while NOAA’s will come out later in May.
CSU is prediciting 19 named storms, in which 9 will be hurricanes and 4 turning into major hurricanes. So why yet another abover average season?
Well the good news is that the La Niña cycle is forecasted to end, turning the cycle in the Pacific Ocean neutral. With a La Niña, wind shear and trade winds are weaker along with less stability in the air. Weaker wind shear is a key ingredient in a hurricane developing as upper level winds disrupt less of the vertical warm air rising.
Sea surface temperatures are also a driving factor behind hurricanes. Warmer waters mean more energy for hurricanes. Right now, the Central and Eastern Atlantic are seeing sea surface temperatures around average. However, the Gulf of Mexico and Caribbean have warmer waters than average.
NOTABLE TROPCIAL STORMS IN OUR AREA
We don’t get hit by hurricanes like areas of the coast do, but what’s leftover of these systems can move into our area and cause significant flooding and other impacts. Hurricane Isabel (2003), Fran (1996), and Juan (1985) are the most recent tropical storms to cause major impacts to our area.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/05/12/2022-atlantic-hurricane-season-preview/ | 2022-05-12T03:05:45Z |
Fishburne spring athletes receive awards on Wednesday
WAYNESBORO, Va. (WHSV) - Athletes at Fishburne Military School were honored on Wednesday evening at its spring sports banquet.
MVPs, most improved, and senior cadets accepted some awards, and at the end of the evening, seniors who are continuing their athletic careers shared what school they will be heading to.
The General Manager of CMA’s Valley Dealerships Scott Simons shared some words of wisdom with the cadets.
“There’s a whole lot of life lessons that you learn by going through sports and I suggest to parents to have your children involved in as many activities as possible,” Simons said. “You learn about adversity, team building, how to keep yourself in good physical shape.”
Simons said he ran a local youth football program years ago, but the team didn’t have a home football field, causing them to drive to neighboring counties just to play. After asking Fishburne Military School to use the fields, they offered it free of charge. He said he has been proud to support the school since then.
“My wife and I are proud to say that because they opened up their doors to the community,” Simons said. “This is the fourth year my wife and I have donated $100,000 to the school.”
He said he donates through the Virginia Education Improvement Scholarships for Tax Credit Program.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/05/12/fishburne-spring-athletes-receive-awards-wednesday/ | 2022-05-12T03:05:52Z |
‘I hope you starve now’: Daughter accused of stealing $1M from mother
HENDERSON, Nev. (KVVU/Gray News) - Police outside of Las Vegas are investigating a woman accused of stealing $1 million from her mother.
The Henderson Police Department reports Deborah Burnette faces charges of theft and exploitation of an elderly person in connection with its investigation that began on Feb. 27, 2021, reported by KVVU.
Police report the mother’s daughter-in-law said that her mother-in-law had over $1 million stolen from her bank account.
The mother said her daughter, Burnette, had stolen the money after she came to town to help take care of her ill husband, according to a warrant affidavit from Henderson police.
Burnette was verbally abusive and bullied the mother into adding her to the mother’s bank account. The bank told the mother and daughter-in-law that Burnette had wired just over $1 million out of the mother’s account, according to police documents.
When Burnette was confronted, the mother said Burnette admitted to taking the money and told her, “I hope you starve now,” and “I hope you die so I can spit on your grave,” the warrant documents said.
The mother opened a new account so her daughter couldn’t access it, and the money was frozen in Burnette’s account, the warrant said. Burnett reportedly called and threatened her mother about the account change.
Burnette told police she didn’t steal the money but was keeping it so she could “safeguard it” from her sister-in-law.
Henderson police said Burnette was booked into the detention center and currently has a court hearing scheduled for May 24.
Copyright 2022 kVVU via Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/05/12/i-hope-you-starve-now-daughter-accused-stealing-1m-mother/ | 2022-05-12T03:05:59Z |
CHEYENNE – Developers of the 15th Street Railroad Experience heard both community concerns and support at a public comment session Wednesday.
The project is in the early stages of planning, and Visit Cheyenne CEO Domenic Bravo said officials want as much stakeholder involvement as possible. His visitors bureau is spearheading the project in partnership with the Downtown Development Authority, as well as the city of Cheyenne.
“We want to add a high impact enhancement to our community that aligns with a lot of the folks here in this room,” Bravo told attendees. “If you have business on 15th Street, we want to make sure that you are seeing you’re a part of it.”
Bravo said the purpose of the visitor experience is to celebrate Cheyenne’s railroad heritage, turn the city into the “Railroad Capitol” destination, support and expand events throughout the year at the Cheyenne Depot and connect downtown to Reed Avenue and West Edge projects.
He explained the concept for the 15th Street Railroad Experience alongside Plan One/Architects Vice President Taylor Lee and Associate Principal Britt Morgan. The plan has three phases they hope to implement within the coming years.
The first is guaranteed with an $800,000 economic development grant through the American Rescue Plan Act. A faux line would be installed along 15th Street, and the connection between Capitol and Carey avenues would be closed off. Lee said 15th Street would be turned into a one-way from Carey Avenue to Bent Avenue, and the Greater Cheyenne Greenway would likely be integrated, creating pocket parks.
Three railway cars would then be relocated to the area next to the Cheyenne Depot Museum, as well as the locomotive from the Cheyenne Botanic Gardens.
“We wanted to revitalize and rearrange that area, and then add some of the new elements with the first train cars,” Lee said.
Developers said they imagined the refurbished train cars will follow all the way down 15th Street, which plays into phase two. They want to create a restaurant plaza and work with potential tenants for the trains, and construct a central restroom building. Morgan said there’s also the opportunity to review locations for sculpture placement.
To make this vision become reality, Bravo said it would likely cost $5 million for phases one and two. This doesn’t include the final vision for the 15th Street Railroad Experience.
The final phase of the project would involve major support from Union Pacific. The planners described building a sky bridge connecting the Cheyenne Depot to the roundhouse, similar to a concept in Laramie.
“You’re just right over an active rail, and you’re watching trains go by,” Lee said. “That could be a really awesome destination for tourism.”
FeedbackLocal government officials, business owners and residents all attended the meeting to listen and discuss the project.
While many said they were excited for the economic growth it could bring, there were concerns with the construction logistics. Bravo assured them it was a joint effort, and it would not go without collaboration from the community.
Parking and turning 15th Street into a one-way going toward the West Edge were two of the largest issues he said were brought to his attention. There are many businesses that rely on the parking along the street, and also gain access from a two-way street.
“Chronicles Distilling loves the idea of the beautification and the advancement of 15th Street, but wants to make sure that other businesses and parking needs are met for the future,” business owner Chase Lesher told the Wyoming Tribune Eagle.
City Council member Jeff White also shared his only concern with the project, saying it wasn’t with phases one or two. He said he is wary of the continued desire for the skywalk, because its success is entirely dependent on Union Pacific approving the connection to the railroad’s roundhouse.
Otherwise, he said he was thrilled with the vision for the 15th Street Railroad Experience.
“If we’re successful with it, it will just continue to be a draw for downtown,” he said. “You’ll see a lot more traffic.” | https://www.wyomingnews.com/news/local_news/15th-street-railroad-experience-receives-both-support-and-concern/article_1716bb18-c664-59ad-881a-ccc8e80e27af.html | 2022-05-12T03:36:53Z |
COVID cases are spiking ahead of more than 40 high school graduations starting next week.
That's why officials are urging residents celebrating this huge milestone to mask up, especially in large crowds.
The spike in COVID-19 cases correlates to the end of Hawaii's mask mandate and other restrictions on March 25. The state went from 87 cases a day on March 23 to a new daily average of 722 cases.
And with graduation celebrations coming up soon across the islands, the situation could get worse.
"We are now seeing the repercussions for severe disease and accumulating cases in our hospitals," said state epidemiologist Dr. Sarah Kemble. "Some people who test positive are still going to get seriously ill and some people are going to die."
Health officials are warning that COVID hospitalizations and ICU admissions -- are also beginning to increase. And at least one public school -- Molokai Middle -- has moved back to distance learning.
"Because the number of staff were impacted by isolation or quarantine requirements," said Keith Hayashi, interim superintendent of the state Department of Education. "It's a very real reminder that we are still in a pandemic."
For graduation, each school has the discretion to set a limit on the number of people in attendance and whether to allow the traditional lei giving after the ceremonies.
The head of Department of Education said it has distributed half a million home tests to schools over the past month and is urging people to test before attending events.
"We might be having our next surge now," Kemble said. "We're still in a mindset of surges are possible and we don't know where this will all settle out yet."
Officials are imploring businesses, schools and other organizations to make sure COVID precautions are in place -- before cases again get out of control.
Kristen joined KITV4 in March 2021 after working for the past two decades as a newspaper reporter. Kristen's goal is to produce meaningful journalism that educates, enlightens and inspires to affect positive change in society. | https://www.kitv.com/news/covid-19-cases-spike-ahead-of-graduation-season/article_790ac442-d1a6-11ec-9c9d-733e46baa99d.html | 2022-05-12T04:41:43Z |
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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/crime/finalists-for-honolulu-police-chief-expected-to-be-announced-on-thursday/article_260832be-d19e-11ec-9f3b-cf3e515d0de0.html | 2022-05-12T04:41:49Z |
HILO (KITV4) - A woman is in critical condition after being struck in a hit-and-run traffic collision in Hilo, in the area of Ululani and Hualalai Streets.
Just before 8 a.m. on Wednesday, 64-year-old Carrie Ikawa was outside her parked vehicle, a 2018 Ford truck, on Hualālai Street when she was hit by a white SUV traveling north on Hualālai St.
Ikawa sustained multiple injuries from the collision, and was transported to the Hilo Medical Center in critical condition. She was subsequently transported to Queens Medical Center on Oahu for further treatment.
The white SUV, a 2013 Ford Explorer, is registered to 47-year-old Camille Boyce. The owner was contacted and the vehicle was recovered. Police continue to investigate this traffic collision through the examination of the vehicles and evidence.
The East Hawaii Traffic Enforcement Unit has initiated a negligent injury investigation, which is pending. Police are asking for anyone who may have witnessed the collision to contact Officer Clifford Antonio at 961-2339 or via email . Tipsters who prefer to remain anonymous may call Crime Stoppers at (808) 961-8300.
Kathryn spent the last decade in the Bay Area working in nonprofits, education, and communications consulting. She has a B.A. in English from St. Mary's College of CA and an M.A. in Public Affairs and Politics from the University of San Francisco. | https://www.kitv.com/news/crime/hit-and-run-in-hilo-leaves-one-woman-in-critical-condition/article_0fa2c454-d1a2-11ec-bfdb-7f71712671ae.html | 2022-05-12T04:41:55Z |
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While running for Congress two years ago, Kai Kahele took big contributions from everything from the aviation industry to unions.
"I'm not saying I wasn't part of the problem I was part of the problem, I'm trying to change it," Kahele tells KITV4.
This time around in his run for governor, his campaign theme of "Hawaii is not for sale" means a grassroots campaign run by public financing.
"He doesn't have a lot of the usual big shots supporting him time is running out and he doesn't have a lot of money," says KITV4 political analyst Neal Milner.
Kahele is among only about 10 percent of all Hawaii state and county level candidate who have used Hawaii's partial public financing plan.
"With public funding it is coming from tax payer money, and I heard that all the time I don't want my going to a candidate I don't support so our program is a partial program," explains Tony Baldomero with the Hawaii Campaign Spending Commission.
The partial program does not entirely fund a candidate's campaign. But it can give a campaign up to $416,000 in public funds. There are stipulations though - a candidate has to raise $100,000 or more in small donations from Hawaii residents giving $100 or less.
From there, the state will match up $208,000 in donations, for that maximum total of $416,000.
In response, Lt. Gov. Josh Green (D)'s campaign tells us in a statement, "Our campaign is proud that we do not have to use any taxpayer dollars to finance our campaign due to the generosity of our community and supporters.” Green scored early support from state's largest unions.
Meanwhile, Vicky Cayetano (D) says while not using public funds either, she does want to see changes to campaign finance if elected.
"I think it is important if you want to have candidates from other backgrounds and experiences, you need to level the playing field," Cayetano says.
The question is, can it be done this time? Kahele is hoping his gamble pays off.
"I'm trying to change it by demonstrating that you can win the office of the governor with no more than 100 dollar donations," he says.
The only other recent Governor to use public financing was current Gov. David Ige. Then a state senator in 2014, he relied on public funding in his Democratic primary upset over then-Gov. Neil Abercrombie.
Frank Fasi and Linda Lingle are a few other major candidate to use the program since it started in the 1980's.
Do you have a story idea? Email news tips to news@kitv.com
Tom anchors Good Morning Hawaii weekends and reports for KITV4. He comes to Hawaii after reporting in Nevada, Oklahoma and Georgia. Tom is a proud Terp, graduating from the University of Maryland in 2012. | https://www.kitv.com/news/money-in-politics-impacting-race-for-hawaii-governor/article_d68a4392-d1a4-11ec-bfdd-fbc78260d37d.html | 2022-05-12T04:42:07Z |
Misinformation about how families can get through the infant formula shortage is fueling concern among pediatricians like Dr. Tanya Altmann.
The California doctor has been getting phone calls, emails and social media messages -- not just from her patients but from families all over the United States -- along with photos of empty store shelves that once held infant formula.
Parents say they've been to a dozen stores and looked on a hundred websites and can't find their baby's infant formula, and they want to know what to do and whether some of the so-called alternatives they're hearing about are legit.
"It's scary for these moms and their babies, and it's becoming a real issue," Altmann said.
Supply chain issues and product recalls have sparked the nationwide shortage of infant formulas. As of early April, seven states reported that between 40% and 50% of baby formula products were out of stock. Manufacturers have said they are producing at full capacity to make as much as they can, but this week 43% of baby formulas were out of stock, according to a new report from Datasembly.
The US Food and Drug Administration is working with Abbott Nutrition, the company involved in the recent recall, to safely resume production and find tools to support the supply of infant formula, according to an FDA spokesperson. But its Michigan facility is likely still about two weeks away from being back online, pending sign off from the FDA, and it will probably be another six to eight weeks until products are back on the shelves, according to a statement from the company.
Some people are turning to online communities of caregivers to get some ideas about what to do if they can't get their baby's source of nutrients. However, pediatricians are worried about the health impacts of some of the ideas posted online, said Altmann and Dr. Steven Abrams, a professor of pediatrics at the University of Texas at Austin and former chair of the American Academy of Pediatrics Committee on Nutrition.
The pediatricians said there are ways to get through the shortage for many people, and it is important to work with your pediatrician to address your infant's particular needs. Here are answers to some of your questions about what's safe and what is not.
Can I make formula at home?
No.
"There is a lot of discussion about making your own formula at home and things of that sort, and I really want to discourage that as much as possible," Abrams said.
Formulas are complex, and researchers spent years developing the right ratio to give babies the nutrients they need, Altmann said.
Infant formulas must be dense with protein, fat, vitamins and minerals, many of which you can't buy at the grocery store. And the balance must be precise for babies' health and development, she added.
"You can see how it would be really hard to duplicate in your own kitchen," she said.
Homemade formulas can result in a baby not getting the right nutrition or having the ratio of their electrolytes disrupted, which can be dangerous, Altmann said. There have also been cases of bacterial contamination, which can make the infants sick.
Can I stretch out my formula supply?
No.
Adding in other food sources or adding more water to formula is tempting as you get close to the end of your last container of formula, but pediatricians said it's not a good idea.
Families can start introducing solids into an infant's diet when the baby is around 4 to 6 months old, Altmann said. But these foods are not a nutritional substitute for formula at that age.
"Even when you start solids, breast milk or infant formula is still the major source of nutrition for your baby," Altmann said.
And adding extra water to stretch the formula you have can dilute the essential nutrient profile and lead to serious health issues and interfere with proper growth and development, she added.
"We're not irrational. If there is nothing you can put in the baby's mouth except cow's milk, you're going to do that," Abrams said. "But that's not what we want people to do."
Can I use toddler formula or cow's milk instead?
Maybe.
It really depends on how old your baby is and what your pediatrician says.
For the first six months at least, formula specified for infants is really important, Altmann said. But the closer they are to a year, there may be more flexibility.
"You can actually choose a toddler formula at that point where normally you'd want to wait until they're exactly a year of age," Altmann said. "Talk to your pediatrician, always, first."
"We discourage the use of cow's milk until a year of age but it's certainly true that as the baby is close to a year of age, especially if it's simply no formula to be found, that you could use either that or a toddler formula," Abrams said. "Neither are ideal, but the closer you are to the year, especially for the short term, those are alternatives."
Can I buy international formulas online?
Maybe.
Altmann said there are some high-quality products made in Europe and Australia she likes that are available online. But it is important to make sure you are ordering from reputable retailers.
She recommended buying from trusted pharmacies of the country the formula is from and checking how the formula's nutrition compares to FDA-approved formula.
"Not all international formulas are created equally so you may want to make sure you know what you are getting and that it's a high-quality product," she said.
But Abrams cautions against imports, reminding families that imported formulas are not reviewed by the FDA.
"It's a less-than-ideal alternative but if that's what they have to do, then that's what they have to do," he said.
The FDA recommends against importing formula online because it could potentially be counterfeit, a spokesperson said.
Can I switch formula brands?
Yes.
"What we want people to do if at all possible is to be as flexible as possible and make formula switches," Abrams said.
It may take your baby a few days to get used to a new formula brand, but in most cases, switching is fine, Altmann said. You can find good formula choices for your baby here.
It gets more complicated, however, in cases where a child may be on a certain formula because of an allergy or sensitivity.
"If your child has an allergy or sensitivity and has had previous reactions to formulas, please consult with your pediatrician before switching off because not all formulas are the same," Altmann said. "But in most cases, there are other options available we can help direct you to."
The FDA is allowing Abbott Nutrition to release product on a case-by-case basis to some families in urgent need of specialty and metabolic formulas, according to the agency.
Can I restart my breast milk supply?
It's complicated.
There have been instances where parents can induce lactation for the first time or restart lactation after choosing not to breastfeed, Altmann said. The process is complicated, however, and likely requires the help of a lactation specialist.
There are also banks where you can buy breast milk donated by other families. You can find milk banks near you through the Human Milk Bank Association of North America.
The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. | https://www.kitv.com/news/national/homemade-infant-formula-can-be-dangerous-experts-share-how-to-feed-your-baby-through-the/article_82d94e83-6bf7-53b6-ae98-f5e9cd3206fb.html | 2022-05-12T04:42:13Z |
ROCK SPRINGS – The preliminary budget for the general fund for the 2022-2023 fiscal year was approved by the Sweetwater County School District No. 1 board at the meeting on Monday, May 9.
Th grand total listed for the preliminary budget is $89,221,987. That number has decreased by $78,355 compared to the amount listed in the 2021-2022 approved budget, which was $89,300,342.
Chief financial officer Scot Duncan stated that the main reason for the decrease is due to the loss of ADMs (Average Daily Memberships).
“The district receives a large portion of state funding based on student enrollment. So, when student enrollment is down, state revenues are usually down as well.”
Three of the items on the expenditure budget are listed as having contingencies.
The “tuition-disables students” portion that is listed under programs has been allocated $1,760,000 of the preliminary budget. It has decreased $428,415 compared to its amount of 42,188,415 that was in the 2021-2022 approved budget.
The “tuition-disabled students” portion of the preliminary budget is listed as having a contingency of $350,000.
“It means that we’ve taken $350,000 of the money that was budgeted in this current year and put it down in the cash reserve contingency,” Duncan said.
The “psychological programs” portion of the budget has been allocated $968,558. It has decreased by $313,600 compared to the amount of $1,282,158 that was in the 2021-2022 approved budget.
It is listed as having a contingency of $200,000.
“It’s the same for this one. $200,000 was moved out of that line item so that expenditure budget was decreased by that amount.”
“Fiscal services” has been allocated $1,415,667 in the preliminary budget. It has decreased by $220,904 compared to the amount of $1,636,571 that was in the 2021-2022 approved budget.
It is listed as having a contingency of $450,000.
Additionally, it was approved to advertise for a public hearing on June 27, 2022. It will be held in order to amend the 2021-2022 budget. The general fund, special revenue funds, capital project funds and other district funds “in the event transfers or overruns occur in specific areas” will be amended during the public hearing. | https://www.wyomingnews.com/rocketminer/preliminary-budget-for-2022-2023-fiscal-year-approved-by-sweetwater-county-school-district-no-1/article_d9a1c657-106b-5dfe-bede-d9680ca1a16f.html | 2022-05-12T05:16:54Z |
Suspect arrested after attempted abduction caught on video
BURLINGTON, Mass. (WFXT) - With the help of the public, Massachusetts police arrested a man for an attempted abduction. Surveillance video shows the suspect grab a woman and pull her down the street as she struggles to break free.
Tyler Healey, 23, spent two days on the run after what police say was an abduction attempt Sunday night in Burlington, Massachusetts. He faces four charges, including attempted kidnapping and assault with intent to rape.
Surveillance video shows a man police believe to be Healey grabbing the 37-year-old victim. He puts her in a headlock, dragging her away.
But she put up a big fight, and police say it worked.
“I thank the victim specifically for her fight, her tenacious fight that night, the fight she put up in the middle of that Middlesex Turnpike. She gave herself a chance,” said Burlington Police Chief Thomas Browne.
That surveillance video led to several tips that helped catch Healey, according to Middlesex County District Attorney Marian Ryan. Prosecutors say one of those tips was from the suspect’s father, who recognized his son’s sneakers.
Authorities also praised Ariel Naylor, a woman who called 911 and helped scare the suspect away after witnessing the attempted abduction.
“I did it because that woman needed my help,” Naylor said.
She is now being called a hero.
“[She] put herself into harm’s way, potentially acting without due regard for her safety, and her acts were selfless,” Browne said.
Healey appeared in court Wednesday. He is being held until next week for a dangerous hearing.
Copyright 2022 WFXT via CNN Newsource. All rights reserved. | https://www.whsv.com/2022/05/12/suspect-arrested-after-attempted-abduction-caught-video/ | 2022-05-12T05:54:22Z |
SAN RAFAEL, Calif., May 11, 2022 /PRNewswire/ -- The 9th Annual Marin Youth and Family Summit & Minga will take place this coming Saturday, May 14, 2022, at the offices of Alcohol Justice in the Canal Neighborhood of San Rafael.
Who: The event is hosted by Youth For Justice and Alcohol Justice, and is sponsored by :
- San Rafael Alcohol and Drug Coalition
- Sierra Health Foundation
- The San Francisco Foundation - Koshland Program
- Latinos Unidos de Marin
What: The 9th Annual Youth and Family Summit & Minga
When: Saturday May 14, 2022, from 10 a.m. to 2 p.m.
- Opening Ceremony, Luis Romero, renown Maya Healer
- Musical entertainment by Trio Los 3 de Guanajuato
- TeamWorks Art, Print Screen artist Eddy Chacón
- Games and fun for the whole family
- Lunch will be served
Where: Alcohol Justice Building, 24 Belvedere St, San Rafael, CA 94901
Why: The event is free to the community with the intent to empower young people and their families to share their ideas, experience, and activism, and to celebrate community renewal, and the healing power of gathering. When we come together in unity, we build a stronger community that cares for each other and Mother Earth, taking collective action to protect Her as she nurtures us.
For Additional Information:
Maite Duran: 415/257-2499
maited@alcoholjustice.org
CONTACT: Maite Duran 415 717-1099
Michael Scippa 415 548-0492
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SOURCE Alcohol Justice | https://www.whsv.com/prnewswire/2022/05/12/9th-annual-youth-justice-youth-family-summit-amp-minga-scheduled-sunday-may-14-2022-alcohol-justice/ | 2022-05-12T05:54:28Z |
Earned Nation's Highest Award for Valor during the Vietnam War
MOUNT PLEASANT, S.C., May 11, 2022 /PRNewswire/ -- The Congressional Medal of Honor Society regretfully announces that John Lee Canley, Medal of Honor recipient, passed away Wednesday, May 11, 2022, in Bend, Oregon.
From Jan. 31 to Feb. 6, 1968, Canley, then a gunnery sergeant, was ordered to lead the men of Company A, First Battalion, First Marine Regiment, First Marine Division, into Hue City, Vietnam, to relieve surrounded friendly forces. As they moved rapidly along the highway along the southern outskirts of the city, his Marines came under intense enemy attacks.
Canley was noted to be fearless. He purposefully drew enemy fire to himself to pinpoint the location of enemy emplacements and then led attacks to eliminate the threats. He repeatedly exposed himself to enemy fire to pull wounded Marines to safety. Once in the city, he expertly led his men in room-to-room fighting to overtake enemy troops. Over a period of a week, Canley continually set the example for all to follow. Through his indominable spirit, expert fighting skills, and encouragement, his men were successful in their efforts.
For his actions over the course of those days, Canley was presented the Medal of Honor by President Donald J. Trump, in a White House ceremony, on Oct. 17, 2018.
Canley was born Dec. 20, 1937, in Caledonia, Arkansas, and enlisted in the U.S. Marine Corps in Little Rock, Arkansas. He leaves behind several siblings, three children, a stepson, and two grandchildren.
There are now 64 Medal of Honor recipients alive today.
About the Congressional Medal of Honor Society
The Congressional Medal of Honor Society, a 501(c)(3) nonprofit organization, is dedicated to preserving the legacy of the Medal of Honor and its Recipients, inspiring Americans, and supporting the Recipients as they connect with communities across the country.
Chartered by Congress in 1958, its membership consists exclusively of those individuals who have received the Medal of Honor. There are 64 living Recipients.
The Society carries out its mission through outreach, education and preservation programs, including the Medal of Honor Museum, Congressional Medal of Honor Outreach Programs, the Congressional Medal of Honor Character Development Program, and the Congressional Medal of Honor Citizen Honors Awards for Valor and Service. The Society's programs and operations are funded by donations.
As part of Public Law 106-83, the Medal of the Honor Memorial Act, the Medal of Honor Museum, which is co-located with the Congressional Medal of Honor Society's headquarters on board the U.S.S. Yorktown at Patriots Point Naval & Maritime Museum in Mount Pleasant, South Carolina, was designated as one of three national Medal of Honor sites.
Learn more about the Medal of Honor and the Congressional Medal of Honor Society's initiatives at https://www.cmohs.org.
Contact: Kathleen Blomquist
kblomquist@cmohs.org
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SOURCE Congressional Medal of Honor Society | https://www.whsv.com/prnewswire/2022/05/12/congressional-medal-honor-society-announces-passing-medal-honor-recipient-john-lee-canley/ | 2022-05-12T05:54:35Z |
Did you lose money on investments in DENTSPLY SIRONA? If so, please visit DENTSPLY SIRONA Inc. Shareholder Investigation or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK , May 11, 2022 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of DENTSPLY SIRONA Inc. ("Dentsply Sirona" or the "Company") (NASDAQ: XRAY) resulting from allegations that Dentsply Sirona might have issued misleading information to the investing public.
On April 19, 2022, the Company announced that Donald M. Casey Jr. ("Casey") had been terminated as the Company's Chief Executive Officer ("CEO") and had also ceased to serve as a member of the Board of Directors of the Company, effective that same day. Casey had served as the Company's CEO since joining the Company in February 2018.
On May 10, 2022, the Company announced its preliminary financial results for the first quarter of 2022. Among other things, the Company reported first quarter net sales decreased 6.1% to $965 million, compared to $1,027 million in the first quarter of 2021. Additionally, net income for the first quarter of 2022 was $65 million, or $0.30 per diluted share, compared to $117 million, or $0.53 per diluted share in the first quarter of 2021. And adjusted earnings per diluted share decreased to $0.52 compared to $0.72 in the first quarter of 2021.
On that same day, the Company also announced that it was unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2022. The Company revealed that in March 2022, an internal investigation had commenced into allegations regarding certain financial reporting matters submitted by current and former employees of the Company. The investigation was focused on the Company's use of incentives to sell products to distributors in the third and fourth quarters of 2021, whether those incentives were appropriately accounted for, and whether the impact of those sales was adequately disclosed in the Company's periodic reports filed with the SEC. Dentsply also revealed that the Company's Audit Committee was investigating allegations that certain former members of senior management directed the Company's use of these incentives and other actions to achieve executive compensation targets in 2021. The Audit Committee retained independent outside counsel to assist in its investigation. The Company also announced that it had voluntarily contacted the SEC to advise it that an internal investigation was underway, and that it was unable to file the Form 10-Q on a timely basis.
On this news, the price of Dentsply Sirona stock declined over 7% to close at $36.38 per share on May 10, 2022.
If you purchased Dentsply Sirona securities, and/or would like to discuss your legal rights and options please visit DENTSPLY SIRONA Inc. Shareholder Investigation or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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SOURCE Bernstein Liebhard LLP | https://www.whsv.com/prnewswire/2022/05/12/dentsply-sirona-inc-investigation-alert-bernstein-liebhard-is-investigating-dentsply-sirona-inc-violations-federal-securities-laws/ | 2022-05-12T05:54:42Z |
Nearly Half of U.S. Mortgages Considered Equity-Rich; Seriously Underwater Portion of Mortgages Holds at 3 Percent; Ratio of Equity-Rich to Seriously Underwater Properties Now at 14 to 1
IRVINE, Calif., May 12, 2022 /PRNewswire/ -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its first-quarter 2022 U.S. Home Equity & Underwater Report, which shows that 44.9 percent of mortgaged residential properties in the United States were considered equity-rich in the first quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their homes estimated market values.
The portion of mortgaged homes that were equity-rich in the first quarter of 2022 inched close to half, up from 41.9 percent in the fourth quarter of 2021 and from 31.9 percent in the first quarter of 2021.
"Homeowners continue to benefit from rising home prices," said Rick Sharga, executive vice president of market intelligence for ATTOM. "Record levels of home equity provide financial security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008. But these higher home prices and rising interest rates make it extremely challenging for first time buyers to enter the market."
The report shows that just 3.2 percent of mortgaged homes, or one in 31, were considered seriously underwater in the first quarter of 2022, with a combined estimated balance of loans secured by the property of at least 25 percent more than the property's estimated market value. That was virtually the same as the 3.1 percent level of all U.S. homes with a mortgage in the prior quarter, but still well down from 4.7 percent, or one in 21 properties, a year earlier.
Across the country, 45 states saw equity-rich levels increase from the fourth quarter of 2021 to the first quarter of 2022 while seriously underwater percentages increased in 28 states, albeit by less than one percent in most cases. Year over year, equity-rich levels rose in 48 states and seriously underwater portions dropped in 46 states.
These latest equity trends came as the decade-long U.S. housing market boom continued from late 2021 into early 2022, although at a slower pace. Nationwide, the median home price rose 2 percent during that time, to yet another record of $320,500. That left it 17 percent ahead year over year nationally and up by at least 10 percent in most of the country.
While market analysts generally are predicting a slowdown this year, the most recent gains happened as a glut of home buyers kept chasing a historically tight supply of properties for sale, kicking prices up even higher. The market remained strong amid an ongoing combination of rock-bottom mortgage rates and a desire of many households to trade life in congested virus-prone locales for the wider spaces afforded by a house and yard.
Homeowner equity improved again in the first quarter of 2022 as rising home prices widened gaps between what homeowners owed on their mortgages and the value of their properties.
"It's likely that equity will continue to grow through the rest of 2022, although home price increases should moderate as the year goes on," Sharga said. "Rising interest rates, the highest inflation in 40 years, and the ongoing supply chain disruptions due to the war in Ukraine are likely to weaken demand and slow down home price appreciation."
Biggest improvements in equity-rich share of mortgages in West and South
The 15 states where the equity-rich share of mortgaged homes rose most from the fourth quarter of 2021 to the first quarter of 2022 were all in the western and southern regions of the U.S. States, with the biggest increases in New Mexico, where the portion of mortgaged homes considered equity-rich rose from 35.3 percent in the fourth quarter to 43.4 percent in the first quarter of 2022; Florida (up from 46.6 percent to 53.6 percent), California (up from 53.7 percent to 60.5 percent), South Carolina (up from 35 percent to 41.2 percent) and Montana (up from 40.5 percent to 45.7 percent).
States where the equity-rich share of mortgaged homes decreased from the fourth quarter of last year to the first quarter of this year were South Dakota (down from 36 percent to 32.3 percent), Mississippi (down from 26.3 percent to 23.5 percent), Louisiana (down from 22.5 percent to 21.6 percent), North Dakota (down from 29.3 percent to 28.6 percent) and Pennsylvania (down from 35.49 percent to 35.46 percent).
Largest increases in seriously underwater properties across South and Midwest
Twelve of the 15 states with the biggest increases in the percentage of mortgaged homes considered seriously underwater from the fourth quarter of 2021 to the first quarter of 2022 were spread across the South and Midwest. They were led by Mississippi (share of mortgaged homes seriously underwater up from 12.2 percent to 17 percent), Missouri (up from 5.1 percent to 6.6 percent), Louisiana (up from 10 percent to 11.3 percent), Pennsylvania (up from 4.2 percent to 5.2 percent) and Delaware (up from 3.7 percent to 4.5 percent).
States where the percentage of seriously underwater homes declined the most from the fourth quarter of last year to the first quarter of this year were Wyoming (down from 14.3 percent to 10 percent), Maine (down from 4.4 percent to 3.1 percent), Oklahoma (down from 5.5 percent to 4.8 percent), Alabama (down from 5.1 percent to 4.6 percent) and Montana (down from 3.4 percent to 3 percent).
West still with largest shares of equity-rich homes; Midwest and South again have smallest
The highest levels of equity-rich properties around the U.S. remained in the West during the first quarter of 2022, with eight of the top 10 states located in that region. They were led by Idaho (68.8 percent of mortgaged homes were equity-rich), Vermont (68 percent), Utah (63.6 percent), Washington (60.9 percent) and Arizona (60.9 percent).
Twelve of the 15 states with the lowest percentages of equity-rich properties in the first quarter of 2022 were in the Midwest and South. The smallest portions were in Louisiana (21.6 percent of mortgaged homes), Mississippi (23.5 percent), Illinois (23.5 percent), Alaska (25.2 percent) and Wyoming (26.1 percent).
Among 107 metropolitan statistical areas around the nation with a population greater than 500,000, the 30 with the highest shares of mortgaged properties that were equity-rich in the first quarter of 2022 were in the West and South. The top five were San Jose, CA (74.4 percent equity-rich); Austin, TX (73.8 percent); Boise, ID (70 percent); San Francisco, CA (68.1 percent) and Salt Lake City, UT (65.2 percent). While Austin again led the South and San Jose led the West, the leader in the Northeast region was Portland, ME (52.1 percent) and the top metro in the Midwest continued to be Grand Rapids, MI (49.1 percent).
Seventeen of the 20 metro areas with the lowest percentages of equity-rich properties in the first quarter of 2022 were in the Midwest and South. The smallest levels were in Baton Rouge, LA (18.1 percent of mortgage homes were equity-rich); Wichita, KS (19.6 percent); Jackson, MS (22.6 percent); Little Rock, AR (23.5 percent) and Chicago, IL (24.6 percent).
The portion of mortgaged homes considered equity rich rose from the fourth quarter of 2021 to the first quarter of 2022 in 103 of 106 metro areas with sufficient data in both time periods (97 percent) while the level rose annually in 105, or 99 percent.
West still has top equity-rich counties
Among 1,617 counties that had at least 2,500 homes with mortgages in the first quarter of 2022, 37 of the top 50 equity-rich locations were in the West.
Counties with the highest share of equity-rich properties were Dukes County (Martha's Vineyard), MA (81.1 percent equity-rich); Teton County (Jackson), WY (78.7 percent); San Mateo County, CA (outside San Francisco) (77.4 percent); Chittenden County (Burlington), VT (77.1 percent) and Nantucket County, MA (76.6 percent).
Counties with the smallest share were Vernon Parish, LA (northwest of Lafayette) (7.2 percent equity-rich); Otero County, NM (outside El Paso, TX) (7.7 percent); Geary County (Junction City), KS (7.9 percent); Cumberland County (Fayetteville), NC (9.5 percent equity-rich) and Boone County (Columbia), MO (10 percent).
At least half of all properties considered equity-rich in a third of zip codes
Among 8,705 U.S. zip codes that had at least 2,000 residential properties with mortgages in the first quarter of 2022, there were 3,247 (37 percent) where at least half the mortgaged properties were equity-rich.
Forty-one of the top 50 were in California and Texas, with 12 of the top 25 in Austin, TX. They were led by zip codes 78739 in Austin, TX (84.5 percent of mortgaged properties were equity-rich); 78733 in Austin, TX (84.5 percent); 78617 in Del Valle, TX (83.6 percent); 94703 in San Francisco, CA (83.6 percent) and 94116 in San Francisco, CA (83.4 percent).
Largest shares of seriously underwater properties again in South and Midwest
Nine of the 10 states with the highest shares of mortgages that were seriously underwater in the first quarter of 2022 were in the South and Midwest. The top five were Mississippi (17 percent seriously underwater), Louisiana (11.3 percent), Wyoming (10 percent), Iowa (7.4 percent) and Illinois (7.2 percent).
Among 107 metropolitan statistical areas with a population greater than 500,000, those with the largest shares of mortgages that were seriously underwater in the first quarter of 2022 were Baton Rouge, LA (11.3 percent); Wichita, KS (8.6 percent); New Orleans, LA (8 percent); Jackson, MS (6.9 percent) and Youngstown, OH (6.8 percent).
Despite the slight quarterly increase in the level of seriously underwater mortgages nationwide, the portion actually declined in 62, or 58 percent, of the metro areas with enough data to analyze in both the fourth quarter of 2021 and the first quarter of 2022. Seriously underwater rates decreased, year over year, in 103 of those 107 metros (97 percent).
More than 25 percent of residential properties seriously underwater in just 42 zip codes
Among 8,705 U.S. zip codes that had at least 2,000 homes with mortgages in the first quarter of 2022, there were only 42 locations where more than 25 percent of mortgaged properties were seriously underwater. Of those, 20 were in Cleveland, OH; others were found in Columbia, MO; Detroit, MI; St. Louis, MO, and Philadelphia, PA.
The top five zip codes with the largest shares of seriously underwater properties in the first quarter of 2022 were 39553 in Jackson, MS (55.2 percent of mortgaged homes were seriously underwater); 39564 in Jackson, MS (52 percent); 44108 in Cleveland, OH (48.8 percent); 46408 in Gary, IN (45.4 percent) and 65202 in Columbia, MO (45.2 percent).
Most homeowners facing foreclosure have at least some equity
Only about 201,000 homeowners were facing possible foreclosure in the first quarter of 2022, or just three-tenths of one percent of the 58.1 million outstanding mortgages in the U.S. However, 180,000, or 90 percent of those facing possible lender takeover, had at least some equity built up in their homes.
"Positive equity should give financially distressed homeowners better options than their counterparts had during the Great Recession, when 33 percent of all homeowners were underwater on their mortgages," Sharga noted. "Hopefully these borrowers will be able to tap into their equity to refinance their debt, or be able to leverage it to sell their property and get a fresh start."
States with the highest percentages of homeowners who had equity in their properties and were facing foreclosure in the first quarter of 2022 included New Hampshire (99 percent with equity), Idaho (99 percent), Utah (99 percent), Washington (97 percent) and Colorado (97 percent). States with the lowest percentages included Mississippi (58 percent with equity), Louisiana (76 percent), Maryland (80 percent), Illinois (81 percent) and Kansas (82 percent).
Report methodology
The ATTOM U.S. Home Equity & Underwater report provides counts of properties based on several categories of equity — or loan to value (LTV) — at the state, metro, county and zip code level, along with the percentage of total properties with a mortgage that each equity category represents. The equity/LTV is calculated based on record-level loan model estimating position and amount of loans secured by a property and a record-level automated valuation model (AVM) derived from publicly recorded mortgage and deed of trust data collected and licensed by ATTOM nationwide for more than 155 million U.S. properties. The ATTOM Home Equity and Underwater report has been updated and modified to better reflect a housing market focused on the traditional home buying process. ATTOM found that markets where investors were more prominent, they would offset the loan to value ratio due to sales involving multiple properties with a single jumbo loan encompassing all of the properties. Therefore, going forward such activity is now excluded from the reports in order to provide traditional consumer home purchase and loan activity.
Definitions
Seriously underwater: Loan to value ratio of 125 percent or above, meaning the property owner owed at least 25 percent more than the estimated market value of the property.
Equity-rich: Loan to value ratio of 50 percent or lower, meaning the property owner had at least 50 percent equity.
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com
Data and Report Licensing:
949.502.8313
datareports@attomdata.com
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SOURCE ATTOM | https://www.whsv.com/prnewswire/2022/05/12/homeowner-equity-grows-again-across-us-first-quarter/ | 2022-05-12T05:54:49Z |
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