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Photographer Pete Mauney heads out for work each night, flashlight in hand, wearing highway safety gear. His oversized, orange T-shirt and its strip of reflectors match the traffic cones piled in the trunk of his car.
"Almost everybody thinks I'm a surveyor," he says. "Except state troopers."
During the summer months, from dusk until the moon rises, he finds his subjects along quiet stretches of farmstand highway, in abandoned fields and hidden pockets of woods, and the grassy tracks underneath power lines within a 30-mile radius of his home in Tivoli, New York. Mauney photographs fireflies — that is, any night the temperature stays above 60 degrees and there isn't a downpour.
"I never get tired of it. And I never get tired of the challenge and the puzzle of trying to construct the images — and trying to construct a good image, because it's not enough for me to let the bugs do the heavy lifting. Almost any picture with some fireflies in it is going to look cool, but that doesn't necessarily make it a good photo, compositionally."
For Mauney, a good image starts with the right location.
"I often work by power lines," he explains. "They're kept clear of trees — it's just brush, which fireflies love. For the most part, they prefer unpopulated areas where nobody bothers them and there's no light.
"Farms can have these giant old mercury vapor lights or LEDs that blast in all directions. There's one spot I know where the barn blocks most of the light on one side of the field and the population is very active in that area, but the part of the field being hit by the farm light only has about 20% of that activity — even though it's hundreds of feet away from the source."
On the night I tagged along with Mauney, he picked a spot to photograph alongside a quiet stretch of road. Working by starlight, he set up his camera on a tripod and pointed it toward a line of trees with an electrical tower behind it. He took some sample pictures at a higher brightness so that he could check the composition, but a tiny porch light from a house behind us was lighting up the bushes, spoiling the shot. When the home's owner suddenly emerged, alerted to our presence by an overzealous goldendoodle, Mauney talked him into turning it off.
Then, it grew very dark. Once my eyes adjusted, I saw thousands and thousands of dancing lights: in short bursts and more sustained flashes, making patterns that hover and float. Mauney will leave his camera in the same position for up to five hours, collecting as many as 800 timed exposures. He compiles these in Photoshop, layer by layer, creating single images.
"There was a night when the fireflies were about as active as I've ever seen them on either side of a road," Mauney remembers. "One side had a species that flashes quickly. The other side had a kind that leaves snake-like tracks. The photograph I made on the first side looks like the most serene environment you could imagine, with all of the surfaces covered in green light — a spa for the eyes. The picture from the other side was almost pure chaos.
"Having thousands of these creatures almost completely fill your field of vision is not serene or romantic," he continues, "well, unless you're a firefly. It can actually be stressful — it elevates my heart rate. I've been trying to see if I can fill an entire frame with their flashes, and I've gotten pretty close."
"Pete's photos are amazing," says computer scientist and biophysicist Dr. Orit Peleg, who leads a research team that studies insect communications at the BioFrontiers Institute of the University of Colorado, Boulder. "They stand out in part because here's so much activity in the areas where he's working."
This summer, Mauney has been one of 10 volunteers across the country helping Peleg's team collect data on fireflies. They sent him two GoPros that he can deploy when he's already out in the field; positioned back-to-back, they capture 360-degree video that will be stitched together to create 3D models. Peleg's team used this method to offer new evidence that firefly swarms can synchronize their flashes. Their goal is to produce the first dictionary that will match firefly species with their distinctive flash patterns.
"Once we can identify the different species," Peleg says, "we can plug them into conservation monitoring and try to correlate our observations with environmental factors, such as light pollution, pesticides and habitat destruction that are impacting the fireflies."
Although Mauney is an artist and not a scientist, it's not lost on him that his photographs shed new light on how his favorite subjects coexist with us, for better and for worse. They document places that don't exist on any map, and yet are critical to the fireflies' survival. With our eyes opened to these hidden hubs of activity, we can't help but question what else we might be missing.
"The bioluminescent insects are a tiny, tiny, tiny, tiny percentage of all the other insects that are out there that we're not seeing," says Mauney. "They're giving us an indication, through the photographs, of what else is there — which is a lot. There is a lot that we don't see."
Find more of Pete Mauney's work online at ninetyninenorth.com or follow him on Instagram at @pete_mauney.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/these-photos-are-shedding-new-light-on-how-fireflies-interact-with-the-world | 2022-08-12T10:26:39Z |
Stan, Kyle, Cartman and Kenny have been entertaining and offending for 25 years. South Park premiered in 1997, but the characters first came to life five years earlier in a student film.
Copyright 2022 NPR
Stan, Kyle, Cartman and Kenny have been entertaining and offending for 25 years. South Park premiered in 1997, but the characters first came to life five years earlier in a student film.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/tvs-favorite-foul-mouth-kids-are-celebrating-an-anniversary | 2022-08-12T10:26:45Z |
WASHINGTON — Over recent years, cybercriminals have targeted governments and small businesses alike in massive digital heists — making hundreds of millions of dollars in 2021 alone in exchange for unlocking victims' systems. As the attacks got more high profile, peaking after Colonial Pipeline's shutdown last spring led to fuel shortages across the East Coast, the need for solutions became more desperate.
In 2021, U.S. government officials, academics, and members of think-tanks and the private sector formed the Ransomware Task Force. Its latest report was published in early August with the help of the Center for Internet Security. The report is designed to give small and medium sized businesses a checklist of step to prepare for, defend against, and recover from ransomware attacks, using data about attacks and what strategies have worked in the past.
The most vulnerable
Although there's been a debate recently about whether the overall rate and cost of ransomware attacks is decreasing — due to global attention, law enforcement action, seizing digital funds, and international pressure on Russia, where many ransomware gangs operate from —it's still a major problem. The Ransomware Blueprint is directed toward small and medium-size businesses because of how frequently they are targeted and their relative lack of resources.
In February 2021, the Cybersecurity and Infrastructure Security Agency (CISA) noted a trend after a spate of high-profile international and law enforcement attention on big ransomware attacks: The criminals had slowed down their "big game" hunting, or targeting of large businesses and critical infrastructure. That left smaller businesses, whose victimhood might draw less attention. According to the Ransomware Taskforce, businesses with fewer than 500 employees were hit by 70 percent of the attacks in 2021. The blueprint is designed "to remove a critical barrier" for small and medium businesses "with limited cybersecurity expertise in defending against ransomware," concluded the authors of the report.
The timeline
According to the blueprint, ransomware defense begins by knowing what's on the network.
That means keeping a registry of all software, hardware, and data on the cloud, exploring how the network functions on an average day and who has access to which components.
It sounds simple, but, according to Valecia Stocchetti, a senior cybersecurity engineer and co-author of the blueprint, criminals are constantly studying.
"Sometimes the criminals are more familiar with what is going on in your network than you are," she said in an interview with NPR.
Once everything is identified, the work of protecting the network begins.
That means training employees and making sure the network is configured securely, which includes installing firewalls and making sure users or software that are later added on can't bypass security procedures.
Each organization should also have a tiered system of access, making sure employees don't have privileged access to parts of the network they don't need for their work.
Organizations need to keep a close eye on research published about security vulnerabilities, and constantly be patching those holes when companies release the fixes. CISA maintains a list of vulnerabilities and ranks them according to how dangerous they are and how easy they are for criminals to exploit, helping organizations prioritize the work to patch them.
Many of the instructions, while tailored toward ransomware, offer good general information.
The report's authors note that attackers can use several strategies to break into systems before launching a ransomware attack, including malicious email attachments or web browsers. Deploying anti-malware software and preventing removeable media from automatically running on the system can make a big difference.
Stocchetti said one of the most helpful pieces of advice is to install multifactor authentication, meaning multiple ways to verify identity beyond just a password.
Sometimes, despite best efforts, criminals still find a way in. That's why it's vital that companies have a plan to respond to an attack, and that they practice it frequently and know who is authorized to do what in an emergency.
"It's things like making sure you make a list of who to contact when you know the fire erupts because not everything is 100 percent bulletproof, as we all know," she said.
That also means that organizations backup their data, encrypt those backups, and make sure the backups aren't connected to the primary network, or the criminals will get access and make all the effort worthless.
The money
One of the biggest quandaries for companies hit by ransomware is whether to pay to unlock their files, action that the FBI discourages but is sometimes difficult to avoid when critical functions are disrupted by the attack.
But there's also a cost to lost business, reconstituting systems, hiring incident response experts, and repairing damages. Cyber insurance policies can be helpful to offset those costs.
However, sometimes companies struggle with understanding or feeling fully protected by those policies. According to a recent study from Blackberry and Corvus Insurance, a high percentage of companies said they would hesitate to get into business with organizations that aren't covered by cyber insurance, recognizing its importance. However, just 14 percent of small and medium-size businesses have policies that cover over $600,000, restrictions that led more than half of respondents to say they hoped for more financial assistance from the government, particularly when attacked by a nation state. Many companies said there's a lack of transparency from some firms about what is actually covered by their policies, which are constantly getting more expensive.
Davis Hake, the co-founder of Resilience Insurance and one of the co-authors of the blueprint, told NPR that a more symbiotic relationship between the insurance industry and small and medium-size businesses could be beneficial.
If insurance companies require their policy holders to implement the action items in the blueprint, or offer to help them put those things in place, he said, it will help increase resilience and, hopefully, limit costly payouts.
"We're very good at pricing the risk and using that data to understand that as an industry," Hake said in an interview. "But what I really think is the industry needs to move from not just pricing the risk, but also learning how do we protect our risks."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/what-experts-think-companies-should-do-when-ransomware-strikes | 2022-08-12T10:26:51Z |
If you take stock of all the high-tech gadgets around you right now, including the device you're currently using to read this article, you'll find that they all need semiconductor chips to function.
And most of these chips are not made in the U.S.
The Biden administration wants to change that, with the president signing the CHIPS and Science Act into law this week. It will allocate more than $50 billion to bring semiconductor chip manufacturing to the U.S. and away from its current production hub in East Asia.
Sourabh Gupta is a senior Asia-Pacific policy specialist at the Institute for China-America Studies and joined All Things Considered to discuss what this means for our gadgets, and what it could predict about the future of American tech manufacturing.
This interview has been edited for length and clarity
Interview Highlights
On what would happen if the U.S. lost access to its semiconductor chip imports from Asia
Life would come to a standstill if we don't have the chips, which is like oil — it is the resource that runs our electronics, and effectively that runs our life in many ways. A car has hundreds of chips in it. And we are not talking of the most sophisticated cars. We're not talking electric vehicles. We are talking your average car.
We're talking just television sets — something as straightforward as that. The gamer kids are not going to have much of their entertainment if the chips don't come. What the chips also do is provide the foundation for a lot of innovation, next-generation innovation — what has been dubbed as the fourth industrial revolution.
On whether the CHIPS Act goes far enough to prevent that potential slowdown
It is sufficient. There is a lot of money, and a lot of it is frontloaded — literally $19 billion frontloaded in the next 12 months to support chip manufacturing in the U.S. But we don't need to have all chips or a very significant number of chips made in the U.S.
We just need a certain amount of chips which will not hold the U.S. in a situation of blackmail or in a situation of peril if there is a war in East Asia, or if there are others just general supply chain snafus.
On whether this law effectively shore up the U.S.'s position and curbs China's influence in chip manufacturing
It absolutely does [shore up the U.S.'s position], but it doesn't necessarily curb China's influence. It forces China to be able to come up with greater indigenous innovation to catch up with the U.S. - and its East Asian peers - in terms of chip manufacturing.
East Asian manufacturers are conflicted with regard to the CHIPS Act and having certain disciplines imposed on them in terms of expanding capacity in China. But that having been said, they value the importance of the United States. And so the way they are trying to proceed going forward is asking the U.S. federal government to allow them to continue to produce legacy chips in China — chips which are not cutting-edge -— while they will produce the cutting-edge chips in their home countries and in America so that that technology which goes into cutting-edge chips does not bleed into China and enhance China's productive capabilities in any way.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/what-the-chips-act-means-for-your-gadgets-and-u-s-tech-manufacturing | 2022-08-12T10:26:57Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Amazon.com, Inc. (NASDAQ: AMZN).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/amazon-com-inc-loss-submission-form-2/?id=30776&from=4
This lawsuit is on behalf of all persons or entities that purchased or otherwise acquired shares of Amazon common stock between July 30, 2021, and April 28, 2022, inclusive.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 6, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Amazon.com, Inc. issued materially false and/or misleading statements and/or failed to disclose that: 1) defendants knew or recklessly disregarded that the Company's infrastructure and fulfillment network investments substantially outpaced demand; 2) those investments were a massive, self-imposed, undue drain on Amazon's financial condition; 3) contrary to defendants' public statements and undisclosed to investors, defendants had already implemented cutbacks to Amazon's fulfillment capacity by July 2021; and 4) as a result of defendants' misrepresentations and omissions, Amazon's common stock traded at artificially inflated prices during the class period.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/amzn-shareholder-alert-jakubowitz-law-reminds-amazon-shareholders-lead-plaintiff-deadline-september-6-2022/ | 2022-08-12T11:02:50Z |
CLEVELAND, Aug. 12, 2022 /PRNewswire/ -- Avient Corporation (NYSE: AVNT), a leading global provider of sustainable and specialized material solutions, today announced it has entered into a definitive agreement to sell its Distribution business to an affiliate of H.I.G. Capital for $950 million in cash, subject to regulatory approval.
On April 20, 2022, the company announced it was exploring a sale of its Distribution business, in connection with announcing an agreement to acquire the Protective Materials business of DSM. The company recently completed that process, culminating in today's announcement.
"As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process," said Robert M. Patterson, Chairman, President and Chief Executive Officer, Avient Corporation. "Ultimately, we selected H.I.G. Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. We are also confident that H.I.G. will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer."
The company noted that after-tax proceeds of approximately $750 million from the sale will be used to pay down near-term maturing debt. Pro forma for the sale of the Distribution business and the forthcoming acquisition of DSM's Protective Materials business, net debt to adjusted EBITDA leverage will be approximately 2.8x at the end of the year.
Mr. Patterson added, "The sale of the Distribution business and acquisition of DSM Protective Materials represent the next steps in our specialty transformation that began over a decade ago. We are excited about our future as a pure play specialty formulator of sustainable solutions."
In accordance with US GAAP, the company expects the Distribution business will be classified as "held for sale" and reported as a discontinued operation in future filings.
The company noted that Moelis & Company LLC and Goldman Sachs served as financial advisors to Avient. Jones Day served as outside legal counsel. The sale is subject to satisfaction of regulatory requirements and other customary closing conditions.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world. Examples include:
- Unique technologies that improve the recyclability of products and enable recycled content to be incorporated, thus advancing a more circular economy
- Light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation and reduce carbon footprint
- Sustainable infrastructure solutions that increase energy efficiency, renewable energy, natural resource conservation and fiber optic / 5G network accessibility
Avient employs approximately 8,800 associates and is certified ACC Responsible Care®, a founding member of the Alliance to End Plastic Waste and certified Great Place to Work®. For more information, visit www.avient.com.
Forward-Looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks, including recessionary conditions; the current and potential future impact of the COVID-19 pandemic on our business, results of operations, financial position or cash flows, including without limitation, any supply chain and logistics issues; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; information systems failures and cyberattacks; amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; any material adverse changes in the business supporting the Distribution assets being sold; the ability to obtain required regulatory or other third-party approvals and consents and otherwise consummate the proposed sale of the Distribution business; any material adverse changes in the Protective Materials Business proposed to be acquired from Royal DSM ("DSM"); our ability to achieve the strategic and other objectives relating to the proposed acquisition of the DSM Protective Materials business and the proposed sale of the Distribution business; and other factors described in our Annual Report on Form 10-K for the year ended December 31, 2021 under Item 1A, "Risk Factors." The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
Non-GAAP Reconciliation
The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as outlook for net debt to adjusted EBITDA leverage, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, restructuring costs, environmental remediation costs, acquisition-related costs, and other non-routine costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
To access Avient's news library online, please visit www.avient.com/news
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SOURCE Avient Corporation | https://www.whsv.com/prnewswire/2022/08/12/avient-signs-agreement-divest-distribution-business-hig-capital-950-million/ | 2022-08-12T11:02:57Z |
HONG KONG, Aug. 12, 2022 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining Limited" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2022, before the U.S. market open on Friday, August 19, 2022.
About BIT Mining Limited
BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, data center operation and miner manufacturing. The Company owns the world's top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETH and LTC. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, furnishing its self-efficiency with vertical integration with its supply chain.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements include, among others: the formation of the JV, the joint development and operation of the Ohio Mining Site, and the execution and anticipated benefits of BIT Mining's growth strategy, including the transactions contemplated under the Agreements. 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. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For further information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com
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SOURCE BIT Mining Limited | https://www.whsv.com/prnewswire/2022/08/12/bit-mining-limited-report-second-quarter-2022-financial-results-august-19-2022/ | 2022-08-12T11:03:03Z |
Home with Love
CARIO, Aug. 12, 2022 /PRNewswire/ -- In the new town of Sidi Abdellah in Algiers, there are some red-brown and beige buildings of its Mahelma community. In the evening, some residents walk leisurely on the paths, and groups of children happily playing near the slides. Many young people run on the football field, enjoying the game. This is the apartment complex of the Sidi Abdellah government subsidized housing built by China State Construction Engineering Corporation (CSCEC). Since it was completed and put into use in 2019, it has helped over 10,000 locals realize their dream of living comfortably, and effectively improved local housing conditions.
BENSSADA Loubna's family is a beneficiary of the project. In the past, they huddled together in a shabby community in Ain Benian. Today, owning a home of their own is a source of happiness for them. "In 2019, my family and I moved into the new apartment built by the Chinese. Before that I always worried simply because we didn't have a stable place to live."
"When I opened the door of my new home, the feeling was indescribable, like starting a new life." Loubna said excitedly. Project manager Xuan Shijie said what impressed him most were the smiling faces of those who had moved in and their heartfelt greetings to the builders.
CSCEC borrowed the concept of the Barcelona Superblock to make the inner traffic more people-friendly. The privacy of the residents is also well protected. "This is not a luxury project. But we did spend a lot of efforts in materials and the details of the design and facilities to promote residents' happiness," Xuan said.
Affordable housing also allows more residents to join CSCEC. Omar, a local electromechanical engineer, is one of them. He's worked on the project site for 10 years. He said, "I am so proud to be part of the company and to help improve my compatriots' living conditions." According to statistics, the company has provided job opportunities for more than 27,000 local people.
CSCEC has been involved in the construction in Algeria for 40 years. To date, CSCEC has built over 170,000 dwellings in Algeria, covering an area of about 17 million square meters. It has solved housing problems for nearly 1 million people and in so doing made important contributions to people's livelihoods in Algeria.
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SOURCE China State Construction Engineering Corporation | https://www.whsv.com/prnewswire/2022/08/12/building-lives-return-visit-affordable-housing-project-algeria/ | 2022-08-12T11:03:09Z |
NINGDE, China, Aug. 12, 2022 /PRNewswire/ -- On August 12, 2022, Contemporary Amperex Technology Co., Limited (CATL) officially announced it will invest 7.34 billion euros to build a 100 GWh battery plant in Debrecen of east Hungary, which is also its second battery plant in Europe following its German plant. Subject to the shareholder meeting approval, construction of the first production facilities will start within this year.
Covering an area of 221 hectares in the Southern Industrial Park of Debrecen, the project will supply both cells and modules to European automakers.
Debrecen is located at the heart of Europe, and with close proximity to some auto plants of its customers such as Mercedes-Benz, BMW, Stellantis and Volkswagen, CATL's Debrecen plant will enable it to better cope with the battery demands of the European market, improve its global production network development, and help accelerate e-mobility and energy transition in Europe.
As part of its commitment to reducing the carbon footprint in battery manufacturing, CATL will use electricity from renewable energies, and is considering developing solar power with local partners in the country.
To build a sustainable and circular battery value chain, CATL is also examining the possibility of joining forces with local partners to establish facilities for battery materials in Europe.
"There is no doubt that our plant in Debrecen will enable us to further sharpen our competitive edge, better respond to our European customers, and accelerate the transition to e-mobility in Europe," said Dr. Robin Zeng, founder and Chairman of CATL. "The greenfield project in Hungary will be a giant leap in CATL's global expansion, and also an important step in our efforts to make an outstanding contribution to the green energy drive for humankind."
Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, said: "Both the global and the European economies have been faced with tremendous challenges recently. We in Hungary have a clear goal to be a local exception from the continental recession. The best tool to achieve this goal is to attract state-of-the-art investments in the most revolutionary branch of the automotive industry, namely electromobility. We are proud that CATL decided to execute the biggest ever greenfield investment in the history of Hungary. We have recently become one of the leading battery production sites of the world and with this huge investment we further strengthen our position."
The new project was well received from CATL's European customers. Markus Schäfer, Member of the Board of Management of Mercedes-Benz Group AG, CTO responsible for development and procurement, said: "This new state-of-the art European CATL plant in Hungary is another milestone for the scale-up of our EV production together with our key partners. With CATL we have a technology-leader as our partner to provide us - as the first and biggest customer of the new plant's initial capacity - with top-notch CO2 neutral battery cells for our next generation EVs in Europe, hence following our local-to-local approach in procurement. We're proud to see our Ambition 2039 supported by CATL's commitment to CO2 neutral production in Hungary."
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SOURCE Contemporary Amperex Technology Co., Limited | https://www.whsv.com/prnewswire/2022/08/12/catl-announces-its-second-european-battery-plant-hungary/ | 2022-08-12T11:03:16Z |
─Appoints Ilan Vaknin, PhD, as Vice President of Research & Development and Christina Crater, MD, as Vice President of Clinical Development─
TEL AVIV, Israel, Aug. 12, 2022 /PRNewswire/ -- Chemomab Therapeutics, Ltd. (Nasdaq: CMMB) (Chemomab), a clinical-stage biotechnology company focused on the discovery and development of innovative therapeutics for fibrotic and inflammatory diseases with high unmet need, today announced the addition of Ilan Vaknin, PhD, MBA, as Vice President of Research & Development and Christina Crater, MD, as Vice President of Clinical Development.
"Chemomab is distinguished by the strength of its science, and we are fortunate these two premiere scientific and medical professionals are assuming critical roles as we progress the development of CM-101, our pipeline in a product with breakthrough potential," said Dale Pfost, PhD, Chief Executive Officer of Chemomab. "We are preparing to report topline results from our Phase 2 trial in liver fibrosis patients later this year, we are expanding our Phase 2 trial of CM-101 in primary sclerosing cholangitis, we will soon be launching a Phase 2 biological proof of concept trial in systemic sclerosis, and we are assessing potential new indications for CM-101 in other fibro-inflammatory disorders. Dr. Vaknin's more than 20 years of broad-ranging experience in immunology, bioassay development, and antibody R&D and manufacturing will be invaluable as we work to accelerate advancement of our pipeline programs."
Dr. Vaknin brings Chemomab more than two decades of biotechnology drug discovery and development experience in immunology, antibody development, translational research and bioassay development, including more than a decade in senior science roles at Compugen, Ltd. He most recently served as Director of Preclinical Bioassays, where he oversaw preclinical bioassay development and related activities, while working with computational and validation teams to support discovery of novel drug targets and biomarkers. Prior to Compugen, Dr. Vaknin served as Chief Technology Officer at Active P, where he led the development of orally available therapeutic peptides. Earlier in his career, he served as External Scientific Consultant for the Department of Neurobiology at Israel's Weizmann Institute of Science. Dr. Vaknin holds a PhD in immunology and a BA in life sciences from The Hebrew University of Jerusalem, where he also received an MBA in finance.
Dr. Pfost continued, "Dr. Crater's extensive background in medical affairs and clinical trial design and execution across a broad range of therapeutic indications will be instrumental as we ramp up our clinical activities. She has highly relevant experience leading clinical research programs in immuno-inflammation and orphan diseases. Her decade as a front-line physician gives her a first-hand appreciation for the essential roles of patients and physicians in the successful development of new therapies. I am delighted to welcome Ilan and Chris to the Chemomab senior team at this exciting time in our evolution."
Dr. Crater has served as a medical monitor, safety physician, therapeutic expert and study director in all phases of clinical development, including extensive experience in data quality and safety monitoring. Her career spans working in-house at pharmaceutical and biotechnology firms, as well as at major clinical research organizations (CROs). Previously Dr. Crater served as Senior Clinical Trial Physician at Bristol-Myers Squibb, where she was responsible for the review and interpretation of clinical data while contributing to strategic decisions on clinical study design and asset advancement. Dr. Crater also served in senior clinical development roles with PRA Health Sciences and PAREXEL International. Earlier in her career, Dr. Crater worked as an internal medicine physician. She received an MD degree from the University of Tennessee and holds a BS from Rhodes College. Dr. Crater is board certified in Internal Medicine.
About Chemomab Therapeutics
Chemomab is a clinical-stage biotechnology company focusing on the discovery and development of innovative therapeutics for fibrotic and inflammatory diseases with high unmet need. Based on the unique and pivotal role of the soluble protein CCL24 in promoting fibrosis and inflammation, Chemomab developed CM-101, a monoclonal antibody designed to bind and block CCL24 activity. CM-101 has demonstrated the potential to treat multiple severe and life-threatening fibrotic and inflammatory diseases. It is currently in Phase 2 trials for primary sclerosing cholangitis and liver fibrosis, with a Phase 2 trial in systemic sclerosis expected to begin in late 2022. For more information, visit chemomab.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements include, among other things, statements regarding the clinical development pathway for CM-101; the future operations of Chemomab and its ability to successfully initiate and complete clinical trials and achieve regulatory milestones; the nature, strategy and focus of Chemomab; the development and commercial potential and potential benefits of any product candidates of Chemomab; and that the product candidates have the potential to address high unmet needs of patients with serious fibrosis-related diseases and conditions. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based upon Chemomab's current expectations. Forward-looking statements involve risks and uncertainties. Because such statements deal with future events and are based on Chemomab's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Chemomab could differ materially from those described in or implied by the statements in this presentation, including: risks related to Chemomab's ability to effectively implement the revised clinical strategy and its ability to achieve the anticipated results; risks related to the projections and associated benefits in pursuing the contemplated changes to the clinical strategy; risks associated with the ongoing transitions of certain of our executive officers; the uncertain and time-consuming regulatory approval process; risks related to Chemomab's ability to correctly manage its operating expenses and its expenses; Chemomab's plans to develop and commercialize its product candidates, focusing on CM-101; the timing of initiation of Chemomab's planned clinical trials; the timing of the availability of data from Chemomab's clinical trials including any potential delays associated with Chemomab's contemplated revised clinical strategy; the timing of any planned investigational new drug application or new drug application; Chemomab's plans to research, develop and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of Chemomab's product candidates; Chemomab's commercialization, marketing and manufacturing capabilities and strategy; Chemomab's ability to protect its intellectual property position; and the requirement for additional capital to continue to advance these product candidates, which may not be available on favorable terms or at all. Additional risks and uncertainties relating to Chemomab's and its business can be found under the caption "Risk Factors" and elsewhere in Chemomab's filings and reports with the SEC. Chemomab expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Chemomab's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except to the extent required by applicable law.
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─Chemomab to Host Webcast and Conference Call for Investors Today, August 12 at 8:00 am ET─
TEL AVIV, Israel, Aug. 12, 2022 /PRNewswire/ -- Chemomab Therapeutics, Ltd. (Nasdaq: CMMB), a clinical-stage biotechnology company focused on the discovery and development of innovative therapeutics for fibrotic and inflammatory diseases with high unmet need, today announced financial and operating results for the second quarter ended June 30, 2022 and provided a corporate update.
"We continued to make good progress on multiple fronts in the second quarter," said Dale Pfost, PhD, Chairman and Chief Executive Officer of Chemomab. "We advanced our clinical programs for CM-101, our first-in-class monoclonal antibody that neutralizes CCL24, a novel disease target at the confluence of fibrosis and inflammation; we added to our intellectual property portfolio for CM-101; we presented important new data at major scientific meetings; and we added several highly experienced staff essential to progressing our scientific and clinical priorities."
Dr. Pfost continued, "Congratulations to our research team for gaining issuance of a new U.S patent covering the use of CM-101 in liver diseases such as primary sclerosing cholangitis (PSC), thereby further extending our proprietary protection for disease targets involving hepatic and cholestatic conditions. I am also very pleased at how active our researchers and consultants have been in the past few months educating their scientific and medical peers by presenting data on CCL24 and CM-101 at major international scientific meetings. We recently added several outstanding research and clinical experts to our team to help ensure rapid advancement of our preclinical and clinical programs. In addition, we added a new director, Jill Quigley, JD, who brings a wealth of biotechnology strategic and operational expertise to our board. These are exciting times for our company, and I look forward to reporting more details on our progress in the coming months."
Clinical Update:
Phase 2 Liver Fibrosis Trial in NASH patients
Chemomab concluded the treatment phase of its randomized, placebo-controlled Phase 2 liver fibrosis trial that included a total of 23 NASH patients, with patients in the active arm receiving 5mg/kg of CM-101 delivered subcutaneously in 8 doses administered once every two weeks. This sets the stage for a planned topline study read-out before year-end. Importantly, these data represent the first read-out of CM-101's activity in patients with established liver disease. The main study outcome is safety and tolerability. Additionally, based on the encouraging signs of activity observed in the CM-101 Phase 1b study in patients with non-alcoholic fatty liver disease, the company believes that evaluations of similar secondary outcomes in this patient population with more severe liver fibrosis and inflammation could be informative, and may provide useful insights in support of the overall CM-101 clinical development program. The trial results should also generate the pharmacokinetic and tolerability data needed to inform next steps in the development of the subcutaneous formulation of CM-101.
Phase 2 Trial in Primary Sclerosing Cholangitis patients
Chemomab previously indicated its intention to increase its efforts in the rare disease primary sclerosing cholangitis, or PSC, including expanding the size and scope of the ongoing randomized, placebo-controlled Phase 2 trial. The company is adding an open label extension and a dose finding component intended to better inform selection of the optimal dose of CM-101 to advance into late development. These revisions have been finalized and global regulatory filings supporting the trial expansion have been initiated, while new sites in Europe and the U.S. continue to open. The company plans to enroll a total of 93 patients: 25 patients in each of the three dosing cohorts, which include the current 10mg/kg dose along with a lower 5 mg/kg dose and a higher 20mg/kg dose. Another 18 patients are receiving placebo. All outcome measures in the trial, including evaluations of serum ALP levels, serum biological markers, and Fibroscan, remain unchanged, except that the primary outcome now is safety. Consistent with this change, the study is not formally powered to assess efficacy. However, cohort sizes sufficient to detect, with expected variability, a clinically relevant improvement in serum ALP levels (defined as change from baseline), which is a key secondary outcome for studies in PSC, have been maintained. A blinded interim Drug Monitoring Committee safety review of the current cohort is planned for late this year, and Chemomab anticipates reporting topline data from the trial in the second half of 2024.
Phase 2 Trial in Systemic Sclerosis patients
Chemomab has made significant progress in delineating the design of its upcoming Phase 2 trial in systemic sclerosis, or SSc, working closely with a number of top systemic sclerosis experts. The company aims to establish biological proof of concept on clinically relevant aspects of this complex disease, focusing on CM-101's potential activity in modifying the skin, lung and vascular pathophysiology observed in SSc patients. Plans to launch the trial by the end of this year remain on track. A special webcast to provide details on the final trial design is planned in the next several months.
Recent Highlights:
- Awarded U.S. Patent No.11365246, "Anti CCL24 (eotaxin 2) Antibodies for Use in the Treatment of Hepatic Disease," a new method of use patent that covers the use of CM-101 and other anti-CCL24 antibodies and binding fragments in the treatment of a range of fibro-inflammatory liver diseases, including primary sclerosing cholangitis and other cholestatic-related disorders. The new patent extends Chemomab's intellectual property protection for CM-101 in the U.S. for another three years through at least 2038, with additional extensions possible.
- At a poster presentation at the EULAR European Congress of Rheumatology (June 1-4, Copenhagen, DK), Chemomab collaborator Professor Francesco Del Galdo of the University of Leeds presented a poster further supporting the role of CCL24 as a therapeutic target for systemic sclerosis. This study, which examined the role of CCL24 in longitudinal cohorts of diffuse cutaneous SSc patients, reported elevated serum levels of CCL24 in these patients and showed that high circulating CCL24 levels were correlated with disease activity and worse prognosis, as reflected by high fibrotic activity and deterioration of lung function over time.
- In an oral presentation at the 2022 EASL International Liver Congress (June 22-26, London, UK), Chemomab researchers presented data from a preclinical PSC model that used advanced technologies to reveal unique liver macrophage subpopulations as the major source of CCL24 production in the area of the bile duct that is damaged in PSC. Chemomab scientists also demonstrated in this model that treatment with CM-101 interfered with core PSC disease pathways in a way that is potentially associated with therapeutic activity.
- At the first international Extracellular Matrix Pharmacology Conference (June 23-25, Copenhagen DK), Chemomab researchers presented a poster that included both preclinical and early clinical data demonstrating that CM-101 attenuates biomarkers associated with extracellular matrix (ECM) expression. ECM expression is involved in PSC pathophysiology and is closely related to CM-101's mechanism of action. Importantly, this dataset supports the company's efforts to translate findings on preclinical biomarkers associated with ECM remodeling in the liver to the use of similar serum biomarkers in patients in its clinical trials.
- Appointed Jill M. Quigley, JD, to the Chemomab board of directors. Ms. Quigley brings more than 20 years of biotechnology industry leadership experience encompassing executive management, corporate operations, legal affairs, financings, and board membership. Previously Ms. Quigley was Chief Operating Officer at Passage Bio.
- Appointed Ilan Vaknin, PhD, MBA, as Vice President of Research & Development. Dr. Vaknin brings Chemomab more than 20 years of biotechnology drug discovery and development experience in immunology, translational research, antibody development and manufacturing, and bioassay development, including more than a decade in senior science roles at Compugen, Ltd.
- Appointed Christina Crater, MD, as Vice President of Clinical Development. Dr. Crater brings Chemomab an extensive background in medical affairs and clinical trial design and execution, across a broad range of therapeutic indications. She has served as medical monitor, safety physician, therapeutic expert and study director in all phases of clinical development. Dr. Crater's experience spans pharmaceutical firms including Bristol-Myers Squibb, as well as major clinical research organizations including PRA Health Sciences and PAREXEL International.
- Presented at the JMP Securities Life Sciences and HC Wainwright Global Investment Conferences. Recorded webcasts from these events can be accessed at Chemomab's website at https://investors.chemomab.com/events.
Second Quarter 2022 Financial Highlights
- Cash Position: Cash, cash equivalents and bank deposits were $51.8 million as of June 30, 2022, compared to $57.5 million at March 31, 2022. The company currently expects its runway to last through the end of 2023, consistent with the update provided last quarter.
- Research and Development (R&D) Expenses: R&D expenses were $2.9 million for the quarter ended June 30, 2022, compared to $1.3 million for the same quarter in 2021. The increase in R&D expense quarter-over-quarter primarily reflects the ramp-up in activities supporting the company's clinical programs for CM-101.
- General and Administrative (G&A) Expenses: G&A expenses were $3.3 million for the quarter ended June 30, 2022, compared to $1.5 million for the same quarter in 2021. The increase in cash G&A in the second quarter partly reflects key additions to the senior management team, as well as a non-cash charge for previously disclosed equity-based compensation plus a provision accrued for a potential tax liability, the majority of which arises from transactions that took place prior to the company's reverse merger in March 2021.
- Net Loss: Net loss was $6.2 million, or a net loss of approximately $0.03 cents per basic and diluted ordinary share, for the second quarter of 2022, compared to $2.8 million, or a net loss of approximately $0.01 per basic and diluted ordinary share, for the quarter ended June 30, 2021. The weighted average number of Ordinary Shares outstanding, basic and diluted were 228,173,276 (equal to 11,408,664 ADS's) for the quarter ended June 30, 2022.
For further details on Chemomab's financial results for the quarter ended June 30, 2022, refer to the Form 10-Q, which will be filed with the SEC today, August 12, 2022.
Live Webcast and Conference Call at 8:00 am Eastern Time, Friday, August 12, 2022
Chemomab management will host a webcast and conference call today, Friday, August 12, 2022, beginning at 8:00 a.m. Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the conference call by clicking this Webcast link to access the live webcast or replay, or by dialing 877-407-9208 (in the U.S.) or 201-493-6784 (outside the U.S. and in Israel) and entering passcode 13730646. Please call 5-10 minutes before the scheduled start time, enter the conference passcode and ask the operator for the Chemomab conference call. The webcast link is also available on the company's website at https://investors.chemomab.com/events
A replay of the call will be available on Chemomab's website for 90 days at www.chemomab.com.
About Chemomab Therapeutics Ltd.
Chemomab is a clinical stage biotechnology company focusing on the discovery and development of innovative therapeutics for fibrotic and inflammatory diseases with high unmet need. Based on the unique and pivotal role of the soluble protein CCL24 in promoting fibrosis and inflammation, Chemomab developed CM-101, a monoclonal antibody designed to bind and block CCL24 activity. CM-101 has demonstrated the potential to treat multiple severe and life-threatening fibrotic and inflammatory diseases. It is currently in Phase 2 trials for primary sclerosing cholangitis and liver fibrosis, with a Phase 2 trial in systemic sclerosis expected to begin in late 2022. For more information, visit chemomab.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements include, among other things, statements regarding the clinical development pathway for CM-101; the future operations of Chemomab and its ability to successfully initiate and complete clinical trials and achieve regulatory milestones; the nature, strategy and focus of Chemomab; the development and commercial potential and potential benefits of any product candidates of Chemomab; and that the product candidates have the potential to address high unmet needs of patients with serious fibrosis-related diseases and conditions. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based upon Chemomab's current expectations. Forward-looking statements involve risks and uncertainties. Because such statements deal with future events and are based on Chemomab's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Chemomab could differ materially from those described in or implied by the statements in this presentation, including: risks related to Chemomab's ability to effectively implement the revised clinical strategy and its ability to achieve the anticipated results; risks related to the projections and associated benefits in pursuing the contemplated changes to the clinical strategy; risks associated with the ongoing transitions of certain of our executive officers; the uncertain and time-consuming regulatory approval process; risks related to Chemomab's ability to correctly manage its operating expenses and its expenses; Chemomab's plans to develop and commercialize its product candidates, focusing on CM-101; the timing of initiation of Chemomab's planned clinical trials; the timing of the availability of data from Chemomab's clinical trials including any potential delays associated with Chemomab's contemplated revised clinical strategy; the timing of any planned investigational new drug application or new drug application; Chemomab's plans to research, develop and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of Chemomab's product candidates; Chemomab's commercialization, marketing and manufacturing capabilities and strategy; Chemomab's ability to protect its intellectual property position; and the requirement for additional capital to continue to advance these product candidates, which may not be available on favorable terms or at all. Additional risks and uncertainties relating to Chemomab's and its business can be found under the caption "Risk Factors" and elsewhere in Chemomab's filings and reports with the SEC. Chemomab expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Chemomab's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except to the extent required by applicable law.
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WUHAN, China, Aug. 12, 2022 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2022.
Second Quarter 2022 Highlights
- Net sales rose 5.5% to $127.2 million from $120.6 million in the second quarter of 2021.
- Gross profit increased 43.7% to $22.7 million from $15.8 million in the second quarter of 2021; gross margin was 17.9%, compared with 13.1% in the second quarter of 2021.
- Income from operations was $7.2 million, compared to income from operations of $0.1 million in the second quarter of 2021.
- Net income attributable to parent company's common shareholders was $9.4 million, or diluted earnings per share of $0.31, compared to net income attributable to parent company's common shareholders of $3.2 million, or diluted earnings per share of $0.10 in the second quarter of 2021.
First Six Months of 2022 Highlights
- Net sales grew by 5.1% to $263.6 million, compared to $250.9 million in the first six months of 2021.
- Gross profit increased by 5.1% to $37.4 million, compared to $35.6 million in the first six months of 2021; gross margin was 14.2% in the first six months of 2022, which is consistent with 14.2% in the first six months of 2021.
- Income from operations was $5.7 million compared with income from operations of $4.3 million in the first six months of 2021.
- Net income attributable to parent company's common shareholders was $9.4 million, compared to net income attributable to parent company's common shareholders of $6.4 million in the first six months of 2021; diluted earnings per share attributable to parent company's common shareholders was $0.30, compared to diluted earnings per share attributable to parent company's common shareholders of $0.21 in the first six months of 2021.
- Net cash provided by operating activities was $14.5 million in the first six months of 2022.
- Cash and cash equivalents, and pledged cash were $143.8 million as of June 30, 2022.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "Our second quarter 2022 sales grew a modest 5.5% as the Chinese economy slowed with GDP growth of 0.4% in the second quarter of 2022 and 2.5% for the first half of 2022. However, most of our divisions reported higher sales except for our commercial vehicle business which was hindered by weak industry demand. Most encouragingly, net sales of our advanced electric power steering ("EPS") grew by 39.7% and our sales into the North and South American markets also increased in the second quarter of 2022."
"According to statistics from the China Association of Automobile Manufacturers, overall automobile sales in China declined by 13.3% in the second quarter of 2022 with passenger vehicles sales declining by 2.2% and commercial vehicle sales down by 50.1% in the second quarter of 2022. For the six months ended June 30, 2022, overall car sales declined by 6.6% as passenger vehicle sales grew 3.4% and commercial vehicle sales decreased by 41.2%."
"During the second quarter of 2022, we increased our investment in research and development by 33.9% mainly to improve and expand our EPS products portfolio. We also reduced spending in selling, and general and administrative expenses in the second quarter of 2022."
Mr. Jie Li, Chief Financial Officer of CAAS, commented, "We maintained a strong balance sheet with cash and cash equivalents plus pledged cash of $143.8 million and working capital of $150.1 million at June 30, 2022. In the second quarter of 2022, we generated cash flow from operations of $14.5 million, and we also announced a share repurchase program of up to $5.0 million of our outstanding common shares periodically over the next 12 months. We believe that we are turning the corner and cautiously optimistic about the second half of year."
Second Quarter of 2022
Net sales increased by 5.5% to $127.2 million in the second quarter of 2022, compared to $120.6 million in the second quarter of 2021. Net sales of traditional steering products and parts decreased by 2.6% to $94.8 million for the second quarter of 2022, compared to $97.4 million for the same period in 2021. Net sales of electric power steering ("EPS") products rose 39.7% to $32.4 million from $23.2 million for the same period in 2021. EPS product sales were 25.5% of the total net sales for the second quarter of 2022, compared with 19.2% for the same period in 2021. Export net sales to North American customers rose by 20.1% to $38.3 million in the second quarter of 2022 compared with $31.9 million in the second quarter of 2021.
Gross profit rose by 43.7% to $22.7 million compared to $15.8 million in the second quarter of 2021. Gross margin in the second quarter of 2022 was 17.9% compared with 13.1% in the second quarter of 2021. The increase in gross margin was mainly due to the changes in the product mix and an increase in selling price.
Gain on other sales was $2.1 million, compared to $0.7 million in the second quarter of 2021.
Selling expenses decreased by 8.5% to $4.1 million compared to $4.4 million in the second quarter of 2021, which was primarily due to lower transportation expenses. Selling expenses represented 3.2% of net sales in the second quarter of 2022 compared to 3.6% in the second quarter of 2021.
General and administrative expenses ("G&A expenses") decreased by 6.6% to $5.7 million compared to $6.1 million in the second quarter of 2021, which was primarily due to lower office expenses and professional service fees. G&A expenses represented 4.5% of net sales in the second quarter of 2022 compared to 5.1% of net sales in the second quarter of 2021.
Research and development expenses ("R&D expenses") increased by 33.9% to $7.9 million compared to $5.9 million in the second quarter of 2021. R&D expenses represented 6.2% of net sales in the second quarter of 2022 compared to 4.9% in the second quarter of 2021.
Other income, net was $2.8 million for the second quarter of 2022, compared to $1.5 million for the three months ended June 30, 2021.
Income from operations was $7.2 million in the second quarter of 2022, compared to income from operations of $0.1 million in the second quarter of 2021. The increase was primarily due to higher sales and gross profits and cost controls.
Interest expense was $0.4 million in the second quarter of 2022, substantially consistent with $0.3 million in the second quarter of 2021.
Net financial income was $2.5 million in the second quarter of 2022, compared to net financial income of $0.2 million in the second quarter of 2021. The change in net financial income was primarily due to a higher foreign exchange benefit in the second quarter of 2022.
Income before income tax expenses and equity in earnings of affiliated companies was $12.2 million in the second quarter of 2022, compared to income before income tax expenses and equity in earnings of affiliated companies of $1.5 million in the second quarter of 2021.
Net income attributable to parent company's common shareholders was $9.4 million in the second quarter of 2022, compared to net income attributable to parent company's common shareholders of $3.2 million in the second quarter of 2021. Diluted earnings per share was $0.31 in the second quarter of 2022, compared to $0.10 per share in the second quarter of 2021.
The weighted average number of diluted common shares outstanding was 30,849,009 in the second quarter of 2022 compared to 30,855,406 in the second quarter of 2021.
First Six Months of 2022
Net sales increased 5.1% to $263.6 million in the first six months of 2022 compared to $250.9 million in the first six months of 2021. Six-month gross profit was $37.4 million, compared to $35.6 million in the corresponding period last year. Six-month gross margin was 14.2%, which is consistent with 14.2% in the first six months of 2021. The gain on other sales was $3.0 million in the first six months of 2022, compared to $2.0 million in the corresponding period last year. Income from operations was $5.7 million in the first six months of 2022, compared with income from operations of $4.3 million in the first six months of 2021.
Net income attributable to parent company's common shareholders was $9.4 million in the first six months of 2022, compared to net income attributable to parent company's common shareholders of $6.4 million in the corresponding period in 2021. Diluted earnings per share was $0.30 in the first six months of 2022, compared to diluted earnings per share of $0.21 in the first six months of 2021.
Balance Sheet
As of June 30, 2022, total cash and cash equivalents, and pledged cash were $143.8 million, total accounts receivable including notes receivable were $203.5 million, accounts payable including notes payable were $210.7 million and short-term loans were $47.6 million. Total parent company stockholders' equity was $313.6 million as of June 30, 2022, compared to $321.0 million as of December 31, 2021.
Business Outlook
Management has increased its revenue guidance for the full year 2022 to $500.0 million. This target is based on the Company's current views on operating and market conditions, which are subject to change.
Conference Call
Management will conduct a conference call on August 12, 2022 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation. To participate, please see the dial-in information below, enter the call 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call:
A replay of the call will be available on the Company's website under the investor relations section.
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 6 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Fiat Chrysler Automobiles (FCA) and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2022, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for automobile sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
jieli@chl.com.cn
Kevin Theiss
Awaken Advisors
+1-212-521-4050
Kevin@awakenlab.com
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SOURCE China Automotive Systems, Inc. | https://www.whsv.com/prnewswire/2022/08/12/china-automotive-systems-reports-almost-200-increase-net-income-second-quarter-2022/ | 2022-08-12T11:03:37Z |
BEIJING, Aug. 12, 2022 /PRNewswire/ -- China Life Insurance Company Limited (the "Company") (NYSE: LFC; SSE: 601628; HKSE: 2628) announces today that the Company has notified the New York Stock Exchange (the "NYSE") on August 12, 2022 (Eastern Time in the U.S.) that it will apply for the voluntary delisting of its American depositary shares ("ADSs") from the NYSE and the deregistration of such ADSs and underlying overseas listed shares (the "H Shares") under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), due to a number of considerations, including the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares, and the considerable administrative costs of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares under the Exchange Act and complying with the periodic reporting requirements and related obligations of the Exchange Act.
The Company intends to file a Form 25 with the United States Securities and Exchange Commission (the "SEC") on or after August 22, 2022 to delist its ADSs from the NYSE. The delisting of the ADSs from the NYSE is expected to become effective ten days thereafter. The last day of trading of the ADSs on the NYSE is expected to be on or after September 1, 2022. From and after that date, the ADSs of the Company will no longer be listed and traded on the NYSE.
Once the delisting has become effective and the criteria for deregistration have been satisfied, the Company intends to file a Form 15F with the SEC to deregister the ADSs and the underlying H Shares under the Exchange Act. Thereafter, all of the Company's reporting obligations under the Exchange Act will be suspended unless the Form 15F is subsequently withdrawn or denied. Deregistration and termination of the Company's reporting obligations under the Exchange Act are expected to become effective 90 days after its filing of Form 15F. Once the Form 15F is filed, the Company will publish the information required under Rule 12g3-2(b) of the Exchange Act on its website, https://www.e-chinalife.com.
The Company intends to terminate its ADS program after delisting its ADSs from the NYSE in due course in accordance with the deposit agreement. The Company does not intend to seek a listing or registration on a national securities exchange in the U.S. or quotation of the H Shares in the U.S. after the termination of its ADS program and the deregistration of its ADSs and the underlying H Shares. H Shares of the Company will continue to be traded on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"). The Company will continue to comply with its information disclosure and other obligations as a listed issuer under the relevant rules of the Hong Kong Stock Exchange and the Shanghai Stock Exchange as well as other applicable laws and regulations.
The Company reserves its rights in all respects, for any reason, to delay or withdraw the aforementioned filings prior to their effectiveness and will issue any further announcement if required under the listing rules or other applicable laws and regulations.
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SOURCE China Life | https://www.whsv.com/prnewswire/2022/08/12/china-life-insurance-company-limited/ | 2022-08-12T11:03:44Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Carvana Co. (NYSE: CVNA).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/carvana-co-loss-form/?id=30784&from=4
The lawsuit seeks to recover losses for shareholders who purchased Carvana between May 6, 2020 and June 24, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until October 3, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Carvana Co. issued materially false and/or misleading statements and/or failed to disclose that: (1) Carvana faced serious, ongoing issues with documentation, registration, and title with many of its vehicles; (2) as a result, Carvana was issuing unusually frequent temporary plates; (3) as a result of the foregoing, Carvana was violating laws and regulations in many existing markets; (4) as a result of the foregoing, Carvana risked its ability to continue business and/or expand its business in existing markets; (5) as a result of the foregoing, Carvana was at an increased risk of governmental investigation and action; (6) Carvana was in discussion with state and local authorities regarding the above-stated business tactics and issues; (7) Carvana was facing imminent and ongoing regulatory actions including license suspensions, business cessation, and probation in several states and counties including in Arizona, Illinois, Pennsylvania, Michigan, and North Carolina; and (8) as a result, Defendants' statements about Carvana's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/cvna-shareholder-alert-jakubowitz-law-reminds-carvana-shareholders-lead-plaintiff-deadline-october-3-2022/ | 2022-08-12T11:03:50Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Enochian BioSciences, Inc. (NASDAQ: ENOB).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/enochian-biosciences-inc-loss-submission-form/?id=30782&from=4
The lawsuit seeks to recover losses for shareholders who purchased Enochian between January 17, 2018 and June 27, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 26, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Enochian BioSciences, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) the Company's co-founder and inventor Serhat Gumrukcu was engaged in a variety of frauds; (2) Gumrukcu was not a licensed doctor anywhere in the world; (4) as a result of the foregoing, Gumrukcu's purported contributions to the Company lacked a reasonable basis; (5) as a result of the foregoing, the Company had overstated its commercial prospects; (6) Gumrukcu had improperly diverted approximately $20 million from Enochian to entities he owned; and (7) 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.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/enob-shareholder-alert-jakubowitz-law-reminds-enochian-shareholders-lead-plaintiff-deadline-september-26-2022/ | 2022-08-12T11:03:56Z |
BAODING, China, Aug. 12, 2022 /PRNewswire/ -- Recently, GWM HAVAL DARGO was launched in Chile and Peru in South America, bringing a brand-new driving experience to local customers.
To let locals have a more real feeling of this car's power, the GWM held a long-distance test drive for HAVAL DARGO in Chile. The test drive models are all-wheel-drive edition, combining coziness of urban SUVs and driving performance of off-road SUVs. The test drive route starts from Puerto Montt and ends at Puerto Varas via the Alerce Andino National Park, covering different driving environments, such as off-road terrain and paved roads.
The multi-scenario experience activities attracted a large number of test drivers to participate enthusiastically, and many well-known media gave positive comments.
Chileautos, the top local automotive website, commented that "HAVAL has introduced an SUV with an off-road gene, HAVAL DARGO seeks to conquer the adventure-loving masses."
During the test, HAVAL DARGO performs well in the off-road section, which allows test drivers to experience great off-road fun. The model's off-road capability is enhanced by equipping an intelligent all-wheel-drive system and rear axle electronically-controlled differential locks. The all-wheel-drive system can intelligently adjust the power output of all four wheels and works with the differential locks to fully utilize the grip of each wheel, helping test drivers pass through complex environments smoothly.
One of the test drivers said, "the driving performance of HAVAL DARGO on mountainous roads far exceeded my expectations, and the vehicle's grip and chassis performance are both excellent. It can provide steady support when cornering and a comfortable driving experience."
Also, in the test drive on paved roads, the model provides impressively comfortable experience. The test drive vehicles feature a variety of intelligent devices, such as Adaptive Cruise Control (ACC) and Lane Keeping Assist (LKA). These configurations provide test drivers with a technology-supported comfort and convenience. For example, ACC can accurately identify the distance to the car in front and automatically control the speed, allowing the driver to enjoy a more relaxed and convenient way of driving.
HAVAL DARGO combines an off-road exterior with a technology-inspired interior, presenting test drivers with both the roughness of its appearance and exquisite details. In terms of the interior, the model has a spacious space, which is installed with shift knobs and a large center control screen, elevating the sense of refinement and comfortable atmosphere.
"Its unique styling, exquisite interior workmanship, and rich intelligent technology configurations are very eye-catching, making it outstanding among other products at the same class in the market", commented La Tercera, an authoritative Chilean media.
According to the latest sales data released by GWM, HAVAL DARGO achieved excellent sales results in July 2022, with global sales increasing by up to 45.36% year-on-year.
Soon, GWM will launch this car in other markets, including the Middle East countries, bringing a diversified driving experience to more customers.
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SOURCE GWM | https://www.whsv.com/prnewswire/2022/08/12/gwm-haval-dargo-unveiled-south-america-igniting-passion-diversified-driving/ | 2022-08-12T11:04:03Z |
Fiscal Year 2022 Financial Highlights
- Total revenues were $707.5 million, an increase of 19.2% compared to the comparable prior year period.
- Gross margin was 33.8%, compared to 36.8% for the comparable prior year period. Non-GAAP gross margin was 34.0%, compared to 36.8% for the comparable prior year period.
- Net income attributable to Hollysys was $83.2 million, a decrease of 7.3% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $94.2 million, a decrease of 5.5% compared to the comparable prior year period.
- Diluted earnings per share was $1.35, a decrease of 7.5% compared to the comparable prior year period. Non-GAAP diluted earnings per share was $1.53, a decrease of 5.6% compared to the comparable prior year period.
- Net cash provided by operating activities was $54.5 million.
- Days sales outstanding ("DSO") of 171 days, compared to 180 days for the comparable prior year period.
- Inventory turnover days of 58 days, compared to 51 days for the comparable prior year period.
Fourth Quarter of Fiscal Year 2022 Financial Highlights
- Total revenues were $182.1 million, an increase of 14.7% compared to the comparable prior year period.
- Gross margin was 33.7%, compared to 37.8% for the comparable prior year period. Non-GAAP gross margin was 33.9%, compared to 37.9% for the comparable prior year period.
- Net income attributable to Hollysys was $23.0 million, an increase of 4.9% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $24.7 million, a decrease of 12.0% compared to the comparable prior year period.
- Diluted earnings per share was $0.37, an increase of 2.8% compared to the comparable prior year period. Non-GAAP diluted earnings per share was $0.40, a decrease of 13.0% compared to the comparable prior year period.
- Net cash provided by operating activities was $38.8 million.
- DSO of 174 days, compared to 194 days for the comparable prior year period.
- Inventory turnover days of 73 days, compared to 47 days for the comparable prior year period.
See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin, non-GAAP net income attributable to Hollysys and non-GAAP diluted earnings per share.
BEIJING, Aug. 12, 2022 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for fiscal year 2022 and the fourth quarter ended June 30, 2022. Dr. Changli Wang, the CEO and director of Hollysys, stated:
"We are delighted to report another fiscal year and the fourth quarter with solid financial and operational performance and firmly adhered to our tenet of automation for better lives, even under an unfavorable environment of the COVID-19 pandemic which constantly brings challenges. We are confident with our outstanding technologies, satisfactory services and established huge customer bases. Looking forward, Hollysys will unswervingly make progress based on the united efforts of our motivated and inspired management team, experts and employees, and will embrace jointly with our customers and investors for a more prosperous and vigorous future."
The Industrial Automation ("IA") business maintained its strong momentum with increased market shares as Hollysys undertook more key and challenging projects, which are expected to relieve the pain points of relevant industries by enhancing the efficiency in operation and contribute to achieving the national carbon peaking and carbon neutrality goals. In the chemical and petrochemical field, we adhere to the development strategy of enhancing our focus on significant projects in addition to normal projects. For example, a one-million-ton ethylene project was signed in Tianjin in which we will provide over 100,000 and 20,000 input/output ("I/O") points that will be connected to our Optical Bus Control System ("OCS")—the new released version of Distributed Control System ("DCS"), and Safety Instrumented System ("SIS"), along with Gas Detection System ("GDS"), respectively. The success in signing this project proves that Hollysys is capable of supplying control systems for any chemical process, as the advanced control of ethylene is known as the most sophisticated and critical process in the industry. Meanwhile, we present remarkable achievements and maintain our cooperation with national key customers like Sinopec Group and China National Petroleum Corporation ("CNPC"). For instance, a contract of huge SCADA system for the Guangxi Long-distance Natural Gas Pipeline Project was signed with Sinopec. Additionally, Hollysys also provided CNPC with Hia Advanced Process Control ("Hia APC") for producing 450,000 tons of synthetic ammonia / 800,000 tons of urea fertilizer, which as another milestone, was the first set of a 100% domestic control system application in the large chemical fertilizer industry in China.
We have also manifested remarkable performance and witnessed business growth in the valve and instrument market. For example, we signed with a world leading copper pipe and rod manufacturer for a Phase I project of 150,000 tons of high-performance copper foil, in which Hollysys provided holistic customized integrated, intelligent solutions, and over 4000 sets of various types of meters and valves. The project represents another milestone for Hollysys in electrical instrument installation engineering.
We continue our business growth by upgrading the capabilities of products in the pharmaceutical field. For example, a project for a pharmaceutical company was delivered in which Hollysys provided a customized intelligent control system based on HiaBatch. HiaBatch is remarkably flexible and efficient, which facilitates customers to operate more smartly and is highly recognized among customers in the industry. We successively signed new projects, including a Good Manufacturing Practice ("GMP") Application Programming Interface ("API") pilot test and production project along with the supply of DCS, SIS, electrical instrument and Batch Processing System ("BATCH").
Meanwhile, we constantly upgrade our Engineering Procurement Construction ("EPC") capacity. In the fourth fiscal quarter, we signed two breakthrough EPC projects regarding the whole workshop's engineering, which the lays foundation for our further exploration of EPC projects in the future.
Our business has witnessed continuous development in Indonesia and other overseas markets, and our control system, instruments and technologies are widely recognized. We have signed with Indonesian companies a contract for an electrical instrument engineering project and an additional contract of Phase II DCS and electrical instruments. To further cultivate and grow our business in the Central and Southeast Asia market, Hollysys will persevere in attracting talented people, optimizing market promotion and enhancing its overseas brand image.
In the high-speed rail sector, we continued to deliver on existing projects while retaining our market position. We provided on-ground solutions for Xiangyang East-Wanzhou North high-speed railway and participated in the reconstruction of the Beijing Fengtai Hub, which is now Asia's largest railway hub. Meanwhile, we continued to explore opportunities in service markets, covering replacement and overhaul, upgrades, spare parts sales, etc. The highlight for the service business is the successful launch of China's fifth high-speed railway with an operating speed of 350 km/h, the Shijiazhuang-Wuhan High-speed Railway. In this project, Hollysys actively responded to our client's demand for speed acceleration by upgrading the existing on-board and on-ground products. In the subway sector, our SCADA system for Kunming Subway Line 5 was successfully delivered. This marked another contribution of Hollysys to Kunming rail construction following the successful completion of the Kunming Subway Line 3 project and Kunming Changshui Airport Express project ("Kunming Airport project"),. In the subway signaling business, we won the automated people mover project of the T3B terminal and the fourth runway of Chongqing Jiangbei International Airport. This project, which follows our first subway signaling project—Kunming Airport project—represents another significant advancement for Hollysys in subway signaling. The project will utilize our proprietary GoA4 Fully Automatic Operation system and achieve effective and energy-saving operations. We are grateful for the industry recognition gained from our clients in the past year and we expect to make more contributions to China's urban rail transit system in the future.
The mechanical and electrical solutions ("M&E") segment of the Company manifests a stable performance with our smooth executions on various projects. The risk monitor and control will still be our future focus in this field.
With our continuous dedication to the industry and the support of experienced and passionate experts, we believe that we will continue to create greater value for our clients and shareholders.
________
Operational Results Analysis for the Fiscal Year Ended June 30, 2022
Compared to the prior fiscal year, the total revenues for fiscal year 2022 increased from $593.5 million to $707.5 million, representing an increase of 19.2%. Broken down by the revenue types, integrated solutions contracts revenue increased by 24.6% to $573.6 million, products sales revenue increased by 34.3% to $38.5 million, and services revenue decreased by 8.8% to $95.4 million.
The Company's total revenues can also be presented by segment as shown in the table below:
Gross margin was 33.8% for fiscal year 2022, as compared to 36.8% for the prior fiscal year. Gross margins for integrated solutions contracts, product sales, and services rendered were 26.4%, 73.4% and 62.7% for fiscal year 2022, as compared to 26.9%, 81.5% and 68.1% for the prior fiscal year, respectively. Non-GAAP gross margin was 34.0% for fiscal year 2022, as compared to 36.8% for the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 26.6% for fiscal year 2022, as compared to 27.0% for the prior fiscal year. See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts.
Selling expenses were $45.3 million for fiscal year 2022, representing an increase of $10.1 million, or 28.7%, compared to $35.2 million for the prior fiscal year. The increase was in line with our sales growth. Selling expenses as a percentage of total revenues were 6.4% and 5.9% for fiscal year 2022 and 2021, respectively. The increase of selling expenses was mainly due to the significant increase of sales scale year over year.
General and administrative expenses were $80.2 million for fiscal year 2022, representing an increase of $10.3 million, or 14.7%, compared to $70.0 million for the prior fiscal year, which was primarily due to a $7.5 million increase in credit losses and a $5.7 million increase in labor cost. Share-based compensation expenses were $9.7 million and $9.7 million for fiscal year 2022 and 2021, respectively. General and administrative expenses as a percentage of total revenues were 11.3% and 11.8% for fiscal year 2022 and 2021, respectively.
Research and development expenses were $69.6 million for fiscal year 2022, representing an increase of $13.6 million, or 24.4%, compared to $56.0 million for the prior fiscal year, which was primarily due to our increased investments in research and development in connection with the upgrading of mainstream products and new products developed to meet the needs of the digital infrastructure market, such as the new generation DCS Macs V7, SIS Upgrade, OCS, smart factory and smart city rail. R&D expenses as a percentage of total revenues were 9.8% and 9.4% for fiscal year 2022 and 2021, respectively.
The VAT refunds and government subsidies were $30.3 million for fiscal year 2022, as compared to $30.1 million for the prior fiscal year, representing a $0.2 million, or 0.7%, increase.
The income tax expenses and the effective tax rate were $16.6 million and 16.7% for fiscal year 2022, as compared to $20.6 million and 18.7% for the prior fiscal year. The effective tax rate fluctuates, as the Company's subsidiaries contributed different pre-tax income at different tax rates.
Net income attributable to Hollysys was $83.2 million for fiscal year 2022, representing a decrease of 7.3% from $89.7 million reported in the prior fiscal year. Non-GAAP net income attributable to Hollysys was $94.2 million or $1.53 per diluted share. See the section entitled "Non-GAAP Measures" for more information about non-GAAP net income attributable to Hollysys.
Diluted earnings per share was $1.35 for fiscal year 2022, representing a decrease of 7.5% from $1.46 in the prior fiscal year. Non-GAAP diluted earnings per share was $1.53 for fiscal year 2022, representing a decrease of 5.6% from $1.62 in the prior fiscal year. These were calculated based on 61.6 million and 61.5 million diluted weighted average ordinary shares outstanding for the fiscal year ended June 30, 2022 and 2021, respectively. See the section entitled "Non-GAAP Measures" for more information about non-GAAP diluted earnings per share.
Operational Results Analysis for the Fourth Quarter Ended June 30, 2022
Compared to the fourth quarter of the prior fiscal year, the total revenues for the three months ended June 30, 2022 increased from $158.8 million to $182.1 million, representing an increase of 14.7%. Broken down by the revenue types, integrated solutions contracts revenue increased by 18.3% to $149.3 million, products sales revenue increased by 66.6% to $11.8 million, and services revenue decreased by 17.4% to $21.0 million.
The Company's total revenues can also be presented by segment as shown in the table below:
Gross margin was 33.7% for the three months ended June 30, 2022, as compared to 37.8% for the same period of the prior fiscal year. Gross margin of integrated solutions contracts, product sales, and service rendered was 27.1%, 75.4% and 57.1% for the three months ended June 30, 2022, as compared to 27.8%, 84.3% and 74.6% for the same period of the prior fiscal year, respectively. Non-GAAP gross margin was 33.9% for the three months ended June 30, 2022, as compared to 37.9% for the same period of the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 27.3% for the three months ended June 30, 2022, as compared to 27.9% for the same period of the prior fiscal year. See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts.
Selling expenses were $10.9 million for the three months ended June 30, 2022, representing an increase of $1.3 million, or 13.1%, compared to $9.6 million for the same period of the prior fiscal year. The increase was in line with our sales growth. Selling expenses as a percentage of total revenues were 6.0% and 6.0% for the three months ended June 30, 2022 and 2021, respectively.
General and administrative expenses were $23.3 million for the three months ended June 30, 2022, representing a decrease of $6.9 million, or 22.9%, compared to $30.3 million for the same period of the prior fiscal year, which was primarily due to a $7.4 million decrease in third-party consulting fees and a $4.7 million decrease in share-based compensation expenses. Share-based compensation expenses were $1.3 million and $6.0 million for the three months ended June 30, 2022 and 2021, respectively. General and administrative expenses as a percentage of total revenues were 12.8% and 19.1% for the three months ended June 30, 2022 and 2021, respectively. The decrease of G&A in the fourth quarter is mainly due to the lower third-party consulting fees year-over-year.
Research and development expenses were $16.6 million for the three months ended June 30, 2022, representing an increase of $2.4 million, or 17.2%, compared to $14.2 million for the same period of the prior fiscal year. Research and development expenses as a percentage of total revenues were 9.1% and 8.9% for the three months ended June 30, 2022 and 2021, respectively.
The VAT refunds and government subsidies were $8.6 million for three months ended June 30, 2022, as compared to $9.7 million for the same period in the prior fiscal year, representing a $1.1 million, or 10.9%, decrease.
The income tax expenses and the effective tax rate were $3.9 million and 14.5% for the three months ended June 30, 2022, respectively, as compared to $6.3 million and 22.4% for the comparable period in the prior fiscal year, respectively. The effective tax rate fluctuates, as the Company's subsidiaries contributed different pre-tax income at different tax rates.
Net income attributable to Hollysys was $23.0 million for three months ended June 30, 2022, representing an increase of 4.9% from $21.9 million reported in the comparable period in the prior fiscal year. Non-GAAP net income attributable to Hollysys was $24.7 million or $0.40 per diluted share. See the section entitled "Non-GAAP Measures" for more information about non-GAAP net income attributable to Hollysys.
Diluted earnings per share was $0.37 for the three months ended June 30, 2022, representing an increase of 2.8% from $0.36 for the comparable period in the prior fiscal year. Non-GAAP diluted earnings per share was $0.40 for the three months ended June 30, 2022, representing a decrease of 13.0% from $0.46 for the comparable period in the prior fiscal year. These were calculated based on 61.8 million and 61.0 million diluted weighted average ordinary shares outstanding for the three months ended June 30, 2022 and 2021, respectively. See the section entitled "Non-GAAP Measures" for more information about non-GAAP diluted earnings per share.
Contracts and Backlog Highlights
Hollysys achieved $1,057.9 million and $289.9 million in terms of the value of new contracts for the fiscal year and the three months ended June 30, 2022, respectively. The order backlog of contracts was $944.3 million as of June 30, 2022. The order backlog of contracts represents the amount of unrealized revenue to be earned from the contracts that Hollysys won. The detailed breakdown of new contracts and backlog by segment is shown in the table below:
Cash Flow Highlights
For the fiscal year ended June 30, 2022, the total net cash inflow was $23.5 million. The net cash provided by operating activities was $54.5 million. The net cash provided by investing activities was $13.3 million, mainly consisting of $100.6 million maturity of short-term investments, $3.8 million proceeds from disposal of a subsidiary, $9.5 million proceeds received from disposal of equity investments, which was partially offset by $26.4 million purchases of property, plant and equipment, $64.4 million purchases of short-term investments, and $8.7 million cash prepaid for acquisition of a subsidiary. The net cash used in financing activities was $19.6 million, mainly consisting of $19.8 million payment of dividends.
For the three months ended June 30, 2022, the total net cash inflow was $6.9 million. The net cash provided by operating activities was $38.8 million. The net cash provided by investing activities was $23.6 million, mainly consisting of $37.8 million maturity of short-term investments, which was partially offset by $7.3 million purchases of property, plant and equipment, $6.9 million purchases of short-term investments. The net cash used in financing activities was $19.4 million, mainly consisting of $19.8 million payment of dividends.
Balance Sheet Highlights
The total amount of cash and cash equivalents was $679.8 million, $669.8 million, and $664.3 million as of June 30, 2022, March 31, 2022, and June 30, 2021, respectively.
For fiscal year ended June 30, 2022, DSO were 171 days, as compared to 180 days from the prior year, and inventory turnover was 58 days, as compared to 51 days from the prior year.
For the three months ended June 30, 2022, DSO was 174 days, as compared to 194 days for the comparable prior fiscal year and 215 days for the last fiscal quarter; inventory turnover days were 73 days, as compared to 47 days for the comparable prior fiscal year and 69 days for the last fiscal quarter. The significant increase in inventories was mainly due to the company's increase in safety stock in response to supply chain fluctuations.
Financial Performance Guidance
Based on information available as of the date of this press release, Hollysys provides the following financial performance guidance for the full fiscal year 2023：
- The revenue is expected to be between $810 million and $885 million, with a year-on-year increase of 15% to 25%.
About Hollysys Automation Technologies Ltd.
Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation automation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation automation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2021, Hollysys had cumulatively carried out more than 35,000 projects for approximately 20,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.
SAFE HARBOR STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com
Non-GAAP Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, in evaluating our results, we use the following non-GAAP financial measures: non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share.
These non-GAAP financial measures serve as additional indicators of our operating performance and not as any replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the share-based compensation expenses, which are calculated based on the number of shares or options granted and the fair value as of the grant date, and amortization of acquired intangible assets. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects.
Non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share should not be considered in isolation or construed as an alternative to gross profit and gross margin, gross profit and gross margin of integrated solutions contracts, net income attributable to Hollysys Automation Technologies Ltd., basic and diluted earnings per share, or any other measure of performance, or as an indicator of the Company's operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP gross profit and gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, respectively, adjusted to exclude non-cash amortization of acquired intangibles. The following table provides a reconciliation of our gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin for the periods indicated.
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We define non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts as gross profit and gross margin of integrated solutions contracts, respectively, adjusted to exclude non-cash amortization of acquired intangibles associated with integrated solutions contracts. The following table provides a reconciliation of the gross profit of integrated solutions contracts to non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts for the periods indicated.
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We define non-GAAP net income attributable to Hollysys as net income attributable to Hollysys adjusted to exclude the share-based compensation expenses and non-cash amortization of acquired intangible assets. The following table provides a reconciliation of net income attributable to Hollysys to non-GAAP net income attributable to Hollysys for the periods indicated.
Non-GAAP basic (or diluted) earnings per share represents non-GAAP net income attributable to Hollysys divided by the weighted average number of ordinary shares outstanding during the periods (or on a diluted basis). The following table provides a reconciliation of our basic (or diluted) earnings per share to non-GAAP basic (or diluted) earnings per share for the periods indicated.
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SOURCE Hollysys Automation Technologies Ltd | https://www.whsv.com/prnewswire/2022/08/12/hollysys-automation-technologies-reports-unaudited-financial-results-fiscal-year-fourth-quarter-ended-june-30-2022/ | 2022-08-12T11:04:10Z |
SHANGHAI, Aug. 12, 2022 /PRNewswire/ -- JinkoSolar, one of the largest and most innovative solar module manufacturers in the world, today announced it was named as the top 50 Forbes China Most Innovative Companies 2022, reaffirming its continuous innovation and achievements.
Forbes evaluates the nominee's innovation ability in terms of business model, enterprise R&D investment, core independent intellectual property rights, the transformation of technological achievements as well as the growth of the company to rank. Forbes China hopes to pass the list to identify companies that lead the development of the industry or have a significant influence on the progress of the industry.
"We are greatly honoured to be recognized as Most Innovative Company of the Year," said Dany Qian, Vice President of JinkoSolar. "This award is reflective of the strength of our culture of continuous innovation. During such an uncertain time, our amazing employees rallied together to actively seek out unresolved problems, research and develop next-generation N-type TOPCon technologies and products that helped businesses and customers thrive."
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SOURCE JinkoSolar | https://www.whsv.com/prnewswire/2022/08/12/jinkosolar-named-top-50-forbes-china-most-innovative-companies/ | 2022-08-12T11:04:17Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Kiromic BioPharma, Inc. (NASDAQ: KRBP).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/kiromic-biopharma-inc-loss-submission-form/?id=30785&from=4
This lawsuit is on behalf of a class consisting of persons and entities that purchased or otherwise acquired: (a) Kiromic common stock issued in connection with the Company's public offering that closed on July 2, 2021 and/or (b) Kiromic common stock between June 25, 2021 and August 13, 2021, both dates inclusive.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until October 4, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
The complaint alleges that the registration statement and prospectus issued in connection with the Company's public offering that closed on July 2, 2021 (the "Offering Documents") failed to disclose that the Food and Drug Administration ("FDA") had, prior to the filing of these documents, imposed a clinical hold on the Company's Investigational New Drug ("IND") applications for its two new drug candidates. Given that the offering closed on July 2, 2021, more than thirty (30) days after the Company submitted the IND applications for its two immunotherapy product candidates, investors were assured that no clinical hold had been issued and clinical trials would commence.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/krbp-shareholder-alert-jakubowitz-law-reminds-kiromic-shareholders-lead-plaintiff-deadline-october-4-2022/ | 2022-08-12T11:04:24Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Missfresh Limited (NASDAQ: MF).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/missfresh-limited-loss-submission-form/?id=30778&from=4
This lawsuit is on behalf of persons who purchased or otherwise acquired Missfresh securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Missfresh's June 2021 initial public offering.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 12, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Missfresh Limited issued materially false and/or misleading statements and/or failed to disclose that: (1) Missfresh provided false financial figures in its registration statement and related prospectus issued in connection with the Company's June 2021 initial public offering; (2) Missfresh would need to amend its financial figures; (3) Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times and negligently prepared.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/mf-shareholder-alert-jakubowitz-law-reminds-missfresh-shareholders-lead-plaintiff-deadline-september-12-2022/ | 2022-08-12T11:04:30Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Molecular Partners AG (NASDAQ: MOLN).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/molecular-partners-ag-loss-submission-form/?id=30779&from=4
This lawsuit is on behalf of a class consisting of persons and entities that purchased or otherwise acquired: (a) Molecular Partners American Depositary Shares pursuant and/or traceable to certain documents issued in connection with the Company's initial public offering conducted on or about June 16, 2021; and/or (b) Molecular Partners securities between June 16, 2021, and April 26, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 12, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Molecular Partners AG issued materially false and/or misleading statements and/or failed to disclose that: (i) the Company's product, ensovibep, was less effective at treating COVID-19 than defendants had led investors to believe; that (ii) accordingly, the the U.S. Food and Drug Administration ("FDA") was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug Emergency Use Authorization ("EUA"); (iii) waning global rates of COVID-19 significantly reduced the Company's chances of securing EUA for ensovibep; (iv) another of the Company's product candidates, MP0310, was less attractive to Molecular Partners' collaborator, Amgen, than defendants had led investors to believe; (v) accordingly, there was a significant likelihood that Amgen would return to global rights of MP0310 to Molecular Partners; (vi) as a result of all the foregoing, the clinical and commercial prospects of ensovibep and MP0310 were overstated; and (vii) as a result, documents issues in connection with the Company's initial public offer and defendants' public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/moln-shareholder-alert-jakubowitz-law-reminds-molecular-partners-shareholders-lead-plaintiff-deadline-september-12-2022/ | 2022-08-12T11:04:37Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Inotiv, Inc. (NASDAQ: NOTV).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/inotiv-inc-loss-submission-form/?id=30773&from=4
The lawsuit seeks to recover losses for shareholders who purchased Inotiv between September 21, 2021 and June 13, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until August 22, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Inotiv, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) Inotiv's acquisition, Envigo RMS, LL ("Envigo"), and Inotiv's Cumberland, Virginia facility (the "Cumberland Facility") engaged in widespread and flagrant violations of the Animal Welfare Act ("AWA"); (2) Envigo and Inotiv's Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/notv-shareholder-alert-jakubowitz-law-reminds-inotiv-shareholders-lead-plaintiff-deadline-august-22-2022/ | 2022-08-12T11:04:43Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Outset Medical, Inc. (NASDAQ: OM).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/outset-medical-loss-submission-form/?id=30777&from=4
This lawsuit is on behalf of all persons or entities who purchased Outset Medical common stock between September 15, 2020, and June 13, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 6, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Outset Medical, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) the Company's flagship product, Tablo Hemodialysis System ("Tablo"), would require an additional 510(k) application to be filed with The United States Food and Drug Administration ("FDA"), as defendants had "continuously made improvements and updates to Tablo over time since its original clearance"; (2) as a result, the Company could not conduct a human factors study on a cleared device in accordance with FDA protocols; (3) the Company's inability to conduct the human factors study subjected the Company to the likelihood of the FDA imposing a "shipment hold" and marketing suspension, leaving the Company unable to sell Tablo for home use; and (4) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and /or lacked a reasonable basis at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/om-shareholder-alert-jakubowitz-law-reminds-outset-medical-shareholders-lead-plaintiff-deadline-september-6-2022/ | 2022-08-12T11:04:50Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of TG Therapeutics, Inc. (NASDAQ: TGTX).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/tg-therapeutics-inc-loss-submission-form/?id=30780&from=4
The lawsuit seeks to recover losses for shareholders who purchased TG Therapeutics between January 15, 2020 and May 31, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 16, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, TG Therapeutics, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (i) clinical trials revealed significant concerns related to the benefit-risk ratio and overall survival data of the Company's therapeutic product candidates, Ublituximab and Umbralisib; (ii) accordingly, it was unlikely that the Company would be able to obtain approval from the U.S. Food and Drug Administration of the Umbralisib marginal zone lymphoma and follicular lymphoma New Drug Application, the Biologics License Application for Ublituximab in combination with Umbralisib, the supplemental New Drug Application for Ublituximab in combination with Umbralisib, or the Ublituximab relapsing forms of multiple sclerosis Biologics License Application in their current forms; (iii) as a result, the Company had significantly overstated Ublituximab and Umbralisib's clinical and/or commercial prospects; and (iv) therefore, the Company's public statements were materially false and misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/tgtx-shareholder-alert-jakubowitz-law-reminds-tg-therapeutics-shareholders-lead-plaintiff-deadline-september-16-2022/ | 2022-08-12T11:04:57Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Tupperware Brands Corporation (NYSE: TUP).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/tupperware-brands-corporation-loss-submission-form/?id=30770&from=4
The lawsuit seeks to recover losses for shareholders who purchased Tupperware between November 3, 2021 and May 3, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until August 15, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Tupperware Brands Corporation issued materially false and/or misleading statements and/or failed to disclose that: (i) Tupperware was facing significant challenges in maintaining its earnings and sales performance; (ii) accordingly, Tupperware's full-year 2022 guidance was unrealistic and/or unsustainable; (iii) all the foregoing, once revealed, was likely to have a material negative impact on Tupperware's financial condition; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/tup-shareholder-alert-jakubowitz-law-reminds-tupperware-shareholders-lead-plaintiff-deadline-august-15-2022/ | 2022-08-12T11:05:03Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Unity Software Inc. (NYSE: U).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/unity-software-inc-loss-submission-form/?id=30775&from=4
The lawsuit seeks to recover losses for shareholders who purchased Unity between March 5, 2021 and May 10, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 6, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Unity Software Inc. issued materially false and/or misleading statements and/or failed to disclose that: (i) deficiencies in Unity's product platform reduced the accuracy of the Company's machine learning technology; (ii) the foregoing was likely to have a material negative impact on the Company's revenues; (iii) accordingly, Unity had overstated the Company's commercial and/or financial prospects for 2022; (iv) as a result, the Company was likely to have to reduce its fiscal 2022 guidance; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/u-shareholder-alert-jakubowitz-law-reminds-unity-shareholders-lead-plaintiff-deadline-september-6-2022/ | 2022-08-12T11:05:10Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Unilever PLC (NYSE: UL).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/unilever-plc-loss-submission-form/?id=30771&from=4
This lawsuit is on behalf of all persons who purchased or otherwise acquired Unilever American Depositary Receipts between September 2, 2020 and July 21, 2021, inclusive.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until August 15, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Unilever PLC issued materially false and/or misleading statements and/or failed to disclose that: a) in July 2020, the board of Ben & Jerry's, one of Unilever's marquee brands, passed a resolution to end sales of its ice cream in "Occupied Palestinian Territory" ; and b) this boycott decision risked adverse governmental actions for violations of laws, executive orders, or resolutions aimed at discouraging boycotts, divestment, and sanctions of Israel adopted by 35 U.S. states.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/ul-shareholder-alert-jakubowitz-law-reminds-unilever-shareholders-lead-plaintiff-deadline-august-15-2022/ | 2022-08-12T11:05:17Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Weber Inc. (NYSE: WEBR).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/weber-inc-loss-submission-form/?id=30783&from=4
This lawsuit is on behalf of persons and entities that purchased or otherwise acquired Weber Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's August 2021 initial public offering.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 27, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Weber Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) Weber was reasonably likely to implement price increases; (2) as a result, consumer demand for Weber's products was reasonably likely to decrease; (3) due to the resulting inventory buildup, Weber was reasonably likely to run promotions to "enhance retail sell through"; (4) the foregoing would adversely impact Weber's financial results; and (5) 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.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/webr-shareholder-alert-jakubowitz-law-reminds-weber-shareholders-lead-plaintiff-deadline-september-27-2022/ | 2022-08-12T11:05:23Z |
BEIJING, Aug. 12, 2022 /PRNewswire/ -- WeTrade Group Inc. ("Wetrade" or the "Company") (NASDAQ: WETG), an emerging growth company engaged in the business of providing software-as-a-services (SAAS) and cloud intelligent systems for micro-businesses, today announced the Company has entered into a sales agreement (the "Agreement") on August 11, 2022 with Parkway Medical Limited ("Parkway Medical") to sell monkeypox virus test kits and antigen tests for US$50 million.
Pursuant to the Agreement, Parkway Medical agreed to purchase 5 million units of nucleic acid test (RT-LAMP) and 6 million units of antigen tests (Colloidal Golden Technique) for an aggregate amount of US$50 million, and Parkway Medical has paid US$1 million as deposit.
Mr. Pijun Liu, Chief Executive Officer of the Company, commented, "We are excited about the sales of monkeypox virus kits and antigen tests to Parkway Medical after obtaining the exclusive sales channel from Jiqing Biomedical Technology Co. Ltd. It is important for us to be efficient so that we can take the lead to effectively tackle the challenges of the monkeypox outbreak. We are delighted to work with Parkway Medical to provide the test kits and antigen tests to overseas market as we aim to contribute to the prevention and control of the outbreak. With the support of our developed business ecosystem, we are optimistic about the future of Wetrade as it will definitely seize business opportunities and generate strong momentum for our growth."
About WeTrade Group Inc.
WeTrade Group Inc. is a technical service provider of SAAS and Cloud Intelligent System for micro-businesses, and a pioneering internationalized system in the global micro-business cloud intelligence field and the leader, innovator and promoter of the world's cloud intelligent system for micro-businesses. WeTrade Group independently developed the cloud intelligent system for micro-businesses (Abbreviation: YCloud). YCloud strengthens users' marketing relationship and CPS commission profit management through leading technology and big data analysis. It also helps increase the payment scenarios to increase customers' revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system. As of today, YCloud's business has successfully landed in mainland China and Hong Kong, covering the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, aesthetic medical industry and traditional retail industry. For more information, please visit https://ir.wetg.group.
Forward-Looking Statements
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.
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SOURCE WeTrade Group INC | https://www.whsv.com/prnewswire/2022/08/12/wetrade-group-inc-announces-us50-million-sales-monkeypox-virus-test-kits-parkway-medical-limited/ | 2022-08-12T11:05:30Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Wells Fargo & Company (NYSE: WFC).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/wfc-lawsuit-loss-submission-form/?id=30774&from=4
This lawsuit is on behalf of persons and entities that purchased or otherwise acquired Wells Fargo common stock between February 24, 2021 and June 9, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until August 29, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Wells Fargo & Company issued materially false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo had misrepresented its commitment to diversity in the Company's workplace; (ii) Wells Fargo conducted fake job interviews in order to meet its Diverse Search Requirement; (iii) the foregoing conduct subjected Wells Fargo to an increased risk of regulatory and/or governmental scrutiny and enforcement action, including criminal charges; (iv) all of the foregoing, once revealed, was likely to negatively impact Wells Fargo's reputation; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/wfc-shareholder-alert-jakubowitz-law-reminds-wells-fargo-shareholders-lead-plaintiff-deadline-august-29-2022/ | 2022-08-12T11:05:37Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Yext, Inc. (NYSE: YEXT).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/yext-lawsuit-submission-form/?id=30772&from=4
The lawsuit seeks to recover losses for shareholders who purchased Yext between March 4, 2021 and March 8, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until August 16, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Yext, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (i) Yext's revenue and earnings were significantly deteriorating because of, among other things, poor sales execution and performance, as well as COVID-19 related disruptions; (ii) accordingly, Yext was unlikely to meet consensus estimates for its full year fiscal 2022 financial results and fiscal 2023 outlook; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/yext-shareholder-alert-jakubowitz-law-reminds-yext-shareholders-lead-plaintiff-deadline-august-16-2022/ | 2022-08-12T11:05:45Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of 17 Education & Technology Group Inc. (NASDAQ: YQ).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/17-education-technology-group-inc-loss-submission-form/?id=30781&from=4
This lawsuit is on behalf of persons or entities who purchased or otherwise acquired publicly traded 17EdTech securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with 17EdTech's December 2020 initial public offering.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until September 19, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, 17 Education & Technology Group Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) 17EdTech's K-12 Academic AST Services would end less than a year after the Company's initial public offering; (2) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17EdTech's core business; and (3) as a result, defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
View original content:
SOURCE Jakubowitz Law | https://www.whsv.com/prnewswire/2022/08/12/yq-shareholder-alert-jakubowitz-law-reminds-17edtech-shareholders-lead-plaintiff-deadline-september-19-2022/ | 2022-08-12T11:05:51Z |
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Chop suey is a popular Chinese food dish here in Hawaii filled with meat, vegetables, and all the good stuff on one delicious plate. You voted for which Chinese food restaurant was the Best Of Hawaii, and they’re serving it up right here at Kin Wah Chop Suey.
Manager, Lisa Toyomura expressed, “We’re really appreciative of everybody’s support and voting us the best Chinese restaurant. We’re very honored.”
Kin Wah Chop Suey is celebrating their 40th anniversary this year. “It was started from my uncle’s getting together, wanting to own their own business. So, the three families got together and opened this Chinese restaurant. They actually started as cooks at a different restaurant and then when they started their own, it slowly started picking up here,” Lisa shared.
There are many delicious dishes on the menu, including the crispy gau gee filled with pork hash, and the ginger wonton --which is prepared fresh every morning. Next is the Mongolian beef, “[it] comes on a sizzling plate...which makes it fun as it comes out... It catches people’s attention.”
Lisa is grateful for the support after all these years. “It’s been...rough...during the pandemic and a lot of people supported us through that time...and we really appreciate their support, their commitment coming here, and just helping us to keep going.”
To learn more about Kin Wah Chop Suey and their delicious menu, visit: KinWahChopSuey.com
Interested in featuring your business or organization? Email IslandLife@kitv.com
As Miss Hawaii 2019 & 2020, Nikki was a representative for the Aloha State and was highly involved with the community as she promoted the importance of service. Nikki is the host of KITV's entertainment and culture platform, ISLAND LIFE. | https://www.kitv.com/island-life/food/best-of-hawaii-kin-wah-chop-suey/article_950d5fd8-12c4-11ed-836a-6f97fe9f7962.html | 2022-08-12T11:12:03Z |
Prosecuting Attorney Kelden Waltjen announced that a Hilo man, 34 year-old Kaipo Henry Pomroy, was charged with felony criminal property damage of a police vehicle, methamphetamine possession, and resisting arrest in relation to an August 9, 2022 incident in Hilo.
HILO, Hawaii (KITV4) -- A Hilo man was charged with 3 counts regarding an incident on August 9, 2022 in Hilo.
34-year-old Kaipo Henry Pomroy was charged with felony criminal property damage of a police vehicle, methamphetamine possession, and resisting arresting in relation to the August 9th incident. Pomroy has prior felony convictions for burglary, assault, theft, and unauthorized control of a propelled vehicle.
Second degree criminal property damage, and third degree promoting of a dangerous drug are both Class C felony offenses, which carry a maximum penalty of five years in prison. If convicted as charged of the criminal property damage offense, Pomroy faces sentencing to a mandatory prison term.
Pomroy made his first court appearance at Hilo District Court on August 10. His bail was maintained at $21,000. He will appear for a preliminary hearing on August 15, 2022.
Do you have a story idea? Email news tips to news@kitv.com
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/hilo-man-charged-with-property-damage-meth-possession-and-resisting-arrest/article_bbfe4e98-1a00-11ed-a1ce-1f2acd2bbf36.html | 2022-08-12T11:12:09Z |
HONOLULU (KITV4) -- The New York Post thought they had 'breaking SPAM news.'
'SPAM BLOCKER!' the paper declared, citing Crime & Inflation for the dystopian incarceration of lunchmeat.
HONOLULU (KITV4) -- The New York Post thought they had 'breaking SPAM news.'
'SPAM BLOCKER!' the paper declared, citing Crime & Inflation for the dystopian incarceration of lunchmeat.
But on Oahu, one of the biggest national retailers (Walmart) has had its spam in individual lock boxes for quite some time.
A store clerk told KITV last November, it's a loss prevention measure to deter petty theft. The President of the Retail Merchants of Hawaii says it's an all too common practice.
"And it's not just spam. It's meats, it's seafood, it's liquor, macadamia nuts is another one that's really big," Tina Yamaki told KITV.
And while mix blends don't get the lock and key treatment in Honolulu, 100% Kona coffee does, as does corn beef hash.
A store owner in Nuuanu told KITV he leaves the spam out in the open, and that in a tight knit community, locals keep an eye out.
Those at Skyson USA, a market in Kalihi, say it's a similar culture there.
"This is that type of store. Mom and pop stores, have more respect because they want to come back," Skyson USA employee Shane said, "They need a place to come back to. Here they've been coming for 20 years, you think they are gonna rob this place? We had some people rob this place, they came back and apologized."
It's a respect some corporate chains may be wanting. Liquor and shaving razors have always been under lock and key, but since the pandemic, shoplifting has become more brazen.
"There was a Longs in Chinatown. Shut down, because people came in with hammers. Security says, I don't get paid enough to handle this," Shane recounted, "On the 15th they're closing that center. Longs down there is closed. CVS closed."
It has been a deteriorating state of affairs.
"What we are seeing are those that are residentially challenged use it as a commodity. Or a way to barter for other things. We see people on the black market selling it," Yamaki said.
The recommendation is to buy from a retail store, rather than online where the origins may be mysterious. And though not all postings are stolen goods, with those that are, Retail Merchants of Hawaii warns the costs eventually do get passed on to the consumer.
Shane says, in the meantime, there's no need to panic. Your local market is standing by.
"This ain't locked up is it?," Shane challenged, as he posed by several shelves of boxed spam, "Is this locked up? No."
Do you have a story idea? Email news tips to news@kitv.com
Reporter
Jeremy Lee joined KITV after over a decade & a half in broadcast news from coast to coast on the mainland. Jeremy most recently traveled the country documenting protests & civil unrest.
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An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. | https://www.kitv.com/news/locked-up-spam-makes-us-headlines-but-hawaii-has-had-it-for-years/article_0b7c9246-1a19-11ed-b535-ef7b67c002b0.html | 2022-08-12T11:12:15Z |
In December, Jefferi Weller became homeless for the first time in his life.
Rent outpaced his and his elderly mother’s Social Security income, he said, and he didn’t have the money for a deposit on a new place.
“I've found so many roadblocks on just trying to navigate what I used to consider normal,” Weller said.
That's what brought Weller to the American GI Forum’s Dallas office in July. The agency was holding a jobs and housing fair. About half a dozen veterans sat in the waiting room, filling out forms and waiting their turn to meet with case managers and potential employers.
Most of them, including Weller, said they were living in shelters. Finding a place to live – one that he could stay in long-term – was at the top of Weller’s priority list.
“The average apartment now is $1,200 a month for a single bedroom, and for my Social Security allotment, that's over half my check,” Weller said. “I got to eat and take care of the bills that I do currently have, and I'm just not able to do both at the same time."
Housing prices are getting more and more expensive in North Texas and around the state, squeezing renters and buyers alike. That puts a particular burden on veterans, who often come out of the military with little preparation or support for civilian life's challenges, advocates say. Searching for a home, on top of problems like physical injury and mental illness, can seem insurmountable to a group of people accustomed to clarity and structure in their daily lives.
'Hey, my landlord raised my rent’
President Joe Biden visited Fort Worth in March to promote one of his administration’s main priorities: improving veterans’ healthcare.
"We only have one truly sacred obligation, and I mean this — sacred obligation,” Biden told the crowd. “And that is to train and equip those who we send into harm’s way and care for them and their families when they come home.”
Local advocates said they were glad to see the president paying attention to the issue, but the biggest problem facing North Texas veterans is housing.
That’s why the American GI Forum takes a “housing first” approach, said Demetria Fields, a housing coordinator with the agency. Get veterans housed, and then tackle other problems, like PTSD or a physical disability.
"Thinking about those things in addition to where I'm going to lay my head? That can be completely overwhelming," Fields said.
Finding a place to stay is harder now, in terms of cost.
Dallas rents in July were 16% more expensive than they were at the same time last year, according to the rental listing company Apartment List.
“The city's rents have been increasing for 20 straight months - the last time rents declined was in November 2020,” the report states.
The median rent in Dallas is $1,243 for a one-bedroom and $1,485 for a two-bedroom, according to Apartment List.
Fort Worth wasn’t much cheaper. The median rent is $1,170 for a one-bedroom and $1,350 for a two-bedroom. Year-over-year, rents in the city are 13.6% more expensive than the same time in 2021.
Those increases are pricing out veterans who might have had stable housing last year, said Kamiel Morgan, a network manager for the Texas Veterans Network with United Way of Tarrant County.
“We're getting veterans calling and saying, ‘Hey, my landlord raised my rent, and I wasn't ready,’ and it's $400 or $500 differences," Morgan said.
The Texas Veterans Network is a clearinghouse for veterans’ services across Texas. If a veteran calls looking for help, Morgan’s team can direct them to more than 200 veteran-serving organizations statewide.
Morgan works closely with Megan Heil, the North Texas Regional Manager for Combined Arms, the nonprofit that runs the Texas Veterans Network. There are some serious gaps in the housing help available, Heil said.
There are federal housing programs for veterans, but they have eligibility requirements – like being at a certain poverty level — that not all veterans meet. That leaves some veterans trying, and failing, to find housing they can afford in the open market.
“The poverty guidelines didn't change overnight [when] the rent went up,” Heil said.
For those who do get housing vouchers, some landlords won’t accept them, Heil said. A 2018 Urban Institute study found that 78% of Fort Worth landlords refused to accept vouchers, and their right to refuse is protected under Texas state law.
Landlords may also be hesitant to rent to a veteran with an eviction or an owed balance on their record.
"Who’s going to accept them?” Heil said. “Sometimes a landlord will say, okay, I'll take them, but there's a high-risk fee, on top of a deposit, on top of first and last month's rent. Well, they don't have $5,000 saved up to put down on a one-bedroom apartment."
Why are veterans at higher risk for homelessness?
Maintaining stable housing is a persistent problem for veterans, and the reasons why have been a subject of study for decades.
On a single night in January 2020, there were 37,252 veterans experiencing homelessness in the U.S., making up about 8% of the total homeless population, according to the U.S. Department of Housing and Urban Development’s Annual Homeless Assessment Report.
However, that population is much smaller than it was 11 years before. Veteran homelessness dropped nearly 50% from 2009 to 2020, the report states.
That decline is thanks to an Obama-era initiative to end veteran homelessness, said Dr. Katherine Koh, who researches homelessness while working as a psychiatrist at Massachusetts General Hospital and the Boston Health Care for the Homeless Program.
Despite the improvements, she still sees progress yet to be made.
"The veterans’ homeless population is still high, and veterans are still overrepresented in the homeless population," Koh said.
Koh is a street psychiatrist, meaning she goes "under bridges and [in] alleyways” in Boston, finding people who need help and offering mental health services. Among her patients are veterans who she said did not receive the support they needed after coming back to civilian life.
“I think it's a tragedy that soldiers leave home to honorably serve our country and yet often come back with no home to return to," she said.
Veterans are particularly vulnerable to becoming homeless, Koh said.
Combat and trauma during service increases risk for development of mental illness, which contributes to the risk of homelessness, Koh said. So does insufficient access to housing and support services after leaving the military. Even life before the military can contribute, she said.
"People who joined the Army are more likely already to have risk factors that make them predisposed to homelessness, [like] higher rates of mental illness and substance use and low-income related factors,” Koh said.
Koh is interested in finding ways to prevent people from becoming homeless, so she worked on a study that tried to pinpoint what veterans who experience homelessness have in common.
The study, published in the American Journal of Preventive Medicine on April 14, looked at data collected from more than 15,000 U.S. Army soldiers, and built a model to predict who might experience homelessness later in life.
Out of almost 2,000 variables, the study found that the three biggest predictors of future homelessness were major depressive disorder, PTSD, and the trauma of having a loved one murdered.
“Our study confirmed the link between mental illness, trauma and homelessness with a large and robust dataset, and also demonstrated that homelessness can be predicted with a high degree of accuracy,” Koh said.
The U.S. Department of Veterans Affairs and the Department of Defense is funding Koh’s research, she said, and she hopes the military will be able to use her model to identify servicemembers who may be particularly vulnerable to losing their homes. That way, the military can get them connected with case managers before they leave for civilian life.
"Just in general, transitions are difficult for people psychologically. That tends to be when people have changes in mood and changes in anxiety,” Koh said. “Even just moving from one town to the other or starting at a new school, any kind of transition can create a period of instability for people.”
Fixing the transition
Improving the transition out of the military could help prevent veterans from becoming homeless in the future, advocates and researchers agree.
Right now, the military offers the Transition Assistance Program, or TAP, to the approximately 200,000 servicemembers who leave the military each year. The program includes workshops about employment and career-building in civilian life.
But Megan Heil, the North Texas regional manager with Combined Arms, said the quality of instruction, and the information people get, is inconsistent.
"Active-duty service members get put through months of training to learn how to be the best active-duty service member and know their role and know their job,” she said. “However, when it's time to get out, it is 'Thank you for your service.’”
Kamiel Morgan agreed about the need for more preparation. She and her husband joined the military young, around 20 years old, she said. That was her whole life until a few years ago, and she had to figure out childcare, schools and a host of things she never had to worry about when they were in the military.
“It’s a different world,” she said.
Back at the American GI Forum, Fatima, who asked to go by her first name only, wasn’t there for the jobs and housing fair. She’d already been working with the American GI Forum for about two months, and she was about to be placed in an apartment in Mesquite, where she looked forward to spending time with her grandkids.
When she got out of the Army in 2000, she wished she had more help with her transition into civilian life, she said, but that wasn’t her problem finding good housing now.
“It's the price. That's the main problem I've had,” Fatima said. “Actually, that's the only problem I've had, is the price of it."
Got a tip? Email Miranda Suarez at msuarez@kera.org. You can follow Miranda on Twitter @MirandaRSuarez.
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/health-wellness/2022-08-12/affordable-housing-becomes-another-hurdle-for-already-burdened-veterans-in-north-texas | 2022-08-12T11:21:34Z |
Jefferson Braga is a vendor at the Dallas Farmers Market and owns Braga Farms, an urban farm that operates in the DFW area. Braga said the lack of rain in North Texas is hurting his crops.
“We didn’t have rain for a month in the late Spring, May into the summer,” Braga said. “And even now in the summer we’ve hardly had any rain. The crops are a little bit smaller.”
Braga sells eggplants, fresh herbs and various greens at two markets including the Saint Michaels Farmers Market. Braga said he doesn’t have enough produce to sell because of Dallas’ recent triple-digit weather.
Amanda Austin, a manager at the Coppell Farmers Market, said that farmers have noticed that their summer crops are late to bloom because of the heat. And this has pushed back their planting schedules for the fall. Farmers planting fruits and vegetables have told her they are struggling.
Austin said slower periods of crop growth for farmers usually happen from August to September.
“This year, the impact [of the heat] came an entire month early,” Austin said. “Farmers started struggling three to four weeks ago.”
Local farmers said they will continue to do everything they can to attract more customers to their stalls. They are encouraging people to support local markets.
“We’ll have a lull for about a month where the only folks passing by are on their way [to somewhere else]. It’s not as busy,” Braga said.
Local farmers markets in North Texas are looking for ways to beat the heat.
The Coppell Farmers Market has started to offer ice water two times a day and keeps electrolyte drinks to prevent heat exhaustion. And the market has set hours from 8 a.m. to 12 p.m. on Saturdays to avoid the heat, especially during summers.
The Dallas Farmers Market is providing fans and shade to vendors who sell produce at their location. They also are offering free water to vendors and buyers.
Braga is still selling produce at the local markets. But he’s also looking at other options to boost his revenue. He is offering $50 workshops where he teaches people how to grow and produce crops of their own at his urban farm.
Yaamini Jois is an intern at KERA through the UNT/ Scripps Howard Foundation high school internship program. You can follow Yaamini on Twitter @yjois12.
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/2022-08-12/north-texas-farmers-worry-extreme-heat-are-stunting-crops-and-hurting-attendance-at-markets | 2022-08-12T11:21:40Z |
An innovative educational program in the D.C. jail asks incarcerated people how to stop gun violence. (Story first aired on All Things Considered on Aug. 8, 2022.)
Copyright 2022 NPR
An innovative educational program in the D.C. jail asks incarcerated people how to stop gun violence. (Story first aired on All Things Considered on Aug. 8, 2022.)
Copyright 2022 NPR | https://www.keranews.org/2022-08-12/encore-inmates-give-washington-d-c-officials-ideas-for-curbing-gun-violence | 2022-08-12T11:21:47Z |
In 1999 a lawyer in India noticed he was overcharged for train tickets and sued the railway. Decades go by, and after more than 100 court appearances, a court awarded him about $200 plus a refund.
Copyright 2022 NPR
In 1999 a lawyer in India noticed he was overcharged for train tickets and sued the railway. Decades go by, and after more than 100 court appearances, a court awarded him about $200 plus a refund.
Copyright 2022 NPR | https://www.keranews.org/2022-08-12/if-you-were-overcharged-25-cents-what-lengths-would-you-go-to-get-it-back | 2022-08-12T11:21:53Z |
Justice Department asks a court to unseal the warrant used to search Mar-a-Lago. There was an attempted attack on an FBI office in Cincinnati. The CDC gives new advice on how to live with COVID-19.
Copyright 2022 NPR
Justice Department asks a court to unseal the warrant used to search Mar-a-Lago. There was an attempted attack on an FBI office in Cincinnati. The CDC gives new advice on how to live with COVID-19.
Copyright 2022 NPR | https://www.keranews.org/2022-08-12/news-brief-mar-a-lago-warrant-fbi-office-attacked-new-cdc-covid-guidance | 2022-08-12T11:21:59Z |
The Arctic is heating up nearly four times faster than the Earth as a whole, according to new research. The findings are a reminder that the people, plants and animals in polar regions are experiencing rapid, and disastrous, climate change.
Scientists previously estimated that the Arctic is heating up about twice as fast as the globe overall. The new study finds that is a significant underestimate of recent warming. In the last 43 years, the region has warmed 3.8 times faster than the planet as a whole, the authors find.
The study focuses on the period between 1979, when reliable satellite measurements of global temperatures began, and 2021.
"The Arctic is more sensitive to global warming than previously thought," says Mika Rantanen of the Finnish Meteorological Institute, who is one of the authors of the study published in the journal Communications Earth & Environment.
There have been hints in recent years that the Arctic is heating up even more quickly than computer models predicted. Heat waves in the far North have driven wildfires and jaw-dropping ice melt in the circumpolar region that includes Alaska, Arctic Canada, Greenland, Scandinavia and Siberia.
"This will probably be a bit of a surprise, but also kind of extra motivation perhaps," says Richard Davy, a climate scientist at Nansen Environmental and Remote Sensing Center in Norway, who was not involved in the new study. "Things are moving faster than we could have expected from the model projections."
There are many reasons why the Arctic is heating up more quickly than other parts of the Earth. Changes in the amount of air pollution coming from Europe and natural multi-decade climate variations likely play a role. But human-caused global warming is the underlying reason that the Arctic, and the planet as a whole, are heating up.
Loss of sea ice is one of the clearest drivers of Arctic warming. The Arctic Circle is mostly ocean, which used to be frozen for most or all of the year. But permanent sea ice is steadily shrinking, and seasonal ice is melting earlier in the year and re-forming later.
That means more open water. But while ice is bright and reflects heat from the sun, water is darker and absorbs it. That heat helps melt more ice, which means more water to trap more heat – the loop feeds on itself, accelerating warming in the Arctic.
"That's why the temperature trends are the highest [in] those areas where the sea ice has declined most," explains Rantanen. There are hotspots in the Bering Sea over Northern Europe and Siberia, which are heating up about seven times faster than the global average, the study estimates.
Rapid Arctic warming affects people living far from the Arctic circle. For example, there is evidence that weather patterns are shifting across the U.S. and Europe as sea ice melts, and many marine species migrate between the tropics and the Arctic each year. "What happens in the Arctic doesn't just stay in the Arctic," says Davy.
The new research also finds that the advanced computer models that scientists use to understand how the global climate is changing now, and will change in the future, struggle to capture the relative speed of Arctic warming. That suggests that future models may need to be adjusted to better capture the realities of global warming in polar regions, although this study did not tease apart what exactly is missing from current models.
"The paper's finding that climate models tend to underestimate the warming ratio [between the Arctic and the Earth as a whole] is really interesting," says Kyle Armour, a climate scientist at the University of Washington who was not involved in the new study.
Previous studies have found that computer models actually do a good job estimating how much the Arctic has heated up, but that they tend to overestimate how much hotter the whole planet is, Armour explains. That means the models' comparison between Arctic warming and overall warming ends up being incorrect.
"We have more work to do to figure out the source of this model bias," says Armour. And that work is increasingly important, because world leaders use climate models to understand what the future holds and how to avoid even more catastrophic warming.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.keranews.org/2022-08-11/the-arctic-is-heating-up-nearly-four-times-faster-than-the-whole-planet-study-finds | 2022-08-12T11:40:59Z |
An armed man clad in body armor who tried to breach the FBI's Cincinnati office on Thursday was shot and killed by police after he fled the scene and engaged in an hourslong standoff.
Copyright 2022 NPR
An armed man clad in body armor who tried to breach the FBI's Cincinnati office on Thursday was shot and killed by police after he fled the scene and engaged in an hourslong standoff.
Copyright 2022 NPR | https://www.keranews.org/2022-08-12/an-armed-man-was-killed-after-trying-to-breach-an-ohio-fbi-office | 2022-08-12T11:41:05Z |
People across the city noticed the squirrels flat on their stomachs — all four legs splayed out. The city's parks department said it's normal for four-legged critters to cool down by flattening out.
Copyright 2022 NPR
People across the city noticed the squirrels flat on their stomachs — all four legs splayed out. The city's parks department said it's normal for four-legged critters to cool down by flattening out.
Copyright 2022 NPR | https://www.keranews.org/2022-08-12/new-yorkers-are-noticing-something-odd-squirrels-are-laid-out-on-all-fours | 2022-08-12T11:41:11Z |
Trump says he won't oppose the release of documents tied to the Mar-a-Lago search By Leila Fadel, Ryan Lucas Published August 12, 2022 at 6:21 AM CDT Facebook Twitter LinkedIn Email Listen • 4:09 Attorney General Merrick Garland has moved to unseal the warrant used to search former President Donald Trump's Mar-a-Lago residence. Copyright 2022 NPR | https://www.keranews.org/2022-08-12/trump-says-he-wont-oppose-the-release-of-documents-tied-to-the-mar-a-lago-search | 2022-08-12T11:41:17Z |
Gorgeous conditions are expected as we wrap up our week
We’ll see a mix of sun and clouds with highs in the 70s today and Saturday
As a cold front continues to exit our region and high pressure moves in, we’ll have much drier and comfortable conditions. Temperatures today will top off in the 70s with a mix of sun and clouds.
We’ll have a little taste of fall tonight as temperatures dip down into the 50s and some may try to get down into the upper 40s. Dry conditions will last into the overnight hours with mainly clear skies.
Another gorgeous day is expected tomorrow with mainly sunny skies and highs in the 70s and low 80s. Most will stay dry on Sunday, but we could see a few pop-up showers and storms on Sunday afternoon and evening as a cold front approaches our area.
Unsettled conditions will last through early next week as off-and-on showers and storms are possible. Temperatures will stay on the cooler side with highs in the 70s and lows in the 50s and low 60s. Make sure to stay tuned and catch the latest on WVVA.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/08/12/gorgeous-conditions-are-expected-we-wrap-up-our-week/ | 2022-08-12T11:53:35Z |
The Arctic is heating up nearly four times faster than the Earth as a whole, according to new research. The findings are a reminder that the people, plants and animals in polar regions are experiencing rapid, and disastrous, climate change.
Scientists previously estimated that the Arctic is heating up about twice as fast as the globe overall. The new study finds that is a significant underestimate of recent warming. In the last 43 years, the region has warmed 3.8 times faster than the planet as a whole, the authors find.
The study focuses on the period between 1979, when reliable satellite measurements of global temperatures began, and 2021.
"The Arctic is more sensitive to global warming than previously thought," says Mika Rantanen of the Finnish Meteorological Institute, who is one of the authors of the study published in the journal Communications Earth & Environment.
There have been hints in recent years that the Arctic is heating up even more quickly than computer models predicted. Heat waves in the far North have driven wildfires and jaw-dropping ice melt in the circumpolar region that includes Alaska, Arctic Canada, Greenland, Scandinavia and Siberia.
"This will probably be a bit of a surprise, but also kind of extra motivation perhaps," says Richard Davy, a climate scientist at Nansen Environmental and Remote Sensing Center in Norway, who was not involved in the new study. "Things are moving faster than we could have expected from the model projections."
There are many reasons why the Arctic is heating up more quickly than other parts of the Earth. Changes in the amount of air pollution coming from Europe and natural multi-decade climate variations likely play a role. But human-caused global warming is the underlying reason that the Arctic, and the planet as a whole, are heating up.
Loss of sea ice is one of the clearest drivers of Arctic warming. The Arctic Circle is mostly ocean, which used to be frozen for most or all of the year. But permanent sea ice is steadily shrinking, and seasonal ice is melting earlier in the year and re-forming later.
That means more open water. But while ice is bright and reflects heat from the sun, water is darker and absorbs it. That heat helps melt more ice, which means more water to trap more heat – the loop feeds on itself, accelerating warming in the Arctic.
"That's why the temperature trends are the highest [in] those areas where the sea ice has declined most," explains Rantanen. There are hotspots in the Bering Sea over Northern Europe and Siberia, which are heating up about seven times faster than the global average, the study estimates.
Rapid Arctic warming affects people living far from the Arctic circle. For example, there is evidence that weather patterns are shifting across the U.S. and Europe as sea ice melts, and many marine species migrate between the tropics and the Arctic each year. "What happens in the Arctic doesn't just stay in the Arctic," says Davy.
The new research also finds that the advanced computer models that scientists use to understand how the global climate is changing now, and will change in the future, struggle to capture the relative speed of Arctic warming. That suggests that future models may need to be adjusted to better capture the realities of global warming in polar regions, although this study did not tease apart what exactly is missing from current models.
"The paper's finding that climate models tend to underestimate the warming ratio [between the Arctic and the Earth as a whole] is really interesting," says Kyle Armour, a climate scientist at the University of Washington who was not involved in the new study.
Previous studies have found that computer models actually do a good job estimating how much the Arctic has heated up, but that they tend to overestimate how much hotter the whole planet is, Armour explains. That means the models' comparison between Arctic warming and overall warming ends up being incorrect.
"We have more work to do to figure out the source of this model bias," says Armour. And that work is increasingly important, because world leaders use climate models to understand what the future holds and how to avoid even more catastrophic warming.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-11/the-arctic-is-heating-up-nearly-four-times-faster-than-the-whole-planet-study-finds | 2022-08-12T11:58:22Z |
Five years ago a car slammed into a crowd of counterprotesters. One person was killed and a dozen injured. Lisa Woolfork was in that crowd. She remembers that day with her friend Kendall King-Sellars.
Copyright 2022 NPR
Five years ago a car slammed into a crowd of counterprotesters. One person was killed and a dozen injured. Lisa Woolfork was in that crowd. She remembers that day with her friend Kendall King-Sellars.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/2-charlottesville-va-residents-remember-the-2017-unite-the-right-rally | 2022-08-12T11:58:29Z |
At first look, American companies seem to be doing just fine in the face of high inflation and rising interest rates. But look underneath the surface, and there are potential warning signs about the economy – and it's got the country's top executives feeling a little bit nervous.
So far, 453 of the top 500 companies comprising the S&P 500 have reported earnings and about 75% did better over the April to June quarter than Wall Street expected, according to S&P Dow Jones Indices.
It's a remarkable show of strength given they had to navigate a challenging economic environment — a time when the country was dealing with its highest inflation in around 40 years and the Federal Reserve was hiking interest rates.
The stronger-than-expected earnings, along with hopes the Fed won't be as aggressive with rate hikes going forward, have helped fuel a powerful rally on Wall Street.
But top executives say they are facing lot of uncertainty at a time when there are growing fears of an economic recession. They're not panicking, but they are being careful.
Here are three signs that could point to potential trouble ahead for the U.S. economy.
Companies are cutting advertising
Historically, when companies are anxious about the future, they cut their ad budgets, making it a leading indicator about how companies view the economy.
That's what happened in the last quarter.
Social media companies have seen ad sales slow, and that dragged down their earnings. In the second quarter, Meta, Facebook's parent company, saw its revenue fall for the first time ever.
Meanwhile, Snap sounded an alarm about declining ad sales. The social media company's share price is down more than 75% this year.
Traditional media outlets have also seen reduced revenues from ads, including The New York Times Company and Gannett. BuzzFeed warned recession fears will put pressure on its ad business.
In a letter to investors, Roku, which makes streaming media players, said "there was a significant slowdown in TV advertising spend due to the macro-economic environment."
The company added that it expects "these challenges to continue in the near term as economic concerns pressure markets worldwide."
Companies are cutting costs – and jobs
As office workers know already, when companies start cutting costs or putting expansion plans on hold, it often means they see potential trouble ahead.
Bed Bath & Beyond, for example, said it would cut its capital spending by 25%.
Some companies are also slowing hiring, or even starting to announce job cuts, even if the latest economic data shows the overall labor market remains healthy.
The job cuts have been more prominent in the technology sector, with companies such as Netflix, stock trading app Robinhood and e-commerce giant Shopify announcing layoffs recently.
According to Layoffs.fyi, a site that tracks layoffs in the tech sector, tech companies have cut almost 70,000 jobs so far in 2022.
Automakers are also growing cautious.
GM CEO Mary Barra said recently the company is "reducing some discretionary spending and limiting hiring to critical needs and positions that support growth."
She also added GM has "modeled several downturn scenarios, and we are prepared to take more deliberate action when and if necessary."
Spending habits are starting to change
One of the positives of the economy has been that people have continued to spend even as inflation has been high.
But companies say they are seeing evidence of changes in what people are buying, and that's contributing to a glut of unsold inventory.
Last month, Walmart announced it was cutting its profit outlook for the whole year because high prices have changed spending habits.
Walmart said its customers are spending less money on "general merchandise" because food prices have gone up sharply. With more stuff on store shelves, the retailer has had to cut prices on inventory.
Walmart is set to report its second quarter earnings on Aug. 16.
On top of that, manufacturers — from car companies to smartphone manufacturers — continue to having trouble sourcing parts.
"Across the economy, supply chain issues have both limited the ability to meet demand in some areas and driven inventory well above normal levels in others," Intel CEO Pat Gelsinger said recently.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/3-warning-signs-about-the-economy-coming-out-of-americas-top-companies | 2022-08-12T11:58:35Z |
An armed man clad in body armor who tried to breach the FBI's Cincinnati office on Thursday was shot and killed by police after he fled the scene and engaged in an hourslong standoff.
Copyright 2022 NPR
An armed man clad in body armor who tried to breach the FBI's Cincinnati office on Thursday was shot and killed by police after he fled the scene and engaged in an hourslong standoff.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/an-armed-man-was-killed-after-trying-to-breach-an-ohio-fbi-office | 2022-08-12T11:58:42Z |
Actress Anne Heche has been on life support and is not expected to survive after crashing her car into two homes last Friday, a representative for her family and friends told Deadline.
Heche, 53, has been hospitalized since the accident, where she was allegedly speeding in her blue Mini Cooper and crashed into one home and then another, leaving the second in flames.
She is suffering from an anoxic brain injury, the representative told Deadline. How does that affect the body?
Anoxic brain injury
Anoxic brain injuries happen when all oxygen is cut off from the brain. After about four minutes of losing oxygen supply, brain cells begin to die off, according to the Shepherd Center, a private, nonprofit hospital in Atlanta.
Causes of brain injuries
Brain injuries do not necessarily originate in the brain. They can be caused due to any physical trauma that affects the body's ability to take in oxygen, such as a stroke or trauma to the lungs.
Symptoms of brain injuries
Things to look for that could signal a brain injury include both physical limitations and behavioral changes, such as:
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/anne-heche-reportedly-suffered-an-anoxic-brain-injury-how-that-affects-the-body | 2022-08-12T11:58:48Z |
An innovative educational program in the D.C. jail asks incarcerated people how to stop gun violence. (Story first aired on All Things Considered on Aug. 8, 2022.)
Copyright 2022 NPR
An innovative educational program in the D.C. jail asks incarcerated people how to stop gun violence. (Story first aired on All Things Considered on Aug. 8, 2022.)
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/encore-inmates-give-washington-d-c-officials-ideas-for-curbing-gun-violence | 2022-08-12T11:58:55Z |
People across the city noticed the squirrels flat on their stomachs — all four legs splayed out. The city's parks department said it's normal for four-legged critters to cool down by flattening out.
Copyright 2022 NPR
People across the city noticed the squirrels flat on their stomachs — all four legs splayed out. The city's parks department said it's normal for four-legged critters to cool down by flattening out.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/new-yorkers-are-noticing-something-odd-squirrels-are-laid-out-on-all-fours | 2022-08-12T11:59:01Z |
Justice Department asks a court to unseal the warrant used to search Mar-a-Lago. There was an attempted attack on an FBI office in Cincinnati. The CDC gives new advice on how to live with COVID-19.
Copyright 2022 NPR
Justice Department asks a court to unseal the warrant used to search Mar-a-Lago. There was an attempted attack on an FBI office in Cincinnati. The CDC gives new advice on how to live with COVID-19.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/news-brief-mar-a-lago-warrant-fbi-office-attacked-new-cdc-covid-guidance | 2022-08-12T11:59:07Z |
Longtime actor Steve Martin told The Hollywood Reporter he plans to scale back on acting after the end of the hit Hulu show Only Murders in the Building, though he came short of saying he would retire.
"When this television show is done, I'm not going to seek others," he said. "I'm not going to seek other movies. I don't want to do cameos. This is, weirdly, it."
In his six-decade long career, Martin has been a jack of all trades, and is one Tony Award away from becoming an EGOT (Emmy-Grammy-Oscar-Tony) winner.
Should Martin decide to move away from his distinguished career in entertainment, here's a look back at the many talents he's put on display.
Stand-up comedian
Martin got his start in comedy as a writer on the 1960s show The Smothers Brothers Comedy Hour, for which he won an Emmy in 1969. He began hosting Saturday Night Live (which he has hosted 15 times) in the 1970s, and gained further notoriety by performing sold out shows using his offbeat style of stand-up, which often incorporated music and props.
He retired from stand-up in the 1980s and went on to pursue acting, and later received the Mark Twain Prize for American Humor in 2005.
He returned to the craft in 2016 when he opened for Jerry Seinfeld. That same year, he went on a national tour with Only Murders in the Building costar Martin Short and the pair released the Netflix special, An Evening You Will Forget for the Rest of Your Life, in 2018.
Celebrated actor
Martin has starred in dozens of movies, including Three Amigos (1986), Planes, Trains and Automobiles (1987), Bowfinger (1999) and the Father of the Bride and Cheaper by the Dozen franchises.
While he was never nominated for an Oscar, he received an honorary award in 2013.
In 2016, Martin helped write and compose his first Broadway musical, Bright Star, set in the Blue Ridge Mountains of North Carolina in the 1940s. He received five Tony nominations for the play.
Since 2021, Martin has been a co-creator and has starred as an amateur podcaster in Only Murders in the Building, which is currently nominated for seven Emmys, three of them being for Martin.
Grammy-winning musician
Martin, who was born in Texas and raised in California, began playing the banjo as a teenager and later heavily incorporated the instrument in his stand-up routines in the 1970s. He went on to win a Grammy in 2002 for his cover of Earl Scrugg's "Foggy Mountain Breakdown."
He released his first music-only album, The Crow: New Songs for the 5-String Banjo, in 2009, for which he won the Grammy for Best Bluegrass Album in 2010.
Martin went on to win three more Grammys for his contributions to the bluegrass genre.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/steve-martin-might-stop-acting-but-hes-worn-many-hats-over-his-long-career | 2022-08-12T11:59:14Z |
A controversial legal theory that could radically reshape presidential and congressional elections has had a vocal supporter in filings to the U.S. Supreme Court.
Since 2020, a conservative group advocating for more restrictive voting laws has filed multiple friend-of-the-court briefs to try to influence the justices, including with the claim that the U.S. Constitution gives state legislatures the power to determine how federal elections are run without limits from state constitutions or state courts.
The group calls itself the Honest Elections Project, which since 2020, according to corporate records filed in Virginia, has been a registered business alias for The 85 Fund. That organization has federal tax-exempt status, millions of dollars in donations and spending that are hard to trace, and ties to Leonard Leo — the Federalist Society's co-chairman and former executive vice president who helped build the Supreme Court's majority of conservative justices.
Three of those justices have signaled they are likely to side with Republican state lawmakers in an upcoming North Carolina redistricting case that could result in a Supreme Court endorsement of what's known as the independent state legislature theory. The lawmakers would need the support of at least two other justices on the court, where conservatives enjoy a 6-3 supermajority.
Over the past two years, what many in the legal world considered a fringe theory has become an increasingly hot topic. The Honest Elections Project's court filings underscore how conservative groups have been urging the justices to weigh in on exactly how much power state legislatures have over rules for federal elections.
"This is a priority for us," says Jason Snead, the organization's executive director, about the North Carolina case Moore v. Harper, which the court is expected to hear in the coming months. "Obviously, a case that deals with this issue in the Supreme Court is an incredibly important inflection point. And so we will be devoting resources to this."
The group has cited the theory in court filings for past cases about election rules in Pennsylvania and North Carolina
Snead's organization has already devoted resources to other cases.
In 2020, the Honest Elections Project submitted a legal brief in support of Pennsylvania's Republican Party, which unsuccessfully brought to the U.S. Supreme Court a case over whether a state court can extend the deadline for receiving mail ballots. Citing its authority under the state's constitution, the Pennsylvania Supreme Court had ordered a three-day deadline extension to "prevent the disenfranchisement of voters" amid postal service delays during the COVID-19 pandemic's first year.
In their brief against the Pennsylvania Supreme Court's decision, the Honest Elections Project referenced the U.S. Constitution's Elections Clause and Electors Cause in arguing that state legislatures are "vested with plenary authority that cannot be divested by state constitution to determine the times, places, and manner of presidential and congressional elections."
This year, the conservative group echoed that position again at the U.S. Supreme Court in a brief for a case about whether North Carolina lawmakers could intervene in a lawsuit and defend a state law about voter IDs that the state's attorney general was already defending.
"While the Court briefly revisited the independent state legislature doctrine last Term, it has yet to 'make it clear' that the doctrine is our law," the Honest Elections Project's brief said, quoting Justice Clarence Thomas' dissenting opinion for the Pennsylvania case. "It should do so here."
Many legal scholars warn support for the theory from the Supreme Court could bring chaos to upcoming elections
Snead — the Honest Elections Project's executive director, who previously helped maintain The Heritage Foundation's voter fraud database as a senior policy analyst — says the independent state legislature theory is not "something that we just stumbled across to advance a particular political agenda" and, in his opinion, gets to "the very core of what it is to have a free election."
"I think it's something which we need to give a definitive answer to — when the Constitution says legislatures write the laws that govern our democracy, is that what it means or does it mean something else?" adds Snead.
But many legal scholars point out that state legislatures are the products of, and limited by, their states' constitutions and the U.S. Supreme Court has long deferred to state courts on interpreting state constitutions and laws.
Opponents of the independent state legislature theory warn that if it is ultimately endorsed by the highest court in the land, it could bring chaos to upcoming elections, make it easier to gerrymander maps of voting districts and clear a path for state lawmakers to try to subvert the results of the 2024 presidential race.
The court is likely to rule by next summer with its expected decision in the North Carolina redistricting case, which election law experts have been watching closely.
So far, however, the Honest Elections Project has yet to join the Republican National Committee and the National Republican Redistricting Trust in filing a friend-of-the-court brief for that case. (Both of those groups have cited variations of the independent state legislature theory in their filings.)
"This was simply a bandwidth question," Snead says, noting that the group plans to submit a brief now that the Supreme Court has agreed to take on the case. "We're, of course, very, very excited to see that the court is potentially going to step in and resolve this question."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/this-conservative-group-helped-push-a-disputed-election-theory | 2022-08-12T11:59:20Z |
Attorney General Merrick Garland has moved to unseal the warrant used to search former President Donald Trump's Mar-a-Lago residence.
Copyright 2022 NPR
Attorney General Merrick Garland has moved to unseal the warrant used to search former President Donald Trump's Mar-a-Lago residence.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-12/trump-says-he-wont-oppose-the-release-of-documents-tied-to-the-mar-a-lago-search | 2022-08-12T11:59:27Z |
If you've heard American veterans celebrating one thing about the PACT Act, which President Joe Biden signed into law Wednesday, it likely has to do with burn pits.
These were massive piles of uniforms, equipment, computers, and other things the U.S. military incinerated to prevent them from falling into the hands of the wrong people.
American veterans, including those who served in Iraq and Afghanistan, will be able to access VA support for a variety of medical problems they likely suffered because of their exposure to burn pits.
But soldiers aren't the only people still struggling with their damaging effects.
Kali Rubaii is an assistant professor of anthropology at Purdue University and studies the toxic legacies of the U.S. war in Iraq.
While the U.S. military has used burn pits in other conflicts, Rubaii said they were exceptionally large in Iraq and Afghanistan.
"Taxpayers funded the U.S. occupation, but the people who were actually spending that money were private contractors and they had no bid contracts," she said. "That means that when a computer or a tank or a uniform was damaged, it was more profitable to actually throw the whole thing into a burn pit, then sell a brand new one to the U.S. military."
While the PACT Act opens new possibilities for American veterans seeking treatment for medical problems they sustained after serving near burn pits, it does not address the harm suffered by civilians living in areas close by.
Rubaii's research has brought her in contact with Iraqis who are struggling with the intergenerational impacts of their exposure.
This interview has been edited for length and clarity.
Interview highlights
On how Iraqis were impacted by burn pits
Veterans saw acute short-term exposure, and they were at peak health. Iraqi people were in all stages of their life course when they were exposed to burn pits, and they were exposed for over 10 years. Even those who live at a distance and downwind face a lot of health effects, and they're varied.
Farmers who live downwind noticed a lot of birth defects and fertility issues with their crops and their livestock. And then children report symptoms of dizziness, balance problems. There have been many cases of brain cancer near and around burn pits.
On possible intergenerational impacts
In a way, burn pits are the least of the violence done to Iraqi people. For example, in 2004, around 70% of Fallujah was leveled. That means no water, no electricity, no hospital, massive injury and death, lots of pollution released into the air. So in Fallujah today, the longstanding effects of that level of bombardment are there is still only a few hours of electricity. My tap water living there is brown. It's undrinkable. The hospitals still lack essential equipment.
So it's in the wake of all of this destruction that doctors at Fallujah Hospital started noticing, around 2004, all of these babies that were born with birth defects. And they started cataloging it, because it just was anecdotally noteworthy that there were more and more. And the tragedy here is that it's unclear what the cause is, but it definitely indicates there's an environmental factor and people notice that the timeline indicates something about U.S. occupation.
On the damage of war when it comes to environment
One of the common problems that people face is that during sandstorms, the air quality is very poor and every single micro particle that can be picked up into the wind is entering people's lungs, lining your teeth, and it's everywhere. And this is a climate change issue. Of course, we have more and more sandstorms and dust storms in Iraq. And the more war detritus that is lying around, the more people are inhaling war. They're inhaling the past of war.
On the families that she has met and the impact that war has had on their lives
I had to watch a child die a few months ago. And she was just this dynamic, inquisitive baby who was born in Fallujah with multiple congenital anomalies. Some of her organs were outside of her body. She had a gap in her heart. She lived for about a week. She made really deep eye contact with everyone, and she was really fighting for her life.
The cause of her birth defects were likely environmental and linked with burn pits, but the cause of her death was the destroyed hospital infrastructure. Had she been in a place where the hospital hadn't been bombed several times, it's possible that she would have survived her birth defects. And I think maybe one of the toughest legacies in Iraq is that environmental damage to people's bodies doesn't have to be fatal if there is also infrastructure to contend with it.
I feel that now that the PACT Act has been passed, it would be up to U.S. health justice organizers to reach out to Iraqi people who are managing incredible burdens and who would be very keen to engage in a joint struggle for extending the kind of reparative care that's available to veterans now to the Iraqi people who've been living in the wake of these burn pits.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-12/what-is-the-legacy-of-burn-pits-for-some-iraqis-its-a-lifetime-of-problems | 2022-08-12T11:59:33Z |
J&J to end sales of baby powder with talc globally next year
Published: Aug. 12, 2022 at 8:08 AM EDT|Updated: 27 minutes ago
(AP) - Johnson & Johnson is pulling baby powder containing talc worldwide next year after it did the same in the U.S. and Canada amid thousands of lawsuits claiming it had caused cancer.
The company says talc will be replaced by cornstarch.
J&J faced thousands of lawsuits alleging its talcum powder caused users to develop ovarian cancer, through use for feminine hygiene, or mesothelioma, a cancer that strikes the lungs and other organs.
J&J insists, and the overwhelming majority of medical research on talc indicates, that the talc baby powder is safe and doesn’t cause cancer.
But the controversy began to drag on sales, and it removed talc from the product in most of North America.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/12/jj-end-sales-baby-powder-with-talc-globally-next-year/ | 2022-08-12T12:35:55Z |
Police arrest man accused of shooting inside Mall of America
BLOOMINGTON, Minn. (AP) — Authorities say a man accused of firing shots inside the Mall of America before fleeing the suburban Minneapolis shopping complex with the help of several accomplices has been arrested in Chicago.
The Bloomington Police Department says 21-year-old Shamar Alon Lark, of Minneapolis, was arrested Thursday along with another man who had been sought following the Aug. 4 shooting.
Court documents say Lark faces charges including second-degree assault. It wasn’t immediately known whether he had a lawyer Friday who could speak on his behalf.
Police earlier said that Lark fired three rounds in front of a Nike store following a fight involving a half-dozen people.
The shooting sent some shoppers running for cover and led officials to lock down the mall.
No injuries were reported.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/12/police-arrest-man-accused-shooting-inside-mall-america/ | 2022-08-12T12:36:02Z |
Young suspect arrested in killing of woman and 2 little boys, police say
NORTHFIELD, N.H. (WMUR) - An arrest has been made in the triple killing of a New Hampshire mom and her two young kids. The suspect is a juvenile.
“We’ve never had anything, not even a break-in in the neighborhood,” neighbor Mark Korenkiewicz said.
For neighbors in Northfield, it’s been an eerie week since 25-year-old Kassandra Sweeney and her two young sons, 4-year-old Benjamin and 1-year-old Mason, were found shot dead inside their home.
“Concern is part of it. But everybody is just - we don’t believe that something like this could happen,” Korenkiewicz said.
On Thursday, the New Hampshire Attorney General’s office announced that a juvenile has been taken into custody, charged in the juvenile justice system with three counts of murder and one count of falsifying evidence.
“Obviously, as we’ve said, the family is completely devastated, and rightfully so, by this incredibly tragic set of circumstances, ” New Hampshire Senior Assistant Attorney General Geoffrey Ward said.
Because of their age, no further information is being released about the suspect.
The AG’s office also wasn’t able to comment on if the suspect was a family member or what their relationship was to Sweeney and her boys.
Over the last week, New Hampshire State Police have been searching parts of Northfield, Tilton and the I-93 corridor in connection to the case.
However, officials would not elaborate on whether those searches led to any evidence or the murder weapon.
Neighbors said Thursday’s arrest brings some closure.
“We can all put it in the past. People will heal going forward and have a better understanding of what we need to do,” Korenkiewicz said.
The New Hampshire Attorney General’s office wouldn’t comment on whether they plan on petitioning the court to try the suspect as an adult.
Copyright 2022 WMUR via CNN Newsource. All rights reserved. | https://www.whsv.com/2022/08/12/young-suspect-arrested-killing-woman-2-little-boys/ | 2022-08-12T12:36:08Z |
HOUSTON, Aug. 12, 2022 /PRNewswire/ -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announced that it signed an amended and restated senior secured revolving credit facility. The agreement increases the Company's credit facility from $40 million to $60 million and extends the maturity from May 2024 to August 2025. The pricing structure of the new facility is materially unchanged from the existing credit facility, with a change to a SOFR-based pricing grid. At the time of the closing, Adams only has $8.2 million of letters of credit drawn against the revolver.
"This amended credit facility provides Adams an extended maturity and increased flexibility as we execute our strategy in the coming years," said Tracy Ohmart, EVP, Chief Financial Officer & Treasurer. "We'd like to thank Wells Fargo for their continued confidence in Adams as we look to continue to grow our business."
Additional details on the amended credit agreement can found in the Company's Form 8-K to be filed the U.S. Securities and Exchange Commission.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage and tank truck transportation of liquid chemicals and dry bulk through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C. and GulfMark Terminals, LLC. For more information, visit www.adamsresources.com.
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," "predict," "budget," "projection," "goal," "forecast," "target" or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, and any other risk factors included in Adams' reports filed with the Securities and Exchange Commission. However, there can be no assurance that such expectation or belief will result or be achieved. Unless legally required, Adams undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact
Tracy E. Ohmart
EVP, Chief Financial Officer
(713) 881-3609
Investor Relations Contact
Gary Guyton or Steven Hooser
Three Part Advisors
(214) 442-0016
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SOURCE Adams Resources & Energy, Inc. | https://www.whsv.com/prnewswire/2022/08/12/adams-resources-amp-energy-inc-announces-amended-restated-senior-secured-revolving-credit-facility/ | 2022-08-12T12:36:15Z |
Ascend Fort Lee expands the Company's New Jersey presence to three locations in the Tri-State area
NEW YORK, Aug. 12, 2022 /PRNewswire/ - Ascend Wellness Holdings, Inc. ("AWH" or the "Company") (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, has announced the opening of its Fort Lee, New Jersey dispensary for medical patients. Ascend Fort Lee is located at 461 West Street, Fort Lee, NJ 07024.
Ascend Fort Lee is the Company's third Ascend dispensary in the state, located in a prime position directly across the Hudson River from New York City and accessible to many major highways and thoroughfares in New Jersey. Ascend Fort Lee features over 3,400 sq ft of dispensary floor space and ample parking. The new location will offer Ascend's full menu of high-quality flower, edibles, vapes, and more to all medical patients from 10 am to 8 pm daily. Patients will also be able to place their orders ahead of time at www.letsascend.com.
"We are proud to deepen our roots in the Garden State and serve even more patients and customers across northern New Jersey," said Frank Perullo, President and Co-Founder of Ascend Wellness Holdings. "Our Fort Lee location has been built to accommodate increasing demand and efficiently serve all customers with the ability to scale for adult-use this fall. The Ascend team is grateful for the support of the New Jersey cannabis community and looks forward to welcoming patients from Fort Lee and beyond."
The Ascend Fort Lee dispensary features 29 registers to maximize efficiency and ease in the checkout process. The large scale of Fort Lee operations will facilitate the anticipated transition to adult-use sales later this fall, allowing the storefront to seamlessly serve both medical patients and recreational consumers in the New York metropolitan area.
AWH is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, New Jersey, and Pennsylvania. AWH owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products. AWH produces and distributes its in-house Ozone, Ozone Reserve, and Simply Herb branded products. For more information, visit www.awholdings.com.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding the plans, intentions, expectations, estimates, and beliefs of the Company. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends, and on certain assumptions and analyses made by the Company in light of experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate.
Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such factors include, among others: the risks and uncertainties identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in the Company's other reports and filings with the applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly, readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The CSE has not reviewed, approved or disapproved the content of this news release.
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The newly restored 19th-century farmhouse in West Knox County will host members of its namesake family at the second annual Boyd reunion event in September
KNOXVILLE, Tenn., Aug. 12, 2022 /PRNewswire/ -- Boyd Harvey House, a classic bed and breakfast listed on the National Register of Historic Places, will host the second annual Boyd family reunion on Labor Day weekend.
Members of the family that built the historic 19th-century farmhouse and occupied it for more than 100 years will gather on the West Knox County site Sept. 2-5 for a holiday weekend full of fun, fellowship and shared memories.
"The first Boyd reunion in 2021 allowed us to reconnect with relatives we hadn't seen recently and to welcome new members to the family," said David Boyd of Greensboro, N.C., who organized the first event last year. "My grandfather was born in the house, and I fondly remember the building and the grounds from my childhood. It's amazing that we were able to have such a meaningful, memorable experience, and we're incredibly grateful to be returning with an even bigger family in 2022."
Thomas Boyd and his wife, Anna, built the historic Federal-style farmhouse in what is now western Knox County in 1835. Anne Tillotson White, a resident of Knox County for more than 30 years, bought the property in 2018.
"I was an empty-nester looking to downsize when I discovered the property for sale," White said. "The location and its history inspired me, and I immediately recognized its potential. This has been a rewarding journey, and I'm truly humbled to be able to offer such a one-of-a-kind experience for both Knoxville residents and visitors."
After more than a year of extensive renovations, the Boyd Harvey House offers a unique combination of luxury and authenticity. The two-acre estate, which includes the main farmhouse, a two-bedroom carriage house, and outdoor amenities such as a firepit, pool, and shade garden, is now available for intimate getaways, family trips, business travel, and private dinners.
For more information, visit https://www.boydharveyhouse.com.
About Boyd Harvey House
Boyd Harvey House, a historic bed and breakfast in Knox County, Tennessee, offers unique lodging and private dining experiences in an intimate, inspiring Southern atmosphere. Owned and operated by Anne Tillotson White, the Boyd Harvey House is a magnificent 1835 Federal-style farmhouse listed on the National Register of Historic Places and one of only 12 pre-Civil War brick homes remaining in Knox County. The two-acre Boyd Harvey House estate also includes a two-bedroom carriage house, firepit, pool and shade garden. For more information or to schedule a stay, visit https://www.boydharveyhouse.com.
MEDIA CONTACT:
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com
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SOURCE Boyd Harvey House | https://www.whsv.com/prnewswire/2022/08/12/boyd-family-returns-historic-boyd-harvey-house-reunion/ | 2022-08-12T12:36:27Z |
Fiscal Year 2022 Recurring Revenue Growth of 16%
Fiscal Year 2022 Diluted EPS was $4.55 and Adjusted EPS grew 14% to $6.46
Record Closed Sales of $282 million
Raising Annual Dividend 13% to $2.90 Per Share
Fiscal Year 2023 Guidance of 6-9% Recurring Revenue Growth and 7-11% Adjusted EPS Growth
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the fourth quarter and fiscal year 2022. Results compared with the same period last year were as follows:
"A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth," said Tim Gokey, Broadridge's CEO. "Our results reflect continued execution of our long-term growth strategy, the ongoing digitization of financial services, and strong performance from our Itiviti acquisition.
"Broadridge's resilient business model is built to deliver growth through different economic cycles. Looking ahead, we expect continued growth in Fiscal 2023, with 6-9% organic recurring revenue growth, continued margin expansion, and 7-11% Adjusted EPS growth. Most importantly, we are well-positioned to deliver, again, on our three-year financial objectives, with recurring revenue and Adjusted EPS growth at or above the higher end of the range," Mr. Gokey added.
"Finally, I'm pleased to announce that our Board has approved a 13% increase in our annual dividend amount to $2.90 per share. Broadridge has now increased its dividend for 16 consecutive years, further underlining the strength and resiliency of our business and the durability of the trends driving our growth."
Financial Results for Fourth Quarter Fiscal Year 2022 compared to Fourth Quarter Fiscal Year 2021
- Total revenues increased 12% to $1,723 million from $1,532 million in the prior year period.
- Operating income was $342 million, an increase of $60 million, or 21%. Operating income margin increased to 19.8%, compared to 18.4% for the prior year period due to higher Recurring fee revenues, partially offset by distribution and other revenue-related expenses, including higher amortization expense from acquired intangible assets.
- Interest expense, net was $21 million, an increase of $3 million, or 16%, driven by higher average debt outstanding.
- The effective tax rate was 22.1% compared to 22.6% in the prior year period. The decrease was driven by the increased impact of discrete tax items.
- Net earnings decreased 5% to $248 million and Adjusted Net earnings increased 21% to $314 million.
Segment and Other Results for Fourth Quarter Fiscal Year 2022 compared to Fourth Quarter Fiscal Year 2021
Investor Communication Solutions
- ICS total revenues were $1,354 million, an increase of $146 million, or 12%.
- ICS earnings before income taxes were $364 million, an increase of $77 million, or 27%, driven by higher recurring fee revenues. Segment operating expenses rose 7%, or $69 million, to $990 million, primarily driven by distribution and other revenue-related expenses. Amortization expense from acquired intangibles decreased by $5 million to $16 million. Pre-tax margins increased to 26.9% from 23.8%.
Global Technology and Operations ("GTO")
- GTO Recurring fee revenues were $382 million, an increase of $57 million, or 18%, driven by 9pts of growth from acquisitions, primarily Itiviti, as well as 5pts of net new business from onboarding of new clients, and a 4pt increase in internal growth.
- GTO Earnings before income taxes were $37 million, an increase of $10 million, or 39%, compared to $26 million in the prior year period. The earnings increase was driven by higher organic recurring revenue growth which was modestly offset by a higher loss primarily from the acquisition of Itiviti. Amortization expense from acquired intangibles increased by $11 million to $46 million in the fourth quarter of fiscal year 2022, primarily as a result of the Itiviti acquisition. Pre-tax margins increased by 1.5 percentage points to 9.6%.
Other
- Other Loss before income tax was $83 million compared to Other Income before income tax of $24 million in the prior year period. The decrease was primarily due to the absence of the $72 million non-operating Gain on Acquisition-Related Financial Instrument in the fourth quarter of fiscal year 2021 and a $19 million increase in costs associated with the Company's Real Estate Realignment and Covid-19 Related Expenses driven primarily by the reduction in our office footprint in the current year period.
Financial Results for Fiscal Year 2022 compared to Fiscal Year 2021
- Total revenues increased 14% to $5,709 million from $4,994 million in the prior year period.
- Operating income was $760 million, an increase of $81 million, or 12%. Operating income margin decreased to 13.3% from 13.6% in the prior year period.
- Interest expense, net was $85 million, an increase of $29 million, from an increase in debt outstanding related to the acquisition of Itiviti.
- The effective tax rate was 19.8% compared to 21.4% in the prior year period. The decrease in the effective tax rate was driven by higher total discrete tax items, in addition to the excess tax benefits related to equity compensation, compared to the prior year period.
- Net earnings decreased 2% to $539 million and Adjusted Net earnings increased 15% to $766 million.
Segment and Other Results for Fiscal Year 2022 compared to Fiscal Year 2021
ICS
- ICS total revenues were $4,262 million, an increase of $435 million, or 11%.
- ICS earnings before income taxes were $726 million, an increase of $130 million, or 22%, primarily due to the increase in Recurring fee revenues and Event-driven fee revenues. Segment operating expenses rose 9%, or $305 million, to $3,536 million, primarily driven by distribution and other revenue-related expenses. Amortization expense from acquired intangibles decreased by $18 million to $69 million from $87 million in the prior period. Pre-tax margins increased to 17.0% from 15.6%.
GTO
- GTO Recurring fee revenues were $1,474 million, an increase of $288 million, or 24%, driven by 19pts of growth from acquisitions, primarily Itiviti, as well as 4pts of net new business from onboarding of new clients.
- GTO earnings before income taxes were $140 million, a decrease of $61 million, or 30%, compared to $200 million in the prior year period. The earnings decrease was due to $291 million in operating costs from acquisitions, primarily as a result of the Itiviti acquisition, as compared to revenue from acquisitions of $228 million. Amortization expense from acquired intangibles increased by $122 million to $189 million in fiscal year 2022 from $68 million in the prior year period. Pre-tax margins decreased to 9.5% from 16.9%.
Other
- Other Loss before income tax increased 110% to $189 million from $90 million in the prior year period. The increased loss before income taxes was primarily due to the absence of the non-operating Gain on Acquisition-Related Financial Instrument of $62 million in the prior year period and higher interest expense of $29 million due to an increase in average debt outstanding related to the fiscal 2021 acquisition of Itiviti.
Dividend Declaration and Increase
On August 11, 2022, Broadridge's Board of Directors ("the Board") declared a quarterly dividend of $0.725 per share payable on October 5, 2022 to stockholders of record on September 15, 2022. This declaration reflects the Board's approval of an increase in the annual dividend amount by 13% from $2.56 to $2.90 per share, subject to the discretion of the Board to declare quarterly dividends. With this increase, the Company's annual dividend has increased for the 16th consecutive year since becoming a public company in 2007.
Earnings Conference Call
An analyst conference call will be held today, August 12, 2022 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge's Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419.
A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through August 19, 2022, the recording will also be available by dialing 1-877-344-7529 within the United States or 1-412-317-0088 for international callers, using passcode 2334448 for either dial-in number.
Explanation and Reconciliation of the Company's Use of Non-GAAP Financial Measures
The Company's results in this press release are presented in accordance with U.S. GAAP except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures ("Non-GAAP"). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, and Free cash flow. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company's reported results.
The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company's business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors' understanding of the Company's operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, for internal planning and forecasting purposes and in the calculation of performance-based compensation. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company's Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, as adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items the exclusion of which management believes provide insight regarding our ongoing operating performance. Depending on the period presented, these adjusted measures exclude the impact certain of the following items: (i) Amortization of Acquired Intangibles and Purchased Intellectual Property, (ii) Acquisition and Integration Costs, (iii) Real Estate Realignment and Covid-19 Related Expenses, (iv) Russia-Related Exit Costs, (v) Investment Gains, (vi) Software Charge, and (vii) Gain on Acquisition-Related Financial Instrument. Amortization of Acquired Intangibles and Purchased Intellectual Property represents non-cash amortization expenses associated with the Company's acquisition activities. Acquisition and Integration Costs represent certain transaction and integration costs associated with the Company's acquisition activities. Real Estate Realignment and Covid-19 Related Expenses are comprised of two major components: Real Estate Realignment Expenses, and Covid-19 Related Expenses. Real Estate Realignment Expenses are expenses associated with the exit of certain of the Company's leased facilities in response to the Covid-19 pandemic, which consist of the impairment of certain right of use assets, leasehold improvements and equipment, as well as other related facility exit expenses directly resulting from, and attributable to, the exit of these leased facilities. Covid-19 Related Expense are direct and incremental expenses incurred by the Company to protect the health and safety of Broadridge associates during the Covid-19 outbreak, including expenses associated with monitoring the temperatures for associates entering our facilities, enhancing the safety of our office environment in preparation for workers to return to Company facilities on a more regular basis, ensuring proper social distancing in our production facilities, personal protective equipment, enhanced cleaning measures in our facilities, and other safety related expenses. Russia-Related Exit Costs are direct and incremental costs associated with the Company's wind down of business activities in Russia in response to Russia's invasion of Ukraine, including relocation-related expenses of impacted associates. Investment Gains represent non-operating, non-cash gains on privately held investments. Software Charge represents a charge related to an internal use software product that is no longer expected to be used. Gain on Acquisition-Related Financial Instrument represents a non-operating gain on a financial instrument designed to minimize the Company's foreign exchange risk associated with the acquisition of Itiviti, as well as certain other non-operating financing costs associated with the Itiviti Acquisition.
We exclude Acquisition and Integration Costs, Real Estate Realignment and Covid-19 Related Expenses, Russia-Related Exit Costs, Investment Gains, the Software Charge and the Gain on Acquisition-Related Financial Instrument from our Adjusted Operating income (as applicable) and other adjusted earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and enhances comparability across fiscal reporting periods, as these items are not reflective of our underlying operations or performance. We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company's capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Free Cash Flow
In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities plus Proceeds from asset sales, less Capital expenditures as well as Software purchases and capitalized internal use software.
Reconciliations of such Non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP can be found in the tables that are part of this press release.
Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be," "on track" and other words of similar meaning, are forward-looking statements. In particular, information appearing in the "Fiscal Year 2023 Financial Guidance" section and statements about our three-year objectives are forward-looking statements.
These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended June 30, 2022 (the "2022 Annual Report"), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2022 Annual Report.
These risks include:
- changes in laws and regulations affecting Broadridge's clients or the services provided by Broadridge;
- Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms;
- a material security breach or cybersecurity attack affecting the information of Broadridge's clients;
- the potential impact and effects of the Covid-19 pandemic ("Covid-19") on the business of Broadridge, Broadridge's results of operations and financial performance, any measures Broadridge has and may take in response to Covid-19 and any expectations Broadridge may have with respect thereto;
- declines in participation and activity in the securities markets;
- the failure of Broadridge's key service providers to provide the anticipated levels of service;
- a disaster or other significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services;
- overall market, economic and geopolitical conditions and their impact on the securities markets;
- the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
- Broadridge's failure to keep pace with changes in technology and the demands of its clients;
- competitive conditions;
- Broadridge's ability to attract and retain key personnel; and
- the impact of new acquisitions and divestitures.
Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge's technology and operations platforms underpin the daily trading of on average more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is a part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information about Broadridge, please visit www.broadridge.com.
Contact Information
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SOURCE Broadridge Financial Solutions, Inc. | https://www.whsv.com/prnewswire/2022/08/12/broadridge-reports-fourth-quarter-fiscal-2022-results/ | 2022-08-12T12:36:34Z |
CHARLOTTE, N.C., Aug. 12, 2022 /PRNewswire/ -- Carolinas AGC (CAGC) is excited to announce the 2022 Top Young Leaders! The Top Young Leader Award recognizes those who play critical roles in the community and professional arenas of the construction industry. We believe it's important to honor the achievements of our young leaders as the emergence of these individuals is critical to the future of CAGC and the members we serve.
Chris Boyd, Crowder Constructors
Chris Boyd has been with Crowder Constructors for 18 years, where he began his career as a college intern, progressed to Project Engineer, and then to Project Manager. He now leads Preconstruction Services for Crowder's Heavy Civil Division. Chris has worked very hard over the years earning degrees which include a Bachelor of Science in Construction Engineering and Management from NC State University, and a Master of Business Administration in Real Estate Finance and Development from the University of North Carolina at Charlotte. As a lifelong learner, Chris is always quick to raise his hand for the opportunity to learn and grow as a leader. He has been a CAGC Young Leader member since 2015 and has served on the SCDOT/CAGC Bridge Subcommittee for several years. Chris and his wife Sarah have two daughters, Dylan and Blake. Outside of work, Chris enjoys coaching his daughter's softball team.
Known for her conscientious work, Kelsey is punctilious when it comes to her commitments—earning a Bachelor of Science Degree, a Project Management Professional Certification (PMP), and her daily commitment to her career. Kelsey has over six years of experience in Project Management, and currently works with the Operations Team of WB Moore on a designated project team. She is diligent in maintaining excellent customer relationships between WB Moore and their clients to ensure the project life cycles of jobs are accurately communicated and meets the clients' satisfaction. Kelsey proudly serves as a Director on the National Association of Women in Construction (NAWIC) Board of Directors and has been a CAGC Young Leader member since 2015. Kelsey was recently married to her husband Matt Davis.
Dale Schmidt, State Utility Contractors
Dale is a 2008 graduate of the University of North Carolina at Charlotte, with a Bachelor of Science Degree in Civil Engineering. Before joining State Utility in 2013 as a line division project manager, Dale was an assistant project manager for Dane Construction. In his role with State Utility, Dale manages multiple pipeline projects as large as $10 million, including large diameter water mains and gravity sewer mains. He is responsible for the overall scheduling, purchasing, safety, and production of the projects he manages. As a member of the CAGC Young Leaders since 2014, Dale currently serves as Chair. He also holds the Young Leader position on the Carolinas AGC Board of Directors. Dale and his wife Amy have two young daughters.
For more information regarding the CAGC Top Young Leader Awards, including full bios and photos, please visit CAGC's website or contact Chelsea Andujar.
About Carolinas AGC
Carolinas AGC (CAGC) is a construction trade association made up of contractors and construction-related firms that perform work in North Carolina and South Carolina. CAGC is a chapter of the AGC of America (AGC) and the American Road & Transportation Builders Association (ARTBA). Our members are both small and large general contractors, specialty contractors, material/equipment suppliers, and service providers.
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SOURCE Carolinas AGC | https://www.whsv.com/prnewswire/2022/08/12/carolinas-agc-announces-2022-top-young-leader-award-winners/ | 2022-08-12T12:36:41Z |
ROCKVILLE, Md. and BEIJING, Aug. 12, 2022 /PRNewswire/ -- CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, today reported financial results for the second quarter of 2022.
Wei-Wu He, Ph.D., CASI's Chairman and Chief Executive Officer, commented, "We are pleased to report $8.6 million in EVOMELA® sales revenue for the second quarter of 2022. This is an increase of 19% compared to the same period last year. Our sales and marketing team is proven to be resilient, rapidly adapting strategies to address COVID-19 related challenges to ensure that our priories remain on track."
Dr. He continued, "Equipped with experience from EVOMELA and the ability to adapt to a changing environment, I believe our commercial and medical marketing team can efficiently execute the anticipated launch of CNCT19 in China. In addition, we continue to progress on the development and regulatory framework for BI-1206 in China. The BI-1206 trial in China has been initiated, and we expect to dose the first patient in the second half of this year."
Second Quarter 2022 Financial Highlights
- Revenues consist primarily of product sales of EVOMELA. Revenue was $8.6 million for the three months ended June 30, 2022, compared to $7.2 million for the three months ended June 30, 2021.
- Costs of revenues were $3.6 million for the three months ended June 30, 2022, compared to $3.0 million for the three months ended June 30, 2021, which included royalty payment of $1.7 million and $1.4 million, respectively.
- Research and development expenses for the three months ended June 30, 2022, were $3.9 million, compared with $2.3 million for the three months ended June 30, 2021. The increase of research and development expenses for the three months periods was mainly due to expense incurred for CID-103.
- General and administrative expenses for the three months ended June 30, 2022, were $5.5 million, compared with $5.5 million for the three months ended June 30, 2021.
- Selling and marketing expenses for the three months ended June 30, 2022, were $3.4 million, compared with $3.4 million for the three months ended June 30, 2021.
- Acquired in-process R&D expenses for the three months ended June 30, 2022, were $0, compared with $1.06 million for the three months ended June 30, 2021.
- As of June 30, 2022, CASI had cash and cash equivalents of $18.9 million.
Further information regarding the Company, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, can be found at www.casipharmaceuticals.com.
Conference Call
The conference call can be accessed by dialing 1-866-218-2402 (U.S.) or 1-412-902-6605 (International) and ask to be joined into the CASI Pharmaceuticals call to listen to the live conference call. Confirmation #10169302.
This call will be recorded and available for replay by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (International) and enter 9173539 to access the replay.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. is a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world. The majority of the Company's operations are now located in China. The Company is focused on acquiring, developing, and commercializing products that augment its hematology/oncology therapeutic focus as well as other areas of unmet medical need. The Company is executing its plan to become a biopharmaceutical leader by launching medicines in the greater China market, leveraging its China-based regulatory, clinical and commercial competencies and its global drug development expertise. The Company's operations in China are conducted through its wholly-owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., located in Beijing, China. The Company has built a commercial team of more than 100 hematology and oncology sales and marketing specialists based in China. More information on CASI is available at www.casipharmaceuticals.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, strategies, expectations, and goals. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed. Actual results could differ materially from those currently anticipated due to a number of factors, including: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be delisted from trading on The Nasdaq Capital Market; the volatility in the market price of our common stock; the outbreak of the COVID-19 pandemic and its effects on global markets and supply chains; the risk of substantial dilution of existing stockholders in future stock issuances; the difficulty of executing our business strategy in China; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidates or future candidates, including with respect to BI-1206, CB-5339 and CID-103; our lack of experience in manufacturing products and uncertainty about our resources and capabilities to do so on a clinical or commercial scale; risks relating to the commercialization, if any, of our products and proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); our inability to predict when or if our product candidates will be approved for marketing by the U.S. Food and Drug Administration (FDA), National Medical Products Administration (NMPA), or other regulatory authorities; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidates or future candidates, including with respect to our partnerships with Juventas and BioInvent; the risks relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; the risks associated with our product candidates, and the risks associated with our other early-stage products under development; the risk that result in preclinical and clinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials, including delays to the commencement of such trials; our ability to protect our intellectual property rights; our ability to design and implement a development plan for our ANDAs held by CASI Wuxi; the lack of success in the clinical development of any of our products; and our dependence on third parties; the risks related to our dependence on Juventas to conduct the clinical development of CNCT19 and to partner with us to co-market CNCT19; risks related to our dependence on Juventas to ensure the patent protection and prosecution for CNCT19; risks relating to the commercialization, if any, of our proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); risks relating to interests of our largest stockholders and our Chairman and CEO that differ from our other stockholders; and risks related to the development of a new manufacturing facility by CASI Wuxi. Such factors, among others, could have a material adverse effect upon our business, results of operations, and financial condition. We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. Additional information about the factors and risks that could affect our business, financial condition, and results of operations, are contained in our filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.
EVOMELA® is proprietary to Acrotech Biopharma Inc. and its affiliates.
COMPANY CONTACT:
Rui Zhang
CASI Pharmaceuticals, Inc.
Phone: 240.864.2643
Email: ir@casipharmaceuticals.com
(Financial Table Follows)
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Leading clinical trial endpoint technology provider sets ambitious targets to reduce translation timelines by 20-30% with investment in new technology and processes
PHILADELPHIA, Aug. 12, 2022 /PRNewswire/ -- Clario, a technology company that delivers the leading endpoint technology solutions for decentralized (DCT), hybrid and site-based clinical trials, today announced an investment in new translation service technology – the Clario Translation Workbench – to reduce translation times by 20-30% which will speed up eCOA study start-up and increase global patient access to clinical trials.
"Our clients need to deploy studies in multiple countries and ensure patients have access to accurate and timely translations of their electronic clinical outcomes assessments. This is critical to a successful study. With Clario's global reach and this investment in technology and process to reduce translation times, we can help increase patient access and speed up overall study set-up times," said Andy Cooper, EVP eCOA & Trial Enablement.
The Translation Workbench will:
- Use new technology to reduce the time spent in communications between the Translation vendor and Clario
- Reduce the burdensome processes associated with generating accurate screenshots and translations of the related screens on eCOA applications
- Reduce defects, and minimize human error through investment in automation and a new centralized data platform
Clients need reliable translation services to launch studies in multiple countries and reach a diverse patient population. However, they often face delays and challenges with the technical nature of the work. A key focus of the investment is to reduce the number of manual steps often needed in the technical and complex process of delivering accurate translations. Clario's new Translation Workbench technology has been developed and released to directly address those problems.
For nearly 50 years, Clario has been delivering the leading endpoint technology solutions for clinical trials. Through experience gained from over 19,000 clinical trials delivered in support of 870 regulatory approvals, Clario fuses scientific expertise and global scale into the broadest endpoint technology platform to empower pharmaceutical, biotech and medical device partners to transform lives. Clario's Trial Anywhere™ solutions have been powering hybrid and decentralized clinical trials (DCT) for over 15 years, enabling sponsors to collect high-quality endpoint data from any modality or location, all while improving the patient experience. Clario has 30 facilities in nine countries across North America, Europe and Asia Pacific.
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SOURCE Clario | https://www.whsv.com/prnewswire/2022/08/12/clario-announces-investment-new-translation-service-technology-reduce-ecoa-study-start-up-times-increase-global-patient-access-clinical-trials/ | 2022-08-12T12:36:54Z |
Company Increasing Production to Meet Dealer Demand
EUCLID, Ohio, Aug. 12, 2022 /PRNewswire/ -- Cortes Campers, LLC, a wholly-owned subsidiary of US Lighting Group, Inc. (OTC:USLG), today announced it delivered its first shipment of 17-foot towable travel trailers to Beartooth Ford, its dealer in Columbus, Montana. Montana is an extremely popular RV destination.
"We are very excited to deliver a shipment of sea foam green travel trailers, with updated interiors, to Beartooth Ford. This was made possible by streamlining our manufacturing process, thereby making it easier to ship more campers to satisfy our growing backlog of dealer orders," said Anthony Corpora, CEO and President of US Lighting Group. "In addition, we have increased our staffing to include more skilled talent in fiberglass lamination and assembly, which has helped us tremendously to meet demand for our product."
"One benefit of having a broad dealer network is that we can receive orders from all across the United States, where they can be sold and serviced near the customer. Dealers have been advertising the Cortes Campers brand in their territories and received significant interest from consumers, who particularly like the design and construction of the product. This is great news for Cortes Campers as we move forward with new features and concepts for future models."
Cortes Campers uses no wood in its state-of-the-art camper construction, and it has a powder-coated frame which makes its RV travel trailers impervious to corrosion, rust and rot. The campers are lightweight and very strong with a competitive price, making them very attractive in today's marketplace.
About US Lighting Group, Inc.
US Lighting Group, Inc. (OTC:USLG) has three subsidiaries which design and market various products: Cortes Campers, LLC, for molded fiberglass travel trailers and campers; Fusion X Marine, LLC, for high-performance boats; Futuro Houses, LLC, for fiberglass houses; and one subsidiary, Mig Marine Corp., which manufacturers composite products. The Company and its subsidiaries have manufacturing and R&D facilities in Cleveland, Ohio.
For additional information: uslightinggroup.com
About Cortes Campers, LLC
Cortes Campers is a revolutionary designer and marketer of state-of-the-art recreational vehicles, utilizing the highest quality marine materials to create lighter, stronger, and more durable RV travel trailers and campers.
For additional information: cortescampers.com
Forward-Looking Statements
Certain statements in this news release, including, but not limited to, reference to orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
Investor Relations Contact:
Chris Witty
646-438-9385
cwitty@darrowir.com
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SOURCE US LIGHTING GROUP | https://www.whsv.com/prnewswire/2022/08/12/cortes-campers-ships-travel-trailers-beartooth-ford-montana/ | 2022-08-12T12:37:01Z |
The research examines Dario's ability to improve the health of members in rural areas compared to their urban counterparts and found the solution to be equally effective
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a leader in the global digital therapeutics (DTx) market, announced today new research presented at the Association of Diabetes Care and Education Specialists ("ADCES") Annual Conference being held August 11th to August 15th, 2022 in Baltimore, Maryland.
Rural residents face distinct challenges when it comes to health. Living in rural areas is often associated with poor health, which can be exacerbated by commonly cited challenges such as less access to care and lower socioeconomic status. Dario's integrated suite of chronic condition solutions is designed to help people manage their health and care between doctors' visits, something that would benefit people living in rural areas. Unfortunately, digital therapeutic solutions are often one-size fits all and not evaluated in the subpopulations who might benefit most.
The new research from Dario examined blood glucose data from members with high-risk Type 2 diabetes living in urban areas to members living in rural areas and compared average levels of glycemic control over time. The data were examined at the 1st month, 6th month and 12th month marks to understand the impact over time, and the results demonstrated that both groups significantly reduced and maintained their average blood glucose levels, with no statistical difference between the rural and non-rural members.
"Our latest research offers new perspective on Dario's solutions and the diversity of people we support. People living in rural areas are faced with more challenging circumstances than our non-rural members, and it is heartening to see that we can help them take control and enjoy meaningful health improvements as well," said Yifat Hershcovitz, PhD, Scientific and Clinical Director at Dario and supervisor of the studies.
"Digital health represents an enormous opportunity to democratize access to better health if we build solutions that acknowledge the unique experiences of people across the country, including those outside of urban and suburban areas. This new research shows Dario has potential to greatly improve self-care in rural populations by providing digital health tools that speak to individuals in relevant and meaningful ways no matter their location," said Omar Manejwala, MD, Chief Medical Officer at Dario.
You can learn more about the ADCES Annual Conference by visiting their website at ADCES22 Annual Conference (diabeteseducator.org).
About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading digital therapeutics (DTx) company revolutionizing how people with chronic conditions manage their health through a user-centric multi-chronic condition platform. Our platform and suite of solutions deliver personalized and dynamic interventions driven by data analytics and one-on-one coaching for diabetes, hypertension, weight management, musculoskeletal pain, and behavioral health.
Our user-centric platform offers people continuous and customized care for health, disrupting the traditional episodic approach to healthcare. This approach empowers people to holistically adapt their lifestyles for sustainable behavior change, driving exceptional user satisfaction, retention, and results. Making the right thing to do the easy thing to do.
Dario provides its highly user rated solutions globally to health plans and other payors, self-insured employers, providers of care and directly to consumers. To learn more about DarioHealth and its digital health solutions, or for more information, visit http://dariohealth.com, the content of which is not incorporated by reference into this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release and the statements of representatives and partners of DarioHealth Corp. related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses the potential benefits that may be realized by users utilizing the Dario platform, that Dario's platform would benefit people living in rural areas, that Dario's platform could help users take control and enjoy meaningful health improvements, and that Dario has the potential to greatly improve self-care in rural populations. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company's commercial and regulatory plans for Dario as described herein) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
DarioHealth Corporate Contact
VP Marketing
+1-312-593-4280
Media Contact:
+1-646-942-5630
Logo - http://mma.prnewswire.com/media/544126/DarioHealth_Logo.jpg
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SOURCE DarioHealth Corp. | https://www.whsv.com/prnewswire/2022/08/12/dariohealth-presents-new-research-demonstrating-ability-support-people-rural-areas-deliver-lasting-health-improvements/ | 2022-08-12T12:37:07Z |
Visitors Celebrating the "El Grito" Holiday and Hispanic Heritage Month will Enjoy Concerts, Comedy and More
Images available at press.lvcva.com
LAS VEGAS , Aug. 12, 2022 /PRNewswire/ -- This September, Las Vegas resorts and attractions will once again celebrate Mexican Independence Day— often referred to as "El Grito"— and the kick-off of Hispanic Heritage Month with world-class entertainment and an exhilarating rematch in the ring. Top Latin artists and comedians will mark their return to stages across Las Vegas during this year's observance, while the much-anticipated "Canelo vs. GGG 3" will thrill boxing fans.
Music to Keep the Party Going
- Grupo Firme brings its first U.S. stadium tour, Enfiestados y Amanecidos, to Allegiant Stadium on Thursday, Sept. 15.
- Chart-topper Carin Leon plays Michelob ULTRA Arena at Mandalay Bay Resort & Casino on Thursday, Sept. 15.
- Global sensation Alejandro Fernández heads to MGM Grand Garden Arena at MGM Grand Hotel & Casino—with special guests Amor Y Patria and Alex Fernandez—on Thursday, Sept. 15 and Saturday, Sept. 17.
- Longtime Vegas resident Carlos Santana is back for more dates at House of Blues Las Vegas at Mandalay Bay Resort & Casino on Wednesday, Sept. 14 and Friday, Sept. 16 to Sunday, Sept. 18.
- Pop act Matute brings its Quinceañera World Tour to Mandalay Bay Beach at Mandalay Bay Resort & Casino on Friday, Sept. 16.
- Singer-songwriter Gloria Trevi brings her Isla Divina Tour to Michelob ULTRA Arena at Mandalay Bay Resort & Casino on Friday, Sept. 16.
- Mr. Worldwide, Pitbull brings his Can't Stop Us Now Tour to Zappos Theater at Miracle Mile Shops at Planet Hollywood Resort & Casino on Friday, Sept. 16 and Saturday, Sept. 17.
- International superstar Enrique Iglesias brings his songbook to Resorts World Theatre at Resorts World Las Vegas on Friday, Sept. 16 and Saturday, Sept. 17.
- Singer-songwriter Pancho Barraza will entertain audiences at The Theater at Virgin Hotels Las Vegas on Friday, Sept. 16.
- Latin pop singer EMMANUEL bring his Todo La Vida tour to The Colosseum at Caesars Palace on Saturday, Sept. 17.
- Cumbia group Los Angeles Azules brings its De Iztapalapa Para El Mundo Tour to Michelob ULTRA Arena at Mandalay Bay Resort & Casino on Saturday, Sept. 17.
- Gurpero artists Bronco play The Theater at Virgin Hotels Las Vegas on Saturday, Sept. 17.
- Find two times the fun with Banda MS and Eden Muñoz as they bring the Gracias a Ti Tour to Michelob ULTRA Arena at Mandalay Bay Resort & Casino on Sunday, Sept. 18.
- Latin pop singer Christian Nodal will take the stage at MGM Grand Garden Arena at MGM Grand Hotel & Casino on Sunday, Sept. 18.
Comedy at its Best
- An Aces of Comedy series regular, Gabriel "Fluffy" Iglesias delivers laughs at The Mirage Theater at The Mirage from Thursday, Sept. 15 to Sunday, Sept. 18.
- Get even more rib-splitting fun at the Las Vegas Festival de Comedia at MGM Grand Garden Arena at MGM Grand Hotel & Casino, taking place Friday, Sept. 16 with comedy acts Franco Escamilla, La Cotorrisa, La India Yuridia, Mike Salazar, Teo González, and Rogelio Ramos.
Action in the Ring
- The weekend's most anticipated boxing action sees Canelo Álvarez taking on Gennady Golovkin in a must-see, trilogy capping match at T-Mobile Arena on Saturday, Sept. 17.
For more information about Las Vegas, visit www.VisitLasVegas.com.
The Las Vegas Convention and Visitors Authority (LVCVA) is charged with marketing Southern Nevada as a tourism and convention destination worldwide and with operating the 4.6 million square-foot Las Vegas Convention Center (LVCC). With 150,000 hotel rooms and 14 million square feet of meeting and exhibit space in Las Vegas alone, the LVCVA's mission centers on attracting leisure and business visitors to the area. The LVCVA also owns the Las Vegas Convention Center Loop, an underground tunnel designed by The Boring Company and the Las Vegas Monorail, an elevated 3.9-mile system with seven stops throughout the resort corridor. For more information, go to www.lvcva.com, www.visitlasvegas.com or www.vegasmeansbusiness.com.
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FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Aug. 12, 2022 /PRNewswire/ -- The automotive fuel market is expected to continue to rise even as the electric market grows. A recent report from Research Corridor says that the global automotive oil & fuel market size is expected to register a significant CAGR during the forecast period 2020 to 2027, and other reports have projected that the automotive fuel delivery system market is expected to grow at a CAGR of more than 6% (2022 - 2032). The reports say that: "The rising demand for automobiles is expected to boost market revenues for the global automotive fuel delivery system market. The fuel delivery system is an important part of an automobile because it transports fuel from the tank to the combustion chamber in the cylinder head. The storage tank, Engine Control Unit (ECU), pressure regulators, fuel pumps, fuel injectors, and throttle position sensor are all part of the automobile fuel delivery system. The global automotive fuel delivery system market is directly related to automobile demand, as rising automobile demand drives sales of automotive fuel delivery systems. Although fuel delivery systems are used in all types of vehicles regardless of fuel type, such as gasoline or compressed natural gas (CNG), slight modifications to the fuel delivery systems are made depending on the fuel used." Active companies in the markets this week include EzFill Holdings, Inc. (NASDAQ: EZFL), Sunoco LP (NYSE: SUN), ARKO Corp. (NASDAQ: ARKO), UGI Corporation (NYSE: UGI), Delek Logistics Partners, LP (NYSE: DKL).
Research Corridor added: "The increasing sales of high-performance cars and supercars are one of the key drivers supporting the growth of the automotive fuel delivery system market. Performance-oriented vehicles reach top speeds and are outfitted with a specially designed drivetrain in a short period of time. In terms of technological development, an increase in the sales of high-performance cars is expected to drive the growth of the global automotive fuel delivery system market. The global automotive fuel delivery system market is expected to expand as sales of automobiles in various segments such as two-wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles increase. The increasing demand for alternative fuels such as CNG and LNG is expected to drive demand in the global automotive fuel delivery system market."
EzFill Holdings, Inc. (NASDAQ: EZFL) BREAKING NEWS: EzFill Announces Second Quarter 2022 Financial Results -- Revenue Increased 103% year over year to $3.76 Million From $1.85 Million -- Average Margin per Gallon rose 32%, to $0.49 Compared to $0.37 in 2Q21 -- Expanded Operations to West Palm Beach, Tampa and Orlando -- EzFill Holdings, Inc. ("EzFill" or the "Company"), a pioneer and emerging leader in the mobile fueling industry, announced today its financial results for the three-month period ended June 30, 2022 ("2Q22" or "second quarter 2022").
2Q 22 Highlights (in US$, except gallons delivered)
Commenting on the second quarter results, Mike McConnell, EzFill' s Chief Executive Officer, stated, "Our performance in the second quarter reflects the continued execution of our business plan, as we demonstrated strong year over year revenue growth in both the three months and six months periods. We also delivered strong sequential revenue growth from the first quarter as gallons delivered rose by 34%, from 591,505 gallons to 789,970 gallons. Equally important is that we've been able to increase our fuel margins during a period of time in which we saw dramatic increases and volatility in fuel prices which had been building for some time but went parabolic at the onset of the war in Ukraine.
"We've added approximately 40 new fleet customers since the beginning of the year, representing a potential volume growth of approximately 1.2 million gallons annually. We've grown our fleet to 3034 delivery vehicles as of the end of Q2, with more planned for delivery being delivered as we continue to see growing demand for our services throughout Florida. Commercial customers account for the most of our revenues, but it's important to note that the growth we're experiencing in new commercial customers is having a dramatic impact on reducing our dependence on any one customer. We now count one of the largest grocers in the US as one of our commercial customers, and we look forward to building on that success. We remain focused on growing the consumer end of the business, and to that end we recently launched a new marketing campaign aimed at building brand awareness. The on-demand mobile fueling business continues to benefit from both the ongoing decline in the number of gasoline stations and consumer preference for on-demand, onsite delivery. And as the only company to provide fuel delivery in three vertical segments – EzFill continues to be well positioned to capitalize on these trends." CONTINUED… Read the EzFill full press release by going to: https://ir.ezfl.com/news-events/press-releases
Additional recent developments in the markets this week include:
Sunoco LP (NYSE: SUN) recently announced that the Board of Directors of its general partner declared a quarterly distribution for the second quarter of 2022 of $0.8255 per common unit or $3.3020 per common unit on an annualized basis. The distribution will be paid on August 19, 2022 to common unitholders of record on August 8, 2022.
Sunoco is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories as well as refined product transportation and terminalling assets.
ARKO Corp. (NASDAQ: ARKO), one of the largest convenience store operators and fuel wholesalers in the United States, recently announced financial results for the quarter ended June 30, 2022.
Second Quarter 2022 Key Highlights Were: Operating income was $48.3 million for the quarter, an increase of 5.5% compared to $45.8 million in Q2 2021; Net income was $31.8 million, an increase of $6.2 million or 24.4% compared to $25.6 million in Q2 2021; Adjusted EBITDA increased 4.4% to $79.0 million for the quarter compared to $75.7 million in Q2 2021; Merchandise revenue of $431.8 million for the second quarter compared to $426.4 million in Q2 2021; total merchandise contribution increased $9.0 million, or 7.3%, to $131.4 million, compared to Q2 2021; Merchandise margin increased 170 basis points to 30.4% compared to 28.7% in Q2 2021; Second quarter same store merchandise sales excluding cigarettes was 5.7% on a two-year stack; and Second quarter total fuel gross profit of $130.8 million increased 15.1% versus Q2 2021. Approximately 3.1 million shares of common stock repurchased during Q2 2022 at an average price of $8.65, for $27.0 million.
UGI Corporation (NYSE: UGI) recently reported financial results for the fiscal quarter ended June 30, 2022. Q3 GAAP diluted earnings per share ("EPS") of $(0.03) and adjusted diluted EPS of $0.06 compared to GAAP diluted EPS of $0.71 and adjusted diluted EPS of $0.13 in the prior-year period; Year-to-date GAAP diluted EPS of $3.84 and adjusted diluted EPS of $2.90 compared to GAAP diluted EPS of $4.48 and adjusted diluted EPS of $3.30 in the prior-year period; Q3 reportable segments earnings before interest expense and income taxes1("EBIT") of $100 million compared to $98 million in the prior-year period.
Strong balance sheet with available liquidity of approximately $2.1 billion as of June 30, 2022. Additional strides in our renewables strategy with a commitment to fully fund three projects to produce RNG in South Dakota, with a total investment of ~$70 million; Released the fourth annual ESG report entitled, "Transparency, Action and Progress", highlighting our strong progress on all key initiatives.
On July 28, 2022, UGI Utilities' joint petition for settlement of its gas rate case was approved by a PA Public Utility Commission ("PA PUC") Administrative Law Judge, and is further subject to an order of the PA PUC. Pending approval, the settlement would permit a total of $49.45 million annual distribution rate increase, in two phases, with the first beginning October 29, 2022, and a weather normalization adjustment mechanism.
Delek Logistics Partners, LP (NYSE: DKL) recently announced its financial results for the second quarter 2022. For the three months ended June 30, 2022, Delek Logistics reported net income attributable to all partners of $32.2 million, or $0.74 per diluted common limited partner unit. This compares to net income attributable to all partners of $43.2 million, or $1.00 per diluted common limited partner unit, in the second quarter 2021. Net cash from operating activities was $85.1 million in the second quarter 2022 compared to $85.8 million in the second quarter 2021. Distributable cash flow, as adjusted was $55.6 million in the second quarter 2022, compared to $53.8 million in the second quarter 2021.
For the second quarter 2022, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $64.5 million (including $6.2 million of adverse closing costs associated with 3 Bear Delaware - NM, LLC) compared to $66.8 million in the second quarter 2021.
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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
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SOURCE Financialnewsmedia.com | https://www.whsv.com/prnewswire/2022/08/12/gas-prices-decline-automotive-fuel-delivery-system-market-expected-see-significant-growth/ | 2022-08-12T12:37:19Z |
MANILA, Philippine, Aug. 12, 2022 /PRNewswire/ -- Leading Philippine digital solutions platform Globe, premier telecommunications and ICT solutions provider Eastern Communications, and growing telecommunications and digital solutions provider InfiniVAN marked a milestone on Thursday, July 14, as they kickstarted the deployment of fiber cables to build the country's longest submarine fiber cable network.
The $150-million Philippine Domestic Submarine Cable Network (PDSCN), a joint project among the three companies, aims to improve both mobile and broadband connectivity and fiberize previously unserved areas across the country's three main island groups.
In ceremonies at Subic Bay in Zambales, executives of Globe, Eastern Communications, InfiniVAN, and Japanese vendor partner Kokusai Cable Ship Co. Ltd. (KCS), gave a simple sendoff to state-of-the-art ship Cable Infinity, the "number one high-technology cable ship in the world," according to KCS.
The ship will ferry cables, manufactured by global fiber optic cable maker Nexans, that will cover the PDSCN, which has a total cable distance of roughly 2,500 kilometers or about the same distance between Manila and Singapore. It will be landing at several points across the country, including Sorsogon, Masbate, Marinduque, Camiguin, Siargao, Boracay, and Zamboanga, for undersea laying in 24 segments over the next 9 months.
"We persevered and we're now almost there. This is the start of the cable laying. This is really exciting, it's such a beautiful milestone. May we always keep the connections strong," said Arlene Jallorina, Vice President for Strategic Infrastructure Investments for Globe Business, Enterprise Group.
"We know there may be other challenges along the way. We hope we'll be able to work through them quickly and very much solidly as a group. We are doing this so that our customers will get equitable access to connectivity, wherever they may be in the country," said Jallorina at the kickoff event.
Eastern Communications Co-coordinator Vince Tempongko cited the importance of the joint effort to boost life-enabling connectivity across the country.
"What we are doing is not just for Globe, Eastern, or InfiniVAN but for the Filipino people. Providing equitable access to mobile and internet connection in all parts of the country has been our dream, and through this cooperation, we are finally at the cusp of realizing this goal," Tempongko said.
Eastern Communications Co-coordinator Atty. Aileen Regio shared the many benefits this brings to the Filipino people.
"We are very much hopeful that this project can be the answer that will open doors to great outcomes, solve the many challenges we are facing and be bigger than it already is," she said.
InfiniVAN Chief Technology Officer Alberto "Abet" Espedido expressed gratitude to the companies and the working team. Together, Globe, Eastern Communications, and InfiniVAN took the crucial first step towards laying the cables after two years of planning and coordination.
"I'd like to thank everyone for their perseverance, professionalism, experience and patience, we were able to get through all the challenges. And now we are finally starting this project to bring much needed connectivity all over the country," he said.
Segments for the submarine cable network are expected to be completed by April 2023, and fiber connections will be activated thereafter.
PDSCN is in line with the common goal of Globe, Eastern Communications, and InfiniVAN to expand their coverage across the Philippines to better serve their customers.
To know more about Globe, visit www.globe.com.ph. Learn more about Eastern Communications via www.eastern.com.ph. And to know all about InfiniVAN, please visit www.infinivan.com/.
About Globe:
Globe is a leading full-service telecommunications company in the Philippines and publicly listed in the PSE with the stock symbol GLO. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. It has major interests in financial technology, digital marketing solutions, venture capital funding for startups, and virtual healthcare. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region.
About Eastern Communications:
As one of the premier Philippine telecommunications companies, Eastern Communications has evolved into a world-class telecommunications and ICT solutions company providing an extensive portfolio of services that include Connectivity Solutions, Network Solutions, Security Solutions, Cloud and Data Center Solutions, and Business Applications. It continues to be the solutions partner of choice for the biggest industry players in the country through its unique brand of "High Tech" and "High Touch" service. Eastern Communications was awarded Telco of the Year in the 2020 Asia Leaders Awards and has received accolades from prestigious award-giving bodies such as The Stevie Awards program, Best Employer Brand Awards, Philippine Quill Awards, and the Anvil Awards, among others.
About InfiniVAN:
InfiniVAN, Inc. provides a business Internet user experience that is at par with global standards, delivered via end-to-end Fiber Optic Network Infrastructure that is fully redundant and backed up by experienced and reliable management as well as technical support team. InfiniVAN, Inc. also offers remarkable services at competitively-priced rates delivering quality Internet for business and ensuring ultrafast speed, reliable, and convenient connection to various types of businesses. InfiniVAN, Inc. commits to giving guaranteed Internet services by continuously harnessing its technology to showcase valued business Internet experience.
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SOURCE Globe Telecom, Inc. | https://www.whsv.com/prnewswire/2022/08/12/globe-eastern-communications-infinivan-kickstart-philippines-longest-submarine-fiber-cable-network/ | 2022-08-12T12:37:26Z |
CHICAGO, Aug. 12, 2022 /PRNewswire/ -- Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired Jaimac Risk Management Inc. (Jaimac). Terms of the transaction were not disclosed.
Located in Ottawa, Ontario, Canada, Jaimac is an independent insurance brokerage specializing in risk management and credit insurance for companies that have unique risk mitigation needs. Paul Turner, President, and the Jaimac team will join Hub Ontario.
About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, please visit www.hubinternational.com.
CONTACT:
Media: Jessica Wiltse
Phone: 312-596-7573
jessica.wiltse@hubinternational.com
M&A: Clark Wormer
Phone: 312-279-4848
Clark.wormer@hubinternational.com
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SOURCE Hub International Limited | https://www.whsv.com/prnewswire/2022/08/12/hub-international-strengthens-risk-management-capabilities-with-acquisition-jaimac-risk-management-inc-ontario/ | 2022-08-12T12:37:32Z |
Dr. Bertagnolli to Transition Off Leap's Board of Directors
CAMBRIDGE, Mass., Aug. 12, 2022 /PRNewswire/ -- Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company focused on developing targeted and immuno-oncology therapeutics today announced that its Board member, Monica Bertagnolli, MD, has been appointed as the 16th Director of the National Cancer Institute (NCI) by the Biden administration. Dr. Bertagnolli becomes the first woman director of the institute since its inception in 1937. Effective with her appointment, Dr. Bertagnolli will transition off Leap's Board of Directors.
"On behalf of Leap Therapeutics, we are extremely proud of Monica and congratulate her for being selected for this prestigious position at the NCI," said Douglas E. Onsi, President and Chief Executive Officer of Leap. "Monica is a renowned surgeon and leader in cancer research, and we are extremely grateful for her counsel in guiding our organization to where we are today. We thank her for all of her contributions to Leap and look forward to her leadership of the Cancer Moonshot and the development of new therapies for cancer patients."
Dr. Bertagnolli is currently a professor of surgery at Harvard Medical School, and an associate surgeon at Brigham and Women's Hospital and Dana-Farber Cancer Institute. She also serves as the current President of American Society of Clinical Oncology (ASCO). Dr. Bertagnolli is the group chair of Alliance for Clinical Trials in Oncology, and President of the Alliance for Clinical Trial in Oncology Foundation and CEO of Alliance Foundation Trials, LLC. She has previously served as Chief of the Division of Surgical Oncology at Dana Farber/Brigham and Women's Cancer Center (2008-2018) and was an attending surgeon at New York Presbyterian Hospital – Weill Cornell from 1994-1999. Dr. Bertagnolli has served on numerous committees and boards including the Board of Directors for ASCO and the National Academy of Medicine's National Cancer Policy Forum.
About Leap Therapeutics
Leap Therapeutics (Nasdaq: LPTX) is focused on developing targeted and immuno-oncology therapeutics. Leap's most advanced clinical candidate, DKN-01, is a humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. DKN-01 is being developed in patients with esophagogastric, gynecologic, and colorectal cancers. Leap has entered into a strategic collaboration with BeiGene, Ltd. for the rights to develop DKN-01 in Asia (excluding Japan), Australia, and New Zealand. For more information about Leap Therapeutics, visit http://www.leaptx.com or view our public filings with the SEC that are available via EDGAR at http://www.sec.gov or via https://investors.leaptx.com/.
CONTACT:
Douglas E. Onsi
President & Chief Executive Officer
Leap Therapeutics, Inc.
617-714-0360
donsi@leaptx.com
Matthew DeYoung
Investor Relations
Argot Partners
212-600-1902
leap@argotpartners.com
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CAMBRIDGE, Mass., Aug. 12, 2022 /PRNewswire/ -- Leap Therapeutics, Inc. (NASDAQ: LPTX), a biotechnology company focused on developing targeted and immuno-oncology therapeutics, today reported financial results for the second quarter ended June 30, 2022.
Leap Highlights:
- Initiation of Part C of the ongoing DisTinGuish study to evaluate DKN-01, Leap's anti-Dickkopf 1 (DKK1) antibody, in combination with tislelizumab, BeiGene's anti-PD-1 antibody, and chemotherapy compared to a tislelizumab and chemotherapy control arm, in patients with gastric or gastroesophageal junction cancer (G/GEJ)
- Initiation of a new company-sponsored trial of DKN-01 in combination with standard of care bevacizumab and chemotherapy in second-line patients with colorectal cancer (CRC)
- Supporting an investigator-initiated trial of DKN-01 plus pembrolizumab in patients with endometrial cancer to be conducted at The University of Texas M.D. Anderson Cancer Center and at the University of Alabama at Birmingham
- Presented initial clinical data from an investigator-sponsored Phase 1b/2a dose escalation and dose expansion study of DKN-01 as a monotherapy or in combination with docetaxel in metastatic castration-resistant prostate cancer (mCRPC) at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting
- Cash and cash equivalents totaled $90.9 million at June 30, 2022, expected to provide financial runway to mid-2024
"The Company has made important steps during the second quarter to expand the development of DKN-01 with the initiation of a randomized controlled clinical trial in combination with BeiGene's tislelizumab and chemotherapy in first-line G/GEJ cancer patients. The results to date from Part A and B of our DisTinGuish study have been compelling, and we look forward to further data readouts in the second half of the year," said Douglas E. Onsi, President and Chief Executive Officer of Leap. "We are also excited to initiate a company-sponsored study in second-line colorectal cancer patients and to support an investigator-initiated study with Merck's anti-PD-1 antibody pembrolizumab in endometrial cancer patients, as part of a broad strategy for the global development of DKN-01."
DKN-01 Development Update
DKN-01 is a humanized monoclonal antibody that binds to and blocks the activity of the DKK1 protein. DKK1 modulates the Wnt/Beta-catenin and PI3kinase/AKT signaling pathways, which play an important role in tumor cell signaling and in mediating an immuno-suppressive tumor microenvironment through enhancing the activity of myeloid-derived suppressor cells and downregulating NK cell ligands on tumor cells.
- Leap and BeiGene Announced Initiation of Part C of the Ongoing DisTinGuish Study to Evaluate DKN-01, in Combination with Tislelizumab and Chemotherapy Compared to a Tislelizumab and Chemotherapy Control Arm, in Patients with G/GEJ. The DisTinGuish study (NCT04363801) is a Phase 2 study of DKN-01 in combination with tislelizumab and standard of care (SOC) chemotherapy in patients with inoperable, locally advanced, G/GEJ adenocarcinoma. Part C of the DisTinGuish study will enroll approximately 160 first-line, HER2-negative patients who have had no prior therapy for unresectable locally advanced or metastatic G/GEJ adenocarcinoma. Patients will be randomized 1:1 to study DKN-01 in combination with tislelizumab and SOC chemotherapy, compared to tislelizumab and SOC chemotherapy. The primary objective of Part C is progression-free survival (PFS) in patients whose tumors express high levels of DKK1 (DKK1-high). Secondary objectives of Part C include PFS in all patients regardless of DKK1 expression, as well as overall survival (OS) and objective response rate (ORR) as measured by RECIST v1.1 in DKK1-high and all patients.
- Leap Announced Initiation of the DeFiance Study of DKN-01 in Combination with SOC Bevacizumab and Chemotherapy in Second-line Patients with CRC. The DeFianCe study (NCT05480306) is a Phase 2 study of DKN-01 in combination with bevacizumab and SOC chemotherapy in patients with advanced CRC who have received one prior systemic therapy. The study is designed with an initial 20 patient cohort and to then expand into a 130 patient randomized controlled trial against bevacizumab and SOC chemotherapy. The primary objective is PFS. Secondary objectives include ORR, duration of response (DOR), and OS.
- Leap Announced the Support of an Investigator-initiated Trial of DKN-01 Plus Pembrolizumab in Patients with Endometrial Cancer to be Conducted at The University of Texas M.D. Anderson Cancer Center and at the University of Alabama at Birmingham. The investigator-initiated trial of DKN-01 in combination with pembrolizumab is an open-label, Bayesian design, Phase 2 trial and will initially enroll 15 patients each into DKK1-high and DKK1-low cohorts. If the efficacy criteria is met in either or both of the 15 patient cohort(s), then the cohort(s) will be expanded by an additional 15 patients. The primary objective of the study is ORR. Secondary objectives include clinical benefit rate (CBR), PFS, OS, and DOR.
- Leap Presented Initial Clinical Data from the Investigator-Sponsored Study of DKN-01 Plus Docetaxel in Patients with Prostate Cancer at the 2022 ASCO Annual Meeting. In May 2022, the Company presented initial clinical data from the investigator-sponsored Phase 1b/2a dose escalation and dose expansion study testing DKN-01 as monotherapy or in combination with docetaxel in mCRPC. Highlights from the data include:
Selected Second Quarter 2022 Financial Results
Net Loss was $17.0 million for the second quarter 2022, compared to $9.5 million for the same period in 2021. The increase was primarily due to an increase in manufacturing costs related to clinical trial material, an increase in clinical trial costs due to patient enrollment and the duration of patients on study in the DisTinGuish trial and an increase in the number of research and development employees to support the development of DKN-01.
Research and development expenses were $14.0 million for the three months ended June 30, 2022, compared to $7.2 million for the three months ended June 30, 2021. The increase in research and development expenses was due to an increase of $5.2 million in manufacturing costs related to clinical trial material and manufacturing campaigns, an increase of $1.2 million in clinical trial costs due to patient enrollment and duration of patients on study, an increase of $0.4 million in payroll and other related expenses due to an increase in headcount of our research and development full time employees, and an increase of $0.2 million in stock based compensation expense due to new stock options and restricted stock units granted to research and development full time employees, offset by a decrease of $0.2 million in consulting fees.
General and administrative expenses were $2.9 million for the three months ended June 30, 2022, compared to $2.8 million for the three months ended June 30, 2021. The increase in general and administrative expenses was due to an increase of $0.1 million in stock based compensation expense due to new stock options and restricted stock units granted to general and administrative full time employees.
Cash and cash equivalents totaled $90.9 million at June 30, 2022. Additionally, short-term research and development incentive receivable totaled $1.1 million.
About Leap Therapeutics
Leap Therapeutics (Nasdaq: LPTX) is focused on developing targeted and immuno-oncology therapeutics. Leap's most advanced clinical candidate, DKN-01, is a humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. DKN-01 is in clinical trials in patients with esophagogastric, colorectal, and gynecologic cancers. Leap has entered into a strategic collaboration with BeiGene, Ltd. for the rights to develop DKN-01 in Asia (excluding Japan), Australia, and New Zealand. For more information about Leap Therapeutics, visit http://www.leaptx.com or view our public filings with the SEC that are available via EDGAR at http://www.sec.gov or via https://investors.leaptx.com/.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements include Leap's expectations with respect to the development and advancement of DKN-01, including the initiation, timing and design of future studies, enrollment in clinical studies, potential for the receipt of future option exercise, milestone, or royalty payments from BeiGene, financial runway, and other future expectations, plans and prospects. Although Leap believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to: that the initiation, conduct, and completion of clinical trials, laboratory operations, manufacturing campaigns, and other studies may be delayed, adversely affected, or impacted by COVID-19, global conflict or supply chain related issues; unstable global market and economic conditions; the accuracy of our estimates regarding expenses, future revenues, capital requirements and needs for financing; the outcome, cost, and timing of our product development activities and clinical trials; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; our ability to obtain and maintain regulatory approval of our drug product candidates; the size and growth potential of the markets for our drug product candidates; our ability to continue obtaining and maintaining intellectual property protection for our drug product candidates; and other risks. Detailed information regarding factors that may cause actual results to differ materially is included in Leap Therapeutics' periodic filings with the SEC, including Leap's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 11, 2022 and as may be updated by Leap's Quarterly Reports on Form 10-Q and the other reports Leap files from time to time with the SEC. Any forward-looking statement contained in this release speaks only as of its date. Leap undertakes no obligation to update any forward-looking statement contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
CONTACT:
Douglas E. Onsi
President & Chief Executive Officer
Leap Therapeutics, Inc.
617-714-0360
donsi@leaptx.com
Matthew DeYoung
Investor Relations
Argot Partners
212-600-1902
leap@argotpartners.com
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All amounts are in U.S. dollars unless otherwise indicated.
VANCOUVER, BC, Aug. 12, 2022 /PRNewswire/ - Maverix Metals Inc. ("Maverix" or the "Company") (NYSE American: MMX) & (TSX: MMX) is pleased to announce operating and financial results for the second quarter ended June 30, 2022.
- Revenue of $14.2 million;
- Gold equivalent ounces ("GEOs") sold of 7,6491;
- Cash flow from operating activities of $8.0 million;
- Cash flow from operating activities, excluding changes in non-cash working capital, of $9.6 million1;
- Average cash cost per GEO of $236, resulting in a cash operating margin of 87% or $1,620 per ounce1;
- Net income of $2.8 million, or $0.02 per share;
- Adjusted net income of $4.0 million1, or $0.03 per share; and
- Orla Mining Ltd. ("Orla") declared commercial production at its Camino Rojo mine, where Maverix holds a 2% NSR royalty.
For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the three and six months ended June 30, 2022, available on SEDAR (www.sedar.com), EDGAR (www.sec.gov) or on Maverix's website (www.maverixmetals.com).
To listen to Maverix's President, Ryan McIntyre, discuss the second quarter results please use this link: Q2 2022 Results
On July 21, 2022, Polymetal International plc ("Polymetal") announced that production targets were achieved for the second quarter. In Q2, the Omolon mine produced approximately 43,000 ounces of gold and 100,000 ounces of silver. However, international sanctions against Russia continue to have a material impact on sales, procurement and logistics. Restrictions in the second quarter forced Polymetal to reduce shipments of gold creating a gap between sales and production. Maverix reports revenue and GEOs based on ounces sold and not produced and, therefore, recognized almost none of the approximately 1,100 attributable GEOs produced in the second quarter. Polymetal has noted that the gap between sales and production will likely be closed in the third quarter as it ramps up export sales to various Asian markets, but the exact timing is difficult to judge. Polymetal has reiterated its production guidance for the year, however, it did note a risk of underperformance given persistent lockdowns in Asia. Maverix understands that proactive contingency planning has been initiated by Polymetal to maintain business continuity in the event of adverse developments, but no assurances can be made in this regard. The conflict between Russia and Ukraine and any restrictive actions that have or may be taken in response thereto, such as sanctions, export and or currency controls, could have negative impacts on Polymetal's ability to continue operation of Omolon and Polymetal's ability to make payments to the Company. Maverix continues to work with Polymetal to effect payment of royalties from Omolon in a way that does not breach any relevant sanctions. At June 30, 2022, the Company's accounts receivable related to its Omolon royalty interest is $4.4 million.
For more information, please refer to polymetalinternational.com and see the news releases dated July 21, 2022, June 23, 2022 and April 25, 2022.
Given the ongoing uncertainty relating to the Omolon royalty, Maverix is excluding Omolon GEOs from its outlook for the second half of 2022. Excluding any contribution from Omolon in the second half, we expect 28,000 to 31,000 GEOs attributable for 2022, which compares to the previously announced guidance of 32,000 to 35,000 attributable GEOs1 for 2022, inclusive of GEOs attributable to the Omolon royalty.
Dan O'Flaherty, CEO of Maverix, commented, "Maverix's portfolio had a steady second quarter related to underlying production and we welcomed Orla's declaration of commercial production at its Camino Rojo mine. There were also several meaningful developments at other assets within our portfolio, related to ongoing exploration efforts and mineral resource updates, some of which are described below. However, given the ongoing uncertainty relating to our Omolon royalty, we believe it is prudent to exclude Omolon GEOs from our outlook for the second half of 2022. As inflation continues to impact the operating and capital costs of mining companies, our diversified high-margin royalty and stream portfolio is well-positioned to reduce exposure to rising costs and other global supply chain issues. With the challenging equity and debt market conditions, we continue to evaluate several new opportunities to deploy our capital in a financially disciplined manner to bolster our portfolio and generate attractive rates of return for our investors."
Camino Rojo (2% NSR)
Orla Mining Ltd. ("Orla") declared commercial production at its Camino Rojo oxide mine effective April 1, 2022, after a successful commissioning period which included the ramp up of mining and processing to sustained throughput levels. In the second quarter, Camino Rojo had record quarterly gold production of 25,672 ounces. Camino Rojo's processing throughput for the quarter averaged 18,245 tonnes per day, exceeding nameplate capacity of 18,000 tonnes per day.
For more information, please refer to orlamining.com and see the news release dated July 11, 2022.
Beta Hunt (4.75% Gold Royalty and 1.5% Nickel Royalty)
On July 19, 2022, Karora Resources Inc. ("Karora") announced the drilling of the highest grade interval to date at Beta Hunt's Larkin Zone, 29.8 grams per tonne ("g/t") gold over 7.8 metres, as part of its ongoing underground diamond drill program at Beta Hunt. Results from the drilling program support and extend the mineralization already defined by the current Larkin mineral resource and provide strong encouragement for potential high-grade mineralization to continue at depth. Work on the second decline at Beta Hunt continues to track on budget, and ahead of schedule, with expected completion in Q1 2023.
On May 11, 2022, Karora announced an updated nickel measured and indicated resource estimate for Beta Hunt that showed an increase of 22% to 19,600 tonnes of nickel and an increase in the nickel inferred resource of 52% to 13,200 tonnes of nickel. The significant addition includes the Maiden 50C Trend resource comprising a measured and indicated resource of 153,000 tonnes at 2.8% nickel for 4,300 tonnes of nickel and an inferred mineral resource of 124,000 tonnes at 3.1% nickel for 3,800 tonnes of nickel. The 50C Trend is part of the Gamma Block Nickel mineral resource which is defined over 800 metres of strike with potential to extend a further 1.8 kilometres to 2.6 kilometres along strike. The updated mineral resource will be used to support a preliminary economic assessment of expanded nickel production at Beta Hunt.
For more information, please refer to karoraresources.com and see the news releases dated July 19, 2022, July 14, 2022 and May 11, 2022.
South Railroad (2% NSR)
On June 13, 2022, Orla announced the acquisition of Gold Standard Ventures Corp. ("Gold Standard"). Gold Standard's primary asset is its high-quality, open pit, heap leach South Railroad project located in the prolific Carlin trend in Nevada. Gold Standard previously released the results of a robust feasibility study on South Railroad which outlines a 10.5 year mine life with total gold production of over one million ounces and average annual gold production of 124,000 ounces.
For more information, please refer to goldstandardv.com and see the news release dated June 13, 2022.
McCoy-Cove (1.5% + 2.0% NSR)
On July 21, 2022, i-80 Gold Corp. announced that the underground, advanced-exploration, program at the McCoy-Cove project is progressing according to plan. The Cove mine portal has been collared and more than 300 metres of the decline has been constructed. The Phase 1 program will include the construction of an initial level with multiple drill bays to provide access for upgrading resources. Approximately 40,000 metres of underground definition and expansion drilling is anticipated to commence in Q4 2022 followed by a feasibility study anticipated to be completed in 2023.
For more information, please refer to i80gold.com and see the news release dated July 21, 2022.
Panton (2.0% NSR on Platinum Group Metals ("PGM"))
On June 21, 2022, Future Metals NL ("Future Metals") announced an updated mineral resource estimate for the Panton PGM-Nickel project ("Panton") of 5.0 million ounces of palladium, platinum and gold and 238 thousand tonnes of nickel, at a grade of 1.66 g/t palladium equivalent. The updated resource confirms the Panton deposit to be of a global scale and the second largest PGM deposit in Australia. Future Metals continues to progress the metallurgy work at Panton and are able to move towards a scoping study to make a preliminary assessment on the best path forward.
For more information, please refer to future-metals.com.au and see the news release dated June 21, 2022.
Maverix has published its 2022 Asset Handbook, which provides detailed information on the Company's diverse portfolio of 125 royalties and streams. The document is available on the Company's website at maverixmetals.com.
The Company is pleased to announce that its Board of Directors has approved the payment of the quarterly cash dividend of $0.0125 per common share. The dividend will be paid on or about September 15, 2022, to shareholders of record as of the close of business on August 31, 2022.
The dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by Maverix to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes. The declaration, timing, amount and payment of future dividends remains at the discretion of Maverix's Board of Directors.
Brendan Pidcock, P.Eng., is Vice President, Technical Services for Maverix, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical disclosure contained in this news release.
Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 120 assets. Maverix's mission is to increase per share value by acquiring precious metals royalties and streams. Its shares trade on both the NYSE American and the TSX under the symbol "MMX".
Information contained or referenced in this press release or in the documents referenced herein concerning the properties, technical information and operations of Maverix has been prepared in accordance with requirements and standards under Canadian securities laws, which differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") under subpart 1300 of Regulation S-K ("S-K 1300"). The terms "mineral resource" and "inferred mineral resource" used in this press release or in the documents incorporated by reference herein are mining terms as defined in accordance with NI 43-101 under guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council. While the terms are substantially similar to the same terms defined under S-K 1300 there are differences in the definitions. Accordingly, there is no assurance any mineral resources that the Company may report under NI 43-101 will be the same as resource estimates prepared under the standards adopted under S-K 1300. Because the Company is eligible for the Multijurisdictional Disclosure System adopted by the SEC and Canadian Securities Administrators, the Company is not required to present disclosure regarding its mineral properties in compliance with S-K 1300. Accordingly, certain information contained in this press release concerning descriptions of mineralization and mineral resources under these standards may not be comparable to similar information made public by US companies subject to reporting and disclosure requirements of the SEC.
Maverix has included certain performance measures in this news release that do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") including adjusted net income, total GEOs sold, average realized gold price per GEO, average cash cost per GEO, cash operating margin and cash flow from operating activities excluding changes in non-cash working capital. Adjusted net income is calculated by excluding the effects of the non-cash cost of sales related to the prepaid gold interests, non-cash change in fair value of the prepaid gold interests, other income/expenses, impairment charges, gains/(losses) on sale or amendments of royalty and streams and unusual non-recurring items. The Company believes that adjusted net income is a useful measure of the Company's performance because it adjusts for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The Company's royalty revenue and silver sales are converted to a GEO basis by dividing the royalty revenue and silver sales for a period by the average gold price based on the LBMA Gold Price PM Fix per ounce for the same respective period. These GEOs when combined with the gold ounces sold from the Company's gold streams and prepaid gold interests equal total GEOs sold. Average realized gold price per GEO is calculated by dividing the total revenue by the GEOs sold. Average cash cost per GEO is calculated by dividing the total cost of sales, less depletion less non-cash cost of sales of the prepaid gold interests, by the GEOs sold. In the precious metals mining industry, these are common performance measures but do not have any standardized meaning. Cash operating margin is calculated by subtracting the average cash cost per GEO sold from the average realized gold price per GEO sold. The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company's performance in comparison to other companies in the precious metal royalty and streaming sector who present results on a similar basis. The Company has also used the non-IFRS measure of operating cash flows excluding changes in non-cash working capital. This measure is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital to or from cash provided by (used in) operating activities. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. The 2022 forecast herein assumes a gold price of $1,750 per ounce and a silver price of $21.00 per ounce. The forecast was derived using information that is available in the public domain as at the date hereof, which included guidance and estimates prepared and issued by management of the operators of the mining operations in which Maverix holds an interest. The forecast is sensitive to the performance and operating status of the underlying mines. None of the information has been independently verified by Maverix and may be subject to uncertainty. There can be no assurance that such information is complete or accurate. Maverix's business, operations, financial condition, and financial outlook could be materially adversely affected by the continued impact of the COVID-19 global health pandemic. At this time, Maverix cannot reasonably estimate the duration of any potential business disruptions, impact to underlying operations that Maverix holds an interest in or any related financial impact that is related to or caused by COVID-19.
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to, statements with respect to the Company's annual guidance and or organic growth in respect of its portfolio of assets, developments in respect of Maverix's portfolio of royalties and streams, including developments in respect of the Company's Omolon royalty interest and as well developments at certain of the mines, projects or properties that underlie the Company's interests. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which Maverix will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Maverix; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on Maverix's business, operations and financial condition, loss of key employees, as well as those risk factors discussed in the section entitled "Risk Factors" in Maverix's annual information form dated March 16, 2022, available at www.sedar.com. Maverix has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Maverix undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
The disclosure herein and relating to properties and operations on the properties in which Maverix holds royalty, stream or other interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Maverix. Specifically, as a royalty or stream holder, Maverix has limited, if any, access to properties included in its asset portfolio. Additionally, Maverix may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Maverix is dependent on, (i) the operators of the properties and their qualified persons to provide information to Maverix, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Maverix holds royalty, stream or other interests, and generally has limited or no ability to independently verify such information. Although Maverix does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Maverix's royalty, stream or other interest. Maverix's royalty, stream or other interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources, and production of a property.
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SOURCE Maverix Metals Inc. | https://www.whsv.com/prnewswire/2022/08/12/maverix-announces-second-quarter-2022-results-declares-quarterly-dividend/ | 2022-08-12T12:37:52Z |
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the "Company"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced the appointment of Dr. Suzanne Bruhn and Dr. Roger Crystal, effective August 11, 2022 as independent members of its Board of Directors.
"We are pleased to welcome both Dr. Bruhn and Dr. Crystal to our Board. Their collective life sciences experience will be invaluable as we advance through several key product development inflection points in the coming year and we look forward to their immediate contributions to our Company's success," said Robert Barrow, Chief Executive Officer and Director of MindMed.
"We are delighted to welcome these two executives with broad experiences and strategic vision to the MindMed Board of Directors," said Carol Vallone, Chair of the Board of Directors of MindMed. "Their deep experience in development and commercialization will serve as a valuable resource to our directors and executive leadership team as we execute our strategy to advance our brain health disorder product candidates through clinical development and potential commercialization."
- Suzanne Bruhn, PhD is an accomplished life sciences executive and brings expertise in R&D, commercialization, and executive leadership to this role. Dr. Bruhn is the president and CEO, and Director of Tiaki Therapeutics, a privately held biotech company with a platform focused on identifying drug targets for neuroinflammation in neurodegenerative diseases. Before that, she served as president and CEO of Proclara Biosciences, a clinical-stage company pioneering a novel approach to treat disorders of protein misfolding including Alzheimer's and Parkinson's Disease, as well as orphan amyloidosis. Prior to that she served as president and CEO of Promedior, Inc., a clinical-stage immunotherapy company developing targeted therapeutics to treat fibrosis. Prior to Promedior, she spent 13 years at Shire Human Genetic Therapies (HGT), a division of Shire PLC, specializing in the development and commercialization of treatments for orphan diseases, where she held a series of positions of increasing responsibility before serving as senior vice president of strategic planning and program management. During her tenure at Shire HGT, Dr. Bruhn was responsible for establishing the program management function, driving strategic planning and portfolio management, and for global regulatory affairs. Prior to her time at Shire, Dr. Bruhn held various positions at Cytotherapeutics, Inc., a biotechnology company. Dr. Bruhn currently sits on the board of directors of Pliant Therapeutics, Travere Therapeutics and Vigil Neuroscience. Dr. Bruhn holds a Bachelor's degree in chemistry from Iowa State University, a Ph.D. in chemistry from the Massachusetts Institute of Technology and was a postdoctoral fellow in the Department of Human Genetics at Harvard Medical School.
- Roger Crystal, MD brings more than 15 years of experience as a healthcare business executive and clinician. He currently serves as President, Chief Executive Officer and Director for Opiant Pharmaceuticals (NASDAQ: OPNT) and is the lead inventor of the NARCAN® Nasal Spray, holding several issued patents around this product and led its development towards FDA approval. Mr. Crystal previously served as the Chief Business Officer for ImaginAb, a venture capital-backed biotechnology company, leading the company's efforts in immuno-oncology and managing its pharmaceutical company partnerships and licensing deals. He began his business career with roles at Goldman Sachs, A.T. Kearney, and GE Healthcare. He holds a BMedSci in Physiology and an MD from the University of Birmingham, UK and an MBA from the London Business School. Prior to his business career, Dr. Crystal worked for several years as a surgeon, specializing in ear, nose, and throat, head and neck surgery at leading institutions including Imperial College Healthcare, London and was awarded Membership of The Royal College of Surgeons of England (MRCS). He was also an Honorary Research Fellow at University College London and has authored a number of peer-reviewed scientific articles. Mr. Crystal serves on the Board of Directors of the Biotechnology Innovation Organization (BIO) and is also a member of the Young Presidents' Organization, Santa Monica Bay Chapter.
"With MindMed leading the effort to develop innovative solutions for brain health disorder patients coupled with its growth prospects makes this an exciting time to join the board of directors," stated Dr. Sue Bruhn. "I look forward to working with the Company leadership and board members to expand MindMed's opportunities for growth and help achieve their strategic objectives."
"MindMed is at a key inflection point as the Company executes its development strategy to bring forth therapeutics for those patients with the greatest need," stated Dr. Roger Crystal. "I am thrilled to have the opportunity to join the MindMed team as a board member and look forward to working with the directors and the executive team to maximize the potential of the Company's very promising product development pipeline."
In connection with the addition of Drs. Bruhn and Crystal, Dr. Halperin Wernli has retired from her position as a Board member but will continue to serve as President of the Company playing a key leadership role across all of the Company's organizational and research and development initiatives.
Carol Vallone, Chair of the Board of Directors of MindMed commented "On behalf of the Board, we thank Miri for her visionary leadership, valuable contributions, and service on the board as she continues in her role working with the executive team to lead the Company forward at this important inflection point, as we expand our critical efforts to focus on our most promising drug candidates, drive increased operating efficiency and successfully navigate the current macro environment. We have a full agenda for over the coming period, and I am pleased to have a proven leader of Miri's caliber to guide our research efforts as we invest for future growth.
Dr. Miri Halperin Wernli, Executive President of MindMed commented, "I look forward to continuing to work alongside my executive colleagues and the Board as we drive our ongoing development programs to critical clinical milestones over the coming year and strive to potentially bring much needed medicines to patients."
About MindMed
MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.
MindMed trades on NASDAQ under the symbol MNMD and on the NEO Exchange under the symbol MMED.
For Media: media@mindmed.co
For Investors: ir@mindmed.co
Cautionary Notes and Forward-looking Statements
This news release includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws collectively "forward-looking statements". These include statements regarding the Company's intent, or the beliefs or current expectations of the Company's officers and directors. When used in this new release, words such as "will", "would", "subject to", "anticipates", "at which time", "will allow", "pursue" and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "may", "could", "would", "should", "occur" or "be achieved" or the negative connotation of such terms. As well, forward-looking statements may relate to the Company's future outlook and anticipated events, such as the expectation that the Common Shares will resume trading on July 4, 2022 on the NEO Exchange and July 5, 2022 on NASDAQ. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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KEY HIGHLIGHTS
- Paradigm has been invited to present results from the mucopolysaccharidosis (MPS) program, with an oral presentation at the XVII International Conference on Lysosomal Diseases (ICLD 2023), to be held in Sydney, Australia, February 20-21, 2023.
- Dr Drago Bratkovic, Head of the Metabolic Clinic at the Adelaide Women's and Children's Hospital, will present the research entitled: Pentosan Polysulfate Sodium: A Potential Treatment to Improve Bone and Joint Manifestations of Mucopolysaccharidosis I.
- Three of the four subjects included in Paradigm's open-label phase 2 trial of pentosan polysulfate sodium (PPS) in MPS-I have completed the 48-week study, with a 6-month treatment extension available.
- Preliminary data from the MPS-I study were previously presented at the 14th International Congress of Inborn Errors of Metabolism in Sydney in 2021 and indicated favourable clinical responses and overall tolerance to PPS.
- In Paradigm's MPS-VI phase 2 trial based in Brazil, 50% of the planned number of subjects have been recruited to the 24-week study comparing PPS to placebo in a blinded, randomised and controlled trial.
- The Safety Monitoring Physician for the MPS-VI study confirmed successful evaluation of subjects aged 16 and above and the study is now scheduled to assess PPS in two younger cohorts (9 to 16 years, then following another safety review, 5 to 9 years).
- During the Bio International Partnering conference in June 2022, Paradigm saw significant interest in its rare disease clinical development program. Paradigm is currently exploring strategic partnerships to progress current and future clinical studies to further evaluate PPS as a treatment to address the critical unmet need in MPS patients.
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Paradigm Biopharmaceuticals Ltd (ASX: PAR) ("Paradigm" or "the Company"), a late-stage drug development company, is pleased to announce that it is scheduled to present data from the open-label phase 2 study of pentosan polysulfate sodium (PPS) for mucopolysaccharidosis type I (MPS-I) as an oral presentation at the 2023 ICLD meeting. Paradigm is also pleased to provide an update on the ongoing multi-centre double-blind randomised phase 2 study comparing PPS to placebo in mucopolysaccharidosis type VI (MPS-VI) patients.
The mucopolysaccharidoses and related disorders belong to a group of more than 40 inherited lysosomal storage diseases. Lysosomes are the recycling centres of all cells that break down excess or worn-out cell parts with their digestive enzymes. Mucopolysaccharidoses disorders are due to errors with one of the enzymes that break down and recycle glycosaminoglycans (GAGs), previously known as mucopolysaccharides. As these waste products cannot be eliminated, they accumulate within the lysosomes of virtually every type of cell in the body, causing cells, tissues, and organs to function abnormally, leading to progressive damage. The heart, bones, joints, respiratory system, and central nervous system, including cognitive function, may eventually be affected. In most cases, symptoms are not apparent at birth, but emerge gradually as a result of defective lysosomal storage and resulting cell damage over time (1,2). Eleven different types of mucopolysaccharidosis have been described, where each is the result of a deficiency in one of the enzymes in the glycosaminoglycan degradation pathway.
Mucopolysaccharidosis type I is a relentlessly progressive and potentially fatal rare genetic disorder with a spectrum of disease. It is caused by reduction or absence in the amount of enzyme responsible for the catabolism (break down) of glycosaminoglycans, resulting in the progressive GAG accumulation in tissues. The disorder causes problems with neurological, skeletal, and cardiovascular development.
There is no cure and children born with the most severe form of MPS-I do not typically survive beyond 10 years of age without treatment. Current standard treatments include bone marrow transplant and enzyme replacement therapy to address the underlying cause of the disease.
Paradigm is partnering with the Adelaide Women and Children's Hospital in South Australia for a study evaluating PPS as an adjunctive therapy to enzyme replacement therapy and/or haematopoietic stem cell transplantation in an open-label, single-centre, phase 2 trial. The primary aim of the study is to evaluate safety and tolerability of PPS over an initial 48-week period, with a 6-month treatment extension available, in patients treated with the current standard of care. Secondary and exploratory objectives include examining the effects of PPS on pain, function, and quality of life, pharmacokinetics, biomarkers, and inflammatory processes.
Four patients with this rare disease have been enrolled, and three have completed the 48-week treatment regimen with no serious adverse events reported to date. Interim results presented at the 14th International Congress of Inborn Errors of Metabolism in Sydney (2021) indicated an overall trend toward providing meaningful improvements in pain, function, activities of daily living, and overall improvement in quality of life (3). PPS was well tolerated at weekly doses of 0.75 and 1.5 mg/kg for 47 weeks.
The data from the clinical trial participants treated to date is due to be presented at ICLD 2023 to be held in Sydney, Australia, February 20-21, 2023, by Dr Drago Bratkovic, Head of the Metabolic Clinic at the Adelaide Women and Children's hospital. The presentation of the research is titled: Pentosan Polysulfate Sodium: A Potential Treatment to Improve Bone and Joint Manifestations of Mucopolysaccharidosis I. The presentation will report on the safety and effect of pentosan polysulfate sodium in MPS-1 subjects along with clinical data including the clinical endpoints of pain, joint function, activities of daily living and biomarkers of disease.
Paradigm's Global Head of Safety and Head of the MPS program, Dr. Michael Imperiale, said, "Current MPS therapies are essential for MPS patients, however, they don't provide relief from the daily pain and discomfort caused by their disorders. We are very excited by the global recognition of Paradigm's clinical development in this rare disease and the opportunity to present the exciting work we are undertaking at the International Conference on Lysosomal Diseases early next year."
Mucopolysaccharidosis type VI, also known as Maroteaux-Lamy syndrome, is a rare autosomal recessive lysosomal storage disorder that affects between 0.36 and 1.30 of every 100,000 live births(4). It results in the development of multisystem clinical manifestations. Mucopolysaccharidosis type VI disorders range from very slowly to rapidly progressing, depending on the specific disease-causing mutation.
Current treatments for MPS VI patients include enzyme replacement therapy, however MPS-VI patients undergoing this therapy continue to report ongoing stiffness, pain, and inflammation. The current standards of care are not adequate in treating the pain associated with joint inflammation and musculoskeletal issues.
Brazil has one of the highest rates of MPS-VI and researchers there are evaluating the use of Paradigm's PPS to treat MPS-VI patients in a phase 2 study. The study is a randomised, double-blind, placebo-controlled study to evaluate the safety and tolerability of PPS in patients with MPS-VI. According to the study protocol, approximately 12 patients will be randomised 2:1 to receive PPS or placebo. Participants are dosed weekly for 24-weeks with the primary endpoint being safety. The secondary endpoints are improvements in pain and function. The study is the largest of its kind in the world and has attracted the interest of medical researchers and MPS patient advocacy groups globally.
To date, three adult subjects have been enrolled in the study and fifty-two weeks of cumulative data across the subjects have been assessed. Under the clinical protocol, a mandated safety review has been completed with no serious adverse events reported. This is a key milestone for the phase 2 study, which now allows the inclusion of subjects aged 9 to 16 years to assess the safety and tolerability of PPS among paediatric populations. An additional safety review will be completed once 3 patients in this age group have been enrolled and reach the specified timepoint.
A positive additional safety review will support the inclusion of subjects in the 5- to 9-year- old age group. These additional age groups are highly relevant to future potential therapeutic registration as the disease is detected and can manifest early in children and adolescents. Additionally, a 5-year extension program is being offered to subjects who, after completion of the trial, are deemed by their physician to benefit from ongoing treatment per local regulatory requirements.
Paradigm's CEO, Marco Polizzi, said, "Alongside our robust osteoarthritis clinical program, Paradigm is proud to work with specialists in the field of lysosomal storage diseases to potentially enable MPS sufferers to function more easily in their day-to-day activities. We are continuing discussions to progress the development of PPS for patients with MPS and believe that this data will contribute to planning and design for the registration of injectable PPS as an adjunctive therapeutic option for patients with MPS-I and MPS-VI."
Dr Donna Skerrett (Chief Medical Officer) and Dr Michael Imperiale (Global Head of Safety and Head of MPS) attended the BIO International partnering conference that was held in June in San Diego. Dr Skerrett delivered a presentation on Paradigm's clinical development program and with Dr Imperiale undertook many one-on-one meetings with potential partner companies. During the conference Paradigm saw significant interest in its rare disease clinical development program. Paradigm is currently exploring strategic partnerships to progress current and future clinical studies to further evaluate PPS as a treatment to address the critical unmet need of ongoing musculoskeletal symptoms in this rare patient population.
Paradigm Biopharmaceuticals LTD (ASX: PAR) is a late-stage drug development company whose mission is to develop and commercialise Pentosan Polysulfate Sodium for the treatment of pain associated with musculoskeletal disorders driven by injury, inflammation, aging, degenerative disease, infection, or genetic predisposition. Paradigm is also exploring proof-of-concept studies for the use of PPS in respiratory and heart failure indications.
This Company announcement contains forward-looking statements, including statements regarding anticipated commencement dates or completions dates of preclinical or clinical trials, regulatory developments and regulatory approval. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements.
- Kobayashi H. Recent trends in mucopolysaccharidosis research. J Hum Genet. 2019 Feb;64(2):127–37.
- Peters H, Ellaway C, Nicholls K, Reardon K, Szer J. Treatable lysosomal storage diseases in the advent of disease-specific therapy. Intern Med J. 2020 Nov;50 Suppl 4:5–27.
- ASX Release 23rd November 2021: Positive interim data from phase 2 rare disease trial presented at international medical congress.
- Muenzer J. Overview of the mucopolysaccharidoses. Rheumatology. 2011 Dec 1;50(suppl 5):v4–12.
Authorised for release by the Paradigm Board of Directors. To learn more please visit: https://paradigmbiopharma.com/
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SOURCE Paradigm Biopharmaceuticals | https://www.whsv.com/prnewswire/2022/08/12/mps-clinical-program-update-paradigm-present-international-conference-lysosomal-diseases/ | 2022-08-12T12:38:05Z |
CARLSBAD, N.M., Aug. 12, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce it completed the acquisition of Black Widow Permian Energy, Limited Liability Company, that provides oil field services in the Permian Basin ("Black Widow").
The Company acquired 100% of the ownership equity of Black Widow pursuant to a share exchange agreement dated August 11, 2022, for 10,000,000 shares of Common Stock of the Company (Restricted). Black Widow is in Carlsbad, New Mexico, which is in the prime oil and gas fields of the Permian Basin, and provides oil field services, which includes a specialized hot oiler, an end dump truck, and three Super Vac Trucks. Black Widow has approximately $1.5 USD in top line revenue since its inception in 2020. It is expected that Black Widow is on pace to record top line revenue of $1.5M USD in fiscal year 2020.
Mr. Maldonado (CEO of the Company), states…" We are happy to acquire Black Widow in Carlsbad, New Mexico. Michael Rogers has over twenty years' experience in the oil field service industry in the Permian Basin and was previously part of one of our subsidiaries, Emco Oil Field Services, LLC. We plan on immediately expanding Black Widows service footprint with internal financing of additional equipment and also allow it to utilize various assets of the Company to increase its top line revenue ongoing. The acquisition of Black Widow fits our current business model to grow our oil field service business in the Permian Basin, one of the hottest areas domestically for oil and gas production."
The Company has now acquired three oil field services operations located in the Permian Basin with the current acquisition of Black Widow. The next planned step to amplify our footprint in the Permian Basis oil field service industry will be to form a leasing program for oil field service equipment for the benefit of our wholly owned subsidiaries. The Company plans on completing this action during the month of September 2022 and will be announcing the full details of this proposed leasing company at that time.
Forward Looking Statement
Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to NXMR that are based on the beliefs of NXMR's management as well as assumptions made by and information currently available to NXMR's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the NXMR's business prospects, future developments, trends and conditions in the industry and geographical markets in which NXMR operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.
ABOUT US
NextMart, Inc., a Delaware Corporation, is a public quoted Pink Sheet issuer under the ticker symbol "NXMR". Currently, NXMR currently is a shell company with a new management team with plans to become a current alternative reporting issuer with OTC Markets. The Company is currently looking for an appropriate business acquisition.
CONTACT:
4602 West Pierce Street
Carlsbad, New Mexico 88220
(602) 359-2231
Company Web Site: https://nextmartcorporation.com/
Emco Oilfield Services, LLC Web Site: https://emcooilfield.com/
Twitter: @CorporationNxmr
Company Email: info@nextmarkcorporation.com
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SOURCE NextMart, Inc. | https://www.whsv.com/prnewswire/2022/08/12/nextmart-inc-acquisition-black-widow-permian-energy-llc/ | 2022-08-12T12:38:12Z |
OneTrust gains momentum in market leadership with its trust intelligence platform ranking among the world's top private cloud companies for the fourth year
ATLANTA, Aug. 12, 2022 /PRNewswire/ -- OneTrust, the market-defining leader for trust intelligence, has been named to the 2022 Forbes Cloud 100, the definitive ranking of the top 100 private cloud companies in the world. The list is published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures. This year, OneTrust moved up the prestigious list landing at #24 in 2022, up from a placement of #26 in 2021.
"We are thrilled that OneTrust has been once again honored for the fourth consecutive year on the Forbes Cloud 100," said OneTrust CEO Kabir Barday. "This recognition underscores the market opportunity created by trust intelligence and demonstrates the critical role OneTrust plays in giving businesses the only trust intelligence platform to build, understand, and measure trust."
Barday continued, "We also applaud our peers who have been honored this year – cloud companies who are making waves in their industries with a bold approach to innovation. The Forbes Cloud 100 is a powerful recognition since honorees are ranked by the visionary CEOs of today's public cloud companies."
OneTrust recently launched the first Trust Intelligence Platform and ushered in a new category of technology dedicated to solving today's critical business challenges around trust and transparency. The Trust Intelligence Platform from OneTrust introduces software to help businesses to start and scale trust initiatives. Trust intelligence delivers visibility across trust domain areas, action based on AI and regulatory intelligence, and automation to build trust by design as a reflex in organizations. The platform unifies Privacy & Data Governance, GRC & Security Assurance, Ethics & Compliance, and ESG & Sustainability programs where teams, data, and processes can integrate, giving businesses a centralized understanding of business trust.
"The companies of the Cloud 100 list represent the best and brightest private companies in this fast-growing sector," said Alex Konrad, senior editor at Forbes. "Every year, it gets more difficult to make this list — meaning even more elite company for those who do. Congratulations to each of the 2022 Cloud 100 honorees."
"The public markets may be in turmoil, but the private valuations of the Cloud 100 continue to rise. All of the 2022 Cloud 100 honorees, again, have reached the $1 billion valuation milestone, and the average Cloud 100 valuation has skyrocketed to $7.4 billion," said Mary D'Onofrio, partner at Bessemer Venture Partners. "Despite the market correction in 2022, our confidence in the cloud economy continues to grow—today over 70% of the 2022 Cloud 100 Honorees have reached or exceeded $100 million in annual recurring revenue making them cloud Centaurs. An additional 10% of the list is expected to hit this milestone by the end of the year, furthering our conviction that this years' honorees truly represent the best cloud companies globally."
"Great companies are born out of all environments, and it's exciting to see the continued momentum in the cloud sector," said Alex Kayyal, Managing Partner, Salesforce Ventures. "The companies on this list have gone through a rigorous selection process, and join an esteemed alumni list of Cloud 100 companies. As the need for digital transformation continues to drive innovation and efficiencies across industries, we can look to these companies as the absolute best in cloud computing."
Today, OneTrust serves more than 12,000 customers, including half of the Fortune Global 500, to help them build trust and demonstrate impact. The OneTrust Trust Intelligence Platform is currently backed by more than 200 patents.
The Forbes 2022 Cloud 100 list is published at www.forbes.com/cloud100.
About OneTrust
As society redefines risk and opportunity, OneTrust empowers tomorrow's leaders to succeed through trust and impact with the Trust Intelligence Platform. The market-defining Trust Intelligence Platform from OneTrust connects privacy, GRC, ethics, and ESG teams, data, and processes, so all companies can collaborate seamlessly and put trust at the center of their operations and culture by unlocking their value and potential to thrive by doing what's good for people and the planet.
Learn more at OneTrust.com.
Media Contact
Ainslee Shea
+1 (404) 855-0803
media@onetrust.com
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TORONTO, Aug. 12, 2022 /PRNewswire/ - Halo Collective Inc. ("Halo" or the "Company") (NEO: HALO) (OTCQX: HCANF) (Germany: A9KN) today announced the appointment of Katie Field, Chief Executive Officer of Halo, to Chairman of the board of directors of the Company (the "Board"), effective immediately. Current Chairman Ryan Kunkel has resigned from the Board to focus on other professional endeavors. To the knowledge of the Company, Ms. Field is the second woman to serve as Chairman and CEO of a publicly traded cannabis company, the first being Kim Rivers of Trulieve (CSE:TRUL).
Cassidy McCord, Director, said, "It was an obvious decision to appoint Katie as Chairman of the Board. Her demonstrated accomplishments and female perspective are exactly what Halo requires at this critical time. With Katie at the helm, we are confident that Halo has the right leader to be the premier west coast-focused cannabis company, and to leverage our competitive strengths to pursue other emerging pathways to wellness. As important, with the prudent and timely actions she has taken to focus the strategy on the core business while eliminating significant cost, Katie has put the Company firmly on track to reaccelerate revenue and to return to profitability."
Ms. Field will assume the Chairman role with nearly a decade of direct cannabis experience spanning all facets of the business, including strategy, retail, corporate development, business development, HR & organization, legal & regulatory, and investor relations. She has been a key member of the Halo executive team since joining the Company in April 2019, serving initially as Chief Strategy Officer, President since February 2020, and Board member since July 2021. Ms. Field first entered the cannabis industry in 2014 at Costa Farms, where she led the procurement, build-out, and sale of one of five original vertically integrated companies in Florida; subsequently operated a strategy consulting practice focused on cannabis and also worked at MariMed as EVP of Corporate Development. Her resume includes positions at The Brookings Institution and Bain & Company. She holds an MBA from Columbia Business School and a BA with honors from Stanford University.
"Since becoming CEO in early July, Katie has proven that she has the right experience and capabilities to leverage the Company's valuable assets to create tangible and sustainable shareholder value," commented Ryan Kunkel. "She has aggressively eliminated significant annual recurring costs, preserved profitable revenue and focused on tactical strategies in California and Oregon to produce near term results. I could not leave Halo in better hands. It has been a pleasure working with her and I look forward to Halo's success with Katie at the helm while I focus on my other pursuits, including helping Akanda with business development."
Ms. Field commented, "I am thrilled and honored to lead the Company at this critical juncture and look forward to building Halo's business and generating shareholder value with our more focused strategy."
Concluded Ms. Field, "On behalf of the entire Board, I thank Ryan for his exceptional guidance and incredible commitment to Halo over the past several years. His contributions and insights have been invaluable."
Among over 50 publicly traded cannabis companies in North America, Ms. Field is, to the knowledge of the Company, only the second female to serve in both the Chief Executive Officer and Chairman roles.
Halo is focused on the United States West Coast, where it has vertically integrated operations covering the entire value chain from seed to sale. Halo cultivates, extracts, manufactures, and distributes quality cannabis flower, pre-rolls, vape carts, edibles, and concentrates. Halo sells these products under a portfolio of brands, including Hush™, Winberry Farms™, its retail brand Budega™, and license agreements with Papa's Herb®, DNA Genetics, and FlowerShop*. In addition, Halo has opened two dispensaries in Los Angeles under the Budega™ brand in North Hollywood and Hollywood, with plans to open one more in Hollywood in the third quarter of 2022.
In the non-THC sector, Halo is expanding into health and wellness categories, including CBD and functional supplements such as nootropic nutraceuticals and non-psychotropic mushrooms. Halo, through a series of acquisitions, has product offerings in the form of beverages (H2C Beverages), dissolvable strips (Dissolve Medical), capsules (Hushrooms™), and topical supplements (Hatshe) with proposed national distribution via a strategic agreement with SWAY Energy Corporation.
Halo has successfully acquired and integrated a variety of companies which were subsequently reorganized to create Akanda Corp. (NASDAQ: AKAN), an international medical cannabis and wellness company, of which Halo currently owns 12,674,957 common shares worth approximately US$15.8 million as of August 9, 2022. Halo has also acquired a range of software development assets, including CannPOS, Cannalift, CannaFeels, and a discrete sublingual dosing technology, Accudab. Halo intends to reorganize these entities (including their intellectual property and patent applications) into a subsidiary called Halo Tek Inc. and to complete the distribution of the shares of Halo Tek Inc. to shareholders on record at a date to be determined.
For further information regarding Halo, see Halo's disclosure documents on SEDAR at www.sedar.com.
Connect with Halo Collective: Email | Website | LinkedIn | Twitter | Instagram
Adjusted Gross Profit and Adjusted EBITDA are non-IFRS financial measures that the Company uses to assess its operating performance and does not have any standardized meaning prescribed by IFRS. Management defines Adjusted Gross Profit as Gross Profit adjusted for fair value gains or losses on biological assets, and impairments included in cost of goods sold. Management defines Adjusted EBITDA as earnings (loss) before interest, tax, depreciation, and amortization, as adjusted for non-cash items. These non-IFRS measures are provided to assist management and investors in determining the Company's operating performance. The Company also believes that securities analysts, investors, and other interested parties frequently use these non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate these non-IFRS measures differently than the Company, these metrics may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities. For a reconciliation of Adjusted Gross Profit and Adjusted EBITDA, please refer to "Non-IFRS Measures" in the Q1 2022 MD&A, which is available on the Company's SEDAR profile at www.sedar.com.
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information may relate to anticipated events or results including but not limited to the planned EBITDA sooner; to the ability of the Company to become the premier west-coast focused cannabis company; the ability of the Company to accelerate revenue and return to profitability; the timing and commencement of operation of the Company's third dispensary in Hollywood; the ability of the Company to expand into health and wellness; the Company's proposed national distribution strategy and the expected spin-out of Halo Tek Inc.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: inability of management to successfully integrate the operations of acquired businesses, changes in the consumer market for cannabis products, changes in the expected outcomes of the proposed changes to Halo's operations, delays in obtaining required licenses or approvals necessary for the build-out of the Company's cannabis operations, dispensaries or Canadian operations, the proposed spin-out with Halo Tek Inc., delays or unforeseen costs incurred in connection with construction, delays or unforeseen difficulties in connection with the cultivation and harvest of Halo's raw material, changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated March 31, 2022 and other disclosure documents available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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SOURCE Halo Collective Inc. | https://www.whsv.com/prnewswire/2022/08/12/r-e-p-e-t-halo-collective-appoints-katie-field-chairman-board/ | 2022-08-12T12:38:24Z |
RedTeam: Leading construction software provider and top accounting solution partner to enhance efficiency and results for commercial general contractors.
ORLANDO, Fla. , Aug. 12, 2022 /PRNewswire/ -- RedTeam, a leading construction management software platform provider, is pleased to announce an integration partnership with Sage Intacct, the market leader for cloud-based integrated accounting, payroll, and payment systems.
RedTeam has partnered with Sage for many years, supporting contractors throughout North America using Sage 100 Contractor and Sage 300 CRE. Integration with Sage Intacct and designation as a Sage Marketplace Partner enables RedTeam to serve the Sage user community better and expand its presence in the market with a superior combined offering - RedTeam and Sage.
RedTeam complements traditional accounting solutions by tracking every aspect of the creation, negotiation, and execution of contractual agreements, then archiving complete sets of documents along with comprehensive digital audit trails for each. RedTeam engages every member of construction business organizations — field, front office, back office — with enterprise-wide workflows to facilitate broad situational awareness, support data-driven decision-making, and ensure optimal operating efficiency.
Where most construction platforms heavily favor the field, RedTeam's founder, Michael Wright, explains, "It's not all about the office or the field. Our contracting roots taught us that teams must be in sync. Connecting the entire team is RedTeam's strength."
RedTeam and Sage worked closely to deliver integrations with all three of Sage's construction accounting solutions, designed to leverage the unique functionality of each. "We are excited about our expanded partnership with RedTeam and the new integration capabilities, as it enables our customers to utilize RedTeam's best-in-class features for creating and managing contracts and commitments," said Dustin Stephens, Vice President of Construction and Real Estate at Sage. The new integration facilitates interoperability allowing Sage users to choose the accounting platform that best meets their current business needs while providing flexibility to adapt to future demands without the risk of disrupting jobs in progress.
"RedTeam and Sage's commitment is to deliver real-world solutions for their clients," said Jim Atkinson, CEO of RedTeam. "RedTeam's comprehensive suite of cloud-based solutions delivers the powerful tools general contractors need to enhance efficiency and collaboration throughout all project stages. Supporting project teams with the right information at the right time is essential to drive successful project outcomes and protect profits. RedTeam's integration with Sage Intacct is a critical step to make a meaningful impact on the people who create our built environment."
RedTeam's suite of construction solutions features products ranging from field-management software to enterprise-level workflow and management solutions. RedTeam appeared on the Inc. 5000 list of the fastest-growing companies in the United States in 2020 and 2021. Over 1,000 general contractors and over 100,000 users manage a collective $25 billion of commercial construction work with RedTeam.
About RedTeam
RedTeam is committed to construction management excellence. We built our software from hands-on experience to help contractors face the day-to-day challenges of commercial construction. RedTeam clients experience seamless management of projects on and off the field with real-time collaboration, expedited contracting, compliance, and change management. RedTeam is construction management software built by contractors who understand construction. For more information, visit https://www.redteam.com.
MEDIA CONTACT:
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com
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SOURCE RedTeam | https://www.whsv.com/prnewswire/2022/08/12/redteam-announces-integration-with-sage-intacct/ | 2022-08-12T12:38:31Z |
MISSION, Texas, Aug. 12, 2022 /PRNewswire/ -- Rio South Texas, located at the heart of the North American supply chain, has always been hailed for its multimodality. Major U.S-Mexico border crossings, international airports, deep-water seaports, and interstate highways have made the region the ultimate intermodal trade hub for businesses with North American operations. In addition, the region's connection to the North American Class 1 Rail Network is responsible for the export and import of hundreds of millions of products annually. This North American railway access, in combination with the opportunities provided by the United States-Mexico-Canada Agreement (USMCA), further optimizes the logistical advantages that Rio South Texas offers manufacturers and logistics providers located in the region.
Rio South Texas offers a robust international Class 1 railway infrastructure with US services through Union Pacific Railroad and BNSF Railway Co., Mexico service via Kansas City Southern de Mexico, and local short line services via Brownsville & Rio Grande International Railroad (BRG), Border Pacific Railroad, as well as Rio Valley Switching. Thousands of carloads are reported via the BRG annually (more than 40,000 in 2019). Furthermore, the pending merger between Canadian Pacific and Kansas City Southern will take Rio South Texas' railway logistics to the next level by providing streamlined services across the US, Mexico, and Canada, meaning trade volumes will likely continue to grow with Canadian Pacific's and Kansas City Southern's commitment to our region.
Freight rail also serves as the major connector to the rest of the logistics options in the region. Short-line rail services connect to local seaports, facilitating waterborne transport via the Gulf Intracoastal Waterway (which itself channels more than 500 million tons of cargo) and the global seas via the Gulf of Mexico. The Rio South Texas region's railways also offer intermodal connections to interstate highway transport as well as air cargo, connecting the region to the world, with Rio South Texas' Valley International Airport ranking in the top 80 U.S. for air cargo.
If you are shipping globally, into the United States or out of it, or if you are looking to manufacture products in North America for North America, take a look at what Rio South Texas has to offer. Our team at COSTEP would be glad to assist you, so please visit us at www.costep.org or connect with us at @COSTEP to learn more.
Contact: Matt Ruszczak, +1.956.682.6371, info@costep.org
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SOURCE Council for South Texas Economic Progress | https://www.whsv.com/prnewswire/2022/08/12/rio-south-texas-nexus-north-american-freight-railways-reports-costep/ | 2022-08-12T12:38:37Z |
- Medical platform that converges Cloud, AI, and 3D bioprinting expected to dramatically improve treatment rate and medical access.
SEOUL, South Korea, Aug. 12, 2022 /PRNewswire/ -- ROKIT Healthcare, a company specializing in bio-healthcare, today announced it will provide a hyper-personalized medical platform that uses 3D bioprinting and AI technology built on Google Cloud, to innovate the treatment of osteoarthritis and diabetes feet (diabetic foot lesion ulcer). ROKIT Healthcare's AI solution accurately recognizes the affected area of the patient, using computer vision and deep-learning technology, and then outputs a patch with the same size and shape as the affected area to a 3D printer. The goal for this platform is to increase the treatment rate for chronic and complex diseases, improve access to medically underprivileged areas, and lower medical expenses.
ROKIT Healthcare moved its existing infrastructure to Google Cloud and used Google Cloud's AI tools to expand its medical platform and other solutions. ROKIT Healthcare has established a system that can reliably expand and operate medical platforms in various regions using Google Cloud's scalable, high-performance load-balancing service Cloud Load Balancing and Google Kubernetes Engine (GKE), which provide a fully managed Kubernetes service.
The efficient Machine Learning Operations (MLOps) environment is another reason why ROKIT Healthcare chose Google Cloud. ROKIT Healthcare can now more quickly build, deploy, and scale machine-learning models by using Google Cloud's integrated AI platform, Vertex AI, and serverless multi-cloud data warehouse, BigQuery. In addition, ROKIT Healthcare strengthened the security of its medical platform by introducing Google Cloud's network security solution Cloud Armor, which protects applications and services from distributed denial-of-service (DDoS) attacks using machine-learning technology. Moreover, it deployed VPC Service Control, a managed networking functionality for Google Cloud resources, to mitigate the risk of data exfiltration by allowing only authorized networks to access sensitive information.
Currently, ROKIT Healthcare has signed 10-year contracts with its customers worth about KRW 2.5 trillion in 20 countries around the world, increasing the number of countries in which it operates, such as Dubai in 2021 and Brazil, Malaysia, and India in the first half of 2022. The company is already in the process of treating patients through cloud-based telemedicine in countries that it has entered and plans to further advance and expand in the global market.
Andrew Chang, Managing Director of Google Cloud Korea, said, "This cooperation with ROKIT is very meaningful in that the company will be able to provide innovative treatment solutions for chronic diseases that have not previously been treated sufficiently. I'm pleased that we can help increase the reliability and scalability of ROKIT Healthcare's medical platform with Google Cloud solutions, including Vertex AI."
You Seok-hwan, CEO of ROKIT Healthcare, said, "We are confident that ROKIT Healthcare has introduced a leading system in the field of personalized regeneration including skin and cartilage. Through this cooperation with Google Cloud, ROKIT Healthcare expects to realize its vision to transform the medical paradigm more quickly. ROKIT Healthcare will build a medical platform that can tap the collective intelligence of doctors all over the world and quickly spread solutions that can cure disease in a short time at a low cost."
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SOURCE ROKIT Healthcare | https://www.whsv.com/prnewswire/2022/08/12/rokit-healthcare-enable-innovation-treatment-diabetes-foot-osteoarthritis-combining-ai-3d-bioprinting-google-cloud/ | 2022-08-12T12:38:43Z |
- H1 revenue fell 11% YoY to KRW 579.9 billion, operating profit down 37% to KRW 212.7 billion
- Decline due to drop in Q2 sales amid reduced PCR testing volume
- Sales of non-COVID products and PCR instruments increased in H1; Company launches STARlet-AIOS to strengthen sales foundation
- Seegene to expand In-life PCR campaign to help curb widespread COVID-19 transmissions and boost sales of non-COVID products to solidify revenue structure
SEOUL, South Korea, Aug. 12, 2022 /PRNewswire/ -- Seegene Inc. (KQ096530), South Korea's leading molecular diagnostics company, today reported first-half (H1) revenue in 2022 of KRW 579.9 billion (USD 445.8 million), down 11 percent year-over-year. Operating profit fell 37 percent to KRW 212.7 billion.
While Seegene posted record quarterly sales of KRW 451.5 billion in the first quarter, second quarter revenue was at KRW 128.4 billion. The decline can be attributed to a drop in PCR testing volume and inventory destocking at sales channels and customer accounts.
Sales of non-COVID products, however, rose 30 percent year-over-year to KRW 69.5 billion in H1. The second quarter figure was up 21 percent from the previous quarter amid a transition to normalcy from the pandemic and increasing customer acceptance of molecular diagnostics.
As for PCR instruments, Seegene installed 850 new PCR detection systems and 491 new workstations for extraction and PCR set-up, for a combined 5,704 and 2,803 installs respectively worldwide, strengthening the foundation for global sales. Seegene also launched its fully automated PCR system, STARlet-AIOS, for syndromic testing in key European markets. The company also began its In-life PCR campaign – a global initiative that emphasizes regular testing for respiratory viruses, including COVID-19, to help curb asymptomatic and widespread transmissions. It recently partnered with a testing center in Vietnam to launch the campaign.
Seegene further strengthened the leadership team at its U.S. subsidiary, appointing a new CEO, head of scientific and medical affairs and head of research and development (R&D), this year. The company plans to establish capacity for local R&D and product manufacturing within the U.S., the world's largest molecular diagnostics market, laying a foundation for mid-to-long term growth. Seegene also plans to seek U.S. Food and Drug Administration (FDA) clearance for key products starting next year.
"We expect to see ongoing demand for respiratory virus testing in fall and winter as the flu season starts in our key markets," said Robert Lee, Senior Vice President of Seegene's Investor Relations (IR) department. "Seegene's portfolio includes syndromic tests, including tests that can simultaneously detect COVID-19 and flu. We will use these multiplexed tests to expand our In-life PCR campaign, as well as strengthen sales of non-COVID products and STARlet-AIOS to create new PCR demand and solidify our revenue structure."
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SOURCE Seegene Inc. | https://www.whsv.com/prnewswire/2022/08/12/seegene-reports-h1-2022-financial-results/ | 2022-08-12T12:38:49Z |
AUSTIN, Texas, Aug. 12, 2022 /PRNewswire/ -- Skimmer, the global leader in Pool Service Software, has partnered with the Independent Pool and Spa Service Association (IPSSA), a professional organization dedicated to improving the pool and spa industry through community involvement, education, and support of its members.
IPSSA was established in 1961 as a way for pool service technicians to help each other in times of illness or disability. The organization now has 89 chapters that meet regularly across Arizona, California, Florida, Georgia, Nevada, and Texas.
"We are excited to strengthen our relationship with Skimmer and promote the platform to help our members run their businesses more efficiently, " said Todd Starner, IPSSA National President.
Skimmer, under the agreement, will provide IPSSA members with preferred pricing and customized training.
"IPSSA's commitment to improving the pool industry and serving their local communities aligns well with our own values at Skimmer. This partnership is a win for everyone involved, including the pool and spa owners that we serve," said Jack Nelson, Skimmer CEO.
The Independent Pool and Spa Service Association, Inc. is a trade organization created by and for pool and spa service technicians. IPSSA exists for the mutual professional benefit and growth of its members and the continued improvement of the pool and spa industry through community involvement, education, insurance, and support of its members. Become a member at IPSSA.com.
Skimmer's category-defining Pool Service Software Platform has helped thousands of pool service and repair businesses engage efficiently and professionally. The SaaS platform provides pool service and repair businesses access to features that simplify work orders, route optimization, pool tech management, billing and invoicing, customer communication, and payments. Everything you need to run your pool service business, all in one app.™ For press inquiries, email press@getskimmer.com. Learn more at getskimmer.com.
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SOURCE Skimmer | https://www.whsv.com/prnewswire/2022/08/12/skimmer-ipssa-announce-partnership-transform-pool-amp-spa-industry/ | 2022-08-12T12:38:56Z |
AUSTIN, Texas, Aug. 12, 2022 /PRNewswire/ -- Skimmer, the global leader in Pool Service Software, has teamed up with the United Pool Association (UPA), a trade association dedicated to supporting members with industry-specific insurance coverage, educational resources, and mentorship.
"UPA and Skimmer understand that modern pool pros want to leverage technology to save time, increase profitability, and provide the highest levels of customer service. Skimmer's feature set is a natural fit with UPA's commitment to provide best-in-class insurance coverage and sick route coverage to its members," said Jack Nelson, CEO at Skimmer.
Under the agreement, UPA members receive special pricing on Skimmer software subscription fees and access to training resources to accelerate adoption. Skimmer's software allows its users to record, store, and access a complete service history, including chemical readings, customer communications, installed items, and photographs – vital information to protect against insurance claims and keep premiums affordable.
"UPA is committed to providing our members with the benefits and resources they need to build, grow, and protect their businesses," said Steven Homer, UPA President. "We're excited to partner with Skimmer to accomplish this mission as we continue to expand nationally."
UPA is an organization of pool professionals dedicated to supporting their members with industry-specific insurance coverage, educational resources, and mentorship. With over 1600 members across California, Florida, Nevada, and Arizona, UPA maintains the grassroots belief that every member knows best how to run their business and every chapter knows best how to run their chapter. To learn more or join, visit unitedpoolassociation.com.
Skimmer's category-defining Pool Service Software Platform has helped thousands of pool service and repair businesses engage efficiently and professionally. The SaaS platform provides pool service and repair businesses access to features that simplify work orders, route optimization, pool tech management, billing and invoicing, customer communication, and payments. Everything you need to run your pool service business, all in one app.™ Learn more at getskimmer.com. For press inquiries, email press@getskimmer.com. Learn more at getskimmer.com.
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SOURCE Skimmer | https://www.whsv.com/prnewswire/2022/08/12/skimmer-upa-team-up-modernize-pool-spa-industry/ | 2022-08-12T12:39:02Z |
PRINCETON, N.J., Aug. 12, 2022 /PRNewswire/ -- Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today its recent accomplishments and financial results for the quarter ended June 30, 2022.
"We have accomplished a number of important milestones thus far in 2022, with more significant milestones anticipated before year-end," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "Under our Specialized Biotherapeutics business segment, the results of our successful Phase 3 FLASH (Fluorescent Light Activated Synthetic Hypericin) study evaluating HyBryte™ (synthetic hypericin) for the treatment of cutaneous T-cell lymphoma (CTCL) were published in the prestigious JAMA Dermatology. We received agreement from the U.S. Food & Drug Administration (FDA) on an initial pediatric study plan for HyBryte™ which stipulates our intention to request a full waiver of pediatric studies upon submission of the HyBryte™ new drug application (NDA) in the fourth quarter of this year. Additionally, we are expanding into new disease indications with synthetic hypericin (SGX302) having received FDA investigational new drug (IND) clearance for a Phase 2a clinical trial in mild-to-moderate psoriasis, also expected to begin in the fourth quarter of this year.
Our Public Health Solutions business segment, supported by funding from the National Institute of Allergy and Infectious Diseases, continues to achieve key objectives that have the potential to play an important role in the Biden-Harris Administration's initiatives for pandemic preparedness. Recently, we demonstrated 100% protection of non-human primates against both lethal Sudan ebolavirus and Marburg marburgvirus challenge using a bivalent, thermostabilized vaccine formulated in a single vial. This same heat stable subunit vaccine platform technology has been applied to the development of our COVID-19 vaccine, CiVax™, which has demonstrated rapid and broadly functional vaccine and booster responses, including against delta and omicron variants. We also entered into a strategic partnership with SERB Pharmaceuticals to supply our novel ricin antigen in support of their early stage ricin therapeutic development program."
Dr. Schaber continued, "With approximately $20.2 million in cash, not including our non-dilutive government funding, we anticipate having the capital required to achieve our near-term milestones, including NDA filing and initiation of the Phase 2a psoriasis study, while we continue to evaluate various strategic options, including but not limited to, partnership and merger and acquisition opportunities."
- On July 27, 2022, the Company announced it had received agreement from the FDA on an initial pediatric study plan for HyBryte™ for the treatment of CTCL. To view this press release, please click here.
- On July 25, 2022, the Company announced it had signed a worldwide exclusive license to supply its ricin antigen to SERB Pharmaceuticals, for development of a novel therapeutic treatment against ricin toxin poisoning. To view this press release, please click here.
- On July 20, 2022, the Company announced that the results of its successful Phase 3 FLASH study evaluating HyBryte™ for the treatment of CTCL has been published in the Journal of the American Medical Association (JAMA) Dermatology. To view this press release, please click here.
- On June 28, 2022, the Company announced that the FDA had cleared the IND application for its Phase 2a clinical trial titled, "Phase 2 Study Evaluating SGX302 in the Treatment of Mild-to-Moderate Psoriasis." To view this press release, please click here.
- On June 23, 2022, the Company announced it had achieved 100% protection of non-human primates against lethal Marburg marburgvirus challenge using a bivalent, thermostabilized vaccine formulated in a single vial, reconstituted only with sterile water immediately prior to use. To view this press release, please click here.
- On June 1, 2022, the Company announced a publication describing key binding characteristics of its Innate Defense Regulator, dusquetide, to the p62 protein. To view this press release, please click here.
- On May 23, 2022, the Company announced the United States Patent and Trademark Office had issued a Notice of Allowance for the patent application titled "Compositions and Methods of Manufacturing Trivalent Filovirus Vaccines." To view this press release, please click here.
Soligenix's revenues for the quarter ended June 30, 2022 were $0.4 million as compared to $0.2 million for the quarter ended June 30, 2021. Revenues primarily included licensing revenue from the Company's strategic partnership with SERB Pharmaceuticals and payments on government contracts and grants. The Company has received government funding to support the development of: RiVax®, its ricin toxin vaccine candidate; SGX943, for treatment of emerging and/or antibiotic-resistant infectious diseases; ThermoVax®, its thermostabilization platform technology; and CiVax™, its vaccine candidate for the prevention of COVID-19.
Soligenix's basic net loss was $2.4 million, or ($0.06) per share, for the quarter ended June 30, 2022, as compared to $1.9 million, or ($0.05) per share, for the three months ended June 30, 2021. The increase in net loss was primarily attributed to an increase in legal and consulting services associated with the arbitration against Emergent BioSolutions, Inc. and certain of its subsidiaries as well as an increase in research and development expenses associated with preparation of the upcoming HyBryte™ NDA filing.
Research and development expenses were $2.0 million as compared to $1.9 million for the quarter ended June 30, 2022 and 2021, respectively. The increase in research and development spending for the quarter ended June 30, 2022 was primarily attributable to the increased expenses associated with preparation of the upcoming HyBryte™ NDA filing.
General and administrative expenses were $1.4 million and $1.1 million for the quarter ended June 30, 2022 and 2021, respectively. This increase in general and administrative expenses is primarily attributable to an increase in legal and consulting services associated with the arbitration against Emergent BioSolutions, Inc. and certain of its subsidiaries.
As of June 30, 2022, the Company's cash position was approximately $20.2 million.
Soligenix is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. Our Specialized BioTherapeutics business segment is developing and moving toward potential commercialization of HyBryte™ (SGX301 or synthetic hypericin) as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma (CTCL). With a successful Phase 3 study completed, regulatory approval is being sought and commercialization activities for this product candidate are being advanced initially in the U.S. Development programs in this business segment also include expansion of synthetic hypericin (SGX302) into psoriasis, our first-in-class innate defense regulator (IDR) technology, dusquetide (SGX942) for the treatment of inflammatory diseases, including oral mucositis in head and neck cancer, and proprietary formulations of oral beclomethasone 17,21-dipropionate (BDP) for the prevention/treatment of gastrointestinal (GI) disorders characterized by severe inflammation including pediatric Crohn's disease (SGX203).
Our Public Health Solutions business segment includes active development programs for RiVax®, our ricin toxin vaccine candidate, and SGX943, our therapeutic candidate for antibiotic resistant and emerging infectious disease, and our vaccine programs targeting filoviruses (such as Marburg and Ebola) and CiVax™, our vaccine candidate for the prevention of COVID-19 (caused by SARS-CoV-2). The development of our vaccine programs incorporates the use of our proprietary heat stabilization platform technology, known as ThermoVax®. To date, this business segment has been supported with government grant and contract funding from the National Institute of Allergy and Infectious Diseases (NIAID), the Defense Threat Reduction Agency (DTRA) and the Biomedical Advanced Research and Development Authority (BARDA).
For further information regarding Soligenix, Inc., please visit the Company's website at https://www.soligenix.com and follow us on LinkedIn and Twitter at @Soligenix_Inc.
This press release may contain forward-looking statements that reflect Soligenix, Inc.'s current expectations about its future results, performance, prospects and opportunities, including but not limited to, potential market sizes, patient populations and clinical trial enrollment. Statements that are not historical facts, such as "anticipates," "estimates," "believes," "hopes," "intends," "plans," "expects," "goal," "may," "suggest," "will," "potential," or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements, such as experienced with the COVID-19 outbreak. Soligenix cannot assure you that it will be able to successfully develop, achieve regulatory approval for or commercialize products based on its technologies, particularly in light of the significant uncertainty inherent in developing therapeutics and vaccines against bioterror threats, conducting preclinical and clinical trials of therapeutics and vaccines, obtaining regulatory approvals and manufacturing therapeutics and vaccines, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully obtain any further funding to support product development and commercialization efforts, including grants and awards, maintain its existing grants which are subject to performance requirements, enter into any biodefense procurement contracts with the U.S. Government or other countries, that it will be able to compete with larger and better financed competitors in the biotechnology industry, that changes in health care practice, third party reimbursement limitations and Federal and/or state health care reform initiatives will not negatively affect its business, or that the U.S. Congress may not pass any legislation that would provide additional funding for the Project BioShield program. In addition, there can be no assurance as to the timing or success of any of its clinical/preclinical trials. Despite the statistically significant result achieved in the HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of cutaneous T-cell lymphoma, there can be no assurance that a marketing authorization from the FDA or EMA will be successful. Notwithstanding the result in the HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of cutaneous T-cell lymphoma and the Phase 1/2 proof-of-concept clinical trial of SGX302 for the treatment of psoriasis, there can be no assurance as to the timing or success of the clinical trials of SGX302 for the treatment of psoriasis. Further, there can be no assurance that RiVax® will qualify for a biodefense Priority Review Voucher (PRV) or that the prior sales of PRVs will be indicative of any potential sales price for a PRV for RiVax®. Also, no assurance can be provided that the Company will receive or continue to receive non-dilutive government funding from grants and contracts that have been or may be awarded or for which the Company will apply in the future. These and other risk factors are described from time to time in filings with the Securities and Exchange Commission, including, but not limited to, Soligenix's reports on Forms 10-Q and 10-K. Unless required by law, Soligenix assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
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- Revenue Decreases 2% Year-Over- Year to $1.4 Million
- Bookings* Decrease 12% Year-Over-Year to $1.3 Million
- Net Loss Recorded of $77k
- Adjusted EBITDA* Decreases 22% Year-Over-Year to $292k
- Basic and Fully Diluted EPS loss of ($0.03)
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- Tapinator, Inc. (OTC: TAPM) ("Tapinator," the "Company," "we," "our" or "us"), a developer and publisher of category leading games for mobile platforms and a collector and publisher of fine art NFTs, today announced unaudited financial results for the three and six months ended June 30, 2022, and the filing of its quarterly report for the periods ended June 30, 2022 and 2021.
The quarterly report and financial statements have been published on OTC Markets and may be found at http://www.otcmarkets.com/stock/TAPM/disclosure. The results provided below replace, in their entirety, any guidance or projections previously issued by the Company.
For the three months ended June 30, 2022, Tapinator achieved revenue of approximately $1.4 million, bookings* of approximately $1.3 million, net loss of approximately $77,000 and adjusted EBITDA* of approximately $292,000. The Company's revenue, bookings*and adjusted EBITDA* represent year-over-year declines of 2%, 12% and 22%, respectively. For the quarter, the Company also announced basic and fully diluted net loss per share of $0.03 per share.
For the six months ended June 30, 2022, Tapinator achieved revenue of approximately $3.1 million, bookings* of approximately $3.0 million, net income of approximately $733,000 and adjusted EBITDA* of approximately $786,000. The Company's annual revenue, bookings*, net income and adjusted EBITDA* represent year-over-year improvement of 17%, 9%, 62% and 37%, respectively. For the six-month period, the Company also announced basic and fully diluted net earnings per share of $0.26 per share.
*A table has been included in this press release with non-GAAP adjustments to the Company's revenue resulting in bookings (a non-GAAP measure) and non-GAAP adjustments to the Company's net loss, resulting in adjusted EBITDA (a non-GAAP measure) for the relevant periods.
Ilya Nikolayev, CEO of Tapinator commented, "Our results this quarter, in both our mobile gaming and NFT collection and publishing businesses were negatively impacted by macroeconomic headwinds and industry wide slowdowns as compared to the significant growth experienced during the pandemic era. On the mobile gaming side, we continue to have multi-year conviction regarding our key franchise games, including Video Poker Classic, Crypto Trillionaire, Keno Vegas and Lucky Lotto, and are actively continuing to develop these titles. During this past quarter, we also embarked upon a longer-term strategy of increasing our investment in game marketing, a strategy we believe to be important for resuming overall growth in future quarters.
With respect to our NFT business, we are focused on two directions:
1) NFT500 is our NFT fine art collection platform and corresponding mobile application. To date, we have acquired approximately 450 fine art NFTs from more than 250 prominent NFT artists such as Tyler Hobbs, Matt Kane, Larva Labs, Bored Ape Yacht Club, Vera Molnar, XCOPY, Helena Sarin, Pindar Van Arman, Monica Rizzolli, Refik Anadol, Manolo Gamboa Naon, Kevin Abosch, Zach Lieberman, Anne Spalter, Snofro, Hackatao, Bruce Gilden, Guy Bourdin, Justin Aversano, Claire Silver, Sofia Crespo, Zancan, Matt Deslauriers, Nick Kuder and Damien Hirst. We continue to refine, diversify, and expand our collection and we view these digital assets as attractive long-term investments within the emerging NFT art asset class. While we remain highly enthused about our collection and the assets that we have acquired to date, we believe the short-term volatility of the NFT and overall crypto markets necessitate a more cautious go-forward approach in the near term as we focus our resources on riding out the difficult macro environment facing our core mobile gaming business.
2) Our NFT Publishing business focuses on partnering with artists who have existing bodies of work and helping them enter the NFT space. There are a multitude of talented artists, including digital creatives and photographers, who would be a great fit for NFTs, yet lack the technical, marketing and curatorial expertise to succeed. The significant experience that we have acquired as collectors and operators within this area has put us in a position where we are able to assist. We entered the NFT Publishing business in Q3 of last year and, to date, have successfully sold out several collection releases representing over 200 works of art from several artists. While we plan to continue these publishing efforts opportunistically, we do not plan to focus heavily in this area in the near term given the volatility of the NFT market. However, we still believe that we have only scratched the surface of NFTs and Web3 more broadly, and we will continue to evaluate specific opportunities that can drive long term growth."
Andrew Merkatz, President of Tapinator, also commented on the Company's results, "Overall market conditions within both the mobile gaming and crypto markets deteriorated significantly in Q2 2022. According to research firm Sensor Tower, mobile spending declined at a rate of 12% year-over-year during the second quarter of 2022. The 12% decrease in our Bookings during the quarter would indicate that our top-line performance was in line with the market overall. Given past and current macro conditions, we would expect to see at least three more quarters of year-over-year contraction. We believe that our historic focus on maintaining a lean cost structure has positioned us well to withstand such contraction. We expect that our continued investments in our franchise games, combined with our more recent investments in game marketing will begin to yield meaningful results for the Company as we look out to 2023 and beyond."
Current Outlook
While we continue to have conviction regarding our mobile games business, and specifically our Category Leading Games, as indicated in the previous quarter, we are facing macroeconomic headwinds and witnessing an industry wide slowdown as compared to the significant growth experienced during the pandemic era. We believe we are relatively well positioned to weather such slowdown given our focus on evergreen game types within the social casino genre and our historic focus on cost control. Our investments within the NFT space are more speculative and volatile, and we have recently begun tempering these investments, given market conditions. However, we continue to believe there could be substantial long-term opportunities for the Company within the nascent Web3 markets representing the intersection of NFTs, digital art, gaming and the emerging metaverse and we will continue to explore these opportunities. At this time, we are not providing financial guidance.
Non-GAAP Financial Measures*
We have provided in this release the non-GAAP financial measures of Bookings and adjusted EBITDA as a supplement to the measures of Revenue and Operating which are prepared in accordance with United States generally accepted accounting principles ("GAAP"). Management uses Bookings and adjusted EBITDA internally in analyzing our financial results to assess operational performance and liquidity. The presentation of Bookings and adjusted EBITDA is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. We believe that both management and investors benefit from referring to Bookings and adjusted EBITDA in assessing our performance and when planning, forecasting and analyzing future periods. We believe Bookings and adjusted EBITDA are useful to investors because it allows for greater transparency with respect to key financial metrics we use in making operating decisions and because our investors and analysts use them to help assess the health of our business. Below, we have provided reconciliations between our historical Bookings and adjusted EBITDA to the most directly comparable GAAP financial measures below. Some limitations of Bookings and adjusted EBITDA are as follows:
- Bookings do not reflect that we defer and recognize online game revenue over the estimated life of durable virtual goods;
- Adjusted EBITDA does not include the impact of stock-based expense, impairment of previously capitalized software or intangible assets previously acquired, acquisition-related transaction expenses, one-time financing expenses, contingent consideration fair value adjustments, share settlement expense, and restructuring expense;
- Adjusted EBITDA does not reflect income tax expense;
- Adjusted EBITDA does not include other income or expense, which includes foreign exchange gains and losses, interest income or expense, and gain on extinguishment of debt;
- Adjusted EBITDA excludes depreciation and amortization of intangible assets and impairment of capitalized software. Although depreciation and amortization and impairment of capitalized software are non-cash charges, the assets being depreciated and amortized or impaired may have to be replaced in the future; and
- Other companies, including companies in our industry, may calculate adjusted EBITDA differently or not at all, which will reduce their usefulness as a comparative measure.
Because of these limitations, you should consider Bookings and adjusted EBITDA along with other financial performance measures, including Revenue, Net Income (Loss), Basic and Diluted Net Income (Loss) Per Share, Cash Flow from Operations, Operating Income (Loss), and our other financial results presented in accordance with GAAP.
About Tapinator
Tapinator Inc. (OTC: TAPM) develops and publishes category leading games for mobile platforms. Tapinator's library includes more than 300 titles that, collectively, have achieved over 500 million mobile downloads, including notable properties such as Video Poker Classic and Crypto Trillionaire. Through our wholly-owned subsidiary, Revolution Blockchain and the NFT500 platform, we have amassed a significant collection of what we believe are "blue-chip" fine art NFT's, and we have developed and launched a mobile application that extends the utility of these digital asset investments. We generate revenues from our mobile games via consumer transactions, including in-app purchases and subscriptions, and through the sale of branded advertisements. We also generate revenue from publishing and selling NFTs in partnership with select artists. Founded in 2013, we are headquartered in New York, with product teams located in North America and Europe.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "goal," "seek," "plan," "feel," "opinion," "may," "will," "expect," "anticipate," "estimate," "intend," "target," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, among other things, our view that our NFT art digital assets are long-term investments within the emerging NFT art asset class, our belief that our longer-term strategy of increasing our investment in game marketing will result in resuming overall growth in future quarters, our belief that we have only scratched the surface of NFTs and Web3 more broadly, our expectation that we will see three more quarters of year-over-year contraction, our belief that our historic focus on maintaining a lean cost structure has positioned us well to withstand such contraction, our expectation that our continued investments in our franchise games combined with our more recent investments in game marketing will begin to yield meaningful results for us as we look out to 2023, our belief that we are relatively well positioned to weather the current macroeconomic headwinds and industry wide slowdown given our focus on evergreen game types within the social casino genre and our historic focus on cost control and our continued belief there are substantial long-term opportunities for us within the nascent Web3 markets representing the intersection of NFTs, digital art, gaming and the emerging metaverse. Forward-looking statements are subject to risks and uncertainties that could cause our future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Except as required by law, Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company's common stock on the OTC Marketplace is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company's common stock for reasons unrelated to operating performance. Moreover, the OTC Marketplace is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on a national securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, please see the Company's Supplemental Information Report as filed with the OTC Markets on October 20, 2021 and as updated from time to time.
CONTACT:
Tapinator Investor Relations
investor.relations@tapinator.com
914.930.6232
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BANGKOK , Aug. 12, 2022 /PRNewswire/ -- mu Space and Advance Technology Company Limited is an aerospace manufacturer in Southeast Asia that also produces aerospace components and provides satellite communication services. The company develops satellites for communication purposes and is almost entirely made by professional in-house engineers. From the 9th-11th of March 2022, mu Space tested their satellite parts with Geo-Informatics and Space Technology Development Agency (GISTDA), which is currently open for testing materials that are prepared to be delivered. With international standard certification, this is a certified test of the first communication satellite components developed and manufactured by mu Space Corp, additionally also the first to be tested by a Thai Space Agency and Space Research organization.
mu Space established Factory 1 to carry out the design, development, and manufacturing process of various components. The facility is also used to complete the assembly of small satellites by a team of expert engineers within the company. The satellite component that mu Space tested with GISTDA is the "Reaction Wheel", a part that helps stabilize and move the satellite in microgravity. An important and necessary test is the "Vibration Test" as parts may break and cause further damage to other components of the satellite if unable to withstand the inevitable vibrations caused by launching the component into the atmosphere. mu Space's satellite passed the test, with SSTL/Airbus certification and AS9100 D by GISTDA.
GISTDA is equipped with facilities, tools, and testing experts who can provide accurate plus truthful results in accordance with international standards. This test allows mu Space's products and satellite components to be launched into the atmosphere, ultimately providing for a high-quality product that can be trusted by customers. In addition, the advancement of space technology development is another important factor in helping to build a foundation for Southeast Asia's readiness to enter the world-class space technology market.
mu Space Corp, a satellite manufacturer, aims to push the space technology industry to the maximum in order to raise the Southeast Asian economy in various fields as well as create job opportunities for people in this region. In addition, mu Space is also supported by both domestic and foreign investors, such as B.Grimm Joint Venture Company - Thailand's private power generation industry, Majuven Fund, private business groups such as executives from the University of California Los Angeles (UCLA) Foundation and many other investors. On top of that, mu Space's projects are gaining a lot of attention among investors in the Southeast Asian region which supports Thailand to become a leader in space technology in the vicinity.
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ENGLEWOOD, Colo., Aug. 12, 2022 /PRNewswire/ -- Toastmasters International announced an exciting and diverse lineup of education sessions for its 2022 International Convention, to be held Aug. 17-20 as a hybrid event. With 18 inspiring speaking sessions, the 2022 International Convention will feature presenters from around the world.
"We are excited to offer an illustrious and diverse group of speakers at this year's International Convention," says Matt Kinsey, Toastmasters' International President-Elect. "Whether attending in-person in Nashville, or virtually, this year's convention attendees will be treated to a wide variety of world-class presenters who will entertain and educate the audience throughout the convention."
The main-stage presenters include Jim Cathcart, who will deliver the keynote presentation during the Opening Ceremonies on Wednesday, Aug. 17. Cathcart is a life-long professional speaker, author of 23 books, university professor, entrepreneur, and a leader in the field of success motivation and personal development. Beginning as an entry-level government clerk dreaming of a more meaningful life, he ultimately became friends and colleagues with the greats of his profession: Og Mandino, Zig Ziglar, Earl Nightingale, Jeanne Robertson, Patricia Fripp, Les Brown, Nido Qubein, and many more.
Cathcart is past president of the National Speakers Association and the 2001 recipient of Toastmasters' Golden Gavel Award. He has spoken in 23 major cities in China, all 50 states in the United States, Canada, South America, Asia, Europe, and Australia. He was inducted into the Speaker Hall of Fame and the Sales & Marketing Hall of Fame.
Shirley Davis, PhD is the recipient of Toastmasters' 2022 Golden Gavel Award. Davis is an award-winning global workforce expert with over 30 years of human resources and business experience, as the recipient of the organization's 2022 Golden Gavel Award. Davis worked in a variety of senior executive roles for several Fortune 500 and Fortune 100 companies. As an international speaker, she has worked in more than 30 countries on five continents and delivers more than 100 speeches a year.
Davis is President and CEO of SDS Global Enterprises, a full-service firm that works with organizations around the world providing strategies and solutions for fostering high performing and inclusive workplace cultures.
Other education sessions:
- Engaging the Post-COVID Audience Through Real Human Connections: In this session, Damon Moon shares his experience engaging distracted college students through all stages of hybrid interaction. Learn how he was inspired by his Toastmasters experience to motivate his students to speak up during class and be engaged for both online and in-person classes.
- The Phenomenon of Impostor Syndrome and Mental Health: Are you struggling with impostor syndrome? Do you ever doubt your success? Have negative self-talk? Come up with excuses for your success? Feel your failures define you? You are not alone. This is classic impostor syndrome at work, explains Kevin Cokley, who invites you to join him and learn how to conquer it. You are deserving of your success, he emphasizes.
- Tongue Fu!: It's ironic, isn't it? We're taught math, science, and history, but we're not taught how to deal with people who are being unfair or unkind. The good news is, you can learn how to keep your cool—even when other people aren't—and respond diplomatically in sensitive situations, relays Sam Horn in this session.
- The Three C's for Managing Unconscious Bias: Presented/streamed live from the stage at the Gaylord Opryland Resort & Convention Center, Dima Ghawi delves into the intricacies of unconscious bias, uncovering the root of predispositions and sharing methods for managing unseen prejudices. The dialogue focuses on three essential messages related to Curiosity, Courageousness, and Commitment.
- Speechwriters Panel: Join Toastmasters International's esteemed panel of World Champions of Public Speaking as they discuss their speechwriting process and the importance of their craft. Led by the founder of the European Speechwriter Network, Brian Jenner, this session will help you understand the important elements of what makes a speech stand out and how to tell your story more effectively.
- Opportunities in the Great Resignation: In this session, Toastmasters Past International Director Susan Zhou will discuss how The Great Resignation relates to leadership development and organization strategy, as well as how to develop individuals and organizations to reach their potential during these changing times.
- Mic Drop: How Storytelling Can Take Your Business and Career to New Heights in a Hybrid World: Who doesn't love a good story? This session will add awareness to the importance of storytelling in all aspects of life, but especially business and career. Learn from dynamic motivational speaker Kazim Abbot, who engages his audiences, including hybrid ones, with vivid, powerful, and thought-provoking stories.
- Embrace Your Culture, Fast–Track Your Career: In this session, learn and get inspired from the story and real-life example of an Indian girl from a middle-class family who became a "circuit breaker," defining the new normal for her community by embracing her culture and fast-tracking her career.
- Your Story: Made to Order: Learn what it takes to build structure and skills when telling a story. In this session, Caren S. Neile, PhD, will explain the philosophy of storytelling and give you proven tips on how to build and share your story.
- The Internal Combustion Engine of Leadership: Approximately 35,000 times throughout the day, we're making decisions. In this session, Mo Barrett will explain how to dissect the important ones and learn to make them more effective, intentional, and powerful. The idea is to slow down now so we can speed up later.
- Situational Leadership: Meeting Your Teammates Where They Are: Leading diverse teams and personalities in today's changing work environments is both a challenge and a constant. Situational Leadership—identifying the readiness of your teammates and adjusting your leadership style accordingly—can make a difference. In this session, you will learn the six leadership styles that create the greatest impact, along with how and when to use them.
- The Impact of Inclusive Leadership: Inclusive leadership encourages diversity and is proven to make teams more successful. A leader practicing inclusivity reaches and responds to a larger team and ensures that teams are heard, respected, valued, and retained. In this session, you will learn the importance of being an inclusive leader and how it can positively impact the team experience.
- Up Your Storytelling Game: Have you ever wanted to be more confident when communicating in the moment? You can—with short-form storytelling, embedded in improvisational practices. Join Kymberlee Weil, short-form storyteller, as she walks you through the key components of this skill and provides you with applicable tools.
- Aim Higher, Do More, and Become More—Through Mentorship: In this session, Dr. Stanley Mwenda Aruyaru will explain the origin of mentorship, highlight mentorship as it relates to surgery, and the aspirations of mentees looking up to mentors—this is the "Aim Higher" portion of his talk. He will then relay his personal mentorship experience, the ABCD's of mentorship, and the benefits of mentorship in a professional career.
- Is Leadership For You?: This panel discussion provides personal accounts of lessons learned through leadership. The moderator and panelists, who served as leaders within and outside of Toastmasters, share what being a leader has taught them. Be inspired by their stories as they reflect on successes, shortcomings, and the pivotal moments that provided personal growth.
- Including Disabilities in the Inclusion and Diversity Conversation: Join Lesa Bradshaw as she gives insight and ideas from a personal and professional viewpoint on how to include disabilities in the diversity, equity, and inclusion conversation. This session approaches diversity training from a unique perspective, using disability as a form of diversity to showcase how common stereotypes, unconscious bias, and beliefs around all different forms of diversity impact our behaviors and judgments in life and in social settings
To learn more about Toastmasters' 2022 International Convention, Aug. 17-20, and obtain a complete schedule of events, including the Opening Ceremonies, Education Sessions, and the World Championship of Public Speaking®, visit www.toastmasters.org/Convention. The International Convention will be a hybrid event and the public is invited to attend in person or online.
About Toastmasters International
Toastmasters International is a worldwide nonprofit educational organization that empowers individuals to become more effective communicators and leaders. Headquartered in Englewood, Colo., the organization's membership exceeds 300,000 in more than 15,800 clubs in 149 countries. Since 1924, Toastmasters International has helped people from diverse backgrounds become more confident speakers, communicators, and leaders. For information about local Toastmasters clubs, please visit www.toastmasters.org. Follow @Toastmasters on Twitter.
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- This latest S-K 1300 report marks an important milestone, reconfirming UEC's position as America's leading ISR uranium company with South Texas and Wyoming Hub & Spoke platforms containing 12 satellite projects, 7 of which are fully licensed, and over 71,000,000 lbs of Measured and Indicated resources and 17,000,000 lbs of Inferred resources
- Total South Texas Disclosed M&I Resources are 9,126,700 lbs with 4,738,000 tons grading approximately 0.101% U3O8
- Total Disclosed Inferred Resources for South Texas is 9,924,000 lbs with 5,469,000 tons grading approximately 0.120% U3O8
- The South Texas Hub & Spoke platform is production ready with fully licensed ISR projects
CORPUS CHRISTI, Texas, Aug. 12, 2022 /PRNewswire/ - Uranium Energy Corp (NYSE: "UEC") ("UEC" or the "Company") is pleased to announce that it has filed a Technical Report Summary ("TRS") on EDGAR, disclosing mineral resources for the Company's Texas Hub & Spoke In-Situ Recovery ("ISR") Project (the "Project").
- As a U.S. domestic and domiciled company, UEC is now reporting all mineral resources in accordance with Item 1302 of Regulation S-K ("S-K 1300");
- S-K 1300 was adopted by the Securities and Exchange Commission ("SEC") to modernize mineral property disclosure requirements for mining registrants and to align U.S. disclosure requirements more closely for mineral properties with current industry and global regulatory standards;
- The mineral resource estimates set forth in this TRS have not previously been reported under the S-K 1300 format; and
- The Project geology is considered amenable to low-cost, environmentally friendly ISR mining methods.
The TRS was prepared under S-K 1300 and was filed on August 11, 2022, with the SEC through EDGAR on Form 8-K and is also available on SEDAR as a "Material Document" filed on August 11, 2022. The TRS was prepared on behalf of the Company by Western Water Consultants, Inc. d/b/a WWC Engineering, of Sheridan, Wyoming.
Amir Adnani, President and CEO, stated: "The disclosure of resources in the new S-K 1300 format at our South Texas Hub and Spoke production platform reconfirms the robust nature of the Project. Our database of drilling results, containing decades of exploration logs, shows strong potential for Project expansion and also dovetails well with our initiative to increase the production license at the Hobson Plant. We are pleased with the progress of the Company's domestic ISR profile in Texas and Wyoming as we continue to advance these projects towards near term production. UEC has recently submitted an offer to the U.S. government to supply the uranium reserve ("UR") and we are looking forward to our production ready projects providing future needs of the UR as well as the utility industry."
Andy Kurrus, V.P. of Resource Development, Texas, stated: "We are delighted with the expanded production prospects for our Hub and Spoke production platform in South Texas. We see significant potential in this region and will look to advance our exploration and resource delineation efforts which will benefit from our extensive resource database, containing results from 5,232 drill holes, including survey coordinates, collar elevations, depths and grade of uranium intercepts. The quality of this comprehensive data has enabled us to identify promising resource areas without extensive new drilling costs and has accelerated our exploration processes in defining new production areas for our near-term production strategy."
The Project consists of five Project areas ("Figure 1-1"): Hobson Central Processing Plant ("CPP"), Burke Hollow, Goliad, Palangana and Salvo; and is located in Karnes, Bee, Goliad and Duval Counties, Texas. The Hobson CPP will serve as the 'hub' of the Project, with the other Project areas serving as satellite facilities, or the 'spokes'. The Hobson CPP will process all the mineral mined on each of the other Project areas. The Project is in the South Texas Uranium Province ("STUP"), which is part of the South Texas coastal plain portion of the Gulf of Mexico Basin ("GMB").
Mineral rights for the Project are all private (fee) mineral leases. Fee mineral leases are obtained through negotiation with individual mineral owners.
The Project resides in the GMB. The GMB extends over much of South Texas and includes the Texas coastal plain and STUP where the Project is located. The coastal plain is bounded by the Rocky Mountain uplift to the west and drains into the Gulf of Mexico. The coastal plain is comprised of marine, non-marine and continental sediments ranging in age from Paleozoic through Cenozoic.
Uranium mineralization at the Project is typical of Texas roll-front sandstone deposits. The formation of roll-front deposits is largely a groundwater process that occurs when uranium-rich, oxygenated groundwater interacts with a reducing environment in the subsurface and precipitates uranium. The most favorable host rocks for roll-fronts are permeable sandstones with large aquifer systems. Interbedded mudstone, claystone and siltstone are often present and aid in the formation process by focusing groundwater flux.
To date, UEC holds data from 5,232 drill holes that have been completed by UEC and previous uranium exploration companies on and nearby the five Project areas held by UEC. Data from the drilling, including survey coordinates, collar elevations, depths and grade of uranium intercepts, have been incorporated into UEC's database.
Recent Developments
Recent developments and operations include all work that has been done to develop and operate the Project properties since the last technical reports were written to update the resources and development at each Project area.
Summary capital and operating cost estimates are not included with this TRS, since UEC is reporting the results of an Initial Assessment ("IA") without economic analysis. No new construction/development has occurred at the Hobson CPP or at Salvo since the 2010-2012 drilling campaign. However, UEC initiated drilling projects on Palangana, Goliad and Burke Hollow in 2010-2015, 2014 and 2019-2021, respectively. UEC also activated several wellfields at Palangana to produce uranium from 2010 to 2016.
Palangana
From 2010 to 2015, UEC drilled 891 drill holes at Palangana. Most of the drilling occurred in 2010 (391 holes), 2011 (281 holes) and 2012 (186 holes) and the remaining holes were drilled from 2013-2015. The majority of these wells were drilled for delineation purposes and the rest were drilled for monitor and production wells. In 2010, UEC activated wellfields in Production Area ("PA") PA-1, PA-2 and PA-3 at Palangana. From 2010 to 2016, 563,600 lbs of uranium were produced by ISR methods.
Goliad
In 2014, UEC conducted a drilling program at Goliad for exploration and water wells. 35 holes were drilled and logged for exploration and water supply purposes with a majority of the holes being drilled in PA- 1 and PA-2.
Burke Hollow
In 2019, UEC completed 129 drill holes, mostly focusing on delineating the Lower B1 and Lower B2 sands in the proposed PA-1. In addition, UEC began installing perimeter monitor wells in PA-1. In total, 57 holes were drilled solely for delineation and exploration purposes and 72 holes were drilled for monitoring purposes.
From 2021 to 2022, UEC conducted another drilling program to upgrade a portion of their resources from inferred to measured and indicated, to better define the ore body in proposed PA-1 and to install monitor wells. 168 delineation and exploration holes were drilled as of March 7, 2022. 24 of these holes were also used as monitor wells. This drilling program is ongoing for the purpose of completing more monitor wells.
No historic data was used in this estimate which includes only data from drilling projects conducted by UEC from 2012 to 2022. 297 new holes were drilled and logged in 2021 and 2022 to complete this estimate.
This IA for the Project has been prepared in accordance with the regulations set forth in S-K 1300 with the objective of disclosing the mineral resources at the Project.
Based on the density of drilling, continuity of geology and mineralization, testing and data verification, the mineral resource estimates meet the criteria for indicated or inferred mineral resources as summarized herein.
The in-place resources were estimated separately for each Project area. The Project contains a measured resource of 2.78 million lbs and an indicated resource of 6.34 million lbs of U3O8 in-place. The Project contains 9.92 million lbs of inferred mineral resources in-place. Tables 1 and 2 below list the Project resources by the Project area. Mineral resources are not mineral reserves and do not have demonstrated economic viability. However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein.
Table 1: Texas Hub and Spoke Project Measured and Indicated Resource Summary
Table 2: Texas Hub and Spoke Project Inferred Resource Summary
The technical information in this news release has been reviewed by WWC Engineering, a consultant to the Company, and by Clyde L. Yancey, P.G., Vice President-Exploration for the Company, being a qualified third party firm and a Qualified Person under Item 1302 of Regulation S-K.
Uranium Energy Corp is America's leading, fastest growing, uranium mining company listed on the NYSE American. UEC is a pure play uranium company and is advancing the next generation of low-cost, environmentally friendly In-Situ Recovery (ISR) mining uranium projects. The Company has two production ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at the Hobson and Irigaray plants. UEC also has seven U.S. ISR uranium projects with all of their major permits in place. Additionally, the Company has other diversified holdings of uranium assets, including: (1) one of the largest physical uranium portfolios of U.S. warehoused U3O8; (2) a major equity stake in the only royalty company in the sector, Uranium Royalty Corp.; and (3) a pipeline of resource-stage uranium projects in Arizona, Colorado, New Mexico and Paraguay. The Company's operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements 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" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Many of these factors are beyond the Company's ability to control or predict. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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SOURCE Uranium Energy Corp | https://www.whsv.com/prnewswire/2022/08/12/uranium-energy-corp-achieves-milestone-with-filing-s-k-1300-technical-report-summary-disclosing-resources-its-south-texas-hub-amp-spoke-isr-project/ | 2022-08-12T12:39:33Z |
ALPINE, Utah, Aug. 12, 2022 /PRNewswire/ -- Van Wagner and SponsorCX are pleased to announce they have entered into a partnership. SponsorCX will provide its world-class software to Van Wagner to manage their industry leading multimedia rights college division.
With technology playing an increasingly critical role in every aspect of sponsorship management, more and more organizations, like Van Wagner, are recognizing that they need to accelerate their sponsorship management processes to ensure they have a streamlined solution for sales, on-boarding, and activation with their partners. Van Wagner has been seeking a solution that quickly amasses data and provides a simple, easy-to-use, platform that can be utilized across their portfolio of campus marketing partners.
"This partnership with Van Wagner is the beginning of a much bigger trend we are seeing in the sponsorship industry," says Jason Smith, founder and CEO of SponsorCX. "So many properties across the world are seeking a better solution than what has been provided in the past. We couldn't be prouder to partner with Mike Palisi and the Van Wagner team to lead out in a new and innovative way to manage sponsorships. It's a pleasure to work with forward-thinking organizations that are always looking to take their processes to the next level."
Serving clients across various industries, including sports, entertainment, events, arts, and non-profits, SponsorCX provides a suite of online automated sponsorship management tools, including:
- Relationship Management
- Fulfillment Management
- Inventory Management
"Van Wagner takes pride in bringing innovation, while over-delivering value, to our clients and partners," said Mike Palisi, President, Van Wagner College. "Partnering with SponsorCX, which was developed by Jason Smith who enjoyed a tremendously successful career in our field and uniquely understands our industry, will further streamline communication and enhance collaboration by integrating sponsorship sales and fulfillment into one easily accessible platform."
SponsorCX is a leader in sponsorship management within the sports, entertainment, causes, arts, and events industries. It is a complete sponsorship management tool to assist in managing sales, fulfillment, and inventory to maximize sponsorship revenue. The company was founded in 2017, and continues to grow rapidly as the newest and most innovative sponsorship software solution in the industry. Learn more at sponsorcx.com
Van Wagner Sports, a wholly-owned subsidiary of Van Wagner Group LLC, creates, advises, and sells on behalf of world-class teams, leagues, brands, properties, and colleges. An innovator in the sports and media business, Van Wagner is a global leader in high-impact broadcast visible signage throughout the MLB, NBA, NCAA, and the highest levels of international soccer, sponsorships sales, college multi-media rights, and in-venue content production at the world's biggest sporting events. www.vanwagner.com.
Contact: admin@sponsorcx.com
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SOURCE SponsorCX | https://www.whsv.com/prnewswire/2022/08/12/van-wagner-partners-with-sponsorcx-manage-sponsor-relationships/ | 2022-08-12T12:39:39Z |
BOSTON, Aug. 12, 2022 /PRNewswire/ -- Zeta Surgical, a surgical robotics and mixed reality company, has appointed Dr. James Choi from Imperial College London as Focused Ultrasound Lead. Dr. Choi will head the development of an ultrasound device to be used alongside Zeta Surgical's neurosurgical navigation technology to facilitate drug delivery to the brain.
Dr. Choi is an Associate Professor and the Founding Director of the Noninvasive Surgery and Biopsy Laboratory at Imperial College London. A recognized leader in the field, he is the recipient of the prestigious Frederic Lizzi Award and the Frederick V. Hunt Fellowship in Acoustics. His research focuses on the development of ultrasound technologies that noninvasively and locally alter blood-brain barrier permeability. Dr. Choi completed his doctorate at Columbia University and his post-doctoral fellowship at the University of Oxford.
"I am excited to join the Zeta Surgical team, whose vision is so aligned with my work. For decades, neurological diseases have had the least progress in treatments – there are many powerful drugs available, but they cannot cross the blood-brain barrier. An ultrasound device paired with Zeta Surgical's navigation technology will make drug delivery to the brain seamless, treating the many patients suffering from Alzheimer's disease and brain cancers," says Dr. Choi.
"We believe that our navigation and robotics platform has the potential to make focused ultrasound and other non-invasive therapies safer, more effective, and more accessible, and we are thrilled to be partnering with Dr. Choi in this mission," says Jose Amich, Co-Founder and CEO of Zeta Surgical.
"We are excited by the potential for a focused ultrasound solution, guided by Zeta's precision navigation, to greatly improve CNS drug delivery and increase the efficacy of drugs for conditions such as brain cancer and Alzheimer's disease," says Matt Fates, Partner at Innospark Ventures and Zeta Surgical board member.
Zeta Surgical is a digital surgery company focused on improving the accuracy, safety, and accessibility of image guided procedures. Its navigation and robotics platform, Zeta, leverages cutting-edge computer vision and artificial intelligence to enable image guidance directly at the point-of-care, creating new possibilities in fields such as emergency care and interventional medicine. Zeta Surgical was founded by Harvard graduates and faculty and is backed by leading investors. To learn more, visit: www.zetasurgical.com.
Contact:
Jose Amich
jose.amich@zetasurgical.com
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SOURCE Zeta Surgical | https://www.whsv.com/prnewswire/2022/08/12/zeta-surgical-appoints-professor-james-choi-focused-ultrasound-lead-push-incision-less-brain-surgery/ | 2022-08-12T12:39:46Z |
With one candidate dropping out and a faction of Republican support coalescing around another, the race for superintendent of public instruction is sharpening as Aug. 16 primary election approaches. The winning Republican primary candidate will face Sergio Maldonado, the lone Democrat running for the office, in the November general election.
The Wyoming Republican Party announced on Aug. 1 that Thomas Kelly, one of five candidates running in the Republican primary, dropped out and cast a vote for Brian Schroeder, the governor-appointed incumbent.
Kelly felt “the conservative elites were rallying behind Superintendent Schroeder,” he said, and “it looked like I was going to cause more damage than good by staying in the race.”
Schroeder, who has made headlines for political maneuverings regarding hot-button issues like critical race theory and discrimination policies, has since secured the endorsement of former President Donald Trump, the Casper Star Tribune reported.
He’s not the only candidate to win a high-profile endorsement. U.S. Sen. Cynthia Lummis (R-Wyoming) announced her support for Megan Degenfelder, a sixth-generation Wyomingite and former chief policy officer at the Wyoming Department of Education.
“Senator Lummis is the epitome of conservative Wyoming values and has spent decades working tirelessly to improve our state,” Degenfelder said in a statement about the endorsement. “What matters most to me is the support of Wyoming leaders who have built this state into what it is today.”
Candidates Jennifer Zerba and Robert White also remain in the GOP primary race.
In a statement to WyoFile, Degenfelder said she remains focused on her campaign message: “to make sure parents are the number one decision makers in their children’s education and to continue fighting to keep anti-American curriculums out of our classrooms.”
Wyoming parents and taxpayers, she said, “are ready for a true conservative” to be their new superintendent of public instruction.
Degenfelder grew up in Wyoming and graduated from the University of Wyoming. She then went on to obtain her master’s degree from the University of International Business and Economics in China, an experience she says enhanced her appreciation for U.S. “constitutional government and freedoms.”
She previously told Wyofile she’d support looking into expanding school choice options in Wyoming. “We have barely scratched the surface here in Wyoming when it comes to school choice,” Degenfelder said. “We can start, you know, looking at the voucher system. I’m extremely supportive of leaving no stone unturned when it comes to school choice.”
When it comes to combating teacher burnout, she said, “working on individual levels with our school districts is the best way to accomplish that.”
As someone who’s worked in the coal, oil and gas industry, Degenfelder said, she’s seen firsthand what skills companies are looking for. “I really would like to bridge the gap between our industry and their needs and the education system,” she said.
“When I started this race I wanted to give Republicans another choice,” said Casper-based candidate Zerba, a substitute teacher and cosmetologist. “Somebody who is not as far right leaning as the others, someone who’s more moderate.”
Zerba said she remains the outlier in the slightly less crowded Republican primary. “I am not in support of charter schools, I am not in support of vouchers, I am not in support of private schools. I am not in support of sectarianism,” Zerba said.
Putting public dollars into private, religious schools violates the Wyoming constitution, she contends. Zerba also said she won’t “allow discrimination against any of our pupils, which is unconstitutional.”
Zerba will also focus on making sure students are prepared for blue-collar jobs. “We are blue collar and we do not have enough people filling those blue-collar jobs,” Zerba previously said.
Her experience as a substitute teacher, Zerba said, gives her a better understanding of educators and the stresses they face.
Schroeder worked as a private Christian school administrator in Cody prior to his appointment by Gov. Mark Gordon as head of the department of education.
During his roughly six-month-stint in office, he championed a Teacher Apprenticeship Program based on a similar model launched in Tennessee as a way to address the state’s teacher shortage.
“The first priority is to cast the vision to lead the nation in education,” Schroeder wrote to WyoFile in April. “There is something deep within the DNA and character of the Wyoming people that sets the stage for this possibility. Education is one of those fields where less is more.”
He expressed similar sentiments in an eight page paper titled “Lead the Nation: A Vision for Wyoming Schools.”
The Wyoming Department of Education sent the paper to legislators on July 6.
The Park County Republicans’ secretary also emailed the document out on July 18, noting in the body of the email, “Hello everyone. It is our intent to inform as many as possible voters … We do not endorse any candidate until after the Primary, however. Please read the attached document.”
While the Park County Republicans continue to assert they’re not violating state law nor party rules, those communiques raised some eyebrows in a state where statute prohibits a party from financially supporting a primary candidate directly, or indirectly.
The vision paper also appears on Schroeder’s campaign website.
In the paper, Schroeder writes, “The evangelists of secularism saw two institutions — government and education — as the perfect twin vehicles through which they would remake society in their image.”
He writes that federal dollars and the requirements that accompany them set the stage for “the social engineers to fundamentally transform our society – through our schools – into a world that is radically contrary to everything we hold dear.”
But Schoeder may not have the authority as superintendent to carry out all aspects of his vision. In June, Schroeder condemned a USDA free-and-reduced-school-lunch program policy update requiring schools to investigate discrimination on the basis of gender identity and sexual orientation, through statements released by the WDE.
Wyoming receives $40 million per year for the program.
“I will support (and encourage) all efforts to begin the process of cutting ties with federal funds while upholding the constitutional mandate to financially sustain Wyoming public education,” Schroeder said.
A WDE spokesperson clarified in July that “Superintendent Schroeder has not withdrawn Wyoming from the USDA Nutrition program, as that is not within his authority,” but that the department also wasn’t complying with the new federal mandate, which could result in the loss of the funds.
Schroeder also expressed his continued support for charter schools, writing in his vision paper “the charter school movement is such a critical piece in this whole thing. It helps break the stronghold of centralization, moves things back to the parents and local control, and brings competition back into the picture.
Robert White, a Rock Springs trona miner, is also running for superintendent. He previously told WyoFile he wants to enhance communications between schools and parents.
He said his top priorities as superintendent would be addressing school shootings, lowering classroom sizes and increasing teacher pay. | https://www.wyomingnews.com/candidates-refine-stances-as-race-for-education-chief-narrows/article_cc9e824d-95c4-5949-bb4d-2ab47380226d.html | 2022-08-12T13:06:38Z |
Wes Scantlin is still just feeling it out.
Whether that’s songwriting as the frontman for Puddle of Mudd or performing live with the band, like he’ll do at The Lincoln Theatre on Saturday, its all about finding a groove and hoping something sticks.
A lot has worked out for Puddle of Mudd over the years. The Kansas City natives blasted into rock radio mainstream with the songs “Blurry” (2001), “Control (2001),” “She Hates Me (2002)” and “Drift & Die (2002),” all featured on their 2002 breakout record “Come Clean.”
Since then, the group has undergone serious lineup changes, with Scantlin being the only consistent member since the band’s inception. Regardless, the group continued to top the mainstream rock charts with songs like “Away From Me” (2003), “Famous” (2007) and “Psycho” (2007).
The band recently returned with their first album since 2011. “Welcome to Galvania” spawned their first high charting single in many years, “Uh Oh” (2019).
Puddle of Mudd are working their way back into the studio this summer to revitalize some songs from the band’s archives. On Wednesday, Scantlin took a break from toying around with new material at his home in Los Angeles to speak with the Wyoming Tribune Eagle by phone ahead of their up coming show.
Question: Have you been in the studio pretty regularly since your last album?
Wes Scantlin: “I have been just friggin’ nosediving into GarageBand (a music creation software), that’s like out-of-this-world amazing nowadays. During the pandemic I studied GarageBand. It’s been unmatched, seriously. There’s some serious, professional tracks.”
Q: How were you working on songs before, then?
A: “It’s usually me, an acoustic guitar, a couple of freaking brewskis, a pen and notebook paper. If it’s good, I’ll just sit there and drill it into my mind. So I kind of just record with my brain, really.
“GarageBand definitely helps. There’s a lot of great ideas and there’s a lot of (bad) ones too. You can kind of kind of file through them and go, ‘Oh, okay, that’s kind of cool.’”
Q: I brushed up on some of your early albums, then the most recent, and it feels like for the most part you maintained your sound. But the state of popular music when you first hit the scene was so different than it is now.
Is it weird to compare what you’re doing now to what’s popular on the radio and streaming?
A: “Man, I don’t know. There’s some songs that I’ve heard where I’m like, ‘Wow, man, these people are getting a lot of notoriety for this?’ I mean, you hear a hit, you know? A hit song. There’s some stuff out there that are just not really hits.
“It’s like, s, Tom Petty and those guys, man, I’m talking about simplicity, dude. Get a groove going on some kind of a cliche sort of deal.”
Q: If we’re talking about hits, then “She Hates Me” – that’s a hit. That comes on in the bar and people start singing it.
A: “On that record I was saving a few (songs) just to have in my back pocket. I let that one sit there and then we go ‘we need a new song.’ So I tell them ‘“She F—king Hates Me,” check it out.’ It was just me and an acoustic in front of Paul Phillips and Danny Wimmer. And their (jaws) dropped on the floor.
“They were like, ‘Wow, that’s got legs.’”
Q: If it’s still playing today, then I’d say it worked out.
A: “Oh man, I don’t even have to sing it live anymore.”
Q: You sat and wrote that song and now audiences anywhere can probably sing the rest of the song to you. It’s got to be a weird feeling.
A: “Jimmy Allen, the original guitar player, and I were rehearsing at this place called ImPres Label, sitting upstairs and smoking, just writing like little songwriters. He’s a very clever guy. He would jot it down and then I would just melodically cruise into it, just read along with lyrics and he would play it.
“I was just like ‘Wow.’ It was a wild moment for us. You know, we were like, 23 or 24 years old.”
Q: Was that the process for all the songs off of “Come Clean”?
A: Yeah. There’s a lot of really killer freaking songs. A lot of the records from that time make me so happy. Like, wow, man, where the hell was I at when I did that?”
Q: Where was your head at when writing that album?
A: “You know usually women will just like just drive you bonkers and make you feel like a f—ing loser. Just angst and trying to be a gentleman or whatever. I’m actually, like, obsessed with searching for maybe another psychotic chick.”
Q: You need the inspiration?
A: “Yeah, I’m trying to pick a real freak, man. It happens naturally anyway.”
Q: So how’d it go last time you played in Cheyenne? If you remember.
A: “Well, I hope it was good. Sometimes we just put the pedal to the metal and go punk rock. We’re just gonna get crazy. Sometimes mid-set I’ll just come up with a riff, kind of like Soundgarden meets Pearl Jam and Kurt Cobain came back to life to start wailing on some vocals.
“Weird droning guitar, some Jane’s Addiction – we just go into a groove and it’s really fun. I can see people’s eyes light up when we do it.”
Q: Does it usually go well? Or do you ever come up with something that just sounds like hell?
A: “No, lately is it’s gone over well. Most of them are coming through real nice, man. Everybody’s got to group in together, get in as a band and go, ‘I’m doing this, check out where I’m at on the fret board.’
“We can get in key, be a little bit psychedelic. Just you can just moan and do noise. Hell, Pearl Jam did ‘Yellow Ledbetter.’ I mean, (Eddie Vedder’s) not even speaking English, but it sounds cool.”
Q: Well I’m looking forward to seeing what you guy’s bring to Cheyenne.
“We’re gonna come in there and we’re gonna blaze, man. We’re gonna blaze it out, have a good time and play some good music.” | https://www.wyomingnews.com/features/a-q-a-with-puddle-of-mudds-wes-scantlin/article_53a84a4d-c2cc-5909-a174-61a491cc1e52.html | 2022-08-12T13:06:40Z |
The trailer for Discovery+’s docuseries “House of Hammer” has arrived and promises “disturbing details” and “sinister secrets” about embattled actor Armie Hammer – as well as some other men in his famous family.
“Magnify ‘Succession’ a million times and it was my family,” series consultant Casey Hammer, the actor’s aunt and granddaughter of oil tycoon Armand Hammer, says in the new trailer.
Some of those details include interviews with Armie Hammer’s alleged victims, as well as disturbing text and direct messages in which the “Call Me By Your Name” star allegedly asserts that he is “100% a cannibal” and that he wants to own the women or decide if and when they get to eat.
Directors Elli Hakami and Julian P. Hobbs begin the trailer with a focus on two of Hammer’s accusers, Courtney Vucekovich and Julia Morrison, who share their alleged experiences with the actor.
“I have a fantasy about having someone prove their love and devotion and tying them up in a public place at night and making their body free use,” one alleged message from Hammer says as it’s shown onscreen and read aloud by Morrison.
“My bet was going to involve showing up at your place and completely tying you up and incapacitating you and being able to do whatever I wanted to every single hole in your body until I was done with you,” says another alleged voice memo recording played in the trailer.
From there, the trailer gets into graphic missives said to be from Hammer and some of the allegations that led to his public downfall in 2021 when he was accused of raping a woman identified as Effie in 2017. Additional women came forward with allegations of sexual misconduct after that, as well as an LAPD investigation, but the “On the Basis of Sex” star denied them and dismissed them as “bull—.”
Discovery+, which will launch the three-episode series on Sept. 2, said the allegations surrounding Hammer are only “the tip of the iceberg” because the show actually treads into the misdeeds of five generations of men in the wealthy dynasty, such as Julius Hammer’s manslaughter conviction in 1920 and Julian Hammer’s self-defense killing of a man in the 1950s, according to Variety.
Casey Hammer also alleges that her father Julian Hammer sexually abused her when she was a child, an account she details in her 2015 self-published book “Surviving My Birthright.”
The “House of Hammer” narrative will come to life in the doc “through a trove of archive and interviews from survivors and family members” meant to showcase “all the devastating consequences of privilege gone wild,” Discovery+ said.
The series begins in 2020 at the peak of Armie Hammer’s fame and “each episode will shine a light on a depraved pattern of abuse that extends far beyond the accusations brought against the disgraced actor,” the streamer said.
Hammer’s attorney, Anthony Brettler, did not immediately respond Wednesday to the L.A. Times’ request for comment.
Will Carpenter is the Wyoming Tribune Eagle’s Arts and Entertainment/Features Reporter. He can be reached by email at wcarpenter@wyomingnews.com or by phone at 307-633-3135. Follow him on Twitter @will_carp_. | https://www.wyomingnews.com/features/allegations-against-armie-hammer-are-the-tip-of-iceberg-in-house-of-hammer-trailer/article_38af30f6-3aaf-5868-afb8-c921fe17bd29.html | 2022-08-12T13:06:41Z |
Last week, HBO Max quietly pulled a number of TV and film titles off its streaming service. They have been removed indefinitely, as far as anyone knows.
While none were major hits, they’re not obscure either. They’re of recent vintage and feature big-name stars. Some of the shows affected: “Mrs. Fletcher” starring Kathryn Hahn, “Camping” starring Jennifer Garner and David Tennant, and the Mick Jagger and Martin Scorsese-produced music industry drama “Vinyl.” On the movie side, the list includes “An American Pickle” starring Seth Rogen, “The Witches” starring Anne Hathaway, “Superintelligence” starring Melissa McCarthy and “Charm City Kings” starring Teyonah Parris.
As far as audiences are concerned, they’re all just gone. For now. Maybe forever.
Removing them was a cost-cutting move from the newly merged Warner Bros. Discovery. How does this save money? One theory: Pull a title off the market and there are no residuals that need to be paid to actors, writers and directors. Yes, streaming services are obligated to pay residuals. Perhaps these TV shows and movies weren’t enough of a draw – to current or potential new subscribers – to be considered “worth” whatever HBO Max was paying in residuals.
But to have titles just disappear like that … well, it’s alarming.
I saw it phrased this way on Twitter: “Absolutely insane that a lot of media will in fact just start vanishing off the face of the earth in the next decades, not because they were lost to time but because they aren’t available on any streaming services, nobody owns a hard copy and all the torrent links are dead.”
It’s good to be worried! People are right to be worried.
Movie studios and TV networks are not – and never were – in the preservation business, and that’s true of streaming platforms, as well.
Often this is framed as a new problem – one specifically tied to streaming and the elimination of physical releases. But if you go back further, to when TV and film only existed in hard copies, these kinds of losses were still happening in some shape or form. It’s been a depressing reality since the dawn of cinema.
If you grew up primarily accessing TV and film via streaming, maybe it was easy to assume all of it would be permanently available, at your fingertips. I get it. The internet is forever – or so we’ve been told! But the history is brutal and we’re seeing how it’s repeating itself.
So let’s look at that history. The Film Foundation, a nonprofit founded by Martin Scorsese, reports that film archivists estimate “half of all American films made before 1950 and more than 90% of films made before 1929 are lost forever.”
Those are staggering numbers; the vast majority of silent films made are just gone. Modern audiences rarely give much thought to silent films, but maybe it’s because so few have survived. “It’s a lost style of storytelling, and the best of the films are as effective with audiences today as they were when they were initially released,” archivist David Pierce told The Associated Press.
What happened? Decay and neglect are often the culprits. Celluloid degrades after time, especially the nitrate film stock used during the first half of the 20th century. Nitrate was also highly flammable and led to vault fires.
Storage – especially the right kind of storage – costs money and sometimes things were just thrown away.
The DuMont Television Network was prominent in the ‘40s and early ‘50s and notable for its variety show “Cavalcade of Stars” with Jackie Gleason, which featured sketches that were the precursor to “The Honeymooners.” But much of the DuMont output (nearly 200 TV series in all) is – you guessed it – gone. Or rather, discarded to a watery grave.
Those early Gleason shows “were taken care of in a most unique and swift fashion,” TV actress Edie Adams told the Library of Congress. She and her husband Ernie Kovacs both worked at the network in the ‘50s. Her testimony is on the Library of Congress website and it’s a fascinating read. Here’s what she says happened:
“In the early ‘70s, the DuMont Network was being bought by another company and the lawyers were in heavy negotiations as to who would be responsible for the library of DuMont shows currently being stored in the facility – who would bear the expense of storing them in a temperature controlled facility, take care of copyright renewal, etc. One of the lawyers said he would ‘take care of it’ in a ‘fair manner’ – he took care of it, all right.
“At 2 a.m. the next morning, he had three huge semis back up to the loading dock … filled them with all the stored kinescopes and 2-inch video and drove them to a waiting barge in New Jersey, took them out on the water, made a right at the Statue of Liberty and dumped them in the Upper New York Bay! Very neat … no problem!”
Whether TV shows and films exist as physical copies in a vault or digital copies stored on servers or on drives that become obsolete within a decade, as Adams’ story makes clear, archiving is not cheap.
We’re living in the Age of the Great Reboot; you’d think that would work as some kind of safety net. And maybe it will. But not every piece of IP – intellectual property destined to be remade – is actually worth the trouble. And when costs are being cut, executives rarely shy away from coldblooded decisions.
That’s always been true in Hollywood. But with streaming suddenly hitting a bumpy road financially, we’ll likely see even more of it to come. | https://www.wyomingnews.com/features/it-s-alarming-when-tv-shows-and-movies-vanish-off-streaming-services-but-there-s/article_af156a50-7e17-598c-a257-18ba70908e0a.html | 2022-08-12T13:06:42Z |
Who doesn’t love Diane Keaton? Or frankly, want to be Diane Keaton? The Oscar-winning star has had a film and television career spanning six decades, she’s a fashion icon, and she’s done it all in her own singularly unique and quirky way.
It’s not surprising then, that in the fantastical and fluffy comedy “Mack & Rita,” written by Madeline Walter and Paul Welsh, directed by Katie Aselton, a struggling young writer wishes to be as cool and confident as Keaton herself, or someone like her, as in, older. Rendered literal, that wish results in a tale that could be described as “Freaky Friday” meets “Old.” It’s a cute concept, but one that turns out to be a lemon once you start kicking the tires.
Watching Keaton read the phone book would be entertaining. Unfortunately, the phone book would have made more sense than the screenplay for “Mack & Rita,” which ditches character establishment and a clear conflict for fish-out-of-water physical comedy and some vaguely affirmative lessons about learning to be yourself, unapologetically.
Twenty-something Mack (Elizabeth Lail) is an author turned social media writer/influencer. Though she looks young and hip, she’s truly an old soul who dreams of living like her dear grandmother, swanning about in colorful caftans, not caring about what other people think. This desire for the caftan life is apparently a struggle for Mack, as she violently resists the youthful capers of her friends during a Palm Springs bachelorette party for her best friend Carla (Taylour Paige).
Worn out from a bottomless brunch, aghast at the notion of a “Bad Bunny concert in a refrigerator,” Mack stumbles into a “past-life regression pop-up” and clambers into an old tanning bed at the behest of Luka (Simon Rex). He guides her through a meditation about who she really wants to be, and out pops Diane Keaton, naturally. Mack is suddenly the bold and stylish 70-something she’s always dreamed of becoming one day.
Posing as an “Aunt Rita” until the problem can be remedied, the older Mack slides back into her life with a few bumps along the way. But she’s also got a new groove as Rita, flirting with her next door neighbor Jack (Dustin Milligan), and becoming a surprise Instagram sensation. It’s a story ostensibly about how the privilege of age can help one learn to embrace all of their foibles and idiosyncrasies, it’s just that we’re never quite clear on specifically what those are for Mack.
If growing older is empowering, it’s due to the experience you gain and the lessons along the way; the years spent earning gray hairs and laugh lines. It’s not something you can skip. Mack/Rita eventually figures this out, thanks to a sassy wine club of grandmas who helpfully point it out in the 11th hour, a little too late.
Any and all age swap shenanigans, baffling scenarios and flaws in the concept could be forgiven if we better understood Mack, whose issues seem muddled and trivial. Rita, well, who even is Rita? She’s supposed to be Older Mack but she’s just Diane Keaton, who does her signature adorably neurotic routine (if it aint’ broke). However, there’s no consistency of character or performance from Lail to Keaton and back again, and it always feels like Mack AND Rita, not that they are the same person.
Aselton has a light touch as a director, and she wisely trots out an all-star parade of comedy heavyweights to distract from the script issues. It’s hard to be mad at a movie in which Patti Harrison juggles three cellphones as Mack’s harried agent, and Nicole Byer leads a beachside breathwork session that somehow ends up lighting Rita’s hair on fire. The supporting characters, even in the smallest of roles, are a highlight.
Perhaps a little Keaton cosplay can be therapeutic, but true wisdom comes from time spent, not just an age swap. Thanks to the adventures of Rita, Mack finally learns to just wear the caftan if she wants to, though it remains a mystery about what was ever stopping her from wearing one in the first place.
Will Carpenter is the Wyoming Tribune Eagle’s Arts and Entertainment/Features Reporter. He can be reached by email at wcarpenter@wyomingnews.com or by phone at 307-633-3135. Follow him on Twitter @will_carp_. | https://www.wyomingnews.com/features/movie-review-mack-rita-an-age-swap-comedy-that-lacks-soul/article_bf98a76f-c522-51a6-950a-defb2ea15439.html | 2022-08-12T13:06:48Z |
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