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Lawmakers demanding fmr. President Trump’s tax returns talk after court rules in their favor
Ways and Means Committee chairman Rep. Richard Neal (D-MA) first requested the returns in 2019.
WASHINGTON (Gray DC) - President Donald Trump still has time to appeal a court ruling that clears the way for the a congressional committee to access his tax returns. But Ways and Means Committee Chairman, Rep. Richard Neal (D-MA), told the Washington News Bureau it’s unclear if Trump will.
“I can’t speak to the issue of whether or not there’s going to be an appeal,” Neal said Friday. “But, when you read the decision that was rendered by the Circuit Court of Appeals, it is broad based and virtually supportive of all of the arguments that we’ve made.”
Following the U.S. Court of Appeals ruling, the Ways and Committee said the decision showed “the law is on our side in seeking Trump’s tax returns.”
Rep. Neal first submitted the request for the returns in 2019.
Read the ruling here.
“This is not about being punitive. This is about a legitimate request from the Ways and Means Committee,” said Neal.
Court documents show Rep. Neal requested the federal income tax returns of then President Trump on April 3, 2019, as well as “Donald J. Trump Revocable Trust, DJT Holdings LLC, DJT Holdings Managing Member LLC, DTTM Operations LLC, DTTM Operations Managing Member Corp., LFB Acquisition Member Corp., LFB Acquisition LLC, and Lamington Farm Club, LLC doing business as Trump National Golf Club—Bedminster ( in the court documents known collectively as “Appellants” or “the Trump Parties”).” At that time, court documents state that Rep. Neal said the panel was “considering legislative proposals and conducting oversight related to our Federal tax laws, including, but not limited to, the extent to which the IRS audits and enforces the Federal tax laws against a President.”
However, on May 6, 2019, the Department of the Treasury responded that it did not intend to comply with the request because it said the request was not supported by a legitimate legislative purpose.
Neal refiled the request in June 2021 and he provided more detail of what the Committee was seeking including information “to consider and prioritize legislation on equitable tax administration, including legislation on the President’s tax compliance, and public accountability.”
This time, the Treasury determined the request was valid.
Upon hearing the Treasury’s 2021 decision, the ‘Trump parties’ filed their own claim against the Treasury and the IRS as it called the 2019 and 2021 requests unlawful.
They argued there was a lack of legislative purpose and that the request violated the separation of powers. The ‘Trump parties’ also argued Chairman Neal’s request exceeded Congress’ investigative powers.
Yet the Court of Appeals found on August 9, 2022 that the committee’s request to obtain the returns serves a valid legislative purpose.
“I’d like to applaud the efforts of Chairman Neal,” said fellow Ways and Means Committee member Rep. John Larson (D-CT). ”...We won on every single point. So it just wasn’t a case where we won one or two comments there. And, also Congressman Bill Pascrell, who’s been at this for, well, four years now in terms of getting the important information. So, all this I think is then in the final analysis. Justice will be be served in a democratic republic.”
Copyright 2022 Gray DC. All rights reserved. | https://www.wvva.com/2022/08/15/lawmakers-demanding-fmr-president-trumps-tax-returns-talk-after-court-rules-their-favor/ | 2022-08-15T19:57:03Z |
Therapy surf dog takes final ride on the waves
(CNN) - It’s the final “surf’s up” for a southern California therapy dog.
For 13 years, Ricochet the golden retriever has assisted special needs children and wounded veterans with surfing. But now, she’s hanging up her surfboard after suffering her own health challenges.
She’s now over 14 years old and was recently diagnosed with kidney disease, a mass on her liver and arthritis in her spine.
Ricochet took her final ride at La Jolla Shores, helping Purple Heart recipient Jose Martinez ride the waves. Martinez lost both legs and one arm after stepping on a bomb in Afghanistan.
Ricochet helped Martinez in his recovery by getting him back in the ocean.
“She’s getting a lot older now, so unfortunately she has not been wanting to surf a lot more like she used to,” Martinez said.
Ricochet has a rich history of helping humans in need. Her very first assisted surf happened in 2009 when she counterbalanced the surfboard for a 14-year-old boy with a spinal cord injury.
But now in 2022, she’s riding the final wave with Martinez, who was told he would be in a wheelchair for the rest of his life.
“For me to be able to help out the dog that helped me kick-start my surfing career and my surfing life, it is just as if I am filling her cup up as much as she filled mine up,” Martinez said.
Ricochet helped Martinez achieve his number-one ranking in the International Surf Association’s prone assist division. He now has a dream to compete in the 2028 Paralympic Games in Los Angeles.
Copyright 2022 KFMB via CNN Newsource. All rights reserved. | https://www.wvva.com/2022/08/15/therapy-surf-dog-takes-final-ride-waves/ | 2022-08-15T19:57:10Z |
Wade Center helps kids explore the outdoors
Published: Aug. 15, 2022 at 3:42 PM EDT|Updated: 15 minutes ago
BLUEFIELD, W.Va. (WVVA) - The Wade Center is teaming up with a local business in an effort to help kids explore the outdoors.
The Wade Center provided transportation to the Blue Mountain Rustic, located off of 460 in Bluefield, giving a group of 13 children a chance to excavate their own gems.
Betty Brainerd, executive director of the Wade Center, said, “But the main thing is getting them out. Out of school, out of that environment, into nature to show them what’s available in their community.”
The Wade Center has two more activities planned for the near future.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/08/15/wade-center-helps-kids-explore-outdoors/ | 2022-08-15T19:57:16Z |
Updated August 14, 2022 at 9:16 AM ET
It's not every day you get the blessing from the director of one of your favorite childhood films to reimagine her movie in a new light.
Comedian and actor Abbi Jacobson did.
The co-creator of the new A League of Their Own series was able to speak to Penny Marshall, the original director of the 1992 film. Marshall, who died in 2018, gave the greenlight after Jacobson said the show was not going to be an exact replica of the movie.
"We told her how much we love the film and ... that we were shifting focus and really trying to tell the story of a generation of women who played baseball," Jacobson tells NPR. "And she said, 'Well go and do it already. Like go and do it.'"
Now it's available on Amazon Prime Video.
Both the film and the show are about the women who played in the All-American Girls Professional Baseball League, which started during World War II.
In order to get a feel for what it was like to be a female baseball player in that era, Jacobson says she and fellow co-creator Will Graham consulted with Maybelle Blair, an original player in the league who came out publicly as the show prepared to launch. The 95-year-old shared her identity during the Q&A portion of the pilot's premiere at the Tribeca Film Festival.
Jacobson says she hopes the untold stories about queer and racial experiences that weren't fully present in the film can now be highlighted in her series and help other come to their own truth — like Blair did.
Jacobson shares more about what she wanted the focus of the show to be on, the character she portrays in the series, and what she wants audiences to experience with this adaption of the film.
This interview has been edited and condensed for clarity.
On how she, Graham and other show staff approached the movie's material
From our initial conversation, it was like, we don't need to remake this movie at all. We're not trying to do these characters again. But there is so much in the film that we felt like Marshall was nodding to.
This is an iconic queer film, but no one in the film is openly gay and it's not really that clear. But it is beloved by the queer community.
There's an iconic scene in the movie where a Black woman picks up a foul ball and chucks it back to Dottie [Hinson, played by Geena Davis]. And you're sort of meant to know the historical fact that Black women were not even allowed to try out for this league.
We're really excited to dive into the stories that were not told in the film, the other people that we weren't focused on. We're kind of pulling focus in other directions. And so I always think of it as like a reimagining.
On how she relates to her character, Carson Shaw
I came into my queerness pretty late in life. And also I say that in a non-judgy way, like it's never too late.
But my character, Carson, is going through a very different but similar journey of coming to know herself. I really relate in so many ways to Carson and that figuring out of oneself and that experience of having the world sort of all of a sudden feel a lot bigger than it did before, which I think is what that felt like for me and in a great way.
On what she hopes people take away from the show
It really is about finding your team, and these characters, a lot of them are finding their team on the field, which is a place that they've never really had that kind of camaraderie.
But the show is also so much about finding your team in life, in your people, and I hope that whether you play baseball or not, I think this is a really analogous thing to whatever your passion is to go and find those people.
I feel like this is very analogous to my story in finding my people in comedy. Once I found them, I was like, "I can do this. I found other people that love this as much as I do."
And then in the same way is finding your people who see you. And that's the queer community. Whatever people you need, I hope an audience will watch and if they have their community, maybe they're watching with their community and they see themselves already. And if they don't have those communities yet, they know that it's never too late to find them.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-06/a-league-of-their-own-star-abbi-jacobson-focuses-on-the-films-untold-queer-stories | 2022-08-15T20:05:38Z |
DNIPRO, Ukraine — Outside a morgue in the central eastern Ukrainian city of Dnipro, a scene plays out all day, every day.
Coffin lids are brought out and leaned against a wall, along with large crosses and flowers. The coffins soon follow, the pale face of a dead soldier sometimes visible inside. They're slid inside a waiting van; the lids put on.
This is where Oleg Repnoy's journey begins. He's a volunteer for Evacuation 200, an organization that returns dead Ukrainian soldiers — or their remains — to their families.
"My job is to accompany these heroes on their last trip home," he says.
Since fighting began on Feb. 24, no one could keep up with the number of casualties, he says. So this special volunteer unit was created to help.
The former interior designer with the blue-eyed gaze has spent the past five months crisscrossing Ukraine with his precious cargo. The 55-year-old says he feels like he is helping in the fight.
"My work is important because I'm also taking care of all the bureaucracy and paperwork for families in grief and they are grateful," he says. "But you need to have strong mental health to do this job."
While President Volodymir Zelenskyy has said up to 200 soldiers a day could be losing their lives in the war with Russia, the exact number of Ukrainian casualties has been a preciously guarded government secret. Operations like this one give a glimpse into the true toll.
On the day NPR meets Repnoy, he's holding a soldier's paperwork. It has a number: 3,249. That's the number of dead since Feb. 24 in this morgue alone. This operation is playing out in morgues all over the country.
Repnoy is setting out for a small village several hours south of Dnipro, closer to the front lines. He's carrying two coffins with the remains of soldiers killed in early May, only recently recovered.
There's no air conditioning in the cab of the van. It's a hot day and he rolls down the window and smokes. He says sometimes he feels guilty bringing the young soldiers home.
"One day I drove the body of a very young guy born in 2002 and I thought, 'that young guy is dead and I'm much older than him and I'm alive.' It seems so unfair," he says.
But he says the families are never resentful, and always grateful to him when he arrives.
Out on the road, the vast Ukrainian plains stretch as far as the eye can see. There are shimmering wheat fields on one side, bright-yellow sunflowers on the other.
Repnoy listens to music and thinks about the soldiers he's carrying and the land he's crisscrossing. He says he's traveled extensively in his country and thought he knew it well.
"But when I started delivering dead soldiers, I began to think about how beautiful our country is," he says. "I just never imagined I'd discover my country going from morgue to morgue."
On the side of his white van — which was once used to deliver flowers — the number 200 is written in black. The name of this operation, Evacuation 200, is military jargon for the transport of dead soldiers.
The term made its way into public consciousness in the 1980s, when Ukraine was part of the Soviet Union and Soviet soldiers' bodies were brought home from the war in Afghanistan. Each body in its zinc coffin was said to weigh around 200 kilograms — about 440 pounds.
When Repnoy stops for gas, people know what cargo he's carrying. Olga Bereza, 44, looks over as she fills her tank. But she doesn't feel reverence for the dead, she says.
"Honestly?" she asks. "We feel only hate. When the war came into our home and our people are being killed, right now we can feel only hatred, unfortunately."
When Repnoy pulls into the village of Apostolove, members of the soldiers' regiment are waiting to meet the coffins. They slide them out of the van one by one, along with the flags and the flowers and the crosses, readying them for their upcoming funerals.
One of the dead soldiers is 47-year-old Andriy Bilay, who is from Apostolove. His 70-year-old mother, Vira Bilay, has been waiting for him.
She says the last time she spoke with Andriy was on May 7, when he told her he was going on a special operation. She pulls a large photo of her boy out of a plastic bag and cries as she talks about him.
"He worked for the railroad and everyone loved him," she says.
Bilay says her son was furious about the invasion and was on the front lines within days.
There were also foreign soldiers fighting for Ukraine stationed here in the village, says Bilay, and she took care of them.
"They didn't speak Ukrainian but I used Google Translate and I brought them food. Borsch, pancakes, homemade dumplings — I fed the foreign soldiers. But," she cries, "who took care of my son?"
Asked if she has a message for the world, she wails:
"People, please don't fight, it is heartbreaking. It's very painful. Don't kill each other!"
There's a World War II tank in her village, a monument bearing the inscription: "To the combatants of the Soviet army, liberators of the town of Apostolove, February 1944. From its grateful citizens."
Those citizens aren't grateful to the Russian army now, but there are no plans to take the monument down.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-07/these-ukrainian-volunteers-recover-soldiers-bodies-to-return-them-to-their-families | 2022-08-15T20:05:45Z |
Film academy apologizes to Sacheen Littlefeather for 1973 Oscars
NEW YORK (AP) — Nearly 50 years after Sacheen Littlefeather stood on the Academy Awards stage on behalf of Marlon Brando to speak about the depiction of Native Americans in Hollywood films, the Academy of Motion Picture Arts and Sciences apologized to her for the abuse she endured.
The Academy Museum of Motion Pictures on Monday said that it will host Littlefeather, now 75, for an evening of “conversation, healing and celebration” on Sept. 17.
When Brando won best actor for “The Godfather,” Littlefeather, wearing buckskin dress and moccasins, took the stage, becoming the first Native American woman ever to do so at the Academy Awards. In a 60-second speech, she explained that Brando could not accept the award due to “the treatment of American Indians today by the film industry.”
Some in the audience booed her. John Wayne, who was backstage at the time, was reportedly furious. The 1973 Oscars were held during the American Indian Movement’s two-month occupation of Wounded Knee in South Dakota. In the years since, Littlefeather has said she’s been mocked, discriminated against and personally attacked for her brief Academy Awards appearance.
In making the announcement, the Academy Museum shared a letter sent June 18 to Littlefeather by David Rubin, academy president, about the iconic Oscar moment. Rubin called Littlefeather’s speech “a powerful statement that continues to remind us of the necessity of respect and the importance of human dignity.”
“The abuse you endured because of this statement was unwarranted and unjustified,” wrote Rubin. “The emotional burden you have lived through and the cost to your own career in our industry are irreparable. For too long the courage you showed has been unacknowledged. For this, we offer both our deepest apologies and our sincere admiration.”
Littlefeather, in a statement, said it is “profoundly heartening to see how much has changed since I did not accept the Academy Award 50 years ago.”
“Regarding the Academy’s apology to me, we Indians are very patient people — it’s only been 50 years!” said Littlefeather. “We need to keep our sense of humor about this at all times. It’s our method of survival.”
At the Academy Museum event in Los Angeles, Littlefeather will sit for a conversation with producer Bird Runningwater, co-chair of the academy’s Indigenous Alliance.
In a podcast earlier this year with Jacqueline Stewart, a film scholar and director of the Academy Museum, Littlefeather reflected on what compelled her to speak out in 1973.
“I felt that there should be Native people, Black people, Asian people, Chicano people — I felt there should be an inclusion of everyone,” said Littlefeather. “A rainbow of people that should be involved in creating their own image.”
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/15/film-academy-apologizes-sacheen-littlefeather-1973-oscars/ | 2022-08-15T20:23:47Z |
‘It was kind of like a miracle’: Woman donates kidney to older brother in need
LITTLE ROCK, Ark. (KATV) – An Arkansas woman showed how far she will go for her family when she found out she was a kidney match for her adopted brother.
Leslie George said she has always protected her brother, Craig Robinson, who is 14 months older.
Robinson is visually impaired and suffers from a rare genetic disorder, a situation that grew worse three years ago, causing kidney dysfunction.
“It wasn’t so much about the idea of donating a kidney, it was more about my brother was in trouble and he needed help,” George said.
It wasn’t until July 2021 that George discovered she and Robinson had matching blood types. She said that’s rare since they are not biological siblings.
“Immediately, I thought that’s my blood type,” George said. “So I reached out to mom and just said, ‘Well, now you know that I’m also B positive.’”
Both had a successful surgery in May of this year.
Their mother, Carol Robinson, called it a full-circle moment she will never forget.
“The idea that this was able to happen, lengthen his life, more than likely,” she said. “Leslie was all ready to do it. It just makes my heart explode.”
Craig Robinson said he never would have fathomed his sister would be the one to save his life. Now, a part of her will always live in him.
“It was kind of like a miracle, you know, because we were waiting so long and we didn’t know how long it was going to take to get a match for the kidney thing,” Craig Robinson said.
He experienced a few complications after surgery, but his health is almost back to full strength.
“People say you’re a hero, you know, you saved that day,” George said. “I don’t really look at it that way because there was just not really any other decision because it’s family, and there was no good reason not to.”
Copyright 2022 KATV via CNN Newsource. All rights reserved. | https://www.whsv.com/2022/08/15/it-was-kind-like-miracle-woman-donates-kidney-older-brother-need/ | 2022-08-15T20:23:53Z |
Large majority of travelers experienced problems during trips this year
Expert suggests arrive early and pack your patience
InvestigateTV - High prices, long waits and poor customer service are just a few of the problems 79% of travelers experienced problems during a trip this year, according to a new survey from Bankrate.
Ted Rossman, BankRate’s senior industry analyst, said in many cases, airlines are now recommending arriving to the airport at least 90 minutes before a domestic flight, sometimes even two hours early.
Connections may also take longer, advised Rossman, something to consider when booking connecting flights.
“Travel insurance might help,” Rossman said. “A lot of credit cards offer free travel insurance, so that could be a good benefit there. Unfortunately, I think a lot of this, though, comes down to that old adage about pack your patience.”
Rossman predicted that the holidays will be busy and you’ll need to be prepared for travel issues, but a dip in travel this fall could ease overall problems.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/08/15/large-majority-travelers-experienced-problems-during-trips-this-year/ | 2022-08-15T20:23:59Z |
Lawmakers demanding fmr. President Trump’s tax returns talk after court rules in their favor
Ways and Means Committee chairman Rep. Richard Neal (D-MA) first requested the returns in 2019.
WASHINGTON (Gray DC) - President Donald Trump still has time to appeal a court ruling that clears the way for the a congressional committee to access his tax returns. But Ways and Means Committee Chairman, Rep. Richard Neal (D-MA), told the Washington News Bureau it’s unclear if Trump will.
“I can’t speak to the issue of whether or not there’s going to be an appeal,” Neal said Friday. “But, when you read the decision that was rendered by the Circuit Court of Appeals, it is broad based and virtually supportive of all of the arguments that we’ve made.”
Following the U.S. Court of Appeals ruling, the Ways and Committee said the decision showed “the law is on our side in seeking Trump’s tax returns.”
Rep. Neal first submitted the request for the returns in 2019.
Read the ruling here.
“This is not about being punitive. This is about a legitimate request from the Ways and Means Committee,” said Neal.
Court documents show Rep. Neal requested the federal income tax returns of then President Trump on April 3, 2019, as well as “Donald J. Trump Revocable Trust, DJT Holdings LLC, DJT Holdings Managing Member LLC, DTTM Operations LLC, DTTM Operations Managing Member Corp., LFB Acquisition Member Corp., LFB Acquisition LLC, and Lamington Farm Club, LLC doing business as Trump National Golf Club—Bedminster ( in the court documents known collectively as “Appellants” or “the Trump Parties”).” At that time, court documents state that Rep. Neal said the panel was “considering legislative proposals and conducting oversight related to our Federal tax laws, including, but not limited to, the extent to which the IRS audits and enforces the Federal tax laws against a President.”
However, on May 6, 2019, the Department of the Treasury responded that it did not intend to comply with the request because it said the request was not supported by a legitimate legislative purpose.
Neal refiled the request in June 2021 and he provided more detail of what the Committee was seeking including information “to consider and prioritize legislation on equitable tax administration, including legislation on the President’s tax compliance, and public accountability.”
This time, the Treasury determined the request was valid.
Upon hearing the Treasury’s 2021 decision, the ‘Trump parties’ filed their own claim against the Treasury and the IRS as it called the 2019 and 2021 requests unlawful.
They argued there was a lack of legislative purpose and that the request violated the separation of powers. The ‘Trump parties’ also argued Chairman Neal’s request exceeded Congress’ investigative powers.
Yet the Court of Appeals found on August 9, 2022 that the committee’s request to obtain the returns serves a valid legislative purpose.
“I’d like to applaud the efforts of Chairman Neal,” said fellow Ways and Means Committee member Rep. John Larson (D-CT). ”...We won on every single point. So it just wasn’t a case where we won one or two comments there. And, also Congressman Bill Pascrell, who’s been at this for, well, four years now in terms of getting the important information. So, all this I think is then in the final analysis. Justice will be be served in a democratic republic.”
Copyright 2022 Gray DC. All rights reserved. | https://www.whsv.com/2022/08/15/lawmakers-demanding-fmr-president-trumps-tax-returns-talk-after-court-rules-their-favor/ | 2022-08-15T20:24:06Z |
Some Capri Sun drinks recalled, may contain cleaning solution, company says
(WHNS/Gray News) – A voluntary recall has been issued for 5,760 cases of Capri Sun beverages for potential contamination.
According to Kraft Heinz, a diluted cleaning solution, which is used on food processing equipment, was inadvertently introduced into a production line at one of its factories.
Only the Wild Cherry flavored Capri Suns with the case information below are affected.
The “Best When Used By” date on the products is June 25, 2023.
The issue was discovered after several consumer complaints about the taste of the impacted product.
Anyone who bought these items is asked to not consume the product and is able to return it to the store where it was purchased.
Consumers can contact Kraft Heinz from 9 a.m. to 6 p.m. ET Monday through Friday at 1-800-280-8252 to see if a product is part of the recall and to receive reimbursement.
Copyright 2022 WHNS via Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/08/15/some-capri-sun-drinks-recalled-may-contain-cleaning-solution-company-says/ | 2022-08-15T20:24:06Z |
State of Emergency declared for Kanawha, Fayette counties due to flooding
CHARLESTON, W.Va. (WSAZ) - West Virginia Gov. Jim Justice has declared a State of Emergency for Kanawha and Fayette counties due to flooding following excessive rainfall that occurred Sunday evening into Monday morning.
More than 100 homes, bridges and roads throughout the counties have been damaged by flood water.
The storm also resulted in downed trees, power outages, and disruption to potable water systems.
As of 9 a.m. Monday, 911 dispatchers in Kanawha County had answered more than 500 emergency calls and dispatched 130 calls for service, including 25 water rescue calls after a record amount of rainfall fell Sunday evening through Monday morning.
Some areas of the county received as much as 6 inches of rain in a short period of time.
Kanawha County’s water rescue teams from every volunteer department in the County and as far as Nitro and St. Albans responded to both Eastern Kanawha County and Fayette County to assist with water rescues. Charleston Fire Department responded to numerous water-related calls inside and outside of City limits.
Kanawha County Emergency Management has received preliminary reports that 100 or more houses have received flood damage in Campbells Creek, and at least two bridges have been washed out in the Hughes Creek area.
Kanawha County residents that received flood damage are asked to report damages to the Kanawha County Planning office at 304-357-0570. The Planning Office will take information that the County will use to seek Federal Flood Aid and Disaster Assistance.
Homeowners and/or renters experiencing damage due to flooding are being asked to complete a survey to report damage, according to Gov. Justice’s office.
The National Weather Service has extended the Flood Warning for Kanawha County until 2:30 p.m. Numerous roads remain closed due to flooding. Floodwaters are receding in the area but will take several hours to work through local drainage systems, officials say.
As part of this State of Emergency declaration, the Governor has directed the West Virginia Emergency Management Division to implement the West Virginia Emergency Operations Plan as necessary, mobilize appropriate personnel and resources to respond to the emergency, and facilitate the provision of essential emergency services.
The West Virginia Emergency Management Division and the West Virginia Division of Highways are responding to this event to begin the cleanup process, provide necessary repairs, and aid residents in need of assistance.
The State of Emergency will remain in effect for 30 days unless terminated by subsequent Proclamation.
TO READ STATE OF EMERGENCY PROCLAMATION >>> CLICK HERE
Keep checking the WSAZ app for the latest information.
Copyright 2022 WSAZ. All rights reserved. | https://www.whsv.com/2022/08/15/state-emergency-declared-kanawha-fayette-counties-due-flooding/ | 2022-08-15T20:24:08Z |
Therapy surf dog takes final ride on the waves
(CNN) - It’s the final “surf’s up” for a southern California therapy dog.
For 13 years, Ricochet the golden retriever has assisted special needs children and wounded veterans with surfing. But now, she’s hanging up her surfboard after suffering her own health challenges.
She’s now over 14 years old and was recently diagnosed with kidney disease, a mass on her liver and arthritis in her spine.
Ricochet took her final ride at La Jolla Shores, helping Purple Heart recipient Jose Martinez ride the waves. Martinez lost both legs and one arm after stepping on a bomb in Afghanistan.
Ricochet helped Martinez in his recovery by getting him back in the ocean.
“She’s getting a lot older now, so unfortunately she has not been wanting to surf a lot more like she used to,” Martinez said.
Ricochet has a rich history of helping humans in need. Her very first assisted surf happened in 2009 when she counterbalanced the surfboard for a 14-year-old boy with a spinal cord injury.
But now in 2022, she’s riding the final wave with Martinez, who was told he would be in a wheelchair for the rest of his life.
“For me to be able to help out the dog that helped me kick-start my surfing career and my surfing life, it is just as if I am filling her cup up as much as she filled mine up,” Martinez said.
Ricochet helped Martinez achieve his number-one ranking in the International Surf Association’s prone assist division. He now has a dream to compete in the 2028 Paralympic Games in Los Angeles.
Copyright 2022 KFMB via CNN Newsource. All rights reserved. | https://www.whsv.com/2022/08/15/therapy-surf-dog-takes-final-ride-waves/ | 2022-08-15T20:24:14Z |
Pioneers and Visionaries to Headline 4th Annual Event
NEEDHAM, Mass, Aug. 15, 2022 /PRNewswire/ -- AI World Government, the premier conference which brings together US Federal Government Leaders and thought leaders in the field of Artificial Intelligence (AI), proudly announces its keynote speakers for its 4h annual conference, taking place October 6-7 at the Grand Hyatt Washington in Washington D.C. The annual AI World Government conference, which unites more than three hundred professionals in-person and virtually, provides an ideal venue for senior government agency representatives to share strategies and innovations related to the use of Artificial Intelligence and how it is helping to drive efficiencies within their organizations.
Headlining this year's event is a lineup of individuals whose innovative application of AI technology has established them as ground-breaking pioneers in the field.
"We're excited to have another distinguished lineup of keynote speakers for our 4th annual AI World Government conference," Allison Murtagh, Conference Director for AI World Government. "Our keynotes and other presenters will provide compelling talks on how they have been able to leverage AI to transform and advance their services with minimal risk and maximum return on investment. This year's program will cover an array of topics from workplace transformation to implementing responsible AI, how to scale and operationalize AI and finally noteworthy trends and emerging technologies for artificial intelligence.
The schedule of plenary keynote presentations for the AI World Government Conference is as follows:
Thursday, October 6, 8:10am – 8:30am
How AI is Enabling Resiliency in Federal Agencies
Presented by: Adelaide O'Brien, Research Vice President, IDC Government Insights
Thursday, October 6, 8:30 – 8:55am
Equity & Effectiveness in AI
Presented by: Chike Aguh, Chief Innovation Officer, U.S. Department of Labor
Thursday, October 6, 9:20am – 9:45am
Building Equitable & Fair AI Driven Ecosystems
Presented by: Anil (Neil) Chaudhry, Director, Federal AI Implementations, U.S. General Services Administration (GSA)
Thursday, October 6, 10:30am – 10:55am
Final Topic to be Announced
Presented by: Keith Sonderling, Commissioner, US Equal Opportunity Commission
Thursday, October 6, 11:30am – 12:00pm
Ethical AI – The Age of Trust and Transparency for the Human-Machine American Dream
Presented by: Matthew James Bailey, Founder & CEO, AIEthics.World; Ed McLarney, Lead for Transformation Integration and AIML, Transformation & Data Division, NASA CIO; Katalin K. Bartfai-Walcott, Senior Principal Engineer, CTO, Ambient Science Architecture, Intel Corporation
Friday, October 7, 8:30 – 9:20am
Panel Discussion: Ensuring You Have the Right People, Process, and Technology in Place to Implement Your AI Model
Presented by: Renata Miskell, Chief Data & Analytics Officer, HHS Office of Inspector General; Ola Olude-Afolabi, Professor and IT Program Manager, US Dept of Commerce; Calvert Smith, Director, Cloud Adoption, Center of Excellence, U.S General Services Administration (GSA)
Friday, October 7, 9:20am – 9:45am
Equity & Scaling and Operationalizing AI to Protect Health and Save the Lives of At-Risk Populations in Disasters
Presented by: Kristen Finne, Director, HHS emPOWER Program and Senior Program Analyst, U.S. Department of Health & Human Services (DHHS)
Friday, October 7, 10:50am – 11:15am
Applying Oversight to Realize Accountable AI
Presented by: Taka Ariga, Chief Data Scientist and Director of Innovation Lab at US Government Accountability Office
Friday, October 7, 11:15am – 11:55am
Panel Discussion: Artificial Intelligence: What's Next?
Moderated by: Parna Sarkar-Basu, CEO & Founder, Brand and Buzz Marketing
Panelists: To be Announced
Beyond the keynotes, the conference is comprised of 4 unique tracks, an exhibit hall of leading technology service providers, and networking receptions and activities. For more information about the AI World Government conference and to register, visit www.aiworldgov.com.
About AI World Government Conference
The 4th Annual AI World Government provides a comprehensive two-day forum to educate federal agency leaders on proven strategies and tactics to deploy AI and cognitive technologies. With AI technology at the forefront of our everyday lives, AI World Government will report on the state-of-the-practice on how federal agencies are deploying and integrating AI and data-driven government services under these guidelines. The conference convenes experts from our nation's strong innovation ecosystem across government, technology, business, and research to present the latest strategies and state of the technology to assist the public sector in leveraging advanced intelligent technologies to meet the missions of our government agencies.
About Cambridge Innovation Institute
Cambridge Innovation Institute delivers cutting-edge information through events, publishing, and training to leading commercial, academic, government and research institutions across the life science, energy, and other high technology industries. Our portfolio of events focuses on technology fields where research and development are essential for the advancement of innovation. We pride ourselves on providing the platforms where communities can Research, Collaborate, to achieve Advancement.
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-- Completed upsized follow-on offering of common stock, raising $128.8 million in gross proceeds including full exercise of underwriters' option to purchase additional shares --
-- Presented continued robust long-term responses from its CART-ddBCMA Phase 1 expansion trial being evaluated in patients with r/r MM at the 2022 ASCO Annual Meeting --
-- Preclinical results from CART-ddBCMA published in Molecular Cancer Therapeutics --
REDWOOD CITY, Calif., Aug. 15, 2022 /PRNewswire/ -- Arcellx, Inc. (NASDAQ: ACLX), a biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases, today reported business highlights and financial results for the second quarter ended June 30, 2022.
"We are excited about the rapid progress we've made since becoming a public company in February of this year," said Rami Elghandour, Arcellx's Chairman and Chief Executive Officer. "In the second quarter, we achieved meaningful milestones with the presentation of new clinical data for our lead product candidate, CART-ddBCMA, during an oral presentation at ASCO; strengthened our balance sheet with a successful follow-on offering, raising gross proceeds of $128.8 million; dosed our first patient in ACLX-001, our Phase 1 study utilizing our Arc-SparX technology; and expanded our management team and Board of Directors with exceptional professionals adding to the diversity of our team. In the second half of this year, we look forward to presenting an encore presentation of our CART-ddBCMA Phase 1 study at ESMO, initiating our Phase 2 pivotal CART-ddBCMA (iMMagine) trial in patients with relapsed or refractory multiple myeloma (r/r MM), presenting longer-term patient data from our Phase 1 CART-ddBCMA expansion trial in r/r MM, and initiating our Phase 1 ARC-SparX clinical trial of ACLX-002 in patients with acute myeloid leukemia and high-risk myelodysplastic syndrome. We're committed to establishing Arcellx as a leading cell therapy organization by continuing to scale our business, advancing our novel platform to help as many patients as possible, and attracting and retaining exceptional talent."
Completed upsized public offering of common stock and underwriters' full exercise of option to purchase additional shares. On June 21, 2022, Arcellx announced the closing of its upsized public offering of 8,050,000 shares of common stock, which included the full exercise by the underwriters of their option to purchase an additional 1,050,000 shares of common stock, at a price to the public of $16.00 per share. The aggregate gross proceeds raised in the offering were $128.8 million, before deducting underwriting discounts and commissions and offering expenses, payable by Arcellx. All shares in the offering were offered by Arcellx.
Appointed Maryam Abdul-Kareem as General Counsel. On June 21, 2022, Arcellx appointed Maryam Abdul-Kareem as General Counsel. Ms. Abdul-Kareem brings extensive legal and business expertise in the biopharmaceutical industry, including serving in senior positions at Kinnate Biopharma and AstraZeneca. At Arcellx, she will oversee a broad spectrum of legal, contracts, and compliance matters.
Presented continued robust long-term responses from lead product candidate, CART-ddBCMA, being evaluated in a Phase 1 expansion trial in patients with relapsed or refractory multiple myeloma at the 2022 ASCO Annual Meeting. On June 3, 2022, Arcellx presented new clinical data from its ongoing Phase 1 expansion study of its novel, autologous, CART-ddBCMA therapy for the treatment of patients with r/r MM during an oral presentation at the 2022 American Society of Clinical Oncology Annual Meeting. The data demonstrated 100% ORR; deep and durable responses were observed in patients with poor prognostic factors. Overall, 22 of 31 (71%) evaluable patients reached CR/sCR. Of the 16 patients who have had their 12-month follow-up visit, including 8 patients (50%) who had EMD, 13 (81%) have reached CR/sCR and 9 patients (56%) remaining in ongoing response with a median follow up of 17.7 months. No cases of Grade ≥3 CRS and no delayed neurotoxicity or parkinsonian-like events were observed at the recommended Phase 2 dose of 100 million CAR+ cells (n=25).
Preclinical results from CART-ddBCMA published in Molecular Cancer Therapeutics. In June 2022, Arcellx's preclinical results for its CART-ddBCMA candidate were published in Molecular Cancer Therapeutics in an article entitled, "Preclinical efficacy of BCMA-directed CAR T cells incorporating a novel D Domain antigen recognition domain." This report demonstrated that ddBCMA CAR T cells cocultured with BCMA-positive cell lines showed highly potent, dose-dependent in vitro measures of cytotoxicity, cytokine production, T-cell degranulation, and T-cell proliferation as well as in vivo tumor suppression in three disseminated BCMA-expressing tumor models. The full online publication can be accessed here.
Appointed Michelle Gilson as Chief Financial Officer. On May 23, 2022, Arcellx announced the appointment of Michelle Gilson as Chief Financial Officer. Ms. Gilson joins Arcellx from Canaccord Genuity, where most recently she served as Managing Director and Senior Equity Research Analyst covering biotechnology companies. Ms. Gilson will oversee the company's finance function and will play a key role in overall corporate strategy.
Expanded Board of Directors with the appointment of Olivia Ware. On May 16, 2022, Arcellx expanded its Board of Directors with the appointment of Olivia Ware. Ms. Ware, a successful executive, brings a wealth of knowledge with more than 20 years of experience in biotech and pharmaceutical drug development, commercialization, and healthcare management.
Cash, cash equivalents, and marketable securities:
As of June 30, 2022, Arcellx had cash, cash equivalents, and marketable securities of $307.0 million, which is anticipated to fund its operations for at least the next twelve months.
R&D expenses:
Research and development expenses were $23.4 million and $12.6 million for the quarters ended June 30, 2022 and 2021, respectively, an increase of $10.8 million. This increase was driven by higher external costs associated with the advancement of our CART-ddBCMA clinical program, preclinical development of our other pipeline candidates, and increased headcount.
G&A expenses:
General and administrative expenses were $9.2 million and $3.3 million for the quarters ended June 30, 2022 and 2021, respectively, an increase of $5.9 million. This increase was driven by increased headcount, and costs to operate as a public company during the three months ended June 30, 2022 as compared to the same period in 2021, including professional fees related to consulting and accounting, audit and legal services.
Net loss:
Net loss was $32.1 million and $15.9 million for the quarters ended June 30, 2022 and 2021, respectively.
Arcellx, Inc. is a clinical-stage biotechnology company reimagining cell therapy by engineering innovative immunotherapies for patients with cancer and other incurable diseases. Arcellx believes that cell therapies are one of the forward pillars of medicine and Arcellx's mission is to advance humanity by developing cell therapies that are safer, more effective, and more broadly accessible. Arcellx's lead product candidate, CART-ddBCMA, is being developed for the treatment of relapsed or refractory multiple myeloma (r/r MM) in an ongoing Phase 1 study. CART-ddBCMA has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy designations by the U.S. Food and Drug Administration.
Arcellx is also advancing its dosable and controllable CAR-T therapy, ARC-SparX, through two programs: a Phase 1 study of ACLX-001 for r/r MM, initiated in the second quarter of 2022; and ACLX-002 in relapsed or refractory acute myeloid leukemia and high-risk myelodysplastic syndrome, expected to enter the clinic in the second half of 2022.
Visit www.arcellx.com for more information.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not purely historical are forward-looking statements, including Arcellx's expectations regarding the timing and outcomes of clinical trials for its product candidates and publication of related data, the potential impact of its product candidates and platforms on patients and cell therapy, the timing of achievement of its milestones, its ability to fund operations, and the sufficiency of cash, cash equivalents and marketable securities. The forward-looking statements contained herein are based upon Arcellx's current expectations and involve assumptions that may never materialize or may prove to be incorrect. These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including risks that may be found in the section entitled Part II, Item 1A (Risk Factors) in the Quarterly Report on Form 10-Q and other documents that Arcellx files from time to time with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this press release, and Arcellx assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Myesha Lacy
Arcellx, Inc.
ir@arcellx.com
510-418-2412
Media Contact:
Andrea Cohen
Sam Brown Inc.
andreacohen@sambrown.com
917-209-7163
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Record Revenue Since Company Inception
Q2 2022 Net Revenue Increased 14.6% Compared to Prior Quarter
Adjusted EBITDA Margin Expanded Approximately 220 Basis Points Compared to Prior Quarter
NEW YORK, Aug. 15, 2022 /PRNewswire/ - Ascend Wellness Holdings, Inc. ("AWH" or the "Company") (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator focused on bettering lives through cannabis, today reported its financial results for the three months ended June 30, 2022 ("Q2 2022"). Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.
Q2 2022 Financial Highlights
- Gross Revenue increased 16.2% quarter-over-quarter and increased 20.7% year-over-year, to $117.7 million.
- Net revenue, which excludes intercompany sale of wholesale products, increased 14.6% quarter-over-quarter and 17.0% year-over-year, to $97.5 million.
- Retail revenue grew 19.4% quarter-over-quarter to $75.6 million. Gross wholesale revenue grew 11.0% quarter-over-quarter to $42.1 million and wholesale, net of intercompany sales, grew 0.7% to $21.9 million.
- Net loss decreased to $21.2 million during the quarter, compared to a net loss of $27.8 million in Q1 2022.
- Adjusted EBITDA1 was $20.9 million, representing a 21.4% margin, a ~220 basis point margin expansion quarter-over-quarter.
- As of June 30, 2022, cash and cash equivalents were $140.6 million, and net debt2 was $152.7 million.
Business Highlights
- The Company started adult-use sales at its Rochelle Park, New Jersey dispensary on April 21st, with store sales reaching as high as $1.25 million in a single week. Subsequent to quarter end, the Company opened its Fort Lee, New Jersey dispensary for medical sales. The Company expects to begin selling adult-use cannabis at its Montclair, New Jersey store on August 19th, pending approval by the township, followed by adult-use sales in Fort Lee this fall. The Company added 4,000 square feet of canopy in New Jersey for a total of 20,000 square feet of canopy in the state and 217,000 square feet overall.
- In Q2 2022, AWH opened its East Lansing, Michigan dispensary, which, combined with Fort Lee, New Jersey brings the Company's current total to 22 operating dispensaries.
- The Company began construction at its cultivation facility in Smithfield, Pennsylvania. During the remainder of the year, AWH will build out the facility and begin constructing its six planned dispensaries in Pennsylvania.
- AWH closed on $65 million of the remaining funding available under the accordion feature of its existing Senior Secured Term Loan (the "Loan"), bringing the total debt financing from the Loan to $275 million. This capital will support the Company's growth and expansion initiatives in Pennsylvania, Ohio, and other states.
- Subsequent to quarter end, the Company announced that it entered into a definitive agreement providing AWH the option to acquire 100% of the equity of Ohio Patient Access ("OPA"), which owns and operates three Ohio dispensaries that are in the process of being built in Cincinnati, Piqua, and Sandusky. The addition of OPA's three dispensaries will increase AWH's Ohio footprint to five dispensaries, the maximum permitted by the State. The Company also signed two agreements to acquire two dispensary licenses in Illinois from separate sellers. Once closed, the Company would have ten dispensaries in Illinois, which would maximize scale and bring the Company to the state-imposed cap of ten.
Management Commentary
"We are pleased with our financial performance for the quarter, with upwards of 15% revenue growth and operating leverage which drove a 220 basis point increase in Adjusted EBITDA margins," said Abner Kurtin CEO and Co-Founder. "The key driver of these results was the commencement of adult-use sales at our Rochelle Park, New Jersey dispensary, one of the top performing stores in the state. Ascend is extremely well positioned to benefit from adult-use sales in New Jersey, because of our attractive collection of assets combined with high operating leverage given our focused portfolio. Outside of New Jersey, the rest of the business across the portfolio also exceeded expectations. Furthermore, we were pleased to announce important acquisitions in Ohio and Illinois, which bring us to the retail cap in both states, positioning us to be a leader in the Midwest. This growth is supported by one of the top balance sheets in the industry with $141 million of cash and no near term maturities."
Q2 2022 Financial Overview
Net revenue, which excludes intercompany sale of wholesale products, was $97.5 million, representing a 17.0% year-over year increase, primarily driven by new retail stores and higher wholesale volumes sold. Net revenue increased 14.6% quarter-over-quarter, primarily driven by the start of adult-use sales in New Jersey and increases in wholesale volumes and realized pricing in New Jersey and Michigan.
Total retail revenue in the second quarter of 2022 was $75.6 million, which represents a 19.4% increase compared to the prior quarter and was driven by the start of adult-use sales at the Rochelle Park, New Jersey dispensary.
Gross wholesale revenue increased to $42.1 million, an 11.0% sequential increase, driven by growth in intercompany wholesale sales. Net wholesale revenue increased 0.7% sequentially to $21.9 million, driven by increased pricing and volumes sold in New Jersey and Michigan, partially offset by lower pricing in Illinois and lower volume sold in Massachusetts.
Q2 2022 gross profit was $33.0 million, or 33.8% of revenue, compared to $23.4 million, or 27.6% of revenue, in the prior quarter. The sequential increase was driven by adult use sales in New Jersey; reductions in startup costs as a percentage of revenue; sequential improvements in standalone retail and wholesale gross margins; and an increase in AWH manufactured products sold at AWH retail locations.
Q2 2022 Adjusted Gross Profit1 was $44.4 million, or 45.6% of revenue, compared to $36.5 million, or 42.9% of revenue, in the prior quarter. Adjusted Gross Profit1 excludes depreciation and amortization included in cost of goods sold, equity-based compensation included in cost of goods sold, and non-cash inventory adjustments. Adjusted Gross Profit1 margin increased 268 basis points driven by increased pricing in New Jersey, higher wholesale volume throughput in Michigan, and higher intercompany sales as a percentage of wholesale sales.
Total Q2 2022 general and administrative ("G&A") expenses were $33.6 million, compared to $33.2 million in the prior quarter (excluding litigation settlement). Total G&A expenses as a percentage of revenue decreased from 39.0% of revenue in the prior quarter to 34.4% of revenue as more assets came online.
Net loss attributable to AWH in the second quarter of 2022 was $21.2 million, or a loss of $0.11 per basic and diluted common share, which was primarily driven by operating costs and tax expenses.
Adjusted EBITDA1, which adjusts for tax, interest, depreciation, amortization, equity-based compensation, and other items deemed one-time in nature, was $20.9 million in Q2 2022. This represents a 27.6% increase quarter-over-quarter. Adjusted EBITDA Margin1 of 21.4% represented a 220 basis point increase compared to the prior quarter driven by improved operating leverage as more assets came online.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the United States Securities and Exchange Commission ("SEC"), including Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Conference Call and Webcast
AWH will host a conference call on August 15, 2022 at 5:00 p.m. ET to discuss its financial results for the quarter ended June 30, 2022. The conference call may be accessed by dialing (888) 390-0605 with conference ID 06364687. A live audio webcast of the call will also be available on the Investor Relations section of AWH's website at https://www.awholdings.com/investors and will be archived for replay.
About Ascend Wellness Holdings, Inc.
AWH is a vertically integrated multi-state cannabis operator with licenses and 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 for retail and wholesale customers. AWH produces and distributes its in-house Simply Herb, Ozone, and Ozone Reserve branded products. For more information, visit www.awholdings.com.
Additional information relating to the Company's second quarter 2022 results is available on the Investor Relations section of AWH's website at https://awholdings.com/investors/, the SEC's website at www.sec.gov and Canada's System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information
This news release includes forward-looking information and statements, which may include, but are not limited to, 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 information and statements. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected revenue, expectations regarding production capacity, anticipated capital expenditures, expansion, profit, product demand, margins, costs, cash flows, sources of capital, growth rates and future financial and operating results are forward-looking information and statements. We caution investors that any such forward-looking statements are based on the Company's current projections and expectations about future events and financial trends, the receipt of all required regulatory approvals, and on certain assumptions and analysis made by the Company in light of the experience of the Company 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 on its profile on SEDAR at www.sedar.com and the United States Securities and Exchange Commission at www.sec.gov. 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 Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
ASCEND WELLNESS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS INFORMATION (UNAUDITED)
ASCEND WELLNESS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS INFORMATION (UNAUDITED)
ASCEND WELLNESS HOLDINGS, INC.
SELECTED CONDENSED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED)
ASCEND WELLNESS HOLDINGS, INC.
SELECTED CONDENSED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED)
ASCEND WELLNESS HOLDINGS, INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (UNAUDITED)
ASCEND WELLNESS HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
We define "Adjusted Gross Profit" as gross profit excluding non-cash inventory costs, which include depreciation and amortization included in cost of goods sold, equity-based compensation included in cost of goods sold, start-up costs included in cost of goods sold, and other non-cash inventory adjustments. We define "Adjusted Gross Margin" as Adjusted Gross Profit as a percentage of net revenue. Our "Adjusted EBITDA" is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. We define "Adjusted EBITDA Margin" as Adjusted EBITDA as a percentage of net revenue. Management calculates Adjusted EBITDA as the reported net loss, adjusted to exclude: income tax expense; other (income) expense; interest expense, depreciation and amortization; depreciation and amortization included in cost of goods sold; non-cash inventory adjustments; equity-based compensation; equity-based compensation included in cost of goods sold; start-up costs; start-up costs included in cost of goods sold; transaction-related and other non-recurring expenses; litigation settlement; and loss on sale of assets. Accordingly, management believes that Adjusted EBITDA provides meaningful and useful financial information, as this measure demonstrates the operating performance of the business. Non-GAAP financial measures may be considered in addition to the results prepared in accordance with U.S. GAAP, but they should not be considered a substitute for, or superior to, U.S. GAAP results.
The following table presents Adjusted Gross Profit for the three and six months ended June 30, 2022 and 2021:
The following table presents Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021:
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SOMERVILLE, Mass., Aug. 15, 2022 /PRNewswire/ -- Cataldo Ambulance Service continues to demonstrate its ongoing commitment to supporting Emergency Medical Service (EMS) providers with its recent announcement to increase the compensation for paramedics. "EMS pay rates across the country have historically lagged behind other industries," says Kevin Turner, COO of Cataldo. "Much of this is due to the way EMS services are typically paid for; insurance reimbursements particularly Federal and State funded rates are notoriously slow to increase even as expenses rise."
EMS first responders are credited with saving millions of lives each year, however, in 2022 the industry has reported a crippling worker shortage. Much of this is due to the combined rigors of the job, long hours, and low pay. Dennis Cataldo, President & CEO of Cataldo Ambulance Service, has long advocated for the industry to treat EMS workers more professionally. "Historically, EMTs have made between $15 and $17 dollars an hour. This makes it a hard role to stay in. If you can't pay expenses you're not going to stay in the profession – and yet, we depend on these workers to literally save lives," says Cataldo.
Cataldo Ambulance Service has taken a decisive step by raising the wages for EMS staff. Dennis Cataldo adds, "The long-term goal is to support the industry as a profession, and in the short run, we want to demonstrate how much we value our staff and want to retain our talented EMS team."
As of today, the starting wage for all paramedics at Cataldo Ambulance Service will be $25/hour with experienced paramedics able to make up to $40/hour. Cataldo also increased the compensation of EMTs last fall.
In an industry that has seen many ups and downs, Cataldo Ambulance continues to adjust to market conditions. "When COVID hit, our team met the challenges head-on. We continued to support our contracted municipalities and towns, ensuring uninterrupted 911 service. We became one of the primary vaccination providers for the State of Massachusetts and, as a medical transportation crisis escalated, provided transportation resources for our most vulnerable populations," says Kevin Turner. "The Cataldo EMS team is highly trained. Our certified dispatchers, call takers, field providers, and wheelchair car drivers, provide Massachusetts residents with high-quality patient care. We believe in them and will continue to fight for better wages and professional recognition."
In addition to wage increases, Cataldo Ambulance Service already offers EMS professionals flexible schedules, paid time off, free training through the Cataldo Education Center, options for free or low-cost health benefits, as well as new vehicles and equipment. For those interested in exploring a career with Cataldo, there will be a hiring open house for paramedics at the Cataldo Education Center, located at 109 Madison Street in Malden, on Wednesday, August 24th from 9:00 AM to 5:00 PM.
Since 1977 Cataldo Ambulance Service continues to distinguish itself as a leader in EMS, providing routine and emergency medical transportation services, offering clinical education, and introducing the first mobile integrated health service line in Massachusetts. As the needs of the community and patients change, Cataldo continues to develop innovative programs designed to ensure the highest level of care is available throughout its service areas. Cataldo is a key partner with the state in providing COVID testing and vaccination resources.
137 Washington Street, P.O. Box 435, Somerville, MA 02143
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Pilot Program to Study Impact of Pre-paid Passes
SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- The Metropolitan Transportation Commission — in conjunction with BART and all other transit agencies participating in the Clipper® fare payment system — today launched a two-year pilot program to study the impact of a single pass that will provide some 50,000 Bay Area residents free access to all bus, rail and ferry services in the nine-county region.
Known as the Clipper® BayPass, the new passes initially will be distributed to participating students at San Francisco State University, San Jose State University, the University of California's Berkeley campus and Santa Rosa Junior College, and then expanded to include residents of select affordable housing communities managed by MidPen Housing. While the Clipper BayPass will be made available to all students at Santa Rosa Junior College, about a quarter of students at the other campuses will be invited to participate in the pilot. Other students will use another form of payment (such as a standard adult Clipper card; U.C. Berkeley's EasyPass for travel on AC Transit buses; or San Francisco State's Gator Pass for free travel on Muni and SamTrans and reduced fares on BART). This limited distribution, which will be based on random assignment, is designed to measure the impact on travel of an all-system pass when compared to students not using Clipper BayPass. All residents at participating MidPen Housing properties will be offered a Clipper BayPass.
"One of the big takeaways from the Blue Ribbon Transit Recovery Task Force convened early in the Covid-19 pandemic is the urgency of making Bay Area transit simpler and more seamless," explained MTC Chair and Napa County Supervisor Alfredo Pedroza. "Clipper BayPass is a great way to get real-world data on the role fare coordination can play in meeting those goals. We'll use the information collected to help shape the development, pricing and implementation of one or more new multi-agency passes or fare caps that eventually will be used by vastly more riders."
Pilot program participants will be able to use Clipper BayPass for unlimited travel on:
- BART
- SFMTA (Muni)
- AC Transit
- VTA
- Caltrain
- SamTrans
- Golden Gate Transit
- Golden Gate Ferry
- San Francisco Bay Ferry
- County Connection
- Dumbarton Express
- Fairfield and Suisun Transit (FAST)
- Marin Transit
- Petaluma Transit
- Santa Rosa CityBus
- SMART
- Soltrans
- Sonoma County Transit
- Tri Delta Transit
- Union City Transit
- Vacaville City Coach
- VINE
- WestCAT
- Wheels
"This pilot program is an exciting step toward fare coordination among transit agencies and toward making it easy for organizations to prioritize and promote transit as the preferred mode of transportation in the Bay Area," said BART Board President Rebecca Saltzman. "Studying a regional fare pass using students and residents of affordable housing communities makes clear our commitment to building a more equitable fare system."
Clipper BayPass is the first initiative to be implemented based on recommendations of the Coordination/Integration Study and Business Case, an 18-month study led by MTC and BART that focused on creating more customer-friendly transit fare system in the Bay Area and was conducted in partnership with all other Bay Area transit agencies.
MTC will provide funds to transit agencies to offset the revenue impacts of the Clipper BayPass pilot, which is expected to conclude at the end of 2024.
Participants in the BayPass program will continue to use their Clipper cards — either traditional plastic cards or Clipper cards on their smartphones or Apple Watch — to tag on (or off) at faregates, on buses, on rail platforms or at ferry ramps. Aside from traveling at no charge, the Clipper BayPass will function like any other Clipper card. The Clipper BayPass may not be shared with family or friends; it may be used only by participants selected for the pilot program, and any violators will be removed from the program.
MTC is the transportation planning, funding and coordinating agency for the nine-county San Francisco Bay Area. MTC operates the Clipper system on behalf of the region's transit agencies.
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SOURCE Metropolitan Transportation Commission | https://www.whsv.com/prnewswire/2022/08/15/clipper-baypass-sets-sail-with-unlimited-transit-access/ | 2022-08-15T20:24:54Z |
- Revenue of $2.0 billion, up 4% year-over-year
- Market Share on an LTM basis increased approximately 50 bps to 4.6% compared to prior year
- National deployment of a significant set of new features to the Compass platform giving Compass agents an end-to-end workflow tool targeted for the end of the third quarter
- GAAP net loss increased from $7 million to $101 million year-over-year on higher expenses related to strategic business initiatives, non-cash stock compensation, depreciation and amortization as well as restructuring costs
- Company announces new cost reduction program with approximately $320 million in target run rate savings
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), a leading tech-enabled real estate brokerage, today announced its financial results for the quarter ending June 30, 2022.
"Compass continued to grow revenue in the second quarter despite extremely challenging market conditions. This performance highlights the strength of our agents and our commitment to enabling their success through superior technology and other programs", said Robert Reffkin, Chief Executive Officer of Compass. "Importantly, we expect to have our end-to-end technology platform fully deployed by the end of the quarter. This is a major milestone in our approximately $900 million investment in software over the years to benefit our agents. Once deployed, we believe our leading edge technology will allow our agents to further raise the bar on client engagement and complete all of their critical work in one seamless environment."
Reffkin added, "Given the challenges the real estate market has faced so far this year and the likelihood that this difficult environment will continue for the foreseeable future, we are announcing a significant cost reduction program. We have line of sight into each area that will drive these savings to our expenses, which we believe will enable us to be free cash flow positive in 2023. We expect to complete all targeted cost reductions by the end of this calendar year."
2Q22 Financial Highlights:
- Revenue increased by 4% year-over-year to a second quarter record of $2.0 billion as transactions increased 2%.
- GAAP Net Loss attributable to Compass, Inc. was $101 million, compared to a loss of $7 million in 2Q21. The net loss includes non-cash stock based compensation expenses of $59 million, depreciation and amortization of $25 million, and restructuring charges due to the cost saving actions announced on June 14th of $19 million.
- Adjusted EBITDA1 was $4 million, compared to $71 million in 2Q21.
- Cash and cash equivalents: As of the end of the second quarter, the Company had $431 million in cash and cash equivalents and $318 million of availability under its $350 million revolver.
2Q22 Operational Highlights:
- Platform: The Compass technology and services platform contributed to year-over-year Total Transactions growth of 2%, while Gross Transaction Value2 ("GTV") remained relatively flat, driven by a 2% decline in the Average Transaction Value.
- National market share: Increased to 4.6% over the last twelve months ("LTM") up from 4.1% LTM in 2Q21. Note these national market share numbers are calculated using revised average (mean) sales prices published by the National Association of Realtors ("NAR"), see footnote3 and the section entitled 2Q22 National Market Share Update below for more information.
- Agents: Average Number of Principal Agents was 12,979, an increase of 405 from 1Q22.
- Transactions: Compass agents closed a record 66,846 Total Transactions, up 2% year-over-year, compared to a 10% decline in transactions for the residential real estate market4.
- Gross Transaction Value ("GTV"): GTV of $76.8 billion remained relatively flat year-over-year.
- Markets: In 2Q22, Compass focused on growth within current markets and remained at 71 markets at the end of the quarter.
- Entire Transaction: By the end of September, Compass agents across the country will be able to facilitate their real estate transactions -- including offers, forms and e-signatures -- on the Compass platform without needing to use third-party real estate software.
Additional information can be found in the Company's 2Q22 Business Update and Supplementary Information Presentation on the Investor Relations section of the Compass website at https://investors.compass.com.
Outlook
3Q22 Outlook:
- Revenue of $1.4 to $1.5 billion
- Adjusted EBITDA of $(85) to $(60) million
FY22 Outlook:
- Revenue of $6.15 to $6.45 billion
- Adjusted EBITDA of $(225) to $(150) million
Long-Term Targets:
- Adjusted EBITDA Margin of 10%
- Free Cash Flow Margin of at least 8-9%5
We have not reconciled our guidance for Adjusted EBITDA to GAAP Net Loss because certain expenses excluded from GAAP Net Loss when calculating Adjusted EBITDA cannot be reasonably calculated or predicted at this time. Additionally, we have not reconciled our guidance for Free Cash Flow Margin because the components of free cash flow cannot be reasonably calculated or predicted at this time. Accordingly, reconciliations are not available without unreasonable effort.
Conference Call Information
Management will conduct a conference call to discuss the second quarter results as well as outlook at 4:30 p.m. ET on August 15, 2022. The conference call will be accessible via the Internet on the Compass Investor Relations website https://investors.compass.com. You can also access the audio webcast via the following link: Compass Inc. 2Q22 Earnings Conference Call.
An audio recording of the conference call will be available for replay shortly after the call's completion. To access the replay, visit the Events and Presentations section on the Compass Investor Relations website at https://investors.compass.com.
2Q22 National Market Share Update:
- On July 21, 2022, NAR restated monthly average (mean) sales prices of existing homes from January 2020 through June 2022 to reflect their change in methodology to better account for outliers of high priced homes, noting that the monthly average (mean) sales prices are NAR's best estimates and given the outliers, they are less reliable. This resulted in higher monthly average (mean) sales prices of existing homes than what was reported prior and increases in total market GTV than what was reported prior. The table below shows our national market share under the prior methodology and updated methodology for all the periods NAR provided.
- Given NAR's cautionary language regarding the reliability of its average (mean) sale price data, we are assessing whether we will continue to rely on and use NAR's average (mean) sale price data in calculating our national market share given NAR's expansive view of the U.S. real estate market and now an improved methodology. Alternatively, we may explore other data reporting options in calculating our national market share and position in the market or may decide to discontinue reporting our national market share altogether.
Safe Harbor Statement
This press release includes forward-looking statements, which are statements other than statements of historical facts, and statements in the future tense. These statements include, but are not limited to, statements regarding our future performance, including expected financial results for the third quarter and full year of 2022, plans for our cost reduction program, long-term financial targets, and our expectations for operational achievements. Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date of this press release, and are subject to risks and uncertainties, including but not limited to: general macroeconomic conditions in the U.S. and globally (e.g., inflation), geopolitical events (e.g., conflict in Ukraine), the health of the U.S. real estate industry, and risks generally incident to the ownership of residential real estate, including seasonal and cyclical trends (e.g., increases in mortgage interest rates, continued limited inventory, slowed consumer demand, reduced home affordability and declines in price appreciation and home prices); our ability to continuously innovate, improve and expand our platform; our ability to attract new agents and retain current agents or increase agents' utilization of our platform; our ability to expand our brokerage and adjacent services businesses; our ability to offer additional adjacent services; our ability to grow revenue from adjacent services at our anticipated rate; our ability to achieve expected benefits from our mortgage business and our joint venture, OriginPoint; our rapid growth and rate of growth; our net losses and ability to achieve or sustain profitability in the future; any future impact of the ongoing COVID-19 pandemic on our business; our ability to compete successfully in the markets in which we operate; the effect of monetary policies of the federal government and its agencies; any decreases in our gross commission income or the percentage of commissions that we collect; fluctuation of our quarterly results and other operating metrics; our ability to successfully complete acquisitions and integrate target companies; the effect of the claims, lawsuits, government investigations and other proceedings that we are subject to from time to time; our ability to protect our intellectual property rights; and other general market, political, economic, and business conditions. Additionally, these forward-looking statements, particularly our expected financial results and long-term financial targets, involve risks, uncertainties and assumptions, including those related to any future impacts of the ongoing COVID-19 pandemic and inflationary pressure on our clients' spending decisions. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant. Accordingly, actual results could differ materially from those predicted or implied or such uncertainties could cause adverse effects on our results. Reported results should not be considered as an indication of future performance.
More information about factors that could adversely affect our results of operations, financial condition and prospects, or that could cause actual results to differ from those expressed or implied in forward-looking statements is included under the captions "Risk Factors", "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q, copies of which are available on the Investor Relations page of our website at https://investors.compass.com/ and on the SEC website at www.sec.gov. All information in this release speaks as of August 15, 2022. All forward-looking statements contained herein are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events. Undue reliance should not be placed on the forward-looking statements in this press release.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin, which are non-GAAP financial measures, in this press release. We use Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin are also helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin have limitations as analytical tools, therefore you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Because of these limitations, you should consider Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin alongside other financial performance measures, including net loss attributable to Compass, Inc., operating cash flows and our other GAAP measures. In evaluating Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments reflected in this press release. Our presentation of Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculation of Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin. Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow margin are not presented in accordance with GAAP and the use of these terms varies from others in our industry.
Reconciliations of these non-GAAP measures have been provided in the financial statement tables included in this press release and investors are encouraged to review these reconciliations.
About Compass
Compass, a Fortune 500 company, is the largest residential real estate brokerage in the United States. Founded in 2012 and based in New York City, the technology-enabled brokerage provides an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.
1 A reconciliation of GAAP to Non-GAAP measures can be found within the financial statement tables included within this press release.
2 Gross Transaction Value is the sum of all closing sale prices for homes transacted by agents on the Compass platform (excluding rental transactions). We include the value of a single transaction twice when our agents serve both the home buyer and home seller in the transaction.
3 On July 21, 2022, NAR restated monthly average (mean) sales prices of existing homes from January 2020 through June 2022 to reflect their change in methodology to better account for outliers of high priced homes, noting that the monthly average (mean) sales prices are NAR's best estimates and given the outliers, they are less reliable. This resulted in higher monthly average (mean) sales prices of existing homes than what was reported prior and increases in total market GTV than what was reported prior. We have provided a detailed table at the end of the press release that compares our market share under both methodologies going back to 2020.
4 We calculate Total Transactions by taking the sum of all transactions closed on the Compass platform in which our agent represents the buyer or seller in the purchase or sale of a home (excluding rental transactions). We include a single transaction twice when one or more Compass agents represent both the buyer and seller in any given transaction. The 10% decline is based on NAR data as of June 2022.
5 Free cash flow represents cash flows from operating activities less capital expenditures.
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SOURCE Compass | https://www.whsv.com/prnewswire/2022/08/15/compass-inc-reports-second-quarter-2022-results/ | 2022-08-15T20:25:01Z |
MISSION, Texas, Aug. 15, 2022 /PRNewswire/ -- Rio South Texas is located where Texas, Mexico, and the Gulf of Mexico all meet. It is a region where a bi-national ecosystem facilitated by the Unites States-Mexico-Canada Agreement (USMCA) allows manufacturing companies to benefit from the best of what both the U.S and Mexico have to offer. The region's multimodal logistics infrastructure facilitates trade swiftly and cost-effectively, be it by truck, train, barge, ship, or airplane, placing Rio South Texas at the heart of the North American supply chain. And with SpaceX operations at Starbase, Texas located in the region, in the future, even the sky may no longer be the limit. Rio South Texas's young bi-national manufacturing workforce over 300,000 individuals enjoys access to various industry certified skills development programs at local technical schools, community colleges, private institutions of higher education, and public universities. In other words, Rio South Texas is rich in resources and potential for manufacturing companies looking to solidify or expand their North American operations.
The region's year-round sunny and warm weather not only reduces the risk of seasonal supply chain disruptions, but also offers the opportunity to tap into different sources of energy. Rio South Texas enjoys an abundance of traditional and green energy sources, such as the continued development of natural gas, wind, and solar energy resources. Texas is the United States' leader in wind power generation, is ranked 2nd in the country for installed solar capacity, and the Rio South Texas makes a significant contribution to this success. So, with a multiplicity of energy sources to choose from, manufacturing companies have access to different ways to fuel their operations all year-round.
Blessed by geography, situated at the multi-modal nexus of the continental supply-chain, and rich in human and energy resources, Rio South Texas region offers North American manufacturing companies big and small a wealth of solutions for their manufacturing and distribution needs.
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/2022/08/15/costep-discusses-manufacturing-rio-south-texas/ | 2022-08-15T20:25:08Z |
Coachmen Adrenaline Toy Haulers are Known for their Luxury Lightweight Toy Hauler RVs that are Loaded with Amenities
LEXINGTON, N.C., Aug. 14, 2022 /PRNewswire/ -- The founders of Country Roads RV Center are proud to announce that they have been an authorized dealer for the Adrenaline line of RVs for 2 years.
To learn more about Country Roads RV Center, please visit https://www.crrvc.com/adrenaline-toy-haulers-rv-dealer/.
As a company spokesperson noted, since Country Roads RV Center opened its doors in 2008, the company has strived to offer only the highest quality, 5th wheels, travel trailers, and toy haulers.
Now, as one of the largest dealers in the state, Country Roads RV Center has grown to offer a full service and parts department. The family-owned and operated dealership strives to give their customers the most enjoyable experience possible.
"Our mission is to provide high-quality new and used RVs to our customers. At the same time, we understand that travel trailers, 5th wheels, and motorhomes are not created equally. Because of this, we do a thorough analysis of new product lines we carry prior to making the decision to place them in our inventory," the spokesperson noted, adding that after reviewing the Adrenaline makes and models, it was an easy decision to add these outstanding RVs to their lineup of products.
The Adrenaline 21LT is a unique small toy hauler with a deep slide in the bedroom for some interior breathing room. At only 5800 pounds before adding cargo, this plan is towable by many vehicles.
The Adrenaline 23LT has a 13' 1" garage and a private bedroom in a hauler that is only 29' 7" overall length. The enclosed patio deck is great for unwinding in the evenings. All of this at 5800 pounds dry weight.
About Country Roads RV Center:
As one of the largest dealers in the state, Country Roads RV Center carries many different lines of 5th Wheels, Travel-Trailers, and Toy Haulers, as well as a full service and parts department. Family-owned and operated, they strive to give their customers the most enjoyable experience possible. For more information, please visit https://www.crrvc.com.
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SOURCE Country Roads RV Center, Inc | https://www.whsv.com/prnewswire/2022/08/15/country-roads-rv-center-celebrates-2-years-an-authorized-dealer-coachmen-adrenaline-toy-haulers/ | 2022-08-15T20:25:14Z |
Funding supports continued growth of national fix now, pay-at-closing home improvement solution for real estate agents
POTOMAC, Md., Aug. 15, 2022 /PRNewswire/ -- Curbio, Inc., the leading pay-at-closing home improvement solution for real estate agents, brokerages and their listing clients, today announced the closing of a $25 million credit facility and a new banking relationship with Cambridge Trust, with headquarters in Cambridge, Ma. The $25 million credit facility, along with a $65 million Series B funding round announced in January, brings Curbio's total 2022 funding to $90 million.
Curbio has now raised a total of $118 million since its founding in late 2017. Curbio is the first tech-enabled home improvement company designed specifically to repair and update homes before they go on the market, so they sell quickly and for top dollar, with no payment due until the home sells.
The new credit facility provided by Cambridge Trust will be used to expand into additional markets, further develop Curbio's proprietary technology and support the company's rapid topline growth, which is expected to exceed $100 million in 2023. Cambridge Trust joins Revolution Growth, Camber Creek, Comcast Ventures, Brick & Mortar Ventures, Kayne Partners, Masco Ventures, and Second Century Ventures, the investment arm of the National Association of Realtors®.
"Curbio is taking an outdated and broken home improvement process and completely re-inventing it to benefit real estate agents, their home seller clients and the broader subcontractor market. Everyone wins in this model, and we're thrilled to have Cambridge Trust join the rest of our experienced, high-quality investors, to support our transformation of the $80 billion pre-sale home improvement industry," said Rick Rudman, CEO of Curbio.
Curbio's use of proprietary technology is dramatically improving the customer experience in home improvement. The Curbio platform and web app makes it easy to get proposals, line up labor and materials, track project schedules, get visual updates, and communicate in real-time from any location, on any device. Curbio's projects average a 20% increase in selling prices, 50% reduction in project time, and 50% reduction in days on market.
Modern home buyers want move-in-ready properties, making pre-listing home improvements a necessity in order to sell a home quickly and for top dollar. Curbio unlocks the ability for any real estate agent to offer their clients a completely turnkey pre-listing home improvement solution, without paying anything until the home sells. Curbio removes all barriers to the home improvement process, making it streamlined, simple and stress-free. As the preeminent one-stop solution for pay-at-closing residential home improvement, Curbio is seizing on an enormous, previously untapped opportunity.
"We are thrilled to provide this $25 million credit facility to Curbio to support its rapid growth and the development of its innovative home improvement technology," said Chris Roy, Director of Innovation Banking at Cambridge Trust. "Curbio has a seasoned executive team and an innovative solution that is long overdue in the property technology space. We collaborated very closely with the Curbio team to understand their unique working capital needs and developed a tailored credit solution that gives them substantial access to capital as they transform this industry. We look forward to helping Curbio transform home improvement for real estate."
Curbio was founded in 2017 to transform the multi-billion-dollar home improvement industry and has quickly become the nation's leading pay-at-closing home improvement solution. The company partners exclusively with real estate agents and their clients to get any home ready for the market, allowing it to sell faster and for top dollar. Using technology to power their service, Curbio completes pre-listing home improvement projects of any size quickly and without hassle, from start to finish, with zero payment due until the home sells. Curbio is trusted by thousands of realtors and brokerages nationwide, and has been continuously recognized for its exemplary solution, receiving nods in HousingWire, Qualified Remodeler and Comparably, to name a few.
Cambridge Trust Company, subsidiary of Cambridge Bancorp, is based in Cambridge, Massachusetts. The 132-year-old Massachusetts chartered commercial bank has approximately $5.1 billion in assets at June 30, 2022, and a total of 19 Massachusetts and New Hampshire locations. Cambridge Trust's Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire with $4.0 billion in client assets under management and administration at June 30, 2022.
Cambridge Trust's Innovation Banking Group is a leading Boston-based specialty lender focused on the financial needs of growth-stage technology companies which drive the expansion of the innovation economy.
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SOURCE Curbio | https://www.whsv.com/prnewswire/2022/08/15/curbio-brings-total-2022-funding-90m-with-addition-25m-credit-facility-provided-by-cambridge-trust/ | 2022-08-15T20:25:21Z |
SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- Diaper changing time just became a little less messy and a fraction funnier, thanks to Babyganics' new line of Triple Dry Diapers, the brand's most absorbent diaper. Parents have enough to worry about without the products they use being added to that list, which is why the new line marries function with fun – promising to keep babies' bottoms dry, with quirky, age-appropriate patterns and word puzzles to provide humor for the masters of diaper changing time: the parents.
What's more, the diaper line is now available via the new Babyganics direct-to-consumer website, making it easier than ever to ensure there's always a clean supply of diapers at the ready.
The star of the show is the diapers' vibrant and quirky designs that include cheerful shapes, colors, patterns and supportive messages for parents to brighten their day (or night). Smaller sized diapers feature notes of encouragement, such as "If you can read this, you are awake & functioning, great job," and larger sizes provide parents with much-needed LOLs for extra support on the messier days.
The new diapers – which come in newborn through size six – are 2x faster at absorbing wetness. The Triple Dry Diaper protection comes from the U-shaped channel which quickly whisks wetness away from baby's bottom, an absorbent core which locks moisture away, and a breathable layer that circulates air to skin.
All the sizes include a wetness indicator, so parents know when it's time to hit the changing table. Newborn diapers have an umbilical cord cutout for ultra-comfort, while Size 1 and Size 2 have additional front and back leakage cuffs for fending off blowouts.
The comfort and overall fit of the diapers were given careful consideration. The blend of plant-derived and traditional materials provides a soft cloth-like feel inside and out. And the brand has included a touch of NeoNourish® Seed Oil Seed Oil (a dedicated diaper blend of tomato, sunflower, cranberry, black cumin and raspberry seed oils) on the top sheet with baby's skin in mind. Strong tabs and stretchy wings for a secured fit and an ultra-thin flexible core mean babies are comfortable when on the move.
If you don't laugh, you'll cry, Babyganics' Triple Dry Diaper U-shape technology gets the job done while adding a pop of fun.
The diapers were designed with TCF (Totally Chlorine-Free) fluff pulp, are non-allergenic, dermatologist-tested, and made without latex, petroleum-based lotions or fragrances.
- 0-7 Months: Boasting bold shapes for baby and cheeky pep talks for parents – such as "you are brave, you are strong, and you can change this diaper."
Size NB (<10 lbs)
Size 1 (8 - 14 lbs)
Size 2 (12 - 18 lbs)
- 8-36 Months: The alphabet with a difference. Mimicking flashcards, these diapers get babies and toddlers familiar with the alphabet and numbers, using words such as "meltdown" and "booboos" designed to delight parents.
Size 3 (16 - 28 lbs)
Size 4 (22-37 lbs)
- 3+ Years: Words are the name of the game with these designs that sport cute icons, letters and word searches to reveal things like "sleepy" and "you are a star."
Size 5 (27+ lbs)
Size 6 (35+ lbs)
And parents, you've been heard. You can now save money and precious time thanks to the new auto-delivery of diapers from babyganics.com. The direct-to-consumer website enables parents to shop essential products for online purchase and direct-to-door delivery, including Babyganics' iconic Bath, Skincare, Homecare, Sunscreen and Repellent range for all ages and stages.
The Triple Dry Diapers are available on Babyganics.com and Amazon. For more information, visit https://babyganics.com/meet-our-diapers/.
Babyganics was founded in 2002 by two dads who loved watching their little ones explore and get messy. Born from the belief that family life is not always clean – or perfect – they set out to build a brand that stood up for real parenting and empowered parents and caregivers to realize that their best is more than enough. This thinking comes alive in its recent campaign: "Here's to Practically Imperfect Parenting", which defies the concept of parental perfection and presents new brand commitments rooted in support and action.
Today, Babyganics provides essentials for whatever is thrown at parents, spanning Bath & Body, Diapers, Outdoors and Home Care. It favors effective, plant-derived and organic ingredients wherever possible and its products are not tested on animals or created using certain ingredients – sulfates, phthalates, parabens or synthetic fragrances to name a few.
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SOURCE Babyganics | https://www.whsv.com/prnewswire/2022/08/15/diaper-duty-babyganics-launches-triple-dry-diapers-say-later-leaks-bye-bye-blowouts-hello-extra-emotional-support/ | 2022-08-15T20:25:27Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- DLA Piper advised T-Mobile US, Inc. in its acquisition of spectrum licenses in the 600 MHz band from Channel 51 License Co LLC and LB License Co, LLC in exchange for total cash consideration of US$3.5 billion, of which approximately US$1.9 billion will be paid to Channel 51 License and approximately US$1.6 billion will be paid to LB License.
The geographic areas covered by the licenses include markets in Los Angeles, Chicago, San Francisco, Washington, Philadelphia, Boston, Dallas, Houston, and other key markets.
The licenses range from 10MHz to 30MHz per market and cover over 108 million pops—approximately one third of the US population. The licenses are being acquired without any associated network, but the licenses are currently being utilized by T-Mobile through exclusive leasing arrangements with 51 License and LB License.
Nancy Victory, co-chair of DLA Piper's Global Telecom Practice who, with M&A partner Marc Samuel, led the deal team, said, "We were pleased to work with T-Mobile on this strategic acquisition and combine our deep industry knowledge and experience to support T-Mobile's expansion efforts."
In addition to Victory and Samuel (both in Washington, DC), the DLA team was comprised of partner Shaked Hoter (Washington, DC) and associates Peter Shroyer (Washington, DC) and Alexis Elder (in Short Hills, NJ).
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.
DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.
About DLA Piper
DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world. In certain jurisdictions, this information may be considered attorney advertising. dlapiper.com
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SOURCE DLA Piper | https://www.whsv.com/prnewswire/2022/08/15/dla-piper-advises-t-mobile-its-us35-billion-acquisition-spectrum-licenses/ | 2022-08-15T20:25:34Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Doyle Auctioneers & Appraisers has announced plans to open a new gallery in Charleston, South Carolina. This expansion provides collectors, families, and fiduciaries in Charleston and the Southeast with convenient access to Doyle's full range of auction and appraisal services for collections and estates. Doyle looks forward to welcoming the public to their newly renovated gallery in Charleston this winter.
"Doyle's addition of a Charleston gallery is the result of thoughtful consideration of the local market, leaving room for future growth in this thriving city," said Laura Doyle, CEO of Doyle. "We are thrilled to join the robust arts and culture community in Charleston and look forward to providing our new neighbors and old friends with services tailored to meet their needs."
With the opening of the new gallery, Doyle will host consignment days featuring their team of Specialists, connoisseurship talks on a range of collecting topics, and preview exhibitions of property to be auctioned in New York and online to collectors around the globe.
Doyle has commissioned Julia F. Martin Architects of Charleston to renovate their new gallery located in a circa 1888 building at 123 King Street. Glen R. Gardner Landscape Architect, also of Charleston, will design and install the landscaping.
Commenting on the renovation plan, the Preservation Society of Charleston stated, "Without historic photographs to inform restoration, Julia F. Martin Architects developed a sensitive plan to reimagine the storefront based on period examples along King Street, while stabilizing and rehabilitating the piazza. The project was approved by BAR (Board of Architectural Review) earlier this month, and the PSC was pleased to offer our support."
Doyle has long been privileged to auction property from prominent estates and distinguished collections from South Carolina. Doyle held the landmark sale of the Collection of best-selling author Dorothea Benton Frank, a native of Sullivan's Island, South Carolina. This highly-anticipated auction featured furniture, decorations, and artwork, as well as memorabilia related to her successful career as an author.
In a series of jewelry sales in New York this fall, Doyle will auction property from a Southampton, NY and Charleston, SC Estate featuring elegant jewelry by Bulgari, David Webb, Buccellati, and Sterlé Paris, as well as fine watches by Cartier and Patek Philippe.
Doyle Specialists are always available to discuss their full range of appraisal and auction services for a single item or an entire collection. For information and appointments, contact 803-849-2901 or Charleston@Doyle.com
Founded in 1962, Doyle is one of the world's foremost auctioneers and appraisers of jewelry, art, furniture, decorations, Asian works of art, coins, stamps, rare books and other collecting categories. Headquartered in New York City, the global capital of the auction market, Doyle holds over 100 sales each year that attract a broad base of buyers and consignors from around the world. In addition to Charleston, Doyle's network of regional offices and representatives includes galleries in Beverly Hills, Palm Beach and Washington DC, and representatives in Boston, Chicago, Connecticut, New Jersey, North Carolina and Pennsylvania. For further information, visit Doyle.com
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SOURCE Doyle | https://www.whsv.com/prnewswire/2022/08/15/doyle-auctioneers-amp-appraisers-open-new-gallery-charleston-sc/ | 2022-08-15T20:25:40Z |
New collaboration brings exclusive-to-eBay Funko Products to collectors, beginning with Vinyl GOLD™
SAN JOSE, Calif., Aug. 15, 2022 /PRNewswire/ -- eBay, a global commerce leader that connects millions of buyers and sellers around the world, announced today the launch of a series of exclusive Funko products as part of a newly formed collaboration with Funko, a leading pop culture and lifestyle brand. Through this collaboration, eBay combines its global reach and unique inventory to continue to bring a seamless experience that allows enthusiasts to access high passion and high value items, including exclusive-to-eBay Funko products.
"With millions of sales of Funko products on our marketplace last year, we recognize that this incredibly engaged community of collectors are already shopping on eBay," said Dawn Block, VP Collectibles, Electronics and Home at eBay. "Our collaboration with Funko to bring exclusive inventory onto our platform allows us to deliver even more of the rare collectibles these enthusiasts are coveting."
Funko's collection on eBay will offer enthusiasts access to rare, sought after Funko products from iconic fandoms – the first of which is available today at https://www.ebay.com/e/_collectibles/funkopop-kawhi?preview=true. Additional drops in the series will launch later this year.
"Creating iconic products that connect fans to their passion is at the core of what we do," said Johanna Gepford, Senior Vice President for the Direct to Commerce business at Funko. "Collaborating with eBay allows us to broaden our reach delighting even more Funko collectors around the world."
The collectibles market has fueled this collaboration between eBay and Funko, as eBay continues to shape the future of collecting through new digital and physical capabilities. eBay recently expanded its Authenticity Guarantee service to trading cards, and also launched the eBay vault, a secure storage facility and digital marketplace for trading cards. These enhancements followed industry-leading tools introduced in 2021, including Price Guide and Collection and Image Scan.
eBay Collectibles by the Numbers
- Collectibles is a top eBay category.
- In 2021, there were over 4M listings and 88M searches for Funko Pop on eBay.
- In 2021, Trading Cards GMV more than doubled pre-pandemic levels, with an average of 2 trading cards purchased every second on eBay.
- In 2021, Sports Ticket Stubs GMV increased 60% YoY, Coins and Bills GMV increased 34% YoY and Comics GMV increased 22% YoY.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2021, eBay enabled over $87 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
About Funko
Headquartered in Everett, Washington, Funko is a leading pop culture lifestyle brand. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, board games, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
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SOURCE eBay Inc. | https://www.whsv.com/prnewswire/2022/08/15/ebay-launches-first-collection-exclusive-funko-products/ | 2022-08-15T20:25:47Z |
SAN DIEGO, Aug. 15, 2022 /PRNewswire/ -- Inhibrx, Inc. (Nasdaq: INBX), a biotechnology company with four clinical programs in development and a strong emerging pipeline, today announced that the European Commission ("EC"), based on a positive opinion issued by the European Medicines Agency ("EMA"), has granted orphan medicinal product designation to INBRX-109 for the treatment of chondrosarcoma.
"We are highly optimistic about the potential of INBRX-109 in chondrosarcoma to address a high unmet medical need," said Inhibrx Chief Executive Officer, Mark Lappe. "The positive opinion issued by the EMA is excellent news and acknowledges the potential of INBRX-109 as a treatment for patients throughout Europe who suffer from this debilitating, rare condition."
The EC grants orphan designation to drugs and biologics intended for the safe and effective treatment, prevention, or diagnosis of a disease that is life-threatening or chronically debilitating impacting fewer than five in 10,000 patients in the European Union ("EU"). Orphan drug designation in the EU can provide certain benefits, including reduced regulatory fees, clinical protocol assistance and the potential for up to ten years of market exclusivity following regulatory approval.
About Chondrosarcoma
Chondrosarcoma is an orphan bone cancer with approximately 2,800 new patients diagnosed annually in the United States and the EU. There are currently no therapeutics approved for the treatment of chondrosarcoma.
About INBRX-109
INBRX-109 is a precision-engineered, tetravalent death receptor 5 (DR5) agonist antibody designed to exploit the tumor-biased cell death induced by DR5 activation.
In 2021, the FDA granted Fast Track designation to INBRX-109 for the treatment of patients with unresectable or metastatic conventional chondrosarcoma and orphan-drug designation to INBRX-109 for chondrosarcoma in the United States.
In June 2021, Inhibrx initiated a randomized, blinded, placebo-controlled, potential registration-enabling Phase 2 trial of INBRX-109 in conventional chondrosarcoma, which is currently ongoing.
In November 2021, Inhibrx provided updated results from its ongoing Phase 1 clinical trial evaluating the efficacy and safety of INBRX-109 in patients with conventional chondrosarcoma. Preliminary disease control was observed in 16 of the 18 evaluable patients (89%) measured by RECISTv1.1, with two of the 18 achieving partial responses (11%). Based on preliminary results of the ongoing Phase 1 trial at that time, the median progression-free survival (PFS) was 7.4 months, and the median overall survival had not been reached. Three patients had exceeded 61 weeks on treatment with INBRX-109, with 77 weeks being the longest duration of stable disease observed at that time.
About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates in oncology and orphan diseases. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. Inhibrx has collaborations with 2seventy bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi. For more information, please visit www.inhibrx.com.
Forward-Looking Statements
Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx's current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: Inhibrx's and its investigators' judgments and beliefs regarding the strength of Inhibrx's pipeline, any future potential or observed to date safety and efficacy of its therapeutic candidate, INBRX-109, discussions with and beliefs regarding future action by the FDA or EMA, and statements and beliefs regarding the clinical development of INBRX-109 including statements indicating that the Phase 2 trial is registration-enabling, potential benefits of the orphan drug-designation and any presumption of positive results from Phase 1 clinical trials. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx's business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its expectations regarding the impact of the COVID-19 pandemic on its business; and other risks described from time to time in the "Risk Factors" section of its filings with the U.S. Securities and Exchange Commission, or the SEC, including those described in its Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on February 28, 2022, as well as its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains estimates and other statistical data made by independent parties and by Inhibrx. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.
Investor and Media Contact:
Kelly Deck, CFO
858-795-4260
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SOURCE Inhibrx Inc. | https://www.whsv.com/prnewswire/2022/08/15/european-medicines-agency-grants-orphan-drug-designation-inbrx-109-treatment-chondrosarcoma/ | 2022-08-15T20:25:54Z |
Berkeley County property to be repurposed for new West Virginia solar program
FAIRMONT, W.Va., Aug. 15, 2022 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) has completed the closure of an ash landfill for the former R. Paul Smith Power Station in Berkeley County, West Virginia, successfully paving the way to repurpose the 26-acre property for a planned utility-scale solar facility.
Allegheny Energy Supply Company, a subsidiary of FirstEnergy, recently received approval from the West Virginia Department of Environmental Protection to end environmental monitoring at the landfill after permanently closing the facility by removing all regulated materials. The landfill's closure was the conclusion of a successful 20-year effort to beneficially reuse the plant's ash byproduct in cement manufacturing. FirstEnergy harvested 3.1 million tons of ash that was sold to two major cement manufacturers to fuel their cement kilns.
Located across the Potomac River from the R. Paul Smith property in Maryland, the Berkeley County site is one of five locations where Mon Power, one of FirstEnergy's two electric companies in West Virginia, plans to build a solar facility as part of a new West Virginia solar program.
"The reclamation and closure of this former landfill has generated a positive economic impact for our company, and as the future home for one of our solar projects in West Virginia, it symbolizes our efforts to build a brighter and more sustainable future for the communities we serve," said Mark Vindivich, a manager in FirstEnergy's environmental department who oversaw the project.
The company began working with the state on a plan to close the landfill in 2015, three years after closure of the R. Paul Smith Power Station. Activities included removing infrastructure such as piping and engineered liner while decommissioning two dams on the property. In June 2022, FirstEnergy's request to end environmental monitoring under the solid waste permit was approved by the West Virginia Department of Environmental Protection, marking the first time a company has earned this type of approval in West Virginia.
Mon Power intends to build a six-megawatt solar facility at the 26-acre site as part of a plan to construct five utility-scale solar facilities, totaling 50 megawatts of renewable generation, to help make West Virginia more attractive for business development. Mon Power and Potomac Edison are currently accepting West Virginia customer subscriptions to purchase power from these facilities through solar renewable energy credits (SRECs). To learn more or subscribe to the solar program, visit www.firstenergycorp.com/WVSolar, or call 1-800-505-7283 to enroll by phone.
Mon Power serves about 395,000 customers in 34 West Virginia counties. Follow Mon Power at www.mon-power.com, on Twitter @MonPowerWV, and on Facebook at www.facebook.com/MonPowerWV.
Potomac Edison serves about 275,000 customers in seven counties in Maryland and 151,000 customers in the Eastern Panhandle of West Virginia. Follow Potomac Edison at www.potomacedison.com, on Twitter @PotomacEdison, and on Facebook at www.facebook.com/PotomacEdison.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on Twitter @FirstEnergyCorp.
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SOURCE FirstEnergy Corp. | https://www.whsv.com/prnewswire/2022/08/15/firstenergy-completes-closure-west-virginia-ash-landfill-following-successful-beneficial-reuse-initiative/ | 2022-08-15T20:26:01Z |
$145 million of Total revenue in Q2 2022, representing 231% growth over Q2 2021
13 new Cell Programs added in Q2 2022, representing 86% growth over Q2 2021
Pending acquisitions of Zymergen and Bayer's West Sacramento agricultural biologicals capabilities expected to enable new growth opportunities in the coming years
Approximately $1.4 billion cash balance provides continued multi-year runway as Ginkgo drives towards profitability
BOSTON, Aug. 15, 2022 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) ("Ginkgo"), the leading horizontal platform for cell programming, today announced its results for the second quarter ended June 30, 2022. The update, including a webcast slide presentation with additional details on the second quarter and supplemental financial information, will be available at investors.ginkgobioworks.com.
"We delivered a strong quarter across both our cell programming and biosecurity businesses," said Jason Kelly, co-founder and CEO of Ginkgo. "We added 13 new Cell Programs and more than doubled our second-quarter Foundry revenue year-over-year. We executed well on our biosecurity business through the remainder of the school year and are seeing traction across this business with longer-term, diversified biosecurity opportunities, including being awarded a new contract from the CDC to continue our pathogen monitoring work in airports. We are excited about our recently announced transactions with Zymergen and Bayer, which we expect to significantly improve our platform and drive future value. Our strong cash balance of approximately $1.4 billion affords us the ability to play offense when compelling opportunities arise, while we remain focused on our cash runway and can consider multiple levers as we drive towards profitability."
Recent Business Highlights & Strategic Positioning
- Generated Foundry revenue of $44 million in Q2 2022, representing 105% growth over the comparable prior year period, including a previously announced equity milestone from the successful completion of the third productivity target in our collaboration with Cronos Group Inc.
- Added 13 new Cell Programs to the Foundry platform in Q2 2022, representing 86% growth over the comparable prior year period
- Concentric by Ginkgo, Ginkgo's biosecurity and public health offering, had another strong quarter, producing $100 million in revenue in Q2 2022
- On July 24, 2022, Ginkgo entered into a definitive agreement to acquire Zymergen in an all-stock transaction
- Also on July 24, 2022, Ginkgo entered into a definitive agreement to acquire Bayer's West Sacramento agricultural biologicals R&D facility
- Added Dr. Kathy Hopinkah Hannan to the Ginkgo Board of Directors
Second Quarter 2022 Financial Highlights
- Second quarter 2022 Total revenue of $145 million, up from $44 million in the comparable prior year period, an increase of 231%
- Second quarter 2022 Foundry revenue of $44 million, up from $22 million in the comparable prior year period, an increase of 105%. Second quarter 2022 Foundry revenue included downstream value share revenue related to the equity milestone achievement by Cronos Group Inc.
- Second quarter 2022 Biosecurity revenue of $100 million with a gross profit margin of 36%
- Second quarter 2022 Loss from operations of $(647) million (inclusive of stock-based compensation expense of $607 million), compared to Loss from operations of $(60) million in the comparable prior year period. The stock-based compensation expense primarily relates to the continued GAAP accounting for the modification of restricted stock units issued prior to becoming a public company, as disclosed in our annual report on Form 10-K filed with the SEC on March 29, 2022
- Second quarter 2022 Adjusted EBITDA of $(23) million, improved from $(38) million in the comparable prior year period
- Cash and cash equivalents balance as of the end of the second quarter of approximately $1.4 billion puts Ginkgo in a strong financial position to pursue its strategic objectives
Full Year 2022 Guidance
- Ginkgo continues to expect to add 60 new Cell Programs to the Foundry platform in 2022
- Ginkgo further revised its expectation for Total revenue from $375 – $390 million to $425 –$440 million in 2022
- Ginkgo continues to expect Foundry revenue of $165 – $180 million in 2022
- While Biosecurity remains an uncertain business, based on strong year-to-date performance Ginkgo now expects Biosecurity revenue in 2022 of at least $260 million
Conference Call Details
Ginkgo will host a videoconference today, Monday, August 15, 2022, beginning at 4:30 p.m. ET. The presentation will include an overview of the second quarter financial performance, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your questions to @Ginkgo on Twitter (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.
Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 924 3540 6075
If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our web site at https://investors.ginkgobioworks.com/events/ for updated dial-in information.
About Ginkgo Bioworks
Ginkgo is building a platform to enable customers to program cells as easily as we can program computers. The company's platform is enabling biotechnology applications across diverse markets, from food and agriculture to industrial chemicals to pharmaceuticals. Ginkgo has also actively supported a number of COVID-19 response efforts, including K-12 pooled testing, vaccine manufacturing optimization, and therapeutics discovery. For more information, visit www.ginkgobioworks.com.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, current expectations, operations and anticipated results of operations, both business and financial, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the effect of Ginkgo's business combination with Soaring Eagle Acquisition Corp. ("Soaring Eagle") on Ginkgo's business relationships, performance, and business generally, (ii) risks that the business combination disrupts current plans of Ginkgo and potential difficulties in Ginkgo's employee retention, (iii) the outcome of any legal proceedings that may be instituted against Ginkgo related to its business combination with Soaring Eagle, (iv) volatility in the price of Ginkgo's securities now that it is a public company due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, changes in laws and regulations affecting Ginkgo's business, changes in the combined capital structure and expectations associated with increases in the number of shares available for sale, (v) the ability to implement business plans, forecasts, and other expectations after the completion of the business combination, and ability to identify and realize additional opportunities, (vi) the risk of downturns in demand for products using synthetic biology, (vii) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, (viii) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, and (ix) our ability to close and realize the expected benefits of pending merger and acquisition transactions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's most recent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
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SOURCE Ginkgo Bioworks | https://www.whsv.com/prnewswire/2022/08/15/ginkgo-bioworks-reports-second-quarter-2022-financial-results/ | 2022-08-15T20:26:07Z |
CHICAGO, Aug. 15, 2022 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, today announced financial results for the three and six months ended June 30, 2022.
- Second quarter 2022 Medicare Submitted Policies of 177,911 increased 9% compared to the prior year period. YTD 2022 Medicare Submitted Policies of 478,554 increased 38% compared to the prior year period.
- Second quarter 2022 net revenue of $158.7 million decreased 19% compared to the prior year period. YTD 2022 net revenue of $429.2 million increased 7% compared to the prior year period.
- Second quarter 2022 net loss of $113.8 million compared to a net loss of $39.2 million in the prior year period. YTD 2022 net loss of $151.0 million compared to a net loss of $46.5 million in the prior year period.
- Second quarter 2022 Adjusted EBITDA1 of negative $31.7 million compared to Adjusted EBITDA1 of $14.3 million in the prior year period. YTD 2022 Adjusted EBITDA1 of negative $20.7 million compared to Adjusted EBITDA1 of $46.4 million in the prior year period.
- YTD 2022 positive cash flow from operations of $6.4 million compared to cash flow used in operations of $32.3 million in the prior year period.
"GoHealth has established itself as the volume leader in the Medicare Advantage e-broker space with a strong technology backbone, differentiated carrier relationships, and an innovative product portfolio. Our industry is facing a natural inflection point as competitive dynamics amongst our carrier partners and the needs of Medicare beneficiaries evolve. With that as our backdrop, we have embarked on a meaningful transformation for the organization with a renewed focus on high-quality customer experience, efficiency, and cash flow," said Vijay Kotte, GoHealth's Chief Executive Officer.
"I am confident in our team as we reposition the Company for success, and do not believe this quarter's results represent the financial performance we are capable of achieving," said Kotte."We are happy to report that the initial positive interest we received in our new Encompass Connect and Engage modules has resulted in contracts with each of our major carrier partners. We're ramping up these programs and expect to be fully deployed for this upcoming AEP. The expanded Encompass platform provides better carrier alignment, predictability, transparency, and unit economics, while also driving more cash into the business," said Kotte.
Mr. Kotte continued, "We expect our strategic moves, including the cost actions recently taken and the future ramp-up of our Encompass programs, to materially strengthen our ability to achieve cash flow breakeven on a trailing twelve-month basis by the middle of next year. While I believe we are now well positioned to execute on our goals, we have made the prudent decision to suspend the Company's previously issued quantitative guidance for the remainder of 2022. We expect to provide more color regarding full year 2022 on our third quarter earnings later this fall."
"We have a great deal of opportunity ahead of us as we transform our unique services and our differentiated Encompass platform with an eye toward quality and customer experience. We are eager to dig in and look forward to sharing updates on our progress over the coming quarters," concluded Mr. Kotte.
Additional Second Quarter 2022 Items of Note
- On August 9, 2022, the Company eliminated 835 full-time positions, representing approximately 23.7% of our workforce, primarily within our customer care and enrollment group. Total expected severance and employee-related charges are projected to be approximately $7.0 - $9.0 million and are primarily related to termination and employee-related benefits. These charges will be settled in cash.
- The Company also announced it reached an agreement with its lenders to amend the Company's term debt facility to better align the debt covenants with the Company's trajectory of turnaround and growth. Details of the amended credit facilities are set forth on a Form 8-K filed with the SEC.
Conference Call Details
The Company will host a conference call today, Monday, August 15, 2022 at 5:00 p.m. (ET) to discuss its financial results. Participants can pre-register for the conference call at the following link: https://register.vevent.com/register/BI000b356a45c24452aea2f52ec20378bd. A live audio webcast of the conference call will be available via GoHealth's Investor Relations website, https://investors.gohealth.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.
About GoHealth, Inc.:
As a leading health insurance marketplace and Medicare-focused digital health company, GoHealth's mission is to improve access to healthcare in America. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to match customers with the healthcare policy and carrier that is right for them. GoHealth has enrolled millions of people in Medicare plans and individual and family plans. For more information, visit https://www.gohealth.com.
Investor Relations:
IR@gohealth.com
Media Relations:
Pressinquiries@gohealth.com
Forward-Looking Statements
This release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding our expected growth, level of cash flow, future capital expenditures and debt service obligations are forward-looking statements.
In some cases, you can identify forward-looking statements by terms, such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
These forward-looking statements speak only as of the date of this release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but are not limited to, the following: the marketing and sale of Medicare plans are subject to numerous, complex and frequently changing laws, regulations and guidelines; our business may be harmed if we lose our relationships with carriers or if our relationships with carriers change; our failure to grow our customer base or retain our existing customers; carriers may reduce the commissions paid to us and change their underwriting practices in ways that reduce the number of, or impact the renewal or approval rates of, insurance policies sold through our platform; factors that impact our estimate of LTV (as defined below) may be adversely impacted; our management and independent auditors have identified a material weakness in our internal controls over financial reporting, and we may be unable to develop, implement and maintain appropriate controls in future periods, which may lead to errors or omissions in our financial statements; the potential delisting of our common stock from the Nasdaq Global Market; volatility in general economic conditions, including inflation, interest rates, and other commodity prices and exchange rates may impact our financial position and performance; our ability to borrow under the Credit Agreement is subject to ongoing compliance with a number of financial covenants, affirmative covenants, and other restrictions, which may limit our operations and our ability to take certain actions; we currently depend on a small group of carriers for a substantial portion of our revenue; information technology system failures could interrupt our operations; our ability to sell Medicare-related health insurance plans is largely dependent on our licensed health insurance agents; operating and growing our business may require additional capital; our strategic focus on cash flow optimization may lead to decreased revenue or otherwise adversely affect our business; we may lose key employees or fail to attract qualified employees; our operations may be adversely impacted by a reduction in employee headcount or other similar actions; the Founders (as defined in our Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K")) and Centerbridge (as defined in the 2021 Form 10-K) have significant influence over us, including control over decisions that require the approval of stockholders; and other important factors described in the section titled "Risk Factors" in our 2021 Form 10-K, and the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and in our other filings with the Securities and Exchange Commission.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release, as well as the cautionary statements and other risk factors set forth in the 2021 Form 10-K, Quarterly Report on Form 10-Q for the first quarter ended March 31, 2022 and other SEC filings. If one or more events related to these or other risks or uncertainties materialize, or our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Use of Non-GAAP Financial Measures and Key Performance Indicators
In this press release, we use supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Consolidated Financial Statements prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). These non-GAAP financial measures include net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense ("EBITDA"); Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is the primary financial performance measure used by management to evaluate its business and monitor its results of operations.
Adjusted EBITDA represents, as applicable for the period, EBITDA as further adjusted for certain items summarized below in this press release. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenues.
We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of EBITDA and Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), are presented in the tables below in this press release. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and include other expenses, costs and non-recurring items.
Glossary
"Adjusted EBITDA" represents, as applicable for the period, EBITDA as further adjusted for certain items summarized below in this press release.
"Adjusted EBITDA Margin" refers to Adjusted EBITDA divided by net revenues.
"Approved Submissions" refer to Submitted Policies approved by carriers for the identified product during the indicated period.
"LTV Per Approved Submission" refers to the Lifetime Value of Commissions per Approved Submission, which we define as (i) aggregate commissions estimated to be collected over the estimated life of all commissionable Approved Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, carrier mix and expected policy persistency with applied constraints, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, divided by (ii) the number of commissionable Approved Submissions for such period.
"Submitted Policies" refer to completed applications that, with respect to each such application, the consumer has authorized us to submit to the carrier.
The following tables set forth the components of our results of operations for the periods indicated (unaudited):
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The following tables set forth the reconciliations of GAAP net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated (unaudited):
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The following table summarizes share-based compensation expense by operating function for the periods indicated (unaudited):
The following table sets forth our balance sheets for the periods indicated (unaudited):
The following table sets forth our statements of cash flows for the periods indicated (unaudited):
The following tables set forth operating segment results for the periods indicated (unaudited):
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The following table presents the number of Submitted Policies by product for the Medicare segments for the three and six months ended June 30, 2022 and 2021, for those submissions that are commissionable (compensated through commissions received from carriers):
The following tables present the number of Approved Submissions by product relating to commissionable policies for the Medicare segments for three and six months ended June 30, 2022 and 2021. Only commissionable policies are used to calculate LTV.
The following table presents the LTV per Approved Submission by product for the Medicare segments for the three and six months ended June 30, 2022 and 2021:
The following table presents the number of Submitted Policies by product for the Medicare segments for the three and six months ended June 30, 2022 and 2021, for those submissions that are non-commissionable (compensated via hourly fees and enrollment fees) and do not result in commission revenue:
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SOURCE GoHealth, Inc. | https://www.whsv.com/prnewswire/2022/08/15/gohealth-reports-second-quarter-2022-results/ | 2022-08-15T20:26:14Z |
Conference Call Scheduled for today, August 15, 2022 at 4:30pm ET
COLUMBIA, Md., Aug. 15, 2022 /PRNewswire/ -- GSE Systems, Inc. ("GSE Solutions", "GSE", or "the Company") (Nasdaq: GVP), a leader in advanced engineering and workforce solutions that support the future of clean energy production and overall decarbonization initiatives of the power industry, today announced financial results for the second quarter ("Q2") ended June 30, 2022.
Q2 2022 and Recent Highlights
- Strong revenue growth from Performance Engineering, with a 24% increase over Q1 of 2022 and 16% improvement from Q2 of 2021.
- Software and support sales increased in Q2 of 2022 by 217% to $1.2 million when compared to $0.4 million in Q1 of 2022 and rose 54% compared to Q2 of 2021.
- Backlog at June 30, 2022, was $34.0 million, including $27.5 million of Performance Improvement Solutions backlog, and $6.5 million of Workforce Solutions backlog.
- During Q2 2022, the Company received Employee Retention Credit refunds of $1.6 million, with remaining refunds due of $1.4 million as of June 30, 2022.
- Ended Q2 with cash, cash equivalents and restricted cash of $6.9 million, including restricted cash of $1.6 million.
Management Commentary
"I am pleased with the progress made during the second quarter, whereby we continue to see signs of improvement in the industry. Additionally, we were able to improve our capital structure and balance sheet in a very timely manner. This has enabled us to make key investments during the quarter to prepare GSE for future organic growth opportunities, especially as our end markets continue a path towards normalization following the pandemic induced slowdown over the past two years, including much of 2021," commented Kyle J. Loudermilk, GSE's President and Chief Executive Officer. "Our organic license revenue growth is a direct result of targeted investments by the company to grow this line of business. While the second quarter project order flow was a bit of a pause from the strong second half of 2021, our project execution and revenue remain solid, our backlog has remained strong, and we have a robust pipeline of new business opportunities to pursue. We remain optimistic about the direction of the company for the remainder of the fiscal year. In the near-term, we believe that the upgrades of power plants that were delayed as a result of the pandemic has created a backlog of projects that will require GSE's solutions. Longer term, the macro trends towards grid stability, energy security and decarbonization are in our favor, providing a solid foundation to be optimistic about the future."
Emmett Pepe, CFO of GSE Systems, added, "The company's capital structure remained strong at the end of Q2 as we showed sequential improvement in revenue, margins, and Adjusted EBITDA. The company ended Q2 with cash, cash equivalents and restricted cash of $6.9 million, including restricted cash of $1.6 million. We have used the improved balance sheet to make some additional hires and investments into our divisions to place the company in a solid position for growth by identifying and winning additional opportunities. We have received cumulative Employee Retention Credit refunds through the CARES Act of approximately $3.6 million through June 30, 2022. The company is expecting to receive the remaining refunds of approximately $1.4 million in the next three to six months. The receipt of these credits enhances the Company's cash position and allows the company to make necessary investments for the future."
Q2 2022 FINANCIAL RESULTS
Revenue during Q2 2022 was $12.7 million an increase of 3.8% compared to $12.3 million in Q1 2022, and revenue was $13.5 million in Q2 2021. The sequential improvement in revenues was driven by large simulator build and upgrade projects in Performance Improvement Solutions, offset by a sequential decrease in Workforce Solutions. The year over year decrease of $0.8 million was primarily due to the wind down of large projects resulting in a reduction of staffing from our major customers, which continues to affect the power industry.
Performance Improvement Solutions revenue was $8.0 million in Q2 2022 compared to $6.4 million in Q1 2022, and $6.9 million in Q2 2021. The sequential and year-over-year increase was largely due to several significant simulator upgrade projects which began later in 2021 with continued work performed in the first six months of 2022.
Workforce Solutions revenue was $4.8 million in Q2 2022 compared to $5.9 million in Q1 2022, and $6.7 million in Q2 2021. The sequential and year-over-year decrease mainly is due to the reduction in workforce requirements.
Gross profit in Q2 2022 was $3.2 million, or 24.9% of revenue. This compared to gross profit of $2.7 million, or 19.9% of revenue in Q2 2021, and $2.4 million, or 19.8% of revenue in Q1 2022. the increase in gross margin was primarily related to an increase in larger simulator build and upgrade projects awarded this year.
Operating expenses in Q2 2022 were $4.9 million compared to $4.1 million in Q2 2021. Operating expenses was $5.0 million in Q1 2022. Operating expenses stayed steady compared to prior quarter. We continue to maintain tight expense controls despite inflationary pressures.
Operating loss was approximately $(1.7) million in Q2 2022, compared $(1.4) million in Q2 2021. Operating loss was $(2.6) million in Q1 2022.
Net loss in Q2 2022 was $(1.4) million or $(0.07) per basic and diluted share, compared to net income of $3.2 million or $0.16 per basic and diluted share in Q2 2021. Net loss was $(3.4) million or $(0.16) per basic and diluted share in Q1 2022.
Adjusted net loss1 totaled $(1.2) million, or $(0.06) per diluted share in Q2 2022, compared to adjusted net loss of $(0.6) million, or $(0.03) per diluted share, in Q2 2021. Adjusted net loss1 totaled $(2.2) million, or $(0.10) per diluted share in Q1 2022.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for Q2 2022 was approximately $(0.7) million, compared to $3.8 million in Q2 2021. EBITDA for Q1 2022 was approximately $(2.7) million.
Adjusted EBITDA1 totaled $(0.7) million in Q2 2022, compared to $(0.4) million in Q2 2021. Adjusted EBITDA1 totaled $(1.7) million in Q1 2022.
Backlog at June 30, 2022, was $34.0 million, including $27.5 million of Performance Improvement Solutions backlog, and $6.5 million of Workforce Solutions.
1 Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of "EBITDA", "adjusted EBITDA" and "adjusted net income".
CONFERENCE CALL
GSE Systems has scheduled a conference call for today, August 15, 2022 at 4:30 p.m. ET (1:30 p.m. PT) to review these results. Interested parties can access the conference call by dialing (833) 974-2453 or (412) 317-5784 or can listen via a live Internet webcast at: https://app.webinar.net/Ln0qXx9gWYo. Access to the link is also available in the Investor Relations section of the Company's website at: https://www.gses.com/about/investors/.
A teleconference replay of the call will be available for seven days at (877) 344-7529 or (412) 317-0088, confirmation # 9763392. A webcast replay will be available in the Investor Relations section of the Company's website at https://www.gses.com/about/investors/ for 90 days.
ABOUT GSE SOLUTIONS
We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that allow customers to achieve the performance they imagine. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is proven, with over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. www.gses.com.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as "expect," "intend," "believe," "may," "will," "should," "could," "anticipates," and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
EBITDA and Adjusted EBITDA Reconciliation (in thousands)
References to "EBITDA" mean net (loss) income, before considering interest expense, provision for income taxes, depreciation and amortization. References to Adjusted EBITDA excludes employee retention credit, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments and VAT write-off. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP. Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other U.S. GAAP measures, are useful to investors to evaluate the Company's results because it excludes certain items that are not directly related to the Company's core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with U.S. GAAP. A reconciliation of non-GAAP EBITDA and Adjusted EBITDA to the most directly comparable U.S. GAAP measure in accordance with SEC Regulation G follows:
Adjusted Net (Loss) Income and Adjusted EPS Reconciliation (in thousands, except per share amounts)
References to Adjusted Net (Loss) Income excludes the employee retention credit, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, VAT write off and amortization of intangible assets related to acquisitions. Adjusted Net Loss and Adjusted Loss per Share (adjusted EPS) are not measures of financial performance under U.S. GAAP. Management believes adjusted net loss and adjusted loss per share, in addition to other U.S. GAAP measures, are useful to investors to evaluate the Company's results because they exclude certain items that are not directly related to the Company's core operating performance and non-cash items that may, or could, have a disproportionate positive or negative impact on our results for any particular period, such as stock-based compensation expense. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with U.S. GAAP. A reconciliation of non-GAAP adjusted net loss and adjusted loss per share to U.S. GAAP net loss, the most directly comparable U.S. GAAP financial measure, is as follows:
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SOURCE GSE Systems, Inc. | https://www.whsv.com/prnewswire/2022/08/15/gse-systems-reports-second-quarter-2022-financial-results/ | 2022-08-15T20:26:20Z |
New York-based CX company, Horatio is honored as "Company of the Year - Business or Professional Services - Medium-size" in this year's prestigious International Business Awards®
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Horatio, the customer service outsourcing company behind viral e-commerce, fintech, and celebrity-backed brands, has been named one of 2022's silver STEVIE® award winners. The cutting-edge CX firm has been honored as the International Business Award® winner in the "Company of the Year - Business or Professional Services - Medium Size" category.
The International Business Awards are the world's premier business awards program. All individuals and organizations worldwide – public and private, for-profit and non-profit, large and small - are eligible to submit nominations. The 2022 IBAs received entries from organizations in 67 nations and territories. More than 3,700 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories, including the category, Company of the Year, in which Horatio won.
"It is rewarding to be among such a distinguished group and to be recognized as Company of the Year for this year's International Business Awards®," said Horatio CEO Jose Herrera. "We have always prided ourselves in building the best CX teams for our clients, and we are so proud that every member of Horatio has helped us to get to this point in our journey."
Horatio's Chief Financial Officer, Jared Karson noted "Congratulations to all the fellow winners in this year's STEVIE® Awards. This award is a culmination of the incredible work that our talented staff does to support our clients. We are honored to be included in such an esteemed list and thankful that the International Business Awards® has recognized this exciting time in Customer Experience."
Horatio was founded in 2018 by three former Columbia Business School classmates, CEO Jose Herrera, COO Alex Ross and CFO Jared Karson. Horatio's business has grown fourfold from 2021 to 2022. In 2021, they opened a new office in the Dominican Republic and expanded their offices in New York City Horatio serves next-generation digitally native clients in a variety of sectors including ecommerce, healthtech, technology, hospitality, fintech, and cryptocurrency.
Horatio and the rest of the 2022 International Business Award® winners will be celebrated during a gala banquet at the InterContinental London Park Lane Hotel, in London, England, on Saturday October 15th, 2022. This will be the first live IBA awards ceremony since 2019.
For more information please visit www.hirehoratio.com or follow @HireHoratio or @HireHoratiord.
About Horatio:
Horatio is the trusted partner for some of the fastest-growing startups and enterprises in the world. Their on-brand customer support teams help them leverage CX as a revenue generator through personalized customer experience support. As seen on INC, Forbes, and Bloomberg, and the recipient of the 2022 Customer Contact Week Next Generation Leaders Award. Horatio is headquartered in New York City with main offshore offices located in Santo Domingo and Santiago, Dominican Republic. For more information please visit www.hirehoratio.com.
Contact
Carly Wienner
carly@wildflowerpr.co
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SOURCE Horatio | https://www.whsv.com/prnewswire/2022/08/15/horatio-honored-silver-stevie-award-winner-2022-international-business-awards/ | 2022-08-15T20:26:27Z |
- Conference call scheduled for 4:30 p.m. EDT today
- Exclusive distribution agreement signed with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. for IceSense3 cryoablation systems with minimum purchase target of $3.5 million in first 3 years of the contract; first systems to be delivered in 2022
- In Q2, IceCure participated in 10 conferences and events to feature ProSense® including the American Society of Breast Surgeons annual meeting where IceCure's ICE3 trial clinical publication was presented as one of the "Best Papers of 2021"
CAESAREA, Israel, Aug. 15, 2022 /PRNewswire/ -- IceCure Medical Ltd. (NASDAQ: ICCM) (TASE: ICCM) ("IceCure" or the "Company"), developer of minimally-invasive cryoablation technology, the ProSense® System, that destroys tumors by freezing as an alternative to surgical tumor removal ("ProSense"), today reported financial results as of and for the six months June 30, 2022 and operational and commercial highlights for the second quarter.
Q2 2022 Commercial & Operational Highlights
- Distribution Deal in China with Shanghai Medtronic Zhikang Medical Devices Co. Ltd.: IceCure's wholly-owned subsidiary, IceCure (Shanghai) MedTech Co., Ltd. ("IceCure Shanghai"), signed an exclusive distribution agreement for IceSense3 (ProSense's brand name in China) cryoablation systems with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. an affiliate of Medtronic plc (NYSE: MDT) ("Medtronic"), the largest medical device company in the world, and Beijing Turing Medical Technology Co. Ltd. ("Turing"). The first IceSense3 systems are expected to be delivered and revenues booked in 2022. Shanghai Medtronic Zhikang Medical Devices Co. Ltd. will be the exclusive distributor of the IceSense3 and its disposable probes in mainland China for an initial period of three years, with minimum purchase targets of $3.5 million for this period. While Shanghai Medtronic Zhikang Medical Devices Co. Ltd. conducts all marketing, sales, and certain professional training, Turing will be responsible for the import, installation, and after-sales service of IceSense3 systems in mainland China. China's health regulatory body, the National Medical Products Administration ("NMPA"), has approved the IceSense3, and IceCure has submitted an amendment application to the registration certificate for approval of the disposable probes, which, if approved, will allow the Company to sell its disposable IceSense3 Cryoprobes for commercial use. IceCure expects to receive NMPA approval for the probes by the end of 2022.
- ProSense Systems Sold, Installed, and Operational in Several New Sites: During the second quarter, ProSense Systems were sold, installed, and have become operational in several clinics worldwide including in the U.S. at the MANA Breast Center in Arkansas, and Georgia Breast Care in Georgia, as well as within healthcare facilities in Turkey and Poland—where the first breast fibroadenoma procedures were conducted with ProSense in those countries. A new site in France and an established site in Israel conducted their first breast cancer procedures with ProSense.
- Regulatory Applications Filed in Brazil and Canada: IceCure continues to expand its regulatory status across the globe with recent applications filed in China for its IceSense3 disposable probes, in Brazil for its ProSense System for several indications including breast and other cancers, benign tumors, palliative intervention, and in Canada for the ProSense System in numerous indications including benign and malignant breast tumors, kidney cancer, benign and malignant lung tumors, benign and malignant liver tumors, musculoskeletal tumors, ablation of benign and malignant tissues, and other indications.
- ProSense Featured at SIR 2022 Annual Meeting in Breast Cancer Cryoablation Categorical Course: ProSense was featured in a categorical course titled "Cryoablation for the Treatment of Breast Cancer: Breast Interventions for the Interventionalist" at the Society of Interventional Radiology (SIR) Annual Scientific Meeting in Boston by a panel of experts in radiology and breast cancer. ProSense was well received by physicians, potential U.S.-based customers including medical clinics and hospitals and international distributors interested in partnership with IceCure.
- ASBrS Conference - ICE3 Trial Selected as one of "Best Papers of 2021" for Annual Presentation from Thousands of Articles Published Annually: At the 23rd Annual Meeting of the American Society of Breast Surgeons (ASBrS) in April 2022, IceCure's publication titled "Cryoablation without Excision for Low-Risk Early-Stage Breast cancer: 3-Year Analysis of ipsilateral Breast Tumor Recurrence in the ICE3 Trial" that was published in the Annals of Surgical Oncology was selected by past ASBrS president, Helen Pass, MD, Co-Director of the Stamford Health Breast Center, Chief of Breast Surgery at Stamford Hospital, and Clinical Professor of Surgery at Columbia University, for her annual presentation following a comprehensive literature review. Dr. Pass' presentation was made to a large audience of breast surgeons and related medical professionals attending the conference in-person and online.
- ECIO Conference – Hands-on Demos and Interim Results Presentation: At the European Conference on Interventional Oncology (ECIO) in April 2022, IceCure's ICE3 breast cancer trial interim results, originally published on April 29, 2021, were presented by Dr. Kenneth R. Tomkovich, the study's Co-Primary Investigator. Hands-on training sessions with the ProSense System were provided by IceCure and physicians well-experienced with the system. IceCure also hosted a well-attended symposium, moderated by Professor Franco Orsi and other physicians, demonstrating their results and experience with the ProSense System for various applications.
- SBI/ACR Conference – ProSense Ablation Course: At the Society of Breast Imaging (SBI) / American College of Radiology (ACR) Conference in May 2022, ProSense users Marilyn Roubidoux, MD, FACR, FSBI, Professor of Radiology at the University of Michigan School of Medicine and Robert C. Ward, MD spoke about breast tumor ablation in the course "Tumor Ablation (Cryo and others)." The IceCure exhibition booth was well-attended by conference participants who expressed interest in the ProSense System.
"The second quarter of 2022 marked continued momentum in the commercial rollout of our cryoablation systems highlighted by our exclusive distribution agreement in China with Shanghai Medtronic Zhikang Medical Devices Co. Ltd., an affiliate of Medtronic, the world's largest medical device company. We believe this is a very strong endorsement of our technology, and the increased market interest we're seeing globally confirm our view," stated IceCure CEO Eyal Shamir. "Based on the level of commercial interest during and after the second quarter, we expect the number of these system installations and sales may potentially increase. We believe that this activity will be reflected in our revenues in the future."
Financial Results for the Six Months Ended June 30, 2022
For the six months ended June 30, 2022, revenue decreased by 27% to approximately $1.5 million, compared to approximately $2.1 million for the six months ended June 30, 2021. The decrease is due to decreased revenue recognition of approximately $0.4 million from the distribution agreements with Terumo Corporation and a decrease in sales in Asia, partially offset by an increase in sales in the U.S. and Europe.
Gross profit was approximately $0.8 million for the six months ended June 30, 2022, compared to approximately $1.2 million for the six months ended June 30, 2021. The gross margin was approximately 54% for the six months ended June 30, 2022, compared to approximately 58% for the six months ended June 30, 2021. The decrease in gross margin compared to the same period last year is attributable to the decrease in sales and in revenue recognition from the Terumo distribution agreement.
Research and development expenses for the six months ended June 30, 2022 were approximately $4.6 million compared to approximately $2.7 million for the six months ended June 30, 2021. The increase is attributed to acceleration in the development of IceCure's next-generation single-probe system and due to clinical and regulatory activities.
Sales and marketing and general and administrative expenses, in the aggregate, for the six months ended June 30, 2022 were $4.9 million compared to approximately $2.2 million for the six months ended June 30, 2021. The increase is attributed to the Company's expanding commercialization efforts and to increased Nasdaq listing-related expenses.
Total operating expenses for the six months ended June 30, 2022 were approximately $9.5 million compared to $4.9 million for the six months ended June 30, 2021. The increase in operating expenses is attributable to increased development, commercialization, and Nasdaq listing-related activities.
As a result of lower revenue and increased operation activities, net loss reported for the six months ended June 30, 2022 increased to approximately $9.0 million, or $0.24 per share, compared with a net loss of approximately $3.8 million, or $0.16 per share, for the same period last year.
As of June 30, 2022, the Company had cash and cash equivalents including short-term deposits of approximately $17.7 million, compared with approximately $25.6 million as of December 31, 2021.
Conference Call Dial-in Info:
Monday, August 15, 2022 at 4:30 pm EDT
US: 1-888-642-5032
Israel/International: +972-3-9180609
A replay of the conference call will be available on IceCure's website at: https://ir.icecure-medical.com/news-events/events-presentations
About IceCure Medical
IceCure Medical (NASDAQ: ICCM) (TASE: ICCM) develops and markets ProSense®, an advanced liquid-nitrogen-based cryoablation therapy for the treatment of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney, bone and lung cancer. Its minimally invasive technology is a safe and effective alternative to hospital surgical tumor removal that is easily performed in a relatively short procedure. The system is marketed and sold worldwide for the indications cleared to-date by the U.S. Food and Drug Administration and approved in Europe with the CE Mark.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, IceCure is using forward looking statement in this press release when it discusses pursuit of regulatory approvals in various jurisdictions, strategic plans, commercial growth, expansion of clinical applications and potential market adoption of its minimally-invasive cryoablation technology, advancing regulatory and commercial strategies and expected quarter-over-quarter revenue variations and other key business highlights for future periods. Because such statements deal with future events and are based on IceCure's current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of IceCure could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Annual Report on Form 20-F for the year ended December 31, 2021 filed with the SEC on April 1, 2022, which is available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
IR Contact:
Ronen Tsimerman
ronent@icecure-medical.com
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SOURCE IceCure Medical | https://www.whsv.com/prnewswire/2022/08/15/icecure-medical-reports-financial-results-first-half-2022-recent-operational-highlights/ | 2022-08-15T20:26:34Z |
PITTSBURGH, Aug. 15, 2022 /PRNewswire/ -- "I wanted to create a safe way to stabilize a step ladder and prevent forward, backward or sideways rollover," said an inventor, from New York, N.Y., "so I invented the SAFETY LADDER. My design would also offer a convenient way to keep tools organized and close at hand while working on the ladder."
The patent-pending invention provides an improved design for an A-frame stepladder. In doing so, it increases stability and it helps to prevent tipping and rollover. It also ensures that the necessary tools are easily accessible. As a result, it enhances safety and convenience. The invention features a durable design that is easy to use so it is ideal for contractors, homeowners, do-it-yourselfers, etc. Additionally, a prototype is available.
The original design was submitted to the National sales office of InventHelp. It is currently available for licensing or sale to manufacturers or marketers. For more information, write Dept. 20-CNP-225, InventHelp, 217 Ninth Street, Pittsburgh, PA 15222, or call (412) 288-1300 ext. 1368. Learn more about InventHelp's Invention Submission Services at http://www.InventHelp.com.
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SOURCE InventHelp | https://www.whsv.com/prnewswire/2022/08/15/inventhelp-inventor-develops-improved-design-an-a-frame-stepladder-cnp-225/ | 2022-08-15T20:26:41Z |
Company to Host Conference Call Today at 4:30pm ET
SARASOTA, Fla., Aug. 15, 2022 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO" or the "Company"), a commercial-stage fertility company focused on expanding access to advanced treatment worldwide with its INVOcell® medical device and the intravaginal culture ("IVC") procedure it enables, today announced financial results for the second quarter ended June 30, 2022 and provided a business update.
Recent Operational Highlights
- Existing INVO Centers experienced a 20% increase in patient inquiries and consultations compared to the first quarter of 2022, as key activities continue to build.
- Progressing toward planned openings of additional INVO Centers in Tampa, Florida, Kansas City, Kansas, and the San Francisco Bay Area.
- In May 2022, signed an exclusive distribution agreement with Onesky Holdings Limited ("Onesky") for mainland China (excludes Hong Kong, Macau and Taiwan). Onesky will be responsible for registering the product in the country, and upon government approval, will be obligated to purchase minimum quantities of INVOcell totaling approximately $14 million over the subsequent five-year term.
- Increased U.S.-based expansion opportunities post-Ferring, including both greenfield INVO Centers and potential acquisitions of established fertility clinics.
INVO Acquisition Strategy
Today, INVO also announced its intention to opportunistically pursue acquisitions of established fertility clinics in the U.S. to complement its existing strategy of opening new INVO Centers and to accelerate growth. Since regaining control of INVOcell's distribution in the U.S., INVO has engaged with over one hundred domestic IVF clinics. These interactions have yielded renewed interest in the adoption of INVOcell and the IVC procedure in existing clinics, led to new INVO Center partnership discussions and generated potential acquisition opportunities. A growing number of like-minded physicians that share INVO's mission to democratize fertility care are now in discussions with the Company to join forces in expanding access to treatment. Management believes that acquisitions represent a logical extension of the Company's strategy, as INVO looks to integrate profitable businesses run by established and successful physicians. Furthermore, acquisitions would allow INVO the opportunity to fully implement INVOcell and the IVC procedure within an acquired IVF center, which, in turn, would help to support the Company's distribution business. In the pursuit of this strategy, INVO is entertaining potential acquisitions and recently signed a non-binding letter for one specific opportunity. INVO and the key principals are working to consummate the acquisition and are developing a plan to incorporate INVOcell and the IVC procedure into the clinic's existing operations with a goal of further growing revenue and earnings. Such implementation is not expected to require significant investment since IVC procedures can be added without additional equipment, space and/or human resources. The Company also executed a non-binding letter of intent with a lender to provide non-dilutive funding payable to close the transaction.
Management Commentary
"During the last few months, we have focused on driving improved operational performance at our existing INVO Centers and advancing the opening of new locations, while simultaneously exploring acquisition opportunities that would help add immediate and significant scale to our overall operations and accelerate our path to profitability," commented Steve Shum, CEO of INVO. "In our existing clinics, we continue to see growing volume in patient inquiries and consultations, a leading indicator of future IVC cycles. Based on current cycle expectations, we are anticipating third quarter clinic revenue to increase significantly compared to our second quarter results. We are actively working within our U.S. distribution business and with international partners to enhance end-market awareness and to obtain necessary regulatory approval in key markets, such as China."
"On the acquisition front, we are excited by the prospect of bringing one or more established and profitable fertility centers into our operations," Shum expanded. "The practitioners we are in discussion with share our vision of leveraging the INVOcell solution to expand access to fertility and agree with our position that IVF and IVC are complementary to one another."
Financial Results
Revenue for the three months ended June 30, 2022, was approximately $146,000 compared to approximately $208,000 for the three months ended June 30, 2021. Of the $146,000 in revenue for the second quarter of 2022, approximately $112,000 was related to clinic revenue from the consolidated INVO Center in Atlanta. The decrease of approximately $62,000, or approximately 30%, was related to the loss of Ferring licensing revenue from the same period in 2021, offset by the Atlanta clinic revenue.
Gross margins were approximately 46% and 93% for the three months ended June 30, 2022, and 2021, respectively. The decrease in gross margin reflects both the lack of Ferring license revenue in the second quarter of 2022 compared to the same period in 2021, as well as consolidated INVO Center cost of goods sold expenses.
Selling, general and administrative expenses for the three months ended June 30, 2022, were approximately $2.6 million compared to approximately $2.0 million for the three months ended June 30, 2021. The increase of approximately $0.6 million, or approximately 25%, was primarily the result of approximately $0.2 million in increased expenses related to the operations of the consolidated Atlanta clinic, approximately $0.3 million in increased personnel expenses, and $0.1 million in marketing activities. Non-cash, stock-based compensation expense in the period was $0.1 million, compared to $0.2 million for the same period in the prior year.
R&D expenses were approximately $0.2 million and $0.03 million for the three months ended June 30, 2022, and June 30, 2021, respectively.
Loss from equity investments for the three months ended June 30, 2022, was approximately $0.1 million compared to $0 for the three months ended June 30, 2021. The increase in loss is due to the investment in Alabama and Mexico JVs becoming operational in the second half of 2021.
Other income was $0 for the three months ended June 30, 2022, compared to approximately $0.2 million for the three months ended June 30, 2021. The decrease was the result of the extinguishment of our Paycheck Protection Program note and related interest being forgiven in 2021.
Interest expense and financing fees were approximately $102 for the three months ended June 30, 2022, compared to approximately $91,000 for the three months ended June 30, 2021. The expense in 2021 was primarily non-cash and due to the debt discount, debt issuance cost and interest from convertible notes which have now been fully amortized.
Adjusted EBITDA (see Adjusted EBITDA Table) for the three months ended June 30, 2022, was $(2.2) million, which included $0.25 million loss attributable to our joint ventures, compared to adjusted EBITDA of $(1.3) million for the quarter ended June 30, 2021.
As of June 30, 2022, the Company had approximately $2.0 million in cash.
Use of Non-GAAP Measure
Adjusted EBITDA is a non-GAAP measure. This measure is not intended to be a substitute for those financial measures reported in accordance with GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar terms. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure.
Conference Call Details
INVO has scheduled a conference call for Monday, August 15, 2022, at 4:30 pm ET (1:30 pm PT) to review these results and recent events. Interested parties can access the conference call by dialing (833) 756-0861 or (412) 317-5751 or can listen via a live Internet webcast at https://app.webinar.net/LARy8Ay8DBw, which is also available in the Investor Relations section of the Company's website at https://www.invobioscience.com/investors/ . A teleconference replay of the call will be available through August 22, 2022, at (877) 344-7529 or (412) 317-0088, confirmation # 2909191. A webcast replay will be available in the Investor Relations section of the Company's website at https://www.invobioscience.com/investors/ for 90 days.
About INVO Bioscience
We are a commercial-stage fertility company dedicated to expanding the assisted reproductive technology ("ART") marketplace by making fertility care accessible and inclusive to people around the world. Our primary mission is to implement new medical technologies aimed at increasing the availability of affordable, high-quality, patient-centered fertility care. Our flagship product is INVOcell®, a revolutionary medical device that allows fertilization and early embryo development to take place in vivo within the woman's body. This treatment solution is the world's first intravaginal culture technique for the incubation of oocytes and sperm during fertilization and early embryo development. This technique, designated as "IVC", provides patients a more natural, intimate, and more affordable experience in comparison to other ART treatments. We believe the IVC procedure can deliver comparable results at a fraction of the cost of traditional in vitro fertilization ("IVF") and is a significantly more effective treatment than intrauterine insemination ("IUI"). Our commercialization strategy is focused on the opening of dedicated "INVO Centers" offering the INVOcell® and IVC procedure (with three centers in North America now operational), in addition to continuing to distribute and sell our technology solution into existing fertility clinics. For more information, please visit www.invobio.com.
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE INVO Bioscience, Inc. | https://www.whsv.com/prnewswire/2022/08/15/invo-bioscience-reports-second-quarter-2022-financial-results/ | 2022-08-15T20:26:47Z |
Revenue Increased 76% Year-Over-Year to $5.1 Million as Mobile Services Continues to Scale
Additional Capital Strengthens Balance Sheet and Supports Accelerating Growth
DALLAS, Aug. 15, 2022 /PRNewswire/ -- KonaTel, Inc. (OTCQB: KTEL) (www.konatel.com), a voice/data communications holding company, today announced financial results for the second quarter and six-month period ended June 30, 2022.
Second Quarter 2022 Financial Summary and Recent Business Highlights
- Revenues of $5.1 million, up 75.8% compared to the second quarter last year and up 21.2% compared to the first quarter of this year.
- Gross profit of $443,000, down 69.2% compared to the second quarter last year. Gross profit temporarily down due to increased customer acquisition costs (recognized at activation per U.S. accounting guidelines) during this period of intentional rapid growth.
- GAAP net loss of $(1.5) million, or $(0.04) per share, compared to GAAP net income of $341,000, or $0.01 per share, in the second quarter last year.
- Non-GAAP net loss of $(1.2) million, or $(0.03) per diluted share, compared to non-GAAP net income of $592,000, or $0.01 per diluted share, in the second quarter last year.
- Secured $3.2 million in debt financing to accelerate growth of Mobile Services.
D. Sean McEwen, Chairman and CEO of KonaTel stated, "We grew our second quarter revenue by 76% year-over-year and 21% sequentially, which demonstrates accelerating momentum in the scaling of our business. Since the first quarter of this year, we increased our mobile customer base 130% by investing in the acquisition of new customers and additional management and support infrastructure to accommodate a substantial increase in our customer base without a significant future increase to general and administrative costs. We have a highly attractive business model with a diverse revenue base and a high degree of operating leverage. Each new mobile customer brings additional revenue and margin contribution and serves as a lever for future cash flows. The strength of our business is further reinforced by government support and the critical role wireless data and voice services play in our lives. As one of only a limited number of FCC approved national wireless resellers under recently expanded government programs, we are moving aggressively to leverage our first mover advantage and capture new customers at a rapid pace."
McEwen continued, "As we expected and discussed with our first quarter report, second quarter margins were impacted by the significant acceleration of our Mobile Services business as upfront costs to acquire new customers are expensed as incurred under U.S. accounting guidelines. We expect our margins to improve through the remainder of this year and into next year as we begin to recover customer acquisition costs that were incurred at the start of our growth cycle. There is a natural tension in our business between growth, profitability and customer churn, and we are committed to striking a balance that does not sacrifice one for another. We are fortunate to operate a business model that allows us to scale rapidly and with our stepped approach to growth, recover customer acquisition costs quickly and manage our churn rate. New term financing of $3.2 million strengthened our balance sheet and serves as a working capital bridge during this period of exponential growth. The economics of our business are solid, and the investments we are making today are a catalyst for accelerating growth and increasing shareholder value."
Quarterly Financial Summary (Q2 2022 vs. Q2 2021)
Revenue of $5.1 million, an increase of 75.8% compared to $2.9 million. The increase was due to growth in the Mobile Services segment. Mobile Services expansion continued under the Lifeline and Affordable Connectivity Program (ACP). The revenues were derived as a result of delivering high-speed mobile data service to low-income consumers.
Gross profit was $443,000, or 8.6% gross profit margin, compared to $1.4 million, or 49.3% gross profit margin. The decline in gross profit was due to up-front costs incurred by accelerating growth to acquire new customers in the Mobile Services segment. Mobile customer acquisition costs are not amortized over the average life of the customer but are generally recognized at the start of service and typically recovered within 120 days after activation. Mobile customer acquisition costs for the second quarter 2022 was $2.7 million compared to $45,000 for the second quarter of 2021.
Total operating expenses were $1.8 million, up 72.2% compared to $1.1 million. This increase was primarily due to additions in payroll and related expenses resulting from the hiring of operations management and customer support positions in the Apeiron Systems and IM Telecom subsidiaries.
GAAP net loss was $(1.5) million, or $(0.04) per diluted share (based on 41.6 million weighted average shares), compared to net income of $341,000, or $0.01 per diluted share (based on 44.2 million weighted average shares). The loss for the three months ended June 30, 2022, was impacted by an acceleration of growth in the Mobile Services segment that increased customer acquisition costs, which are recorded in full at the time of customer activation.
Non-GAAP net loss was $(1.2) million, or $(0.03) per diluted share, compared to Non-GAAP net income of $592,000, or $0.01 per diluted share.
Year-to-Date Financial Detail (First Six Months of 2022 vs. First Six Months of 2021)
Revenues increased 76.2% to $9.4 million compared to $5.3 million, reflecting a 1.8% increase in Hosted Services revenues and a 159.0% increase in Mobile Services revenues.
Gross profit was $2.1 million, or 22.4% gross profit margin, compared to gross profit of $2.3 million, or 44.3% gross profit margin. The decline in gross profit was due to up-front costs incurred by accelerating growth to acquire new customers in the Mobile Services segment. Mobile customer acquisition costs are not amortized over the average life of the customer but are generally recognized at the start of service and typically recovered within 120 days after activation. Mobile customer acquisition costs for the first six months of 2022 were $3.5 million compared to $123,000 for the first six months of 2021.
Total operating expenses were $3.4 million, up 60.7% compared to $2.1 million. This increase was due primarily to additions in payroll and related expenses resulting from the hiring of operations management and customer support positions in Apeiron Systems and IM Telecom subsidiaries.
GAAP net loss was $(1.5) million, or $(0.04) per diluted share (based on 41.6 million weighted average shares), compared to net income of $108,000, or $0.00 per diluted share (based on 44.2 million weighted average shares).
Non-GAAP net loss was $(1.1) million, or $(0.03) per diluted share, compared to non-GAAP net income of $624,000, or $0.01 per diluted share.
About KonaTel
KonaTel provides a variety of retail and wholesale telecommunications services including mobile voice/text/data service supported by national U.S. mobile networks, mobile numbers, SMS/MMS services, IoT mobile data service, and a range of hosted cloud services. KonaTel's subsidiary, Apeiron Systems (www.apeiron.io), is a global cloud communications service provider employing a dynamic "as a service" (CPaaS/UCaaS/CCaaS/PaaS) platform. Apeiron provides voice, messaging, SD-WAN, and platform services using its national cloud network. All Apeiron's services can be accessed through legacy interfaces and rich communications APIs. KonaTel's other subsidiary, Infiniti Mobile (www.infinitimobile.com), is an FCC authorized wireless Lifeline carrier with an FCC approved wireless Lifeline Compliance Plan, authorized to provide government subsidized cellular service to low-income American families. KonaTel is headquartered in Plano, Texas.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of KonaTel and its "forward-looking statements" in such filings that are contained in the EDGAR Archives of the SEC at www.sec.gov.
-- Tables Follow –
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SOURCE KonaTel, Inc. | https://www.whsv.com/prnewswire/2022/08/15/konatel-reports-second-quarter-2022-results/ | 2022-08-15T20:26:55Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- The Board of Trustees of The Lang School – a private, nonprofit K-12 school serving twice-exceptional (2e) children – recently appointed Dr. Sue Groesbeck as the school's Interim Head of School for the 2022-2023 school year. The Board selected Dr. Groesbeck, an experienced and talented educator, after a deliberate and intensive interview process.
Dr. Groesbeck brings to the position more than 40 years of experience working with independent schools, including a number of Head of School appointments across the United States and Canada.
"Dr. Groesbeck is a deeply passionate, enthusiastic, family-centered educator," said Gavin Simms, Chair of Lang's Board of Trustees. "She is an ideal leader for a moment of transformation and renewal at our school. She shares our vision for a lively, energetic and compassionate learning community in which our twice-exceptional students can thrive, and she prides herself on partnership with families in achieving their goals."
"I am very excited to be at Lang," said Dr. Groesbeck. "The school's halls exude a positive energy that reflects the careful and deliberate preparation of the setting, the strong, flexible curriculum, and the dedicated team of professionals who embody the school's mission. It is an excellent place for 2e students, and I am very enthusiastic about the year ahead."
The Lang School's Board of Trustees has engaged Butler/White Strategies to support its Search Committee in selecting its next Head of School.
The Lang School offers high potential, gifted, and twice exceptional (2E) students in grades K through 12 a child-centered, classroom-based, STEM- and STEAM-driven education informed by the ethics and poetics of the humanities. Our specially trained gifted and special education teachers differentiate both the content and delivery of a rigorous, child-centered, empirically validated education with integrated supports. Visit The Lang School website at www.thelangschool.org.
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SOURCE The Lang School | https://www.whsv.com/prnewswire/2022/08/15/lang-school-welcomes-interim-head-school-dr-sue-groesbeck/ | 2022-08-15T20:27:01Z |
SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- Motic Digital Pathology is thrilled to announce the release of its newest addition to the MoticEasyScan product line, the NEW Infinity—a high-throughput slide scanner with the ability to swiftly and efficiently scan 1,000+ glass slides per week. The MoticEasyScan NEW Infinity will be available worldwide this summer.
The NEW Infinity introduces a comprehensive redesign of high-volume slide handling, using intelligent automated quality control to eliminate the need for pre-scan setup! Along with faster loading and scanning capabilities, this most recent addition to the MoticEasyScan product line uses a groundbreaking, industry-first Smart Tray technology. The Smart Tray technology cuts down on technician work time and error rates by providing real-time tracking and identification of every slide scanned through the system. Combined with the new automatic image QC algorithm, scanning projects can be completed quickly, efficiently, and virtually click-free.
Adopting cutting-edge technology without having to bust your lab's budget had too often been an unattainable pipe dream for most pathologists until now, but Motic is finally breaking this paradigm by offering an affordable, tangible solution in the NEW Infinity scanner.
"We've long observed that high-volume slide scanners all have robotics that move glass slides back and forth from some sort of large, sophisticated onboard glass slide cabinet," notes Dan Walker, Product Manager at Motic Digital Pathology. "With the NEW Infinity, we've reimagined that workflow without the need for these expensive and hard-to-maintain components."
The solution is an instrument that is less than half of the size and cost than those of leading competitors, while still yielding high-quality slides at a comparable 1,000+ slides per week.
In contrast to traditional big-box scanners, which are designed to optimize hands-off time, the NEW Infinity is engineered to minimize hands-on time spent in the lab by researchers and technicians. Organizational efficiency, Motic believes, is the chief driver of throughput. The throughput of any lab can be compounded and supported by efficient slide organization, especially for high-volume labs managing multiple projects at once. A compact and powerful whole slide scanner designed to enhance organizational efficiency, the NEW Infinity reduces needless motion and optimizes the hands-on experience when scanning 1,000+ high-quality digital slides in a typical 40-hour work week.
For more information on MoticEasyScan NEW Infinity, visit the Motic website or contact mdpsales@moticusa.com
Motic Digital Pathology addresses the growing global pathology care gap by making digital medicine approachable for hospitals, laboratories, and doctors everywhere. We promote the adoption of telepathology through our innovative, cost-effective solutions developed directly in conjunction with partner pathologists. As the medical division of Motic, a leader in the field of optics since 1988, we are part of a global company innovating for a better tomorrow. Our whole slide scanning and image management systems have now been deployed for millions of cases worldwide, and our philanthropic initiatives leverage digital pathology technologies to solve today's most pressing and under-resourced health problems.
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SOURCE Motic Digital Pathology | https://www.whsv.com/prnewswire/2022/08/15/motic-breaks-paradigm-high-volume-scanning-with-new-infinity-scanner/ | 2022-08-15T20:27:07Z |
WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- NASA will hold a community town hall meeting with Associate Administrator for Science Thomas H. Zurbuchen and his leadership team at 12:30 p.m. EDT Wednesday, Aug. 17. The group will discuss updates to NASA's science program and share the status of agency activities.
Zurbuchen will highlight new Science Mission Directorate leadership team members, provide status updates on missions, including Webb and Psyche, and discuss an innovative program between NASA's science and space technology teams to help bring promising ideas to the marketplace.
Members of the science community, academia, media, and public are invited to join the discussion:
If prompted, please use event number: 2763 042 0454, followed by the password: X2ZncJGMM22 (92962546 from phones).
Users must provide their first and last name and organization and can submit their own questions or vote on questions submitted by others. The meeting leaders will try to answer as many questions as possible.
To ask a question, please go to: SMD Community Town Hall Questions.
This town hall will be recorded. Presentation materials for the meeting are available for download and a recording will be available later online at the same location.
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SOURCE NASA | https://www.whsv.com/prnewswire/2022/08/15/nasa-science-leadership-hold-town-hall-meeting/ | 2022-08-15T20:27:09Z |
Two New Practical Guidance Toolkits Offer Specific Guidance and Workflow Tools
ARLINGTON, Va., Aug. 15, 2022 /PRNewswire/ -- Bloomberg Law today announced two new Practical Guidance toolkits intended to provide guidance around ESG issues applicable to companies in the technology and financial services sectors.
The two new toolkits provide broad overviews of how technology and financial services companies can be exposed to risks and opportunities in connection with ESG issues, as well as more detailed checklists that specify what factors the companies should consider when preparing their ESG disclosures according to the Sustainability Accounting Standards Board (SASB) standards, which are being incorporated into the new International Financial Reporting Standards (IFRS) Foundation's International Sustainability Standards Board (ISSB). Each toolkit provides specific guidance and workflow tools, building on the foundation Bloomberg Law created with its Practical Guidance topic pages for general ESG matters.
The Technology Industry ESG Toolkit provides tailored guidance for sub-industries within the technology sector including software & IT services, technology manufacturing, and internet media & telecom. The Toolkit also includes guidance for common issues within the tech sector, including human capital, supply chain, and privacy & data security.
The Financial Services Industry ESG Toolkit provides tailored guidance for sub-industries within the financial services industry including asset management, commercial banks, and investment banks; consumer finance; security and commodity exchanges; and insurance companies. The Toolkit also includes guidance for more specific issues within the finserv sector, including specific financial risks, environmental risk, and human capital management considerations.
"Bloomberg Law's ESG Toolkits for the financial services and technology industries are the beginning of a larger effort to provide industry-specific ESG guidance in the coming months and years," said Alex Butler, vice president of content and analysis, Bloomberg Law. "Bloomberg Law remains committed to continuing to expand the breadth and depth of its Practical Guidance resources, providing legal professionals with the tools they need to navigate a wide range of issues."
A Health Industry ESG Toolkit is planned for Bloomberg Law later in 2022. These new resources, like all enhancements to content and technology on the Bloomberg Law platform, are available to current subscribers at no additional cost.
For more information and to request a demo, please visit http://onb-law.com/XuPV50Kkfhs.
About Bloomberg Law
Bloomberg Law combines the latest in legal technology with workflow tools, comprehensive primary and secondary sources, trusted news, expert analysis, and business intelligence. Our deep expertise and commitment to innovation provide a competitive edge to help improve attorney productivity and efficiency. Bloomberg Law is the only legal research provider to include continuous enhancements to its platform at no cost to existing subscribers. For more information, visit Bloomberg Law.
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SOURCE Bloomberg Law | https://www.whsv.com/prnewswire/2022/08/15/new-bloomberg-law-esg-resources-technology-amp-financial-services-companies/ | 2022-08-15T20:27:15Z |
WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- Today, the National Women's Law Center, in collaboration with the Insight Center and Groundwork Collaborative, released The Roots of Discriminatory Housing Policy: Moving Toward Gender Justice in Our Economy, a report that underscores the inextricable links between housing justice and gender justice and outlines solutions to advance housing as a public good. The release comes on the heels of the latest Consumer Price Index (CPI) report: prices went up 8.5% year over year in July and rents rose 6.3% from July 2021 to July 2022, the highest rate in over 35 years.
"Women have always taken on the heaviest burden of a socioeconomic system that was designed to profit from their underpaid and undervalued labor," said Fatima Goss Graves, president and CEO of the National Women's Law Center. "In this powerful collaboration, my colleagues excavate the harmful housing policy decisions that litter our history and created the mess we face today. And, importantly, this paper reminds us of the better policy choices and sensible solutions that can put us on a path to a more equitable tomorrow."
Through critical analysis and historical examination, the paper unravels the housing crisis in this country, its disproportionate impact on women of color, and its roots in centuries of underinvestment and racist, sexist, and ableist policies that helped white men build wealth while stripping wealth from women, people of color, and people with disabilities.
Women – particularly women of color – were already more likely than white non-Hispanic men to spend the majority of their income on housing before the pandemic. Black and Latina women have consistently been more likely than white, non-Hispanic men to be behind on rent and mortgage payments throughout the COVID-19 pandemic.
"Stable housing is an essential part of families' economic security – and a critical part of a healthy, sustainable economy," said Dr. Rakeen Mabud, chief economist and managing director of policy and research at Groundwork. "Policymakers must use every available tool to address the acute crisis that so many women and families are facing today."
Andrea Flynn, senior director at the Insight Center added, "Safe, accessible, and affordable housing must be invested in not as a commodity, but as a public good. Housing shapes opportunities and outcomes related to employment, education, health, transportation, caregiving, and overall well being across generations. A safe home, in a community full of opportunity, is a prerequisite to human flourishing and economic security."
For more information about housing and gender justice, and to read the report, visit https://nwlc.org/resource/the-roots-of-discriminatory-housing-policy-moving-towards-gender-justice-in-our-economy/.
The National Women's Law Center fights for gender justice–in the courts, in public policy, and in our society–working across the issues that are central to the lives of women and girls. For 50 years, we have used the law in all its forms to change culture and drive solutions to the gender inequity that shapes our society and to break down the barriers that harm all of us—especially women of color, LGBTQ people, and low-income women and families.
The Insight Center drives structural, transformative change across three pillars of work, all focused on building economic inclusion and racial equity for people of color, women, immigrants, and marginalized families in the US.
The Groundwork Collaborative works to advance an economic vision for strong, broadly shared prosperity and true opportunity for all.
Media Contact: Smitha Nagrath
smitha.nagrath@porternovelli.com
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Backlog Increases 98% Year-over-Year and 5% Sequentially to $25 Million, Company Reiterates Expectation of 50% Year-over-Year Full Year Revenue Growth for 2022
FORT LEE, N.J., Aug. 15, 2022 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer", "Pioneer Power" or the "Company"), a leader in the design, manufacture, service and integration of electrical power systems, distributed energy resources, power generation equipment and mobile electric vehicle ("EV") charging solutions, today provided a business update and announced financial results for the second quarter and six months ended June 30, 2022.
Business Highlights for the Second Quarter of 2022:
- Pioneer continued to expand interest in the e-Bloc solution, increasing the number of potential customers evaluating proposals. Approximately $15.0 million of the backlog reflects e-Bloc orders, bolstering confidence in achieving full-year revenue goals.
- Pioneer won an initial $1.0 million order to provide its e-Bloc solutions as part of the first phase of an initiative to repower a Hyperscale Data Center in San Jose, California for a major global cloud internet company. This represents Pioneer's first e-Bloc order for the data center market.
- The Company shipped two e-Boost skid-mounted solutions to the nation's largest school bus manufacturer related to its electric bus offerings, resulting in the recognition of $129,000 of e-Boost revenue during the second quarter.
- Pioneer's total backlog increased to $25.2 million at June 30, 2022, compared to $24.0 million at March 31, 2022 and $12.7 million at June 30, 2021. The Company's total backlog at June 30, 2022 was the highest backlog since the Company sold its transformer business units nearly three years ago.
Financial Highlights for the Second Quarter of 2022:
- Revenue decreased 24% to $4.3 million for the three months ended June 30, 2022, as compared to $5.6 million for the three months ended June 30, 2021. Revenue was adversely impacted by delays from one large customer, which was unable to receive completed e-Bloc systems on the original timeframe due to site readiness issues. These issues have been resolved and the customer expects to receive the majority of the promised products during the second half of 2022.
- Gross profit decreased 84% to $81,000 for the three months ended June 30, 2022, or 1.9% gross margin, as compared to $495,000, or 8.8% gross margin, for the three months ended June 30, 2021. Margins were impacted by the delayed shipments, resulting in lower revenue from the T&D Solutions segment, as well as increase in company-wide overhead costs.
- Total operating loss during the second quarter of 2022 was $2.5 million, compared to $745,000 in the second quarter of last year, reflecting investments in the Company's e-Bloc and e-Boost initiatives. The Company recognized $658,000 of non-cash, stock-based compensation expense during the second quarter of 2022, as compared to $38,000 during the second quarter last year, which significantly contributed to the increase in the Company's operating loss. In addition, the Company invested approximately $607,000 in product development and sales and marketing fees during the second quarter to advance its e-Boost and e-Bloc solutions.
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "Timing of customer deliveries was the driving factor in our revenue decline, as approximately $3 million in orders were delayed as a direct result of delays in the customer's receiving schedule for completed units. We fully expect the majority of these units to ship during the second half of the year and, indeed, fully expect that a portion of these orders will ship in the third quarter. Accordingly, we are reiterating our expectation that we will grow our 2022 revenue by at least 50% over our 2021 revenue and deliver continued margin expansion, enabling us to generate positive operating cash flow for 2022."
"Separately, our pipeline for e-Boost sales continues to grow dramatically, with a number of electric truck and bus manufacturers evaluating proposals for their own dealerships, as well as direct customers," added Mr. Mazurek. "This portion of the market represents the most significant near-term potential, but additional markets are being actively pursued such as electric aviation and marine craft automotive dealerships, as well as military applications. Both e-Boost and e-Bloc will contribute to our growth in 2022, a significant achievement considering we only introduced e-Boost in November of last year. We have increased our investments in sales, marketing, manufacturing capacity and product development to support these two new platforms, but despite the increased investments, we are maintaining a relatively low cash utilization, and we believe we have sufficient resources to fund our near-term growth initiatives without considering any dilutive financings."
Second Quarter 2022 Financial Results
Revenue
Total revenue for the three months ended June 30, 2022 was $4.3 million, a decrease of 24% compared to $5.6 million during the second quarter of last year. The decrease in revenue was primarily due to delayed e-Bloc shipments from one large customer, which was unable to receive completed power systems on the original timeframe due to site readiness issues.
Gross Profit/Margin
Total gross profit for the second quarter of 2022 was $81,000, or 1.9% of revenues, compared to $495,000, or 8.8% of revenues, for the same period in 2021. The decrease in gross profit was primarily due to the decrease in revenue from the T&D Solutions segment related to the delay in e-Bloc shipments, as well as an increase in company-wide overhead costs.
Operating Loss
For the three months ended June 30, 2022, operating loss was $2.5 million as compared to $745,000 during same period in 2021, reflecting the lower gross profit from the Company's T&D Solutions segment because of the decrease in revenue, recognizing $658,000 of non-cash, stock-based compensation expense during the second quarter and the Company's ongoing investments in product development and marketing related to our e-Bloc and e-Boost initiatives.
Net Loss
The Company's net loss was $2.5 million, or $(0.26) per basic and diluted share, for the three months ended June 30, 2022, compared to a net loss of $686,000, or $(0.08) per basic and diluted share, during the three months ended June 30, 2021. Net loss for the quarter included $658,000 of non-cash, stock-based compensation expense related to a restricted stock unit award and stock options, which were granted during the second quarter.
Year-to-Date 2022 Financial Results
Total revenue for the six months ended June 30, 2022 was $10.3 million, an increase of 13% compared to $9.1 million during the first six months last year. Revenue from the T&D Solutions segment increased 383,000, or 8%, and revenue from the Critical Power segment increased $815,000, or 20%, during the first six months of the 2022 as compared to the same period last year. The increase in the Company's Critical Power revenue is primarily due to the Company's e-Boost initiative, which was launched during the fourth quarter of 2021, and recognizing shipments of e-Boost products during the first six months of 2022.
Gross profit for the first six months of 2022 was $956,000, or 9.3% of revenues, compared to gross profit of $654,000, or 7.2% of revenues, for the same period in 2021.
Loss from operations for the first six months of 2022 was $3.4 million as compared to $1.9 million during same period in 2021. The increase in the Company's loss from operations is primarily due to ongoing investments in product development and marketing costs related to the Company's e-Bloc and e-Boost initiatives and higher non-cash, stock-based compensation expense.
The Company's net loss for the first six months of 2022 was $3.3 million, or $(0.34) per basic and diluted share, compared to a net loss of $335,000, or $(0.04) per basic and diluted share, during the same period of 2021. Net loss for the six months ended June 30, 2021 included a gain of $1.4 million for the extinguishment and forgiveness of the PPP Loan.
Balance Sheet
As of June 30, 2022, the company had $9.8 million in cash, compared to $11.7 million in cash and restricted cash as of December 31, 2021. Additionally, the Company expects to receive approximately $6.2 million in cash by December 31, 2022 from the maturity of its notes receivable related to the sale of the transformer business units.
Earnings Conference Call:
Management will host a conference call later today, August 15, 2022 at 5 p.m. Eastern Time to discuss the Company's 2022 second quarter financial results with the investment community.
Anyone interested in participating should call 1-800-289-0720 if calling within the United States or 1-323-701-0160 if calling internationally. When asked, please reference confirmation code 9383194.
The call will also be accompanied live by webcast over the Internet and accessible at https://viavid.webcasts.com/starthere.jsp?ei=1562210&tp_key=532cb770c2.
A replay will be available until August 22, 2022 which can be accessed by dialing 1-844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use passcode 9383194 to access the replay.
Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, refurbishment, service and distribution of electric power systems, distributed energy resources, power generation equipment and mobile EV charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company's ability to successfully increase its revenue and profit in the future, (ii) general economic conditions and their effect on demand for electrical equipment, (iii) the effects of fluctuations in the Company's operating results, (iv) the fact that many of the Company's competitors are better established and have significantly greater resources than the Company, (v) the Company's dependence on two customers for a large portion of its business, (vi) the potential loss or departure of key personnel, (vii) unanticipated increases in raw material prices or disruptions in supply, (viii) the Company's ability to realize revenue reported in the Company's backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) the liquidity and trading volume of the Company's common stock and (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event.
More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact:
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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DENVER, Aug. 15, 2022 /PRNewswire/ -- The 2021 event, Taste to Transform in Denver, Colorado, surpassed supporters' wildest expectations, and the organization plans to surprise and delight again at the anticipated upcoming fundraiser.
Taste to Transform is an annual celebration supporting Musana, a nonprofit organization that is breaking the cycle of poverty and dependency in Uganda. The event raised over $1,000,000 in a single night and impacted the lives of thousands of Ugandans, making it the organization's most successful event ever. This year's Taste to Transform will be a night to indulge in an array of food and drinks, live music performed by Boulder's Face Vocal Band, and an energy-fueled live auction. JOIN US Saturday August 27, 2022 at The Hangar at Stanley! Tickets & Info
"It's not just the night I look forward to. It's seeing the impact that this single event makes. Taste to Transform exceeds expectations year after year." - Jon K.; Musana Supporter
Founded in 2008 by three University of Colorado at Boulder students and two Ugandan university students, Musana recognizes the interconnected needs of vulnerable communities and takes a holistic approach to build pathways out of poverty. By investing capital to build quality infrastructure for social enterprises focused on education, health, and skill development, Musana empowers local people to drive sustainable economic and social growth of their own communities. Each of Musana's social enterprises play a role in building a self-reliant and self-sustaining community, free of dependency on future foreign assistance.
"Musana empowers the local community to do for itself what it is completely capable of doing. Locals leading locals creates a model of sustainability, accountability and ownership." -Owner of Engineered Demolition
This August, Taste to Transform will fundraise to replicate Musana's proven model of community development in Uganda. Through ticket purchases, corporate sponsorships, and participation in the live auction, guests play a role in transforming an entire community. By investing donations in school infrastructure, quality and affordable education will be accessible to 2,000+ students annually. By building skill development centers and small businesses, dollars raised will provide job opportunities and empower entrepreneurs with vocational skills and business training.
JOIN US!
August 27th, 2022, 6:00-10:00 pm MDT
The Hangar at Stanley, Aurora, CO
Event Info & Tickets: https://musana.org/event/taste-to-transform/
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SOURCE Musana Community Development Organization | https://www.whsv.com/prnewswire/2022/08/15/record-setting-fundraiser/ | 2022-08-15T20:27:35Z |
Leading Legal Technology Services Organization Has Nearly Tripled in Size Since January 2022
WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- Redgrave Data, a full-service ALSP created to solve the most complicated and sophisticated data challenges, today announced it has seen enormous growth over the last six months, with a substantial increase in client business in the U.S. as well as new business prospects overseas since its launch at the start of 2022. The company has also added a number of highly accomplished legal and data science professionals to its team, and disclosed plans to establish a significant presence in Germany to serve current and future global clients by the close of 2022.
With highly customized and innovative services and solutions centered at the intersection of the law, technology, and science, Redgrave Data reimagines how data is analyzed and used to provide defensible technology strategies, insight, and solutions to clients facing challenges related to electronically stored information. The Redgrave Data team is co-founded and led by Mollie Nichols, who is joined by other co-founders Scott Culbertson, Dave Lewis, Mark Noel, and Lindsey Worth.
Redgrave Data's North American expansion has been propelled by several new anchor clients, which include some of the world's largest tech companies that increasingly require thorough and timely outcomes to data challenges associated with legal matters. Corporations faced with near impossible eDiscovery deadlines and millions of documents turn to Redgrave Data to fix technology and process issues, and to deploy sophisticated analytics and custom machine learning models.
"Since Redgrave Data launched this past January, the company has grown almost 200% as a result of an impressive crop of household name brands that turned to us for our expertise in the legal and technology fields," said Mollie Nichols, CEO of Redgrave Data. "Our growth is attributed to a sizable amount of work with tech giants. Redgrave Data's bespoke solutions development for clients is on track to outpace our original projections when we launched, and we are absolutely thrilled."
Redgrave Data Co-founder and Chief Scientific Officer Dr. Dave Lewis has been named an inaugural member of the AI Ethics Advisory Board (AIEB) organized by the Institute for Experiential AI at Northeastern University. AIEB provides corporations with client-tailored AI ethics boards and expert independent guidance on responsible AI deployment. Their on-demand multidisciplinary teams avoid the need for enterprises to find, assess, and compensate an in-house AI ethics board while dealing with the ever-changing societal and regulatory landscape around artificial intelligence.
Lewis, who has over three decades of experience in artificial intelligence and statistics, supports Redgrave Data clients in implementing and defending processes that address complex information management issues in litigation, corporate investigations, and regulatory oversight. "I'm honored to join the Institute's distinguished scholars and thinkers and congratulate professors Ricardo Baeza-Yates and Cansu Canca on organizing this novel endeavor," said Lewis. "My involvement is a part of Redgrave Data providing its clientele with the latest thinking and guidance on ethically and responsibly deploying AI to achieve business outcomes, while protecting privacy and security."
For more information about Northeastern University's initiative, visit http://ms.spr.ly/6048jGIno.
Tara Emory, Redgrave Data's senior vice president of strategic operations and consulting, has been ranked for the last four years by Chambers USA nationwide Litigation Support Guide, rising through the Band rankings. In 2022, Tara emerged in Band 1 for USA Litigation Support - eDiscovery, one of only two people to do so.1 "What sets [Tara] apart is her ability to really listen to what the client needs and bring it to fruition," said Nichols. "She has a deep understanding of the challenges clients face not only from a technological perspective, but also from a legal perspective. That's a rare and valuable combination."
Redgrave Strategic Data Solutions, LLC (Redgrave Data) provides innovative and defensible technology strategies, insights, services, and solutions to clients who face electronically stored information challenges. The firm's expertise in the intersection of technology and the law, including its hands-on approach to client data, allow it to address the toughest challenges in litigation, investigations, information governance, data privacy, and other regulatory matters. Affiliated with Redgrave LLP, the leading law firm specializing in information law, Redgrave Data is operated by an executive team comprised of industry luminaries in data and information governance, privacy, analytics, litigation, and eDiscovery. To learn more about the company, please visit https://www.redgravedata.com/
1 https://chambers.com/legal-rankings/ediscovery-usa-nationwide-58:2817:12788:1
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- Jennifer Robinson Appointed Chief Financial Officer
- Mario Lozada Appointed Chief Information Officer
- Shahnaz Broucek Appointed Chief Leadership Coach and Culture Development Officer
FORT LAUDERDALE, Fla., Aug. 15, 2022 /PRNewswire/ -- RV Retailer, LLC announced today the appointments of Jennifer Robinson as Chief Financial Officer, Mario Lozada as Chief Information Officer and Shahnaz Broucek as Chief Leadership Coach and Culture Development Officer.
"We continue to build an exceptional leadership team at RVR," said Jon Ferrando, President and CEO of RVR. "I am excited to attract the caliber of talent and experience that Jennifer Robinson, Mario Lozada and Shahnaz Broucek will bring to the areas of finance, technology and leadership and culture development at RVR as we continue to grow. They will make great additions to our leadership team."
Jennifer Robinson Appointment as Chief Financial Officer
Jennifer Robinson will serve as RVR's Vice President, Chief Financial Officer with responsibility for RVR's finance organization, reporting directly to Jon Ferrando. She will lead all finance functions, including accounting, financial reporting, capital planning, capital structure, financial planning and analysis, finance operations support, shared services, and treasury operations. Her appointment is effective August 15, 2022.
Jennifer Robinson has over two decades of finance and accounting experience, starting her career at Deloitte and serving in finance roles the past 15 years for retail organizations, including public company CFO experience. She held senior finance positions at Michaels Stores, a $5 billion retail company with over 1,000 locations. Jennifer holds a CPA from the State of Texas, a Master of Business Administration from the University of Arkansas, and a Bachelor of Science in Accounting from Oklahoma State University.
"I am pleased to welcome Jennifer Robinson to our leadership team," said Jon Ferrando. "Jennifer brings deep and extensive finance experience in the consumer retail sector. She will help us drive operational excellence as we continue to grow RV Retailer."
"I am excited to join RV Retailer as CFO and lead the finance organization," said Jennifer Robinson. "RVR's growth has been exceptional, and I look forward to working with Jon and the RVR leadership team to execute on the company's priorities and drive continued growth."
Mario Lozada Appointment as Chief Information Officer
Mario Lozada will serve as RVR's Chief Information Officer with responsibility for the company's information technology function. His appointment was effective August 1, 2022. He will report to Famous Rhodes, RVR's VP, CMO.
Mario Lozada is a seasoned IT leader with significant retail technology experience including most recently at Payless ShoeSource, where he led the company's digital transformation by moving all technology from applications to infrastructure to the cloud, while significantly reducing IT operating expenses. Mario holds a bachelor's degree in Management Information Systems and a Master's degree in Information Technology from Barry University and he served in the United States Air Force as an Information Technology Specialist.
"Mario Lozada will strengthen our team with his retail IT experience," said Jon Ferrando. "Mario will be focused on ensuring we have strong IT systems and infrastructure as we continue our growth and invest in RV industry-leading retail technology as part of our strategy over the next several years."
"It's wonderful to become a part of RV Retailer's management team and support the company's technology function and future investments," said Mario Lozada. "I look forward to leading the IT function and supporting the company's technology priorities."
Shahnaz Broucek Appointment as Chief Leadership Coach and Culture Development Officer
Shahnaz Broucek will serve as Chief Leadership Coach and Culture Development Officer, reporting to Jon Ferrando. Her appointment is effective August 15, 2022. Shahnaz will be responsible for RVR's executive leadership development program and strategy, providing high impact learning, coaching and development resources for RVR leadership teams, and take a lead role in RVR's strategy and investments to build a strong positive culture at RVR.
Shahnaz Broucek has extensive experience in leadership development and executive coaching, team building, business communications, change management, business strategy, and human capital management. She served on the faculty of the Ross School of Business at the University of Michigan teaching BBA and MBA students, and designed and taught programs at the Ross Executive Education Program, including RVR's University of Michigan Leadership Development Program that RVR's top 20 leaders participated in over the past year.
"Shahnaz Broucek will be an excellent addition to our team," said Jon Ferrando. "She is a talented and passionate leader, with expertise in leadership coaching, communications, and culture development. Her appointment to our team full-time reflects our unprecedented commitment to leadership development, investing in our associates, and building a great culture. She will work closely with me and Taylore Elliott, our CHRO, on these key priorities."
"I am excited to join Jon and RV Retailer's passionate leadership team to focus on leadership development, building a positive culture, and high impact learning," said Shahnaz Broucek. "I look forward to building on the tremendous achievements at the RVR University of Michigan Leadership Development Program throughout the company."
RV Retailer, LLC is a leading recreational vehicle retail company in the United States with a focus on providing an outstanding experience for recreational vehicle customers in new and used sales, service and parts, and throughout the customer RV ownership experience. RV Retailer has 103 RV locations in 32 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Indiana, Iowa, Kentucky, Michigan, Missouri, Montana, Nevada, New Hampshire, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wyoming. Regional store brands include: RV One Superstores, Motor Home Specialist, ExploreUSA, Floyd's RV, Sonny's Camp-N-Travel, Cousins RV, Camper Clinic, RV Outlet USA, Lifestyle RVs, Family RV Group, Northgate RV, Tom's Camperland and Blue Dog RV, which sell a wide range of new and used RV brands with thousands of RVs in inventory.
RV Retailer has a talented leadership team led by founder Jon Ferrando, Chief Executive Officer and President. Jon Ferrando was instrumental in building America's largest automotive retailer from start-up to over $20 billion in revenue and founded RV Retailer in 2018. RV Retailer's leadership team has over 250 years of automotive and RV retail industry experience.
Media Contact
Caroline Andrew, Senior Partner
(646) 373-2899
RVRetailer@FINNPartners.com
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CHENGDU, China, Aug. 15, 2022 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (NASDAQ: AIHS), a financing and servicing company focused on the online ride-hailing industry in China, as well as an operator of its own online ride-hailing platform, today announced financial results for its fiscal 2023 first quarter ended June 30, 2022.
Please note that the financial figures of Senmiao's former variable interest entities ("VIEs") Sichuan Senmiao Ronglian Technology Co., Ltd. ("Sichuan Senmiao"), Sichuan Jinkailong Automobile Leasing Co., Ltd. ("Jinkailong") and Chengdu Youlu Technology Ltd. ("Youlu") had no impact on Senmiao's consolidated interim financial information for the three months ended June 30, 2022, as a result of deconsolidation of these former VIEs effective March 31, 2022. The financial results from these former VIEs were classified as discontinued operations in the comparative period in 2021, which were previously classified under Automobile Transaction and Related Services.
Fiscal 2023 First Quarter Financial and Operating Highlights
- Total revenues of $2.3 million from continuing operations, compared to $0.4 million in the prior-year period
- From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to June 30, 2022, approximately 23 million rides were completed (including orders completed on the platform operated by Senmiao and orders completed on partner platforms, such as Meituan, Xiehua and Anma) with fares paid by riders totaling $72.9 million.
- Net income from continuing operations of $0.2 million, compared to a net loss from continuing operations of $6.2 million in the prior-year period
Management Commentary
Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We were pleased with the top line operation results achieved during the fiscal 2023 first quarter as a result of impressive growth in our automobile rental and online ride-hailing platform services businesses. The Meituan cooperation model that commenced in August 2021 has not only led to increased revenues from online ride-hailing platform services but also a much more favorable margin profile, which helped us to report a solid quarter of profitability for the first quarter ended June 30, 2022. Consequently, our revenue streams are now more equally distributed between our two major lines of business as online ride-hailing platform services accounted for more than 50% of total revenues during the period. We believe we will continue to benefit from the synergies between these two business lines, which we expect will be Senmiao's primary growth drivers over the long term."
Mr. Wen continued, "Our online ride-hailing business has demonstrated great resilience despite challenges related to COVID-19 in some of the major cities in which we operate, such as Chengdu. We are pleased to see that the online ride-hailing industry could recovery rapidly from the temporary local lockdowns, and we expect online ride-hailing platform services to continue to recover as we reported a sequential increase in the number of completed orders in July 2022. As of June 30, 2022, our own platform has helped facilitate approximately 18 million rides since launch, with an additional 4.9 million rides completed on our partner platforms, including Xiehua and Anma with which we commenced partnerships in April 2022. Our partners are key to our expansion strategy, and Senmiao plans to maintain and strengthen the relationships with our existing partners while establishing new ones. We believe that the recently announced cooperations with Ctrip and Fliggy will serve as a strong momentum for Senmiao to explore new markets across different platforms and into new regions and cities."
Financial Review
Revenues
Total revenues from continuing operations were $2.3 million for the first quarter ended June 30, 2022, compared to $0.4 million in the prior-year period. The increase was largely due to increased contributions from operating lease revenues from automobile rentals and online ride-hailing platform services as a result of the expansion of these two businesses.
During the quarter ended June 30, 2022, the automobile rental business generated operating lease revenues of $0.9 million, compared to $0.2 million in the prior-year period, due to a significant increase in the number of automobiles leased. The online ride-hailing platform services business generated revenues of $1.2 million, compared to $0.04 million in the prior-year period.
Cost of Revenues
Cost of revenues from continuing operations decreased to $1.9 million for the first quarter ended June 30, 2022, compared to $2.3 million in the prior-year period, primarily due to a $1.2 million decrease in direct expense and technical service fees related to online ride-hailing platform services, partially offset by a $0.7 million increase in costs for automobiles under operating leases as a result of business expansion and a $0.1 million increase in costs of automobile sold.
Gross Profit (Loss)
Gross profit from continuing operations was $0.5 million for the first quarter ended June 30, 2022, compared to a gross loss of $1.9 million in the prior-year period, primarily due to the increase in gross profit from online ride-hailing platform services.
Selling, General and Administrative Expenses
Selling, general and administrative ("SG&A") expenses from continuing operations decreased by 27.5% to $1.9 million for the first quarter ended June 30, 2022, compared to $2.6 million in the prior-year period. The decrease was a result of Senmiao's cost control initiatives during the quarter, mainly attributable to a $0.7 million decrease in advertising and promotion for the online ride-hailing platform services, a $0.1 million decrease in office rental and charges, and a $0.1 million decrease in salary and employee benefits as the number of our employee decreased from 204 to 166
Net Income (Loss) from Continuing Operations
Net income from continuing operations for the first quarter ended June 30, 2022, was $0.2 million, compared to a net loss of $6.2 million in the prior-year period, which was primarily the result of increased revenues and lower SG&A expenses mentioned above, as well as a $1.6 million gain resulted from the change in fair value of derivative liabilities.
Earnings (Loss) per Share
Earnings per share for continuing operations was approximately $0.05 based on a weighted average number of basic and diluted common stock of 6.3 million, compared to loss per share of approximately $1.02 based on a weighted average number of basic and diluted common stock of 5.3 million.
Financial Position
As of June 30, 2022, Senmiao had cash and cash equivalents of $1.9 million, compared to $1.2 million as of March 31, 2022, for its continuing operations. Total stockholders' equity was $7.7 million as of June 30, 2022, compared to $8.1 million as of March 31, 2022.
Further information regarding Senmiao's results of operations for the quarter ended June 30, 2022 can be found in Senmiao's Form 10-Q, which will be filed with the Securities and Exchange Commission today.
About Senmiao Technology Limited
Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services, as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances.
For more information, please contact:
At the Company:
Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
Investor Relations:
The Equity Group Inc.
Carolyne Sohn, Vice President
+1 415-568-2255
csohn@equityny.com
In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com
© 2022 Senmiao Technology Ltd. All rights reserved.
*Giving retroactive effect to the 1-for-10 reverse stock split effected on April 6, 2022
*Giving retroactive effect to the 1-for-10 reverse stock split effected on April 6, 2022
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SOURCE Senmiao Technology Limited | https://www.whsv.com/prnewswire/2022/08/15/senmiao-technology-reports-fiscal-2023-first-quarter-financial-results/ | 2022-08-15T20:27:55Z |
CHICAGO, Aug. 15, 2022 /PRNewswire/ -- NextName, a brand-new platform offering fans the opportunity to purchase the "name, image, likeness" (NIL) of their favorite team and individual players through the sale of their digital collectibles has announced a roster of strategic advisors to help drive the success of this new company. NextName's new strategic advisors include:
Peter Hassen, former VP Marketing, Chicago Blackhawks
Rachel Parrish, Director of Brand Marketing and Communications, Chicago Red Stars
Ryan Baker, Former Flying Illini men's basketball team manager
Deon Thomas, Associate Director of Development, University of Illinois, and University of Illinois men's basketball all-time leading scorer
Stephen Bardo, Sports Analyst, FOX Sports, and 1989 Big Ten defensive player of the year as a member of the 'Flyin' Illini' basketball team
Matt Alverson, IA Collaborative
Andrew Stroth, Handler-Thayer, LLP, Sports Attorney
These advisors will be in attendance at the open-to-the-public NextName launch event on 8/17, 6-9 pm, at Recess, 838 W. Kinzie, Chicago. Entry tokens can be accessed here: https://nextname.io/nextname-launch-event/
"We are a fast-growing platform and are thrilled to have these industry experts join us to help us direct and manage our growth," explains Steve Thayer, co-founder, NextName, and University of Illinois graduate. "We have big plans to take this opportunity to college athletes nationwide and it helps to have our advisors' support in key areas."
As part of its phase one launch, NextName has created professionally designed NFTs for University of Illinois athletes and their teams. This opportunity allows fans to support the team as a whole and individual players. Universities partnering with NextName will also receive a share of the proceeds through a direct licensing agreement with the school. Following its initial University of Illinois launch of digital collectibles, NextName plans to expand its offering to include digital collectibles from other schools and universities nationwide.
NextName was founded by Steve Thayer, a 1988 University of Illinois LAS Economics graduate and 2018 Chicago Illini of the Year, and his son, Ryan Thayer, a 2021 University of Illinois graduate of The Gies College of Business. The duo sought to find a way to support collegiate athletes nationwide, both legally and fairly.
For more information, visit www.nextname.io. Follow NextName on Twitter: @nextname_io; Facebook: @nextname_io; Instagram: @nextname_io; and LinkedIn: nextname.
Contact: Ann Pitcher
ann@pitchercom.com
630.234.4150
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SOURCE NextName | https://www.whsv.com/prnewswire/2022/08/15/strategic-advisors-join-nextname-help-drive-this-nil-start-ups-success/ | 2022-08-15T20:28:02Z |
Philadelphia's iconic snack cake brand is bringing two new treats to stores near you!
PHILADELPHIA, Aug. 15, 2022 /PRNewswire/ -- The Tastykake® brand is pleased to introduce Mini Bundt Cakes to its portfolio of delicious snacking treats. New Tastykake Mini Bundt Cakes come in two flavors – Chocolate Chocolate Chip and Strawberry Flavored – and are available nationwide.
Tastykake Mini Bundt Cakes are sure to delight consumers' tastebuds and elevate everyday snacking occasions. "We're incredibly excited to share these Mini Bundt Cakes with our loving fans," said Ashley Hornsby, Tastykake brand manager. "The unique mini size bundt is perfect for easy traveling and is ideal for little indulgences throughout the day."
Tastykake Mini Bundt Cakes come in a pantry-ready box priced at $5.29 and contain five pouches of four mini bundts – perfect for on-the-go snacking.
Consumers can find Tastykake Mini Bundt Cakes along with other iconic Tastykake items, such as Kandy Kakes®, Krimpets®, Juniors®, as well as pecan swirls, donuts, and pies.
To learn more, please visit www.tastykake.com or follow along on Instagram and Facebook.
About Tastykake:
A snack favorite since 1914, Tastykake® offers a complete line of snack cakes, pies, cookies, and donuts available in supermarkets, mass merchandisers, convenience stores and other retailers. Celebrated for freshness and quality, the Tastykake product portfolio includes such classics as Krimpets, Kandy Kakes and Juniors. One taste of a Tastykake treat and you'll know why this brand has been a favorite of many for more than 100 years. Tastykake is a brand of Flowers Foods, Inc. (NYSE: FLO), one of the largest baking companies in the U.S. For more information on Tastykake or Flowers Foods visit www.tastykake.com or www.flowersfoods.com.
For more information:
The Zimmerman Agency
tastykake@zimmerman.com
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SOURCE Tastykake | https://www.whsv.com/prnewswire/2022/08/15/tastykake-sweetens-snack-portfolio-with-addition-new-mini-bundt-cakes/ | 2022-08-15T20:28:08Z |
TDSC Picture for Profile NFT Launches This Fall – Join the TDSC Waitlist
TORONTO, Aug. 15, 2022 /PRNewswire/ -- A revolutionary PFP NFT called Throwing Dude Space Camp (TDSC) will be launching in the Fall. 10,000 NFTs will be available. TDSC features next level art, astonishing rarity, and a ground-breaking road map. Click here to subscribe to the waitlist.
Gyro Plasmic (pseudonym), Founder of TDSC says; "we examined top performing blue chip NFTs and our Throwing Dudes are very distinctive, especially given the added benefit of our throwing motion and the abundance of throwing objects and sports."
Over 650 Traits Including he/him, she/her, they/them plus Surprises
We discovered how to create different gender identities within our universe of Dudes. Our Throwing Dudes will be he/him, she/her, and they/them. We will also achieve greater rarity through the processes of constraining. With over 70 throwing objects, rarity is deeper versus the other PFP NFT projects. Subscribe to our waitlist.
Bringing The Representation of Action to PFP NFTs
We believe quarterbacks have the best throwing motion and we integrated that into all our Dudes. Additionally, we cover a wide variety of other throwing sports. Since our Dudes are from across our Universe, some of their capabilities go way beyond just throwing mere earthly objects and include galactic and even mythical throwing. Click for TDSC waitlist.
Long Term Orientation Towards Roadmap
We are in it for the long haul and as TDCS gets resourced through revenue, we plan to introduce many benefits to the Throwing Dude Space Camp membership, which may potentially include: our 57 planets art reveal, exclusive member merchandise, space camping festival under our aurora borealis, release of space camp song anthem and more. Join our waitlist.
Innovating Sports with Sci-Fi and Vice Versa
TDSC is about living the creative inspired life and pursuing the joy of throwing and the joy of exploring. Space and sports have these in common too. No matter your skill level, or where you come from in our universe, Throwing Dude Space Camp galactically celebrates the comradery of Space Camp and throwing. TDSC will push the boundaries of what is possible for a PFP NFT and will have a lot of fun doing it.
Dudes Arriving Fall 2022
Click here to join the Throwing Dude's waitlist.
Throwing Dude Space Camp (TDSC) is owned and operated by QaQaQ Inc.
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SOURCE Throwing Dude Space Camp | https://www.whsv.com/prnewswire/2022/08/15/tdsc-throwing-dude-space-camp-pfp-nft-landing-fall-2022/ | 2022-08-15T20:28:15Z |
SHENZHEN, China, Aug. 15, 2022 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.
Financial and Operational Highlights
In the three months ended June 30, 2022:
- Net profit of the Company was RMB892 million (US$133 million). Non-IFRS net profit of the Company[1] was RMB1.07 billion (US$159 million), representing an 8.3% decrease year-over-year and a 13.4% increase on a sequential basis.
- Total revenues were RMB6.91 billion (US$1.03 billion), representing a 13.8% year-over-year decrease and a 3.9% increase on a sequential basis.
- Revenues from music subscriptions were RMB2.11 billion (US$315 million), representing an increase of 17.6% year-over-year. Paying users reached 82.7 million, increasing by 24.9% year-over-year. On a sequential basis, the number of online music paying users grew by 2.5 million.
- Net profit attributable to equity holders of the Company was RMB856 million (US$128 million) and Non-IFRS net profit attributable to equity holders of the Company[1] was RMB1.03 billion (US$154 million).
"Amidst a complex and evolving environment, macro headwinds continued to affect our total revenue growth. However, growth in subscription revenue remained resilient, increasing by 18% year-over-year in the second quarter, demonstrating our success in executing a balanced approach of driving growth in both paying users and ARPPU. Meanwhile, our cost optimization and operating efficiency enhancements continued to bear fruit, resulting in margin improvements during the quarter," said Mr. Cussion Pang, Executive Chairman of TME. "In June 2022, we celebrated the first anniversary of launching our dual engine content-and-platform strategy, which has continued to empower our increasingly vibrant music ecosystem. Through original content production and our Tencent Musician Platform, we are not only enhancing the scale, quality and market appeal of our content, but also nurturing creators and connecting them with music lovers. We will continue to empower music creators by helping them to unlock both the cultural and commercial value embedded in music. To demonstrate our confidence in the Company's prospects, by the end of the second quarter, we had completed over $700 million of the $1 billion share repurchase program announced last year, and plan to complete the rest of the program throughout the rest of the year."
"Driving product and technological innovation is always our top priority. In the second quarter, we continued to upgrade the immersive music experience across our four pillars – listen, watch, sing and play – enhancing each category to provide our users with a stage to express their musical tastes and build their sense of identity on TME's platform. Particularly, QQ Music and WeSing launched major version upgrades to bring dynamic visuals and a 3D avatar functionality, respectively, to our users," said Mr. Ross Liang, CEO of TME. "As a natural extension of music, our long-form audio continued to round out our music portfolio while further differentiating our content. We also strengthened our partnership with Tencent's ecosystem in key areas, including content production, promotion and monetization. Furthermore, through our innovative model that combines music with public welfare, we organized a number of philanthropic events in the second quarter, employing the emotional power of music to advance our social commitment. As we move forward, we will continue to leverage our business and product innovations to grow the digital music ecosystem and support the sustained, healthy development of China's music industry," concluded Mr. Liang.
Recent Operational Highlights
- TME's online music and social entertainment services key operating metrics[2]
- Our content strategy continued to strengthen the scale, quality and appeal of our content offerings.
- We launched Jay Chou's digital album "Greatest Works of Art" with copies sold exceeded 6 million by the end of July, marking another blockbuster on our platform.
- We entered into strategic partnerships with leading labels and artists across the Greater China region, such as Time Fengjun Entertainment (the music label for TFBOYS and Teens in Times), avex China and the talented female artist XIN Liu (Yuxin Liu), where our platform has a head start period on their latest music, customized artist merchandise or unique artist-fan interaction events.
- Joined hands with YH Entertainment Group to launch Artist Subscription packages for its 13 renowned artists such as Meng Meiqi and Justin Huang, providing customized audio and video content for their subscribing fans.
- We continued to invest in creating high-quality original content, notable examples in the second quarter included "Blessing of Three Lifetimes" by Hai Lai A Mu, which dominated major music charts and generated social media buzz comprising over 2.5 billion views and 350 million streams since its launch in May, as well as 15 chart-topping game songs we produced in collaboration with Tencent's popular game titles and "Time to Shine," the first Chinese theme song to appear in the NBA finals.
- Leveraging our proprietary AI tools and PDM predictive model technologies, we launched a smart music assistant that enables more efficient decision making at key stages of the music production process, such as demo evaluation.
- We continued to empower musicians with a wealth of online and offline promotion capabilities and monetization avenues. For example, we introduced a new service to easily mass distribute musical works globally to over 150 popular platforms, which has already brought 190,000 songs by over 10,000 musicians to overseas audiences as of the end of the second quarter.
- In the second quarter, in addition to online live concerts for Roy Wang, among others, we presented Leslie Cheung and Jay Chou's AI-enhanced recorded concerts online. These two huge hits accumulated over 100 million unique viewers within the Tencent ecosystem and social media buzz of 6 billion views.
- As we have strengthened our advertising monetization with additional avenues, we successfully attracted well-known brands such as Sprite, Beijing-Hyundai and Pepsi to sponsor a variety of customized online and offline live events recently, attracting participation by dozens of popular artists and aspiring musicians.
- Our platform strategy embodies our commitment to continuous product innovations through our four pillars of entertainment: listen, watch, sing and play, deepening users' recognition of and connection with our products.
- Long-form Audio: We continued to differentiate our offering with a wealth of high-quality long-form audio content, enriching popular vertical content such as sleeping aid in the second quarter. We have also been deepening our collaborations with Tencent Video to successfully promote popular audiobooks and associated IPs such as the third season of "Martial Universe" and "Who Rules the World."
- We are committed to fulfilling our social responsibilities. In the second quarter, we worked with Tencent to launch the Little Red Flower Charity Concert to deliver a heartwarming live concert to children with special needs. We also created environmental awareness around the marine ecosystem through a special public welfare concert for World Oceans Day in partnership with La Mer.
Second Quarter 2022 Financial Results
Revenues
Total revenues for the second quarter of 2022 decreased by RMB1.10 billion, or 13.8%, to RMB6.91 billion (US$1.03 billion) from RMB8.01 billion in the same period of 2021.
- Revenues from online music services for the second quarter of 2022 decreased by 2.4% to RMB2.88 billion (US$430 million) from RMB2.95 billion in the same period of 2021. Revenues from music subscriptions were RMB2.11 billion (US$315 million), representing a 17.6% growth compared to RMB1.79 billion in the second quarter of 2021, primarily due to the increase in the number of paying users by 24.9%. ARPPU decreased from RMB9.0 in the second quarter of 2021 to RMB8.5 this quarter and improved by 2.4% sequentially mainly due to the fact that we offered more promotions to attract users in the past several quarters since 2021 and we are more focused on the quality growth of our subscription revenue while maintaining a healthy ARPPU since last quarter. Revenues from advertising decreased on a year-over-year basis due to the impact from industry adjustments on splash ads and the COVID-19 pandemic in some major cities. Sublicensing revenues also decreased on a year-over-year basis due to restructuring of agreements with certain music labels.
- Revenues from social entertainment services and others for the second quarter of 2022 decreased by 20.4% to RMB4.03 billion (US$601 million) from RMB5.06 billion in the same period of 2021. On a year-over-year basis, ARPPU increased by 10.8% in the second quarter of 2022, while paying users of social entertainment services decreased by 28.2%. The decrease was mainly due to the impact of evolving macro environment and increased competition from other platforms.
Cost of Revenues
Cost of revenues for the second quarter of 2022 decreased by 13.1% to RMB4.84 billion (US$723 million) from RMB5.57 billion in the same period of 2021. The decrease was primarily due to decrease in revenue sharing fees and agency fees resulting from decrease in revenues from social entertainment services and advertising services on a year over year basis.
Gross Profit and Gross Margin
Gross profit for the second quarter of 2022 decreased by 15.3% to RMB2.06 billion (US$308 million) from RMB2.44 billion in the same period of 2021. Gross margin for the second quarter of 2022 slightly decreased by 0.5% to 29.9% from 30.4% in the same period of 2021. This decrease in gross margin was primarily because the decrease in our total revenues outpaced the decrease in our total cost of revenues as some of them remained fixed in nature. We are taking measures to manage costs effectively and improve overall efficiency.
Operating Expenses for the Period
Total operating expenses for the second quarter of 2022 decreased by 15.5% to RMB1.42 billion (US$212 million) from RMB1.68 billion in the same period of 2021. Operating expenses as a percentage of total revenues decreased by 0.4% to 20.5% in the second quarter of 2022 from 20.9% in the same period of 2021. After excluding the impact from the expenses related to our application for secondary listing, operating expenses as a percentage of total revenues would have decreased by 1% year-over-year.
- Selling and marketing expenses were RMB303 million (US$45 million), representing a decrease of 54.7% year-over-year from RMB669 million in the same period of 2021. This decrease was primarily due to effective control over marketing expenses and optimization of the overall promotion structure to improve operating efficiency. Our selling and marketing expenses also decreased sequentially as a result of the improvement of external promotion channels' efficiency and better utilization of internal traffic to attract users and promote our brand.
- General and administrative expenses were RMB1.11 billion (US$166 million), representing an increase of 10.5% year-over-year from RMB1.01 billion in the same period of 2021. After excluding the impact from the expenses related to our application for secondary listing, general and administrative expenses would have increased by 6.2% year-over-year. The increase was mainly due to increased investment in research and development to expand our competitive advantages in product and technology innovations.
Operating Profit for the Period
Operating profit was RMB1.05 billion (US$156 million) in the second quarter of 2022, compared to an operating profit of RMB1.04 billion in the same period of 2021.
Income Tax Expenses
Effective tax rate in the second quarter of 2022 was 12.2%, compared to 11.5% in the same period of 2021. The increase in effective tax rate was mainly because some of our entities were entitled to different tax benefits in 2021 and 2022.
Net Profit and Non-IFRS Net Profit for the Period
Net profit attributable to equity holders of the Company for the second quarter of 2022 was RMB856 million (US$128 million), compared to a net profit of RMB827 million in the same period of 2021. Non-IFRS net profit attributable to equity holders of the Company was RMB1.03 billion (US$154 million) for the second quarter of 2022, compared to RMB1.12 billion in the same period of 2021. Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details.
Earnings per ADS
Basic and diluted earnings per American Depositary Shares ("ADS") were RMB0.53 (US$0.08) and RMB0.53(US$0.08), respectively, for the second quarter of 2022. Non-IFRS basic and diluted earnings per ADS were RMB0.64 (US$0.10) and RMB0.63 (US$0.09), respectively, for the second quarter of 2022. During the second quarter of 2022, the Company had weighted averages of 1.61 billion basic and 1.62 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares.
Cash, Cash Equivalents, Term Deposits and Short-term Investments
As of June 30, 2022, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to RMB25.80 billion (US$3.85 billion), compared to RMB25.93 billion as of March 31, 2022. During the three months ended June 30, 2022, net cash generated from operations was RMB1.24 billion (US$185 million) and cash used in share repurchases was RMB969 million (US$145 million). We also incurred a net cash outflow of RMB497 million (US$74 million) for acquisition of shares in various subsidiaries and associates. Such combined balance was also affected by the change in the exchange rate of RMB to USD at different balance sheet dates. The exchange rate was 6.6981 to 1 on June 30, 2022.
Share Repurchase Program
Pursuant to the US$1 billion 2021 Share Repurchase Program announced on March 28, 2021, as of June 30, 2022, we have repurchased approximately 86.8 million ADSs from the open market with cash for a total consideration of approximately US$735 million.
Conference Call Information
TME's management will hold a conference call on Monday, August 15, 2022, at 8:00 P.M. Eastern Time or 8:00 A.M. Beijing Time on Tuesday, August 16, 2022, to discuss its financial results. Listeners may access the call by dialing the following numbers:
The replay will be accessible through August 22, 2022, by dialing the following numbers:
A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.tencentmusic.com/.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.6981 to US$1.00, the noon buying rate in effect on June 30, 2022, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period 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. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from acquisitions, share-based compensation expenses, net losses/gains from investments and income tax effects.
Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of Non-IFRS net profit for the period to its net profit for the period.
About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415
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SOURCE Tencent Music Entertainment Group | https://www.whsv.com/prnewswire/2022/08/15/tencent-music-entertainment-group-announces-second-quarter-2022-unaudited-financial-results/ | 2022-08-15T20:28:21Z |
- TerraZero Studio deploys Miller Lite's second fully interactive bar experience in collaboration with global superstar and entrepreneur J Balvin.
- Users can collect Miller Lite x J Balvin Bodegawear wearables.
- Miller Lite Leverages Their Previous Activation to Double-Down on Metaverse Engagement and Activation Potential
- Miller Lite's Presence is Evolving Community Building and Social Engagement in the Metaverse.
VANCOUVER, BC, Aug. 15, 2022 /PRNewswire/ - TerraZero Technologies Inc. ("TerraZero" or the "Company"), a vertically integrated Metaverse technology company, announces the second activation from Miller Lite's (www.millerlite.com) "Meta Lite Bar" in collaboration with world-renowned, music sensation, J Balvin in Decentraland (www.decentraland.org).
The activation sees TerraZero bring back the Miller Lite Meta Lite Bar for another experience, after their successful Big Game Day activation in February 2022—this time with global sensation J Balvin. This is an important milestone for the Metaverse as this activation is social proof that major brands like Miller Lite can find added value, and increased audience engagement through the Metaverse via repeat deployments of their virtual builds.
Where a prototypical marketing campaign would see much overhead spent on a single use activation, the Metaverse presents an opportunity where Miller Lite can build a compelling and immersive experience with their Meta Lite Bar, and bring it back for subsequent activations, creating long-tail value to one marketing spend, where costs streamline and engagement increases over time.
Savvy brands like Miller Lite know that the Metaverse offers both scarcity and longevity; where a cessation of interest can be elevated over a short period of time through one activation—and then that same build and experience can be brought back at a later date, at the brand's call and decree. TerraZero knows the power this gives brands, which is why their in-house studio designs experiences to deliver on short-term and long-term KPI's, underscored by actionable analytics.
This activation also brings the brand's identity to life in a way where a marketing campaign can become a place of socialization, community building, and fandom for both the brand itself, and artist partners like J Balvin.
For J Balvin, known for his ever-evolving approach to fan engagement, the bar takeover connects the artist to his fans through an interactive experience in a way that is more immersive and engaging than music alone. In the experience at the Meta Lite Bar, fans can claim unique wearables for their avatars that channel the personal look and style of J Balvin. From clothing and accessories to brilliant rainbow-colored hair, the Meta Lite Bar makes it possible. These wearables will be worn by avatars throughout their adventures in the Metaverse, showcasing the ways in which Miller Lite remains ahead of the curve by utilizing the combined worlds of technology and entertainment with a consumer-based approach to marketing and promotions.
The future is bright for the Meta Lite Bar. Why not use the bar as a location for virtual performances by other artists, or a place to hang out during sporting events—bringing together fans from all over the world through the Metaverse?
TerraZero's Chief Experience Officer (CXO), Brandon F. Johnson & Chief Metaverse Officer (CMO), Ryan Kieffer see Miller Lite as an innovator in the CPG, and now entertainment space. "The truth is, the Meta Lite Bar can be anything Miller Lite wanted it to be. The brand understands this, and that's why they are going to be a fixture in the digital world for years. There is unprecedented opportunity to create community and engagement for a brand like Miller Lite, and our relationship with Miller and Molson Coors has been nothing short of outstanding."
Players were able to jump into the launched "Meta Lite Bar x J Balvin" experience in Decentraland at www.decentraland.org, coordinates 44, -45 from July 26 to August 2, 2022.
TerraZero Technologies Inc. ("TerraZero") is a vertically integrated Metaverse development group and leading Web 3.0 technology company specializing in helping brands create immersive experiences. The Company's Metaverse-agnostic vision is to develop and implement products and services with scalable commercial applications to flourish engagement across gamified experiences where enterprise- level businesses, Metaverse platforms, and Web3 creators can seamlessly bridge and actionably grow their virtual world and the physical world endeavors together as one. TerraZero owns digital real estate for brands to establish presence in existing virtual worlds and can also offer brands their own private worlds to provide offices and services to those interested in the Metaverse. Furthermore, TerraZero acquires, designs, builds, and operates virtual assets and solutions to monetize the Metaverse ecosystem. The Company's businesses are segmented into five (5) divisions which include: (1) Immersive experience creation in existing or private virtual worlds; (2) advertising; (3) data analytics; (4) events and marketing; and (5) infrastructure. TerraZero aims to support the community, foster innovation, and drive adoption. For more information, please visit www.terrazero.com or contact media@terrazero.com.
This news release includes certain statements and information that may constitute forward-looking information or statements within the meaning of applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends," "expects," or "anticipates," or variations of such words and phrases or statements that certain actions, events, or results "may," "could," "should," "would," or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements," are not historical facts and are made as of the date of this news release, which includes without limitation, statements regarding discussions of future plans, estimates, and forecasts and statements as to management's expectations and intentions with respect to, among other things: the Company's intention to develop and drive traffic to its assets and locations within virtual worlds; the expected potential outcomes of the Miller Lite metaverse bar and collaboration with J Balvin; that establishing an early presence within the Metaverse will provide the Company with new users, branding, and marketing opportunities; events, courses of action, and the potential of the Company's technology and operations, among others, are all forward-looking information.
Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, business, economic, and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to personnel, employees, and consultants; market conditions and the demand and pricing for products and services; the demand and pricing of cryptocurrencies and NFTs; security threats, including a loss/theft of TerraZero's NFTs, cryptocurrencies, and other assets; TerraZero's relationships with its customers and business partners; TerraZero's ability to successfully define, design, and release new products in a timely manner that meet customers' needs; the ability to attract, retain, and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. As a result, TerraZero may not actually achieve its plans, projections, or expectations. In addition, such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to develop software successfully, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals, and the price of cryptocurrencies and NFTs. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, technology failures, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate and hire personnel, competition, security threats including stolen NFTs and cryptocurrencies from TerraZero or its customers, consumer sentiment towards TerraZero's products, services and Metaverse technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in labor costs, decrease in the price of cryptocurrencies and NFTs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market, or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties.
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SOURCE TerraZero Technologies Inc. | https://www.whsv.com/prnewswire/2022/08/15/terrazero-technologies-inc-deploys-miller-lites-second-activation-decentraland-collaboration-with-global-superstar-entrepreneur-j-balvin/ | 2022-08-15T20:28:28Z |
Clean Electricity Creator VGrid Energy Systems Passes Comprehensive Certification Process
CAMARILLO, Calif., Aug. 15, 2022 /PRNewswire/ -- VGrid Energy Systems, a leader in innovative renewable energy and premium biochar production, has been certified to supply the carbon markets with CO2 Removal Certificates (CORC) by Puro.earth, the world's first B2B marketplace, standard, and registry focused solely on carbon removal. This approval comes after VGrid successfully completed a comprehensive certification process, which included a detailed audit to verify compliance with Puro Standard CO2 removal biochar methodologies.
"Simply stopping our climate-damaging practices is not enough," said Greg Campbell, CEO of VGrid. "We must look to innovative approaches to reverse some of the effects of our actions and strive for carbon negative solutions. As a CO2 removal supplier with Puro.earth, we can accomplish just that: removing carbon from our atmosphere and working towards a better earth."
Focusing solely on verified net-negative technologies that can remove and store carbon at an industrial scale, Puro.earth seeks to create a world where any company can help reverse climate change by removing its carbon emissions. Puro.earth's suppliers, including VGrid, develop carbon net-negative products and/or processes and sell CORCs to climate conscious organizations and businesses who want to neutralize emissions and reach carbon net zero.
Each CORC represents one metric ton of CO2 removed from the atmosphere. Using its propriety Bioserver—a biomass gasification system that is paired with a micro-generator—VGrid creates clean, low-cost, renewable electricity and biochar from agricultural waste, specifically pistachio shells. The resulting biochar sequesters 2.94 tons of equivalent CO2 per ton of biochar produced, has a high fixed carbon percentage, and low ash content. It also offers greater porosity and resulting surface area maximizing the biochar's filtration and water-holding properties. The biochar is land applied to help increase crop yields, improve soil health, conserve water, and reduce chemical fertilization, thus further extending its positive environmental impact.
"We're proud to partner with Puro.earth, the leading marketplace, standard, and registry committed to carbon removals and mobilizing the world's economy to rewarding carbon net-negative emissions," Campbell remarked. "This certification is a major achievement for VGrid."
VGrid's Bioserver is offered in a mobile unit this is highly scalable, faster to deploy, and easily optimized for local feedstocks and market conditions. For more information on VGrid, visit VGridEnergy.com.
About VGrid
VGrid Energy Systems, Inc. focuses on innovating carbon negative solutions in renewable energy. The company creates clean electricity and beneficial co-products, such as biochar and wood vinegar, from waste biomass which would otherwise be directed to a landfill. VGrid's mobile, high-temperature, gasification units have been operating in the Central Valley of California since 2019. Based on years of field data, the technology has proven its reliability, predictability, and scalability.
About Puro.earth
Puro.earth is the world's first B2B marketplace, standard and registry focused solely on carbon removal. Aiming at climate and economic impact, our mission is to mobilize the world's economy to reward carbon net-negative emissions. We provide voluntary corporate buyers long-term carbon removal procurement portfolios to fulfill net zero pledges, by identifying suppliers, verifying their negative emissions and issuing CO2 Removal Certificates (CORCs) with the Puro Standard, the first carbon standard for engineered carbon removal. Trusted by leading organizations, Puro.earth is driving forward a market of carbon negative industries, enabling a new revenue stream for carbon removal suppliers to accelerate their growth. In 2021, Nasdaq acquired a majority stake in Puro.earth.
CONTACT: Jeremy Witt
jwitt@lambert.com
+1 (269) 370-1097
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SOURCE VGrid Energy Systems, Inc. | https://www.whsv.com/prnewswire/2022/08/15/vgrid-certified-co2-removal-certificate-corc-supplier-by-puroearth/ | 2022-08-15T20:28:35Z |
7-Eleven brings back Bring Your Own Cup Day
Published: Aug. 15, 2022 at 4:29 PM EDT|Updated: 11 minutes ago
(Gray News) - 7-Eleven’s famous Bring Your Own Cup Day is making a return this summer.
On Aug. 27, loyalty members of 7-Eleven, Stripes and Speedway are encouraged to grab any creative container and fill it up with their favorite Slurpee flavor for just $1.99 at participating locations.
According to a news release, 7-Eleven says, “If it fits in the cup, fill’er up!”
Cups and containers must be clean, watertight (aka leak proof), and must sit upright within the 10-inch diameter hole in the in-store display. If it doesn’t fit in the display, it won’t fit under the Slurpee dispenser.
The promotion is limited to one container per customer.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/08/15/7-eleven-brings-back-bring-your-own-cup-day/ | 2022-08-15T20:41:12Z |
Rockingham County Fair returns to the Shenandoah Valley
ROCKINGHAM COUNTY, Va. (WHSV) - The Rockingham County Fair opened on Monday, bringing back a decades-long tradition here in the Shenandoah Valley.
Planning for this year’s festivities started soon after last year’s fair.
“The committee has really been working hard and meeting since last October for this fair,” Rebecca Holloway, general manager of the fair explained.
Holloway said, for the most part, they run off the same plan of activities each year.
“We always have an animal act. We always have some type of circus out on the grounds. We have music, we have our Grandstand event, our livestock events,” Holloway added.
The general manager said they love providing entertainment that is family-friendly.
“For $6 you can come in the gate and you can see music, a circus, a hypnotist, tractors. You can see a lot of different things,” she said.
Gate admission at the fair is $6, and for children 7-12 it is $3. Armbands for fair rides vary from day to day and range from $20 to $30.
For more information on rides and activities, click here.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/08/15/rockingham-county-fair-returns-shenandoah-valley/ | 2022-08-15T20:41:19Z |
On Monday, the Taliban marked the first anniversary since they retook power in Afghanistan. Taliban security forces celebrated in Kabul. But many Afghans stayed home — and are struggling to survive.
Copyright 2022 NPR
On Monday, the Taliban marked the first anniversary since they retook power in Afghanistan. Taliban security forces celebrated in Kabul. But many Afghans stayed home — and are struggling to survive.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/after-a-year-of-taliban-rule-many-afghans-are-struggling-to-survive | 2022-08-15T20:45:06Z |
ATLANTA — Prosecutors in Atlanta on Monday told lawyers for Rudy Giuliani that he's a target of their criminal investigation into possible illegal attempts by then-President Donald Trump and others to interfere in the 2020 general election in Georgia, one of Giuliani's lawyers said Monday.
Special prosecutor Nathan Wade alerted Giuliani's local attorney in Atlanta that the former New York City mayor could face criminal charges, another Giuliani attorney, Bob Costello said. News of the disclosure was first reported by The New York Times.
Fulton County District Attorney Fani Willis opened the investigation last year, and a special grand jury was seated in May at her request. County Superior Court Judge Robert McBurney, who's overseeing the special grand jury, has instructed Giuliani to appear before the panel to testify on Wednesday.
Willis' investigation was spurred by a phone call between Trump and Georgia Secretary of State Brad Raffensperger. During that January 2021 conversation, Trump suggested that Raffensperger could "find" the votes needed to overturn his narrow loss in the state.
It has also become clear that the district attorney is interested in Georgia legislative committee hearings that were held in December 2020 where Giuliani appeared and spread false claims of election fraud in Atlanta's Fulton County.
Willis last month filed petitions seeking to compel testimony from seven Trump associates and advisers. Because they don't live in Georgia, she had to use a process that involves asking a judge in the states where they live to order them to appear.
In a petition seeking Giuliani's testimony, Willis identified him as both a personal attorney for Trump and a lead attorney for his campaign. She wrote that he and others appeared at a state Senate committee meeting and presented a video that Giuliani said showed election workers producing "suitcases" of unlawful ballots from unknown sources, outside the view of election poll watchers.
Within 24 hours of that Dec. 3, 2020, hearing, Raffensperger's office had debunked the video. But Giuliani continued to make statements to the public and in subsequent legislative hearings claiming widespread voter fraud using the debunked video, Willis wrote.
Evidence shows that Giuliani's hearing appearance and testimony "was part of a multi-state, coordinated plan by the Trump Campaign to influence the results of the November 2020 election in Georgia and elsewhere," the petition says.
Lindsey Graham was ordered to testify in Atlanta
Also Monday, a federal judge said U.S. Sen. Lindsey Graham must testify before a special grand jury in Atlanta that is investigating whether then-President Donald Trump and his allies broke any laws while trying to overturn his narrow 2020 general election loss in the state.
Attorneys for Graham, R-S.C., had argued that his position as a U.S. senator provided him immunity from having to appear before the investigative panel and asked the judge to quash his subpoena. But U.S. District Judge Leigh Martin May wrote in an order Monday that immunities related to his role as a senator do not protect him from having to testify. Graham's subpoena instructs him to appear before the special grand jury on Aug. 23, but his office said Monday he plans to appeal to the 11th U.S. Circuit Court of Appeals.
Prosecutors have indicated they want to ask Graham about phone calls they say he made to Georgia Secretary of State Raffensperger and his staff in the weeks following Trump's election loss to Democrat Joe Biden.
Graham had argued that a provision of the Constitution provides absolute protection against a senator being questioned about legislative acts. But the judge found there are "considerable areas of potential grand jury inquiry" that fall outside that provision's scope. The judge also rejected Graham's argument that the principle of "sovereign immunity" protects a senator from being summoned by a state prosecutor.
Graham also argued that Willis, a Democrat, had not demonstrated extraordinary circumstances necessary to compel testimony from a high-ranking official. But the judge disagreed, finding that Willis had shown "extraordinary circumstances and a special need" for Graham's testimony on issues related to an alleged attempt to influence or disrupt the election in Georgia.
May, the judge, last month rejected a similar attempt by U.S. Rep. Jody Hice, R-Ga., to avoid testifying before the special grand jury. Former New York mayor and Trump attorney Rudy Giuliani had argued he couldn't travel to Atlanta to testify because of health issues, but Fulton County Judge McBurney instructed him to appear on Wednesday.
Graham's office said in a statement Monday that the senator disagrees with the judge's interpretation of the provision of the Constitution he believes protects him from being questioned by a state official. His lawyers have said that he was making inquiries that were clearly part of his legislative duties, related to certification of the vote and to the proposal of election-related legislation.
But the judge wrote that that ignores "the fact that individuals on the calls have publicly suggested that Senator Graham was not simply engaged in legislative factfinding but was instead suggesting or implying that Georgia election officials change their processes or otherwise potentially alter the state's results."
In calls made shortly after the 2020 general election, Graham "questioned Raffensperger and his staff about reexamining certain absentee ballots cast in Georgia in order to explore the possibility of a more favorable outcome for former President Donald Trump," Willis wrote in a petition.
Graham also "made reference to allegations of widespread voter fraud in the November 2020 election in Georgia, consistent with public statements made by known affiliates of the Trump Campaign," she wrote.
Republican and Democratic state election officials across the country, courts and even Trump's attorney general found there was no evidence of any voter fraud sufficient to affect the outcome of his 2020 presidential election loss.
Trump-allied lawmakers were planning to challenge the tallies from several battleground states when Congress convened on Jan. 6, 2021, to certify the results under the Electoral Count Act, but after the Capitol attack that day Georgia's tally was never contested.
Trump has denied any wrongdoing and has described his call to Raffensperger as "perfect."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-15/giuliani-is-the-target-of-a-georgia-election-probe-his-lawyers-are-told | 2022-08-15T20:45:13Z |
NPR's Mary Louise Kelly speaks with Brian O'Hare, the president of the FBI Agents Association, about recent threats against agents and calls to defund the FBI.
Copyright 2022 NPR
NPR's Mary Louise Kelly speaks with Brian O'Hare, the president of the FBI Agents Association, about recent threats against agents and calls to defund the FBI.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/heres-what-the-fbi-agents-association-says-about-recent-threats-to-federal-agents | 2022-08-15T20:45:19Z |
Any new or future coal leases on federal land are now paused following a ruling by a federal judge late last week, and some say this decision likely will not change much for the industry, as coal has already been on the decline nationwide.
The judge ruled that the U.S. Bureau of Land Management (BLM) has to reevaluate the impacts of mining coal on the environment. The ban on new coal leases on federal land was originally put in place during the Obama administration but later repealed by former President Trump.
Shannon Anderson, a staff attorney and organizer with the Powder River Basin Resource Council, said the decision will not likely change a lot in many states, as the economy is shaping coal’s future.
“There's no coal lease applications that are actually moving forward with the BLM right now, because of the overall downturn in the coal industry, and coal fired power plants being retired outside of the state,” Anderson said. “There’s just an overall reduction in market demand for Powder River Basin Coal.”
Wyoming supplies more than 40 percent of the nation's coal. Nationwide, production hit a 50-year low in 2020, and while there has been a slight uptick in the past two years, experts do not expect it to continue.
“No coal mine right now in the country is looking to expand,” Anderson said. “Mines are using existing leases and reserves that they've already bought from the federal government, and they're not really looking to expand.”
For example, Wyoming has not sold a federal coal lease since 2012. Reports show coal consumption will decrease over the coming years, as renewable energy and natural gas continue to become cheaper alternatives.
However, Wyoming Governor Mark Gordon said in a press release, pausing new federal coal leases is a bad decision for Wyoming.
“It hurts our country’s ability to provide reliable, low-cost energy to Americans and hinders the abilities of companies to plan and invest in new technologies like carbon capture and utilization,” Gordon said.
The state of Wyoming, under the guidance of Gordon, is pursuing a number of carbon capture initiatives and has invested millions into the technology. Burning coal is considered one of the largest sources of global greenhouse gas emissions, and some say carbon capture could reduce the impacts by capturing and storing the emissions before they are released into the atmosphere.
“Wyoming is serious about using carbon capture technologies to keep our vital coal plants contributing to the economy into the future,” Gordon said in a 2019 announcement of a carbon capture partnership. “Coal can be part of the solution. By removing CO2 and finding uses for it, we can make coal-fired power part of a low-carbon economy, and carbon capture and sequestration technologies are ideal for many of our plants.”
Notably, some environmental groups do not believe carbon capture will help with climate change as it will prolong the life of the fossil fuel industry.
In the meantime, the recent court decision will not affect current leases and ongoing coal mining. The BLM will have to conduct a new environmental review that considers climate damage from coal mining before the agency can resume coal lease sales.
This decision comes after a federal judge rejected the BLM’s resource management plans for the Powder River Basin, effectively pausing all new pending coal, oil and natural gas leases in the area, until a lengthy environmental review is completed that meets the judge’s requests. | https://www.wyomingpublicmedia.org/natural-resources-energy/2022-08-15/new-federal-coal-leases-paused-some-say-it-doesnt-make-difference-to-the-industry | 2022-08-15T20:45:26Z |
The Campbell County Commission appointed the final board member to the county library board, filling several vacancies since earlier this year due to resignations, term limits, and a desire to not complete another term. This comes as some residents of the community continue to criticize the library for including books on sex education and LGBTQ issues in the children and teens section, which has been a regular fixture of library board and county commission meetings since last July.
Despite the criticism and support the library has received over the last year, Campbell Commissioner Rusty Bell said he’s not concerned that those selected will not do a good job.
“I think they’ll do the best job they can to run the library, to be there for the library director and the staff and operate an efficient library,” said Bell. “I really think they’re all good people.”
Charlie Anderson, who is serving his second term, is the only board member that has not turned over this year. Hollie Stewart, the former board chair, resigned this spring. Other positions became available with the departure of Nancy Stovall, who was term-limited, Miranda Finn, who chose not to seek another term, and Mandy Steward, who is the most recent member to leave, citing something that had come up in her life that wouldn’t allow her to make the library board a priority. Charles Butler, Sage Bear, Chelsie Collier, and Darcy Lyon, have all been selected to fill the vacancies.
Library board members are appointed for a three-year term and can serve two terms. They can reapply after sitting out for several years for additional time on the board, pending the approval of the commission.
“We had a large list to choose from and most of those, and most all of those people chose to be put forward to fill the [other] vacancies,” he said.
Bell said this category of people consisted of numerous applicants, of which 16 initially applied earlier this year for two open vacancies.
In May, the commission voted to cut the one percent optional sales tax funding to the library’s youth collection, which amounted to a nearly $42,000 reduction. Bell said that some of that funding was later restored, though it was only to the library branch in Wright. Library Director Teri Lesley stated that the cut would impact children’s summer programs. Commissioner Colleen Faber stated she voted to cut funding, saying the library lacked transparency and wasted taxpayer dollars.
“The funding that was restored was actually to the programming in Wright. It was restored to them, I think around $9,150 or something,” he said. “The other portion, the portion that was for summer programming and youth programs, that was one percent dollars, that was cut to the Gillette branch library.”
Thus far, the library board has not relocated or removed any of the challenged books in the children or teens sections, though Lesley said library staff have relocated a select few titles after concerns were raised from residents.
The first library board meeting with a full board will meet on Monday, Aug. 22 at 4 p.m. at the Campbell County Public Library in Gillette. | https://www.wyomingpublicmedia.org/politics-government/2022-08-15/the-campbell-county-library-board-has-four-new-members-after-several-vacancies | 2022-08-15T20:45:32Z |
The Spring Creek Drainage became a river with its own set of rapids after a Saturday storms. It is pictured here looking east from just east of the 13th Street Bridge on Spring Creek Drive. The matted grass above the waterline shows how far the drainage had come down by early evening.
The Spring Creek Drainage became a river with its own set of rapids after a Saturday storms. It is pictured here looking east from just east of the 13th Street Bridge on Spring Creek Drive. The matted grass above the waterline shows how far the drainage had come down by early evening.
Carol Ryczek/For the Boomerang
A worker assists the Albany County Sheriff’s Office in closing North Cedar Street just north of Snowy Range Road because of flooding Saturday evening.
Laramie residents experienced a bit of extreme weather Saturday as parts of downtown flooded during heavy rainfall.
Most of the city received about 2 inches of rainfall, with amounts varying depending on location. The highest recorded amount was 2.73 inches near the northeastern outskirts of Laramie. The lowest recorded amount of rainfall was a total of 0.11 inches at Laramie Regional Airport, according to National Weather Service meteorologist Shelby Fuller.
The Laramie Police Department warned residents to avoid the areas of 3rd and 4th Streets north of Harney Street on Saturday due to flooding, according to a previous Boomerang report.
A portion of Fox Creek Road near Highway 230 and mile marker five was closed due to damage from the flooding, according to a Facebook post from the Albany County Sherriff's Office. Road and bridge crews are working to make repairs with no estimated reopen time listed as of Monday.
Despite the heavy rainfall, yearly precipitation in Laramie is still below average, Fuller said.
The promising news is that rainfall is above average for the month of August. The airport recorded 1.05 inches of rainfall so far this month, up from the average of 0.57 inches.
The National Weather Service uses the reporting station at the airport for its official data, meaning these numbers could be different for other areas of the city, Fuller said.
A chance of thunderstorms continued through Monday, though there weren’t signs of severe weather as of Monday morning.
The weather is expected to clear up Tuesday and Wednesday before more precipitation is expected Thursday afternoon and into the weekend, according to the National Weather Service forecast.
People in need of assistance after having their homes flood can contact American Red Cross of Wyoming at 1-800-733-2767, according the Albany County Emergency Management Facebook page. | https://www.wyomingnews.com/laramieboomerang/news/laramie-received-up-to-2-73-inches-of-rain-flooding-saturday/article_ff797fa3-9eaa-5031-a72f-527342f67000.html | 2022-08-15T20:53:48Z |
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SWEETWATER COUNTY – High school sports in Sweetwater County were back in action for the first time since returning from summer break.
Jackson Hole High School tennis teams were in town to compete against Green River High School and Rock Springs High School on Saturday, Aug. 13. However, the matches between Rock Springs and Jackson were not able to be completed due to rainy weather.
Earlier in the day, though, Green River completed its matches against Jackson and came away with some victories.
Overall, however, Jackson won the day.
Jackson defeated the Lady Wolves, 5-0.
In the single sets, Olivia Webb of Jackson defeated Green River’s Brianna Strauss, 6-1 and 6-3. Krista Finlay of Jackson defeated Green River’s Shania Flores, 6-1 and 6-0.
In the double sets, the team of Wylie and Ross of Jackson defeated Green River’s Skinner and Harris, 6-1 and 6-1. Jackson’s Goldstein and Stafford defeated the Gomez pairing of Green River, 6-1 and 6-3. Jones and Scarlett of Jackson defeated Cochrun and Peterson of Green River, 6-3 and 6-0.
On the boys’ side of the matches, Green River came away with two victories – both coming in the double sets.
The team of Cordova and Friel of Green River defeated Jackson’s Olson and Webb, 3-6, 6-1 and 6-2. The team of Ross and Wilson defeated Jackson’s Stolte and D’Amours, 1-6, 7-6 (7-3) and 6-0. In the final match of doubles action, Jackson’s Wolf and Yoemans defeated Green River’s Archibald and Nielsen, 6-4 and 9-6.
In the single sets, Jackson’s Campbell Gervais defeated Korbin Arnell, 6-0 and 6-1. Hayden Clark of Jackson defeated Taylon Tirrell, 6-1 and 6-1. | https://www.wyomingnews.com/rocketminer/back-in-action-local-tennis-teams-begin-fall-season/article_5a194633-dad6-58ce-b418-f4bc5908337d.html | 2022-08-15T20:54:01Z |
Country
United States of America US Virgin Islands United States Minor Outlying Islands Canada Mexico, United Mexican States Bahamas, Commonwealth of the Cuba, Republic of Dominican Republic Haiti, Republic of Jamaica Afghanistan Albania, People's Socialist Republic of Algeria, People's Democratic Republic of American Samoa Andorra, Principality of Angola, Republic of Anguilla Antarctica (the territory South of 60 deg S) Antigua and Barbuda Argentina, Argentine Republic Armenia Aruba Australia, Commonwealth of Austria, Republic of Azerbaijan, Republic of Bahrain, Kingdom of Bangladesh, People's Republic of Barbados Belarus Belgium, Kingdom of Belize Benin, People's Republic of Bermuda Bhutan, Kingdom of Bolivia, Republic of Bosnia and Herzegovina Botswana, Republic of Bouvet Island (Bouvetoya) Brazil, Federative Republic of British Indian Ocean Territory (Chagos Archipelago) British Virgin Islands Brunei Darussalam Bulgaria, People's Republic of Burkina Faso Burundi, Republic of Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary
People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe | https://www.wyomingnews.com/rocketminer/share-your-photos-older-snapshots-are-needed-for-book/article_4b05de0a-0273-566c-9f65-a221de67f59a.html | 2022-08-15T20:54:07Z |
Last year’s Tiger Town Bash took place on North Front Street in downtown Rock Springs. This year, the event will be held on Thursday, Sept. 1 at Bunning Park.
ROCK SPRINGS — The Rock Springs Main Street/Urban Renewal Agency (URA) along with Rock Springs High School have finalized plans for the eighth annual Tiger Town Bash. Set for Thursday, Sept. 1, the Tiger Town Bash will showcase our TIGER PRIDE as students head back to school; it’s also just days before the first home football game! The cheerleaders, Tiger Rhythm Dance Team and marching band will be performing and all clubs, organizations and groups are invited to set up and showcase their activities. Everyone is encouraged to wear orange and black on Thursday.
The Tiger Town Bash will be hosted at a new location this year – Bunning Park! The park will allow more room, easier access and parking. The 2022 Class of Hall of Fame inductees and the marching band, along with all of the participating clubs, will march down Edgar to Bunning Park where festivities will begin at 5:15 p.m.
The Tiger Town Bash was introduced in 2014 by the Rock Springs Main Street/URA as a means of building community and school spirit while involving students in Downtown Rock Springs.
The Rock Springs Main Street/URA is charged with the redevelopment of Downtown Rock Springs. As part of their mission, there are three standing committees – Promotions, Business Development, and Arts & Culture. For more information, contact the Rock Springs Main Street/URA at 307-352-1434 or visit their website at downtownrs.com. | https://www.wyomingnews.com/rocketminer/tigers-on-the-prowl-annual-town-bash-takes-place-at-bunning-park/article_012d4ed2-f827-56fa-8470-fd32093a07ca.html | 2022-08-15T20:54:13Z |
POWELL — A concerning trend in nursing care in Montana may offer a glimpse of what’s to come in Wyoming. Seven nursing homes have closed in Montana, which represents about 10% of its nursing home beds.
“There are a few others in Montana that have voiced their concerns about their long-term financial sustainability,” said Nicole Hobbs, vice president of regional operations for Billings Clinic, at the Powell Valley Healthcare Board of Directors meeting in July.
Eric Boley, president of the Wyoming Hospital Association and Leading Ag Wyoming, which represents about two-thirds of nursing homes in Wyoming, said the problems that are impacting nursing homes in Montana are challenges Wyoming facilities are also facing, including staffing shortages and Medicaid reimbursement rates that don’t cover the full cost of care.
“We have nursing homes that are really struggling financially, for a myriad of different reasons,” Boley said.
The Daily Montanan reported that the state’s long-term care facilities lose about $100 per day per resident. Boley said in Wyoming, the figure is about $80 per resident per day.
To be viable financially, a nursing home needs to be nearly full, but with labor shortages, many facilities just don’t have the staff to care for full occupancy.
Terry Odom, PVHC CEO, said they have been relying on contract labor to fill many of the open positions at the Powell Valley Care Center, which has sent the hospital’s budget for contract labor over by $1.75 million, year to date. The pressure to keep costs down has meant they’ve had to limit the residents they can take at the care center.
“We’re monitoring that closely to make sure we can provide enough staff for the residents, and to keep it capped at around 60 residents,” Odom said.
Before the COVID-19 pandemic, Odom said, they managed about 85 residents, which they couldn’t do now.
Boley said most long-term care facilities in Wyoming are limiting the patients for the same reason — lack of staffing.
“It’s not because the demand isn’t out there. It’s because they can’t staff the facilities,” Boley said, adding that with inflation driving up other costs besides wages, “it’s the perfect storm.”
Boley noted that Wyoming’s population is aging, and fewer young people are calling the Cowboy State home. That means the demand for long-term care is likely to increase.
Across the country, including in Montana, baby boomers are reaching the age they will require long term care services.
“It’s not a good thing to have nursing homes closing at the rate it seems they are,” Hobbs said.
Boley said that many facilities, like the PVHC care center, are attached to hospitals, which are subsidizing the
long-term care facilities. This is helping to sustain them. He doesn’t know of any facilities in Wyoming that have specific plans to close anytime soon, but they are looking at their long-term financial vi- ability closely.
“I do know a lot of them are looking at options and trying to figure things out,” Boley said. | https://www.wyomingnews.com/wyomingbusinessreport/industry_news/economy_and_labor/long-term-care-facilities-financially-strained/article_9cbf03c6-1cbf-11ed-a3a3-4b2dbed1bfc0.html | 2022-08-15T20:54:19Z |
CASPER — Competing ideas about how the U.S. should safeguard its energy resources continue to fuel a largely partisan debate about the value of fossil fuels compared with their low-emissions alter- natives.
“Our world is facing an energy crisis that has been brought about by the Russian invasion of Ukraine,” Mark Brownstein, senior vice president of energy at Environmental Defense Fund, said at a Thursday panel discussion in Washington.
“We’re struggling to respond to that crisis,” he added, “but make no mistake about why we’re in an energy crisis today: It’s the act of an autocrat.”
Brownstein noted that the European energy shortage brought on by Russia, which the U.S. is trying to help alleviate, has added to the strain on the global economy at the same time that the effects of climate change are causing harm worldwide — including record heat in Europe and historic flooding across the U.S.
The price of oil is set internationally. Though natural gas prices tend to be regional, they’re also influenced by lasting disruptions elsewhere. Anyone who uses those energy sources is therefore vulnerable to the whims of unstable political leaders, argued Ray Mabus, former U.S. Secretary of the Navy under President Barack Obama, during Thursday’s event.
“By continuing our dependence on fossil fuels, we keep autocrats — dictators — like Vladimir Putin armed, arrogant and affluent,” Mabus said.
U.S. production of oil and gas has been slow to rebound from the pandemic. And while drilling decisions in the U.S. are made at the company level, beyond President Joe Biden’s control, Saudi Arabia, Venezuela and the remaining 11 member countries of oil cartel OPEC decide together how much oil to produce in order to manipulate its price.
Biden has called repeatedly on U.S. oil companies to increase output, and has tried in recent months to convince other major oil producers, including Saudi Arabia, to do the same, in an effort to bring down gasoline prices.
The latter move was criticized sharply by Republican leaders.
Many, including U.S. Sen. John Barrasso, R-Wyo., think the solution is to generate so much oil in the U.S. that OPEC loses its ability to influence prices, and export enough natural gas to Europe that the continent no longer depends on imports from Russia, its primary supplier.
Republicans also want the Biden administration to make more public land available for drilling and expedite the permit- ting process for new oil and gas infrastructure.
“America would be better off and more prosperous if we turned to our own energy producers,” Barrasso said in a Wednesday statement. “No cartel will save this administration from its terrible energy policies. It is high time to unleash the resources this administration keeps trapped in the ground. It is time to make America energy dominant again.”
Thursday’s speakers disagreed. They pointed instead to Democrats’ nearly $740 billion Inflation Reduction Act, which was then being finalized and has since cleared the Senate in a par- ty-line vote, and aims to facilitate the growth of renewable and low-carbon electricity sources, electric vehicles and energy-efficient buildings while reducing carbon emissions from oil and gas production.
“It’s the beginning, not the end,” Sen. John Hickenlooper, D-Colo., said at the panel. “It’s not going to solve our efforts towards address- ing climate change, and create cli- mate rescue. It’s not sufficient. But it’s a huge first step.”
The bill introduces funding for oil and gas companies to reduce how much methane, a greenhouse gas much more potent than carbon dioxide and the primary component of natural gas, escapes during extraction and transport. It also imposes new fees on the methane that is still lost or released.
According to Barrasso, new constraints are the opposite of what the embattled industry — or the rest of the country — needs. “Instead of pleading with dictators in other countries to increase oil and gas production, we should expand American production,” he said in the Senate ahead of the bill’s passage.
Paul Eaton, a retired Army major general and another panelist Thursday, argued that conserving methane at existing wells would “get the most out of what we’ve already drilled.”
State and federal regulations already cap the release of methane and try to minimize leaks. A handful of companies operating in Wyoming have taken things further. In November, the United Nations commended Jonah Energy’s efforts to measure and report its methane emissions. PureWest announced in May that it would help researchers study novel monitoring technologies.
“We’re not at the point yet where we can say that renewables can serve all needs in all situations,” Brownstein said. “That’s absolutely true. But the trend is clear.” | https://www.wyomingnews.com/wyomingbusinessreport/industry_news/economy_and_labor/parties-differ-on-energy-solutions-blame-for-high-prices/article_aea28112-1cbf-11ed-ac9f-a340248222c6.html | 2022-08-15T20:54:26Z |
The Rotary Club of Cheyenne’s past, current and future female presidents pose for a picture in front of other women leaders of Rotary Club International who joined the club’s meeting virtually on Wednesday, Aug. 3, 2022, in a meeting room at the Little America Hotel and Resort in Cheyenne. At the top, from left, the club pulled up a Google Images portrait of Rotary Club International President Jennifer Jones and hosted District 5440 Governor Lee Varra-Nelson (top) and Zone 26 and 27 Director Vicki Puliz. In person, standing, from left are past presidents Robin Sims and Lucie Osborn and president-elect Lori Garrison. Sitting, from left, are past presidents Roberta Coates, Lori Schoene and Cynthia Pomeroy and current president Traci Lacock. Missing from the meeting was former president Carol Rookstool, who died in 2016. Serena Bettis/Wyoming Tribune Eagle
Traci Lacock, current president of the Rotary Club of Cheyenne, smiles while standing near the club's banner before the Rotary meeting on Wednesday, Aug. 3, 2022, in an event room at Little America Hotel and Resort. Lacock is one of eight women presidents in the Rotary Club of Cheyenne's 104-year history. Serena Bettis/Wyoming Tribune Eagle
The Rotary Club of Cheyenne’s past, current and future female presidents pose for a picture in front of other women leaders of Rotary Club International who joined the club’s meeting virtually on Wednesday, Aug. 3, 2022, in a meeting room at the Little America Hotel and Resort in Cheyenne. At the top, from left, the club pulled up a Google Images portrait of Rotary Club International President Jennifer Jones and hosted District 5440 Governor Lee Varra-Nelson (top) and Zone 26 and 27 Director Vicki Puliz. In person, standing, from left are past presidents Robin Sims and Lucie Osborn and president-elect Lori Garrison. Sitting, from left, are past presidents Roberta Coates, Lori Schoene and Cynthia Pomeroy and current president Traci Lacock. Missing from the meeting was former president Carol Rookstool, who died in 2016. Serena Bettis/Wyoming Tribune Eagle
Traci Lacock, current president of the Rotary Club of Cheyenne, smiles while standing near the club's banner before the Rotary meeting on Wednesday, Aug. 3, 2022, in an event room at Little America Hotel and Resort. Lacock is one of eight women presidents in the Rotary Club of Cheyenne's 104-year history. Serena Bettis/Wyoming Tribune Eagle
From the homepage of the Rotary Club of Cheyenne, a screenshot taken Wednesday.
From the homepage of the Rotary Club of Cheyenne, a screenshot taken Wednesday, of a photo of Lee Varra-Nelson. She is the District 5440 governor.
CHEYENNE – The Rotary Club of Cheyenne recognized a unique situation and celebrated its women in leadership during its meeting Wednesday.
For the first time in its 104-year history, the Rotary Club of Cheyenne will have three women presidents in a row. Additionally, every leadership position, from the club president up to the Rotary Club International president, is currently held by a woman. The Wyoming Tribune Eagle spoke with the current club president and a former president on Wednesday.
“My parents always taught me that as long as you worked hard, all opportunities were available to you, but that hasn’t always been the sentiment for women,” said Traci Lacock, the current club president. “I’m really just proud to be part of the club of women who fought hard to be in leadership and be leaders when it wasn’t common for women to be leaders.”
Rotary Club International restricted women from official club membership until a 1987 Supreme Court ruling in Rotary International v. Rotary Club of Duarte. Since then, Cheyenne’s club has had eight women presidents.
Lacock is the 2022-23 president; she was preceded by Anja Bendel in 2021-22. President-elect Lori Garrison will follow Lacock.
The Cheyenne Rotary Club is a member of District 5440, which encompasses clubs in Wyoming, Northern Colorado, Nebraska and Idaho. The district belongs to Rotary zones 26 and 27, known as the “Big West” zone.
The leadership structure for Rotary includes the positions of club president, held by Lacock; an assistant district governor, held by Rotary Club of Cheyenne member Robin Sims; a district governor, held by Lee Vara-Nelson; a zone director, held by Vicki Puliz; and the Rotary Club International president, held by Jennifer Jones.
“Today, we’re celebrating women in Rotary, because, as it was brought to our attention, all the way from the international president to our club president this year, we have women in roles of leadership, which is exciting,” Lacock said.
Lucie Osborn, the Rotary Club president from 2013-14, said it’s important for women to be in positions of leadership. “There have been so many years throughout history,” she said, “where the skills and abilities of women have not been fully utilized in a manner to advance our civilization, our communities, our society.”
Osborn said that when she was first approached to be club president, she was hesitant because she knew that as a female president early on – she was the third woman to serve in the position – she would have to “bring 110% all the time.”
“I was very honored to be asked and honored to serve,” Osborn said. “I had tremendous support from all members, both women and men. I believe that is one of the things that Rotarians are. They are supportive of each other, as well as supportive for their community and for the world as a whole.”
Lacock said that it feels very humbling for her to be president because of all the great people who have come before her.
At the meeting, the club recognized all past and future women presidents. They are Cynthia Pomeroy (2001-02); Roberta Coates (2005-06); Carol Rookstool (2008-09), who died in 2016; Osborn (2013-14); Lori Schoene (2016-17); Sims (2019-20); Bendel (2021-22); Lacock (2022-23); and Garrison (2023-24).
Lacock also thanked the women in the club who have not been president, but serve on the board of directors or as project leaders.
“We have a lot of great women leaders who are in our club who are not club presidents,” Lacock said. “We’re very fortunate to have a great female presence, and I’m just humbled to be able to come after them and learn from them.”
Serena Bettis is a senior journalism major at Colorado State University who is interning this summer at the Wyoming Tribune Eagle. She can be reached by email at sbettis@wyomingnews.com. Follow her on Twitter at @serenaroseb. | https://www.wyomingnews.com/wyomingbusinessreport/industry_news/economy_and_labor/rotary-club-of-cheyenne-hits-female-chief-record/article_7f8197d8-1cbf-11ed-a71f-9f3ed80b4a4e.html | 2022-08-15T20:54:32Z |
Florida's annual python challenge awards hunters who capture the invasive snakes from the wild. A decade later, it's done little to reduce the impact of the species on the Everglades ecosystem.
Copyright 2022 NPR
Florida's annual python challenge awards hunters who capture the invasive snakes from the wild. A decade later, it's done little to reduce the impact of the species on the Everglades ecosystem.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/a-python-challenge-hasnt-done-much-to-reduce-impact-of-floridas-invasive-species | 2022-08-15T21:15:33Z |
The Pine Ridge Reservation in South Dakota has banned outside missionaries in response to one evangelist's pamphlet denigrating traditional faith practices.
Lee Strubinger is SDPB’s Rapid City-based news and political reporter. A former reporter for Fort Lupton Press (CO) and Colorado Public Radio, Lee holds a master’s in public affairs reporting from the University of Illinois-Springfield. | https://www.keranews.org/2022-08-15/a-reservation-in-south-dakota-bans-outside-missionaries | 2022-08-15T21:15:39Z |
On Monday, the Taliban marked the first anniversary since they retook power in Afghanistan. Taliban security forces celebrated in Kabul. But many Afghans stayed home — and are struggling to survive.
Copyright 2022 NPR
On Monday, the Taliban marked the first anniversary since they retook power in Afghanistan. Taliban security forces celebrated in Kabul. But many Afghans stayed home — and are struggling to survive.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/after-a-year-of-taliban-rule-many-afghans-are-struggling-to-survive | 2022-08-15T21:15:45Z |
NPR's Mary Louise Kelly speaks with Brian O'Hare, the president of the FBI Agents Association, about recent threats against agents and calls to defund the FBI.
Copyright 2022 NPR
NPR's Mary Louise Kelly speaks with Brian O'Hare, the president of the FBI Agents Association, about recent threats against agents and calls to defund the FBI.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/heres-what-the-fbi-agents-association-says-about-recent-threats-to-federal-agents | 2022-08-15T21:15:51Z |
Medical residents in Indiana are rethinking their decision to practice medicine in the state after an almost total ban on abortion and harassment of an obstetrician.
Copyright 2022 NPR
Medical residents in Indiana are rethinking their decision to practice medicine in the state after an almost total ban on abortion and harassment of an obstetrician.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/ob-gyn-residents-want-to-quit-in-indiana-after-states-abortion-law-harassment | 2022-08-15T21:15:57Z |
After Russia's invasion, Ukraine announced martial law in February and issued a travel ban, so most men couldn't leave the country. Many have since felt trapped and worry they'll be drafted to fight.
Copyright 2022 NPR
After Russia's invasion, Ukraine announced martial law in February and issued a travel ban, so most men couldn't leave the country. Many have since felt trapped and worry they'll be drafted to fight.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/ukrainians-express-worries-over-conscription-following-russias-invasion | 2022-08-15T21:16:03Z |
A massive ecological study that's happening across the United States, and which is designed to track the impact of long-term changes like a warming climate, is deliberately releasing a highly potent and persistent greenhouse gas in national parks and forests.
The gas, sulfur hexafluoride, is "the most potent greenhouse gas known to date," according to the Environmental Protection Agency. It's 22,800 times more effective at trapping heat than carbon dioxide, and lasts in the atmosphere for thousands of years.
So far, this ecology study has released around 108 pounds of the gas, which has about the same impact as burning more than a million pounds of coal.
That may not seem like a big deal in the grand scheme of global emissions, but government scientists working at federal parks and forests have objected to using this gas on public lands — especially since this major study is designed to go on for 30 years and alternative gasses are available.
This kerfuffle has so far played out quietly within government agencies. But it comes at a time when all kinds of researchers are thinking about the climate effects of past practices, with some saying that scientists who understand the urgency of the climate crisis have a special obligation to set an example to the public by reducing the greenhouse gas emissions of their own work.
The National Science Foundation (NSF), which funds this large ecology study, told NPR that it supports an evaluation that's now underway to see whether phasing out the use of this gas would affect the quality of the information that's being gathered.
That's not good enough for one watchdog group, which is calling for an immediate halt to the release of this gas on public lands.
"We're using just a tiny amount"
For decades, ecologists have sometimes burbled small amounts of sulfur hexafluoride into streams and rivers, in order to study how quickly gasses can move from the water into the air. One reason that's of interest is that, although inland waterways cover up only a small fraction of the Earth's surface, researchers believe these running waters could be an important source of greenhouse gasses, as rainfall can carry carbon from the ground into turbulent streams that later release it into the atmosphere.
Ecologists have always known that sulfur hexafluoride was itself a potent greenhouse gas, "but we always said, 'Well, we're using just a tiny amount of it," says Bob Hall, a professor of stream ecology at the University of Montana.
"The beauty of sulfur hexafluoride is we only have to add very tiny quantities, and it's really, really easy to measure and it's perfectly unreactive. We're not doing anything to the ecosystem by adding it, it's not reacting with anything, it's not poisoning anything," says Hall, who once calculated that the amount he used in one of his experiments had about the same climate impact as burning 35 gallons of gasoline.
Given the usefulness of this gas in stream studies, it's not surprising that tests involving sulfur hexafluoride were built into the standardized protocols of the National Ecological Observatory Network, or NEON, which is an ambitious government-funded effort to track ecological changes. Its mission is to use consistent methods to collect all kinds of data on 81 different locations across the nation--and to do this regularly for three decades.
"The idea is to understand the effects of things like climate change, land use change, and invasive species on these ecosystems," says Kaelin Cawley, who works at Battelle, the nonprofit applied science and technology organization that operates NEON for the NSF.
The planning for this half-billion-dollar ecological project, and the construction of its monitoring instruments, took around twenty years. It began operating at full tilt in 2019.
That's the same year when a scientist at Yellowstone National Park started to question why NEON was releasing sulfur hexafluoride at Blacktail Deer Creek, according to documents obtained through a public records request by Public Employees for Environmental Responsibility, a group that supports workers within the government who are concerned about activities that can harm the environment.
The environmental consequence
NEON's protocols called for it to annually release around 3.3 pounds of sulfur hexafluoride, or SF6, in Yellowstone National Park, hydrologist Erin White pointed out in a November, 2020 email to another National Park Service official. Over the 30-year lifetime of the project, White calculated, that meant the use of SF6 for research in Yellowstone National Park alone would be equivalent to burning over 1,139,000 pounds of coal.
"In short, the environmental consequence of a small SF6 application in the park is significant," noted White, who recommended that NEON immediately substitute an alternative gas, such as argon, even though NEON staffers thought making this switch would be problematic because of things like lab contracting constraints.
It is somewhat ironic to study carbon cycling using a tracer gas with that much greenhouse forcing.
Bobby Hensley, who works on NEON for Battelle, told NPR that the climate impact from the scientific use of this gas has to be kept in perspective.
"I don't want to sort of criticize Yellowstone National Park, but, I mean, there's hundreds of thousands of vehicles driving through that park every single day," says Hensley. "They can't tell people, 'Hey, you can't come visit the park.' But they can say, 'You can't use SF6.'"
Soon, government officials shared the concerns raised at Yellowstone with others who oversaw sites where NEON had been releasing this gas. Emails went out to Great Smoky Mountains National Park, the Bureau of Land Management, and the United States Forest Service. About half of the NEON sites with streams where sulfur hexafluoride was released were on forest service lands, records show.
"SF6 is a potent greenhouse gas and over the 30 year NEON program the release will be equivalent to burning millions of pounds of coal," wrote Bret Schichtel of the National Park Service's Air Resource Division to Linda Geiser, the National Air Program Manager for the Forest Service. "We would like to know if you are aware of this issue and share similar concerns."
In December of 2020, representatives of the park and forest services held a virtual meeting with NEON employees. Emails sent after that meeting make it clear that the public land officials felt a "strong desire" to discontinue the use of this gas.
NEON subsequently convened a group of expert advisers to figure out if they could stop using the gas without disrupting the science.
One of those advisors was Hall, who says that he had already moved away from using SF6 in his own studies of streams, in part because of its extreme potency as a greenhouse gas. "It is somewhat ironic," Hall and a colleague wrote in one paper, "to study carbon cycling using a tracer gas with that much greenhouse forcing."
"This doesn't fit with the mission"
It turns out that the physical features of streams that affect turbulence and gas exchange don't change much over time. So NEON's expert advisers basically felt it would be okay to just make sure this study had some baseline measurements using SF6 for each site and then leave it at that, rather than switching to an alternative gas that would require new instruments and training so that measurements could be taken year after year.
"We have discontinued it recently at several of our sites, but not all of them," says Cawley, who notes that the water level in streams might currently be too low to get the data they want. "Some of the sites, we still need to get certain flow ranges that we haven't covered yet."
The NSF's Program Director for NEON, Charlotte Roehm, told NPR in an emailed statement that Battelle was evaluating the impact of phasing out the use of SF6 and that "the NSF team that manages NEON is supportive of conducting that evaluation."
In 2021, according to one memo sent from NEON to Roehm, NEON used approximately 18 pounds of the gas, which is the equivalent of greenhouse gas emissions from driving an average car over 460,000 miles. That memo stated the new plan was to use the gas to take measurements "up to three times per year at up to 10 sites," likely for one to three more years.
"Eventually we will stop using SF6 when all sites have enough data to draw conclusions about gas exchange rates across a wide range of flows at a site," the memo states.
Public Employees for Environmental Responsibility, however, wants them to stop using SF6 immediately.
"They're doing these experiments on public lands like national parks and national forests," says Chandra Rosenthal, who directs the non-profit's Rocky Mountain office. "This doesn't fit with the mission of these agencies at all."
The government workers who manage those federal lands are unhappy about the use of this gas, she says, "but they haven't really had the authority to do anything about the fact that this stuff is being used."
This week, her group sent a letter to the director of the NSF, asking the agency to stop funding projects that use SF6 on federal lands, and to assess the value of using SF6 and other greenhouse gasses in all the research it funds. A similar letter, sent to U. S. Department of the Interior Secretary Deb Haaland and U. S. Department of Agriculture Secretary Tom Vilsack, calls on them to stop allowing the use of SF6 on the lands they manage. "It is our understanding," the letter says, "that similar research projects have switched to argon without issue."
One researcher who uses small amounts of SF6 for studies of gas exchange in the ocean, rather than streams, says he thinks NEON's protocols could have been set up differently, to minimize the use of this greenhouse gas.
"If I was to do what they're doing, I would do it differently. I wouldn't be bubbling it in, because that does use a lot," says David Ho, an oceanographer with the University of Hawaii, who explains that he might infuse a small amount of the gas into a bag of water and then release that into the stream. "They haven't thought this through, in terms of the best way to do it."
And even if the amount that's been released by NEON and other scientific studies is essentially nothing compared to the amount of SF6 released globally from industrial sources, the concerns about it still seem reasonable to streams researcher Walter Dodds of Kansas State University, who served on NEON's technical advisory panel.
"It may be an overreaction of sorts, but it's completely understandable as well. We all are worried about what our own footprints are," says Dodds. "Certainly we should be cognizant of the potential for that harm and at least minimize the amount of times we use it and the amount of gas that we use in each experiment."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.keranews.org/2022-08-15/why-scientists-have-pumped-a-potent-greenhouse-gas-into-streams-on-public-lands | 2022-08-15T21:16:09Z |
William Ruto wins in Kenya's presidential election By Eyder Peralta Published August 15, 2022 at 3:38 PM CDT Facebook Twitter LinkedIn Email Listen • 3:59 Kenya's Deputy President William Ruto wins the country's presidential election in a tightly fought race. Copyright 2022 NPR | https://www.keranews.org/2022-08-15/william-ruto-wins-in-kenyas-presidential-election | 2022-08-15T21:16:16Z |
Efforts to understand gun violence have received almost no funding in recent decades, a reality that's due to a specific amendment backed by the National Rifle Association.
Copyright 2022 NPR
Efforts to understand gun violence have received almost no funding in recent decades, a reality that's due to a specific amendment backed by the National Rifle Association.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/with-new-federal-funding-scientists-rebuild-the-field-of-gun-violence-research | 2022-08-15T21:16:22Z |
We typically think about ageism — the discrimination against people based on their age — as mostly affecting older people. A company refuses to hire people over a certain age, or someone makes a joke that paints older generations as out of touch or stuck in their ways. But young people are not immune to it either, says Central Texas neuropsychotherapist Bella Rockman.
“Ageism can work in the reverse for the younger generation,” Rockman says, “when we talk down to small children or toddlers and dismiss … their knowledge or their opinion or their understanding.”
Ageism has many roots. Rockman says it can arise from our tendency to “other” people who are different than us, a desire to feel stronger than those around us and a need for power and control over others.
So, how can people undo ageist attitudes? Rockman says it all starts with awareness.
"We need to remember that we have two ears and one mouth for a reason so that we are quicker to hear than we are to speak,” Rockman says, “and to pause before we say things, and to have the humility to go back and correct ourselves when we've made a misstep."
Listen to the interview above or read the transcript below to learn more about the roots, causes and remedies for ageism.
This transcript has been edited lightly for clarity:
Jennifer Stayton, KUT: Please define ageism – what is it?
Bella Rockman: Ageism is whenever we find ourselves or other people showing prejudice, stereotyping, stigmatization, discriminating on the grounds of a person's age. We do typically think about this only in terms of our aging population or seniors, by the way. But ageism can work in the reverse for the younger generation, or even when we talk down to small children or toddlers and dismiss or [were] dismissive of their knowledge or their opinion or their understanding.
Why do we treat people poorly and make unfair assumptions about them just because we think they're either “too old” to do a good job [or] “too young” to know enough about what to do? Why do we behave that way?
There's this “othering” kind of thing that happens when we look outside of ourselves and point at other people and say, "Well, I'm not them. They're different from me." And especially if there's any association with weakness or lack of resources or opportunity or availability, right? There's even an association with aging and disease — with being closer to death, to sickness, to fragility, to frailty. And so I think that when we “other” people, it removes us from it. "That's not me."
I think some of it also has some anthropological primitive roots, kind of survival of the fittest — sizing up people that are around us to some extent, from a primitive standpoint and wanting to feel more powerful than those people.
And then the last part, I think, is that any of the "isms” that are out there — sexism, ageism, racism, ableism, the mistreatment of other people — it's never really about that thing. That's just the focal point. It's always about a quest for, a need for, a fear of — it's always around the topic of power and control.
We were all young people at one time if we're not right now. Most of us will progress into old age, and we will all be older at some point. So at some point we're actually not the others; we are “they.”
I would challenge you to go through your day — just take one day, and if one day feels like too much to take half a day — and every expression of humanity that you see, I want you to find a way to connect and say, "I am that."
The high powered, successful CEO you see walk into the building, say, "I have that capacity within me." The mom that you see struggling with several toddlers who are acting out of control and you want to quickly maybe judge her and be like, "Oh, if that were me." No, say, "I am that, because there are things that I struggle with juggling or I have before, and if I haven’t, I will."
The person that you see looking for food and asking for money on the side of the road. "I am that because if it weren't for some amazing grace that has shown up in my life, it could be me, too." So when we do that "I am" exercise it really levels the playing field and we're able to connect.
There are other cultures and other places in the world where people who are in their 50s, 60s, 70s, 80s, 90s are revered for their wisdom and are celebrated and well taken care of. What have other societies figured out that we haven't?
There's a type of therapy called commitment and acceptance therapy. And a part of the work of that therapeutic model is seeing through and following through and working through life and finding spaces that you are resisting, and accepting the reality of what is so that you can better enjoy, engage and create a rhythm for yourself without resisting reality, without resisting what is.
So I think other societies, many of them, anyway, they understand that there's this reverence for things that have accumulated time and wisdom and age and there's not as much of an obsession around anti-aging.
Anti-aging is not even — that doesn't exist because it's a part of life. If we can embrace the truths and commit and accept that we're all perfectly imperfect. I think that it will help to shift our mindset around ageism, even the stuff that's like "30 is the new this and 50 is the new that." It might just be OK that 50 is 50.
How do we undo these attitudes then, and how do we get on a different track so we're not dismissing young people simply because they're young or dismissing and discarding people who are in their 50s, 60s, 70s, 80s and 90s because they've been around for a while?
I think that we have to practice awareness. I think we have to remember that our brain is a sophisticated muscle. It is the most sophisticated muscle in our body, I would argue, and we have to become first of all aware so that we're not the "walking dead" — just thinking thoughts and saying things mindlessly.
We need to remember that we have two ears and one mouth for a reason so that we are quicker to hear than we are to speak and to pause before we say things and to have the humility to go back and correct ourselves when we've made a misstep with someone or in a group.
And as we're doing that, we're creating the repetition, the neural repetition that's needed to rewire our thinking, to rewire our brain. And it doesn't mean that we will be perfect, but we can be better. And when we get better, we give a hope for each generation to do better than the last.
Copyright 2022 KUT 90.5. To see more, visit KUT 90.5. | https://www.keranews.org/health-wellness/2022-08-15/ageism-can-hit-the-young-and-old-heres-how-othering-leads-to-age-based-mistreatment | 2022-08-15T21:16:28Z |
ARLINGTON, Texas (AP) — The Texas Rangers fired manager Chris Woodward on Monday, with the team on pace for its sixth consecutive losing season and fourth since he took over the team.
The move came with Woodward only two games shy of managing his 500th game with the Rangers. He finished with a 211-287 record.
Woodward, who was the third base coach for the Los Angeles Dodgers before landing his first managerial job, was under contract through next season. The team held an option for the 2024 season.
“We have had extensive discussions over the last several weeks and while the team’s current performance is certainly a big part of this decision, we are also looking at the future,” said Jon Daniels, the team’s president of baseball operations. “As the Rangers continue to develop a winning culture and put the pieces together to compete for the postseason year in and year out, we felt a change in leadership was necessary at this time.”
Third base coach Tony Beasley was named the team’s interim manager, starting with Monday night’s game against the Oakland A’s.
Texas was 53-61 after finishing a series win at home Sunday over the Seattle Mariners, but hasn’t had a winning record at any point this season. That’s even after a record offseason spending spree that added a half-billion dollar infield — All-Star shortstop Corey Seager to a $325 million, 10-year contract, and Gold Glove second baseman Marcus Semien to a $175, seven-year deal.
The Rangers peaked at 24-24 at the end of May, but then lost their next three games and five of six.
When the Rangers signed Seager, Semien and right-hander Jon Gray (four-year, $56 million contract), they knew they still had a long way to go after 102 losses last season. But they expected to be showing more significant improvement this season.
Beasley is in his eighth season with the Rangers, and is the longest-tenured member of their big-league coaching staff. He previously was on the major league staffs with Washington (2006) and Pittsburgh (2008-10), and had a 590-472 record in eight seasons as a minor league manager in those organizations. | https://www.keranews.org/sports/2022-08-15/rangers-fire-manager-chris-woodward-short-of-his-500th-game | 2022-08-15T21:16:34Z |
Stephen Hawkins | Associated Press Sports Rangers fire manager Chris Woodward short of his 500th game Stephen Hawkins | Associated Press | https://www.keranews.org/stephen-hawkins-associated-press | 2022-08-15T21:16:40Z |
The beginning of a new school year means fresh school supplies, excitement over classroom assignments, new teachers, new friends. Possibilities.
But also anxiety: Will they like me? Will I get lost? Can I keep up?
And for today’s students, educators and school staff, there’s yet another layer of feeling baked in – a low-level, deep-in-the gut pain spawned from risk and dread. For parents, caretakers and loved ones, it can feel like a dice toss.
Will it be safe at school this year?
Will the alarms be false?
Will the drills be just drills?
Or will I get a text or a phone call – or hear the sirens, or the shots?
Will my community be the next Columbine … Newtown … Parkland … Santa Fe … Uvalde?
After all, in 2022, there’s no reason to think it can’t happen where you live. And in 2022, students just live with this reality. They have no choice.
“I can’t, like, imagine a time where we weren’t doing school shooter drills or doing some kind of lockdown in place,” said Manasi Saxena, a student in Houston. “When I was younger and just growing up, it always just seemed kind of normal. And it kind of took a while for me to notice and recognize that this isn’t normal, because, you know, I haven’t known anything else. I haven’t known a world where I’m not practicing what would happen if someone with a gun came into my school.”
“I haven’t known a world where I’m not practicing what would happen if someone with a gun came into my school.” Houston student Manasi Saxena
A recent CBS News poll says nearly 3 out of 4 parents of school-aged kids are at least somewhat concerned about gun violence at their child’s school. More than 1 in 3 are very concerned.
Some experts say our fear of these events is out of proportion. Northeastern Professor James Alan Fox puts the actual risk of a mass shooting death for a K-12 student at about 1 in 5 million.
That’s one number. But Camille Gibson, executive director of the Texas Juvenile Crime Prevention Center at Prairie View A&M, has another:
“In terms of victims of school gun violence – not just mass shootings – since Columbine, we’ve had over 300,000 persons,” Gibson said. “And so we talk about the mass shooting cases because they get public attention, but they’re also just gun shooting incidents in general and in schools.”
Jeff Temple, a vice dean and the director of the Center for Violence Prevention at UT Medical Branch Galveston, noted that the United States is the only nation among high-income countries in which firearm violence is the leading cause of death – or even in the top five causes of death – for children, according to recent data from the Centers for Disease Control and Prevention.
“Parents in Canada or England or Australia, they don’t worry that when they send their kids to school that this is something that can happen,” Temple said. “We do. This is a uniquely American problem.”
This special report isn’t meant to stoke fear; it’s meant to acknowledge it. To give Texans a place to voice concern, to express frustration, to ask, very rightly: Even if mass shootings are not happening at epidemic levels, are they happening too often? Are they happening in this country – and in Texas – more than they should?
Nineteen children – just 10 and 11 years old – are gone. Nevaeh Bravo, Jackie Cazares, Annabell Rodriguez, Makenna Elrod, Jose Flores Jr., Ellie Garcia, Uziyah Garcia, Amerie Jo Garza, Xavier Lopez, Jayce Luevanos, Jailah Silguero, Tess Mata, Maranda Mathis, Alithia Ramirez, Maite Rodriguez, Lexi Rubio, Layla Salazar, Eliahna Torres, Rojelio Torres.
The stories about them – the runner, the artist, the TikTok dancer – remind us that these weren’t just names on little white crosses. These were beloved children, sisters and brothers, each robbed from what should have been long futures.
And their teachers, Irma Garcia and Eva Mireles, dedicated their careers and ultimately their lives to those children. They weren’t supposed to be on the front lines – not in this way.
» In memoriam: A tribute to the 21 lives lost in the Uvalde school shooting
Erika Escamilla said her niece, who attended Robb Elementary School, “was crying to me, and she was saying that she heard the guy cussing. She heard like loud yelling, and she heard him cussing, and she heard a lot of loud bangs – the gunshots. She just put her hands over her ears and got down into a ball and she said, ‘Tia, it felt like I was having a heart attack. I was so scared, I didn’t know what to do.’ ”
We can’t talk about school shootings in Texas without talking about what happened on Aug. 1, 1966, when a sniper opened fire on top of UT-Austin’s iconic tower. Students assumed the noise was anything else; almost no one considered the possibility it was a gunman.
“Nobody could comprehend or conceive this happening,” said Milton Shoquist, who had graduated Austin’s police academy about six weeks before the tower shooting. “Therefore there were no plans to counteract something like this.”
But that was then – this is now.
“The first one that I can like thoroughly remember is the Parkland shooting. I think I was in middle school, yeah,” said Saxena, the Houston student. “So it was the first time that I was like able to thoroughly and completely sort of digest this information.”
We’ve spent a lot of time in the past several weeks talking about what happened in Uvalde – and rightly so. The loss of life was immense, and it has deserved our attention. Lexi Rubio’s mom, Kimberly, reminded a U.S. House Oversight Committee: Lexi deserves our attention.
“We don’t want you to think of Lexi as just a number,” Rubio testified in June. “She was intelligent, compassionate and athletic. She was quiet, shy, unless she had a point to make, when she knew she was right; she so often was. She stood her ground. She was firm, direct. Voice unwavering.”
It’s been important that we pay attention to exactly what unfolded at Robb Elementary – and why, and how – so that we can try to make sure it doesn’t happen again. There were more than a few missteps, from the failure to identify the risk of the young man who became a gunman to the law enforcement decisions that left him unchallenged for 77 deadly, horrific minutes.
There will be more digging into the details; more piecing together what went wrong and who is ultimately responsible.
But in the meantime, the summer has grown long. It’s time to get back to school. But how? How can we wrap our heads around sending beautiful children, dedicated staff back into buildings that keep becoming targets of terror?
What has Texas done since May 24, the day of the deadliest school shooting in the state’s history? Are schools at all safer now? It’s the question so many are asking, and it’s the question at the center of this special report.
Because we can’t let the numbness to the fear or the overwhelming enormity of the issues keep us from trying.
Can we find consensus? Can we identify solutions? Can we at least agree that we don’t want this to happen anymore?
We’ll hear from survivors, from experts, from students – and maybe from you.
How can we process what happened in Uvalde?
Kimberly Rubio, a journalist with The Uvalde Leader-News, was at her desk on May 24 when the newsroom got the first police-scanner alert about the shooting at Robb Elementary – where she and her husband, Felix, had just attended her daughter’s awards ceremony that morning.
“We told her we loved her and we would pick her up after school. I can still see her walking with us toward the exit,” Kimberly Rubio told the U.S. House Oversight Committee. “In the reel that keeps scrolling across my memories, she turns her head and smiles back at us. And then we left. I left my daughter at that school, and that decision will haunt me for the rest of my life.”
Nineteen kids and two teachers lost; a community shattered by the trauma and divided by the reality of a bungled response. Angeli Gomez was among the first to draw attention to how law enforcement reacted at the scene.
“They could have done something – gone through the window, sniped him through the window, I mean, something,” she told CBS. “But nothing was being done. If anything, they were being more aggressive on us parents.”
How can we – all of us – process what happened? Is it even possible? Jeff Temple, a vice dean at UTMB and founder of its Center for Violence Prevention, says it’s beyond our ability to cope.
“It is an insanely grotesque, horrible thing, and it’s just too difficult to really process it. And I mean that sincerely: I don’t think that we can totally figure it out,” Temple said. “We put it aside or distract ourselves, and, you know what, unfortunately, that might be the healthiest thing we can do right now.”
Cecilia Gullett graduated in Katy just hours after the shooting.
“I walked across stage to receive my diploma with the Texas and American flag at half mast, and all I could think was that I was doing something those 19 children would never get to do,” Gullett said, “that I survived nearly 12 years of Texas public education without witnessing the horrors of gun violence other than on the TV, and how lucky I was for that.”
“The threat is in the air, and preparing for how we will be receiving our students on the first day to help them feel safe – when we may not feel safe – is a struggle for our educators right now.” Ovidia Molina, president of the Texas State Teachers Association
Now, students across the state are returning to class – as are teachers.
"You know, as an educator, we all sort of look forward to the first day, the excitement of how our students are going to come into the space and all the things that we want to do and have them experience,” said Ovidia Molina, president of the Texas State Teachers Association. “But when we show up to the first day, we know that the end of last year will be with us.
“The threat is in the air, and preparing for how we will be receiving our students on the first day to help them feel safe – when we may not feel safe – is a struggle for our educators right now.”
And then there are parents.
“You know that they’ll be thinking about that as they send their children off, as they take them to school,” Molina said. “Instead of having an exciting, happy first day of school, it’s a fearful, anxiety-filled first day of school.”
Of course, there are those who don’t have to imagine what it’s like to have a shooting in their communities – because that nightmare has already happened.
Flo Rice was a substitute teacher at Santa Fe High School. She took the job because she wanted to support the district where her kids went and get to know the community better. But she says she was always aware of the risks.
“I did look around, and I would always think about the furniture in the classroom,” she said. “What could I use to block a door? Those thoughts went through my mind, I guess, every single day.
“You think about these things, but if they actually happen to you – it’s still just surreal. You cannot fathom it.”
On May 18, 2018, Flo woke up her husband, Scot, with a phone call to tell him she’d been shot.
“We were exiting the building; we thought it was a fire alarm. And when I heard the first shot, it was so loud, so deafening, it was literally disorienting to me. I thought it was a bomb,” Flo said. “And then even in the next shot – which was me; I was shot and I felt myself falling – I still was thinking it was a bomb and it was a bomb blast.”
It wasn’t until Flo tried to sit up, looked and saw a fellow substitute from her room, Ann Perkins, lying a few feet ahead of her, that she then saw the bloody bullet holes in her legs.
“That’s when I realized I had been shot; it was a shooter. There was someone literally feet from me who was hunting us,” she said. “You just can’t imagine the fear that overtook my body.”
She kept dragging herself forward.
“I could hear the glass falling. And every time I would hear the sound of the glass, I was thinking that he was looking out the window with his gun and going to shoot me again. It was just terrifying.”
At home, Scot told their daughter to get in the car – they were going to the school, where her mother had been shot.
“I didn’t know at that time whether Flo would make it or not, and I wanted to make sure that her daughter had the chance maybe to see her before she died. I had no idea what was going to happen,” he said. “Finally, I was able to find her behind the school, and with the help of an officer that was standing near her, put her in the car. I was able to get her to the hospital before she bled out.”
Eight students and two teachers did not survive. Flo and Scot lead different lives now than they used to.
“The pain never goes away for her, and psychologically, she lives with every day the nightmares of the shooting; it keeps you up at night,” Scot said. “And there’s always something to re-trigger the anxiety and the trauma, with a new shooting, it seems like, every day. So it’s been a long, long four years of continuous trauma and anxiety.”
» From NPR: 4 years after Santa Fe school shooting, ‘There is still a lot of pain’
Scot and Flo think about Santa Fe every day – but how long did it take for the rest of us to move on? How soon will we forget Uvalde, the state’s deadliest school shooting in history?
How can we move into the next school year?
Students taking their inaugural trips into a classroom this fall will soon be experiencing many firsts: sporting a full-size backpack, eating in a lunchroom, standing in line and raising their hands. But even our youngest kids will also learn things in school that many of us never had to consider.
Asya Ardawatia, a junior in the Houston area, says she can’t even remember her first active shooting drill, “because it’s like, you know, you can’t remember the first time you walked in the park, because it’s so often, it’s so regular and you’ve been doing it for such a long time that like, I can’t remember the first time.”
Camille Gibson, interim dean of the College of Juvenile Justice at Prairie View A&M University, said one thing we’ve learned from a number of mass shootings is that children who were in the room with the shooter have said they played dead to survive.
“You need to think about how to convincingly play dead under extreme stress,” she said. “And it’s unfortunate, but if we’re going to continue to have guns in proliferation in society, then that needs to be a part of the school safety training.”
Ovidia Molina, president of the Texas State Teachers Association, said students and teachers are facing a life-or-death situation “where it could be us any single day” because nothing has been done since Uvalde.
“We’re going back this school year with no concrete changes from the state. Our school districts are trying to figure out how we can do it,” she said. “You know, we are having safety audits. But these safety audits are like surprise attacks. They’re just trying to make it seem like the state is doing something about it. But having surprise attacks doesn’t do anything but remind us that we are in danger.”
Jeff Temple from UTMB agrees there’s something to that.
“We need to get rid of active shooter drill altogether,” he said. “They have little evidence that they even work. And the risk, the cost of doing this and traumatizing our kids and our families is way worse than any hypothetical benefit that we could receive.”
And his advice on how frank our conversations with kids on this subject should be follows that same line of thinking.
“I think we be honest with them in an age-appropriate way that there are bad people out there and sometimes they do bad things. But there are also really good people at your school and at home that are going to do everything in their power to prevent these bad people from ever doing anything,” Temple said. “And be honest about risk, which is very, extremely low risk of anything like this happening at their school.
“Schools are still the safest place for kids to be. They’re, by and large, extremely safe. And for many kids, they are the safest spot for them – safer than their homes, safer than the streets. So, you know, if I’m a parent out there, I have kids in school, I [have] full confidence that when I take my kid to school, I’m taking them to a very safe place.”
Still, there’s no doubt there’s room for improvement. Flo Rice says basic changes, like having a phone that works to call 911 and being able to lock a door, could have saved lives in Santa Fe.
“That shooter would not have been able to get into the art rooms that day and kill all those children – the substitute couldn’t lock the door,” she said. “It was a substitute. It was all substitutes killed that day, as far as the teachers. They couldn’t lock doors.”
She and her husband, Scot, have spent the better part of the four years since the Santa Fe shooting working for change.
“Once something so horrific like this happens – that’s all you have really left is to think, ‘Okay, we’re going to use this to make sure it doesn’t happen again,’” she said. “That’s your focus, because it’s just too horrific to think of the alternative.”
And they’ve seen Texas move on from the tragedy.
“I’ve really lost faith in our Texas Legislature,” Flo said. “I’ve totally lost faith in them.”
“Once something so horrific like this happens – that’s all you have really left is to think, ‘Okay, we’re going to use this to make sure it doesn’t happen again.’ That’s your focus, because it’s just too horrific to think of the alternative.” Flo Rice, who survived being shot at Santa Fe High School in 2018
In 2019, a year after a shooter injured Flo and killed 10 people at Santa Fe High School, the Legislature passed Senate Bill 11 – which was supposed to expand school safety measures.
“We were happy. I was really relieved. Thought something had been done to help our kids and keep them safe,” Flo said. “But what we did not know was that there was no teeth in this bill. We started hearing that these schools were not going to implement any of the requirements, and we really didn’t understand how they would just deny doing this.
“But we found out there was no way to hold them accountable. Nothing. There was no governing body that said, ‘Okay, you have to do this. And these are the consequences if you don’t have a phone that works, if the substitutes don’t have keys to lock a door.’ There’s literally nothing in place to hold them accountable. It was just – I feel like it was just for show.”
» Texas’ school security efforts following 2018 Santa Fe shooting have largely ignored gun safety
And worse, they saw some of the same things they were fighting to prevent unfold in Uvalde.
“Doors that didn’t lock, with people who didn’t go into lockdown. They didn’t announce a lockdown. They’ve had four years since Santa Fe to make the changes and to pay attention to what’s going on,” Scot said. “So it just seemed very personal, I guess. Because we really wanted to keep this from happening again. And you’re hopeful every time you work with your politicians and legislators that they are doing the right thing and that people are paying attention.
“It just breaks your heart to see these families suffering like you did and knowing what their future holds.”
Where does change begin?
When we consider how we can create long-term change to prevent mass shootings in schools, a few topics keep coming up: The hardening of schools, mental and behavioral health access and interventions, and gun laws.
Things can get pretty divisive pretty quickly. So let’s start with what we can agree on – Texans don’t want another Uvalde or Santa Fe.
“We’re all so incredibly desensitized to this. I’ve seen my classmates and my peers just, you know, we’re tired. But it’s just become a part of life for us. And I feel like we need to be told that this is not normal,” said student Manasi Saxena, who’s also an executive director of March for our Lives Houston.
“We are just trying our best to stop this violence, especially in our schools. We are not trying to take away anybody’s rights,” Saxena said. “We are just trying to, you know, keep our right to go to school and live in a safe environment.”
So does hardening schools make them safer? We asked Texas Standard listeners for comments and questions on this topic.
“We do need to beef up security,” said Wayne Tubbs of Crockett, Texas. “We need to get everybody more involved in putting a stop to school shootings immediately. Before any more kids get hurt.”
Some experts agree there may be some best practices all schools should implement. Prairie View A&M’s Camille Gibson supports limited access points at schools. And she thinks smart building plans make sense – for example, no glass walls that someone could drive a car through.
She also says any efforts taken in the first days of the school year – all that attention to detail – need to be maintained.
“There has to be a deliberate effort to maintain a high level of security in the school environment and not fall to the human tendency to slack off,” she said.
This point underscores what Santa Fe shooting survivor Flo Rice has said about training substitutes – even when they come on in the middle of the year or after a new training has been done.
“I mean, usually I was just handed a roster for the day and sent to a classroom, you know, and you just figure your way around. That’s not appropriate,” she said. “I mean, you need training [to] know where the classrooms are, you need training in what to do in an emergency situation, you need keys. I mean, these things, if you want to protect your kids, then that’s what you need to do.”
So what about what Texas lawmakers have often proposed – arming people in schools? The experts we spoke to are split on this.
UTMB’s Jeff Temple said research shows that added police and guns only increase the rates of violence. But Gibson said she does think somebody in the school needs to be able to respond to an active shooter threat.
“That hasn’t always been my view. But I think that’s the day that we’re living in,” she said. “But arming teachers? No. The teacher personality and the person who’s willing to shoot somebody – they’re not the same persons. And that’s just basic psychology.”
But Asya Ardawatia, a student and March for Our Lives Houston leader, says she’s lost confidence in those armed to protect her.
“A lot of campuses in my district have police officers. But I feel like, you know, with the Uvalde shooting, we saw how like, the police officers there, they were very trained. They had a lot of protection. They had their own weapons to counter the mass shooter, yet they did nothing,” she said. “And I feel like that’s really what scares me, is that like, if the law enforcement in my campus fails, then we’re all in danger.”
She’s not wrong, Texas Police Chiefs Association President Jimmy Perdue told the Texas Standard.
“We don’t believe that what happened in Uvalde was an equipment or a training issue; it was a commitment issue,” Perdue said. “We all know, as officers, what we are required to do and what we should do. And in that case, we failed to do so as a profession. We failed the citizens of Uvalde. And we are trying to do our best to make amends with that going forward.”
But Texas State Teachers Association President Ovidia Molina offers this word of caution when it comes to the so-called hardening of schools:
“We are just putting the blame and the solution-finding back on our educators and our school system,” she said. “But we can’t solve this problem. We need help from the governor.”
So let’s turn to another solution often broached by lawmakers – investment in mental health resources.
“I think that every child deserves to have the ability and the access to mental health resources,” Saxena said.
Every person we spoke to agreed – but they all offered a ‘but.’ Temple put it most starkly: “Mental health is often the boogeyman when it comes to both everyday gun violence and mass shootings.”
He said people with diagnosed mental health issues are much more likely to be victims than perpetrators of violence. Still, Gibson says there’s an opportunity to do a lot more in schools.
“In Texas, we seem to want to fool ourselves that there is mental health care going on for young people in schools,” she said. “I’m a part of the Texas Mental Health Task Force. And, basically, what counselors across the state of Texas have said to us is that, no, there’s hardly any mental health work going on in K-12 schools in Texas.”
A major factor is a shortage of people with credentials to do the mental health work, she said. Texas is seeing counselor-to-student ratios of 1 to 650 and 1 to 700, when state law says it should be 1 to 350.
“In Texas, if people are saying that we’re doing mental health work in the schools, the reality is we are not, because we don’t have enough people to do it.” Camille Gibson, executive director of the Texas Juvenile Crime Prevention Center at Prairie View A&M
“The counselors who are there are dedicated and want to do the work. But they’re not able to do the work because of the shortage of school personnel,” Gibson said. “So they are monitoring students in hallways; they are doing a lot of testing; they’re doing a number of things. So in Texas, if people are saying that we’re doing mental health work in the schools, the reality is we are not, because we don’t have enough people to do it.”
Still – it may be more accurate to label what we need as behavioral health. Gibson said school shooters tend to have misogynistic views, have been victims of bullying or other abusive relationships, and often use violent language. She said schools need to be able to put warning signs together.
“So when folks in the academic environment and students see these potential trends, to whom do they communicate?” she asked. “And hopefully there’s an effective committee that knows how to make those decisions.”
And Temple said we should invest in all Texas students when it comes to healthy relationships.
“We need to revamp our education system to where every year, starting in kindergarten and through high school and post-high school, into trade school and college, that every single year they get a semester-long or a year-long course related to social-emotional learning, healthy relationship skills,” he said. “And that will absolutely reduce the amount of violence in general and firearm violence in particular. It will cost a lot; it’ll be tedious; it’ll piss a lot of people off because we’re going to get away from the typical things about education.
“But I come back to that and remind people that if we can make people healthier and happier, then they’re going to be better students and better future taxpayers. So it is fiscally responsible, is what I would argue, and it really does need to happen.”
But if talking about healthy behavior is going to ruffle feathers – then what can we say about the elephant in the room?
Gibson: “Guns and young people are not a good idea.”
Ardawatia: “We need to see more gun safety laws enacted, common sense gun laws, red flag laws.”
Scot Rice: “There’s no reason why someone 18 to 21 can’t wait to be a little older and a little more mentally mature before they’re able to buy a weapon.”
Molina: “The majority of the shooters have been young men who, if the age limit was raised to 21, would not have access.”
Temple: “If we reduce access to guns, we will reduce mass shootings and ‘everyday gun violence.’”
But what’s the real appetite for this change – among everyday Texans and among elected officials?
What’s next?
Last Friday would have been Kimberly Vaughan’s 19th birthday.
“We were rocking and rolling,” said her mother, Rhonda Hart. “She was 14 years old. She was in high school. And on May 18th, in 2018, in Santa Fe, a dad left his guns in the closet, and his son wasn’t feeling well. And the kid got the guns and went and killed 10 people in his art class.”
Including Kimberly, the youngest victim of the shooting.
“She was a trip. She loved Girl Scouts. She was going to get her Gold Award. She had been in scouts since she was in kindergarten. She loves to read. She loves cats. She loved her little brother,” Hart said. “And like, she was always at the library. She always had two really thick books with her. Like we would go out to run an errand, ‘You only need one book.’ ‘No, Mom, what if I finish this one?’ Like, ‘Okay, fine, fine.’ “
Kimberly wanted to be a sign language interpreter – but she never even got to turn 15. Hart said it was heartbreaking to watch it unfold again in Uvalde.
“Bloody hell. Like, I was in the room when Greg Abbott told us that our shooting would be the last school shooting in Texas,” she said. “And I’m so mad for those families, and like I’m texting with some of them now and we’re becoming friends and we have that bond of ‘We’re in the Dead Kid Club’ and, like, I’m so mad for them.”
So: Are Texas schools any safer now than they were during Uvalde?
Santa Fe shooting survivor Flo Rice says no.
“Parents need to know your kids are not safe. I firmly believe it. No matter what the school is telling you, you should go up there, you should take a tour, take your checklist, get information from the Texas School Safety Center on what they should have in place and look for yourself,” she said. “Demand they give you a tour, check those logs, ask questions. Ask who has keys. Ask what happens. ‘Does this phone work in this classroom? Can I call 911?’ I mean, you’ve just got to do the work yourself to make sure that your kids are safe, because no one else is doing it.”
On the state level, there hasn’t been much movement – and it’s past the time for conversation, says Ovidia Molina of the Texas State Teachers Association.
“After every tragedy, we hear of how schools are going to be supported. And then, as the story grows old – and it’s very painful to say that, ‘as the story goes old’ – those promises of support sort of disappear,” she said. “And so we hope that this time will be different, that there will be changes that help our students and help our educators, help our communities. But we’re weary. We’re weary because we’ve heard this story before of how our schools are going to be supported. And it hasn’t happened.”
But on the national level, the U.S. Senate passed a landmark bipartisan gun safety deal this summer, led in large part by Republican John Cornyn of Texas.
The Bipartisan Safer Communities Act, approved by the House exactly one month after the Uvalde shooting and signed into law by President Joe Biden the following day, increased funding for mental health care and crisis intervention programs and closed a loophole in domestic violence law regarding who can have a gun following a conviction.
Though it was a fairly modest set of initiatives, the legislation was still more than enough to turn the GOP’s reddest members against Cornyn, said Texas Monthly writer Dan Solomon.
“By pursuing this, which is a topic that has been forbidden for decades, you know even though it’s very modest, it’s still the first,” Solomon said. “So I think there’s just a sense like, ‘Hey, maybe he’s not our guy; he’s not fighting the battles that we want him to fight for Republicans.’”
» From Houston Public Media: John Cornyn booed at Texas GOP convention
On the other side of the aisle, Democrats pointed out how much of the bill about guns was actually not about guns.
But Hart did see in the measure just a bit of what she’s worked hard for since her daughter’s death.
“I give them an A for effort because it was genuinely bipartisan, right? Like we got a solid 10 or 15 Republicans to sign onto that bill,” she said. “But it was also like, you didn’t do a fraction of the things that we wanted you to do, so we’re going to keep holding you accountable.”
She says she does get tired of the effort. She takes breaks and holidays off – but she won’t stop.
“Literally, I’m going to keep going because I want to do right by my kid,” Hart said. “If I get to save one more kiddo or one more adult from a gun, then I know I’m doing it. I’m doing it right.”
Young people like Manasi Saxena and Asya Ardawatia are stepping up to help.
“I think that, yes, change can happen now. We just need to be incredibly, you know, resilient and try our best to make it happen,” Saxena said. “We need to put things into perspective. We need to understand that there are children dying, and we need to think about what is leading to that. I think that we all need to sort of just agree that change needs to happen.”
And there are many ways to help effect change, Ardawatia said.
“You don’t have to join an organization if you don’t want to. You can always just show your support by emailing, calling, telling your friends about it, raising awareness,” she said. “In your own way, I want you to raise your voice and make sure that you’re heard.”
Scot Rice says he’s focused on making sure others don’t experience what his family did in Santa Fe.
“When you go through one of these shootings, there’s like everything before that date, and then there’s everything after that date. It completely flips your world upside down. Everything affects you, where you go, if you can ever be around a balloon at a birthday party that might pop. Or if you can go to fireworks shows, or if you can be at a loud restaurant,” he said. “Every single moment of your life is different. And that no one should have to experience this, because a child’s right to go to school and to survive is more important than an 18-year-old’s right to buy an assault rifle.”
Join the conversation
Texas Standard is committed to keeping the attention on safer schools and communities, and we truly want you to be part of that conversation. How do we get to safer – together? Look for updates from us and opportunities to share your voice or attend events.
Uvalde: What’s Next?
Written and hosted by Laura Rice
Audio edited by Leah Scarpelli
Guests booked by Rhonda Fanning
Digital story by Gabrielle Muñoz
Graphics by Wells Dunbar
Production support by Jill Ament, Kristen Cabrera & Alexandra Hart
If you found the reporting above valuable, please consider making a donation to support it here. Your gift helps pay for everything you find on texasstandard.org and KUT.org. Thanks for donating today.
Copyright 2022 KUT 90.5. To see more, visit KUT 90.5. | https://www.keranews.org/texas-news/2022-08-15/the-end-of-last-year-will-be-with-us-are-texas-schools-any-safer-since-the-uvalde-shooting | 2022-08-15T21:16:47Z |
7-Eleven brings back Bring Your Own Cup Day
Published: Aug. 15, 2022 at 4:29 PM EDT|Updated: 58 minutes ago
(Gray News) - 7-Eleven’s famous Bring Your Own Cup Day is making a return this summer.
On Aug. 27, loyalty members of 7-Eleven, Stripes and Speedway are encouraged to grab any creative container and fill it up with their favorite Slurpee flavor for just $1.99 at participating locations.
According to a news release, 7-Eleven says, “If it fits in the cup, fill’er up!”
Cups and containers must be clean, watertight (aka leak proof), and must sit upright within the 10-inch diameter hole in the in-store display. If it doesn’t fit in the display, it won’t fit under the Slurpee dispenser.
The promotion is limited to one container per customer.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/08/15/7-eleven-brings-back-bring-your-own-cup-day/ | 2022-08-15T21:27:50Z |
Diagnosis at one local hospital: baby fever
BLUEFIELD, W.Va. (WVVA) - The Princeton Community Hospital (PCH) Labor and Delivery department has been hit with “baby fever.”
More than half a dozen of the healthcare professionals with Women’s Health Center at PCH are either expecting a baby or recently gave birth.
Seven women, with a lot more in common than the day-to-day duties working in labor & delivery are now part of the “village” of nurse moms.
Among the moms who recently gave birth are Natalie Kemp who had baby Mila seven weeks ago and Joanna Day who had baby Macy two months ago.
The most recent to give birth is Aneshia Goforth who had baby Eden just one week ago.
The other expecting mothers are Stephanie Wiseman, Courtney Moore, Destenie Mahone, and Brooklyn Mathena. All of which are due later this year.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/08/15/diagnosis-one-local-hospital-baby-fever/ | 2022-08-15T21:27:58Z |
Film academy apologizes to Sacheen Littlefeather for 1973 Oscars
NEW YORK (AP) — Nearly 50 years after Sacheen Littlefeather stood on the Academy Awards stage on behalf of Marlon Brando to speak about the depiction of Native Americans in Hollywood films, the Academy of Motion Picture Arts and Sciences apologized to her for the abuse she endured.
The Academy Museum of Motion Pictures on Monday said that it will host Littlefeather, now 75, for an evening of “conversation, healing and celebration” on Sept. 17.
When Brando won best actor for “The Godfather,” Littlefeather, wearing buckskin dress and moccasins, took the stage, becoming the first Native American woman ever to do so at the Academy Awards. In a 60-second speech, she explained that Brando could not accept the award due to “the treatment of American Indians today by the film industry.”
Some in the audience booed her. John Wayne, who was backstage at the time, was reportedly furious. The 1973 Oscars were held during the American Indian Movement’s two-month occupation of Wounded Knee in South Dakota. In the years since, Littlefeather has said she’s been mocked, discriminated against and personally attacked for her brief Academy Awards appearance.
In making the announcement, the Academy Museum shared a letter sent June 18 to Littlefeather by David Rubin, academy president, about the iconic Oscar moment. Rubin called Littlefeather’s speech “a powerful statement that continues to remind us of the necessity of respect and the importance of human dignity.”
“The abuse you endured because of this statement was unwarranted and unjustified,” wrote Rubin. “The emotional burden you have lived through and the cost to your own career in our industry are irreparable. For too long the courage you showed has been unacknowledged. For this, we offer both our deepest apologies and our sincere admiration.”
Littlefeather, in a statement, said it is “profoundly heartening to see how much has changed since I did not accept the Academy Award 50 years ago.”
“Regarding the Academy’s apology to me, we Indians are very patient people — it’s only been 50 years!” said Littlefeather. “We need to keep our sense of humor about this at all times. It’s our method of survival.”
At the Academy Museum event in Los Angeles, Littlefeather will sit for a conversation with producer Bird Runningwater, co-chair of the academy’s Indigenous Alliance.
In a podcast earlier this year with Jacqueline Stewart, a film scholar and director of the Academy Museum, Littlefeather reflected on what compelled her to speak out in 1973.
“I felt that there should be Native people, Black people, Asian people, Chicano people — I felt there should be an inclusion of everyone,” said Littlefeather. “A rainbow of people that should be involved in creating their own image.”
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/08/15/film-academy-apologizes-sacheen-littlefeather-1973-oscars/ | 2022-08-15T21:28:04Z |
In Focus: Benefit concert, dinner gives back to those who serve
Published: Aug. 15, 2022 at 4:09 PM EDT|Updated: 1 hour ago
BLUEFIELD, W.Va. (WVVA) - The first “Rock the Benefit Concert Dinner and Auction” will be held at the Willowood Country Club in Hinton, W.Va. on Monday, August 15, beginning at 6 p.m.
Tickets for Military and First Responders will be $25 with five canned good items. Tickets for general admission will be $30 with five canned good items.
All ticket sales include dinner, a concert, and entrance to the auction. Free raffle tickets will be given to First Responders and Military personnel.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/08/15/focus-benefit-concert-dinner-gives-back-those-who-serve/ | 2022-08-15T21:28:10Z |
‘It was kind of like a miracle’: Woman donates kidney to older brother in need
LITTLE ROCK, Ark. (KATV) – An Arkansas woman showed how far she will go for her family when she found out she was a kidney match for her adopted brother.
Leslie George said she has always protected her brother, Craig Robinson, who is 14 months older.
Robinson is visually impaired and suffers from a rare genetic disorder, a situation that grew worse three years ago, causing kidney dysfunction.
“It wasn’t so much about the idea of donating a kidney, it was more about my brother was in trouble and he needed help,” George said.
It wasn’t until July 2021 that George discovered she and Robinson had matching blood types. She said that’s rare since they are not biological siblings.
“Immediately, I thought that’s my blood type,” George said. “So I reached out to mom and just said, ‘Well, now you know that I’m also B positive.’”
Both had a successful surgery in May of this year.
Their mother, Carol Robinson, called it a full-circle moment she will never forget.
“The idea that this was able to happen, lengthen his life, more than likely,” she said. “Leslie was all ready to do it. It just makes my heart explode.”
Craig Robinson said he never would have fathomed his sister would be the one to save his life. Now, a part of her will always live in him.
“It was kind of like a miracle, you know, because we were waiting so long and we didn’t know how long it was going to take to get a match for the kidney thing,” Craig Robinson said.
He experienced a few complications after surgery, but his health is almost back to full strength.
“People say you’re a hero, you know, you saved that day,” George said. “I don’t really look at it that way because there was just not really any other decision because it’s family, and there was no good reason not to.”
Copyright 2022 KATV via CNN Newsource. All rights reserved. | https://www.wvva.com/2022/08/15/it-was-kind-like-miracle-woman-donates-kidney-older-brother-need/ | 2022-08-15T21:28:17Z |
Large majority of travelers experienced problems during trips this year
Expert suggests arrive early and pack your patience
InvestigateTV - High prices, long waits and poor customer service are just a few of the problems 79% of travelers experienced problems during a trip this year, according to a new survey from Bankrate.
Ted Rossman, BankRate’s senior industry analyst, said in many cases, airlines are now recommending arriving to the airport at least 90 minutes before a domestic flight, sometimes even two hours early.
Connections may also take longer, advised Rossman, something to consider when booking connecting flights.
“Travel insurance might help,” Rossman said. “A lot of credit cards offer free travel insurance, so that could be a good benefit there. Unfortunately, I think a lot of this, though, comes down to that old adage about pack your patience.”
Rossman predicted that the holidays will be busy and you’ll need to be prepared for travel issues, but a dip in travel this fall could ease overall problems.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/08/15/large-majority-travelers-experienced-problems-during-trips-this-year/ | 2022-08-15T21:28:24Z |
Low pressure aloft will keep us cooler & unsettled for a while
Hit-or-miss showers and storms are likely this week
A frontal boundary draped just south of our area, along with low pressure at the upper levels of the atmosphere will keep us unstable into tonight.
Especially before sundown, we look to see more scattered showers and thunderstorms. Locally heavy downpours could lead to localized flooding issues into the evening, so stay weather aware! Some areas already received 1-3″ of rain earlier today and last (Sunday night).
A FLOOD WATCH will remain in effect for Pocahontas, Fayette, Raleigh, Wyoming, and McDowell counties until 11PM Monday night, and for Greenbrier, Summers, Monroe, Mercer, Tazewell, Giles, and Bland counties until 8PM Monday night.
By midnight tonight, we look to get a break from heavier downpours/any stronger storms, and lows will fall into the upper 50s/low 60s. Areas of fog will be likely, DRIVE SAFE!
Tuesday won’t bring quite as much widespread and heavy rain, but hit-or-miss showers and thunderstorms look likely on and off throughout the day. We’ll otherwise see lots of lingering clouds and experience cooler-than-average temps, topping off in the 60s and low 70s for most. A few more showers/storms will be possible early Tuesday night, and lows will fall into the upper mid 50s-low 60s Tuesday night.
The rest of this week will bring partly sunny skies, and the chance for daily pop-up showers and thunderstorms as low pressure lingers overhead. We’ll stay cooler than normal for a while as well. Wider-spread rain looks to possibly develop again by this coming weekend...STAY TUNED!
BLUEFIELD, W.Va. (WVVA) -
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/08/15/low-pressure-aloft-will-keep-us-cooler-unsettled-while/ | 2022-08-15T21:28:31Z |
Pete Carril, old-school Princeton coaching maestro, dies
(AP) - Pete Carril, the rumpled, cigar-smoking basketball coach who led Princeton to 11 appearances in the NCAA Tournament, where his teams unnerved formidable opponents and rattled March Madness with old-school fundamentals, died Monday. He was 92.
Princeton released a statement from Carril’s family, which said he died “peacefully this morning. It did not give a cause of death.
“We kindly ask that you please respect our privacy at this time as we process our loss and handle necessary arrangements. More information will be forthcoming in the following days,” the statement said.
Carril, a Hall of Famer, schooled his teams in a distinct and throwback brand of ball — the Princeton offense, a game marked by patience, intelligence, constant motion, quick passing and backdoor cuts that often ended in layups.
It was an offense that could be played on any level of basketball. At Princeton, it was usually performed by players often dismissed or overlooked by some of the nation’s basketball powers. Come the NCAA Tournament, however, Princeton’s unforgiving discipline could offset the disparity of talent on the floor.
During Carril’s 29 seasons as the Tigers’ coach, the system worked splendidly. His teams won 13 Ivy League titles and posted a 514-261 record without the benefit of scholarship players. Its deliberate approach draining the high octane from many opponents, Princeton led the nation in scoring defense in 14 of his last 21 seasons, including the last eight in a run that ended in 1996.
He guided Princeton to the National Invitation Tournament championship in 1975 and was elected to the Naismith Basketball Hall of Fame in 1997.
Basketball fans loved to watch the headaches Carril’s teams caused in March. That was certainly the case in 1989 for Georgetown’s John Thompson, the Hall of Fame coach sweating late in the game with his trademark towel draped over his shoulder.
Princeton gave a No. 1 Georgetown team featuring Alonzo Mourning and Charles Smith all it could handle, and as a No. 16 seed was on the verge of a monumental upset. The Tigers had two shots in the closing seconds at sending Thompson and his team home but were denied, losing 50-49.
Carril’s final season in 1996 was highlighted by a first-round NCAA victory over defending champion UCLA, an outcome many consider one of the biggest surprises in tournament history.
Peter Joseph Carril was born on July 10, 1930, to Spanish immigrant parents in Bethlehem, Pennsylvania. He played at Lafayette College under a venerable coach in Butch Van Breda Kolff. After an Army stint, Carril coached in high school in Pennsylvania in the 1950s and ‘60s before getting a college head coaching job at Lehigh. He spent the 1966-67 season there, going 11-12, and then was on his way to Princeton.
Carril was more than a basketball coach. Friends and former players say he was intelligent, philosophical, a great judge of character, honest and caring. He was not the country-club type. He was down to earth, his attire simple: open-collared shirts, wrinkled sweaters, his thinning hair never quite combed. Occasionally, there would be a sport jacket.
On the court, Carril was demanding. He worked his players hard and sought perfection. It would not be unusual for him to sit on the bench with a 20-point lead and a pained look creasing his face following a bad pass, a turnover or missed layup. It was the craft, the process that mattered, never mind the score.
If asked about it, he would recall what his father had told him growing up in Bethlehem, one of the country’s steel capitals.
“When you lower your standards, they can turn around and attack you,” Carril said often.
Success on the court never changed Carril. He liked his cigars. He enjoyed a drink, a coffee or just chatting with people at Andy’s Tavern in Princeton, that is until it became a sushi bar in the 1990s. Conte’s Pizza remained one of his hangouts. He would occasionally stop at the Princeton basketball office to talk hoops with Mitch Henderson, who became Princeton’s coach in 2011.
After leaving Princeton, Carril jumped to unfamiliar ground — the NBA. He spent 10 seasons as an assistant coach with the Sacramento Kings. He helped Rick Adelman’s Kings win two Pacific Division titles and a spot in the 2002 Western Conference finals.
He joined the Washington Wizards staff in 2007 and in 2009 returned to the Kings, where in his first stint the Princeton offense found new life at basketball’s highest level.
___
More AP college basketball: https://apnews.com/hub/College-basketball and https://twitter.com/AP_Top25
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/08/15/pete-carril-old-school-princeton-coaching-maestro-dies/ | 2022-08-15T21:28:37Z |
Some Capri Sun drinks recalled, may contain cleaning solution, company says
(WHNS/Gray News) – A voluntary recall has been issued for 5,760 cases of Capri Sun beverages for potential contamination.
According to Kraft Heinz, a diluted cleaning solution, which is used on food processing equipment, was inadvertently introduced into a production line at one of its factories.
Only the Wild Cherry flavored Capri Suns with the case information below are affected.
The “Best When Used By” date on the products is June 25, 2023.
The issue was discovered after several consumer complaints about the taste of the impacted product.
Anyone who bought these items is asked to not consume the product and is able to return it to the store where it was purchased.
Consumers can contact Kraft Heinz from 9 a.m. to 6 p.m. ET Monday through Friday at 1-800-280-8252 to see if a product is part of the recall and to receive reimbursement.
Copyright 2022 WHNS via Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/08/15/some-capri-sun-drinks-recalled-may-contain-cleaning-solution-company-says/ | 2022-08-15T21:28:44Z |
Defective: When government safety officials learned about 13 deaths tied to an infant rocker, a federal law prevented them from immediately alerting the public
The manufacturer also failed to specifically tell Congress about deaths when questioned about fatalities tied to its infant products
AMARILLO, Texas (InvestigateTV) - The panicked call from her son-in-law came at 6 a.m. on Jan. 7, 2019: “Savannah’s gone,” he cried.
Cathy Greninger raced to the house to see what was wrong with her 4-month-old granddaughter. She arrived 20 minutes later to find police, ambulances and medics, and then learned that there was nothing they could do to save Savannah.
Savannah Savage was found dead in a Fisher-Price Infant-to-Toddler Rocker. The medics and the coroner all suspected that the rocker was associated with her death, Greninger said.
Less than a month later, on Feb. 1, 2019, Greninger notified both Fisher-Price and the U.S. Consumer Product Safety Commission about the tragedy.
“I wanted to let them know as soon as possible that there’s a problem with this rocker so they can investigate it, see if there were any technical designs wrong with it, engineering flaws, just to kind of give them a heads up,” Greninger said.
But the public didn’t learn about potential dangers posed by the rocker for three more years.
In June, the CPSC and Fisher-Price issued a safety warning about the rocker indicating they were aware of 13 infant deaths linked to the product since 2009. The rocker is unsafe for sleeping, the warning stated.
“To find out that there were that many deaths was really a shocking part,” Greninger told InvestigateTV during an interview in July.
But that June 14 warning by the CPSC and the world’s leading manufacturer of baby products and toys also signaled that company executives for both Fisher Price and parent-company Mattel may not have been fully transparent during a 2021 Congressional committee investigating Fisher-Price’s response to infant deaths tied do a different baby item, the Rock n’ Play.
Mattel CEO Ynon Kreiz did not mention the infant rocker when asked directly under oath if there were other Fisher-Price products on the market that led to deaths.
Fisher-Price senior vice president Chuck Scothon also did not specifically disclose deaths tied to the rocker during his testimony that day, either.
“We know that the Fisher-Price infant-toddler rocker at that point had infant deaths associated with it,” said Richard J. Trumka Jr., a CPSC commissioner. “Fisher-Price would have been aware of that and chose to say ‘no’ in that hearing.”
At least two members of Congress want those company executives to explain why they failed to tell lawmakers about the rocker deaths.
CPSC Commissioner says Fisher-Price watered down the rocker warning
In recent years, Fisher-Price has come under Congressional scrutiny because nearly 100 infant deaths were tied to its Rock n’ Play inclined sleeper that was recalled in April 2019. The Rock n’ Play falls into a class of inclined baby products that a federal law now bans because it is unsafe for sleeping and can lead to suffocation or asphyxiation.
The rocker also features an incline seat.
The recent Fisher-Price episode further highlighted the problems with the federal Consumer Product Safety Act, which, in theory, is supposed to rid American households of dangerous or defective everyday items. But in practice, the law gives the power to manufacturers to decide when and how warnings and recalls are made public.
The law prevented the CPSC from quickly alerting the public about the rocker dangers – and ultimately, the warning was watered down by Fisher-Price, Commissioner Trumka said.
“It’s a half-throated warning to the public because we had to negotiate every word of it with the company,” he said. “They sent us a package of hundreds and hundreds of pages of information about the deaths associated with that product. And so I read medical reports, coroners’ reports, heartbreaking gut-wrenching information, and I didn’t sleep that night until I was done reading all this. I didn’t sleep for a couple of days because that much information weighing on you and not being able to tell the public, when that should be our most central role, you know, trumpeting that information from the rooftops, it’s heartbreaking and aggravating.”
Fisher-Price has sold more than 17 million of the infant rockers since the 1990s, according to the warning. The 13 reported deaths tied to product occurred between 2009 and 2021.
“I believe that it should have been recalled years ago, after the first death in it. It should have been a red flag,” Greninger said.
The rockers, however, have not been recalled.
Fisher-Price did not respond to InvestigateTV’s requests for comment on the rocker or the executives’ comments in the 2021 Congressional hearing.
Timeline of Fisher-Price baby products and government actions
A heartbroken grandmother tries to protect other infants
When Greninger learned that her daughter, Allison, was pregnant, she began the shopping spree for the first grandchild and the first-time mom.
“We just showered her with everything we could think of to make her life easier as a young, married mom,” Greninger said.
Greninger bought the rocker because the box label said it was “calming and soothing for babies” and because she trusted the Fisher-Price name. Greninger took the word “soothing” as a signal that it was OK for sleeping.
InvestigateTV purchased a rocker from Facebook Marketplace and found that the rocker packaging contained mixed messages. The outer box said that the rocker featured a “foldout kickstand (that) makes it a stationary seat for feeding and napping.” But sewn into the fabric of the backside of the rocker was a warning label that cautioned, “this product is not intended for unsupervised or prolonged periods of sleep.”
Savannah seemed to enjoy the rocker so much that Greninger also had one at her home for the days that she watched her granddaughter.
The night before she died, the family took a video of Savannah in the rocker drinking a bottle as her father can be heard encouraging her to hold the bottle on her own. She did.
Hours later, she was dead.
Greninger, a nurse, had to break the news to her daughter, who was at work.
“It was the worst thing I’ve ever had to say,” she said. “You just don’t imagine ever having to tell your child that their child is dead.”
A coroner ruled that she died of probable positional asphyxiation, records show, and told the family privately that the rocker was likely a contributing factor, Greninger said.
When the safety warning about the rocker was made public earlier this summer, the Randall County official who ordered Savannah’s autopsy told InvestigateTV that he immediately thought of the lifeless baby he saw in the rocker on Jan. 7, 2019.
Weeks after Savannah’s funeral, Greninger notified the CPSC and Fisher-Price about her death.
In a string of emails that Greninger provided to InvestigateTV, she thought CPSC appeared to take the matter seriously. She corresponded with an agency investigator.
“I understand and concur with you about the usage of the rockers as a resting or sleeping device. It is our hope that we can develop solutions to prevent these types of incidents from occurring,” the investigator said while also telling her that he would obtain the autopsy results from the coroner.
Fisher-Price sent its condolences and added, " As discussed, children’s safety is extremely important to us and we have adopted strict standards for safety, quality and performance. As you know, we would have liked the opportunity to conduct an evaluation of the Fisher-Price Infant-to-Toddler Rocker but understand it was discarded. Thank you for providing the video and photographs for our file; they will aid in our review.”
That was the last Greninger heard from Fisher-Price for three years.
Deaths tied to the rocker were kept from Congress
Last year, the U.S. House Committee on Oversight and Reform launched an investigation into the Fisher-Price’s Rock n’ Play, which was tied to dozens of deaths when it was recalled in 2019.
The Rock n’ Play came to market in 2009 as an inclined sleeper, even as the American Academy of Pediatrics had long said the only safe place for babies to sleep is on a flat surface.
In 2012, Fisher-Price was notified that a baby died in a Rock ‘n Play, according to the company’s own internal reports made public in federal court records. Additional deaths followed. But the Rock n’ Play wasn’t recalled until April 2019.
Then in June 2021 – just days before the Congressional hearing – Fisher-Price recalled another baby product - the 4-in-1-Rock n’ Glide Soothers, reporting that four infants had died in it between April 2019 and February 2020.
The public hearing on June 7, 2021 featured the Mattel CEO Kreiz.
During the hearing, Rep. Jackie Speier, a California Democrat, asked him, “Do you have any other products that are manufactured today that are in the marketplace that have been linked to deaths of children?”
Kreitz began talking about the glider recall until Speier cut him off.
“I’m talking about any other products that we, the American public, do not know about that have caused or have been associated with the deaths of children,” Speier said.
Kreitz answered, “We share all information with the CPSC. I don’t have any further data than that, but I can tell you we work transparently with the CPSC.”
He never mentioned the rocker even though Fisher-Price had been alerted to the death of Savannah Savage in 2019 by both her grandmother and the CPSC.
“If they were aware of another death with another product, they absolutely misled me and the committee and Congress,” Speier told InvestigateTV. “If he was ignorant of the facts, he should have corrected the record subsequent to that hearing, and it appears that he did not. So, I think it’s important for him to come back. And I think we need a fuller exploration of these products and the injuries and deaths associated with them.”
The day after the rocker warning, Rep. Katie Porter sent a blistering letter to Kreiz and Scothon.
“You have consistently prioritized shareholder profits over children’s lives and failed to provide accurate information,” the California Democrat wrote.
She wrote about how Scothon assured Congress that every Fisher-Price infant seat associated with deaths had been recalled.
“That was untrue,” Porter wrote.
Warning and recall delays have dangerous consequences
Consumer advocates, families of victims, members of Congress and even CPSC Commissioner Trumka say federal law is allowing for increased injuries and deaths.
At least one other infant died after Greninger notified the CPSC and Fisher-Price, federal records show. A child fatality review team reported to the CPSC that the rocker may have contributed to the death of a 2-month-old in March 2021.
Greninger “took all of these important proactive steps to help other people. I think not only is she incredibly heroic, but I’m sure she’s incredibly frustrated that there hasn’t been stronger action,” said Rachel Weintraub, legislative director and general counsel for the Consumer Federation of America.
A provision in the Consumer Product Safety Act – known as Section 6(b) or what Trumka calls the ‘gag rule’ – prevents the agency from issuing a public warning or recall without the consent of the manufacturer.
CPSC’s own data shows that it knew that the Fisher-Price infant rocker was tied to a death as early as 2011. A medical examiner from Chico, California reported that a one-month-old was found dead in the rocker.
At least 20 others reported to the CPSC about issues with the rocker – the majority stating that the rocker was unstable and fell apart or that their baby rocked forward and hit his or her face on the ground.
When Fisher-Price officially notified the CPSC on March 31 of a pattern of deaths tied to the rocker, the commissioners were not allowed to immediately tell the public because of that gag rule.
Trumka, who was appointed to the commission by President Biden and confirmed by the Senate last year, lashed out in a statement attached to the warning about the consequences of section 6(b).
“Just three years ago, this agency oversaw the recall of the Fisher-Price Rock ‘n Play after a staggering number of infant deaths. Tragically, we now grieve 13 more infant deaths in Fisher Price rockers,” Trumpka’s statement began, referring to the product in which Savannah Savage was in when she died.
“The Gag Rule (Section 6b) led to needless delay. When CPSC needs to warn the public about a pattern of death and injury tied to a product, it should be able to quickly issue that warning to prevent further loss of life. Instead, a Gag Rule blocks us from doing so without first seeking permission from the product’s maker. Here, the Gag Rule delayed our message to the public by two months. Even with cooperation from Fisher-Price, we fought an uphill battle to release this information to warn parents and caregivers. Sharing vital safety information should not be this hard. Congress must immediately repeal the Gag Rule. If CPSC cannot issue timely warnings, dangers will remain hidden in people’s homes.”
In an interview with InvestigateTV, Trumka said there’s much more to the rocker story that remains hidden from the public.
“We know more. And if I was a parent, there’s information I’d want to hear that I’m not allowed to say,” he said. “I couldn’t tell my wife. I can’t tell . . . because of the gag rule.”
Because of that provision in the law, he said that “this agency isn’t really able to protect the public in many ways.”
But, he said, Fisher-Price has had the power on its own to alert parents to the rocker’s potential dangers.
“Fisher Price would have been aware of each of those deaths and much closer to real time. And they certainly should have been aware of the pattern that was emerging over time,” Trumka said. “The gag rule stops the commission from talking. It does not stop a company from talking. And I would love to see responsible companies tell the public themselves when their products are associated with deaths rather than waiting.”
Yet the company remained silent for years.
‘Warnings won’t fix the problem’
A wall in Greninger’s family room features Savannah’s first – and last – professional photo shoot.
The consequences of her death have rippled through the family.
Her parents left their apartment the day she died and never returned. They later divorced.
Greninger’s daughter, who did not want to be interviewed, later delivered another child, Anthony, who is now two.
“We had many, many sleepless nights,” Greninger said. “I kept him a lot for her to work at night. And he would stay with me several nights a week. And it was it was awful, because you had to pay attention to make sure he was still breathing because of what happened. Yeah, it was very terrifying.”
But she continues to worry about other babies whose parents unwittingly use the rocker.
“My only sigh of relief would come when they recall this product,” she said. “There’s 13 babies that are not alive because of this.”
Trumka also wants every infant product with an inclined seat removed from the market.
“The warnings won’t fix the problem,” he said. “Every incline product is unsafe for infant sleep.”
In November, the Safe Sleep for Babies Act takes effect, which will ban the manufacturing and sale of inclined sleeping products. The commission currently is considering which baby products fall within that category. Trumka wants the rocker to be included in the ban.
On July 7, Greninger received an unexpected email from Fisher-Price.
“Since our records indicate that you may own one or more of these rockers, we are contacting you directly. Consumers are reminded not to use rockers for infant sleep, that infants should never be unsupervised or unrestrained in rockers and that bedding material should not be added to the product,” the email reads in part.
The email listed the case number Greninger was assigned by Fisher-Price when she alerted the company that her granddaughter was found dead in its rocker.
The email didn’t mention that 13 babies had died, including her own beloved granddaughter.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/08/15/defective-when-government-safety-officials-learned-about-13-deaths-tied-an-infant-rocker-federal-law-prevented-them-immediately-alerting-public/ | 2022-08-15T21:55:11Z |
Feds oppose unsealing affidavit for Mar-a-Lago warrant
WASHINGTON (AP) — The Justice Department on Monday rebuffed efforts to make public the affidavit supporting the search warrant for former President Donald Trump’s estate in Florida, saying the investigation “implicates highly classified material” and the document contains sensitive information about witnesses.
The government’s opposition came in response to court filings by several news organizations, including The Associated Press, seeking to unseal the underlying affidavit the Justice Department submitted when it asked for the warrant to search Trump’s Mar-a-Lago estate earlier this month.
The court filing — from Juan Antonio Gonzalez, the U.S. attorney in Miami, and Jay Bratt, a top Justice Department national security official — argues that making the affidavit public would “cause significant and irreparable damage to this ongoing criminal investigation.”
The document, the prosecutors say, details “highly sensitive information about witnesses,” including people who have been interviewed by the government, and contains confidential grand jury information.
The government told a federal magistrate judge that prosecutors believe some additional records, including the cover sheet for the warrant and the government’s request to seal the documents, should now be made public.
A property receipt unsealed Friday showed the FBI seized 11 sets of classified documents, with some not only marked top secret but also “sensitive compartmented information,” a special category meant to protect the nation’s most important secrets that if revealed publicly could cause “exceptionally grave” damage to U.S. interests. The court records did not provide specific details about information the documents might contain.
The Justice Department acknowledged Monday that its ongoing criminal investigation “implicates highly classified material.”
The search warrant, also unsealed Friday, said federal agents were investigating potential violations of three different federal laws, including one that governs gathering, transmitting or losing defense information under the Espionage Act. The other statutes address the concealment, mutilation or removal of records and the destruction, alteration or falsification of records in federal investigations.
The Mar-a-Lago search warrant, carried out last Monday, was part of an ongoing Justice Department investigation into the discovery of classified White House records recovered from Trump’s home earlier this year. The National Archives had asked the department to investigate after saying 15 boxes of records it retrieved from the estate included classified records.
It remains unclear whether the Justice Department moved forward with the warrant simply as a means to retrieve the records or as part of a wider criminal investigation or an attempt to prosecute the former president. Multiple federal laws govern the handling of classified information, with both criminal and civil penalties, as well as presidential records.
But the Justice Department, in its filing Monday, argued that its investigation is active and ongoing and that releasing additional information could not only compromise the probe but also subject witnesses to threats or deter others from coming forward to cooperate with prosecutors.
“If disclosed, the affidavit would serve as a roadmap to the government’s ongoing investigation, providing specific details about its direction and likely course, in a manner that is highly likely to compromise future investigative steps,” the government wrote in the court filing.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/15/feds-oppose-unsealing-affidavit-mar-a-lago-warrant/ | 2022-08-15T21:55:18Z |
Kemp will hand out up to $1.2B in cash to poorer Georgians
ATLANTA (AP) — Gov. Brian Kemp said Monday he will spend up to $1.2 billion in federal COVID-19 aid on payments of $350 apiece to more than 3 million Georgians who benefit from Medicaid, subsidized child health insurance, food stamps or cash welfare assistance.
The payments will start in September, said Katie Byrd, a spokesperson for the governor’s office.
The move comes atop Kemp’s proposals last week to spend $2 billion in state surplus, split between property tax rebates and a second round of income tax rebates, if voters choose him for a second term in November over Democratic challenger Stacey Abrams. Those separate plans would require legislative approval next year.
Monday’s announcement will put money in the hands of less affluent Georgians in the months before the nationally watched election in a narrowly contested swing state. Those are voters to whom Abrams has been tailoring her economic platform. She also backs another round of income tax rebates, like those Kemp already pushed though, but has been arguing that Georgia also needs to do more to invest in long-term expansions of health, education and small business assistance to try to create a less unequal economy.
Kemp, though, appears to be betting that handing out cash now will outweigh the promise of future improvements. Under Georgia state law, he alone controls how billions in federal COVID-19 relief is spent, meaning he can hand out money even as he bashes Democratic President Joe Biden and Abrams for inflation and high spending.
The governor again said that his reason for handing out cash was to help people pressured by higher prices, even though economists agree that such spending worsens inflation by dumping more cash into the economy to bid up the prices of goods and services.
“This assistance will help some of Georgia’s most vulnerable citizens cope with the continued negative economic impact of the COVID-19 public health emergency and 40-year-high inflation caused by disastrous policies that were implemented by the Biden administration,” Kemp’s office said in a statement.
Kemp has cited the same reason for repeated suspensions of the state’s gas and diesel taxes since March, a move that has cost the state more than $800 million in foregone tax revenue. Abrams has called on Kemp to guarantee a suspension of fuel taxes through the end of the year.
Abrams has repeatedly accused Kemp of hypocrisy for taking credit for federally financed benefits while bad-mouthing Biden. Abrams spokesperson Alex Floyd in a Monday statement called the move another of Kemp’s “election-year vote buying schemes.”
While Kemp is boosting the income of poorer Georgians now, he terminated a monthly boost of at least $95 in food stamp benefits at the end of May when he ended Georgia’s COVID-19 state of emergency. His administration has also lagged in distributing hundreds of millions of dollars in federal money meant to prevent evictions.
“The reality is Brian Kemp refuses to expand Medicaid, has cut food assistance amid rising prices and failed to fully deploy federal rental assistance, leaving too many Georgians evicted,” said Abrams spokesperson Alex Floyd said in a statement. “Now, in the middle of a reelection campaign, he’s taking money to stage more political gimmicks. Kemp’s PR stunt is too little, too late.”
The state Department of Human Services said on its website that beneficiaries will get the payment automatically, but urged people to update their contact information on a state website that manages health and welfare benefits. The state said that people who get food stamps and cash welfare benefits will not get the money on the same debit card they get those benefits, but didn’t immediately respond to questions about how the money will get sent out.
Only people enrolled as of July 31 will get the money. Anyone who enrolled later or who left programs earlier is not eligible. If someone benefits from multiple programs, they will only get one $350 payment, but separate payments will be given to everyone in a household that benefits, meaning a single parent with two children would get $1,050, for example.
Georgia had 2.3 million people benefiting from Medicaid or the Child Health Insurance Program in April, according to the most recent federal figures, while it had 1.59 million people benefitting from food stamps in May.
___
Follow Jeff Amy on Twitter at http://twitter.com/jeffamy.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/15/kemp-will-hand-out-up-12b-cash-poorer-georgians/ | 2022-08-15T21:55:24Z |
Pete Carril, old-school Princeton coaching maestro, dies
(AP) - Pete Carril, the rumpled, cigar-smoking basketball coach who led Princeton to 11 appearances in the NCAA Tournament, where his teams unnerved formidable opponents and rattled March Madness with old-school fundamentals, died Monday. He was 92.
Princeton released a statement from Carril’s family, which said he died “peacefully this morning. It did not give a cause of death.
“We kindly ask that you please respect our privacy at this time as we process our loss and handle necessary arrangements. More information will be forthcoming in the following days,” the statement said.
Carril, a Hall of Famer, schooled his teams in a distinct and throwback brand of ball — the Princeton offense, a game marked by patience, intelligence, constant motion, quick passing and backdoor cuts that often ended in layups.
It was an offense that could be played on any level of basketball. At Princeton, it was usually performed by players often dismissed or overlooked by some of the nation’s basketball powers. Come the NCAA Tournament, however, Princeton’s unforgiving discipline could offset the disparity of talent on the floor.
During Carril’s 29 seasons as the Tigers’ coach, the system worked splendidly. His teams won 13 Ivy League titles and posted a 514-261 record without the benefit of scholarship players. Its deliberate approach draining the high octane from many opponents, Princeton led the nation in scoring defense in 14 of his last 21 seasons, including the last eight in a run that ended in 1996.
He guided Princeton to the National Invitation Tournament championship in 1975 and was elected to the Naismith Basketball Hall of Fame in 1997.
Basketball fans loved to watch the headaches Carril’s teams caused in March. That was certainly the case in 1989 for Georgetown’s John Thompson, the Hall of Fame coach sweating late in the game with his trademark towel draped over his shoulder.
Princeton gave a No. 1 Georgetown team featuring Alonzo Mourning and Charles Smith all it could handle, and as a No. 16 seed was on the verge of a monumental upset. The Tigers had two shots in the closing seconds at sending Thompson and his team home but were denied, losing 50-49.
Carril’s final season in 1996 was highlighted by a first-round NCAA victory over defending champion UCLA, an outcome many consider one of the biggest surprises in tournament history.
Peter Joseph Carril was born on July 10, 1930, to Spanish immigrant parents in Bethlehem, Pennsylvania. He played at Lafayette College under a venerable coach in Butch Van Breda Kolff. After an Army stint, Carril coached in high school in Pennsylvania in the 1950s and ‘60s before getting a college head coaching job at Lehigh. He spent the 1966-67 season there, going 11-12, and then was on his way to Princeton.
Carril was more than a basketball coach. Friends and former players say he was intelligent, philosophical, a great judge of character, honest and caring. He was not the country-club type. He was down to earth, his attire simple: open-collared shirts, wrinkled sweaters, his thinning hair never quite combed. Occasionally, there would be a sport jacket.
On the court, Carril was demanding. He worked his players hard and sought perfection. It would not be unusual for him to sit on the bench with a 20-point lead and a pained look creasing his face following a bad pass, a turnover or missed layup. It was the craft, the process that mattered, never mind the score.
If asked about it, he would recall what his father had told him growing up in Bethlehem, one of the country’s steel capitals.
“When you lower your standards, they can turn around and attack you,” Carril said often.
Success on the court never changed Carril. He liked his cigars. He enjoyed a drink, a coffee or just chatting with people at Andy’s Tavern in Princeton, that is until it became a sushi bar in the 1990s. Conte’s Pizza remained one of his hangouts. He would occasionally stop at the Princeton basketball office to talk hoops with Mitch Henderson, who became Princeton’s coach in 2011.
After leaving Princeton, Carril jumped to unfamiliar ground — the NBA. He spent 10 seasons as an assistant coach with the Sacramento Kings. He helped Rick Adelman’s Kings win two Pacific Division titles and a spot in the 2002 Western Conference finals.
He joined the Washington Wizards staff in 2007 and in 2009 returned to the Kings, where in his first stint the Princeton offense found new life at basketball’s highest level.
___
More AP college basketball: https://apnews.com/hub/College-basketball and https://twitter.com/AP_Top25
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/15/pete-carril-old-school-princeton-coaching-maestro-dies/ | 2022-08-15T21:55:30Z |
Q2 2022 Systemwide Pro Forma Revenue of $34.5 million, an increase of 6% from Q1 2022
Q2 2022 Adjusted EBITDA of $9.2 million, an increase of 2% from Q1 2022
Conference call to be held today, August 15, 2022 at 5:00 p.m. ET
PHOENIX, Ariz., Aug. 15, 2022 /PRNewswire/ - 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) ("4Front" or the "Company"), a vertically integrated, multi-state cannabis operator and retailer, today announced its financial results for the second quarter ended June 30, 2022 ("Q2 2022"). All financial information is presented in U.S. dollars unless otherwise indicated.
- Systemwide Pro Forma Revenue of $34.5 million
- GAAP revenue increased 5% year-over-year to $28.4 million
- Adjusted EBITDA increased 22.7% year-over-year to $9.2 million
- Accretive acquisition of Island Cannabis Co. was completed in April 2022
- Expanded leadership team to include Chief Financial Officer, General Counsel, President of California Operations, and Executive Vice President; as well as two additional Board members
Systemwide Pro Forma Revenue and Adjusted EBITDA are Non-GAAP measures. See "Note Regarding Non-GAAP Measures, Reconciliation, and Discussion".
"Throughout the second quarter and now halfway through the third quarter, we are seeing an acceleration of business trends within our growth markets, particularly in Massachusetts and California," said Leo Gontmakher, Chief Executive Officer of 4Front. "Our retail locations platform-wide maintained or gained market share, despite anticipated pricing headwinds as we continue to expand our customer base with new product innovations and quality improvements. We believe we are poised for a significant leg of growth to take place over the next 12 months as we leverage our investments in state-of-the-art automation and scaled manufacturing processes, supplemented by strategic and accretive M&A."
"In California, we believe that our positioning and strategy is building a fly-wheel of growth as we methodically take share in the biggest cannabis market in the world," Mr. Gontmakher continued. "In addition to a steady build in our wholesale revenue, in the second quarter we secured active partnerships with more than five leading retailers, including large, region-leading operators with numerous chain locations; a statewide delivery service; and a multi-state operator. We are now providing production and packaging of gummies, vapes, infused pre-rolls, distillate and diamonds to these customers with scale and at a price-point they would be challenged to achieve on their own. In the distressed and fragmented California market, we are seeing increased interest from companies looking to 4Front as their low-cost producer of choice. Our long-term plans are to deepen and expand these relationships to grow revenue over time and add a retail presence in the state."
"After implementing new techniques and methodologies to our production processes in Massachusetts, we made notable improvements to the yield and quality of our flower across the country during Q2. These new processes have now been incorporated in Massachusetts and Illinois, and we are currently applying them to our facilities in Washington. As the construction of Phase 1 of our Illinois cultivation and production facility nears completion, we are looking to expand our retail footprint in the state over the coming months in preparation for that facility to commence operations in 2023."
"We are proving ourselves as a major piece of the landscape in some of the most exciting cannabis markets in the country, and we look forward to sharing our continued success as we progress. We are excited by the momentum we have seen so far in Q3, and I am convinced that the next twelve months will demonstrate the power of our model at significant scale, paving the way for robust, sustained growth in the long term."
In April 2022, the Company completed its acquisition of Island Global Holdings, Inc. dba Island Cannabis Co. ("Island"), a leading California producer of pre-rolls, flower and concentrate products. The acquisition of Island adds new high-quality products to 4Front's growing brand portfolio, including diverse lines of pre-rolls, flower and infused products with a strong following from local California consumers. In June, Island Founder and CEO Ray Landgraf, and Island COO Brandon Mills, joined 4Front's management team as President of California Operations, and Executive Vice President, respectively.
In Q2, 4Front secured numerous private label partnerships with leading California retailers. The Company's robust private label pipeline in the state includes top retailers with attractive shelf-space within their footprints, as well as larger strategic partners with opportunities for material revenue growth and other synergistic alignments. The Company anticipates a steady expansion of its private label pipeline through the end of this year and into 2023 and continues to explore additional growth opportunities through accretive brand and retail expansions, with new developments expected over the coming months.
Today, the Company announces that it has signed a definitive agreement to acquire the Bloom Farms and Bloom Farms Wellness (collectively, "Bloom Farms") brands, California cannabis and hemp brands known for bringing safe and enjoyable products to consumers. The Company believes that by integrating Bloom Farms' suite of products onto its platform, it can achieve a reduction in manufacturing costs while simultaneously increasing sales of the successful Bloom Farms brands, which include popular varieties of concentrates, flower, hemp CBD and vape products. The Company looks forward to completing the transaction with Bloom Farms in the coming weeks, and expects to announce similar acquisitions over the next several quarters.
Phase 1 Construction of the Company's cultivation and production facility in Matteson, Illinois is expected to remain on schedule to be delivered in Q4 of this year. As the final stages of construction of Phase 1 come to a close, nominal challenges regarding the timing of electrical supply to the facility have been identified, but the Company has contingency options in place for temporary power and scope phasing, should they be required. These challenges are not expected to influence the on-time completion of Phase 1 construction in the fourth quarter of this year, or the commencement of operations expected in 2023.
Systemwide Pro Forma Revenue for Q2 2022 was $34.5 million, up 6% from Q1 2022 and flat from Q2 2021. GAAP revenue for Q2 2022 was $28.4 million, up 5% from Q2 2021 and up 9% from Q1 2022. This increase is primarily due to increased revenue in the Company's wholesale revenue as it ramps those portions of its business in California, Illinois, and Massachusetts.
Adjusted EBITDA for Q2 2022 was $9.2 million, up 23% from Q2 2021, representing an Adjusted EBITDA margin of 26.7%. Continued growth of Adjusted EBITDA and margins is expected to persist through 2023 as the Company's operations drive increased production and higher sales volumes without material increases to overhead.
As of June 30, 2022, the Company had $6.0 million of cash and $49.5 million of related-party long-term debt not due until May 2024. As of today the Company has 636,636,686 subordinate voting shares outstanding.
The Company will host a conference call and webcast today, Monday, August 15, 2022, at 5:00 p.m. ET to review its operational and financial results and provide an update on current business trends.
For assistance, please contact IR@4FrontVentures.com.
4Front Ventures Corp. ("4Front" or the "Company") (CSE: FFNT) (OTCQX: FFNTF) is a national, vertically integrated multi-state cannabis operator who owns or manages operations and facilities in strategic medical and adult-use cannabis markets, including California, Illinois, Massachusetts, Michigan and Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. As the Company continues to drive value for its shareholders, its team is applying its decade of expertise in the sector across the cannabis industry value chain and ecosystem. For more information, visit https://4frontventures.com/.
4FRONT VENTURES CORP.
Formerly 4Front Holdings, LLC
Consolidated Balance Sheets
As of June 30, 2022 and December 31, 2021
(Amounts expressed in thousands of U.S. dollars except for share and per share data)
4FRONT VENTURES CORP.
Formerly 4Front Holdings, LLC
Consolidated Statements of Operations and Comprehensive Loss
For the Three Months Ended June 30, 2022 and June 30, 2021
(Amounts expressed in thousands of U.S. dollars except for share and per share data)
In this press release, 4Front refers to certain non-GAAP financial measures such as Systemwide Pro Forma Revenue and Adjusted EBITDA. These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. 4Front defines Systemwide Pro Forma Revenue as total revenue plus revenue from entities with which the Company has a consulting contract, or effectively similar relationship (net of any consulting fee or effectively similar revenue) but does not consolidate the financial results of per U.S. GAAP ASC 810. 4Front considers this measure to be an appropriate indicator of the growth and scope of the business.
Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to acquisition, financing related costs, and other non-recurring expenses. 4Front considers these measures to be an important indicator of the financial strength and performance of our business.
($ in 000's)
This news release was prepared by management of 4Front Ventures, which takes full responsibility for its contents. The Canadian Securities Exchange ("CSE") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.
Statements in this news release that are forward looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in 4Front Ventures' periodic filings with securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward looking statements may include, without limitation, statements related to future developments and the business and operations of 4Front Ventures, statements regarding when or if transactions will close or if and when required conditions to closing are attained, the completion of construction projects, the Company's ability to increase revenue and market share, the impact of the transactions on the business of 4Front, and other statements regarding future developments of the business. Although 4Front Ventures has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended, including but not limited to closing conditions, regulatory and permitting approvals, changes in laws or enforcement of existing laws, limited operating history, reliance on management, requirements for additional financing, competition, limits on market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry, and political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward looking statements. The forward looking statements in this news release are made as of the date of this release. 4Front disclaims any intention or obligation to update or revise such information, except as required by applicable law, and 4Front does not assume any liability for disclosure relating to any other company mentioned herein.
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Harris brings 20+ years of product development experience in the literacy market to expand the company's print and digital product portfolio
LINCOLNSHIRE, Ill., Aug. 15, 2022 /PRNewswire/ -- 95 Percent Group LLC, a leading provider of literacy solutions and instructional strategies for K-12 schools nationwide, today announced the addition of Jennifer Harris, Chief Product Officer, to its executive team.
Harris joins 95 Percent Group with deep experience building and leading innovative product development organizations in the literacy market. She has held senior leadership roles at Rowland Reading Foundation, Zaner-Bloser, and most recently Houghton Mifflin Harcourt. As Chief Product Officer at 95 Percent Group Harris will be charged with developing a robust product development strategy to accelerate the expansion of the company's print and digital product portfolio.
"I am delighted to welcome Jennifer to the team," said CEO, Brad Lindaas. "Her experience developing innovative product solutions for the literacy market is exactly what we need to advance our mission and impact. Jennifer is uniquely positioned to grow our product offerings and drive our expansion into new markets."
Harris rounds out 95 Percent Group's executive team which also includes Laura Stewart, Chief Academic Officer; Anella Wetter, Chief Sales Officer; Laura Sullivan, Chief Marketing Officer; George Gatsis, Chief Technology Officer; and Mehul Patel, Chief Financial Officer.
Founded in 2005, 95 Percent Group is an educational company whose mission is to help educators identify and address the needs of all readers. Using an approach that is aligned with Structured Literacy, the company focuses on providing educators with whole-class and small group literacy solutions as well as developing foundational knowledge about The Science of Reading to deliver evidence and research-based instructional strategies. The company's professional development, diagnostic assessments, skill continua, and explicit instructional materials strengthen MTSS/RTI frameworks and ensure that students receive targeted intervention instruction to close skill gaps.
For additional information on 95 Percent Group, see www.95percentgroup.com
In 2021, 95 Percent Group secured a significant investment from Leeds Equity Partners to further develop its literacy curriculum as well as invest in new digital solutions.
95 Percent Group LLC
475 Half Day Road, Suite 350
Lincolnshire, IL 60069
(847) 499-8200
For more information:
Laura Sullivan
Chief Marketing Officer
(847) 496-9231
lsullivan@95percentgroup.com
95percentgroup.com
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SOURCE 95 Percent Group | https://www.whsv.com/prnewswire/2022/08/15/95-percent-group-adds-jennifer-harris-chief-product-officer-its-executive-team/ | 2022-08-15T21:55:44Z |
The Notes have an Effective All-In Rate of 3.76% Inclusive of Prior Hedging Activity
BLOOMFIELD HILLS, Mich., Aug. 15, 2022 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that its operating partnership, Agree Limited Partnership (the "Operating Partnership"), priced a public offering of $300 million of 4.800% senior unsecured notes due 2032 (the "Notes"). The public offering price for the Notes was 99.171% of the principal amount for an effective yield to maturity of 4.904%. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain of their subsidiaries. This offering is expected to close on August 22, 2022, subject to the satisfaction of customary closing conditions.
The Company expects to use the net proceeds from this offering for general corporate purposes, including to reduce amounts outstanding under its senior unsecured revolving credit facility and to fund property acquisitions and development activity.
"This offering further demonstrates our ability to efficiently access the public bond market while increasing our liquidity, fortifying our balance sheet and positioning the Company for continued growth," said Peter Coughenour, Chief Financial Officer. "Taking into account the termination of our forward starting swaps, the Notes have an effective all-in interest rate of approximately 3.76% and extend our weighted-average debt maturity to approximately 8 years, excluding the unsecured revolving credit facility."
Citigroup, Wells Fargo Securities and PNC Capital Markets LLC acted as joint book-running managers for the offering. BofA Securities, J.P. Morgan, Stifel, Capital One Securities, Citizens Capital Markets, Mizuho Securities, Morgan Stanley, Raymond James, Regions Securities LLC and US Bancorp served as co-managers for the offering.
A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and became automatically effective under the Securities Act of 1933, as amended, upon filing with the SEC. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov, or by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at 800-831-9146 or email: prospectus@citi.com; or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, at 800-645-3751 or email: wfscustomerservice@wellsfargo.com; or PNC Capital Markets LLC, Attention Debt Capital Markets, Fixed Income Transaction Execution, 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, at 855-881-0697.
The offering of the securities was made only by means of a prospectus supplement and accompanying prospectus, which are on file with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities 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 jurisdiction.
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2022, the Company owned and operated a portfolio of 1,607 properties, located in all 48 continental states and containing approximately 33.8 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements about the terms and size of the offering and the intended use of proceeds from the offering that represent the Company's expectations and projections for the future. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors, however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other SEC filings, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Additional important factors, among others, that may cause the Company's actual results to vary include the general deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, the Company's continuing ability to qualify as a REIT and other factors discussed in the Company's reports filed with the SEC. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
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SOURCE Agree Realty Corporation | https://www.whsv.com/prnewswire/2022/08/15/agree-realty-announces-pricing-300-million-4800-senior-unsecured-notes-due-2032/ | 2022-08-15T21:55:51Z |
Nationwide celebration showcases job opportunities and domestic clean energy security
WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- During a time of historic legislative action that will turbocharge the domestic clean power industry, the American Clean Power Association today kicked off American Clean Power Week. This annual celebration of wind, solar, energy storage, and transmission recognizes the many ways that homegrown, affordable, and reliable clean energy is building a better future for the United States.
Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9075151-american-clean-power-week-2022/
This year's theme for the week is "Building the Clean Energy Economy," highlighting clean energy technologies through numerous in-person and virtual events with elected officials, industry leaders, and members of the public across the country.
"With the passage of the Inflation Reduction Act, there couldn't be a better time to celebrate the transformational role of clean energy in building a better America," said Heather Zichal, ACP CEO. "American Clean Power Week demonstrates how clean energy creates good-paying jobs – along with economic and health benefits – for Americans in red, blue, and purple states. Throughout the week, ACP and our member companies will highlight the work being done across the country to build our clean energy economy and educate the public on the benefits this homegrown industry will continue to bring to our country across the next decade."
During American Clean Power Week, cities and states across the country will be recognizing the week through official proclamations, local and state leaders will be presented with Clean Power Champion Awards, and ACP member companies will highlight the benefits their projects bring to their communities through public events and education campaigns. Throughout the week the American Clean Power Association will be cataloging events live on its website.
Land-based wind, offshore wind, solar, transmission, and energy storage are key climate solutions that will help meet our national carbon-free power goals by 2035 while providing good-paying jobs to Americans across the country.
The clean energy industry employs nearly 443,000 Americans – and is poised to more than double the workforce. The renewable energy industry has invested more than $412 billion in the U.S. economy and local communities, and $600 billion of additional investment will be made as a result of the Inflation Reduction Act.
"From Hawaii to West Virginia, the people we serve tell us they want to see us meet their needs with energy that's affordable, that creates jobs in their communities, and that preserves their environment," said Craig Cornelius, ACP Board Chair and CEO of Clearway Energy Group. "The most historic climate and clean energy legislation to ever make its way through Congress will make it possible to deliver on those goals. We're proud to be a part of our country's growing clean energy workforce and celebrate American Clean Power Week by shining light on how it impacts everyday Americans."
Monday, August 15: The American Energy Transformation – The Inflation Reduction Act is a monumental shift in the county's clean energy future. The IRA is estimated to add an additional 525-550 gigawatts of clean power projects built from 2022-2030, which will bring enough clean energy online to power every American home by 2030. This will mean lower consumer energy prices across the board for Americans with annual average savings around $1,000 per household.
Tuesday, August 16: Community Investment and Job Creation – Clean power drives investment into local economies and creates good paying jobs employing nearly 443,000 Americans across the country. With the passage of the IRA the clean energy workforce will more than double, adding another 550,000 jobs to the American workforce, employing nearly 1 million Americans by 2030. Renewables energy projects provide states and localities with critical revenue that allows communities the ability to plan and invest in their future. Clean power projects pay an estimated $1.3 billion in state and local taxes providing enough new income to repair roads, invest in schools, and fund essential services.
Wednesday, August 17: Energy Transition for All – The energy transition is an unparalleled opportunity to create a better future for everyone by offering economic growth and opportunities for investment and innovation, alongside greater access to clean and affordable energy. The clean power industry has a broad range of programs that are working to increase the participation of diverse and underrepresented populations in the industry. The industry is also proud to employ veterans in the wind and solar sectors at rates 50% and 33% respectively higher than the national average.
Thursday, August 18: Reliability and Energy Security – Renewable energy is a reliable and increasing source of homegrown power for Americans across the country. Renewable energy sources are essential to the country's electricity mix, consistently providing a significant portion of American electricity. Grids across America would not be able to meet today's demand without renewables.
Friday, August 19: Building a Better Future – Clean power is building a better future for our planet. Transitioning to zero-carbon energy sources – like land-based wind, offshore wind, and solar – will help drive the clean energy economy forward while also benefiting our planet by reducing the carbon pollution produced by conventional generation sources.
During this week, ACP will also recognize elected officials and leaders across the country with Clean Power Champion Awards for their critical work in advancing clean energy.
The Clean Power Champion Awards are conferred to elected officials that have propelled the clean energy industry forward through policy and leadership. The 2022 Champion Award winners advocated for onshore wind, offshore wind, solar, energy storage, and transmission and helped support clean, homegrown, and reliable energy that will power our country and economy.
This year's recipients include, Senate Majority Leader Chuck Schumer (D-NY), House Speaker Nancy Pelosi (D-CA), Rep. Jake Auchincloss (D-MA), Rep. Earl Blumenauer (D-OR), Sen. Thomas Carper (D-DE), Sen. Michael Crapo (R-ID), Sen. Steve Daines (R-MT), Sen. Martin Heinrich (D-NM), California State Senator Robert M. Hertzberg (D-Van Nuys), Rep. Steven Horsford (D-NV), Texas State Representative Donna Howard (D-Austin), Rep. Bill Keating (D-MA) , Rep. David Rouzer (R-NC), Sen. Jacky Rosen (D-NV), Rep. Deborah Ross (D-NC), Sen. Thom Tillis (R-NC), Rep. Paul Tonko (D-NY) and Sen. Ron Wyden (D-OR).
- 442,900+ jobs supported in the clean energy workforce.
- $412 billion invested in wind, solar and energy storage projects.
- Total operating capacity: 211,406 MW – 58 million homes can be powered by clean energy in the U.S.
- $1.3 billion paid annually in state and local taxes.
- $1.4 billion in annual payments to landowners, farmers, ranchers.
- 413,382,000 metric tons of CO2 avoided – equivalent to taking 89 million cars off the road.
Passing the IRA means that by 2030 -
- There will be enough clean energy to power every home in America by 2030.
o There will be three times more clean energy on the electric grid. - The average American can expect to deposit over $1000 per year in energy savings by 2030.
- The IRA pays up to $14,000 for new appliances in your home, including heat pumps, hot water heaters, and induction stoves – which immediately start reducing energy costs and increasing savings.
- New clean energy projects will create $17 billion in state and local revenues for new schools, roads, and projects in local communities.
- The IRA is expected to catalyze $600 billion dollars in private investment into the grid through 2030.
- The clean energy workforce will more than double, adding another 550,000 jobs to American workforce, employing nearly 1 million Americans by 2030.
- Our air will be 40% cleaner by 2030 thanks to the greenhouse-gas emissions avoided by renewables, energy efficiency, and electrification.
- The IRA will catalyze billions to be invested in new, domestic manufacturing plants, creating new jobs for over 150,000 American workers to produce homegrown clean energy.
For a complete list of American Clean Power Week events, please click here.
About ACP: American Clean Power is the voice of the clean power industry that is powering America's future, providing cost-effective solutions to the climate crisis while creating jobs, spurring massive investment in the U.S. economy and driving high-tech innovation across the nation. We are uniting the power of America's renewable energy industry to advance our shared goals and to transform the U.S. power grid to a low-cost, reliable and renewable power system. Learn more about the benefits clean power brings to America at www.cleanpower.org and follow us on Twitter @USCleanPower, Facebook and LinkedIn.
Contact:
Jason Ryan, jryan@cleanpower.org
202-412-7005
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SOURCE American Clean Power Association | https://www.whsv.com/prnewswire/2022/08/15/american-clean-power-week-2022-kicks-off/ | 2022-08-15T21:55:58Z |
CLEVELAND, Aug. 15, 2022 /PRNewswire/ -- The Industrial Distribution M&A market continues to see healthy deal flow despite current market uncertainty, according to an industry report released by the Industrial Distribution investment banking team from Brown Gibbons Lang & Company (BGL).
Access the BGL Industrials Insider: https://bit.ly/BGLIndDistInsider2022
In the report, BGL examines the current state of the M&A market as well as the overall market and near-term outlook. Distributors are navigating a choppy environment. Supply chains and sourcing remain impacted yet have improved, and inflation and pricing are top concerns. Labor constraints, which have spurred automation and efficiency, are easing. Distributors that have exhibited resilience are benefiting from portfolio and balance sheet strength to weather any volatility.
Brisk deal flow is indicative of broad investor interest across distribution subsectors and active participation from strategic and financial buyers.
- Strategic buyers cite active pipelines and are actively pursuing M&A to diversify portfolios and expand product, customer, and geographic markets. Motion Industries (Kaman Distribution Group) and Rexel (Mayer Electric) and are among the strategic buyers to recently announce large transactions.
- Nautic Partners' acquisition of Vallen Distribution was a headliner in private equity transaction activity, illustrative of continuing interest in deploying dry powder into well-run distribution businesses as growth platforms.
- Serial acquirers are continuing their buying sprees, with Core & Main, Winsupply, Ferguson, and SRS Distribution among the buyers aggressively seeking acquisitive growth.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com
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SOURCE Brown Gibbons Lang & Company | https://www.whsv.com/prnewswire/2022/08/15/bgl-industrials-insider-industrial-distribution-mampa-remains-active-amid-market-uncertainty/ | 2022-08-15T21:56:04Z |
SACRAMENTO, Calif., Aug. 15, 2022 /PRNewswire/ -- The California Lawyers Association (CLA) commends the American Bar Association's (ABA) passing of a resolution opposing revision to the law prohibiting lawyers from sharing legal fees with non-lawyers and from transferring to non-lawyers ownership or control over entities practicing law. Resolution 402, passed during the ABA's annual conference in Chicago, upholds the notion that "sharing of legal fees with non-lawyers and the ownership or control of the practice of law by non-lawyers are inconsistent with the core values of the legal profession."
CLA voiced concerns in a September 2019 letter to the State Bar of California regarding potential amendments to Rule of Professional Conduct 5.4 that would allow non-lawyers to participate in fee-sharing and share in the profits or ownership of entities that deliver legal services, among other proposed recommendations aimed to address California's justice gap. CLA recognizes the necessity of mending California's justice gap, and it has urged the State Bar of California to consider alternative methods for correction that do not sacrifice the ethics of the legal profession, such as the funding of preexisting, effective programs, and addressing the existing knowledge gap as well as the true justice gap. CLA voiced its concerns to the State Bar of California once again in a January 2022 letter.
"On behalf of the California Lawyers Association, I was proud to support and recommend the adoption of Resolution 402," said Jeremy Evans, President of the California Lawyers Association. "I was very pleased to work with and see our wonderful California Delegation to the American Bar Association House of Delegates support Resolution 402, which received unanimous support, reconfirming our core values of practicing law to the highest standards, while protecting consumers, who are our clients," said President Evans.
Resolution 402 also reaffirms ABA policy in Resolution 20M115, encouraging U.S. jurisdictions to explore alternative methods of increasing access to justice, including addressing the affordability of legal services. While other state bar associations, including the Illinois State Bar Association and New York State Bar Association, have shown support for the ABA's resolution, it comes on the heels of states such as Arizona and Utah loosening fee sharing and law firm ownership restrictions, and others such as California, Michigan, and North Carolina considering similar changes.
"We should be doing everything that we can do in the legal profession to create greater pathways and enhance access to justice, but we should not do so in a manner that would negatively impact the constituents who need help the most," said Oyango Snell, Esq., CLA's CEO and Executive Director. "Resolution 402 amplifies the voices of the California legal community that sharing legal fees and ownership of legal services with non-lawyers could create unintended harm to consumers," said Snell.
CLA will continue to express its concerns relating to changes to the legal profession and exercise its voice on behalf of the entire legal community. Although a California-based organization, CLA will represent its constituents on both statewide and national levels.
Established in 2018, California Lawyers Association is the bar association for all California attorneys. CLA's mission is to promote excellence, diversity, and inclusion in the legal profession and fairness in the administration of justice and the rule of law.
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SOURCE California Lawyers Association | https://www.whsv.com/prnewswire/2022/08/15/california-lawyers-association-cla-commends-aba-resolution-reconfirming-core-values-law-firm-ownership/ | 2022-08-15T21:56:12Z |
MISSION, Texas, Aug. 15, 2022 /PRNewswire/ -- At the heart of any successful business is a motivated and capable workforce. And at the heart of any successful region is a strong and competent workforce pipeline. It equips companies with the necessary knowledge and skills to navigate the global marketplace. The Rio South Texas region understands that, and it demonstrates this understanding through the various public & private industry certified skills training programs, college-level dual-credit programs in high school, and the future-focused higher education institutions operating in Rio South Texas.
One great example of that is South Texas College's (STC) collaboration with FESTO and Fuji Automatic Numerical Control (FANUC), providing certified training programs on some of the world's most advanced Industry 4.0 manufacturing solutions to entering and experienced manufacturing industry professionals. FANUC is a leading supplier of robots, computer control systems, and factory automation, while FESTO's solutions are among the world best in Industry 4.0 factory floor and digital twin environments.
And it isn't just state-of-the-art manufacturing talent that is home-grown in Rio South Texas. The science of advanced materials used in the manufacturing processes of today and tomorrow is also being learned by the students in Rio South Texas, for example at The University of Texas – Rio Grande Valley (UTRGV) in their advanced nanoscience laboratory. The laboratory's research is primarily focused on experimental and theoretical condensed matter physics, with a wide range of solid-state phenomena being examined at the nano-structure system level. Partners for the program include the National Science Foundation, the Air Force Research Laboratory, and NASA.
These are only a couple of examples of the workforce development programs in the Rio South Texas region being leveraged to provide local companies and prospective investors with talent in industries such as battery, biotech, mobility, energy, and aerospace! With a strong and competent workforce pipeline, as well as partners in North America and across the globe, the students of Rio South Texas educational institutions of today are quickly becoming the faces of globally successful companies of tomorrow.
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/2022/08/15/costep-highlights-manufacturing-workforce-development-rio-south-texas/ | 2022-08-15T21:56:20Z |
- Gross revenues increased 45% YoY
- Net revenues increased 67% YoY
- Operating expenses decreased 10% YoY
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), a creator-first holding company today reported its financial results for the second quarter ended June 30, 2022. For the second quarter, Creatd grew its gross revenues by 45% to $3.6MM and is currently tracking to achieve between $15MM - $20MM in gross revenues for the year, above its previously stated guidance. During the quarter, net revenues grew to over $1.6MM, reflecting a 67% increase year-over-year. As the Company continues to navigate external headwinds, cost-cutting initiatives have been implemented and designed to streamline workflows and lower overall operating costs.
Savings generated as a result of the Company's second quarter 2022 cost-cutting measures will be reinvested into the Company to promote its growth and expansion and increase shareholder value. These investments will fuel numerous planned initiatives including: expanding Creatd Labs' technology stack; ramping up its marketing and data analysis; and growing Creatd Ventures' CPG brand portfolio. At the same time, the Company expects to further reduce operating expenses as it continues to optimize and reduce its marketing expenditure and scrutinize many of the contributing expenses within general & administrative expenses. Already, the Company has, subsequent to the second quarter, taken steps to reduce headcount materially to gain efficiencies, integrate acquired operations, and manage future expenses.
Additionally, the Company has announced that, effective on or before August 31, 2022, Jeremy Frommer, currently the Company's Executive Chairman, will be appointed as Chief Executive Officer, in addition to maintaining his position as Chairman of the Board. This announcement comes following a notification of intent of resignation received from Laurie Weisberg, Creatd's Chief Executive Officer, who will step down from the CEO position as well as from the Company's Board of Directors. Justin Maury, the Company's co-founder and COO, has been approved to join the board to replace her seat. This is expected to be effectuated shortly. While serving as a director, Mr. Maury will maintain his current role as Creatd's Chief Operating Officer.
Commented Creatd CEO Jeremy Frommer, "As a public company in the microcap space, we are subject to extreme volatility in our stock price, financing, and regulatory processes that can often take our management team's focus off of the broad mission to generate value for Creatd's shareholders, of which I am the largest. We recently withdrew a Rights Offering, due to what I firmly believe is a fast money marketplace that predominantly does not benefit shareholders. Instead, the space is seemingly riddled with obstacles, bureaucracy, and often bad actors. While the Rights Offering expansion plan would have exponentially accelerated Creatd's revenues and leveraged a rapidly approaching break-even cash flow moment, in its absence the Company can nevertheless continue to progress at the current pace of revenue expansion, and take advantage of available funding structures. But that is not my preference. Instead, I want to expand revenues rapidly given the inflection point the company is at, which was the very impetus for the Rights Offering. I am obligated now to work to maximize shareholder value, by exploring all alternatives, resources, and networks to accomplish as much. Part of that process includes spinning out assets from Creatd Studios, in particular the OG Collection, Inc. as well as the potential privatization of other assets."
About Creatd
Creatd, Inc. (Nasdaq CM: CRTD) is a creator-first technology holding company and the parent company of the Vocal platform. Our mission is to empower creators, entrepreneurs, and brands through technology and partnership. We accomplish this through Creatd's four business pillars: Creatd Labs, Creatd Partners, Creatd Ventures, and Creatd Studios.
Creatd: https://creatd.com;
Creatd IR: https://investors.creatd.com;
Vocal Platform: https://vocal.media;
Investor Relations Contact: ir@creatd.com
Forward-Looking Statements
Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings.
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SOURCE Creatd, Inc. | https://www.whsv.com/prnewswire/2022/08/15/creatd-announces-record-gross-revenues-36mm-its-second-quarter-2022-nears-break-even-gross-profit-margins-raises-full-year-gross-revenue-guidance-15mm-20mm/ | 2022-08-15T21:56:27Z |
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