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Wisconsin State Fair Announces Winning Dairy Products
MILWAUKEE, Aug. 15, 2022 /PRNewswire/ -- Crave Brothers Farmstead earns the coveted title of Grand Master Cheesemaker at the 2022 Wisconsin State Fair Blue Ribbon Dairy Products Auction on August 11. Wisconsin is America's Dairyland -- the state known for making the world's best dairy products.
"Every carton of milk, stick of butter, cup of yogurt or wedge of world-class cheese we export is a kind of ambassador, shorthand for the people and values that make Wisconsin the special place that it is," says Suzanne Fanning Chief Marketing Officer for Wisconsin Cheese and Senior Vice President of Dairy Farmers of Wisconsin. "For centuries Wisconsin has focused on crafting world-class dairy products."
This year's winner, Crave Brothers Farmstead Cheese, LLC who won for chocolate mascarpone, is run by four brothers and their families. They have a focus on renewable energy, use 100% green power and are proud to be a carbon-negative business. From the biodigester to water recovery and recycling, sustainability is top-of-mind at both the farm and cheese factory. This year, 2022, Crave Brothers is celebrating 20 years of award-winning cheesemaking from its farmstead in Waterloo, Wisconsin.
With more than 300 entries spanning 40 classes, the Wisconsin State Fair Dairy Products Contest Grand Champions also include:
- 2022 Grand Champion Butter – Organic Salted Butter, exhibited by CROPP Cooperative/Organic Valley of LaFarge
- 2022 Grand Champion Yogurt – Yodelay Rhubarb Swiss Yogurt, exhibited by Yodelay Yogurt of Madison
- 2022 Grand Champion Sour Cream – Sour Cream-based French Onion Dip, exhibited by Westby Co-Op Creamery of Westby
- 2022 Grand Champion Milk – Reduced Fat Milk, exhibited by Weber's Farm Store of Marshfield
This state's rich dairy heritage, with generations of dairy farmers and cheesemakers adopting time tested traditions with European roots are combined with a spirit of innovation that has built an entire community centered around dairy, which can only be found in Wisconsin. The state is home to one of only two Master Cheesemaker programs in the entire world and attracts hundreds of thousands of visitors each year to learn how Wisconsin leads worldwide dairy innovation and quality. To learn more about Wisconsin's Grand Champion winners visit www.wisconsincheese.com.
About Dairy Farmers of Wisconsin: Funded by Wisconsin dairy farmers, Dairy Farmers of Wisconsin is a non-profit organization that focuses on marketing and promoting Wisconsin's world-class dairy products. For more information, visit our website at WisconsinDairy.org.
About Wisconsin Cheese: The tradition of cheesemaking excellence began more than 150 years ago, before Wisconsin was recognized as a state. Wisconsin's 1,200 cheesemakers, many of whom are third- and fourth generation, continue to pass on old-world traditions while adopting modern innovations in cheesemaking craftsmanship. For more information, visit WisconsinCheese.com or connect on Facebook.
About Wisconsin State Fair Dairy Promotion Board: The board is made up of individuals passionate about promoting Wisconsin's $45.6 billion dairy industry during the Wisconsin State Fair. The board provides educational opportunities for attendees with its interactive Dairy Lane exhibit, located within the lower livestock barn at Wisconsin State Fair, and cow and goat milking demonstrations, held numerous times each day. The board also manages the Real Wisconsin Cheese Grill and Blue Ribbon Dairy Products Auction, which help fund scholarships for students pursuing careers in the dairy industry.
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SOURCE Dairy Farmers of Wisconsin | https://www.whsv.com/prnewswire/2022/08/15/dairy-contest-winners-compete-grand-champion/ | 2022-08-15T21:56:34Z |
IRVING, Texas, Aug. 15, 2022 /PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR) ("Darling" or the "Company") today announced the pricing of its private offering of $250.0 million aggregate principal amount of its 6% unsecured senior notes due 2030 (the "add-on notes"). The add-on notes will be issued as additional notes under the same indenture (the "indenture") as Darling's 6% senior notes due 2030, $750.0 million in aggregate principal amount of which were issued on June 9, 2022 (the "initial notes"). The add-on notes will have the same terms as the initial notes (other than issue date and issue price) and will, together with the initial notes, constitute a single class of securities under the indenture. The initial offering price to investors will be 102.0% of the principal amount thereof. The offering is expected to close on or about August 17, 2022, subject to satisfaction of customary closing conditions.
Darling intends to use the proceeds from the offering of the add-on notes (i) for general corporate purposes, including the repayment of indebtedness and (ii) to pay the costs, commissions, fees, and expenses incurred in connection with the offering of the add-on notes (including the initial purchasers' discount). Darling may temporarily apply proceeds to reduce revolving credit indebtedness or invest in cash equivalents, U.S. government securities and other high-quality debt investments pending application of the proceeds.
The add-on notes and related guarantees will be offered in the United States to persons reasonably believed to be "qualified institutional buyers" in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non‑U.S. persons in reliance on Regulation S under the Securities Act. The add-on notes and related guarantees will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the add-on notes and related guarantees, nor shall there be any offer to sell, solicitation of an offer to buy or sale of the add-on notes and related guarantees, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Darling
Darling Ingredients Inc. (NYSE: DAR) is the largest publicly traded company turning food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates 250 plants in 17 countries and repurposes nearly 15% of the world's meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals and pet food ingredients.
Cautionary Statements Regarding Forward-Looking Information
This press release contains "forward-looking" statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. Statements that are not statements of historical facts are "forward-looking" statements and are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "estimate," "project," "planned," "contemplate," "potential," "possible," "proposed," "intend," "believe," "anticipate," "expect," "may," "will," "would," "should," "could" and similar expressions are intended to identify "forward-looking" statements. "Forward-looking" statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such "forward-looking" statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its "forward-looking" statements as a result of a variety of factors, including many that are beyond the Company's control. These factors include, among others, existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company's products; reductions in raw material volumes available to the Company due to weak margins in the meat production industry as a result of higher feed costs, reduced consumer demand or other factors, reduced volume from food service establishments or otherwise; reduced demand for animal feed; reduced finished product prices, including a decline in fat and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the U.S. government's renewable fuel standard, low carbon fuel standards and tax credits for biofuels both in the United States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of 2009 H1N1 flu (initially known as "Swine Flu"), highly pathogenic strains of avian influenza (collectively known as "Bird Flu"), severe acute respiratory syndrome ("SARS"), bovine spongiform encephalopathy ("BSE"), porcine epidemic diarrhea ("PED") or other diseases associated with animal origin in the United States or elsewhere, such as the outbreak of African Swine Fever ("ASF") in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the current novel coronavirus (COVID-19) outbreak; unanticipated costs and/or reductions in raw material volumes related to the Company's compliance with the existing or unforeseen new U.S. or foreign (including, without limitation, China) regulations (including new or modified animal feed, Bird Flu, SARS, PED, BSE, ASF or similar or unanticipated regulations) affecting the industries in which we operate or our value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions and issues relating to the announced expansion project; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections imposed by foreign countries; difficulties or a significant disruption in the Company's information systems or failure to implement new systems and software successfully, risks relating to possible third party claims of intellectual property infringement; increased contributions to the Company's pension and benefit plans, including multiemployer and employer-sponsored defined benefit pension plans as required by legislation, regulation or other applicable U.S. or foreign law or resulting from a U.S. mass withdrawal event; bad debt write-offs; loss of or failure to obtain necessary permits and registrations; continued or escalated conflict in the Middle East, North Korea, Ukraine or elsewhere; uncertainty regarding the exit of the United Kingdom from the European Union; and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, climate conditions, currency exchange fluctuations, general performance of the United States and global economies, disturbances in world financial, credit, commodities and stock markets, and any decline in consumer confidence and discretionary spending, including the inability of consumers and companies to obtain credit due to lack of liquidity in the financial markets, among others, could cause actual results to vary materially from the "forward-looking" statements in this press release or negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company's ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. Other risks and uncertainties regarding the Company, its business and the industries in which it operates are referenced from time to time in the Company's filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update its "forward-looking" statements whether as a result of change of circumstances, new events or otherwise.
For More Information, contact:
Suann Guthrie, Vice President, Investor Relations, Sustainability and Global Communications
Suann.Guthrie@darlingii.com
(1) 469-214-8202
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SOURCE Darling Ingredients Inc. | https://www.whsv.com/prnewswire/2022/08/15/darling-ingredients-inc-announces-pricing-private-offering-2500-million-unsecured-senior-notes-due-2030/ | 2022-08-15T21:56:41Z |
MOUNT KISCO, N.Y., Aug. 15, 2022 /PRNewswire/ -- Edenbrook Capital, LLC (together with its affiliates, "Edenbrook"), one of the largest public shareholders of Hemisphere Media Group, Inc. (NASDAQ: HMTV) ("Hemisphere" or "the Company"), with ownership of approximately 14.94% of the publicly traded A shares and 7.65% of the total company, including the privately held, super-voting B shares, today announced that it has delivered the following letter to the Members of the Special Committee of the Board of Directors of Hemisphere.
Sonia Dulá
Rick Neuman
John Engelman
The Members of the Special Committee of the Board of Directors
Hemisphere Media Group, Inc.
Dear Sonia, Rick and John:
Our firm, Edenbrook Capital, LLC, is writing this letter as a follow-up to the one we sent to Chairman Peter Kern on May 16, 2022 ("May 16 letter") and to one we sent to you, the Special Committee, on June 8, 2022 ("June 8 letter"). We are once again addressing this letter to you, the independent members of the Board of Directors who sat on the Special Committee that blessed the proposed transaction for Hemisphere Media Group, Inc. ("the Company" or "Hemisphere") to be taken private by insiders (the "Insider Takeover"). In our previous letters we highlighted how the proposed Insider Takeover by Searchlight Capital Partners, L.P.1 ("Searchlight") dramatically undervalues the Company. In this letter we aim to demonstrate multiple troubling examples of how Searchlight appears to have abused its position as insider owners of Hemisphere and, by extension, how we believe the Special Committee abrogated its fiduciary duty to public shareholders by allowing Searchlight to run roughshod over the process in a way that favored Searchlight at the expense of public shareholders.
The Theft of Pantaya
In our previous letters, we discussed how, in conjunction with the Insider Takeover, Hemisphere intends to sell Pantaya, its streaming platform, to TelevisaUnivision at a price below what Hemisphere itself paid for this business in 2021, and how this deal is conflicted because Searchlight is both the controlling shareholder in Hemisphere and part of the ownership group of TelevisaUnivision. Specifically, on a Form 8-K, dated May 9, and filed May 10 ("the May 8-K"), the Company notes that it will be receiving $115 million in cash for selling Pantaya plus a promissory note for $10 million (as well as some radio stations in Puerto Rico). However, in the Preliminary Proxy Statement filed on Schedule 14A on June 27, 2022, the Company notes that on April 22, 2022, Company A "delivered to Hemisphere a…proposal to acquire Pantaya for $200 million in cash, subject to completion of financial and legal due diligence." Did the Company jump on this opportunity to sell Pantaya at a gain2 rather than sell it to insiders at a loss? To the contrary, per the June 27 Proxy, on May 1 the Special Committee met with its bankers from Moelis & Company LLC ("Moelis"); upon being told by Moelis that "Company A reported that they had not seen any significant issues in their due diligence to date," the Special Committee tasked Moelis with asking Company A to "submit an updated proposal in the next week." On May 4, Company A told Moelis that it would need "at least another month to complete their due diligence and finalize transaction documents." Not only was Company A not afforded this extra month, but on May 5, Searchlight told Moelis that "Searchlight understood that Univision was not willing to agree to a go-shop with respect to Pantaya." Again, Searchlight is the controlling shareholder in Hemisphere and part of the ownership group of TelevisaUnivision. So Searchlight is saying that Searchlight wouldn't agree to a go-shop with respect to Pantaya, precluding a higher bid from Company A or others coming in after a deal was announced.
What was the rush? Why could more time not be granted to a serious bidder at a higher price? If timing was of the essence to announce the sale of Pantaya to TelevisaUnivision, why not then allow a go-shop? The decisions to forego and neglect these options were, from our perspective, most certainly not in the best interests of public shareholders, however there was one party that clearly benefited from each, Searchlight. It's now three-plus months since the Insider Takeover was announced and valuations for technology and streaming companies have improved since May. Could the Company really not afford to give Company A the extra month to deliver more value to shareholders?
But it's even worse than that. By agreeing to an inside deal for Pantaya with Searchlight that is contingent upon Searchlight also being able to consummate the Insider Takeover for the rest of the Company at $7.00 per share, per terms outlined in the May 8-K, Searchlight is, in our view, stacking the deck in its favor and effectively saying: 1) only Searchlight, via TelevisaUnivision, can bid for Pantaya, and will do so at a sweetheart price; and, 2) Searchlight will only do so if also given the right to buy the rest of the Company at a song.
Had the Company sold Pantaya for $200 million in an independent transaction, what would be left is a highly cash-generative company with approximately $70 million in EBITDA and $63 million of free cash flow and basically a debt-free balance sheet after using the proceeds from Pantaya to pay down debt. According to FactSet, the average current trading multiple for comparable companies is 7x for Enterprise Value to EBITDA and 12x for Price to Free Cash Flow. That suggests that the stub trading value of Hemisphere would be $490-756 million, or $12.13-$18.71 per share, using approximately 40.4 million issued and outstanding public and private shares. A transaction multiple would be well in excess of this, and again, similar to the prior letters, we have not ascribed any value to other assets, including the $130 million ($3.22 per share) that the Company invested in Colombia broadcast company Canal Uno. In short, had the Company sold Pantaya to a willing bidder for $200 million, we believe public shareholders would have a remaining public company valued as an ongoing tradeable company at prices 73-167% above the $7.00 per share transaction price proposed by the Insider Takeover.
Are Other Buyers Getting Fair Looks?
In the June 27 Proxy, the Company disclosed that on June 3, 2022, the Special Committee received an Acquisition Proposal from Company E for $9.00 per share in cash, 29% above the proposed Insider Takeover of $7.00 per share. Also, per the June 27 Proxy, on June 5, 2022, the Special Committee received an Acquisition Proposal from Company F for $8.00 per share in cash. Despite two higher prospective cash bids, the Company still recommended the lower $7.00 per share bid from insiders when it filed the June 27 Proxy.
In an amended Proxy Statement filed on Schedule 14A on July 22, 2022, the Company disclosed that "during the months of June 2022 and July 2022, representatives of Company E continued to conduct due diligence on Hemisphere and to show an interest in pursuing a potential transaction with Hemisphere.
On July 20, 2022, Hemisphere and Company E entered into a confidentiality agreement for the sharing of Company E's confidential information." Despite further demonstrated interest from Company E in a higher cash offer, the Company still recommended the lower $7.00 per share bid from insiders in the July 22 Proxy.
In an additional amended Proxy Statement filed on Schedule 14A on August 10, 2022, the Company disclosed that "the Special Committee received a modified Acquisition Proposal from a representative of Company E to acquire all of the Hemisphere Common Stock for $8.00 per share in cash and $1.00 in the form of registered, freely-tradable shares of common stock of a public entity." Despite continued interest from Company E in a higher priced bid in cash, plus additional value in stock, the Company still recommended the lower $7.00 per share bid from insiders in the August 10 Proxy.
More troubling, in the August 10 Proxy, the Company disclosed that "Moelis and Davis Polk [legal advisor to the Special Committee] have not held initial substantive negotiations with the representatives of Company E and Company F." Two companies offered higher cash prices, and neither the bankers nor the attorneys representing the Special Committee have had initial substantive negotiations in the two months that have passed since receiving those bids. We wonder, how can you be properly exercising your fiduciary duty if you have not had initial negotiations with these parties who are offering higher cash prices? How can you continue to recommend a lower-priced cash offer when paths exist for higher cash bids?
It is particularly troubling that these other higher bids aren't being pursued with vigor when you allowed Searchlight to lower its own bid price from $8.00 to $7.75 to $7.00, per the June 27 Proxy, without receiving any valuable consideration in exchange. Further, the lowball bid from Searchlight, which you have recommended, has anchored other prospective buyers into thinking they can offer modest bumps in their introductory bids, rather than trying to get fair value, as we have demonstrated in our multiple letters. The Company has now, effective as of the August 10 Proxy, set a voting date of September 8 for the Insider Takeover, despite better options being available for Pantaya and the Company as a whole.
In closing, we believe that you have allowed, and continue to allow, Searchlight to escape with a lower price for Pantaya and for the Company as a whole, when public shareholders would be better off selling Pantaya to an unconflicted outside buyer and maintaining ownership in the remaining valuable, cash-generative assets. Why not just start over and pursue selling Pantaya along with the entire Company to an unconflicted outside buyer? In any case, your continued recommendation that public shareholders support a $7.00 bid from a conflicted insider that dramatically undervalues the company is, in our view, an outrageous dereliction of your fiduciary duties to all shareholders.
Sincerely,
Jonathan Brolin
Founder and Managing Partner
About Edenbrook Capital
Edenbrook Capital, based in Mount Kisco, NY, takes a private equity approach to public markets, principally through concentrated, long-term investments in small and mid-cap companies.
Disclaimer
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this letter and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this letter that are not clearly historical in nature or that necessarily depend on future events are "forward-looking statements," which are not guarantees of future performance or results, and the words "will," "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this letter and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this letter and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Edenbrook disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate.
Contact: Mike Goodwin, Mgoodwin@stantonprm.com, 646-502-3595
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SOURCE Edenbrook Capital, LLC | https://www.whsv.com/prnewswire/2022/08/15/edenbrook-capital-sends-letter-hemisphere-media-group-special-committee/ | 2022-08-15T21:56:47Z |
TORRANCE, Calif., Aug. 15, 2022 /PRNewswire/ -- Emmaus Life Sciences, Inc. (OTCQX: EMMA), a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease, today reported financial results for the three and six months ended June 30, 2022 and provided a business update.
Recent Highlights
"We are pleased to have realized significant increases in net revenues for two consecutive quarters after our sales were negatively impacted by COVID-19 related travel issues and lockdowns throughout much of 2021, and are looking forward to continued increases in sales in the Middle East North Africa region, where we are anticipating a decision on our marketing approval application for Endari in the Kingdom of Saudi Arabia before year-end and perhaps as early as the end of the third quarter," stated Yutaka Niihara, M.D., M.P.H., Chairman and Chief Executive Officer of Emmaus.
Dr. Niihara added, "We also are in discussions to possibly restructure or refinance our outstanding indebtedness and other current liabilities in conjunction with our efforts to improve sales."
Financial and Operating Results
Net Revenues. Net revenues for the three months and six months ended June 30, 2022 were $4.3 million and $7.5 million, respectively, compared to $6.5 million and $11.8 million, respectively, for same periods in 2021. The decrease was primarily attributable to lower bulk order purchases in 2022 compared to the same periods in 2021 due to overstocking by U.S. distributors in 2021. Net revenues in Q2 2022 increased by $1.1 million, or nearly 33%, from Q1 2022 net revenues of $3.2 million. Net revenues were positively affected by Q2 sales of Endari in the United Arab Emirates, where Endari was approved for marketing in May 2022, and, to a lesser extent, sales on an early access basis in the Kingdom of Saudi Arabia.
Operating Expenses. Total operating expenses for the three months ended June 30, 2022 were $5.3 million, compared with $5.6 million for the same period in 2021. Of the decreased expenses in Q2, $0.5 million was attributable to a decrease in professional fees, partially offset by a $0.2 million increase in payroll and travel expenses. Total operating expenses for the six months ended June 30, 2022 were $10.6 million, compared with $12.1 million for the same period in 2021. The decrease was due to a $1.8 million decrease in research and development expenses related to $0.5 million in cash and $0.5 million in shares of the Company common stock paid and issued in 2021 to Kainos Medicine, Inc. ("Kainos") to lead the clinical development of Kainos' patented IRAK4 inhibitor. Total operating expenses in Q2 2022 were substantially unchanged from Q1 2022.
Loss From Operations. Loss from operations for the three months ended June 30, 2022 was $1.4 million, compared to $0.5 million of income from operations in the same period in 2021. Operating loss for six months ended June 30, 2022 increased to $4.5 million, compared to $1.1 million for the same period last year. The increased operating losses resulted from lower net revenues in 2022 compared to 2021. Loss from operations in Q2 2022 decreased by $1.6 million, or 53.1%, from $3.1 million in Q1 2022 as a result of the increase in net revenues in Q2.
Other Income (Expense). Other expense increased by $9.1 million to $7.3 million for the three months ended June 30, 2022, compared to other income of $1.8 million in the same period in 2021. Other expense in Q2 included a $6.3 million decrease in change in fair value of conversion feature derivatives and a $2.4 million increase in foreign exchange loss as compared to Q1 2021.
Net Income (Loss). For the quarter, the company realized a net loss of $8.9 million, or $0.18 per share based on approximately 49.3 million weighted average basic and diluted common shares. This compares to net income of $2.5 million and earnings per share of $0.05 based on approximately 49.3 million weighted average basic and diluted common shares for the second quarter of 2021. The net loss was primarily attributable to the increase of $9.1 million in other expense and a $1.9 million increase in loss from operations discussed above. For the six months ended June 30, 2022, the company reported a net loss of $10.4 million, or $0.21 per share, based on approximately 49.3 million weighted average basic and diluted common shares. This compares to a net loss of $5.9 million, or $0.12 per share, based on approximately 49.2 million weighted average basic and diluted common shares for the six months ended June 30, 2021. Net loss for Q2 2022 increased by $7.4 million, or 477%, from $1.5 million in Q1 2022 because of the increase of $8.7 million in other expense, partially offset by a decrease of $1.6 million in loss from operations, as discussed above.
Liquidity and Capital Resources. At June 30, 2022, the company had cash and cash equivalents of $1.0 million, compared with $2.3 million at December 31, 2021. Cash and cash equivalents at June 30 included the net proceeds of a $1.8 million short-term loan from a third party finance lender. Based on the company's cash and cash equivalents, anticipated future revenues, current liabilities and expected operating expenses, management believes the company's working capital is insufficient to meet its needs for the next 12 months without restructuring or refinancing its existing indebtedness and other current liabilities and obtaining additional loans from related parties or debt or equity financing from third parties or curtailing certain operations or activities.
About Emmaus Life Sciences
Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease. The company currently markets and sells Endari® (L-glutamine oral powder), indicated to reduce the acute complications of sickle cell disease in adults and children 5 years and older, in the U.S. and in the United Arab Emirates, or U.A.E., and is pursuing marketing authorization for Endari® in the Kingdom of Saudi Arabia, Bahrain and other Gulf Cooperation Council countries. The company is also engaged in the discovery and development of innovative treatments and therapies for certain rare and orphan diseases as well as those affecting larger populations, such as diverticulosis and certain cancers. For more information, please visit www.emmausmedical.com.
About Endari® (prescription grade L-glutamine oral powder)
Endari®, Emmaus' prescription grade L-glutamine oral powder, is approved for marketing by the U.S. Food and Drug Administration and the U.A.E. Ministry of Health for treating sickle cell disease. Endari® is also available on a named-patient or early-access basis in France, the Netherlands, the United Kingdom, Saudi Arabia, Bahrain, Qatar, Oman, and Kuwait.
Indication
Endari® is indicated to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older.
Important Safety Information
The most common adverse reactions (incidence >10 percent) in clinical studies were constipation, nausea, headache, abdominal pain, cough, pain in extremities, back pain, and chest pain.
Adverse reactions leading to treatment discontinuation included one case each of hypersplenism, abdominal pain, dyspepsia, burning sensation, and hot flash.
The safety and efficacy of Endari® in pediatric patients with sickle cell disease younger than five years of age has not been established.
For more information, please see full Prescribing Information of Endari® at: www.ENDARIrx.com/PI.
Forward-looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding possible increased sales of Endari® in the U.A.E., possible marketing approval in the Kingdom of Saudi Arabia and perhaps other countries in the Middle East North Africa (MENA) region, possible restructuring or refinancing of outstanding indebtedness or possible equity or debt financings. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time, including risks and uncertainties relating to the company's working capital and ability to raise needed financing, risks inherent in the regulatory approval process and commercialization of Endari® in the MENA region, and other factors disclosed in the company's Annual Report on Form 10-K for 2021 and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and actual results may differ materially. Such forward-looking statements speak only as of the date they are made, and Emmaus assumes no duty to update them, except as may be required by law.
Company Contact:
Emmaus Life Sciences, Inc.
Willis Lee
Chief Operating Officer
(310) 214-0065, Ext. 1130
wlee@emmauslifesciences.com
(Financial Tables Follow)
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SOURCE Emmaus Life Sciences, Inc. | https://www.whsv.com/prnewswire/2022/08/15/emmaus-life-sciences-reports-q2-2022-financial-results-provides-business-update/ | 2022-08-15T21:56:53Z |
HUNTINGTON, W.Va., Aug. 15, 2022 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), generated revenues of $51.2 million and $129.2 million, respectively, for the three and nine months ended June 30, 2022. Net income was $1.6 million and $2.2 million, respectively, and adjusted EBITDA was $4.0 million and $7.7 million, respectively, for the three and nine months ended June 30, 2022. The Company had earnings per share of $0.10 and $0.14, respectively, for the three and nine months ended June 30, 2022, and backlog of $135.0 million (unaudited) at June 30, 2022.
Douglas Reynolds, President, commented on the announcement. "Energy Services had a good third quarter and we are looking for a strong fourth quarter to finish out fiscal year 2022." Reynolds continued, "Our acquisition of Tri-State Paving & Sealcoating, Inc. closed during the third quarter and is off to a great start. Our most recent acquisition, Ryan Construction Services, Inc., closed on August 11, 2022, and will broaden our geographic reach and diversify our construction services provided. We have also announced a share repurchase program that can begin after the June 30, 2022, earnings release. We believe all these things will be instrumental to the growth of both Energy Services and shareholder value."
Below is a comparison of the Company's operating results for the three and nine months ended June 30, 2022, as compared to the same periods in fiscal year 2021:
Please refer to the table below that reconciles adjusted EBITDA with net income available to common shareholders:
About Non-GAAP Financial Measures
We present Adjusted EBITDA, defined as earnings before interest expense, income tax expense (benefit), depreciation and amortization expense, dividends of preferred stock, and other non-operating expense (income), a non-GAAP financial measure, in this press release to provide a supplemental measure of our earnings. We believe that Adjusted EBITDA is a useful measure of the Company's cash flow. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation as a substitute for analysis of the Company' results as reported under GAAP.
About Energy Services
Energy Services of America Corporation (Nasdaq: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 800+ employees on a regular basis. The Company's core values are safety, quality, and production.
Certain statements contained in the release including, without limitation, the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans, the effect of the COVID-19 pandemic, the integration of acquired business and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
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SOURCE Energy Services of America | https://www.whsv.com/prnewswire/2022/08/15/energy-services-america-announces-financial-results-three-nine-months-ended-june-30-2022/ | 2022-08-15T21:57:00Z |
LOS ANGELES, Aug. 15, 2022 /PRNewswire/ -- FaZe Holdings Inc. (Nasdaq: FAZE) ("FaZe" or the "Company"), the lifestyle and media platform rooted in gaming and youth culture, today filed its financial results for the second quarter ended June 30, 2022 with the SEC. Summary financial results are included with this press release.
Recent Business Highlights
- Strong momentum with second quarter sales of $18.8 million, an increase of 22% year-over-year and a new quarterly record
- Listed on Nasdaq under the symbol FAZE through a SPAC deal raising $57.8 million in net proceeds
- Appointed Zach Katz to new role of President and Chief Operating Officer
- Launched "FaZe Subs" ghost kitchen brand in partnership with DoorDash
- Welcomed new members FaZe Deestroying, FaZe Ronaldo, FaZe Proze and FaZe Shanks to FaZe Clan; their combined total social media following exceeds 18 million
- Announced '1ON1' series with the National Football League ("NFL"), featuring FaZe Deestroying taking his multi-stage competitions to several cities during NFL preseason
- Introduced FaZe Clan Buffalo Chicken flavor Pizza Rolls with Totino's
- Expanded into gaming products in collaboration with Ducky and released merchandise collaborations with Disney, Naruto Shippuden and Lyrical Lemonade
- Announced new partnerships with GHOST, Current and RESPAWN
- Launched first-of-its-kind reality competition FaZe1 with over 750 million impressions across platforms and over 39 million minutes watched for FaZe1: The Warehouse and Road to FaZe1
- The FaZe Clan Counter-Strike: Global Offensive team won the PGL Antwerp Major, IEM Cologne, IEM Katowice, and ESL Pro League Season 15 all within the first half of the year – winning millions of dollars in cash and prizes
"With our entry into the public markets now behind us, FaZe is focused on monetizing across our four verticals: sponsorships, content, merchandise and esports," said Lee Trink, Chief Executive Officer of FaZe Clan. "We are building business momentum into the second half of the year and we are working to launch new business initiatives, particularly in the creator economy and Web3."
Second Quarter Financial Results
Revenues for the second quarter were $18.8 million, an increase of 22% from the prior-year second quarter and up 19% from $15.8 million in the 2022 first quarter. The increase in revenue was primarily driven by effective scaling and growth of our business through our various revenue streams, chiefly brand sponsorships and esports. FaZe reported an Adjusted EBITDA loss of ($4.1) million in the second quarter, compared with ($6.2) million in the year-ago second quarter.1 Adjusted EBITDA loss reflects Company investments in leadership personnel and marketing costs to drive its growth strategy.
On July 19, 2022, FaZe completed its merger with B. Riley Principal Merger Corp. and became a publicly traded company. FaZe received aggregate net proceeds of $57.8 million in the transaction and as of that date had $61 million in cash on its balance sheet. The Company has no long-term debt obligations.
1 Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Reconciliation" for our definition of, and additional information about, Adjusted EBITDA and for reconciliation to net loss, the most directly comparable U.S. GAAP financial measure.
Earnings Webcast Information
FaZe Holdings Inc will host a webcast and Q&A session today at 2:00 p.m. Pacific Time to discuss the Company's second quarter financial results. The webcast of the conference call can be accessed as follows:
Event: FaZe Holdings Inc Second Quarter 2022 Earnings Conference Call
Date: Monday, August 15, 2022
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Webcast: https://events.q4inc.com/attendee/243466355
Toll Free Dial-In: 1 (888) 440-6928
Toll Dial-In: 1 (646) 960-0328
Dial-In Conference ID: 1341513
An archived webcast of the conference call will also be accessible on FaZe Holdings Inc.'s Investor Relations page, https://investor.fazeclan.com.
About FaZe Holdings Inc:
FaZe Holdings Inc. (Nasdaq: FAZE) is a digital-native lifestyle and media platform rooted in gaming and youth culture, reimagining traditional entertainment for the next generation. Founded in 2010 by a group of kids on the internet, FaZe Clan was created for and by Gen Z and Millennials, and today operates across multiple verticals with transformative content, tier-one brand partnerships, a collective of notable talent, and fashion and consumer products. Reaching over 500 million followers across social platforms globally, FaZe Clan delivers a wide variety of entertainment spanning video blogs, lifestyle and branded content, gaming highlights and live streams of highly competitive gaming tournaments. FaZe Clan's roster of more than 85 influential personalities consists of engaging content creators, esports professionals, world-class gamers and a mix of talent who go beyond the world of gaming, including NFL star Kyler "FaZe K1" Murray, Lebron "FaZe Bronny" James Jr., Lil Yachty aka "FaZe Boat," Offset aka "FaZe Offset" and Snoop Dogg aka "FaZe Snoop." Its gaming division includes 11 competitive esports teams who have won 35 world championships. For more information, visit www.fazeclan.com, investor.fazeclan.com and follow FaZe Clan on Twitter, Instagram, YouTube, TikTok, and Twitch. The content of any website referenced or hyperlinked in this communication is neither incorporated into, nor part of, this communication.
FORWARD LOOKING STATEMENTS:
The information in this communication includes "forward-looking statements" pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included in this communication, regarding the company's strategy, future operations and financial performance, estimated financial position, estimated revenue and losses, projections of market opportunity and market share, projected costs, prospects, plans and objectives of management are forward-looking statements. These forward-looking statements generally are identified by the words "budget," "could," "forecast," "future," "might," "outlook," "plan," "possible," "potential," "predict," "project," "seem," "seek," "strive," "would," "should," "may," "believe," "intend," "expects," "will," "projected," "continue," "increase," and/or similar expressions that concern strategy, plans or intentions, but the absence of these words does not mean that a statement is not forward-looking. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on the management's belief or interpretation of information currently available.
These forward-looking statements are based on various assumptions, whether or not identified herein, and on the current expectations of management and are not predictions of actual performance. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, whether or not identified in this communication, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Many factors could cause actual results and condition (financial or otherwise) to differ materially from those indicated in the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the company. Forward-looking statements speak only as of the date they are made. While FaZe Clan may elect to update these forward-looking statements at some point in the future, FaZe Clan specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing FaZe Clan's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CONTACTS
Investors
ir@fazeclan.com
Media
chelsey.northern@fazeclan.com
NON-GAAP RECONCILIATION
This earnings release includes adjusted EBITDA, which is a non-GAAP measure that we use to supplement our results presented in accordance with U.S. GAAP. Adjusted EBITDA is defined as net loss before share-based compensation expense, exited activities expense, foreign currency gains and losses, interest expense, provision for income taxes, depreciation and amortization, and impairment of content assets. Adjusted EBITDA is used by the FaZe board and management as a key factor in determining the quality of our earnings (loss).
Adjusted EBITDA is a performance measure that we believe is useful to investors and analysts because it illustrates the underlying financial and business trends relating to our core, recurring results of operations and enhances comparability between periods.
Adjusted EBITDA is not a recognized measure under U.S. GAAP and is not intended to be a substitute for any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.Investors should exercise caution in comparing our non-GAAP measure to any similarly titled measure used by other companies. This non-GAAP measure excludes certain items required by U.S. GAAP and should not be considered as alternatives to information reported in accordance with U.S. GAAP.
The table below presents our adjusted EBITDA, reconciled to our net loss, the most directly comparable U.S. GAAP financial measure, for the periods indicated.
While not included in the adjustments above, management also removes certain expenses for internal reporting purposes, as they are unpredictable and not considered core to our operations. These expense adjustments that are utilized for internal reporting purposes include expenses related to legal settlements, legal fees outside of the ordinary course of business, and severance. For the three months ended June 30, 2022, and 2021, legal settlements totaled $0 million and $0 million, legal fees outside of the ordinary course of business totaled $0 million and $0.7 million, and severance expenses totaled $0 million and $0.1 million, respectively.
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SOURCE FaZe Clan | https://www.whsv.com/prnewswire/2022/08/15/faze-holdings-inc-reports-second-quarter-2022-financial-results/ | 2022-08-15T21:57:07Z |
Total revenue of $27.2 million, up 41% year-over-year
Run-rate revenue(1) at June 30, 2022 of $115 million, up 15% compared to June 30, 2021
Annual Recurring Revenue(1) at June 30, 2022 of $103 million, up 16% compared to June 30, 2021
Reaffirms run-rate revenue guidance of $173 million for 2022
WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- FiscalNote (NYSE: NOTE), a leading technology provider of global policy and market intelligence, today announced financial results for the second quarter ended June 30, 2022, which demonstrate the company's continued marketplace leadership and momentum, powered by customer wins, net retention, and strong results from M&A integrations.
"With FiscalNote's listing on August 1, 2022, we are excited to be a public company with the resources and capital needed to fuel our ongoing organic and inorganic growth, and execute on our long-term business strategy," stated Tim Hwang, FiscalNote's Chairman, CEO, and Co-founder. "FiscalNote enters the public markets with a strong, fully-funded balance sheet and capital availability, a growing base of recurring revenue, a suite of innovative product offerings which continue to expand our market leadership, a diverse and global blue chip client base across both public and private sectors, and a talented and growing team. We remain focused on sustainable growth, bolstered by our second quarter total GAAP revenue increasing 41%, and we reiterate achieving positive Adjusted EBITDA for the fourth quarter of 2023. We remain confident we will exit this year with run-rate revenue of $173 million through a combination of our organic growth and a robust and deep M&A pipeline during the remainder of 2022."
Second Quarter 2022 Financial Highlights
- Revenue: Total revenue for the second quarter of 2022 was $27.2 million, up 41% from the second quarter of 2021. Within total revenue, subscription revenue was $24.3 million and advisory, advertising, and other revenue was $2.8 million, up 40% and 50% respectively from the second quarter of 2021. Non-GAAP adjusted total revenue(2) for the second quarter of 2022 was $27.9 million, up 42% from the second quarter of 2021, and non-GAAP subscription revenue(2) was $25.1 million, up 42% from the second quarter of 2021.
- Gross Profit: Gross profit for the second quarter of 2022 was $19.5 million, compared to $14.3 million for the second quarter of 2021. Gross margin for the second quarter of 2022 was 72%, compared to 74% for the second quarter of 2021. Non-GAAP adjusted gross profit(2) for the second quarter of 2022 was $22.2 million, compared to $15.9 million for the second quarter of 2021. Non-GAAP adjusted gross margin(2) was 80% for the second quarter of 2022, compared to 81% for the second quarter of 2021.
- Net Loss: Net loss for the second quarter of 2022 was $38.4 million, compared to $34.1 million for the second quarter of 2021.
- Adjusted EBITDA(2): Adjusted EBITDA loss for the second quarter of 2022 was $5.0 million, compared to an Adjusted EBITDA loss of $6.6 million for the second quarter of 2021.
- Following the Company's successful business combination and listing - which resulted in approximately $92 million of cash on the balance sheet, $150 million of gross debt, and $100 million of additional debt capacity - ample funding is provided for organic and M&A opportunities.
Second Quarter 2022 Key Metrics
- Run-Rate Revenue: Run-rate revenue rose to $115 million at June 30, 2022, from $100 million at June 30, 2021, representing a 15% increase on a pro forma basis after giving effect to the businesses acquired in 2021.
- Annual Recurring Revenue ("ARR"): ARR rose to $103 million at June 30, 2022, from $89 million at June 30, 2021, representing a 16% increase on a pro forma basis after giving effect to the businesses acquired in 2021.
- Net Revenue Retention: Net revenue retention was 99%, an increase of 100 basis points from the prior quarter.
Second Quarter 2022 Key Business Highlights
- FiscalNote entered into new, renewed, or expanded relationships with leading global brands and government entities such as Nestle, Boeing, Paycom, and a number of leading U.S. and global government institutions.
- FiscalNote's Voter Voice advocacy platform launched Topics, an AI-powered feature that maps engagement to key issue areas for users, helping clients measure and improve campaign results.
- FiscalNote's Curate expanded the depth of coverage it provides to customers to include school boards. In addition to more than 12,000 local governments, Curate now monitors more than 4,000 school districts on a daily basis, providing coverage for approximately 98% of school districts with enrollment greater than 5,000 students.
- FiscalNote and its customers — Health Policy Advocates, Credit Union National Association, Cruise Lines International Association, and National Retail Federation — received top honors at the 2022 Reed Awards for excellence in grassroots advocacy.
Financial Outlook for 2022
FiscalNote is reaffirming its guidance(3) for full year 2022 as follows:
- Run-rate revenue of $173 million by end of year.
- Organic run-rate revenue to accelerate to $136 million by end of year, representing approximately 25% year over year growth.
- Adjusted EBITDA loss of approximately $23 million.
In addition, the company reiterates that it remains on track to achieve positive Adjusted EBITDA within the fourth quarter of 2023.
Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables included below. Information regarding our key performance indicators is included below under "Key Performance Indicators."
Quarterly Conference Call
FiscalNote will host a conference call today, Monday, August 15, 2022, at 5:00 p.m. Eastern Time (U.S.) to review the Company's financial results for the second quarter ended June 30, 2022. To access this call, dial 1 (888) 660-6510 for the U.S. or Canada, or 1 (929) 203-0882 for callers outside the U.S. or Canada with the conference ID 1271923. A live webcast of the conference call will be accessible from the Investor Relations section of FiscalNote's website at https://investors.fiscalnote.com/, and a recording will be archived and accessible at https://investors.fiscalnote.com/. An audio replay of this conference call will also be available through August 29, 2022, 11:59pm ET, by dialing 1-800-770-2030 for the U.S. or Canada, or 1-647-362-9199 for callers outside the U.S. or Canada, and entering 1271923.
(1) "Run-Rate Revenue" and "Annual Recurring Revenue", or "ARR", are key performance indicators (KPIs). Please see "Key Performance Indicators" in this earnings release for the definitions and important disclosures regarding these measures.
(2) Non-GAAP measure. Please see "Non-GAAP Financial Measures" in this earnings release for definitions and important disclosures regarding these financial measures, including reconciliations to the most directly comparable GAAP measure.
(3) Because of the variability of items impacting net income and unpredictability of future events, management is unable to reconcile without unreasonable effort the company's forecasted adjusted EBITDA to a comparable GAAP measure.
About FiscalNote
FiscalNote (NYSE: NOTE) is a leading technology provider of global policy and market intelligence. By uniquely combining AI technology, actionable data, and expert and peer insights, FiscalNote empowers customers to manage policy, address regulatory developments, and mitigate global risk. Since 2013, FiscalNote has pioneered technology that delivers mission-critical insights and the tools to turn them into action. Home to CQ, Equilibrium, FrontierView, Oxford Analytica, VoterVoice, and many other industry-leading brands, FiscalNote serves more than 5,000 customers worldwide with global offices in North America, Europe, Asia, and Australia. To learn more about FiscalNote and its family of brands, visit FiscalNote.com and follow @FiscalNote.
Contacts:
Media
FiscalNote
Nicholas Graham
press@fiscalnote.com
Investors
ICR, Inc. for FiscalNote
Sean Hannan
IR@fiscalnote.com
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote's future financial or operating performance. For example, statements regarding FiscalNote's financial outlook for future periods, expectations regarding profitability and anticipated growth in the industry in which FiscalNote operates are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma," "may," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Factors that may impact such forward-looking statements include, but are not limited to:
- FiscalNote's ability to effectively manage its growth;
- changes in FiscalNote's strategy, future operations, financial position, estimated revenue and losses, forecasts, projected costs, prospects and plans;
- FiscalNote's future capital requirements;
- demand for FiscalNote's services and the drivers of that demand;
- FiscalNote's ability to provide highly useful, reliable, secure and innovative products and services to its customers;
- FiscalNote's ability to attract new customers, retain existing customers, expand its products and service offerings with existing customers, expand into geographic markets or identify areas of higher growth;
- risks associated with international operations, including compliance complexity and costs, increased exposure to fluctuations in currency exchange rates, political, social and economic instability, and supply chain disruptions;
- FiscalNote's ability to develop, enhance, and integrate its existing platforms, products, and services;
- FiscalNote's ability to successfully identify acquisition opportunities, make acquisitions on terms that are commercially satisfactory, successfully integrate potential acquired businesses and services, and subsequently grow acquired businesses;
- FiscalNote's estimated total addressable market and other industry and performance projections;
- FiscalNote's reliance on third-party systems that it does not control to integrate with its systems and its potential inability to continue to support integration;
- potential technical disruptions, cyberattacks, security, privacy or data breaches or other technical or security incidents that affect FiscalNote's networks or systems or those of its service providers;
- FiscalNote's ability to obtain and maintain accurate, comprehensive, or reliable data to support its products and services;
- FiscalNote's ability to introduce new features, integrations, capabilities, and enhancements to its products and services;
- FiscalNote's ability to maintain and improve its methods and technologies, and anticipate new methods or technologies, for data collection, organization, and analysis to support its products and services;
- competition and competitive pressures in the markets in which FiscalNote operates;
- larger well-funded companies shifting their existing business models to become more competitive with FiscalNote;
- FiscalNote's ability to protect and maintain its brands;
- FiscalNote's ability to comply with laws and regulations in connection with selling products and services to U.S. and foreign governments and other highly regulated industries;
- FiscalNote's ability to retain or recruit key personnel;
- FiscalNote's ability to effectively maintain and grow its research and development team and conduct research and development;
- FiscalNote's ability to adapt its products and services for changes in laws and regulations or public perception, or changes in the enforcement of such laws, relating to artificial intelligence, machine learning, data privacy and government contracts;
- the impact of the COVID-19 pandemic and other similar disruptions in the future;
- adverse general economic and market conditions reducing spending on our products and services;
- the outcome of any known and unknown litigation and regulatory proceedings;
- FiscalNote's ability to successfully establish and maintain public company-quality internal control over financial reporting;
- intense competition and competitive pressures from other companies worldwide in the industries in which the combined company will operate; and
- litigation and the ability to adequately protect FiscalNote's intellectual property rights.
These and other important factors discussed under the caption "Risk Factors" in FiscalNote's definitive proxy statement / prospectus and filed with the Securities and Exchange Commission on July 5, 2022 could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FiscalNote and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FiscalNote undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. Where applicable, we provide reconciliations of these non-GAAP measures to the corresponding most closely related GAAP measure. Investors are encouraged to review the reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure. While we believe that these non-GAAP financial measures provide useful supplemental information, non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be comparable to similarly titled measures of other companies due to potential differences in their financing and accounting methods, the book value of their assets, their capital structures, the method by which their assets were acquired and the manner in which they define non-GAAP measures.
Adjusted Revenue
Adjusted revenue represents revenue adjusted to include amounts that would have been recognized if deferred revenue was not adjusted to fair value in connection with the businesses we acquired in 2021. Adjusted revenue is presented because we use this measure to evaluate performance of our business against prior periods and believe it is a useful indicator of the underlying performance of our business. Adjusted revenue is not a recognized term under GAAP. Adjusted revenue does not represent revenues, as that term is defined under GAAP, and should not be considered as an alternative to revenues as an indicator of our operating performance. Adjusted revenue as presented herein is not necessarily comparable to similarly titled measures presented by other companies.
Adjusted Gross Profit and Adjusted Gross Profit Margin
We define Adjusted Gross Profit as Adjusted Revenue minus cost of revenues, before amortization of intangible assets that are included in costs of revenues. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by Adjusted Revenues.
We use Adjusted Gross Profit and Adjusted Gross Profit Margin to understand and evaluate our core operating performance and trends. We believe these metrics are useful measures to us and to our investors to assist in evaluating our core operating performance because it provides consistency and direct comparability with our past financial performance and between fiscal periods, as the metrics eliminate the non-cash effects of amortization of intangible assets and deferred revenue, which are non-cash impacts that may fluctuate for reasons unrelated to overall operating performance.
Adjusted Gross Profit and Adjusted Gross Profit Margin have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP and should not be considered as replacements for gross profit and gross profit margin, as determined by GAAP, or as measures of our profitability. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP measures only for supplemental purposes. Adjusted Gross Profit and Adjusted Gross Profit Margin as presented herein is not necessarily comparable to similarly titled measures presented by other companies.
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA reflects further adjustments to EBITDA to exclude certain non-cash items and other items that management believes are not indicative of ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by Adjusted Revenue.
We disclose EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin because they are key measures used by management to evaluate our business, measure our operating performance and make strategic decisions. We believe that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are useful for investors and others in understanding and evaluating our operating results in the same manner as management. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin should not be considered as substitutes for net loss, net loss before income taxes, or any other operating performance measure calculated in accordance with GAAP. Using these non-GAAP financial measures to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report measures titled EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin or similar measures, such non-GAAP financial measures may be calculated differently from how we calculate non-GAAP financial measures, which reduces their comparability. Because of these limitations, you should consider EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin alongside other financial performance measures, including net income and our other financial results presented in accordance with GAAP.
Adjusted Revenues
The following table presents our calculation of Adjusted Revenues for the periods presented, and a reconciliation of this measure to our GAAP revenues for the same periods:
Adjusted Gross Profit and Adjusted Gross Profit Margin
The following table presents our calculation of Adjusted Gross Profit and Adjusted Gross Profit Margin for the periods presented:
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
The following table presents our calculation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin for the periods presented:
Key Performance Indicators
We also monitor the following key performance indicators to evaluate growth trends, prepare financial projections, make strategic decisions, and measure the effectiveness of our sales and marketing efforts. Our management team assesses our performance based on these key performance indicators because it believes they reflect the underlying trends and indicators of our business and serve as meaningful indicators of our continuous operational performance.
Annual Recurring Revenue ("ARR")
Approximately 90% of our revenues are subscription based, which leads to high revenue predictability. Our ability to retain existing subscription customers is a key performance indicator that helps explain the evolution of our historical results and is a leading indicator of our revenues and cash flows for subsequent periods. We use ARR as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring subscription customer contracts. We calculate ARR on an account level by annualizing the contracted subscription revenue, and our total ARR as of the end of a period is the aggregate thereof. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades, or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to timing of the revenue bookings during the period, cancellations, upgrades, or downgrades and pending renewals. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.
Run-Rate Revenue
Management also monitors run-rate revenue, which we define as ARR plus non-subscription revenue earned during the last twelve months. We believe run-rate revenue is an indicator of our total revenue growth, incorporating the non-subscription revenue that we believe is a meaningful contribution to our business as a whole. Although our non-subscription business is non-recurring, we regularly sell different advisory services to repeat customers. The amount of actual subscription and non-subscription revenue that we recognize over any 12-month period is likely to differ from run-rate revenue at the beginning of that period, sometimes significantly.
Net Revenue Retention ("NRR")
Our NRR, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our NRR for a given period as ARR at the end of the period minus ARR contracted from new clients for which there is no historical revenue booked during the period, divided by the beginning ARR for the period. For our federal government clients, we consider subdivisions of the same executive branch department or independent agency (for example, divisions of a single federal department or agency) to be a single customer for purposes of calculating our account-level ARR and NRR. For our commercial clients, we consider subdivisions of the same legal entity as separate customers. Customers from acquisitions are not included in NRR until they have been part of our condensed consolidated results for 12 months. Our calculation of NRR for any fiscal period includes the positive recurring revenue impacts of selling additional licenses and services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our NRR may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of NRR may differ from similarly titled metrics presented by other companies.
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THOMASVILLE, Ga., Aug. 15, 2022 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO), producer of Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, today announced David Roach, formerly president of cake operations for Flowers, has been named chief strategic projects officer, effective immediately. In this newly created role, David is responsible for leading various strategic projects for the company and will continue to report to Brad Alexander, chief operating officer. Tom Winters, Flowers' chief supply chain officer, is now responsible for overseeing cake operations.
"David has nearly 30 years of leading successful teams at Flowers," said Alexander. "As president of cake operations, he has done an outstanding job of driving operational efficiencies at our snack bakeries. His tremendous experience, leadership skills, and operational knowledge will serve us well as he leads our strategic projects efforts across the company."
Roach began his career with Flowers in route sales in Atlanta, Ga., and worked in sales management prior to being named regional sales director in the central region. He was vice president of sales for Flowers Baking Co. of Villa Rica in Villa Rica, Ga., and later named president of the bakery. He also served as president of East Tennessee Baking company in Nashville, Tenn., before becoming senior vice president of the central region. During his career, he has held a number of leadership roles in sales and marketing, including the company's national accounts team and organics business. Prior to his most recent role as president of cake operations, he was president of the snacking/specialty business unit.
Roach's industry involvement includes serving as a member and chairman of the Executive Leadership Development Committee (ELDC) of the American Bakers Association, past board member of Quality Bakers of America and chairman of its marketing committee, and a past member of the Grain Foods Foundation marketing committee. Roach also served on the board of directors of Dave's Killer Bread Second Chance Foundation. He holds a bachelor's degree in business administration with a major in marketing from Georgia Southwestern State University.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2021 sales of $4.3 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, and Tastykake. Learn more at www.flowersfoods.com.
Forward-Looking Statements
Statements contained in this filing and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the "company", "Flowers Foods", "Flowers", "us", "we", or "our") and its representatives that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to current expectations regarding recent management changes and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based upon assumptions we believe are reasonable. Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in our Annual Report on Form 10-K (the "Form 10-K") and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC') and may include, but are not limited to, (a) unexpected changes in any of the following: (1) general economic and business conditions; (2) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (3) interest rates and other terms available to us on our borrowings; (4) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (5) relationships with or increased costs related to our employees and third-party service providers; (6) laws and regulations (including environmental and health-related issues); and (7) accounting standards or tax rates in the markets in which we operate, (b) the ultimate impact of the COVID-19 pandemic and future responses and/or measures taken in response thereto, including, but not limited to, new and emerging variants of the virus and the efficacy and distribution of vaccines, which are highly uncertain and are difficult to predict, (c) the loss or financial instability of any significant customer(s), including as a result of product recalls or safety concerns related to our products, (d) changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store branded products, (e) the level of success we achieve in developing and introducing new products and entering new markets, (f) our ability to implement new technology and customer requirements as required, (g) our ability to operate existing, and any new, manufacturing lines according to schedule, (h) our ability to implement and achieve our environmental, social, and governance ("ESG") goals in accordance with suppliers, regulations, and customers; (i) our ability to execute our business strategies which may involve, among other things, (1) the ability to realize the intended benefits of planned or contemplated acquisitions, dispositions or joint ventures, (2) the deployment of new systems (e.g., our enterprise resource planning ("ERP") system), distribution channels and technology, and (3) an enhanced organizational structure, (j) consolidation within the baking industry and related industries, (k) changes in pricing, customer and consumer reaction to pricing actions (including decreased volumes), and the pricing environment among competitors within the industry, (l) our ability to adjust pricing to offset, or partially offset, inflationary pressure on the cost of our products; (m) disruptions in our direct-store-delivery distribution model, including litigation or an adverse ruling by a court or regulatory or governmental body, or other regulatory developments, that could affect the independent contractor classifications of the independent distributor partners, (n) increasing legal complexity and legal proceedings that we are or may become subject to, (o) labor shortages and turnover or increases in employee and employee-related costs, (p) the credit, business, and legal risks associated with independent distributor partners and customers, which operate in the highly competitive retail food and foodservice industries, (q) any business disruptions due to political instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine), incidents of terrorism, natural disasters, labor strikes or work stoppages, technological breakdowns, product contamination, product recalls or safety concerns related to our products, or the responses to or repercussions from any of these or similar events or conditions and our ability to insure against such events, (r) the failure of our information technology ("IT") systems to perform adequately, including any interruptions, intrusions, cyber-attacks or security breaches of such systems or risks associated with the planned implementation of the upgrade of our ERP system; and (s) the potential impact of climate change on the company, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the company (such as in our other filings with the SEC or in company press releases) for other factors that may cause actual results to differ materially from those projected by the company. Refer to Part I, Item 1A., Risk Factors, of the Form 10-K, Part II, Item 1A., Risk Factors of the Form 10-Q for the quarter ended July 16, 2022 and subsequent filing with the SEC for additional information regarding factors that could affect the company's results of operations, financial condition and liquidity. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. You are advised, however, to consult any further public disclosures by the company (such as in our filings with the SEC or in company press releases) on related subjects.
FLO-CORP
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NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, announced today that its Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.40 per share, which will be payable on October 28, 2022 to shareholders of record on October 14, 2022.
Foot Locker, Inc. leads the celebration of sneaker and youth culture around the globe through a portfolio of brands including Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS, and Sidestep. With approximately 2,800 retail stores in 28 countries across North America, Europe, Asia, Australia, and New Zealand as well as websites and mobile apps, the Company's purpose is to inspire and empower youth culture around the world, by fueling a shared passion for self-expression and creating unrivaled experiences at the heart of the global sneaker community. Foot Locker, Inc. has its corporate headquarters in New York. For additional information please visit footlocker-inc.com.
Contact: Robert Higginbotham
Vice President, Investor Relations
robert.higginbotham@footlocker.com
(212) 720-4600
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SOURCE Foot Locker IR | https://www.whsv.com/prnewswire/2022/08/15/foot-locker-inc-declares-quarterly-dividend-040-per-share/ | 2022-08-15T21:57:27Z |
ATLANTA, Aug. 15, 2022 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today its Board of Directors declared a regular quarterly cash dividend of eighty-nine and one-half cents ($0.895) per share on the Company's common stock.
The dividend is payable October 3, 2022 to shareholders of record September 2, 2022.
Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company's Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal. The Company's Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the Company serves its global customers from an extensive network of more than 10,000 locations in 17 countries and has approximately 53,000 employees. Further information is available at www.genpt.com.
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This is the fourth acquisition for Givex in the last 18 months, expanding its product offerings and global footprint
TORONTO, Aug. 15, 2022 /PRNewswire/ - Givex Information Technology Group LTD ("Givex") (TSX: GIVX) (OTCQX: GIVXF) has completed the purchase of all of the outstanding shares of Counter Solutions Holdings LTD ("Counter Solutions").
"The acquisition of Counter Solutions marks the fourth acquisition for Givex in the last 18 months, which showcases our commitment to strategic international growth," said Don Gray, CEO of Givex. "Counter Solutions' products complement the Givex portfolio and allow us to add unattended retail functionality to our current POS and kiosk offerings."
Founded in 1989, UK-based Counter Solutions offers many technology solutions that align with Givex's products, including POS, kiosk and digital ordering, inventory management and more. Givex was attracted to Counter Solutions' WAY2PAY self-service & smart-refrigeration platform, which allows customers to unlock refrigerators by preauthorizing a debit or credit card on a pin pad, and select, scan and pay for their items themselves.
Now, with the support of Givex's end-to-end technology platform and deep team, Counter Solutions can seamlessly offer Givex products, like GivexPOS, online ordering, kitchen display system (KDS) and more, to its roster of enterprise clients without having to create partnerships with various external partners.
"Counter Solutions is the perfect complement to the Givex product suite and team, which expands our global footprint," said Jurgen Ketel, Managing Director of Givex EMEA. "We have made major headway in our growth in the UK and throughout Europe, and the Middle East and this acquisition offers another opportunity to expand the breadth and depth of our clients under one common platform."
Counter Solutions counts some of the biggest brands in the UK as clients, including Morrisons, Marks & Spencer, John Lewis & Partners and Waitrose & Partners, and will add approximately 1,000 merchant locations to Givex's global footprint of more than 115,000 merchant locations using at least one Givex service. The acquisition will be paid for through a combination of cash, debt and GITL shares (subject to the final acceptance by the Toronto Stock Exchange) and total consideration will be consistent with prior acquisition multiples and terms.
"Our significant progress over the last two years has led to the consideration of how we scale up our operations in line with our vision and values," said Richard Bernans, Managing Director of Counter Solutions Group. "We have found the right home with Givex, and there is a huge opportunity to leverage each other's strengths and fast-track our growth. Givex offers the best elements of a global enterprise such as brand, scale and resources, whilst retaining the best elements of smaller or emerging enterprises, such as agility and community. We are excited to progress this journey and join forces with Givex."
Givex (TSX: GIVX; OTCQX: GIVXF) is a global fintech company providing merchants with customer engagement, point of sale and payment solutions, all in a single platform. We are integrated with 1000+ technology partners, creating a fully end-to-end solution that delivers powerful customer insights. Our platform is used by some of the world's largest brands, comprising approximately 115,000+ active locations across more than 100 countries. Learn more at www.givex.com.
Counter Solutions create connected digital experiences for the retail & hospitality sectors, helping brands implement self-service technology solutions to improve their customer experience & drive productivity gains. Their WAY2PAY platform comprises of self-order, self-checkout, smart refrigeration & menu management technology and is trusted by many leading enterprise retailers within the UK. Learn more at www.countersolutions.com.
This press release contains certain forward-looking statements, including statements about the Corporation's future plans and intentions, and the closing of the proposed acquisition of Counter Solutions Group. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward- looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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VANCOUVER, BC, Aug. 15, 2022 /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three and nine months ended June 30, 2022 and provide an update on recent asset advancements. The Company will be hosting an Investor Webcast to discuss these results and update on Thursday, August 18 at 11:00 AM EDT. All amounts expressed in U.S. dollars unless otherwise noted.
David Garofalo, Chairman and CEO of Gold Royalty, commented,
"While we continue to achieve new revenue records in the current year, our projected peer-leading growth over the next several years is expected to continue to be driven by our diverse portfolio of royalties on gold mines entering production, including Odyssey and Côté and increasing gold production expected by the operators at Beaufor and Jerritt Canyon. Beyond these near-term cash flow drivers, our existing portfolio has exposure to over 700,000 meters of drilling, the equivalent of over $200 million of exploration expenditures, announced by our operating partners in 2022 alone, providing multiple exploration catalysts across our portfolio."
Highlights for the three and nine months ended June 30, 2022, include:
- Record revenues of $1.9 million and $3.1 million, respectively.
- Strong projected revenue guidance reiterated for Gold Royalty's first full fiscal year of approximately $5.0 million, supported by the commencement of production at the Beaufor mine and the Beacon Mill in July 2022, and the recent commencement of royalty payments from the Borden mine.
- Projected peer-leading multi-year growth in revenues from, among others, the underground expansion of Odyssey at Canadian Malartic in Québec and the startup of the Côté Gold mine in Ontario supports a current annual dividend yield of over 1%.
- Cash, cash equivalents and marketable securities of approximately $17.1 million as at June 30, 2022, positioning the Company well for further growth. This excludes an accordion feature in the revolving loan facility with Bank of Montreal providing for an additional $15.0 million of availability, subject to certain conditions.
- Gold Royalty now has 198 royalties with focus on the best mining jurisdictions in the Americas (2021 Fraser Institute of Mining Attractiveness Index).
A summary of the financial and operating results for the three and nine months ended June 30, 2022, follows:
For further detail information, please refer to the Company's condensed interim consolidated financial statements and management's discussion and analysis for the three and nine months ended June 30, 2022, copies of which are available under the Company's profile at www.sedar.com and www.sec.gov.
Q3 Fiscal 2022 Investor Webcast Details
Gold Royalty is pleased to announce that it will host an Investor Webcast on Thursday, August 18 at 11:00 AM EDT.
The Company will be providing an update to interested stakeholders on the Company's third quarter results including key recent catalysts that have been announced on the assets underlying the Company's royalties. The presentation will be followed by a question-and-answer session where participants will be able to ask questions they may have of management. To register for the Investor Webcast, please click the link below:
Portfolio Update
Select royalty portfolio highlights for the three months ended June 30, 2022, include:
- Odyssey Project (3.0% net smelter return ("NSR") royalty): Yamana Gold Inc. ("Yamana") announced on July 7, 2022, that production was ahead of plan at the Odyssey project. Yamana further disclosed that permitting at the project remains on schedule while construction is on track and on budget with first production from Odyssey South expected in the first quarter of 2023. On July 27, 2022, Yamana announced positive exploration results from the Odyssey project which it expects could significantly expand the project's inferred resource envelope.
- Côté Gold Project (0.75% NSR): IAMGOLD Corporation announced a project update on August 3, 2022, including updated costs to complete, project economics and life-of-mine ("LOM") plan to be included in a new technical report for the Côté Gold project. The updated mine plan outlined an 18-year mine life with initial production expected in early 2024 and average annual production of 365,000 ounces over the LOM with average all-in sustaining costs of $854/oz Au sold. Costs to complete increased to $1,908 million however Gold Royalty is insulated from cost inflation as an NSR holder.
- REN (1.5% NSR and 3.5% net profit interest): Barrick Gold Corporation announced on August 8, 2022, that resources at REN are expected to grow in 2022 as the project advances towards feasibility.
- Borden Mine (0.5% NSR): Gold Royalty recognized royalty and other payments of $1.35 million for past periods related to its royalty over the mine operated by Newmont Corporation located in Ontario, Canada.
- Beaufor Mine (1.0% NSR and per tonne royalty ("PTR")): Monarch Mining Corporation announced on July 5, 2022, that it commenced processing of Beaufor Mine material at its Beacon Mill. It further announced on July 27, 2022, that it achieved a milestone by producing its first gold bar.
- Fenelon (2.0% NSR): Wallbridge Mining Company Limited, in news releases dated April 8, 2022, May 30, 2022, June 7, 2022, and July 26, 2022, announced several updates to its 115,000 metre 2022 drill program, which expanded the lateral footprint of the deposit beyond its 2021 maiden mineral resource estimate.
- Jerritt Canyon (0.5% NSR and PTR): First Majestic Silver Corp. announced on July 20, 2022, that it produced 18,632 ounces of gold during the quarter and that rehabilitation and exploration investments are expected to increase average grade, production, and reduce all-in sustaining costs in the second half of 2022.
Readers should refer to the disclosures of each of the operators identified above for further information.
ATM Program
The Company is also pleased to announce that it has established an "at-the market" equity program (the "ATM Program") that will allow the Company to issue up to $50 million of common shares (the "ATM Shares") from treasury to the public from time to time. Such sales will be made pursuant to an equity distribution agreement (the "Distribution Agreement") among the Company and a syndicate of agents led by BMO Nesbitt Burns Inc., and including BMO Capital Markets Corp., H.C. Wainwright & Co. LLC, Haywood Securities Inc., Laurentian Bank Securities, Inc., Laurentian Capital (USA) Inc., Raymond James Ltd. and Raymond James & Associates, Inc. (collectively, the "Agents").
Gold Royalty does not currently have any plans to use the ATM Program. The Company intends to use the net proceeds, if any, from the ATM Program to implement its growth and acquisition strategy, including the direct and indirect acquisition of additional royalties, streams and similar interests, and for working capital. Unless earlier terminated by the Company or the Agents as permitted therein, the Distribution Agreement will terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the Offered Shares sold under the ATM Program reaches the aggregate amount of $50 million (or the equivalent in Canadian dollars); or (b) September 1, 2023.
The volume and timing of distributions under the ATM Program, if any, will be determined at the Company's sole discretion, subject to applicable regulatory limitations. Any sales of ATM Shares will be made by the Agents through the facilities of the NYSE American LLC, or any other marketplace on which the common shares of Gold Royalty are listed, quoted or otherwise traded, at the prevailing market prices.
The ATM Program will become effective upon the filing of a prospectus supplement to the Company's short form base shelf prospectus dated July 15, 2022, and U.S. registration statement on Form F-3 filed on June 13, 2022, as amended on July 6, 2022. The prospectus supplement relating to the ATM Program will be filed shortly with the securities commissions in each of the provinces and territories of Canada and with the United States Securities and Exchange Commission. Copies of the prospectus supplement, the Distribution Agreement and other relevant documents will be available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Alternatively, the lead agent will send copies of such documents to investors upon request by contacting BMO Capital Markets Corp. by mail at 151 W 42nd Street, 32nd Floor, New York, NY 10036, Attn: Equity Syndicate Department, by email at bmoprospectus@bmo.com or by telephone at (800) 414-3627.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Gold Royalty Corp.
Gold Royalty is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for its investors. Gold Royalty's diversified portfolio currently consists primarily of royalties on gold properties located in the Americas.
Qualified Persons
Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") of Canadian Securities Administrators and has reviewed and approved the technical information disclosed in this news release, exclusive of properties located in Québec. Glenn Mullan, P.Geo., a director of the Company, is a "qualified person" as such term is defined under NI 43-101 and has reviewed and approved the technical information pertaining to projects located in Québec, Canada, disclosed in this news release.
Non-IFRS Measures
The items marked above are alternative performance measures and readers should refer to non-International Financial Reporting Standards ("IFRS") financial measures in the Company's Management Discussion & Analysis for the three and nine months ended June 30, 2022, which have been posted under the Company's profile at www.sedar.com and www.sec.gov.
The Company has included, in this document, certain performance measures, including: (i) Adjusted Net Loss; which is calculated by deducting transaction-related expenses, share of loss and dilution gain in associate, impairment, changes in fair value of derivative liabilities and short term investments, gain on disposition of short-term investments, foreign exchange gain/(loss) and other income from net loss; (ii) Adjusted Net Loss Per Share, which is calculated by dividing the Adjusted Net Loss by the weighted average number of shares outstanding for the applicable period; (iii) cash flows from operating activities, excluding changes in non-cash working capital, which is calculated by excluding the impact of changes in non-cash working capital items to or from cash used in operating activities; and (iv) GEOs, which are calculated by dividing royalty and option income by $1,850/ounce (average of $1,700/ounce and $2,000/ounce), each of which are non-IFRS measures and do not have a standardized meaning under IFRS and may be calculated differently by other companies. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Notice to Investors
Disclosure relating to properties in which Gold Royalty holds royalty or other interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. In addition, certain information publicly reported by operators may relate to a larger property than the area covered by the Companies interest, which often may only apply to a portion of the overall project area or applicable mineral resources or reserves. The Company's royalty interests do not apply to the entirety of each project in some cases. Please see the Company's most recent Annual Report on Form 20-F for further information. It cannot be assumed that all or any part of a measured, indicated or inferred resource will ever be upgraded to a higher category. "Inferred mineral resources" have a greater amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility.
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC") applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
Cautionary Statement on Forward-Looking Information:
Certain of the information contained in this news release constitutes 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), including but not limited to statements regarding: future plans, estimates and expectations disclosed by the operators of the projects underlying the Company's interests, including the proposed advancement and expansion of such projects; the results of exploration, development and production activities of the operators of such projects; and the Company's expectation regarding future revenues and revenue growth. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's projects, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalty interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments as well as the impact of, and response of relevant governments to, COVID-19 and the effectiveness of such responses and the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended September 30, 2021 and its other publicly filed documents under its profiles at www.sedar.com and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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SOURCE Gold Royalty Corp. | https://www.whsv.com/prnewswire/2022/08/15/gold-royalty-corp-announces-record-quarterly-revenues-provides-portfolio-update/ | 2022-08-15T21:57:47Z |
Second Quarter 2022 Highlights
- Revenue of $31.3 million for the second quarter of 2022
- GAAP net loss of $(107.9) million for the quarter, impacted by $98.2 million of special items
- Adjusted EBITDA of $2.9 million for the quarter
- LTM Adjusted EBITDA of $52.5 million
- Produced approximately 621 bitcoin during the second quarter
- Power plant uptime of 100.0% in second quarter, 99.8% YTD, and 98.3% LTM, including downtime for scheduled maintenance outages
- Mining capacity of approximately 2.5 EH/s from approximately 27,500 miners at June 30, 2022
- $67 million in cash and fair value of cryptocurrency holdings at June 30, 2022
- Approximately $92 million of additional cash on deposit with Bitmain as of June 30, 2022
- Minimal additional cash contributions anticipated to complete purchase of miners in order book
July 2022 Operational Update
- Produced approximately 287 bitcoin in July 2022
- Approximately 2.7 EH/s of mining capacity from approximately 29,300 miners as of July 31, 2022
- Power plant uptime of 100.0%
FAIRFIELD, Conn., Aug. 15, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge"), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the second quarter of 2022 and provided an operational update for the month ended July 31, 2022.
"While our team once again delivered strong operational performance in terms of bitcoin production and plant uptime for the quarter and for the month of July, the approximately 60% decrease in the price of bitcoin during the second quarter coupled with the spike in global energy prices clearly presents a challenging earnings environment," said Jeff Kirt, Chief Executive Officer of Greenidge. "The sudden change in mining economics has driven us to refocus our strategy to prudently prioritize liquidity and capital preservation over aggressive growth – while maintaining our relentless focus on operational performance.
"As a result, we have chosen to pause our plans to develop certain additional sites in our pipeline in the ERCOT market and, instead, intend to concentrate our operations at our two existing sites in South Carolina and New York for the time being. We now expect to have at least 3.6 EH/s of mining capacity by the first quarter of 2023 and expect to maintain our first quarter 2023 level of mining capacity until we determine that market conditions are attractive for additional growth.
"Our development plan is fully funded with cash on our balance sheet and substantially all of the required infrastructure equipment has been procured. We anticipate minimal cash contributions, if any, will be required to finance the purchase of our remaining order book and expect the cost of the remaining infrastructure build to be less than $7.5 million.
"Importantly, our lenders have shown strong support of our revised development plan by working with us to flatten our amortization curve in order to further enhance liquidity during this challenging time for our industry. This provides us with additional near-term liquidity as we complete our revised development plan in the upcoming months, which allows us to benefit from the next uptick in the bitcoin cycle while also providing us with a stronger liquidity position in the event of a market downturn"
Greenidge's revenue for the second quarter was $31 million, up 94% compared to the prior year period. Cryptocurrency datacenter revenue for the second quarter was $20 million, up 43% compared to the prior year period, and Power and capacity revenue for the second quarter was $3 million, up 35% compared to the prior year period. Greenidge's Support.com subsidiary, which was acquired in September 2021, generated approximately $8.1 million in second quarter revenue and was not included in Greenidge's second quarter 2022 results. Support.com revenue is included in Greenidge's Services and other revenue line item on the income statement.
Greenidge produced approximately 621 bitcoin during the second quarter of 2022, compared to 315 bitcoin in the second quarter of 2021, and had approximately 27,500 miners with approximately 2.5 EH/s of combined capacity as of June 30, 2022.
Net loss was $(107.9) million for the second quarter as compared to net income of $3.5 million in the prior year period. As detailed below and in Greenidge's Quarterly Report on Form 10-Q filed today, the second quarter of 2022 results had $98.2 million of special items. Following a substantial drop in the price of bitcoin and a spike in energy prices in the second quarter, in accordance with Accounting Standards Codification ("ASC") 360, Property, Plant and Equipment, Greenidge took a $71.5 million nonrecurring, noncash charge in the quarter. Additionally, Greenidge's second quarter 2022 results included an $11.1 million charge for the remeasurement of environmental liabilities, $0.5 million of merger and other costs, $0.1 million of expansion costs and a $15.0 million tax charge for the recognition of a valuation allowance on deferred tax assets primarily related to historical net operating loss carryforwards of the Support.com business that was acquired in 2021. Adjusted net loss was $(9.7) million, compared to Adjusted net income of $4.2 million in the prior year period.
Adjusted EBITDA for the second quarter was $2.9 million, or 9.2% of revenue, compared to the prior year period of $8.1 million, or 49.9% of revenue
Greenidge ended the quarter with approximately $67 million of cash and fair market value of cryptocurrency holdings, of which, less than $1 million was cryptocurrency holdings. In addition, Greenidge had approximately $92 million of cash on deposit with Bitmain Technologies, Ltd as of June 30, 2022.
Greenidge's mining operations in Dresden, NY are powered by the power plant located at the facility. The plant is periodically offline for scheduled maintenance outages and for unscheduled outages. In the second quarter of 2022, the plant was offline for zero (0) hours, representing an uptime, defined as running hours divided by total hours in the period, of 100.0%. For the six months June 30, 2022, the plant was offline for seven (7) hours, representing an uptime of 99.8%. For the twelve months ended June 30, 2022, the plant was offline for 149 hours, representing an uptime of 98.3%. Greenidge commenced mining operations in scale at its Dresden facility in the first quarter of 2020. For the 27 month period beginning April 1, 2020 and ending June 30, 2022, the plant was offline for a total of 324 hours, representing an uptime for the period of 98.4%. Offline hours mentioned above include hours the plant is offline for scheduled maintenance. The plant's maintenance schedule currently has approximately 190 hours of planned time offline in the second half of 2022.
During the month of July 2022, Greenidge produced approximately 287 bitcoin. As of July 31, 2022, Greenidge had approximately 2.7 EH/s of mining capacity from approximately 29,300 miners. Additionally, Greenidge had approximately 2,800 miners in transit as of July 31, 2022. The power plant at Greenidge's Dresden facility was offline for zero (0) hours during the month, representing an uptime of 100.0%.
Pursuant to Greenidge's revised development plan, it now expects to have at least 3.6 EH/s of mining capacity by the first quarter of 2023 and expects mining capacity to remain at first quarter 2023 levels until it determines market conditions are attractive for additional growth. Greenidge expects to have ample mining infrastructure available at its locations in New York and South Carolina to accommodate this capacity and has substantially all of the mining infrastructure equipment on hand including the required transformers, switchgear, PDUs and mobile mining structures. The expected cost to procure the contractor services and any remaining infrastructure equipment required to develop Greenidge's mining infrastructure is less than $7.5 million. Following a planned upgrade to the electrical service at its Spartanburg, SC site in late 2022 or early 2023, Greenidge expects to have 50 megawatts of electrical capacity available at the site.
In the second quarter, Greenidge began to upgrade its fleet efficiency by reducing its inventory of older, less efficient mining equipment in order to free up mining capacity for newer, more efficient miners in its order book. Greenidge expects this trend to continue during the second half of 2022 and may also consider other asset sales, including but not limited to sales of surplus mining infrastructure equipment, to further enhance its liquidity position.
As further detailed in Greenidge's Quarterly Report on Form 10-Q filed today, on August 10, 2022, B Riley Commercial Capital, LLC and Greenidge amended the terms of Greenidge's Secured Promissory Note by extending the maturity to June 2023, reducing scheduled monthly amortization payments and reducing certain mandatory prepayments. The interest rate of the Secured Promissory Note was revised to 7.5% and the principal balance following the amendment was $16.4 million.
Consistent with the intentions provided in its press release on June 30, 2022, Greenidge filed a notice with the New York Department of Environmental Conservation ("NYDEC") on July 28, 2022, requesting a hearing on the NYDEC's decision to deny Greenidge's application for a Title V Air Permit Renewal at its Dresden, NY facility. Greenidge is permitted to operate uninterrupted under a State Administrative Procedures Act extension, in full compliance with its existing Title V Air Permit, until four months after final resolution of the adjudicatory hearing. While no adjudicatory proceedings have been scheduled to date, Greenidge has been advised that, based on the progression of previous and ongoing cases of a similar nature, the appeals process may take a number of years to fully resolve.
Following a substantial drop in the price of bitcoin and a spike in energy prices in the second quarter, in accordance with Accounting Standards Codification ("ASC") 360, Property, Plant and Equipment, Greenidge undertook an impairment assessment pertaining to long-lived assets that resulted in a non-cash charge of $72 million reflected in the income statement and the property and equipment line item of the balance sheet. Further details of the ASC 360 impairment are available in Greenidge's Quarterly Report on Form 10-Q for the period ended June 30, 2022.
Separately, Greenidge adjusted its estimate pertaining to a legacy environmental liability associated with a settling pond located at its Dresden, NY facility. The liability results from operations prior to Greenidge's ownership of the site and was assumed when Greenidge purchased the facility in 2014. The adjustment resulted in a $11 million charge during the quarter.
Additionally, the Company recognized a charge of $15 million during the second quarter for a valuation allowance associated with deferred tax assets recorded primarily relating to net operating losses of the Support.com business, which was acquired in 2021.
Greenidge will host a management presentation on Monday, August 15, 2022 at 5 p.m. Eastern time. Greenidge's management team will discuss the financial results and provide a general business update.
A link to the management presentation will be available on Greenidge's Investor Relations website at http://ir.greenidge.com and will be available for replay.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company. Greenidge is committed to 100% carbon-neutral datacenter operations at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint.
To provide investors and others with additional information regarding the financial results of Greenidge (the "Company"), the Company has disclosed in this press release certain non-GAAP operating performance measures of Adjusted EBITDA, Adjusted EBITDA margin, LTM Adjusted EBITDA and Adjusted net (loss) income. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to costs associated with the merger with Support.com, costs of becoming a public company (which included the costs of a corporate reorganization from an LLC, public registration of shares and associated costs), business expansion costs, impairments of goodwill and long-lived assets and remeasurement of environmental liabilities. Adjusted EBITDA margin is the percentage of Adjusted EBITDA of revenue. LTM Adjusted EBITDA is Adjusted EBITDA over the last twelve-month period. Adjusted net (loss) income is net (loss) income adjusted for the after-tax impacts of special items determined by management, including but not limited to costs associated with the merger with Support.com, costs of becoming a public company (which included the costs of a corporate reorganization from an LLC, public registration of shares and associated costs), business expansion costs, impairments of goodwill and long-lived assets, remeasurement of environmental liabilities and tax charges for the recognition of valuation allowances on deferred tax assets. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by the Company may be different from non-GAAP financial measures presented by other companies. Specifically, the Company believes the non-GAAP information provides useful measures to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measures to U.S. GAAP results is included herein.
This press release includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as "anticipate," "believe," "continue," "foresee," "expect," "intend," "plan," "may," "will," "would," "could," and "should," and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future, such as statements concerning (i) the development of facilities in South Carolina and New York, (ii) future mining capacity, (iii) future electrical capacity, (iv) future liquidity, (v) the ability to obtain future debt or equity financing, and (vi) the Department Title V Air Permit appeal process, are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. "Risk Factors" of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2021, in Part II, Item 1A. "Risk Factors" of Greenidge's Quarterly Report on Form 10-Q for the period ended June 30, 2022, and its other filings with the Securities and Exchange Commission, as well as statements about or relating to or otherwise affected by the completion of management's final review of the financial results and Greenidge's other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
For further information, please contact:
Investor Relations
investorrelations@greenidge.com
Media Inquiries
media@greenidge.com
SOURCE Greenidge Generation Holdings Inc. | https://www.whsv.com/prnewswire/2022/08/15/greenidge-generation-announces-financial-operating-results-second-quarter-2022-provides-operational-update-july-2022/ | 2022-08-15T21:57:54Z |
DALLAS, Aug. 15, 2022 /PRNewswire/ -- Leading immigration firm BAL is the #1 law firm in the country for diversity and #1 in equity partner diversity in Law360's latest Diversity Snapshot. The recognition marks the third consecutive year the firm ranks #1 in overall diversity.
"Diversity is intentional at BAL, not an afterthought," said Frieda Garcia, an Equity Partner. "We include people from varied backgrounds and experiences, from all around the world, and give them equal opportunities to make a difference."
BAL ranks the highest in diversity among equity partners, associates and other attorneys among firms of the same size. The majority of BAL's associates, 55.8%, are attorneys of color. Attorneys of color also make up 28% of the firm's partners, 59.7% of other attorneys, and 44% of the firm's equity partners.
"We continually seek and promote the best talent, and these rankings demonstrate our commitment to diversity, equity and inclusion at all levels of the firm," said BAL Managing Partner Jeremy Fudge.
BAL scored 26.6 points above the benchmark, and more than 12 points above the second-place firm, according to the influential rankings. Diversity is represented at every level of the firm, not only equity partners.
"These latest rankings not only reflect the success of our efforts in DE&I across the board—they're also an authentic expression of our firm culture of inclusion and empowerment where every individual is valued for their unique contributions," said Rob Caballero, also an Equity Partner. "We are grateful for this distinguished recognition."
BAL, the world's leading corporate immigration law firm, is singularly focused on meeting the immigration challenges of corporate clients around the world in ways that make immigration more strategic and enable businesses to be more successful. Established in 1980, BAL has consistently provided immigration expertise, people-centered client services, and leading technology innovation. In 2018, BAL entered into a first-of-its-kind strategic alliance with Deloitte U.K. to create the world's first global immigration service delivery model.
BAL's proprietary Cobalt® digital immigration services platform won the 2020 CODiE Award for Best Legal Tech Product, the prestigious CIO100 award for Innovative Use of Intelligent Automation in Immigration Services, and Legalweek's Most Innovative Law Firm Operations Team of 2021. BAL and its leaders are highly ranked in every major legal publication, including Best Lawyers, Chambers and Partners, The Legal 500, and Who's Who Legal. BAL has ranked #1 on multiple industry rankings for diversity, equity and inclusion, including the #1 Law Firm for Women on the National Law Journal's Women in Law Scorecard the past four years in a row (2019-2022), #1 on the Diversity Scorecard by The American Lawyer (2020 and 2021), and #1 on Law360's Diversity Snapshot for three years running (2020-2022). In 2022, BAL won the Best Company for Diversity, the Best HR Team and the Best Company for Career Growth by Comparably, based solely on employee ratings. See website for details: https://www.bal.com
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SOURCE Berry Appleman & Leiden LLP | https://www.whsv.com/prnewswire/2022/08/15/groundbreaking-immigration-firm-bal-is-1-most-diverse-law-firm-third-year-row/ | 2022-08-15T21:58:01Z |
Highlights of H12022 include the launch of new patient and practitioner service-line offerings, physician recruitment campaign, and efforts to increase the patient experience
HOUSTON, Aug. 15, 2022 /PRNewswire/ -- The first half of 2022 for Inception Fertility™ solidified the organization's place as North America's premium fertility provider. The ecosystem of fertility brands, which includes a growing network of clinics (The Prelude Network®) and a fertility financial program (Bundl Fertility™), launched new service line offerings and important initiatives to draw heightened awareness around various aspects of the fertility industry, including physician recruitment efforts, and educational campaigns to help aspiring parents understand their fertility choices.
To give patients more options in fertility preservation and greater control over their reproductive choices, Inception launched HavenCryo™, a long-term reproductive preservation and storage solution provider that uses state-of-the-art technologies and enhanced safety protocols to store reproductive tissue, including eggs, sperm, and embryos, for as long as a patient may need. HavenCryo also allows providers to focus on the most critical part of the reproductive journey – patient care – as its experienced staff streamlines safe and timely transfers, while its industry-leading technologies enhance the preservation process for patients who are planning for the future.
Going beyond the physical aspects of fertility care, earlier this year, Inception appointed renowned health psychologist Alice Domar, Ph.D. to the newly created position of Chief Compassion Officer, a role in which Dr. Domar will spearhead the organization's emotional and mental health efforts by creating training sessions and educational curricula focused on compassion and empathy for patients, as well as those Inception Family members who are directly patient-facing. Dr. Domar is also developing support systems for Inception's own team members to include mental health and wellness initiatives.
In addition to onboarding experts into the Inception family, the national leader in fertility care also embarked on a recruitment effort to encourage more physicians to enter the field of reproductive medicine. Through Prelude to a Life Exceptional, Inception highlights the professional and personal rewards of being a Reproductive Endocrinologist and Infertility (REI) specialist by including testimonials from some of the industry's most well-known reproductive specialists, who each discuss through a series of short films the impacts of being an REI, including Dr. Jamie Grifo, Chief Executive Physician of Inception Fertility and Program Director at NYU Langone Fertility Center, Dr. Jessica Rubin, REI at Reproductive Biology Associates and Dr. David Prokai, REI at Aspire Fertility Austin.
"As the demand for quality fertility services grows, Inception Fertility has proudly brought to the market innovative programs and efforts that extend beyond traditional fertility care to include other areas that are just as important to the patient experience and outcomes," says TJ Farnsworth, Founder and CEO of Inception Fertility. "We are proud of the work that our teams throughout our ecosystem have accomplished, and we look forward to continuing to lead the industry with even more thoughtful and impactful initiatives."
Science continued to play a major role in 2022 for Inception, as it recently announced research findings on egg freezing from a study led by James A. Grifo, MD, PhD, Director of the Division of Reproductive Endocrinology and Infertility at NYU Langone Fertility Center and Chief Executive Physician of Inception Fertility. The study found that 70 percent of women who froze eggs when they were younger than 38 and thawed at least 20 eggs later had a baby. According to Dr. Grifo, the results of this groundbreaking study further amplify that fertility preservation is a viable option for women who want to take control over their fertility and expand their options.
Expanding its research into women's health through technology, Inception partnered with various organizations for fertility research studies. These types of partnerships give Inception more in-depth perspective into women's fertility health overall.
Public awareness campaigns to help aspiring parents understand their fertility options were another important initiative for Inception. In the summer of 2022, the organization launched A Dream Come True, a campaign to destigmatize infertility, address financial accessibility to care and give one person or couple the chance to win a free fertility journey. The campaign also drives awareness around infertility and helps aspiring parents understand their fertility options.
These exciting developments come after a year of unprecedented growth for Inception. In the last twelve months, Inception grew its network of fertility clinics, Prelude, by 45 percent to include more than 85 locations across North America. This growth included its first international expansion by acquiring Pacific Centre for Reproductive Medicine (PCRM), Western Canada's largest fertility clinic. Prelude also launched its first expansion into Florida through the acquisition of three leading practices, including the Center for Reproductive Medicine (CRM) in Orlando, South Florida-based IVFMD and The Reproductive Medicine Group (RMG) in Tampa, marking Prelude as the largest fertility provider in the state.
That same year, Prelude also established the Greater Houston area's largest fertility clinic, Aspire Houston Fertility Institute (Aspire HFI), by merging two of the most prominent fertility practices in market, Houston Fertility Institute (HFI) and Prelude's Aspire Fertility brand. Prelude also expanded its partnership in the northeast U.S. as it welcomed Reproductive Specialists of New York (RSNY) to its growing family of fertility providers in New York and Main Line Fertility in Pennsylvania.
"Since our launch in 2014, Inception Fertility has been the trailblazer in reproductive healthcare by raising industry awareness, expanding access to quality fertility care, launching patient-centered campaigns and groundbreaking new offerings," says Nicole R. Braley, Chief Marketing Officer for Inception. "During the first half of 2022, we continued on this path of marketing innovation, and we look forward to bringing to the market even more initiatives."
Inception Fertility,™ (Inception) is a family of fertility brands committed to helping patients build their own families. Built by patients for patients, Inception's purpose is to achieve the highest bar in experience, science and medicine in an effort to enhance each patient's experience and achieve better outcomes.
Inception's medical experts are leading pioneers in fertility care. Our doctors are some of the first to use breakthrough assisted reproductive technologies (ART) – including in vitro fertilization (IVF), pregenetic implantation testing (PGT) and fertility preservation services – and they continue to lead the industry by building on these technologies by through development, research and thought leadership.
Through its growing family of national organizations – which includes The Prelude Network®, the fastest-growing network of fertility clinics and largest provider of comprehensive fertility services in the U.S.; Pathways Fertility™, clinics that provide affordable, individualized and high quality care; MyEggBank®, one of the largest frozen donor egg banks in North America; Bundl Fertility™ (Bundl), a multi-cycle fertility service bundling program and HavenCryo™, a long-term reproductive preservation and storage solution provider, – Inception is working to deliver on its promise to push the envelope of what is possible for exceeding patient expectations.
MEDIA CONTACT:
Mia Humphreys
Krupp
239-297-6592
MHumphreys@kruppagency.com
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SOURCE Inception Fertility | https://www.whsv.com/prnewswire/2022/08/15/inception-fertility-closes-first-half-2022-by-solidifying-its-place-north-americas-leader-fertility-care/ | 2022-08-15T21:58:08Z |
Achieves 55% Increase in Revenue for Six Months Ended June 30, 2022 Versus Same Period Last Year
Conference Call to be Held Today at 4:30 p.m. Eastern Time
PALO ALTO, Calif., Aug. 15, 2022 /PRNewswire/ -- Inpixon® (Nasdaq: INPX), the Indoor Intelligence® company, today provided a business update and reported financial results for its 2022 second quarter ended June 30, 2022.
"We continued to show growth during the second quarter despite macroeconomic challenges, illustrated by achieving $4.7 million in revenue for the three months and $10.0 million for the six months ended June 30, 2022, a 37% and 55% increase, respectively, when compared to the prior year periods," commented Nadir Ali, CEO of Inpixon. "Notably, our revenue growth is shifting to more organic growth, and while we are adding new enterprise organizations to our customer base every quarter, we are also deepening our relationship with our existing customers with add-ons and new integrations after our initial deployment.
"We have designed our solutions and technologies to help organizations create and redefine exceptional workplace experiences that enable smarter, safer and more secure environments, while attaining higher levels of productivity, improved worker and employee satisfaction rates, and a more connected workplace. Due to our marketing and sales activities coupled with third-party recognition and awards, we continue to see top-tier organizations implementing our technologies into their organizations. Additionally, our enterprise apps recently received ISO/IEC certification, confirming our information security policies and processes meet stringent industry best practices and standards. As a result, we believe this and our other certifications will allow us to move through customer engagements and sign new contracts more swiftly.
"Furthermore, we recently joined SAP's partner program where we are able to market our smart factory, smart warehouse, and digital supply chain solutions to SAP's 440,000 customers through the SAP store. We believe this partner program will result in increased demand for our solutions, as well as increased exposure around the world.
"Overall, while we are cognizant of the macroeconomic challenges that may continue to lie ahead, we are focused on increasing efficiencies operationally, while also working to ensure that we continue to meet our growth goals," concluded Mr. Ali.
Financial Results
Revenues for the three and six months ended June 30, 2022, were $4.7 million and $10.0 million, respectively, compared to $3.5 million and $6.4 million for the comparable periods in the prior year for an increase of approximately 37% and 55%, respectively. This increase is primarily attributable to the increase in Indoor Intelligence sales, including our smart office app and real time location-based technologies as well as the addition of the Industrial IoT product line in the fourth quarter of 2021. Gross profit for the three and six months ended June 30, 2022, was $3.3 million and $7.2 million, respectively, compared to $2.6 million and $4.6 million for the 2021 respective periods, representing an increase of 30% and 55%, respectively. The gross profit margin for the three and six months ended June 30, 2022, was 70% and 72%, compared to 74% and 72% for the three and six months ended June 30, 2021, respectively. This decrease in margin is primarily due to the sales mix during the periods.
Net loss attributable to stockholders of Inpixon for the three and six months ended June 30, 2022, was $19.9 million and $31.1 million, respectively, compared to income of $14.8 million and $2.2 million, respectively, for the comparable periods in the prior year. This increase in loss was primarily attributable to non-cash items in the three months ended June 30, 2021 period including the discounted net gain on the Sysorex note and the release of the valuation allowance on the Sysorex note, offset by increased operating expenses in the three and six months ended June 30, 2022.
Non-GAAP Adjusted EBITDA for the three and six months ended June 30, 2022, was a loss of $9.9 million and $18.7 million, respectively, compared to a loss of $6.3 million and $11.8 million for the prior year periods, respectively. Non-GAAP Adjusted EBITDA is defined as net income or loss before interest, provision for income taxes, depreciation and amortization plus adjustments for other income or expense items, non-recurring items and non-cash items including stock-based compensation.
Proforma non-GAAP net loss per basic and diluted common share for the three and six months ended June 30, 2022, was a loss of $0.07 per share and $0.13 per share, respectively, compared to a loss of $0.07 per share and $0.14 per share for the prior year periods. Non-GAAP net loss per share is defined as net loss per basic and diluted share adjusted for non-cash items including stock-based compensation, amortization of intangibles and one-time charges and other adjustments including loss on the exchange of debt for equity, provision for valuation allowance on notes, and acquisition costs.
Conference Call
Inpixon management will host a conference call today at 4:30 p.m. Eastern Time to discuss the company's financial results for the second quarter ended June 30, 2022, as well as to review the company's corporate progress and other developments.
The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 618409. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2235/46295 or on the company's Investor Relations section of the website, ir.inpixon.com.
Investors and other interested parties are invited to submit questions to management prior to the call's start via email to inpx@crescendo-ir.com.
A webcast replay will be available on the company's Investor Relations section of the website (ir.inpixon.com) through August 15, 2023. A telephone replay of the call will be available approximately one hour following the call, through August 22, 2022, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 46295.
About Inpixon
Inpixon® (Nasdaq: INPX) is the innovator of Indoor Intelligence®, delivering actionable insights for people, places and things. Combining the power of mapping, positioning and analytics, Inpixon helps to create smarter, safer, and more secure environments. The company's Indoor Intelligence and mobile app solutions are leveraged by a multitude of industries to optimize operations, increase productivity, and enhance safety. Inpixon customers can take advantage of industry leading location awareness, RTLS, workplace and hybrid event solutions, analytics, sensor fusion, IIoT and the IoT to create exceptional experiences and to do good with indoor data. For the latest insights, follow Inpixon on LinkedIn, Twitter, and visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Inpixon and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19, global conflicts, inflation and other global events on Inpixon's results of operations and global supply chain constraints, Inpixon's ability to integrate the products and business from recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Inpixon's technology, Inpixon's ability to maintain compliance with Nasdaq's minimum bid price requirement and other continued listing requirements, the ability to obtain financing if needed, competition, general economic conditions and other factors that are detailed in Inpixon's periodic and current reports available for review at sec.gov. Furthermore, Inpixon operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Inpixon disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
Non-GAAP Financial Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles in the United States ("GAAP") are useful measures of operations. EBIDTA, Adjusted EBITDA and pro forma net loss per share are non-GAAP measures. Inpixon defines "EBITDA" as net income (loss) before interest, provision for (benefit from) income taxes, and depreciation and amortization. Management uses Adjusted EBITDA as a metric for which it manages the business, and Inpixon defines "Adjusted EBITDA" as EBITDA plus adjustments for other income or expense items, non-recurring items and non-cash items. Inpixon defines "pro forma net loss per share" as GAAP net loss per share adjusted for stock-based compensation, amortization of intangibles and one-time charges including loss on the exchange of debt for equity and provision for valuation allowances.
Management provides Adjusted EBITDA and pro forma net loss per share measures so that investors will have the same financial information that management uses, which may assist investors in assessing Inpixon's performance on a period-over-period basis. Adjusted EBITDA or pro forma net loss per share is not a measure of financial performance under GAAP, and should not be considered an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA and pro forma net loss per share have limitations as analytical tools and should not be considered either in isolation or as a substitute for analysis of Inpixon's results as reported under GAAP.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the "Reconciliation of Non-GAAP Financial Measures" table accompanying this press release.
Inpixon Contacts
General inquiries:
Inpixon
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
Investor relations:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: INPX@crescendo-ir.com
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SOURCE Inpixon | https://www.whsv.com/prnewswire/2022/08/15/inpixon-reports-second-quarter-2022-financial-results-provides-business-update/ | 2022-08-15T21:58:15Z |
To Help Business Owners Understand the Value of Local SEO, Online Advantages Recently Posted an In-Depth Guide about this Important Topic
CHARLOTTE, N.C., Aug. 15, 2022 /PRNewswire/ -- Matt Maglodi, founder of the full service internet marketing company Online Advantages, is pleased to announce that local search engine optimization is a major focus for his company in 2022.
To read more about the importance of local search engine optimization, please check out https://onlineadvantages.net/local-search-engine-optimization-by-online-advantages/.
As Maglodi noted, in addition to making local search engine optimization a key focus of Online Advantages in 2022, he also feels strongly about the importance of helping to teach both current and potential clients about why SEO is so crucial.
This inspired him to create and post the new guide, which is the latest in his company's SEO education academy series.
"At Online Advantages, we believe the concepts of SEO shouldn't be complicated or confusing. That's why we're working to give you the definitive guide to local SEO, breaking down the jargon and terminology so you can understand what all this 'stuff' is and why it matters to your business," the educational guide noted, adding that a great place to start is by learning about organic versus local SEO.
While organic SEO positions and ranks a company's online content against everyone else in their niche by using signals and keywords, these results may also pull data from across the country or around the globe. This means that a local business listing may end up being unseen by the ideal audience.
As the guide noted, local search engine optimization is different, although it works on similar principles as organic SEO.
"Localized content, location services, and a regularly updated Google My Business listing optimized for business SEO help nearby customers looking for your products and services contact you more easily and efficiently."
Additional topics in the new Online Advantages guide include a basic overview of local SEO, how it can be used for a boosted reach, presence and ROI, and the importance of being consistent with SEO efforts.
Online Advantages is a unique full service internet marketing company. Founder Matt Maglodi specializes in all aspects of online marketing from video marketing, to pay per click advertising, organic search and social media. For more information, please visit https://onlineadvantages.net/.
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SOURCE Online Advantages | https://www.whsv.com/prnewswire/2022/08/15/local-search-engine-optimization-by-online-advantages-is-major-focus-2022/ | 2022-08-15T21:58:22Z |
- Added 2,921 new connected assets and workers, totaling 67,471 connections in Q2 2022
- As part of Agnity transition, mCloud received a one-time US$5.96 million payment from Agnity on July 29, 2022
- After considering a $2.6 million one-time balance sheet charge and other impacts related to the Company's transition of its licensing of Agnity technology, Q2 2022 net revenues as reported were C$2.3 million compared to C$6.6 million in Q2 2021
SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ - mCloud Technologies Corp. (NASDAQ: MCLD) (TSXV: MCLD), ("mCloud" or the "Company") a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions today announced its financial results for the second quarter ended June 30, 2022 ("Q2 2022").
mCloud President and CEO Russ McMeekin commented on Q2 2022:
"Since the first quarter of 2022, we have made continuous progress in executing our growth plans – in particular, our efforts to deliver Digital Oilfield solutions, the commencement of our first oil and gas implementations in Saudi Arabia, and our rollout of EV charging optimization solutions at auto dealerships in New York and California. All our business segments are beginning to see a resurgence in engagement as our customers have transitioned out of pandemic restrictions. We remain on track to achieve our target of 90,000 connected asset and workers by the end of year."
"In the second quarter, we moved to optimize our financial and technology relationship with Agnity, transitioning the royalty agreement we have had with them since 2018 into a new licensing and technology continuation agreement, resulting in a US$5.96 million one-time payment made to us on July 29, 2022 and a $2.6 million one-time non-cash charge for balance sheet items and other adjustments to revenues in quarter."
"Progress is positive and continuous as we connect oilwells and deliver AssetCare Digital Oilfield solutions in the United States. Our first customers there are now in deployment and will soon see the direct benefits of our AI-driven connected asset and connected worker capabilities. In the Middle East, we have moved to commercial contracts and early-stage implementation efforts for AssetCare solutions at various sites in Saudi Arabia, leveraging our approved vendor status with Aramco. We plan to have a joint customer showcase of our AssetCare solutions with Aramco by December of this year.
"We are further engaged with other oil and gas, refining, and petrochemical customers in Saudi Arabia as we leverage the progress we have made in establishing a fully approved and stringently-compliant cloud presence in Saudi Arabia. From here, we expect major growth and scale in this region to the end of this year and beyond."
"We continue to grow our sales pipeline and advance auto dealership prospects to contracting for our AssetCare solutions related to EV charging optimization. Some issues were experienced in securing the required permitting and delivery of certain equipment to customers, but we expect these will be alleviated by September of this year keeping us on track to our target of 45 or more dealerships by year end. Activity has grown and scaled rapidly, and we are continually improving our internal operations to accelerate our ability to scale."
"Our AssetCare for Wind team, delivering vertical energy optimization solutions, especially in the EU, has embarked on customer engagements with wind owners and operators in the region as well as developing a go-to-market strategy with one of the world's largest wind turbine providers. This team is also set to have a presence at WindEnergy Hamburg 2022 in September."
"We are also very excited about the progress we are making in our Connected Buildings business with our announcement in July that we are bringing AssetCare to Mercedes Grand-Prix Limited at Brackley. This implementation is set to leverage all aspects of AssetCare including HVAC, indoor air quality, and industrial equipment mCloud is uniquely qualified to manage. In addition, this implementation builds on the success we have achieved in delivering excellent indoor air quality, energy optimization, and enterprise reporting capabilities in Canada and elsewhere around the world. We are also beginning to see growth and engagement in the UK and EU around our connected worker segment with AssetCare Mobile and 3D."
Q2 2022 Revenue Highlights
All figures in millions of Canadian dollars
* Includes all required revenue adjustments due to transition of agreement with Agnity
On August 2, 2022, mCloud announced it had entered into a new technology continuation agreement with Agnity Global Inc. ("Agnity"), which resulted in the Company receiving a one-time US$5.96 million payment from Agnity on July 29, 2022, the exclusion of certain revenues, and a one-time adjustment that largely accounts for the net reduction in Q2 2022 revenues.
The timing of the Agnity transition required mCloud to exclude certain revenues in the AssetCare Initialization and AssetCare Solutions revenue categories. The net resulting impact was the reporting of negligible revenues per newly connected asset and lower recurring revenues per connection despite the Company's progress in adding new connected assets and workers and the ongoing delivery of AssetCare and related services. Going forward, mCloud will record AssetCare in both categories without any impacts, sharing, or adjustments.
The Company also recorded a one-time adjustment related to items from Agnity's balance sheet in prior periods. This culminated in a C$2.6 million decrease as a standalone adjustment in Q2 2022 revenues representing the full required adjustment across these prior periods.
The Company does not anticipate any further non-recurring, Agnity-related adjustments in the future. Additionally, the Company will no longer consolidate Agnity financial items such as revenues and expenses going forward. mCloud will continue to record direct revenues from customers benefiting from Agnity technology embedded in the Company's solutions but will not record any further Agnity-related items.
Without considering the one-time adjustment but reflecting the impact of the Agnity transition, Q2 2022 total revenues were C$4.9 million for the quarter compared to C$6.6 million in Q2 2021. After the one-time adjustment, Q2 2022 total revenues as reported were C$2.3 million. Gross margins were correspondingly impacted by the Agnity transition from a one-time passthrough of Agnity-related delivery expenses.
The Company added 2,921 new connected assets and workers in the quarter reaching a cumulative total of 67,471 connections. The Company noted that increased customer activity in the quarter and the retraction of many pandemic restrictions are expected to have a sustained positive impact on revenue growth going forward.
Q2 2022 Conference Call
The Company will host a conference call at 10:00am EDT on August 16, 2022 to discuss the financial results. The conference call will include prepared remarks from Russ McMeekin, Chief Executive Officer, and Chantal Schutz, Chief Financial Officer. After the prepared remarks, the Company will accept questions.
To access the conference call by telephone, dial 416-764-8659 or 1-888-664-6392 with the confirmation number 41933518. Please connect approximately 10 minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay by telephone until August 23, 2022 at midnight (ET). To access the archived conference call, dial 1-888-390-0541 and enter the reservation number 933518.
A live audio webcast of the conference call will be available at https://bit.ly/3ddX6Hl. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above website for one year.
About mCloud Technologies Corp.
mCloud is unlocking the untapped potential of energy intensive assets with AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud's AI-powered AssetCare™ platform, mCloud offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.
With a worldwide presence and offices in San Francisco, Vancouver, Calgary, London, Perth, Singapore, and Beijing, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 67,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.
mCloud's common shares trade in the United States on the Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. For more information, visit www.mcloudcorp.com.
Non-GAAP Measure
Selected financial information for the three-month periods ended June 30, 2022 and June 30, 2021 set out above include reference to "Operating EBITDA," which is not recognized under International Financial Reporting Standards and is a non-generally accepted accounting principle ("Non-GAAP") measure.
The Company defines Operating EBITDA attributed to shareholders as gross profit less all expenses related to sales and marketing, wages, salaries, and benefits, research and development, and general and administrative activities.
The Company believes Operating EBITDA is a useful measure as it provides important and relevant information to management about the operating and financial performance of the Company. Operating EBITDA enables management to assess its ability to generate operating cash flow to fund future working capital needs, and to support future growth.
This information should be read in conjunction with the unaudited consolidated financial statements for the quarter ended June 30, 2022 and the audited consolidated financial statements for the year ended December 31, 2021 along with mCloud's MD&As for the corresponding periods, which are available under mCloud's profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include information related to regional growth in the Middle East, plans for a joint customer showcase with Aramco, and positive revenue growth resulting from increased customer activity and the lifting of pandemic restrictions.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
A more complete discussion of the risks and uncertainties facing the Company appears in the prospectus supplement, the base shelf prospectus and the registration statement and in the Company's Annual Information Form and other continuous disclosure filings, which are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE mCloud Technologies Corp. | https://www.whsv.com/prnewswire/2022/08/15/mcloud-announces-second-quarter-2022-financial-results-assetcare-connections-resume-briskly-revenues-include-one-time-charge/ | 2022-08-15T21:58:29Z |
LINCOLN, Neb., Aug. 15, 2022 /PRNewswire/ -- Midwest Holding Inc. ("Midwest") (NASDAQ: MDWT), today announced financial results for the second quarter of 2022.
Second Quarter 2022 Highlights:
- GAAP net income was $9.3 million compared to a $(5.0) million GAAP net loss incurred in the second quarter of 2021. GAAP earnings were $2.47 per share (diluted) versus the $(1.34) per-share loss in Q1 2021.
- GAAP total revenue was slightly negative at $(122,000) compared to total revenue of $8.9 million in the second quarter of 2021. Total revenue was increased by net investment income of $10.5 million compared to $3.2 million in second quarter of 2021, as invested assets grew to $1.2 billion as of June 30, 2022, compared with $834.5 million as of June 30, 2021. This increase was offset by a decline in the market value of derivatives.
- Annuity direct written premium under statutory accounting principles ("SAP"), a non-GAAP measure, was $156.0 million, up 59% compared to $98.1 million in first quarter of 2022 and up from $125.9 million in 2021's second quarter. The mix of our new business was 45% Multi-Year Guaranteed Annuities (MYGA) and 55% Fixed Indexed Annuities (FIA).
- Ceded premiums (SAP) were $59.9 million compared with $86.1 million in the year-earlier quarter. The cession rate, or that portion of our written premiums that we reinsured, was 38.4% compared with 68.4%.
- Total expenses benefited from negative interest credited due to the fall in value of the options embedded in our liabilities and the gain on mark-to-market value of the options allowance classified in other operating expenses.
Georgette Nicholas, CEO of Midwest noted, "We are seeing strong results from the actions we took in the first quarter to position the Company for growth relating to distribution, pricing, products, investment management, and reinsurance. We are investing in technology and foundational capabilities to strengthen the business. We saw strong trends in premiums written in the second quarter. We are benefiting from movements in interest rates, as consumers seek stable returns, and from the performance of our investment portfolio. Overall, the second quarter showed very positive trends and positioned us for a strong start to the third quarter."
Ms. Nicholas concluded: "Our opportunities are substantial to build on the value of our platform. The focus of the team continues to be on the key drivers of growth and profitability: Deepening distribution relationships, state expansion to achieve sales growth, reinsurance, investment management, and operational readiness and efficiency. With these five keys to our strategy, we will deliver on our commitment to shareholders to produce strong growth paired with a high return on capital."
Q2 2022 versus Q2 2021 on a GAAP basis
Midwest reported GAAP net income of $9.3 million in the second quarter of 2022 compared to a $(5.0) million GAAP net loss incurred in the second quarter of 2021. On a diluted, per-share basis, this year's quarterly net income was 2.47 cents compared with the (1.34)-cent per-share loss reported in the second quarter of 2021.
Investment income in 2022's second quarter was $10.5 million compared with $3.2 million in the prior- year's second quarter. Driving the change was an increase in invested assets as well as performance on those assets, benefiting from core capabilities developed around sourcing assets with a higher yield – generating approximately a 5.5% return on the investment portfolio.
Amortization of deferred gain on reinsurance reached $1.0 million in the second quarter of 2022 compared with $588,000 in the second quarter of 2021 primarily due to growth in the deferred gain on co-insurance on our balance sheet, which reflects ceding commissions received on reinsurance of business to third parties.
Service fee revenue was $416,000 versus $672,000 in the prior year second quarter. Service fee revenue consists of fee revenue generated for our asset-management services provided to third-party clients. Assets under management for third parties was $471.1 million on June 30, 2022, compared to $455.4 million on March 31, 2022.
Other revenue finished at $514,000 compared with $358,000 in the prior-year quarter. Other revenue consists primarily of revenue we generate by providing ancillary services, such as policy administration, to third parties and policy surrender charges.
Our total expenses on a GAAP basis were a negative $(1.4) million versus $13.1 million in the prior year second quarter. Total expenses were helped by negative interest credited due to the decrease in value of the options embedded in our liabilities of $2.0 million and an increase in mark-to-market value of our options allowance of $5.3 million. Salaries and benefits were $4.2 million in Q2 2022 compared to $4.5 million in Q2 2021 as we continue to seek operational improvement and work on technology initiatives.
Guidance
We continue to see intense competition in the fixed annuity market around pricing and new competitors. We have taken actions to maintain a competitive position and have seen positive results from these actions and improved sales momentum in the second quarter. With these positive trends and the premium written so far along with the backlog in process, we have had a strong start to the third quarter.
State expansion efforts remain a key priority. We have active applications in process and will provide updates as they progress.
Given these dynamics, we are confident in anticipated premiums written being in the range of $500 million to $600 million (SAP) for the year. We expect the mix in product sales to be 60% towards MYGA this year, given increasing interest rates and market volatility and 40% FIA. We would expect that to move back towards 75% FIA and 25% MYGA in future years.
The goal is to cede, on average, approximately 70-90% of our premium in the year to generate ceded commission fees and manage capital, although currently we are running at approximately 40%. Timing of closing additional reinsurance deals can be delayed due to various factors and will vary quarter to quarter as new agreements are reached. Demand from our existing reinsurance partners is strong and we have capacity in place to cover anticipated written premium through them with the potential to grow along with additional potential reinsurance transactions in the pipeline.
We are making progress towards bringing general and administrative expenses on a management basis, a non-GAAP measure, within approximately $27 to $28 million for the full year 2022.
Q2 2022 Key Performance Indicators and Non-GAAP Financial Measures
In addition to GAAP measures, Midwest's management utilizes a series of key performance indicators (KPIs) and non-GAAP measures to, among other things:
1) monitor and evaluate the performance of our business operations and financial performance;
2) facilitate internal comparisons of the historical operating performance of our business operations;
3) review and assess the operating performance of our management team;
4) analyze and evaluate financial and strategic planning decisions regarding future operations;
5) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments; and
6) facilitate comparison of results between periods and to better understand the underlying historical trends in our business and prospects.
These non-GAAP measures are not a substitute for GAAP measures; however, management believes that when used in conjunction with the GAAP measures, the non-GAAP measures can contribute to investors' understanding of our business. Non-GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, our operating performance measures as prescribed by GAAP.
Annuity Premiums (a KPI)
For the second quarter of 2022, annuity direct written premiums were $156.0 million compared with $98.1 million at first quarter of 2022 and up from $125.9 million in the second quarter of 2021. Ceded premiums were $59.9 million in second quarter of 2022 compared to $40.1 million in 2022's first quarter. whereas ceded premiums were $86.1 million in the second quarter of 2021. Of the second quarter 2022 sales, approximately 45% was in the MYGA category and the remaining 55% consisted of sales of FIAs.
Fees Received for Reinsurance (a KPI)
We use this non-GAAP figure to measure our efforts to secure third-party capital to back our reinsurance programs. Fees Received for Reinsurance sums two components: Amortization of deferred gain on reinsurance, which is a line item in our Consolidated Statements of Comprehensive Income (Loss), and deferred coinsurance ceding commission, which is a line item in our Consolidated Statements of Cash Flows.
For the second quarter of 2022, fees received for reinsurance totaled $3.2 million compared with $4.9 million in the second quarter of 2021.
General and Administrative Expenses (a non-GAAP measure)
We monitor this figure to track our overhead. It includes salary and benefits and other operating expenses; however, it excludes non-cash stock-based compensation and the non-cash mark-to-market-adjustment of our option budget allowance.
G&A expense in the second quarter of 2022 was $7.0 million, down from $8.9 million at first quarter 2022 and compared with $5.9 million in the prior year second quarter. We continue to build foundational capabilities to support potential growth in the business and work on technology initiatives.
Management Expenses (a non-GAAP measure)
We use this metric to monitor the expenses of our business on a cash basis. Importantly, we exclude from the calculation of management expenses the index interest credited related to our FIAs because this expense is hedged. Instead, we add back to Management Expenses the period's amortization of options previously purchased to provide this hedge. We view this amortized cost as our true cost of funds. Management Expenses also excludes the mark-to-market adjustment of our option budget allowance.
Management Expenses and non-cash stock-based compensation
SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained or incorporated by reference in this release constitute forward-looking statements. These statements are based on management's expectations, estimates, projections and assumptions. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "intend," or "continue," the negative of these terms, or other comparable terminology used in connection with any discussion of future operating results or financial performance. These statements are only predictions and reflect our management's good faith present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
Factors that may cause our actual results to differ materially from those contemplated or projected, forecast, estimated or budgeted in such forward-looking statements include among others, the following possibilities:
- intense competition, including pricing, competitive pressures from established insurers with greater financial resources, the entry of new competitors, and the introduction of new products by new and existing competitors;
- our business plan, particularly including our reinsurance strategy, may not prove to be successful;
- our reliance on third-party insurance marketing organizations to market and sell our annuity insurance products through a network of independent agents;
- adverse changes in our ratings obtained from independent rating agencies;
- failure to maintain adequate reinsurance;
- our inability to expand our insurance operations outside the 22 states and District of Columbia in which we are currently licensed;
- our annuity insurance products may not achieve significant market acceptance;
- we may continue to experience operating losses in the foreseeable future;
- the possible loss or retirement of one or more of our key executive personnel;
- adverse state and federal legislation or regulation, including decreases in rates, limitations on premium levels, increases in minimum capital and reserve requirements, benefit mandates and tax treatment of insurance products;
- fluctuations in interest rates causing a reduction of investment income or increase in interest expense and in the market value of interest-rate sensitive investment;
- failure to obtain new customers, retain existing customers, or reductions in policies in force by existing customers;
- higher service, administrative, or general expense due to the need for additional advertising, marketing, administrative or management information systems expenditures;
- changes in our liquidity due to changes in asset and liability matching;
- possible claims relating to sales practices for insurance products; and
- lawsuits in the ordinary course of business.
Earnings Teleconference information and Details
Midwest Holding has announced plans to host a conference call to discuss financial and operating results for the second quarter of 2022 on August 16, 2022, at 8:30 a.m. Eastern Time. The Company also posted those results on the investor relations section of its website at https://ir.midwestholding.com after the close of the financial markets on August 15, 2022.
To register for this conference call, please use the following link: https://ige.netroadshow.com/registration/q4inc/11308/midwest-holding-inc-reports-second-quarter-2022-results/. Registrants will receive a confirmation email with dial-in details.
The call may also be accessed via webcast at this link: https://events.q4inc.com/attendee/619100939
A replay of the webcast will be made available after the call on the Investor Relations page of the Company's website at https://ir.midwestholding.com
About Midwest Holding Inc.
Midwest Holding Inc. is a growing, technology-enabled, services-oriented annuity platform. Midwest designs and develops annuity products that are distributed through independent distribution channels, to a large and growing demographic of U.S. retirees. Midwest originates, manages and typically transfers these annuities through reinsurance arrangements to asset managers and other third-party investors. Midwest also provides the operational and regulatory infrastructure and expertise to enable asset managers and third-party investors to form and manage their own reinsurance capital vehicles.
For more information, please visit www.midwestholding.com
Investor contact: ir@midwestholding.com
Media inquiries: press@midwestholding.com
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SOURCE Midwest Holding Inc. | https://www.whsv.com/prnewswire/2022/08/15/midwest-holding-inc-reports-second-quarter-2022-results/ | 2022-08-15T21:58:35Z |
PLEASANTON, Calif., Aug. 15, 2022 /PRNewswire/ -- Movano Inc. (NASDAQ: MOVE), a purpose-driven healthcare solutions company at the intersection of medtech and consumer devices, today announced the development of a beta testing program with Stanford Health Applied Sports Science Department. The beta test, which is expected to commence in the fourth quarter of 2022, will utilize the Movano Ring, Movano's first commercial product designed to track and analyze medical grade data and deliver insights to consumers across a wide spectrum of healthcare needs, and prepare the Company for its commercial launch in the first half of 2023.
"Stanford University and our Applied Sports Science department are continually looking to apply the latest technology, like the Movano Ring, to drive innovation that facilitates the ethical enhancement of athletic performance and improve the quality of life of the Stanford athlete," said Tyler Friedrich, Director of Olympic Sports Performance and Applied Sport Science at Stanford University.
"People today are increasingly seeking connected solutions that give a more holistic picture of their overall health. The Movano Ring is being designed to sit at the intersection of the medical and consumer device market, providing medical-grade diagnostics in addition to lifestyle fitness stats to help people gain greater control over their health," said John Mastrototaro, CEO of Movano Inc. "The opportunity to test our technology with a group of Stanford's most elite athletes, who rely on health data to optimize their performance and feel their best, will be crucial in testing and improving the effectiveness of our solution."
About Movano
Founded in 2018, Movano Inc. (NASDAQ:MOVE) is developing a suite of purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. Featuring modern form factors, Movano's wearables capture a comprehensive picture of a person's vital health information and uniquely translate the data into personalized and intelligent insights that empower consumers to live healthier and more balanced lives. Movano's end-to-end solutions will soon enable a world where consumers, caretakers and healthcare professionals can utilize daily health data as a tool to proactively monitor and manage their health. For more information, visit www.movano.com.
Forward Looking Statements
This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results; product development efforts and product releases; clinical trial and regulatory initiatives; commercial partner activities; as well as our strategies, positioning and expectations for future events or performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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SOURCE Movano | https://www.whsv.com/prnewswire/2022/08/15/movano-announces-beta-program-with-stanford-university-advance-development-comprehensive-health-data-monitoring-its-wearable-ring-solution/ | 2022-08-15T21:58:42Z |
Conference call begins at 2:00 p.m. Pacific time today
PLEASANTON, Calif., Aug. 15, 2022 /PRNewswire/ -- Today, Movano Inc. (NASDAQ:MOVE), a purpose-driven healthcare solutions company at the intersection of medtech and consumer devices, reported financial results for the three months ending June 30, 2022 and provided a business update.
Highlights from the second quarter and recent weeks include the following:
- Movano plans to conduct beta test programs with several strategic partners utilizing the Movano Ring, the Company's first commercial product designed to blend the best features of medical and wellness devices to help women better understand the correlation between how they feel and various aspects of their health. The Company named its first beta partner as Stanford University's Applied Sports Science department. Stanford is looking to test wearable technology, like the Movano Ring, to drive innovation that facilitates the ethical enhancement of athletic performance and improve the quality of life of the Stanford athlete.
- Further, Movano is kicking off beta programs with several other organizations including a major global pharmaceutical company, a leading global diabetes-focused medical device company, and an integrated regional health network. The beta test programs are expected to commence in the fourth quarter of 2022, and the development of these partnerships across the broader healthcare landscape is an important milestone in building the foundation for an enterprise solution.
- Movano expects the direct-to-consumer launch of the Movano Ring to take place in the first half of 2023. To prepare for the broader launch, the Company has hired a world class go-to-market (GOTM) leadership team. Over the last several months, this team, along with leading app development partners, has continued to build on the foundational elements already in place, aiming to create a unique and valuable user experience. Further, the Company has secured leading marketing, branding, website development and consumer research partners, to ensure the brand is engaging and relevant to the target audience.
- After recently completing an initial hypoxia study with the University of California San Francisco (UCSF) and announcing high accuracy marks for its blood oxygen saturation (SpO2) and heart rate data, the Company is eyeing its first FDA submission. The recently completed pilot study tested the accuracy of the Movano Ring on seven subjects during mild, moderate and severe hypoxia and followed the same protocol that is expected to be required by the FDA for the submission. In comparing the overall accuracy of the Ring's data with that of the reference devices, the Movano Ring achieved a 2% margin of error, well below the FDA's 4% requirement for SpO2. In addition, the Ring also estimated heart rate with accuracy commensurate with the FDA's standards. This successful study demonstrates the potential for wearables to properly track sleep and heart health and detect potential illnesses, such as sleep apnea, and is a major step toward the Company's goal of providing medically-validated data to consumers and healthcare professionals. Based on the positive results from this study, Movano plans to conduct a larger pivotal study for the FDA submission later this year.
- Movano plans to conduct additional blood pressure and glucose clinical studies beginning in the third quarter of 2022, utilizing its proprietary and patented system-on-a-chip (SoC), which is the smallest ever custom mmWave integrated sensor designed specifically for non-invasive glucose and cuffless blood pressure monitoring. While the majority of current wearables on the market use off-the-shelf optical sensors, Movano spent four years developing, designing and shrinking its multi-chip architecture from four integrated circuits into a single SoC in an effort to deliver a higher level of accuracy, offer form factor flexibility and provide its technology to consumers at a lower price point. Movano is currently integrating the SoC into a new prototype system, which will be closer in size and shape to its final product, and enable the Company to conduct longer, more complex blood pressure and glucose studies.
- Movano was recently granted two new patents centered around Movano's SoC, marking a total of nine U.S. patents currently issued to the Company. The two new patents protect the SoC's agile method of understanding detailed features of waveforms that aid in estimating blood pressure and other analytes.
"It's an exciting time for our emerging company as we're working toward commercialization of the Movano Ring, a smart ring designed for women. Our team has accomplished several significant milestones over a short period of time, including the development of multiple beta test programs in partnership with leaders in the healthcare space and a highly encouraging hypoxia pilot study. In parallel, we successfully completed testing of our proprietary and patented system-on-a-chip, the smallest custom mmWave integrated sensor for cuffless blood pressure and non-invasive glucose monitoring, and are now integrating it into a prototype platform for clinical evaluations," said Dr. John Mastrototaro, CEO of Movano Inc. "We aim to move healthcare technology in a direction that's more accessible, both in price and in experience, arming consumers with medically validated data and key insights they can trust, and packaging it into a solution that looks great and provides real value, so it becomes a seamless part of their everyday routine and helps them achieve a more well balanced and healthier life."
Second Quarter 2022 Financial Results
- Movano reported a net loss attributable to common stockholders of $6.9 million, or a loss of $(0.21) per basic and diluted share, in the second quarter of 2022, compared with a net loss attributable to common stockholders of $4.7 million, or a loss of $(0.15) per basic and diluted share, in the second quarter of 2021.
- The Company reported an operating loss of $6.8 million in the second quarter of 2022 compared to an operating loss of $5.0 million in the second quarter of 2021.
- Movano is a development stage company and the majority of its business activities to date and planned future activities will be devoted to research and development. As such, the Company did not generate revenue in either the second quarter of 2022 or the second quarter of 2021.
- The Company had $21.3 million in cash, cash equivalents and short-term investments as of June 30, 2022, compared to $33.6 million in cash, cash equivalents and short-term investments, as of December 31, 2021.
- The total number of shares outstanding was 32,818,060 as of June 30, 2022.
Conference Call and Webcast
Management will host a conference call and live audio webcast to discuss these results and provide a business update today at 2:00 p.m. PDT (5:00 p.m. EDT).
Attendees can access the live webcast here or on the investors section of Movano's website at https://ir.movano.com. The conference call can be accessed by dialing 1-877-407-0989 (domestic) or 1-201-389-0921 (international). Attendees can also use the Call Me link, in which they will be dialed in to the conference call instantly on the number provided with no hold time. An archived webcast will be available on Movano's website approximately one hour after the completion of the event and for two years thereafter.
To learn more about Movano Inc., please visit www.movano.com
About Movano
Founded in 2018, Movano Inc. (NASDAQ:MOVE) is developing a suite of purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. Featuring modern form factors, Movano's wearables capture a comprehensive picture of a person's vital health information and uniquely translate the data into personalized and intelligent insights that empower consumers to live healthier and more balanced lives. Movano's end-to-end solutions will soon enable a world where consumers, caretakers and healthcare professionals can utilize daily health data as a tool to proactively monitor and manage their health. For more information, visit www.movano.com.
Forward Looking Statements
This press release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results; product development efforts and product releases; clinical trial and regulatory initiatives; commercial partner activities; as well as our strategies, positioning and expectations for future events or performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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SOURCE Movano | https://www.whsv.com/prnewswire/2022/08/15/movano-inc-provides-business-update-reports-second-quarter-2022-financial-results/ | 2022-08-15T21:58:49Z |
Fiscal Q1 2023 revenue totaled $16.3 million, an increase of 61% year-over-year
Sprout recorded $8.2 million in revenue, its largest net sales quarter on record
Personal Care and Beauty recorded $5.1 million in revenue, the highest in over two years
Company will host a conference call at 5:00 p.m. (Eastern Time) Monday, August 15, 2022, to discuss these results
LAVAL, QC, Aug. 15, 2022 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ending June 30, 2022.
Statement from Neptune Management and Board of Directors:
"The results Neptune achieved in the first quarter of fiscal 2023 reflect the impacts of strategic decisions we have made over the past year to become a leading consumer packaged goods company. We reported revenue of $16.3 million, an increase of 61% year-over-year, led by Sprout, which had its largest net sales quarter yet, and our personal care and beauty products, which generated the largest quarter of revenue in two years."
"We are also continually striving to reduce expenses. Since our strategic review in late 2021, and including our most recent payroll reductions at cannabis and corporate, we have now reduced expenditures by approximately $18 million. This figure includes $7.6 million of reduced payroll expense across corporate and business units, with total headcount decreasing from 170 to 56, a 67% reduction. While it has been a year of tough strategic decisions, we are laser-focused on a path to growth and profitability and believe we are well-positioned to create value going forward."
First Quarter 2023 Financial Highlights:
- Fiscal first quarter 2023 revenue totaled $16.3 million, as compared to $10.1 million or an increase of 61% for the same period in fiscal 2022.
- Reported fiscal first quarter 2023 gross profit loss of $2.9 million compared to a gross profit loss of $2.3 million for the fiscal first quarter 2022.
- Adjusted EBITDA (non-GAAP)1 loss for fiscal first quarter 2023 was $9.8 million compared to an Adjusted EBITDA (non-GAAP)1 loss of $12.9 million for fiscal first quarter 2022.
- Reported first quarter net loss of $6.5 million compared to a reported net loss of $18.9 million in the prior comparable period in fiscal 2022.
First Quarter Business Highlights:
- Launched a new CPG-focused strategic plan to profitability, including divestiture of cannabis business.
- Announced appointment of Raymond Silcock as Chief Financial Officer.
- Announced the addition of Philip Sanford as Audit Chair of Neptune's Board of Directors.
- Launched a new line of CoComelon co-branded organic snack bars.
- Announced the completion of a share consolidation.
- Closed a US$5,000,000 Registered Direct Offering Priced At-the-Market Under Nasdaq Rules.
Subsequent Events and Business Updates:
- Announced Amendment and Expansion of Sprout Secured Promissory Notes led by Morgan Stanley to expand the facility from US$22.5 million to a maximum of US$37.5 million.
- Provided a Sprout Organics Distribution Update and discussed potential expansion into new product categories beyond Baby Food Aisle.
Conference Call Details:
The Company will host a conference call at 5:00 p.m. (Eastern Time) on Monday, August 15, 2022, to discuss these results. The conference call will be webcast live and can be accessed by registering on the Events and Presentations portion of Neptune's Investor Relations website at www.investors.neptunewellness.com. The webcast will be archived for approximately 90 days.
NEPTUNE WELLNESS SOLUTIONS INC.
Condensed Consolidated Interim Balance Sheets
(Unaudited) (in U.S. dollars)
NEPTUNE WELLNESS SOLUTIONS INC.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Unaudited) (in U.S. dollars)
For the three-month periods ended June 30, 2022 and 2021
Adjusted EBITDA1 reconciliation, in millions of dollars
ADJUSTED EBITDA
Although the concept of Adjusted EBITDA is not a financial or accounting measure defined under US GAAP and it may not be comparable to other issuers, it is widely used by companies. Neptune obtains its Adjusted EBITDA measurement by adding to net loss, net finance costs (income) and depreciation and amortization, and income tax expense (recovery). Other items such as equity classified stock-based compensation, non-employee compensation related to warrants, litigation provisions, business acquisition and integration costs, signing bonuses, severances and related costs, impairment losses on non-financial assets, write-downs of non-financial assets, revaluations of derivatives, system migration, conversion and implementation, CEO directors and officers insurance, costs related to conversion from IFRS to US GAAP and other changes in fair values are also added back. The exclusion of net finance costs (income) eliminates the impact on earnings derived from non-operational activities. The exclusion of depreciation and amortization, stock-based compensation, non-employee compensation related to warrants, litigation provisions, impairment losses, write-downs revaluations of derivatives and other changes in fair values eliminates the non-cash impact, and the exclusion of acquisition costs, integration costs, signing bonuses, severance and related costs, costs related to cybersecurity and costs related to conversion from IFRS to US GAAP present the results of the on-going business. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. In Q4 2022, the Company added the costs related to the conversion from IFRS to US GAAP as an adjustment to the definition of Adjusted EBITDA. Adjusting for these items does not imply they are non-recurring. For purposes of this analysis, the Net finance costs (income) caption in the reconciliation below includes the impact of the revaluation of foreign exchange rates.
About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec, Neptune is a diversified health and wellness company with a mission to redefine health and wellness. Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit: https://neptunewellness.com/.
Disclaimer – Safe Harbor Forward–Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the Company's strategic review, expected cost savings, projected growth of Sprout and Biodroga, the success of the Company's action plan, including the divestiture of the Company's cannabis business, future increased revenues, expectations regarding expenses, cash needs, cash flow, liquidity and sources of funding, future expansion plans, initiatives and strategies of the Company, and the Company's performance, growth initiatives, profitability, future product launches and plans and gain in market share, as well as the timing for the filing of the Restated Filings.
These forward-looking statements are based on assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the ability of the Company to successfully implement its strategic initiatives; implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; changing consumer habits; the ability of the Company to successfully achieve its business objectives and cost cutting plans; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; the ability of the Company to obtain financing on acceptable terms, the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); the ability of the Company to obtain financing on acceptable terms, expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations; employee relations; and the presence of laws and regulations that may impose restrictions in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding these and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K dated July 7, 2022, for the year ended March 31, 2022.
Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Neptune Wellness Solutions Inc. | https://www.whsv.com/prnewswire/2022/08/15/neptune-reports-fiscal-first-quarter-2023-financial-results/ | 2022-08-15T21:58:55Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- The Board of each of Neuberger Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW), and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) has declared monthly distributions for the dates below. The Funds seek to provide income that is exempt from regular federal income tax. Additionally, Neuberger Berman California Municipal Fund Inc. seeks to provide income that is exempt from California personal income tax and Neuberger Berman New York Municipal Fund Inc. seeks to provide income that is exempt from New York State and New York City personal income tax. Distributions of the Funds may be subject to the federal alternative minimum tax for some stockholders. Each Fund's distribution announced today is payable on September 15, 2022, has a record date of August 31, 2022 and an ex-date of August 30, 2022.
The Funds will make the distributions described above in the following per share amounts:
In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2022 will be made after the end of the year.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $418 billion in client assets as of June 30, 2022. For more information, please visit our website at www.nb.com.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman | https://www.whsv.com/prnewswire/2022/08/15/neuberger-berman-closed-end-municipal-funds-announce-monthly-distributions/ | 2022-08-15T21:59:03Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW), and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) (each a "Fund" and collectively, the "Funds") each announced today that it has redeemed a portion of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares"). The redemption price for the VMTP Shares was the $100,000 liquidation preference per share plus the final accumulated distribution amounts owed. Neuberger Berman Municipal Fund Inc. redeemed 47 VMTP Shares and has 1,657 VMTP Shares outstanding. Neuberger Berman California Municipal Fund Inc. redeemed 38 VMTP Shares and has 512 VMTP Shares outstanding. Neuberger Berman New York Municipal Fund Inc. redeemed 43 VMTP Shares and has 420 VMTP Shares outstanding.
The Funds have not registered any VMTP Shares under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Unless so registered, no VMTP Shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The holder of the VMTP Shares has a right to require the Funds to register the VMTP Shares under certain circumstances. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $418 billion in client assets as of June 30, 2022. For more information, please visit our website at www.nb.com.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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LAS VEGAS, Aug. 15, 2022 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties today announced its financial results for the fiscal quarter ended June 30, 2022. For complete details of the condensed consolidated interim financial statements and accompanying management's discussion and analysis for the three and six months ended June 30, 2022, please see Remark's filings with the SEC (www.sec.gov).
Management Commentary
"The company's second quarter was highlighted by additional partnerships and the joining of industry experts to expand its sales channels significantly," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our unique value proposition and the innovation inherent in our AI solutions continued to satisfy the different needs of our customers. Looking ahead, we are building a pipeline of opportunities across the U.S. with our SSP-based products with a new streaming fee model and are continuing to advance our deployment activities in China. Taken together, we believe these activities lay the groundwork for continued momentum across our businesses as we seek to deliver first-class AI solutions to our customers."
Second Quarter 2022 Business Highlights
- During the second quarter, Remark continued to build its data intelligence business using its Smart Safety Platform ("SSP") and related Smart Sentry units that work with the SSP. Based on initial trial success, the company is building a stream of business opportunities with government agencies, public transportation operators, railways, and sports arenas in the US and UK while continuing to grow its business in Asia.
- China Mobile continued to implement Remark's KanKan AI Platform and Smart Queueing System throughout their retail locations, although the pace of implementation has been significantly slowed due to ongoing lockdowns and measures taken by the Chinese government to achieve a zero-COVID status. Most stores are still closed nationwide and the project will resume once the strict lockdowns are lifted.
- During the second quarter, Smart Campus solutions were deployed across more than 60 campuses bringing total installations to more than 460 campuses. New functions of the Smart Campus solutions provided a leading management platform for student development, providing a rich set of scenario-based software and AIoT tools for school administrators and families to assemble comprehensive student profiles targeting individual growth. This new product has been installed in more than 100 schools and is helping over 100,000 students daily.
- Remark's Smart Construction solutions contributed $1.1 million of revenue as the company completed installations at 14 construction sites, bringing total installations to 67 sites and, thereby, not only completing the initial contract but also securing and partially fulfilling additional contracts on more construction sites. There are an additional 30+ construction sites targeted to be finished in the third quarter of 2022.
Fiscal Second Quarter 2022 Financial Results
- Revenue for the fiscal second quarter of 2022 totaled $2.6 million, down from $4.0 million during the fiscal second quarter of 2021.
- Gross profit decreased $1.1 million quarter over quarter to $0.7 million during the second quarter of 2022. The overall gross profit margin for the second quarter of 2022 was 27.8%, compared to 43.9% in the same period in 2021.
- The company incurred an operating loss of $4.0 million in the second quarter of 2022 compared to an operating loss of $2.5 million in the comparable quarter of 2021.
- Net loss totaled $12.5 million, or $0.12 per diluted share in the second quarter ended June 30, 2022, compared to a net loss of $1.5 million, or $0.02 per diluted share in the second quarter ended June 30, 2021.
- On June 30, 2022, the cash balance totaled $1.1 million, compared to a cash balance of $14.2 million on December 31, 2021. Net cash used in operating activities was $11.1 million during the six months ended June 30, 2022.
Conference Call Information
Management will hold a conference call this afternoon at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the Company's financial results and provide an update on recent business developments. A question and answer session will follow management's presentation.
The live conference may be accessed via telephone or online webcast.
Toll-Free Number: 800.289.0720
International Number: 323.701.0160
Conference ID: 7189339
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1562633&tp_key=7bdfa0774e
Participants are advised to log in for the live webcast 10 minutes prior to the scheduled start time. A replay of the call will be available after 7:30 p.m. Eastern time on the same day through August 20, 2022.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 7189339
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in various retail, public safety, and workplace applications. The company also owns and operates an e-commerce digital media property focused on a luxury beach lifestyle. The company's corporate headquarters and U.S. operations are based in Las Vegas, Nevada, and it also maintains operations in London, England, and Shanghai, China. The operations of the variable interest entities that the company consolidates are headquartered in Chengdu, China, with additional offices in Hangzhou. For more information, please visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment, and regulations. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," and "plans," "believes," "estimates," and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views concerning future events, are based on assumptions, and are subject to risks and uncertainties. Given such uncertainties, you should not rely on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.
Company Contacts
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+86) 13702108000
(+65) 8715-8007
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SOURCE Remark Holdings, Inc. | https://www.whsv.com/prnewswire/2022/08/15/remark-holdings-announces-fiscal-second-quarter-2022-financial-results/ | 2022-08-15T21:59:16Z |
MIAMI, Aug. 15, 2022 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) (the "Company") today announced that it has priced its private offering of $1,250,000,000 aggregate principal amount of 11.625% senior unsecured notes due 2027 (the "Notes"). The Notes will mature on August 15, 2027. The Notes are expected to be issued on or around August 18, 2022, subject to customary closing conditions.
The Company intends to use the proceeds from the sale of the Notes to repay principal payments on debt maturing in 2022 and/or 2023 (including to pay fees and expenses in connection with such repayments). Pending such uses, the Company may temporarily apply the proceeds to repay borrowings under its revolving credit facilities or other borrowings.
Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy any security. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to certain non-U.S. investors pursuant to Regulation S. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2022 and beyond. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the global incidence and continued spread of COVID-19, which has had and will continue to have an adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to extend the maturities of our existing bank facilities; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business including the conflict between Ukraine and Russia, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; our COVID-19 protocols and any other health protocols we may develop in response to infectious diseases may be costly and less effective than we expect in reducing the risk of infection and spread of such disease on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rates and fuel prices; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; our ability to obtain sufficient financing or capital for our needs or obtain such financing on capital on terms that are acceptable or consistent with our expectations; our substantial debt and the significant amount of cash to service such debt; the restrictive debt covenants that may limit our ability to finance our future operations and capital needs and to pursue business opportunities and activities, and our ability to comply with such covenants; the impact of increased regulatory oversight and the phasing out of LIBOR on the value of a portion of our indebtedness; and uncertainties of a foreign legal system as we are not incorporated in the United States.
In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. It is not possible to predict or identify all such risks.
Forward-looking statements should not be relied upon as a prediction of actual results. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of June 30, 2022.
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During the Live Stream, a Senior Technician From Safe2Core Took the Host on a Step by Step Explanation of What Went Into the 100,000-Plus Square Foot Commercial Concrete Scanning Project
DLLOC, Aug. 14, 2022 /PRNewswire/ -- Safe2Core is pleased to announce that they recently completed a live stream from a large commercial structural scanning job in Sunnyvale, California.
To check out the link to the live stream, please visit https://www.safe2core.com/concrete-scanning-large-commercial-property-project-snapshot/.
During the live stream, Adrian, one of the senior technicians from Safe2Core, guided the host through the project, showing him what is involved in a 100,000-plus square foot commercial concrete scanning project.
As Adrian told Matt, the purpose of having Safe2Core onsite was to lay out the locations of all the metal in the concrete structure, including floors, walls, and ceilings in the expansive and open warehouse space.
During the project, another Safe2Core technician, Sergio, used ground-penetrating radar (GPR) to examine the outside of one of the exterior walls, allowing the team to determine the locations of the structural steel and other potential obstructions within the concrete matrix.
Adrian told Matt that Safe2Core had been on site for about a week and a half, pulling full 8-hour shifts each day to map the structural steel, conduit, and various utility lines from roof to the subfloor, side to side, and end to end. A third technician was scanning on the inside to assure maximum accuracy and cross-verify each other's readings.
As a company spokesperson noted, Safe2Core will post another update soon to show the team's progress in completing the huge job, as well as describe more about the full range and scope of the project.
"Special thanks to Adrian, Sergei, and the entire Safe2Core crew on this project for taking the time to show how Safe2Core works in the field to a broader audience," the spokesperson noted.
Safe2Core personnel have more than 45 years of combined experience in Concrete Scanning, Concrete Cutting, Utility Locating and CCTV Pipeline Inspection. Their technicians have inspected a wide array of concrete structures varying from simple inspections, such as locating rebar on concrete walls, to locating post-tension cables in highly complex structural concrete slabs. For more information, please visit https://www.safe2core.com/.
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SOURCE Safe2Core | https://www.whsv.com/prnewswire/2022/08/15/safe2core-posts-live-stream-large-commercial-building-concrete-scanning-job-sunnyvale-california/ | 2022-08-15T21:59:30Z |
Safe2Core Uses the Latest Ground Penetrating Radar Technology Along with GPS and WiFi to Quickly, Accurately and Reliably Locate Underground Utilities
SAN JOSE, Calif., Aug. 15, 2022 /PRNewswire/ -- Safe2Core is pleased to announce that they have posted a new blog that discusses a very important topic: why experience matters when choosing a private utility locator.
To read the new blog in its entirety and learn more about the services that Safe2Core offers, please visit https://www.safe2core.com/experience-matters-when-choosing-a-private-utility-locator/.
As the blog noted, the highly trained, experienced and skilled technicians from Safe2Core know first hand how important it is to accurately locate subsurface utilities. Doing so will not only help to keep a project on track, but can also help avoid injuries and even deaths on the site.
This is why the team from Safe2Core uses the latest ground penetrating radar (GPR) technology with GPS and WiFi to quickly, accurately, and reliably locate underground utilities and other specialized locating and concrete scanning services; so their clients and their crews will know what's beneath the surface and can plan their work more efficiently.
"We're proud to be the premier service for radio detection and marking underground utilities, so you don't have to worry about whether digging in a certain spot will result in knocking out the lights and computer monitors in the surrounding neighborhood or cause a diesel or high-pressure gas leak from a gas line strike–just to name a couple of problems that could arise from not properly locating underground utilities," the blog noted, adding that Safe2Core is able to locate subsurface utilities including:
- Cable, line, and pipe locators for gas, electric, fiber optic, water and other utilities
- Subsurface structures
- Abandoned ducts, mains and tanks
Safe2Core's proven ability to locate underground utilities accurately, efficiently and for a budget-friendly price has made them a preferred vendor for a number of construction companies.
Safe2Core personnel have more than 45 years of combined experience in Concrete Scanning, Concrete Cutting, Utility Locating and CCTV Pipeline Inspection. Their technicians have inspected a wide array of concrete structures varying from simple inspections, such as locating rebar on concrete walls, to locating post-tension cables in highly complex structural concrete slabs. For more information, please visit https://www.safe2core.com/.
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SOURCE Safe2Core | https://www.whsv.com/prnewswire/2022/08/15/safe2core-posts-new-blog-about-importance-working-with-an-experienced-private-utility-locator/ | 2022-08-15T21:59:41Z |
-- Revenue expected to increase in the third quarter of 2022 driven by increasing order volume from Servotronics' Advanced Technology Group --
ELMA, N.Y., Aug. 15, 2022 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today reported financial results for the second quarter ended June 30, 2022, including 12% growth in revenue.
The company reported second quarter 2022 net loss of $(810,000), or $(0.33) per diluted share. Second quarter 2021 net income of $1,186,000, or $0.49 per diluted share, included a $1.9 million or $0.62 per share contribution to earnings from government-provided employee retention credits (ERC) related to the Covid-19 pandemic.
"Following deep market declines resulting from the pandemic, we believe we are in the early stages of a strong recovery in our business related to the commercial aircraft market. This resulted in another quarter of revenue growth, which we expect to continue in the upcoming quarters," said Chief Executive Officer William F. Farrell, Jr. "The Servotronics team is focused on delivering on our growth and improving processes while we explore new opportunities for current products and new offerings. Servotronics is positioned very well for expected top and bottom line growth in existing and new markets. It is a great time to be part of the team!"
The 12% revenue growth in the second quarter of 2022 was attributed to the recovery of business within the commercial aircraft market for the Advanced Technology Group (ATG) and a shift in product mix toward higher-priced products at both the ATG and the Consumer Products Group (CPG). Consolidated revenues grew to $11.2 million in 2022 from $10.0 million as compared to the second quarter last year. ATG revenue grew to $8.7 million in 2022, increasing 11.8% from $7.8 million last year, and CPG revenue grew to $2.5 million in 2022, increasing 12.6% from $2.2 million in 2021.
Growth in consolidated revenue is expected to continue in the third quarter and second half of 2022 as compared to the same periods last year. This will be driven primarily by anticipated increases in ATG revenue and units shipped under long-term prime contracts and subcontracts.
Second quarter consolidated gross margin dropped to $1.2 million in 2022 from $1.9 in 2021. Gross margin as a percentage of revenue dropped to 10.4% in 2022, declining from 18.7% in last year's quarter. The primary contributors to the margin reduction were the discontinuation of the New York State Shared Work Program in the second half of 2021 and non-recurring expenses at the ATG which included the acceleration of obsoleting inventory due to market changes and a customer driven process change.
Lower second quarter 2022 selling, general and administrative expenses (SG&A) were driven by lower legal and professional fees at the ATG. Second quarter SG&A was $2.1 million in 2022, decreasing 6.2% from $2.2 million last year. Second quarter SG&A as a percentage of revenue improved to 18.4% in 2022 from 22.0% last year.
Servotronics second quarter operating loss was $0.9 million, an increase of $0.6 million from an operating loss of $0.3 million last year, as current year non-recurring expenses and the discontinuation of last year's non-recurring benefits were not fully offset by an increase in sales and a decrease in SG&A.
ABOUT SERVOTRONICS
The Company is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the words "project," "believe," "plan," "anticipate," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve numerous risks and uncertainties which may cause the actual results of the Company to be materially different from future results expressed or implied by such forward-looking statements. There are a number of factors that will influence the Company's future operations, including: uncertainties in today's global economy, including political risks, adverse changes in legal and regulatory environments, and difficulty in predicting defense appropriations, the introduction of new technologies and the impact of competitive products, the vitality of the commercial aviation industry and its ability to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, and market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components, the Company's ability to accurately align capacity with demand, the availability of financing and changes in interest rates, the outcome of pending and potential litigation, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses' and governments' responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers' businesses, and on global supply chains, the ability of the Company to obtain and retain key executives and employees and the additional risks discussed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE America
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SOURCE Servotronics, Inc. | https://www.whsv.com/prnewswire/2022/08/15/servotronics-announces-financial-results-second-quarter-2022-including-12-growth-revenue/ | 2022-08-15T21:59:50Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Safehold Inc. ("Safehold" or the "Company") (NYSE: SAFE) in connection with the proposed merger of the Company with iStar Inc. ("iStar") (NYSE: STAR). Prior to the closing of the transaction, iStar will undergo a reverse stock split to reduce the number of iStar shares outstanding to be equal to the number of Safehold shares owned by iStar prior to the merger. Upon closing, the shares of Safehold owned by iStar will be retired and each share of Safehold not owned by iStar will be exchanged for one share of common stock of the newly combined company, New Safehold. Safehold shareholders are expected to own only approximately 34% of New Safehold while iStar shareholders are expected to own approximately 37% of New Safehold directly, and 14% indirectly as a result of the spin-off transaction.
If you own Safehold shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/safe
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) Safehold's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration adequately compensates Safehold's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE Weiss Law | https://www.whsv.com/prnewswire/2022/08/15/shareholder-alert-weiss-law-investigates-safehold-inc/ | 2022-08-15T21:59:56Z |
- Enters into Amended Purchase Agreement with Frontline Power Solutions and completes the initial closing for the acquisition of Frontline Power Solutions
- Federal Government Allocates $350 Billion Towards Energy Efficiency Improvements in Commercial Buildings
PHOENIX, Aug. 15, 2022 /PRNewswire/ -- SinglePoint Inc. (OTCQB: SING) ("SinglePoint'' or "the Company''), an acquisition-focused solar energy and sustainable solutions provider, announced today the completion of initial closing for the acquisition of Frontline Power Solutions, a Multi-State Licensed Energy Services Company (ESCO). The agreement provides for a two-phase closing of which we have now completed phase one with the initial payments completed and will proceed to phase two.
Frontline Power Solutions (FPS) is a comprehensive energy service Company with the ability to operate in deregulated markets across the country. Frontline Power is licensed in nine states and has applied for and is awaiting final approval in 12 additional states. Frontline provides Energy Supply Agreements to all sizes of commercial, industrial, and institutional properties. In addition to supplying direct agreements, FPS also lends its expertise to its clients to help reduce energy consumption, streamline energy portfolios, and offer other options to lower energy costs.
The strategic acquisition provides SinglePoint with access to an extensive portfolio of clients while giving those FPS clients reciprocal access to one of the nation's leading solar power solutions companies and best-in-class customer service.
Wil Ralston, CEO of SinglePoint, said, "With the completion of our first investment and acquisition of minority interest in FPS, we believe FPS will round out our service offerings by providing tremendous opportunities in the deregulated energy markets. Through Energy Service Agreements or assistance with installing a client's solar system, SinglePoint can now assist thousands of commercial clients in their solar transition."
John Holmes, Founder and CEO of FPS, said, "Our focus has been supplying commercial energy contracts to large and small commercial, industrial, institutional, and property management firms. We facilitate substantial reductions in energy consumption and spending while streamlining logistical management of their energy portfolios. By joining with SinglePoint, our two companies benefit from economies of scale and monetizing opportunities more efficiently and quickly."
There are currently 26 U.S. states that offer deregulated power options which are expected to reach $9 Billion in annual industry revenues.
About Frontline Power Solutions (FPS)
Frontline Power Solutions (FPS) is a comprehensive energy solutions Company. They are equipped with industry experts who have been on the "frontline" of energy procurement, sales, marketing, analysis, and information technology in the power industry since the dawn of deregulation. The combined intellectual and leveraged resources translate to unmatched value to their customers. FPS provides full-service power supply solutions, including supply, billing, auditing, renewable energy supply, efficiency consulting, and incentive coordination for large or small enterprises.
About SinglePoint Inc (OTCQB:SING)
SinglePoint Inc. (www.singlepoint.com) is a renewable energy, and sustainable lifestyle Company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on social media for the latest updates.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, besides statements of fact included in this release, including, without limitation, statements regarding revenue projections, financing opportunities, potential plans and objectives of the Company, anticipated growth, and future expansion, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical and other complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Investor Contact:
Tra-Digital IR
Investors@SinglePoint.com
(212) 389 - 9782 ext. 107
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SOURCE SinglePoint Inc. | https://www.whsv.com/prnewswire/2022/08/15/singlepoint-clarifies-earlier-release-concerning-frontline-power-solutions-multi-state-licensed-energy-services-company/ | 2022-08-15T22:00:04Z |
Full-Service Franchise Development Firm to Launch St. Petersburg-Based Splash and Dash into Franchising Nationwide
CORNELIUS, N.C., Aug. 15, 2022 /PRNewswire/ -- REP'M Group - an elite franchise growth enabler, offering a full spectrum of development services under one roof - has announced they have added St. Petersburg-Based Splash and Dash Groomerie & Boutique to their portfolio of established brands. With a combined 100+ years of business expertise in franchising, REP'M Group's elite in-house service offerings are hyper-focused on growing Splash and Dash.
As the pet industry continues to grow and expand in the United States, REP'M Group has an incredibly devoted team with vast experience to grow the Splash and Dash brand. According to the ASPCA, nearly 23 million American households acquired a pet during the pandemic, which would account for one in every five families. Splash and Dash currently has 14 open locations with plans to have more than 200 under development in the next 36 months with the help and guidance of REP'M.
"Splash and Dash exemplifies what we're looking for in a partner, and we are excited to continue working with their team to develop the brand and accelerate their growth nationwide," said Nick Sheehan from REP'M Group. "Splash and Dash has had incredible success over the past five years with consistent and continued growth during the turmoil of COVID. The brand has continued to grow its revenue and has made tremendous steps toward becoming a nationwide boutique grooming studio. We are excited to be able to partner with such an innovative brand like Splash and Dash and help take them to the forefront of boutique pet care."
Founded in 2009 by former wellness gym franchisee guru Dan Barton, Splash and Dash was created to fill a void in the mom-and-pop pet grooming space of a clean and luxurious oasis for both pets and their owners. Splash and Dash offers a variety of innovative spa services including relaxing spa treatments, an unlimited monthly bath membership, dog grooming, and dog dental hygiene. Services are designed to stack and complement one another making for a unique one-stop dog care facility.
"We are confident that working with REP'M Group will allow the Splash and Dash brand to successfully expand into new territories throughout the United States," said Splash and Dash Founder Dan Barton. "With their services and expert guidance, we hope to soon open more locations with dedicated partners that have the drive and tenacity to revolutionize the dog grooming business."
Splash and Dash has gained notoriety by creating a unique membership program that encourages owners, and their pets, to stop by their location for a free bath between scheduled grooming visits. This not only maintains the cleanliness of the pet but also helps to strengthen the brand's network or information and can help to learn patterns in one's pooch. The brand has also built preoperatory software to help streamline the process. With all employees receiving iPads and TV monitors at every grooming station, the software helps to keep everyone communicative throughout the grooming process while establishing the most effective way to communicate with customers as well as the most efficient workflow.
To learn more about Splash and Dash, visit https://splashanddashfranchise.com/ or email Tim@repmgroup.com for more information.
About REP'M Group
REP'M Group has created integrated solutions for accelerated and sustainable franchise growth since it was founded in 2019. A full-service franchise development firm, REP'M Group works to provide franchisors with all of the strategies and services they need up until they open a location. REP'M Group integrates four verticals to position a brand for confident growth including BRAND'M, BUILD'M, GROW'M, AND SCALE'M to drive maximum value to various franchise clients. With over 75 years of franchise brand experience, REP'M Group has helped emerging brands grow in a sustainable and responsible manner. Visit www.repmgroup.com/ for more information.
About Splash and Dash
Founded in 2009 and franchising since 2015, Splash and Dash is a boutique dog grooming facility with an original membership program that encourages both customers and their pets to visit as many times as they would like between their scheduled grooming every six weeks. The brand has continued to innovate with the development of state-of-the-art technology that allows both customers and employees to track and monitor the progress of their pet's grooming and bathing. The brand currently has 15 locations open with plans to have more than 200 open and operational in the next 36 months. For more information, please visit https://splashanddashfordogs.com/.
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SOURCE REP’M Group | https://www.whsv.com/prnewswire/2022/08/15/splash-dash-groomerie-amp-boutique-partner-with-repm-group-accelerate-national-growth/ | 2022-08-15T22:00:11Z |
DUBLIN, Calif., Aug. 15, 2022 /PRNewswire/ -- TriNet (NYSE: TNET), a leading provider of comprehensive human resources for small and medium-size businesses (SMBs), today announced the addition of three new speakers to its roster of thought leaders and influencers for TriNet PeopleForce 2022. The three-day, award-winning conference taking place September 13-15 will feature acclaimed leaders from the worlds of business, public policy, science, social justice, sports, entertainment, media and more. The live event will take place at the Theater at City Tech in downtown Brooklyn, NY, and virtually from anywhere.
The added speakers are:
- Jamie Siminoff - Chief Inventor and Founder, Ring
- Sandeep Mathrani - CEO and Chairman, WeWork
- Ben Van Leeuwen - Co-founder and CEO, Van Leeuwen Ice Cream
"TriNet PeopleForce 2022 kicks off next month and the official countdown is on," said Michael Mendenhall, SVP, CMO and CCO at TriNet. "The exceptional lineup of inspirational thought leaders and innovators from varied backgrounds provides something for everyone and will certainly deliver on our promise of providing passion, purpose, and perseverance to SMBs."
Previously announced speakers include former Chairman and CEO of the Walt Disney Company Bob Iger, Dr. Jane Goodall, DBE, Founder, the Jane Goodall Institute, UN Messenger of Peace, and former Duke University head basketball coach Mike Krzyzewski. Also featured will be best-selling author and feminist activist Gloria Steinem, world-renowned chef and humanitarian José Andrés, and former Ukrainian Press Secretary Iuliia Mendel.
TriNet PeopleForce 2022 will provide entrepreneurs and SMB leaders with three days of outstanding speakers and dynamic sessions that will focus on this year's conference theme: passion, purpose and perseverance.
Register to attend virtually or live in New York by visiting peopleforce.TriNet.com.
For a look at TriNet PeopleForce 2021, visit: PeopleForce 2021 | TriNet
About TriNet
TriNet (NYSE: TNET) provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet's suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people. TriNet, incredible starts here. For more information, visit TriNet.com or follow us on Twitter.
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SOURCE TriNet Group, Inc. | https://www.whsv.com/prnewswire/2022/08/15/trinet-adds-ring-chief-inventor-founder-jamie-siminoff-wework-ceo-chairman-sandeep-mathrani-van-leeuwen-ice-cream-co-founder-ceo-ben-van-leeuwen-roster-distinguished-speakers-trinet-peopleforce-2022/ | 2022-08-15T22:00:17Z |
PHOENIX, Aug. 15, 2022 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity" or the "Company"), a leading provider of debt and equipment financing to venture capital backed growth stage companies, today announced that it has commenced an underwritten public offering of $50.0 million of shares of its common stock. In connection with the proposed offering, Trinity intends to grant the underwriters a 30-day option to purchase additional shares of its common stock. All of the shares of common stock to be sold in the offering are to be sold by Trinity. The offering is subject to general market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the size or terms of the offering.
Trinity intends to use the net proceeds from this offering to pay down a portion of its existing indebtedness outstanding under its KeyBank Credit Facility, to make investments in accordance with its investment objective and investment strategy, and for general corporate purposes.
Keefe, Bruyette & Woods, Inc., A Stifel Company, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are acting as joint-lead book-running managers for the offering. Goldman Sachs & Co. LLC is acting as a joint book-running manager in the offering.
The shares will be sold pursuant to an effective shelf registration statement on Form N-2 that has been filed with, and has been declared effective by, the Securities and Exchange Commission (SEC).
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of Trinity before investing. The preliminary prospectus, dated August 15, 2022, and accompanying prospectus, dated January 27, 2022, each of which has been filed with the SEC, contain a description of these matters and other important information about Trinity and should be read carefully before investing.
This press release will not constitute an offer to sell or the solicitation of an offer to buy the securities described above 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 their registration or qualification under the securities laws of any such state or jurisdiction. Offers of these securities are made only by means of the prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of the preliminary prospectus. Any representation to the contrary is a criminal offense.
A shelf registration statement relating to these securities is on file with and has been declared effective by the SEC. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, from: Keefe, Bruyette & Woods, Inc., Attn: Equity Capital Markets, 787 7th Avenue, 4th Floor, New York, NY 10019, telephone: 1-800-966-1559, or by emailingUSCapitalMarkets@kbw.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014; UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275 or by emailing ol-prospectusrequest@ubs.com; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 30 Hudson Yards, New York, NY, 10001, telephone: (800) 326-5897 or by emailingcmclientsupport@wellsfargo.com; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, or by emailing Prospectus-ny@ny.email.gs.com.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic on the economy, financial markets, our business, our portfolio companies and our industry. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Trinity undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Trinity (Nasdaq: TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, is a leading provider of debt, including loans and equipment financing, to growth stage companies, including venture-backed companies and companies with institutional equity investors. Trinity's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. Trinity believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience, and track record in lending to growth stage companies.
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SOURCE Trinity Capital Inc. | https://www.whsv.com/prnewswire/2022/08/15/trinity-capital-inc-announces-offering-500-million-shares-common-stock/ | 2022-08-15T22:00:24Z |
JACKSON, Miss. and BILOXI, Miss., Aug. 15, 2022 /PRNewswire/ -- Trustmark National Bank ("Trustmark"), a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK), and The Peoples Bank, whose parent company is Peoples Financial Corporation (OTCQX Best Market: PFBX) are pleased to announce that the two companies have completed the sale of substantially all the assets of Trustmark's Corporate Trust business to The Peoples Bank.
Trustmark's Corporate Trust business has been focused on providing a wide variety of trust and agency services in connection with debt securities issued by public corporations and government entities. Through this transaction, approximately 200 bond issues were transitioned to The Peoples Bank.
"This transition supports our focus on strategic initiatives that will help our company grow, become more efficient and serve our customers with new and innovative products and services as we move forward," stated Duane Dewey, Trustmark's President and Chief Executive Officer. "The seamless transition process of the Corporate Trust business portfolio to The Peoples Bank has underscored our confidence that this transaction will be positive for the Corporate Trust customers. We are most pleased that these customers will enjoy the same level of service from The Peoples Bank team that they have come to expect from Trustmark," said Dewey.
"We are delighted to add this additional book of corporate trust business to our existing portfolio and look forward to serving these customers," said Chevis C. Swetman, President and Chief Executive Officer of The Peoples Bank. "We are excited about this unique opportunity to leverage our outstanding existing corporate trust footprint and believe the addition of this book of business will build on the strong foundation established by The Peoples Bank and confirm our position as a leader in the corporate trust arena."
Trustmark will continue to offer specialized services and expertise through its Wealth Management Division in the areas of private banking, brokerage, trust, retirement plan services, investment and portfolio management and custodial services for corporate and individual customers and non-profit organizations.
About Trustmark Corporation
Trustmark Corporation is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Visit trustmark.com for more information.
About The Peoples Bank, Biloxi, Mississippi
Founded in 1896, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, The Peoples Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.
The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the company's website at www.thepeoples.com and at the website of the Securities and Exchange Commission at www.sec.gov.
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SOURCE Peoples Financial Corporation | https://www.whsv.com/prnewswire/2022/08/15/trustmark-completes-sale-corporate-trust-business-peoples-bank-biloxi-mississippi/ | 2022-08-15T22:00:30Z |
POMONA, Calif., Aug. 15, 2022 /PRNewswire/ -- Western University of Health Sciences has selected Elizabeth Andrews, DDS, MS, as Dean of the College of Dental Medicine (CDM), effective Aug. 15, 2022.
Dr. Andrews joined the CDM faculty in 2008 as an assistant professor, shortly after the College's founding. CDM's inaugural class started in fall 2009. She was promoted in 2011 to Associate Dean of Academic Affairs and she became an Associate Professor with tenure in 2018.
"I thank and congratulate Dr. Andrews for accepting this coveted position as WesternU's next Dean of CDM, and I express my genuine enthusiasm for the honor to work with such a distinguished academician," said WesternU President Robin Farias-Eisner, MD, PhD, MBA. "I believe Dr. Andrews to possess the 'right fit-in index' for the job: Dr. Andrews is the right choice, at the right time, with the right skill set, and the right academic credentials and experience, to lead the College into WesternU's new era of growth, expansion, and transformation to a mature University."
Andrews earned her bachelor's degree in biology in 1992 from Cal State Northridge and her Doctor of Dental Surgery (DDS) degree from the University of the Pacific School of Dentistry in 1995. She practiced general dentistry for 10 years in Merced, Calif. and then completed her specialty training and master's degree in Oral & Maxillofacial Pathology at the University of North Carolina School of Dentistry.
"It is my distinct privilege and honor to accept the role of dean in WesternU's College of Dental Medicine," Andrews said. "This is a transformational time for the profession of dental medicine, the University, and the College of Dental Medicine. I look forward to serving in this role with my esteemed University colleagues and College faculty and staff as together, we continue to strive for excellence in dental medicine education and patient service."
During her time in private practice, Andrews was active in organized dentistry. She served as President of the Yosemite Dental Society and as a Trustee to the California Dental Association, where she also served as a member of the Strategic Planning Committee. Her research interests include HPV-Associated Oropharyngeal Squamous Cell Carcinoma and Oral Cancer Salivary Markers.
At WesternU, she has mentored numerous students in research and her guidance has helped them secure residencies and obtain grants. She serves on several College and University committees, including chair of the University Curriculum Committee and co-chair of the Admissions Committee. She is a member of the Tri-County Dental Society, the American Dental Education Association, the American Dental Association, and the California Dental Association. She is a Fellow of both the Southern California Academy of Oral Pathology and the American Academy of Oral & Maxillofacial Pathology.
"Dr. Andrews brings a wealth of institutional knowledge, specialty training and real-world experience to her new role as dean," said WesternU Interim Provost and Chief Academic Officer Paula M. Crone, DO '92. "Her work ethic, integrity, and commitment to our students, to the dental medicine profession, and to our communities demonstrate the qualities of inspirational leadership with a commitment to science and humanistic principles of patient-centered care. We look forward what the future holds for CDM under her leadership.
She succeeds Dr. Steven W. Friedrichsen, who retired as CDM dean after more than 11 years of service at WesternU. He was named interim dean of CDM on Feb. 1, 2011, and dean on July 1, 2011.
Western University of Health Sciences (www.westernu.edu), located in Pomona, Calif. and Lebanon, Ore., is an independent nonprofit health professions university, conferring degrees in biomedical sciences, dental medicine, health sciences, medical sciences, nursing, optometry, osteopathic medicine, pharmacy, physical therapy, physician assistant studies, podiatric medicine and veterinary medicine. WesternU is home to WesternU Health, where the best in collaborative health care services is offered. The Chronicle of Higher Education named WesternU a Great College to Work For in 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020.
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SOURCE Western University of Health Sciences | https://www.whsv.com/prnewswire/2022/08/15/westernu-selects-dr-elizabeth-andrews-college-dental-medicine-dean/ | 2022-08-15T22:00:36Z |
Police: Woman charged with animal cruelty had nearly 200 dogs on property
MERCER COUNTY, Ill. (KWQC/Gray News) - An Illinois woman was arrested Friday after deputies say nearly 200 dogs were found on her property.
Police arrested 59-year-old Karen A. Plambeck Friday on three counts of aggravated cruelty to animals, a Class 4 felony punishable by one to three years in prison, according to KWQC.
The bond on the warrant was set at $25,000.
According to a media release from the Mercer County Sheriff’s Office, Mercer County Animal Control began an investigation into an animal welfare complaint at Plambeck’s home Friday.
Investigators searched a property and recovered 198 dogs, according to the release.
One count of the three-count information filed alleges Plambeck allowed a dog to live in filthy conditions with mange and maggots that caused the death of the animal.
“The resources required for such an investigation are immense,” according to the release from the sheriff’s office. “Mercer County Animal Control is focusing all of their resources and time to care for and find places to accept and care for these dogs. Mercer County Animal Control will release additional information when the time allows, please be patient.”
“Numerous” licensed pet rescues in the region and many other volunteers are continuing to assist, according to the release.
The sheriff’s office added that although resources are “desperately needed,” animal control is not asking for public volunteers at this point.
The investigation is ongoing.
The sheriff’s office said that anyone that wishes to make monetary donations to help offset costs can be mailed directly to Mercer County Animal Control, P.O. Box 188, Aledo, IL 61231.
In October 2019, Plambeck was charged in Mercer County with cruel treatment of animals and four counts of unlawful inhuman care for animals, all misdemeanors.
According to court documents, she allowed a halter to remain on a 2-year-old paint mare so long that the halter was embedded causing a necrotic area on the bridge of the horse’s nose.
She also failed to provide a sufficient quantity of good quality, wholesome food to the same horse and several others, according to court documents.
Plambeck was later charged with disorderly conduct, also a misdemeanor, for breaching the peace by allowing her dogs to bark for hours on end, according to court documents.
Court records show she pleaded guilty on May 2 to the disorderly conduct charge and was sentenced to 24 months of court supervision. As part of her plea, she agreed to allow the Illinois Department of Natural Resources, Illinois Department of Agriculture or animal control to come onsite to check on the status of the animals, according to court documents.
Prosecutors dismissed the remaining charges against her, court records show.
Copyright 2022 KWQC via Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/08/15/police-woman-charged-with-animal-cruelty-had-nearly-200-dogs-property/ | 2022-08-15T22:08:35Z |
75 years after leaving British rule, India's democracy is on the line NPR | By Lauren Frayer Published August 15, 2022 at 3:43 PM MDT Facebook Twitter LinkedIn Email Flipboard Listen • 3:49 As India turns 75, its democracy — the world's largest — is under threat from authoritarian rule. Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/75-years-after-leaving-british-rule-indias-democracy-is-on-the-line | 2022-08-15T22:16:25Z |
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.wyomingpublicmedia.org/2022-08-15/a-python-challenge-hasnt-done-much-to-reduce-impact-of-floridas-invasive-species | 2022-08-15T22:16:32Z |
The Pine Ridge Reservation in South Dakota has banned outside missionaries in response to one evangelist's pamphlet denigrating traditional faith practices.
Copyright 2022 NPR
The Pine Ridge Reservation in South Dakota has banned outside missionaries in response to one evangelist's pamphlet denigrating traditional faith practices.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/a-reservation-in-south-dakota-bans-outside-missionaries | 2022-08-15T22:16:38Z |
The bungled withdrawal from Afghanistan was a turning point for Biden's presidency, marking the end of his popularity and the start of a difficult political year.
Copyright 2022 NPR
The bungled withdrawal from Afghanistan was a turning point for Biden's presidency, marking the end of his popularity and the start of a difficult political year.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/bidens-approval-ratings-havent-recovered-since-the-u-s-withdrawal-in-afghanistan | 2022-08-15T22:16:45Z |
The wind energy industry faces new challenges over the infrastructure to transport that energy to more populated cities and local landowners who don't want the turbines cluttering up their landscapes.
Copyright 2022 NPR
The wind energy industry faces new challenges over the infrastructure to transport that energy to more populated cities and local landowners who don't want the turbines cluttering up their landscapes.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/even-with-fed-boost-wind-power-challenges-remain | 2022-08-15T22:16:51Z |
NPR's Juana Summers speaks with Robin Wright, a Middle East foreign affairs expert, about the impact and legacy of Salman Rushdie's book The Satanic Verses.
Copyright 2022 NPR
NPR's Juana Summers speaks with Robin Wright, a Middle East foreign affairs expert, about the impact and legacy of Salman Rushdie's book The Satanic Verses.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/how-salman-rushdies-novel-sparked-controversy-in-the-muslim-world-for-over-30-years | 2022-08-15T22:16:58Z |
Korean cold noodles, or naengmyeon, are a treat enjoyed in both Koreas. One North Korean restaurant owner is reaping the rewards of this fact after having launched a restaurant in Seoul.
Copyright 2022 NPR
Korean cold noodles, or naengmyeon, are a treat enjoyed in both Koreas. One North Korean restaurant owner is reaping the rewards of this fact after having launched a restaurant in Seoul.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/north-korean-cold-noodle-master-brings-northern-tastes-to-seoul | 2022-08-15T22:17:04Z |
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.wyomingpublicmedia.org/2022-08-15/ob-gyn-residents-want-to-quit-in-indiana-after-states-abortion-law-harassment | 2022-08-15T22:17:10Z |
Rudy Giuliani is a target of a criminal investigation into election interference in Georgia. Giuliani, a personal lawyer for former President Donald Trump, helped try to reverse 2020 election results.
Copyright 2022 NPR
Rudy Giuliani is a target of a criminal investigation into election interference in Georgia. Giuliani, a personal lawyer for former President Donald Trump, helped try to reverse 2020 election results.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/rudy-giuliani-is-now-a-target-of-a-georgia-probe-into-2020-election-interference | 2022-08-15T22:17:17Z |
NPR's Mary Louise Kelly speaks with Glenn Gerstell, former general counsel of the National Security Agency, about how presidents can declassify documents.
Copyright 2022 NPR
NPR's Mary Louise Kelly speaks with Glenn Gerstell, former general counsel of the National Security Agency, about how presidents can declassify documents.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/the-documents-the-fbi-searched-in-mar-a-lago-dont-hinge-on-being-classified | 2022-08-15T22:17:23Z |
Two names with Republican Party history will be on ballots Tuesday. Wyoming voters appear ready to boot Liz Cheney, while Sarah Palin looks for an Alaska comeback. What does it say about the GOP?
Copyright 2022 NPR
Two names with Republican Party history will be on ballots Tuesday. Wyoming voters appear ready to boot Liz Cheney, while Sarah Palin looks for an Alaska comeback. What does it say about the GOP?
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-15/the-next-test-of-trumps-sway-in-gop-primaries-involves-liz-cheney-sarah-palin | 2022-08-15T22:17:25Z |
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.wyomingpublicmedia.org/2022-08-15/ukrainians-express-worries-over-conscription-following-russias-invasion | 2022-08-15T22:17:32Z |
For months, actor Alec Baldwin has said that he did not pull the trigger of a gun that fatally shot a crew member while they were filming in New Mexico. But new forensic evidence may tell a different story.
The FBI recently finished and sent a report to the Santa Fe County Sheriff's Office, which is handling the investigation. Officials found that the weapon, meant to be a prop, could not be fired without pulling the trigger.
Baldwin's lawyer called the FBI's findings "misconstrued," adding that the gun in question was in "poor condition," in a statement to NPR.
The investigation into the shooting is ongoing, and so far no one has been charged with any wrongdoing, according to the Santa Fe County Sheriff's Office.
What happened and Baldwin's response
The incident took place in October, while Baldwin was rehearsing a scene on Santa Fe's outskirts for an upcoming Western movie, Rust. At the time, the actor was practicing how to draw a revolver and point it at the camera. When the gun fired, a bullet struck and killed cinematographer Halyna Hutchins as well as injured the movie's director, Joel Souza.
The state medical examiner identified a gunshot wound in Hutchins' chest and ruled her death an accident, according to documents obtained by NPR.
In a prime-time interview with ABC News last winter, Baldwin denied claims that he pulled the trigger. "I would never point a gun at anyone and pull the trigger at them. Never," he said.
"Someone is responsible for what happened, and I can't say who that is," Baldwin added. "But I know it's not me."
A number of lawsuits are ongoing
After the fatal incident, Hutchins' family filed a wrongful death suit against Baldwin and the production company.
Others who were on set when Hutchins was killed, including the film's script supervisor, the lead camera operator and the production's main medic, have filed lawsuits over the trauma they went through.
Hannah Gutierrez-Reed, who was in charge of the film's firearms, has also filed a suit against an ammunition supplier for including live rounds in an ammunition box that allegedly was meant to include only prop ones.
Baldwin's lawyers have also filed an arbitration against the production company, arguing that the actor's contract includes language that protects him from any costs or claims against him. They are also seeking coverage for his legal fees.
Rust Movie Productions has also challenged allegations made by New Mexico's Occupational Health and Safety Bureau, which fined the film production company nearly $137,000 for violating workplace safety protocols.
A spokesperson for the state bureau told NPR that the company has not been "cooperative" and has yet to pay the fine.
What the latest forensic report shows and what's next
According to the FBI report, the gun in question "could not be made to fire without a pull of the trigger" while the hammer was cocked at the one-fourth and half positions.
The ballistic analysis also found that the weapon "could not be made to fire without a pull of the trigger while the working internal components were intact and functional" when it was fully cocked.
"He was told by the person in charge of safety on the set that the gun was 'cold' and believed the gun was safe," said Baldwin's attorney Luke Nikas, adding that Baldwin was not aware of the unsafe conditions on set.
Gutierrez-Reed's lawyer, Jason Bowles, told NPR in a statement, "The newly released FBI reports show the revolver was in good working order and that Baldwin had to have pulled the trigger to fire the revolver, directly contradicting his prior statements."
Bowles said Baldwin "ignored" Gutierrez-Reed's request to do cross-draw training, which would have forbade pointing a weapon at anyone or having his finger on the trigger during the cross draw.
The Santa Fe County Sheriff's Office told NPR that detectives are still waiting to receive and review phone records. Once that's done, the case file will be forwarded to the district attorney for review and final charging decisions.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-15/where-the-rust-shooting-investigation-stands-as-the-fbi-refutes-alec-baldwins-story | 2022-08-15T22:17:38Z |
William Ruto wins in Kenya's presidential election NPR | By Eyder Peralta Published August 15, 2022 at 2:38 PM MDT Facebook Twitter LinkedIn Email Flipboard 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.wyomingpublicmedia.org/2022-08-15/william-ruto-wins-in-kenyas-presidential-election | 2022-08-15T22:17:45Z |
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.wyomingpublicmedia.org/2022-08-15/with-new-federal-funding-scientists-rebuild-the-field-of-gun-violence-research | 2022-08-15T22:17:46Z |
American Airlines planes are seen at Philadelphia International Airport in Philadelphia, Pennsylvania, on June 20. American Airlines is cutting 31,000 flights from its November schedule.
American Airlines is once again cutting its flight schedule, slashing 16% or 31,000 flights during November.
The airline said the move is "in line with our approach to network and schedule planning throughout the year."
Schedule data provided by Cirium, an aviation analytics company, shows the largest cuts are between Chicago O'Hare and Dallas-Fort Worth, as well as between Boston and Philadelphia.
"Preliminary schedules are published 331 days in advance and then adjustments are made closer in based on the schedule we intend to operate," American said to CNN in a statement. "We are now loading schedule adjustments approximately 100 days in advance, which is in line with how we adjusted our schedule in 2019 prior to the pandemic."
Last week, CNN reported that American is cutting 2% of its flights in September and October.
American Airlines called the changes "proactive adjustments" in order to "size our airline for the resources we have available and to build additional buffer into the remainder of our summer schedule."
American isn't the only US airline to trim its schedule.
Airlines have been struggling with flight cancellations and delays this summer as they face staffing shortages, severe weather and air traffic control delays. Last week, an unexpected line of storms at Dallas Fort Worth International Airport caused 100 American Airlines flight diversions and hundreds of cancellations.
Transportation Secretary Pete Buttigieg recently called the air travel system "very brittle" and proposed new consumer protections for passengers. | https://www.kitv.com/news/business/american-airlines-cuts-31-000-flights-from-its-november-schedule/article_3de8271c-570c-5c06-a111-94484044247e.html | 2022-08-15T22:18:08Z |
HONOLULU (KITV4) -- The Hawaii Department of Business, Economic Development and Tourism (DBEDT) on Monday released its 2021 State of Hawaii Data Book.
The annual release is the most comprehensive statistical analysis of the State of Hawaii in a single compilation, DBEDT said. The book is separated into 24 sections with 850 data tables.
Date included in the book covers a vast range of topics, from population totals, health, education, recreation, construction and housing, and much more.
“The Data Book provides detailed information on all aspects of our state. Along with historical trends, readers can find how COVID-19 impacted our lives and the economy in the past two years and the progress of the recovery,” said DBEDT Director Mike McCartney.
Some highlights from this year’s data book include:
• There were 18,493 marriages performed in 2021. About 60% of marriages were people who came to Hawai‘i to get married.
• In 2021, local home buyers bought the most homes at 19,696, mainland buyers accounted for 5,806 homes, and foreign buyers the least at 468. Foreign home buyers paid the most on average at $1,241,943, mainland buyers followed at $1,199,098, and local buyers paid the least at $737,197
• The annual "Worldwide Cost of Living Survey" conducted in March 2022 by Mercer LLC ranked Honolulu 20th most expensive among more than 400 cities worldwide. In 2021, Honolulu was ranked 43rd. | https://www.kitv.com/news/business/cost-of-living-homes-bought-marriages-performed-and-more-2021-state-of-hawaii-data-book/article_8d7a03f0-1cdf-11ed-a8c9-175870083c96.html | 2022-08-15T22:18:14Z |
The Disney Fantasy cruise ship is seen here in Port Canaveral, Florida, on January 2. Disney Cruise Line said on August 15 that it's dropping its vaccination requirement for children younger than 12.
Disney Cruise Line said on Monday it's dropping its vaccination requirement for children younger than 12.
Starting on September 2, a requirement to be fully vaccinated against Covid-19 will no longer apply to guests ages 5 to 11 for sailings leaving US and Canadian ports.
The cruise line's previous rule, which still extends to sailings departing through September 1, required guests 5 and older to be fully vaccinated against Covid-19.
While the US Food and Drug Administration has authorized Covid vaccines for children as young as 6 months, the cruise line had not extended its requirement to the youngest children.
With the change, a vaccination requirement will still apply for all guests 12 and older. The cruise line notes that vaccinations are recommended for younger travelers.
"In consideration of CDC guidance, Disney Cruise Line highly recommends that Guests ages 11 and younger be fully vaccinated before sailing," Disney Cruise Line's website reads.
Covid-19 testing is required for all guests, with different requirements for vaccinated and unvaccinated travelers.
Fully vaccinated guests who provide a negative Covid-19 test result taken one to two days before setting sail are exempt from testing at the cruise terminal. Fully vaccinated guests who do not provide the required negative test results are required to take a test at the cruise terminal and will be charged for those tests.
Guests who aren't fully vaccinated must provide a negative test result before travel and take a second test at the terminal before embarkation that is paid for by Disney.
CNN Travel has reached out to Disney Cruise Line for comment on the revised policy.
More cruise lines easing Covid rules
Disney isn't the only cruise line loosening Covid-19 rules, and several cruise lines are going farther in easing protocols.
As of September 5, Royal Caribbean will allow all travelers, regardless of vaccination status, to sail from several US ports as well as European homeports.
Celebrity Cruises has also announced plans to ease vaccination requirements on voyages from some ports starting on September 5. And Carnival Cruise Line has plans to allow unvaccinated guests to sail on most cruises starting on September 6.
The moves come after the US Centers for Disease Control and Prevention dropped its program monitoring cruise ships in mid-July.
The agency said it would continue to provide testing recommendations to cruise lines and that ships would still report Covid cases to the CDC.
The CDC said cruise lines have the tools and guidance to manage their own Covid mitigation.
"Additionally, cruise travelers have access to recommendations that allow them to make informed decisions about cruise ship travel," the CDC said. | https://www.kitv.com/news/business/disney-cruise-line-dropping-vaccination-requirement-for-kids-ages-5-to-11/article_88c66387-21af-5d43-9395-1a919f694bee.html | 2022-08-15T22:18:20Z |
HONOLULU (KITV4) -- The Federal Motor Carrier Safety Administration (FMCSA) beefed up the guidelines early this year, now making it harder to become a licensed commercial driver.
Officials said although this is to ensure safety on the roads, it can hurt the truck driver shortage even more.
”Before a student could just train with his uncle and if he could pass the test for the road test, he could get his CDL. Now a student has to receive training from a federally-approved training provider,” said Michael Scully, CDL coordinator at Leeward Community College.
Scully stresses that a truck driver shortage impacts other shortages we see at grocery stores. An empty shelf can mean there are not enough drivers to bring food and other items from the ports.
”Trucking is not an easy job. It can be dangerous and you spend a lot of time alone. It takes a certain person to want to drive a truck. Hopefully now, people will know how important truckers are to our local economy,” said Scully.
This shortage hit gas stations hard. Recently, some Hele gas stations in Oahu ran out of gas and closed temporarily.
Par Hawaii told KITV in a statement: "Finding drivers who can pass our rigorous on-road driving test and who make safety a priority has been a challenge for us and other companies. We have contracted third-party companies for drivers to serve as an extension of our own drivers, but these companies are faced with the same obstacles."
Instructors at Leeward Community College said they are offering more courses to get the number of certified drivers back up in Hawaii.
If you are interested in becoming a licensed commercial driver, go to www.ocewd.org or contact CDL coordinator Michael Scully director at mscully@hawaii.edu.
Do you have a story idea? Email news tips to news@kitv.com | https://www.kitv.com/news/business/shortage-of-commercial-truck-drivers-in-hawaii-hitting-certain-industries-hard/article_0332db4a-1cd0-11ed-819b-3f7fa1df1598.html | 2022-08-15T22:18:26Z |
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The Justice Department is opposing the release of details in an affidavit that lays out the argument that investigators made to a federal magistrate judge explaining the probable cause it had to search former President Donald Trump's Mar-a-Lago estate last week.
In their new filing arguing for some continued secrecy, the Justice Department made clear the seriousness of the ongoing criminal investigation, saying it "implicates highly classified materials."
"Disclosure of the government's affidavit at this stage would also likely chill future cooperation by witnesses whose assistance may be sought as this investigation progresses, as well as in other high-profile investigations," the Justice Department wrote. "The fact that this investigation implicates highly classified materials further underscores the need to protect the integrity of the investigation and exacerbates the potential harm if information is disclosed to the public prematurely or improperly."
Media organizations including CNN had asked for the affidavit to be unsealed after the search last week at Trump's Palm Beach, Florida, club and residence.
The Justice Department said in its filing that disclosing the affidavit details "at this juncture" would "cause significant and irreparable damage to this ongoing criminal investigation."
"The redactions necessary to mitigate harms to the integrity of the investigation would be so extensive as to render the remaining unsealed text devoid of meaningful content, and the release of such a redacted version would not serve any public interest," the Justice Department stated.
CNN, joined by The Washington Post, NBC News and Scripps, asked the judge last week to unseal all documents -- including any probable cause affidavits -- connected to the FBI search.
"Not since the Nixon Administration has a President been the subject of such a dramatic and public criminal process," the outlets said in the filing, adding that the outlets are "attempting to shed light on the federal government's unprecedented actions and motivations."
"Here, there could not be a more 'historically significant event' than an FBI raid of a former President's home for the alleged removal of national security records after leaving office," the outlets said.
The New York Times, CBS, the Palm Beach Post, the Miami Herald, the Tampa Bay Times, the Wall Street Journal, the Associated Press and ABC also requested the judge unseal affidavits.
A magistrate judge unsealed the Mar-a-Lago search warrant and property receipt on Friday, after the Justice Department lawyers for the former President agreed they should be released. Other parts of the search warrant, including the probable cause affidavit, were not addressed at the time.
The search warrant identifies violations of the Espionage Act, obstruction of justice and criminal handling of government records as reasons for the search.
The receipt list, which shows what items agents recovered from Mar-a-Lago, shows that agents removed 11 sets of classified documents — including some marked with the highest levels of classification -- from Trump's home.
Republican politicians have continued to demand that the Justice Department explain their reasoning for taking the dramatic step to search Mar-a-Lago.
After the judge unsealed the search warrant and receipt for Trump's property last week, Republican Sen. Lindsey Graham of South Carolina said in a series of tweets that "We still need to see the affidavit," and that "Attorney General (Merrick) Garland must release the information as to why a warrant was necessary, not what was taken."
Republican Sen. Mike Rounds of South Dakota said on NBC's "Meet the Press" that "releasing the affidavit would help, at least that would confirm that there was justification for this raid."
Prosecutors need to "show that this was not just a fishing expedition, that they had due cause to go in and to do this, that they did exhaust all other means," Rounds said, emphasizing that waiting would hurt the integrity of the department. "And if they can't do that, then we've got a serious problem on our hands."
Democratic Sen. Mark Warner of Virginia, chairman of the Senate Intelligence Committee, and the panel's top Republican, Sen. Marco Rubio of Florida, sent letter on Sunday to Garland and top intelligence officials requesting a classified briefing on the documents seized at Mar-a-Lago.
Ohio Rep. Mike Turner, who is the ranking Republican member of the House Intelligence Committee, echoed that request on Sunday, telling CNN's Brianna Keilar that "Congress is saying show us the goods."
The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. | https://www.kitv.com/news/national/doj-opposes-making-public-details-in-mar-a-lago-search-warrants-probable-cause-affidavit/article_5db99bdd-1452-55b5-8fac-536e7c697901.html | 2022-08-15T22:18:39Z |
Rudy Giuliani, pictured here in Michigan in December of 2020, has been told by prosecutors that he is a target in the Georgia 2020 presidential election probe.
Rudy Giuliani has been told by prosecutors in Georgia that he is a target of the special purpose grand jury investigating whether former President Donald Trump and his allies violated the law in their efforts to flip the 2020 election results in Georgia.
A prosecutor from the Fulton County District Attorney's office called Giuliani's Georgia counsel on Monday to inform him that Giuliani is now considered a target of their investigation, said Bob Costello, another attorney for Giuliani.
"This comes on the heels of us asking him probably six or seven times" whether Giuliani was a target, Costello said. He said the district attorney's office previously declined to answer that question.
The development for Giuliani marks the first time a close adviser to Trump has been notified he is a target in a criminal investigation into the then-President's inner circle around the aftermath of the 2020 presidential election. Both the Georgia grand jury and the Justice Department are investigating the post-election efforts to help Trump retain his office.
Giuliani's status became public on Monday alongside other developments in the Georgia investigation -- with a court ruling that Sen. Lindsey Graham must testify -- as well as in several other criminal probes touching upon the ex-President and his advisers.
Those include the investigation into the handling of classified records at Mar-a-Lago after Trump's presidency and the federal grand jury that is investigating January 6.
The January 6 federal grand jury subpoenaed Eric Herschmann, a former Trump White House lawyer and senior adviser, CNN and other outlets reported Monday.
Giuliani being told by prosecutors that he is the target of the investigation was first reported by The New York Times. The district attorney's office declined to comment to CNN for this story.
Costello said Giuliani will still appear Wednesday before the special grand jury but declined to say whether his client would invoke his Fifth Amendment right against self-incrimination.
Giuliani, who served as an attorney for Trump during the 2020 election, was ordered by an Atlanta-area judge to appear in person in front of the special grand jury this week.
Giuliani was subpoenaed in July, and a New York judge ordered the former mayor to testify as a witness before the special grand jury in Georgia after he failed to appear at a hearing in New York about blocking the subpoena. The former New York mayor also unsuccessfully tried to delay his appearance, saying he shouldn't fly after he underwent heart stent surgery last month.
Giuliani met with Georgia state legislators three times in December 2020 in the aftermath of the presidential election -- twice in person and once remotely. During the meetings, Giuliani spread conspiracy theories about widespread irregularities and fraud in the state. Among his many false claims, Giuliani accused two Atlanta election workers of smuggling fraudulent ballots for Joe Biden in suitcases.
Democratic state legislators previously recounted to CNN grand jury testimony they were asked to give in the district attorney's probe that covered Giuliani's conduct. They said they testified about Giuliani's appearance at a December 3, 2020, Georgia Senate subcommittee hearing, during which Giuliani pushed false claims of mass election fraud.
Numerous state and federal officials have debunked Giuliani's claims of fraud in Georgia, a state that Biden won by nearly 12,000 votes. Byung "Bjay" Pak, the former top federal prosecutor for the Northern District of Georgia, was among those who testified before the US House select committee investigating the January 6, 2021, insurrection that Giuliani's claims of election fraud in Fulton County had been investigated by federal authorities and found to be untrue.
Fulton County District Attorney Fani Willis, a Democrat, has detailed the far-reaching scope of the investigation, saying that it includes potential "solicitation of election fraud, the making of false statements to state and local governmental bodies, conspiracy, racketeering, violation of oath of office and any involvement in violence or threats related to the election's administration."
This story has been updated with additional developments Monday. | https://www.kitv.com/news/national/rudy-giuliani-told-by-prosecutors-he-is-a-target-in-georgia-2020-presidential-election-probe/article_807e19d8-653c-5e7a-8bf5-6ee073f3e8d9.html | 2022-08-15T22:18:45Z |
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.wvva.com/2022/08/15/defective-when-government-safety-officials-learned-about-13-deaths-tied-an-infant-rocker-federal-law-prevented-them-immediately-alerting-public/ | 2022-08-15T22:59:05Z |
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.wvva.com/2022/08/15/feds-oppose-unsealing-affidavit-mar-a-lago-warrant/ | 2022-08-15T22:59:12Z |
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.wvva.com/2022/08/15/kemp-will-hand-out-up-12b-cash-poorer-georgians/ | 2022-08-15T22:59:18Z |
Police: Woman charged with animal cruelty had nearly 200 dogs on property
MERCER COUNTY, Ill. (KWQC/Gray News) - An Illinois woman was arrested Friday after deputies say nearly 200 dogs were found on her property.
Police arrested 59-year-old Karen A. Plambeck Friday on three counts of aggravated cruelty to animals, a Class 4 felony punishable by one to three years in prison, according to KWQC.
The bond on the warrant was set at $25,000.
According to a media release from the Mercer County Sheriff’s Office, Mercer County Animal Control began an investigation into an animal welfare complaint at Plambeck’s home Friday.
Investigators searched a property and recovered 198 dogs, according to the release.
One count of the three-count information filed alleges Plambeck allowed a dog to live in filthy conditions with mange and maggots that caused the death of the animal.
“The resources required for such an investigation are immense,” according to the release from the sheriff’s office. “Mercer County Animal Control is focusing all of their resources and time to care for and find places to accept and care for these dogs. Mercer County Animal Control will release additional information when the time allows, please be patient.”
“Numerous” licensed pet rescues in the region and many other volunteers are continuing to assist, according to the release.
The sheriff’s office added that although resources are “desperately needed,” animal control is not asking for public volunteers at this point.
The investigation is ongoing.
The sheriff’s office said that anyone that wishes to make monetary donations to help offset costs can be mailed directly to Mercer County Animal Control, P.O. Box 188, Aledo, IL 61231.
In October 2019, Plambeck was charged in Mercer County with cruel treatment of animals and four counts of unlawful inhuman care for animals, all misdemeanors.
According to court documents, she allowed a halter to remain on a 2-year-old paint mare so long that the halter was embedded causing a necrotic area on the bridge of the horse’s nose.
She also failed to provide a sufficient quantity of good quality, wholesome food to the same horse and several others, according to court documents.
Plambeck was later charged with disorderly conduct, also a misdemeanor, for breaching the peace by allowing her dogs to bark for hours on end, according to court documents.
Court records show she pleaded guilty on May 2 to the disorderly conduct charge and was sentenced to 24 months of court supervision. As part of her plea, she agreed to allow the Illinois Department of Natural Resources, Illinois Department of Agriculture or animal control to come onsite to check on the status of the animals, according to court documents.
Prosecutors dismissed the remaining charges against her, court records show.
Copyright 2022 KWQC via Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/08/15/police-woman-charged-with-animal-cruelty-had-nearly-200-dogs-property/ | 2022-08-15T22:59:25Z |
75 years after leaving British rule, India's democracy is on the line By Lauren Frayer Published August 15, 2022 at 4:43 PM CDT Facebook Twitter LinkedIn Email Listen • 3:49 As India turns 75, its democracy — the world's largest — is under threat from authoritarian rule. Copyright 2022 NPR | https://www.keranews.org/2022-08-15/75-years-after-leaving-british-rule-indias-democracy-is-on-the-line | 2022-08-15T23:13:57Z |
The bungled withdrawal from Afghanistan was a turning point for Biden's presidency, marking the end of his popularity and the start of a difficult political year.
Copyright 2022 NPR
The bungled withdrawal from Afghanistan was a turning point for Biden's presidency, marking the end of his popularity and the start of a difficult political year.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/bidens-approval-ratings-havent-recovered-since-the-u-s-withdrawal-in-afghanistan | 2022-08-15T23:14:10Z |
The wind energy industry faces new challenges over the infrastructure to transport that energy to more populated cities and local landowners who don't want the turbines cluttering up their landscapes.
Copyright 2022 NPR
The wind energy industry faces new challenges over the infrastructure to transport that energy to more populated cities and local landowners who don't want the turbines cluttering up their landscapes.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/even-with-fed-boost-wind-power-challenges-remain | 2022-08-15T23:14:12Z |
NPR's Juana Summers speaks with Robin Wright, a Middle East foreign affairs expert, about the impact and legacy of Salman Rushdie's book The Satanic Verses.
Copyright 2022 NPR
NPR's Juana Summers speaks with Robin Wright, a Middle East foreign affairs expert, about the impact and legacy of Salman Rushdie's book The Satanic Verses.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/how-salman-rushdies-novel-sparked-controversy-in-the-muslim-world-for-over-30-years | 2022-08-15T23:14:18Z |
It's tough to escape the feeling that Hulu's docuseries Legacy: The True Story of the L.A. Lakers, is the answer to a bunch of questions asked in an entirely different venue.
That's due, at least in part, to the seismic impact earlier this year of HBO's scripted series hit Winning Time: The Rise of the Lakers Dynasty, which dramatizes some of the same events featured in Hulu's Legacy — charting the emergence of the Lakers as a championship basketball team and pop culture powerhouse during the "Showtime" era of the 1980s.
Though HBO's series drew viewers and attention, it also sparked a lot of criticism — as everyone from former Lakers star Kareem Abdul-Jabbar to former coach Jerry West complained about the unflattering license taken by the producers in depicting their lives.
In particular, Lakers owner Dr. Jerry Buss came off in HBO's show as a hard-partying doofus, played by star John C. Reilly as a womanizing glad-hander who parlayed a real estate fortune into an unlikely purchase of an NBA team, back when the league was less glamorous and the team wasn't winning championships.
Legacy features lots of excerpts from interviews with Buss, who died in 2013 after a long battle with cancer. Instead of Reilly's disorganized impulsivity, the real-life Buss comes across as a savvy, driven businessman with a doctorate in chemistry and a facility with numbers — whose love for sports and a good time led him to reinvent the Lakers, and by extension the NBA.
Similarly, West is shown in interviews conducted for the docuseries earnestly admitting he was tough on the Lakers' players as a coach — offering a much more low-key demeanor than the volatile, trophy-throwing portrayal by Australian actor Jason Clarke in HBO's series. And Abdul-Jabbar, who often came across as distant and a bit of a jerk on Winning Time, is measured and insightful while answering questions in interviews for Legacy.
A docuseries produced by the Lakers organization
Jeanie Buss, Jerry Buss's daughter and the current Lakers CEO, is an executive producer on Legacy alongside director Antoine Fuqua, whose credits include scripted films like Training Day and the Equalizer films. So it's no surprise that the docuseries features interviews with most every notable figure from the team's history who is still alive, including players like Earvin "Magic" Johnson, Shaquille O'Neal, and Boston Celtics superstar Larry Bird. Interviewees also include former coach Pat Riley, celebrity fans like actor Rob Lowe and musician Flea and all six of Jerry Buss' children, who were working at various positions in the Lakers organization when he died.
It's also no surprise that the docuseries sometimes tiptoes around unflattering controversies, excepting the drama surrounding the Buss family and the children's jockeying for jobs inside his empire. So Legacy doesn't explore Johnson's womanizing – a subject covered extensively in HBO's Winning Time — or offer any insight on how he contracted the HIV virus, which led to his first retirement from basketball.
Still, the segment of Legacy at the end of the fourth episode detailing how Johnson told the team that he had the virus — at a time when such diagnoses were considered a virtual death sentence — is moving. Johnson said he broke down crying with Jerry Buss, who had become a father figure to him, the day they held the press conference to announce his departure from the team in 1991.
"I've only seen my dad cry twice," said Jeanie Buss, who herself cried during her interview recalling when they retired Johnson's jersey after his first departure. "Once when his mother, my grandmother, passed away. And that day."
Moments that move beyond sports trivia
Legacy soars when it tells the kinds of stories that would interest more than hardcore Lakers fans. Riley admits how he let fame and acclaim as the Lakers' coach go to his head. Jeanie Buss details how her father's reputation as a playboy who dated a string of young girlfriends helped torpedo his efforts to buy the Dallas Cowboys football team. Player Byron Scott, raised in a tough neighborhood in Los Angeles, talked about coping with his mother going into rehab for drug addiction during his time on the team.
And there's lots of detail on how Jerry Buss developed the business of basketball, raising ticket prices in prestigious seats to boost revenue, developing the Laker Girls dance squad to add sex appeal to halftime shows while developing a cadre of celebrity fans to turn home games into star-studded events. Paired with the team's fast-paced playing style, Jerry Buss' innovations created an exciting presentation that justified the "Showtime" nickname.
Still Legacy tells its story in the style of most sports documentaries, especially in its early episodes, mixing archival interviews and game footage with contemporary talks filmed specifically for the project. And the decision to make conflict between the Buss siblings a major thread running through the docuseries sometimes results in a lot of time spent telling viewers about people they may not know or care much about.
In the end, Legacy offers some unique insights and emotional stories while exploring how the Buss family turned the risky purchase of a basketball team into a $5 billion empire. It's also a pretty solid retort to some of the excesses in HBO's series.
But given the control the family exerted over the project, you can't help wondering what else got left on the cutting room floor. And how much better this docuseries might be if they had left that stuff in.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.keranews.org/2022-08-15/legacy-offers-a-blander-history-of-the-la-lakers-showtime-era | 2022-08-15T23:14:24Z |
Korean cold noodles, or naengmyeon, are a treat enjoyed in both Koreas. One North Korean restaurant owner is reaping the rewards of this fact after having launched a restaurant in Seoul.
Copyright 2022 NPR
Korean cold noodles, or naengmyeon, are a treat enjoyed in both Koreas. One North Korean restaurant owner is reaping the rewards of this fact after having launched a restaurant in Seoul.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/north-korean-cold-noodle-master-brings-northern-tastes-to-seoul | 2022-08-15T23:14:31Z |
Rudy Giuliani is a target of a criminal investigation into election interference in Georgia. Giuliani, a personal lawyer for former President Donald Trump, helped try to reverse 2020 election results.
Copyright 2022 NPR
Rudy Giuliani is a target of a criminal investigation into election interference in Georgia. Giuliani, a personal lawyer for former President Donald Trump, helped try to reverse 2020 election results.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/rudy-giuliani-is-now-a-target-of-a-georgia-probe-into-2020-election-interference | 2022-08-15T23:14:37Z |
NPR's Mary Louise Kelly speaks with Glenn Gerstell, former general counsel of the National Security Agency, about how presidents can declassify documents.
Copyright 2022 NPR
NPR's Mary Louise Kelly speaks with Glenn Gerstell, former general counsel of the National Security Agency, about how presidents can declassify documents.
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/the-documents-the-fbi-searched-in-mar-a-lago-dont-hinge-on-being-classified | 2022-08-15T23:14:43Z |
Two names with Republican Party history will be on ballots Tuesday. Wyoming voters appear ready to boot Liz Cheney, while Sarah Palin looks for an Alaska comeback. What does it say about the GOP?
Copyright 2022 NPR
Two names with Republican Party history will be on ballots Tuesday. Wyoming voters appear ready to boot Liz Cheney, while Sarah Palin looks for an Alaska comeback. What does it say about the GOP?
Copyright 2022 NPR | https://www.keranews.org/2022-08-15/the-next-test-of-trumps-sway-in-gop-primaries-involves-liz-cheney-sarah-palin | 2022-08-15T23:14:49Z |
Arlington City Council will vote Tuesday evening on a ballot measure that, if voters approve it, would expand city council term lengths from two years to three.
Under the change, council members and mayor could serve up to nine years at each post. City council unanimously approved the ballot question during their Aug. 9 evening meeting.
Meanwhile, Zachary Maxwell says, he and others are planning the "biggest oppositional campaign that the city's seen" to fight it this fall and exploring whether to campaign for a recall amendment.
Maxwell led the 2018 referendum to put council's current term limits, which cap elected officials at six years on city council and six years as mayor. Around 63% of voters in 2018 approved the current limits.
However, the debate didn't end on election day four years ago.
A state district judge in 2018 threw out a lawsuit that sought to invalidate the 2018 results, according to the Fort Worth Star-Telegram. City council in 2020 organized a term limits task force, which recommended four two-year terms with a two-year "cooling off" period as an alternative. Council did not take up the recommendation. Council members in late July received emails from people asking council consider three-year term lengths.
Maxwell says the vote marks the third time council has tried to make changes after the November 2018 election.
"I think my initial reaction was somewhere in the ballpark of, 'Here we go again,' because this is just another example of council doing something that appears to be a very rushed, self-serving decision that was not taken to the public at all before it was put to a ballot," he says.
Council, who has publicly discussed the proposal since Aug. 2, say their efforts are not rushed and that the ballot question will not do away with term limits.
Andrew Piel, District 4 council member, said during a work session that people have had time to voice their concerns since the committee's formation in 2020.
"Those people fail to acknowledge we had a very long, painful committee that went through this, weeks on end for months, that came up with this recommendation in part," Piel said. "If anything, we fell behind the curve by not acting when that committee delivered its recommendations."
Rebecca Boxall, who represents District 5, says she's heard from people dissatisfied the council is pushing for the issue to appear on the November ballot.
"I think we need to be at least somewhat careful about just saying, 'Well, their opinion doesn't matter about when it gets on the ballot,'" she said.
Mayor Jim Ross disagreed.
"I don't see the benefit of delaying putting this on the ballot whatsoever in any way, shape or form," he said. Ross added that voters get the final say in November, but council must vote on whether to put forward the ballot question before the state deadline to file Aug. 22.
Nevertheless, leaders with other groups have joined Maxwell in questioning the timing.
Arlington NAACP President Alisa Simmons implored in an email newsletter to members to call city council officials and show up to meetings.
"The citizens have spoken!" Simmons wrote. "They voiced their support FOR TERM LIMITS, just four years ago. WHY is the issue of term limits back on the agenda? Power thirsty politicians are the reason."
Simmons did not respond to a text requesting an interview.
Council first broached the issue in early August after receiving emails asking them to consider expanding terms to three years and placing a question on the ballot. Council members who spoke during the discussion said representatives need more time to learn their positions and govern effectively, and that the two-year terms mean people are constantly campaigning.
Luis Castillo, president of Arlington League of United Latin American Citizens, says council has not offered any data or evidence that current term limits hinder governance.
"If it was broken, I could understand it, but it's not," he says. "It's about power. That's all it is."
Got a tip? Email Kailey Broussard at kbroussard@kera.org. You can follow Kailey on Twitter @KaileyBroussard.
KERA News is made possible through the generosity of our members. If you find this reporting valuable, consider making a tax-deductible gift today. Thank you. | https://www.keranews.org/politics/2022-08-15/arlington-groups-planning-biggest-oppositional-campaign-as-council-takes-up-term-lengths | 2022-08-15T23:14:55Z |
It was in late April - when more than half of Texas was in an elevated drought phase – that meteorologists and climatologists said weather patterns over the next few months would be key in determining how long the dry spell would last.
More than two months later, they know the answer. And it isn’t good news.
“It was pretty much a worst-case scenario for Texas,” said Victor Murphy, National Weather Service Southern Region Climate program manager. “If your wet seasons are wet, that’s wonderful. It carries you over into the next 9 to 12 months. [But] we had the hottest April through July on record.”
As of Aug. 9, 96% of the state was in a drought, with 68% of the state seeing “extreme” or “exceptional” drought conditions, according to the Texas Water Development Board’s weekly update.
Murphy said last month was five degrees warmer than normal.
“So that's the hottest July ever and the second hottest month ever,” he said. “Only August of 2011 was hotter.”
The dry spell prompted Gov. Greg Abbott to renew on Aug. 5 a disaster declaration he issued in July for dozens of affected counties in Texas. The declaration allows for the “use of all available resources of state government and of political subdivisions that are reasonably necessary to cope with this disaster.”
The drought is especially felt in the Rio Grande Valley, home to the Falcon Reservoir, which feeds water to communities north and south of the Rio Grande. As of Monday the reservoir was only 9.5% full, according to the Texas Water Development Board. Its reservoir storage was about 286,000 acre-feet, down about 146,494 acre-feet from six months ago.
In the Rio Grande Valley, some local officials have implemented mandatory water restrictions, Texas Public Radio reported. County judges in Hidalgo and Cameron counties issued their own disaster declarations last week.
Upstream, in Val Verde County, the Amistad Reservoir was in slightly better shape at about 30% full, but still about 18% less than it was six months ago, according to the data.
Austin and San Antonio are also feeling the effects of the drought. San Antonio is about 14 inches below its normal annual rainfall average, and some water restrictions have been implemented in the Austin area, with more possible if current conditions hold. As of Monday, Lake Buchanan and Lake Travis, two of the water supply systems that serve the area, were at 63% and 52% of their full storage capacities, respectively.
“With high temperatures, significant water demands and no substantial rain in the forecast, LCRA expects levels in both water-supply lakes to continue to decline this summer due to customer use and evaporation,” the Lower Colorado River Authority stated in its Monday operations report.
Looking to September and October
Murphy said that although Texas saw below-average rainfall the last three months, he still thinks some parts of the state could see a reprieve over the next eight to 10 weeks. In South Texas, September and October usually see about 9.5 inches of rain, or about a third of the region’s annual rainfall.
Some parts of Texas already had a glimpse of relief over the weekend, when rain fell over parts of San Antonio, Laredo and the Rio Grande Valley. The National Weather Service issued a flash flood advisory for some parts of the area through Monday evening.
Murphy said Friday that immediate outlook, combined with a normal September and October, should provide some relief.
“Going forward, with September and October being far and away the wettest two-month period in South Texas, with nearly 33% of the yearly rainfall falling during these two months, I would be optimistic that the drought tide is turning in South Texas,” Murphy said.
Mark Wentzel, a hydrologist in the TWDB’s Office of Water Science and Conservation, said there would have to be several significant rainfalls to make more than a dent in the water levels at Falcon and Amistad, however.
“They would probably have to push a little farther up into the watershed above Falcon and Amistad to get them some significant relief. But every little bit helps, right?” he said.
Wentzel said there is also the possibility that a late-season storm could add to the rainfall total for some of the hardest hit parts of Texas.
“There's a wildcard of getting a tropical storm remnant or something like that to help us out. Most of the time, those types of things don't get far enough to the interior of the state with the good rainfall to help the state out. But … they'll get to the coast.”
Wentzel added that there are still about two months left in the current hurricane season, which could add some more relief.
“Even though it had been quiet the first half, the hurricane season still lasts into October. So don't lose hope yet. There could still be something there, at least as the temperatures start to ease a little bit as we get out of summer. That should be helpful to both the demands that we put on our reservoirs and cut down on the evaporation from them,” he said.
KERA News is made possible through the generosity of our members. If you find this reporting valuable, consider making a tax-deductible gift today. Thank you.
Got a tip? Email Julián Aguilar at jaguilar@kera.org.You can follow Julián on Twitter @nachoaguilar. | https://www.keranews.org/texas-news/2022-08-15/weather-experts-hope-for-wetter-fall-months-to-ease-ongoing-drought-in-texas | 2022-08-15T23:15:01Z |
OAKVILLE, ON, Aug. 15, 2022 /PRNewswire/ - Algonquin Power & Utilities Corp. ("AQN") (TSX: AQN) (NYSE: AQN) announced today that it has re-established its at-the-market equity program (the "ATM Program"). The ATM Program allows AQN to issue up to U.S.$500 million (or the equivalent in Canadian dollars) of common shares of AQN from treasury ("Common Shares") to the public from time to time, at AQN's discretion, at the prevailing market price when issued on the Toronto Stock Exchange (the "TSX"), the New York Stock Exchange (the "NYSE") or on any other existing trading market for the Common Shares in Canada or the United States. The ATM Program is being re-established having lapsed following the withdrawal by AQN of its previous base shelf prospectus dated April 3, 2020 in connection with the filing of its current base shelf prospectus dated November 18, 2021.
The ATM Program provides AQN with additional financing flexibility should it be required or desirable in the future, and the volume and timing of distributions under the ATM Program, if any, will be determined at AQN's sole discretion. The ATM Program will be effective until December 19, 2023 unless terminated prior to such date by AQN or otherwise in accordance with the terms of the equity distribution agreement dated August 15, 2022 (the "Equity Distribution Agreement"). AQN intends to use the net proceeds from the ATM Program, if any, to fund acquisitions, general and administrative expenses, working capital needs, repayment of indebtedness and/or other general corporate purposes.
Sales of the Common Shares through the ATM Program will be made pursuant to the terms of the Equity Distribution Agreement entered into among AQN and RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. (collectively, the "Canadian Agents") and RBC Capital Markets, LLC, CIBC World Markets Corp., National Bank of Canada Financial Inc., Scotia Capital (USA) Inc. and TD Securities (USA) LLC (the "U.S. Agents" and, together with the Canadian Agents, the "Agents").
Since the Common Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers and during the period of distribution. The ATM Program is being re-established pursuant to a prospectus supplement dated August 15, 2022 (the "Canadian Prospectus Supplement") to AQN's Canadian base shelf prospectus dated November 18, 2021 (the "Shelf Prospectus") and pursuant to a prospectus supplement dated August 15, 2022 (the "U.S. Prospectus Supplement") to AQN's U.S. base shelf prospectus dated November 18, 2021 (the "U.S. Shelf Prospectus") included in its U.S. registration statement on Form F-10 (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission. The Canadian Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement have been filed and are available on SEDAR at www.sedar.com and the U.S. Prospectus Supplement, the U.S. Shelf Prospectus, the Registration Statement and the Equity Distribution Agreement have been filed and are available on EDGAR at www.sec.gov. Alternatively, the Agents will arrange to send copies of the Canadian Prospectus Supplement and the Shelf Prospectus or the U.S. Prospectus Supplement, the U.S. Shelf Prospectus and the Registration Statement, as applicable, upon request by contacting in Canada:
RBC Dominion Securities Inc. by mail at RBC Wellington Square, 8th Floor, 180 Wellington St. W., Toronto Ontario, M5J 0C2, attn: Distribution Centre or by email at Distribution.RBCDS@rbccm.com.
CIBC World Markets Inc. by mail at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com.
Scotia Capital Inc. by mail at Scotia Plaza, 64th Floor, 40 King Street West, Toronto, ON M5H 3Y2, attn: Equity Capital Markets, by email at equityprospectus@scotiabank.com or by telephone at 416-863-7704.
National Bank Financial Inc. by mail at 130 King St W Suite 3200, Toronto, ON M5X 1J9, by email at Brendan.costigan@nbc.ca or by telephone at 416-869-8575.
TD Securities Inc. by mail at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5, attn: Symcor, NPM, by email at sdcconfirms@td.com or by telephone at 289-360-2009.
or in the U.S.:
RBC Capital Markets, LLC by mail at 200 Vesey Street, 8th Floor, New York, NY 10281-8098, attn: Equity Syndicate, by email at equityprospectus@rbccm.com or by telephone at 877.822.4089.
CIBC World Markets Corp. by email at Mailbox.USProspectus@cibc.com.
National Bank of Canada Financial Inc. by mail at 65 East 55th Street, 8th Floor, New York, NY 10022, by email at Brendan.costigan@nbc.ca or by telephone at 416-869-8575.
Scotia Capital (USA) Inc. by mail at 250 Vesey Street, 24th Floor, New York, NY 10281, attn: Equity Capital Markets, by email at equityprospectus@scotiabank.com or by telephone at 212-225-6853.
TD Securities (USA) LLC by mail at 1 Vanderbilt Avenue, New York, NY, 10017, attn: Equity Capital Markets, or by email at USTMG@tdsecurities.com.
This news release shall not in any circumstances constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to the registration or qualification under the applicable securities laws of any jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $17 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.
AQN is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions and value enhancing recycling of assets.
AQN's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU, respectively.
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects", and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include the anticipated sale and distribution of Common Shares under the ATM Program, the volume and timing of the sale and distribution of Common Shares under the ATM Program and the expected use of proceeds under the ATM Program. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in AQN's Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2021, and in AQN's Management Discussion & Analysis for the three and six months ended June 30, 2022 (the "Interim MD&A"), each available on SEDAR and EDGAR, and those set out in the Canadian Prospectus Supplement and U.S. Prospectus Supplement. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp. | https://www.whsv.com/prnewswire/2022/08/15/algonquin-power-amp-utilities-corp-re-establishes-at-the-market-equity-program/ | 2022-08-15T23:23:14Z |
ST. LOUIS, Aug. 15, 2022 /PRNewswire/ -- Ameren Illinois Company, a subsidiary of Ameren Corporation (NYSE: AEE), announced today the pricing of a public offering of $500 million aggregate principal amount of 3.85% first mortgage bonds due 2032 at 99.827% of their principal amount. The transaction is expected to close on Aug. 29, 2022, subject to the satisfaction of customary closing conditions.
Ameren Illinois intends to use the net proceeds of the offering to repay at maturity $400 million principal amount of its 2.70% senior secured notes due Sept. 1, 2022, and to repay a portion of its short-term debt.
BNY Mellon Capital Markets, LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.
The offering is being made only by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying prospectus, when available, for the offering may be obtained on the Securities and Exchange Commission's website at www.sec.gov, or by contacting Mizuho Americas LLC, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, Attention: Debt Capital Markets, phone: 1-866-271-7403. This press release does not constitute an offer to sell or a solicitation of an offer to buy the first mortgage bonds and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.
About Ameren Illinois
Ameren Illinois delivers energy to 1.2 million electric and 800,000 natural gas customers in Illinois. Our mission is to power the quality of life. Our service territory covers more than 1,200 communities and 43,700 square miles. For more information, visit AmerenIllinois.com, find us on Twitter @AmerenIllinois or Facebook.com/AmerenIllinois.
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SOURCE Ameren Corporation | https://www.whsv.com/prnewswire/2022/08/15/ameren-illinois-announces-pricing-first-mortgage-bonds-due-2032/ | 2022-08-15T23:23:20Z |
Groundbreaking Digital Technology Firm Providing Photorealistic 3D Digital Representations Hires Leading PR Firm
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- BeyondView, a data-driven technology offering providing accurate, interactive, and digital commercial real estate solutions, today announced the retention of Rubenstein Public Relations (RPR) as its agency of record.
BeyondView's groundbreaking digital technology is transforming the way commercial real estate professionals manage and market their property portfolios. The firm's groundbreaking technology is a visualization of useable data that provides photorealistic, 3D digital representations of commercial spaces. BeyondView's digital twins offer 360 panoramic pictures, videos, and interactive virtual tours combined with an embedded communications platform to help commercial real estate professionals accelerate the leasing process at a fraction of current costs. The technology's informational collection can be used for resource planning and the management of the supply chain.
BeyondView will leverage RPR's long-standing media relations and expertise in the real estate and technology industries, as well as over three decades of experience crafting corporate messaging and creating brand positioning development designed to generate sustained top tier media results.
"As technology and quick access to operational data continue to play more significant roles in real estate, BeyondView's digital twins not only offer customers stunning 3D representations of spaces but also present useable data for commercial real estate professionals. We are confident that RPR's expertise will help BeyondView create industry-wide relationships and highlight its technological capabilities in the media," said Kul Wadhwa, CEO and Founder of BeyondView.
"BeyondView's visual representations and useable data management has the ability to revolutionize commercial real estate property management and leasing processes," said RPR President Richard Rubenstein. "Leveraging the creative genius behind some of the most prominent tech and graphic companies in the United States, BeyondView's digital twins and easy-to-use communication platform offers CRE professionals an enhanced customer experience at their fingertips."
Melding groundbreaking digital technology with big-screen artistic ability, BeyondView is revolutionizing the way commercial properties are marketed and managed. The team leverages decades of experience in some of the digital world's most notable companies including, Marvel Entertainment, Disney and Pixar, Samsung, and Wikipedia, to create photorealistic 3D visualizations to deliver an identical, interactive digital twin. Integrating useable data and a user-friendly communication platform, BeyondView offers a consolidated customer experience that works from already prepared materials to digitally white box, redesign, and reimagine properties. BeyondView's innovative and unique offerings simplify portfolio scenario and resource planning as well supply chain management. For more information, please visit beyondview.com.
About Rubenstein Public Relations Rubenstein Public Relations (RPR) is an independent, New York-based communications agency headed by veteran publicist and respected brand architect, Richard Rubenstein. For more than three decades, RPR's intensive media relations approach and dedicated team of senior practitioners have helped clients build brand equity and reach their target audiences. The firm specializes in brand messaging development, media relations, crisis communications, and thought leadership positioning. RPR has a proven track record in executing successful public relations campaigns for leading corporate, real estate, technology, healthcare, social impact, luxury consumer, entertainment, and hospitality brands across the globe.
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SOURCE Rubenstein Public Relations | https://www.whsv.com/prnewswire/2022/08/15/beyondview-retains-rubenstein-public-relations-agency-record/ | 2022-08-15T23:23:27Z |
Legends Julius Erving and George Gervin to serve as coaches
First All-Star game part of the BIG3's biggest weekend ever with Monster Energy Celebrity Game and 2022 BIG3 Championship Game all hosted in Atlanta at State Farm Arena this Sunday
LOS ANGELES, Aug. 15, 2022 /PRNewswire/ -- The BIG3 today announced the players and coaches selected for the league's inaugural All-Star Game at State Farm Arena in Atlanta this Sunday, August 21. Coverage of the game begins at 3:30 pm ET on CBS and Paramount+ followed by the 2022 BIG3 Championship Game. It is a part of a massive weekend that also includes guest musical performances, the BIG3's first-ever Monster Energy Celebrity Game, and the 2022 Championship Game.
The teams are as follows:
"We're proud to feature the amazing talents in the BIG3 with our first-ever All-Star game - the game gets better every year," said BIG3 co-founder Ice Cube. "We can't wait to show out in Atlanta - with the All-Star Game, Celebrity Game, and Championship Game it is the best ticket in town."
Trilogy's Isaiah Briscoe and Earl Clark, and Power's Glen Rice Jr. were awarded All-Star game honors, but will not be playing due to their teams making it to the Championship game. Leandro Barbosa was also selected but will not play due to an injury. Donte Green will take Franklin Session's place to represent the Killer 3s as Franklin is unavailable for personal reasons.
Tickets for Championship weekend can be purchased here. The All-Star and Championship games will air on CBS and Paramount+ with coverage starting at 3:30 pm ET. For more information and to purchase tickets, go to BIG3.com and follow @thebig3 on twitter and instagram.
BIG3 (BIG3.com) is who we are, FIREBALL3 is what we play. It's not your grandfather's 3-on-3. The premier global BIG3 league features many of the greatest, most popular and skilled professional athletes of all time. Founded by producer, actor and music legend Ice Cube and entertainment executive Jeff Kwatinetz, the BIG3 combines highly competitive, physical, fast game experiences and incredible fan experiences.
Contact:
BIG3: Hannah Palacios, hpalacios@hstrategies.com
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SOURCE BIG3 | https://www.whsv.com/prnewswire/2022/08/15/big3-announces-star-studded-coach-player-lineups-inaugural-all-star-game/ | 2022-08-15T23:23:33Z |
As a New Blog on the Online Advantages Website Notes, Well-Developed Plumbing SEO Strategies Can Definitely Give Plumbing Companies an Edge
CHARLOTTE, N.C., Aug. 15, 2022 /PRNewswire/ -- Matt Maglodi, founder of the full service internet marketing company Online Advantages, recently heard from the owner of a plumbing company who was wondering if SEO would really help the business in a tangible way.
As Maglodi knows firsthand, high quality SEO services can definitely help virtually any type of company to succeed. This inspired him to write a new blog that takes an in-depth look at how SEO can assist plumbing companies.
To read the new blog, which is titled "How Can SEO Help My Plumbing Marketing" in its entirety, please visit https://onlineadvantages.net/how-can-seo-help-my-plumbing-marketing/.
As the blog notes, marketing has definitely evolved over the years. While plumbing companies used to get by in the mid-90s with a great looking website, today it is imperative to branch out to an even stronger online presence.
"Well-developed plumbing SEO strategies can give you an edge by increasing your rankings in local search engine results, so potential customers can find you when they need you," the blog notes, adding that this approach gives plumbing companies a greater ROI versus traditional advertising, helps the company save money on costly print, TV, and radio ads, and offers instant, two-way contact and communication between the company and their target market.
To help plumbing companies get started on improving their SEO strategies, the blog also includes five helpful tips that are simple, actionable things the owners can do on their own.
For instance, plumbing companies should check their business listings to make sure their business citations, such as hours, locations, services, and client testimonials are up-to-date, accurate, and true. This way, plumbing companies can rest assured that their business shows up in Google Maps properly and reflects the customer experience the clientele can expect. Checking Google Analytics and the website design and how it looks to visitors to the site are also quick DIY SEO tasks.
Online Advantages is a unique full service internet marketing company. Founder Matt Maglodi specializes in all aspects of online marketing from video marketing, to pay per click advertising, organic search and social media. For more information, please visit https://onlineadvantages.net/.
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SOURCE Online Advantages | https://www.whsv.com/prnewswire/2022/08/15/can-seo-really-help-your-plumbing-company-latest-blog-online-advantages-takes-deep-dive/ | 2022-08-15T23:23:40Z |
AUBURN HILLS, Mich., Aug. 15, 2022 /PRNewswire/ --
- Enthusiast demand drives the rebirth of Dodge Durango SRT Hellcat after initial run as a single-year model
- 2023 Dodge Durango SRT Hellcat revealed during first day of three-day Dodge Speed Week event, which will also include announcements on Dodge Gateway Muscle and Future Muscle products on August 16 and August 17, respectively
- Three-row muscle SUV 2023 Dodge Durango SRT Hellcat delivers 710 horsepower and 645 lb.-ft. of torque and joins Dodge Challenger and Dodge Charger in offering SRT Hellcat models
- Durango SRT Hellcat clocks 0-60 mph in 3.5 seconds, a National Hot Rod Association (NHRA)-certified quarter-mile elapsed time of 11.5 seconds and a top speed of 180 mph
- Durango SRT Hellcat expands Durango lineup to six models, joining the Durango SXT, GT, R/T, Citadel and SRT 392
- 2023 Dodge Durango SRT Hellcat opens for orders in September 2022
- For complete information on Dodge and the brand's Never Lift plan, which provides a 24-month road map to Dodge's performance future, visit Dodge.com and DodgeGarage.com.
The Dodge Durango SRT Hellcat is back for 2023 model year and ready to reclaim its rightful mantle as the most powerful SUV on the planet.
The 2023 Dodge Durango SRT Hellcat loses nothing in its rebirth, once again fueled by the supercharged 6.2-liter HEMI® Hellcat V-8 engine producing 710 horsepower and 645 lb.-ft. of torque. The Durango SRT Hellcat, first introduced as a one-year-only model for 2021, storms back to life thanks to enthusiast demand and remains the perfect choice for SUV muscle enthusiasts with families.
"The Dodge Durango SRT Hellcat has generated a crazy amount of enthusiasm and demand since it was introduced in 2020 — we even extended its initial production run — so it seemed appropriate to bring back the most powerful SUV ever as part of our historic 2023 model-year Dodge lineup," said Tim Kuniskis, Dodge brand chief executive officer – Stellantis. "Muscle enthusiasts also have families, and the 2023 Dodge Durango SRT Hellcat can get those families where they want to go and has the ability to tow 8,700 pounds."
The 2023 Dodge Durango SRT Hellcat was revealed at M1 Concourse in Pontiac, Michigan, during the first day of the three-day Dodge Speed Week event, featuring announcements on current Dodge products. Dodge Speed Week will include additional announcements on Dodge Gateway Muscle and Future Muscle products on August 16 and August 17, respectively.
The 2023 Dodge Durango SRT Hellcat has numbers to back up its performance claims: the Hellcat can move from 0 to 60 mph in 3.5 seconds, click off a National Hot Rod Association (NHRA)-certified quarter-mile elapsed time of 11.5 seconds and reach a top speed of 180 mph.
Dodge Durango once again joins Dodge Challenger and Dodge Charger in offering SRT Hellcat models. The Durango SRT Hellcat also expands the Durango lineup to six models, joining the Durango SXT, GT, R/T, Citadel and SRT 392.
Orders for the 2023 Dodge Durango SRT Hellcat will open in September 2022, with the Hellcat scheduled to arrive in dealerships in early 2023.
Heart of a Hellcat — Revived
The 2023 Dodge Durango SRT Hellcat remains Dodge to its core, starting under the hood where the heart of a Hellcat continues to beat. SRT engineers developed and tested the supercharged 6.2-liter HEMI V-8 Hellcat engine to optimize it for the Durango. As with the previous Durango SRT Hellcat, key engine performance features and components include:
- Dedicated cooling circuit for the charge air coolers integrated in the supercharger housing, including a pump, coolant reservoir and heat exchanger, designed to keep air flowing into the engine cooler than 140 degrees Fahrenheit
- Twin-screw rotors in the supercharger set close to minimize air leakage and ensure maximum performance
- Integrated electronic bypass valve regulates boost pressure to a maximum of 11.6 psi (80 kPa); the 2.38-liter supercharger uses a drive ratio of 2.36:1 and has a maximum speed of 14,600 rpm
- Cast-iron engine block with water jackets between the cylinders for optimal cooling
- Forged-steel crankshaft with induction-hardened bearing surfaces
- Specially tuned crankshaft damper, burst tested to 13,000 rpm
- High-strength, forged-alloy pistons
- Powder-forged connecting rods with high-load-capacity bushings and diamond-like, carbon-coated piston pins
- Piston-cooling oil jets
- Heat-treated aluminum-alloy cylinder heads
- Sodium-cooled exhaust valves, hollow-stem intake valves and steel-alloy heads that stand up to temperatures as high as 1,652 degrees Fahrenheit (900 degrees Celsius)
- Cold-air scoop in lower front fascia helps feed the supercharger and the Hellcat engine's 92-mm throttle body
- Exhaust system tuned to deliver a throaty Dodge DNA sound
- TorqueFlite 8HP95 eight-speed automatic transmission includes steering-wheel-mounted paddles for manual-style shifting and has seven available Drive modes – Auto, Sport, Track, Snow, Tow, Eco and Valet.
The Durango SRT Hellcat inherits distinct Dodge DNA, with bold styling including a front fascia featuring a chin splitter, engine oil cooler duct, air guide and snorkel for cold air induction. The rear spoiler provides aerodynamic balance and a significant measure of rear downforce of 140 lbs. @ 180 mph.
Durango's forward-leaning profile includes LED low/high headlamps, LED daytime running lamp (DRL) signatures and a sculpted hood and grille. The front end creates a wide cross-car read. SRT Hellcat fender badges stamp the Durango as a Hellcat.
Inside, the driver-oriented cockpit is refined, upscale and high-tech throughout, featuring an available 10.1-inch touchscreen angled 7 degrees toward the driver. Unique to the SRT Hellcat are red-accented gauges and standard heated and ventilated Nappa leather with suede front seats with an embroidered SRT logo.
Additional Durango SRT Hellcat model highlights include:
- Standard electric power steering (EPS) with selectable steering tuning for increased grip
- EPS and SRT drive modes accessible via the 10.1-inch Uconnect infotainment screen, allowing drivers to choose their behind-the-wheel experience by controlling inputs such as shift speeds, steering, paddle shifters, traction, all-wheel drive (AWD) and suspension
- Unique Uconnect features for Durango SRT models include:
- SRT Drive modes with settings for Street (Auto), Sport and Track, and a Custom setting so drivers can choose individual preferences
- Launch Control feature is easily accessed from a toggle switch in the cockpit, managing tire slip while launching the vehicle to allow the driver to achieve consistent straight-line acceleration
- Launch Assist uses wheel speed sensors to watch for driveline-damaging wheel hop at launch and in milliseconds adjusts engine torque to regain full grip
- Excellent braking performance thanks to massive Brembo high-performance six-piston, two-piece (front) and four-piston (rear) calipers, and vented rotors at all four corners measuring 15.75 inches (front) and 13.8 inches (rear)
- Durango-specific tuning, weight distribution, wheelbase and reduced understeer equals more grip and improved cornering
Customize the Cat
Enthusiasts will have more options to personalize the 2023 Dodge Durango SRT Hellcat with available Plus and Premium packages that deliver even more content. The Plus package for the Durango SRT Hellcat includes high-performance Laguna leather seats, trailer tow group, a power sunroof and adaptive and advanced safety features.
The Premium package adds to the Plus features with red seatbelts, a leather-wrapped instrument panel, carbon fiber interior accents and a Harman Kardon 19-speaker sound system.
The Durango SRT Hellcat revealed at M1 Concourse showcases the available Blacktop package, which includes Gloss Black badging, Gloss Black mirror caps and 20-inch Black Noise wheels.
Dodge//SRT
For more than 100 years, the Dodge brand has carried on the spirit of brothers John and Horace Dodge. Their influence continues today as Dodge shifts into high gear with muscle cars and SUVs that deliver unrivaled performance in each of the segments where they compete.
Dodge drives forward as a pure performance brand, offering SRT versions of every model across the lineup. For the 2022 model year, Dodge delivers the drag-strip dominating 807-horsepower Dodge Challenger SRT Super Stock, the 797-horsepower Dodge Charger SRT Redeye, the most powerful and fastest mass-produced sedan in the world, and the Dodge Durango SRT 392, America's fastest, most powerful and most capable three-row SUV. Combined, these three muscle cars make Dodge the industry's most powerful brand, offering more horsepower than any other American brand across its entire lineup.
In 2020, Dodge was named the "#1 Brand in Initial Quality," making it the first domestic brand ever to rank No. 1 in the J.D. Power Initial Quality Study (IQS). In 2021, the Dodge brand ranked No. 1 in the J.D. Power APEAL Study (mass market), making it the only domestic brand ever to do so two years in a row.
Dodge is part of the portfolio of brands offered by leading global automaker and mobility provider Stellantis. For more information regarding Stellantis (NYSE: STLA), please visit www.stellantis.com.
Follow Dodge and company news and video on:
Company blog: http://blog.stellantisnorthamerica.com
Media website: http://media.stellantisnorthamerica.com
Dodge brand: www.dodge.com
DodgeGarage: www.dodgegarage.com
Facebook: www.facebook.com/dodge
Instagram: www.instagram.com/dodgeofficial
Twitter: www.twitter.com/dodge and @StellantisNA
YouTube: www.youtube.com/dodge, https://www.youtube.com/StellantisNA
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SOURCE Stellantis | https://www.whsv.com/prnewswire/2022/08/15/cat-is-back-2023-dodge-durango-srt-hellcat-most-powerful-suv-ever-returns-dodge-lineup/ | 2022-08-15T23:23:47Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Celsius Financial Products, including CEL Tokens, Earn Rewards high-interest accounts, and/or Celsius Loan products, between February 9, 2018, and June 13, 2022, inclusive (the "Class Period"), against Celsius Network LLC ("Celsius"), Celsius Lending LLC, Celsius KeyFi LLC (collectively, the "Celsius Entities") and its executives Alexander Mashinsky, Shlomi "Daniel" Leon, David Barse, and Alan Jeffrey Carr (together, "Defendants"), of the important September 13, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Celsius Financial Products, including CEL Tokens, Earn Rewards high-interest accounts, and/or Celsius Loan products you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Celsius class action, go to https://rosenlegal.com/submit-form/?case_id=7586 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 13, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, Defendants violated provisions of the Securities Act by selling non-exempt securities without registering it. The complaint alleges that Celsius and Individual Defendants violated provisions of the Securities Act by also participating in Celsius' failure to register the Celsius Financial Products. The complaint alleges that the Defendants violated provisions of the New Jersey Common Law by possessing the monetary value of Celsius Financial Products of inflated value which rightfully belongs to the Plaintiff and members of the Class.
Also according to the lawsuit, Defendants violated provisions of the Exchange Act by carrying out a plan, scheme, and course of conduct that Celsius intended to and did deceive retail investors and thereby caused them to purchase Celsius Financial Products at artificially inflated prices; endorsed false statements they knew or recklessly should have known were material misleading, and they made untrue statements of material fact and omitted to state material facts necessary to make the statements made not misleading.
To join the Celsius class action, go to https://rosenlegal.com/submit-form/?case_id=7586 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/08/15/cel-notice-rosen-leading-ranked-firm-encourages-celsius-investors-with-losses-excess-100k-secure-counsel-before-important-deadline-securities-class-action-cel/ | 2022-08-15T23:23:53Z |
MORGAN CITY, La., Aug. 15, 2022 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its second quarter and six months ended June 30, 2022 financial results and backlog at June 30, 2022.
For the quarter ended June 30, 2022, Conrad had net loss of $3.4 million and loss per diluted share of $0.67 compared to net income of $8.6 million and income per diluted share of $1.71 during the second quarter of 2021. The Company had net loss of $3.5 million and loss per diluted share of $0.69 for the six months ended June 30, 2022 compared to net income of $9.3 million and earnings per diluted share of $1.85 for the six months ended June 30, 2021. Net income in the second quarter and first six months of 2021 included the Paycheck Protection Program loan being forgiven in the second quarter of 2021 and our qualification for the Employee Retention Credit for the first two quarters of 2021. The Company's financial reports are available at www.otcmarkets.com.
During the first six months of 2022, Conrad added $198.8 million of backlog to its new construction segment compared to $60.8 million added to backlog during the first six months of 2021. Conrad's backlog was $245.1 million at June 30, 2022, the second-highest backlog in our company's history, $148.5 million at December 31, 2021 and $170.9 million at June 30, 2021. Since the end of the second quarter the Company has signed an additional $34.9 million in contracts.
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, dredges, barges, offshore supply vessels and other steel products for both the commercial and government markets. The company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.
For Information Contact:
Cecil Hernandez (985) 702-0195
CAHernandez@ConradIndustries.com
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SOURCE Conrad Industries, Inc. | https://www.whsv.com/prnewswire/2022/08/15/conrad-industries-announces-second-quarter-2022-results-backlog/ | 2022-08-15T23:24:00Z |
Coachmen Apex is Known for their LightWeight Luxury RVs that are Loaded with Amenities
LEXINGTON, N.C., Aug. 15, 2022 /PRNewswire/ -- The founders of Country Roads RV Center are proud to announce that they have been an authorized dealer for the Coachmen Apex line of RVs for 11 years.
To learn more about Country Roads RV Center, please visit. https://www.crrvc.com/apex-rv-dealer-by-country-roads-rv-center/
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 Apex makes and models, it was an easy decision to add these outstanding RVs to their lineup of products
The Apex 245BHS is a unique 7'6" wide bunk floorplan that weighs only 4600 pounds. It has 2 oversize bunks and a u-shaped dinette in the deep slide. Great plan for a young family.
As the family grows, step up to the new 256BHS with more room, a larger slide, and a full-size sofa. Both plans have outside kitchens.
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-11-years-an-authorized-dealer-coachmen-apex/ | 2022-08-15T23:24:07Z |
Northern Spirit is Known for their Luxury RVs that are Loaded with Amenities
LEXINGTON, N.C., Aug. 15, 2022 /PRNewswire/ -- The founders of Country Roads RV Center are proud to announce that they have been an authorized dealer for the Coachmen Northern Spirit line of RVs for 4 years.
To learn more about Country Roads RV Center, please visit https://www.crrvc.com/about-us/.
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 Northern
Spirit makes and models, it was an easy decision to add these outstanding RVs to their lineup of products.
The Northern Spirit XTR 2549BHX is a roomy bunk plan with the "Max Bed Storage" under the master bed. Pack all the kid's stuff in one place. A plan that the entire family will love.
The Northern Spirit 1943RB remains an extremely popular couples plan with a deep slideout and theater seating for evening relaxation.
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-4-years-an-authorized-dealer-coachmen-northern-spirit/ | 2022-08-15T23:24:13Z |
DALLAS, Aug. 15, 2022 /PRNewswire/ -- A potential treatment for listeriosis has been found to be promising in Praedicare's hollow fiber preclinical model of the disease, caused by the bacteria Listeria monocytogenes. Listeriosis has been in the news recently as the bacteria was found in some ice cream and a vegan egg product which were sold to the general public. Listeriosis poses an elevated threat to the susceptible population that is immunocompromised or pregnant.
Crestone, Inc. has been developing a novel inhibitor of bacterial DNA replication, CRS0540, which is active against Listeria monocytogenes and other Gram-positive bacteria, including resistant strains. Praedicare, Inc. has developed a dynamic hollow fiber preclinical model for the disseminated bacteria inside human cells and then tested CRS0540 at concentration versus time profiles expected in patients. Crestone, Inc. and Praedicare Inc. today have announced a publication of the results in a joint publication entitled "Potency of the novel PolC DNA polymerase inhibitor CRS0540 in a disseminated Listeria monocytogenes intracellular hollow-fibre model" in the Journal of Antimicrobial Chemotherapy.
The authors found that CRS0540 demonstrated dose-dependent potency. At sufficient doses, the drug candidate also shut off the bacteria's ability to develop resistance to CRS0540, a major advantage given the current scourge of antimicrobial resistance. One other advantage was that unlike other treatments currently employed for listeriosis, CRS0540 was demonstrated to achieve more than thirty-fold higher concentrations inside infected human cells than outside. Simulations were then used to identify and predict human doses that would be effective in eradicating the disseminated listeria from the infected cells while minimizing antimicrobial resistance. The authors wrote that CRS0540 is one of the first new compounds in development for the treatment of listeriosis in several decades.
"Antibiotics with a novel mode of action and a good safety profile are essential to address the silent pandemic of antimicrobial resistance" said Urs Ochsner, PhD, co-Founder, Vice President of R&D and CEO at Crestone. "CRS0540 dosed orally has already demonstrated efficacy in various animal models of infection caused by drug-resistant staphylococci and streptococci, and now in a hollow fiber model of intracellular Listeria infection."
Tawanda Gumbo, President and CEO of Praedicare Inc. stated that with such impressive efficacy, further studies of CRS0540 were warranted and that "the results also demonstrate that new compounds can be tested rapidly in this preclinical model for sporadic as well as emergent infectious diseases, which can then be immediately translated to clinical scenarios."
This project has been funded in whole or in part with federal funds from the National Institute of Allergy and Infectious Diseases, National Institutes of Health, Department of Health and Human Services, under Contract No. 75N93020C00020.
CRS0540 is a mechanistically novel oral/IV antibacterial drug candidate that is intended for treatment of infections caused by antibiotic-resistant pathogens such as methicillin-resistant Staphylococcus aureus (MRSA), penicillin-resistant Streptococcus pneumoniae (PRSP), macrolide-resistant Streptococcus pyogenes (Group A strep) and vancomycin-resistant enterococci (VRE), as well as treatment of food-borne illness caused by Listeria monocytogenes. CRS0540 derives from a series of thiadiazole urea compounds that exhibit potent inhibition of PolC, the catalytic subunit of the replicative DNA polymerase in Gram-positive bacteria. As a novel mechanism-of-action agent, CRS0540 has shown activity against all clinically relevant antibiotic-resistant Gram-positive pathogens.
Boulder, Colorado-based Crestone, Inc. is a clinical stage biopharmaceutical company focused on inventing and developing novel-mechanism-of-action small molecule drugs for serious bacterial infections. The active pipeline includes antibacterial agents to treat Clostridioides difficile infection (CDI), resistant Gram-positive infections (MRSA, PRSP, and VRE), and chronic infections such as nontuberculous mycobacterial (NTM) disease. For more information please visit: https://www.crestonepharma.com
Praedicare Inc. is an end-to-end drug development company, from drug discovery, through preclinical work, to phase IV clinical trials. Praedicare uses preclinical wet lab models mathematically mapped to patients for quantitative prediction of clinical trial outcomes for clinical trial design, significantly reducing clients' risk, time, and costs of developing safe and effective new drugs. For more information please visit: https://praedicareinc.com/
Media Contact: Contact@praedicareinc.com
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SOURCE Praedicare Inc | https://www.whsv.com/prnewswire/2022/08/15/crestone-inc-praedicare-inc-announce-publication-data-novel-antibiotic-crs0540-hollow-fiber-system-model-orphan-disease-disseminated-listeriosis/ | 2022-08-15T23:24:20Z |
AUBURN HILLS, Mich., Aug. 15, 2022 /PRNewswire/ --
- Direct Connection is the Dodge brand's performance parts portfolio, launched earlier this year through the Dodge Power Brokers dealer network
- Direct Connection Dodge Challenger Mopar Drag Pak Rolling Chassis gives NHRA and NMCA competitors a foundational building block to help create their personal drag car
- Direct Connection-licensed SpeedKore parts offer carbon fiber body panels for the modern-era Dodge Challenger
- Direct Connection offers licensed Finale Speed pre-1979 muscle cars, including a carbon fiber 1970 Dodge Charger body
- Direct Connection TorqueFlite 8HP70 eight-speed transmission — the same transmission used for 392 HEMI®-engine-fueled Scat Pack models — available for plug-and-play use with Direct Connection crate engines
- Direct Connection-licensed American Racing Headers for Dodge Charger, Challenger and Durango, made from 304 stainless steel, mate to the most powerful HEMI engines
- Direct Connection adds 2.7L and 3.0L supercharger kits to product lineup
- More information on availability, pricing and vehicle applications for new Direct Connection products will be announced at 2022 SEMA Show in Las Vegas, Nov. 1-4
- Direct Connection performance parts offered exclusively in-store or online through Dodge Power Brokers dealers; more information available at DCPerformance.com
- For complete information on Dodge and the brand's Never Lift plan, which provides a 24-month road map to Dodge's performance future, visit Dodge.com and DodgeGarage.com.
Dodge unwrapped a full slate of new additions to its factory-backed Direct Connection performance parts line today, including a Direct Connection Dodge Challenger Mopar Drag Pak Rolling Chassis for grassroots drag racers, a Dodge Challenger body-in-white kit, Direct Connection-licensed carbon fiber SpeedKore parts, a licensed vintage Dodge Charger carbon fiber body from Finale Speed, licensed American Racing Headers for the Dodge Charger, Challenger and Durango, and more.
The new Direct Connection parts were announced at M1 Concourse in Pontiac, Michigan, during the three-day Dodge Speed Week series of events. Dodge Speed Week will include additional announcements on Dodge Gateway Muscle and Future Muscle products on August 16 and August 17, respectively.
"Not only do we listen to our Dodge owners, but the brand also delivers the performance products our street car enthusiasts, drag racers and vintage muscle fans need," said Tim Kuniskis, Dodge brand chief executive officer - Stellantis. "Direct Connection is a program that lives up to its name, offering a pipeline of new products, including a Drag Pak Rolling Chassis for our sportsman drag racers, new licensed carbon fiber panels to cut weight and improve performance, and many more new additions to our growing performance parts portfolio."
Drag Pak Rolling Chassis
The new Direct Connection Dodge Challenger Mopar Drag Pak Rolling Chassis offers a foundational blueprint for National Hot Rod Association (NHRA) and National Muscle Car Association (NMCA) competitors, giving the grassroots racers that fuel the sport the tools to create their own vision of a drag race car. The Drag Pak Rolling Chassis with 4130 chromoly tubing and a fully TIG-welded roll cage is NHRA-certified for 7.50-second elapsed times.
The Direct Connection Drag Pak Rolling Chassis arrives already equipped with a four-link rear suspension engineered to launch hard and stay planted down the quarter-mile. Double-adjustable Drag Pak-specific tuned Bilstein coilover shocks, Strange Engineering 9-inch rear end and Strange Pro Series II racing brakes and Weld beadlock lightweight wheels with Mickey Thompson drag racing tires combine to provide racers a formidable quarter-mile package. Working off the Drag Pak Rolling Chassis, racers have the freedom to finish building their dream drag machine with the powertrain, driveline and engine management system of their choice.
Also for grassroots racers, a newly available Dodge Challenger body-in-white kit, delivered without the roll cage, is available with standard e-coat or with an optional choice of exterior vehicle colors for the 2023 model year.
The Direct Connection Drag Pak Rolling Chassis is available at a U.S. manufacturer's suggested retail price (MSRP) of $89,999, while the Dodge Challenger body-in-white kit is offered at an MSRP of $7,995. Both are available by contacting the Direct Connection Tech hotline at (800) 998-1110.
Carbon Fiber for All
Direct Connection is teaming with SpeedKore to offer Direct Connection-licensed carbon fiber parts for the modern-era Dodge Challenger. SpeedKore offers high-quality carbon fiber upgrades that meet or exceed Original Equipment Manufacturer (OEM) quality standards and shed weight through custom, lightweight carbon fiber. Direct Connection-licensed carbon fiber parts include the rear spoiler, front splitter, rocker panels and rear diffuser.
Direct Connection will also work with Finale Speed to license a 1970 Dodge Charger carbon fiber body which can be built into a complete, finished vehicle. The carbon-fiber-body vehicles, engineered to OEM body specifications, integrate the legendary look and feel of iconic muscle cars with the performance and technology of modern muscle. Future Direct Connection-licensed carbon-fiber bodies through Finale Speed will include the Plymouth Barracuda and Road Runner.
Modern Performance
Direct Connection also bolsters its modern performance portfolio with several new products, including:
- Direct Connection TorqueFlite 8HP70 transmission — the same transmission used in the 392 HEMI®-engine-fueled Scat Pack models — is now a plug-and-play option for use with Direct Connection crate engines, delivering greater torque capacity
- Direct Connection now offers 2.7L and 3.0L supercharger kits, based on proven superchargers from the Dodge SRT Hellcat Redeye production vehicle and Hellephant 426 supercharged crate HEMI engine, respectively, for grassroots racers
- Direct Connection-licensed American Racing Headers for the Dodge Charger, Challenger and Durango, made from 304 stainless steel, work with an X-pipe exhaust crossover system to handle huge HEMI engine power, including supercharged applications
More information on availability, pricing and vehicle applications for new Direct Connection products will be announced at the 2022 SEMA Show in Las Vegas, Nov. 1-4.
Dodge Brand's Direct Connection to Performance
The Direct Connection performance parts portfolio, launched earlier this year through the Dodge Power Brokers dealer network, includes four categories of products: modern performance, crate engines, drag pak, and vintage muscle parts.
Modern performance applications include 14 performance kits for the modern-era production Dodge Challenger, including a Challenger Hellcat Widebody Fender Flare/Fascia Kit and Challenger Hellcat Hood. In the Drag Pak category, Direct Connection offers kits for the Dodge Challenger Mopar Drag Pak, first introduced in 2008 as a factory-built, turn-key drag car for racers who compete in NHRA and NMCA events. Direction Connection offers 13 race-ready kits and four graphics packages for the Drag Pak, including a body kit and 354 supercharged HEMI engine.
The Direct Connection crate engines category features a horsepower-packed lineup of five popular crate engines. The lineup ranges from the 383-horsepower, 345-cu.-in. crate HEMI engine to the 1,000-horsepower Hellephant 426-cu.-in. supercharged crate HEMI engine. Direct Connection vintage muscle products are available for a variety of applications, including drivetrain, engine, suspension and exterior parts.
For full information on the Direct Connection portfolio, visit DCPerformance.com. The Direct Connection Tech hotline at (800) 998-1110 is also available for assistance with technical questions.
Direct Connection
Dodge muscle was born in the 1960s, when Dodge innovated performance upgrades that led to domination at the track and drag strip. As the muscle car enthusiast community exploded, so did the desire for factory-backed go-fast parts. In 1974, Direct Connection launched as the exclusive source for performance parts and technical information, straight from the manufacturer. As an industry first, Direct Connection changed the game with a massive portfolio of performance parts sold through the dealer network with technical information and how-to performance upgrade guides.
Fast forward to today, and with the release of the most powerful and fastest production vehicles in the world, Dodge has become synonymous with high performance. With a new generation of muscle car enthusiasts looking for "ready to run" parts, Direct Connection returns as the new source for high-performance parts and technical expertise straight from the factory.
Dodge Power Brokers
Dodge Power Brokers dealers are equipped with staff trained to deliver a performance-focused customer experience. Power Brokers dealership features include:
- Network is the exclusive source for new Direct Connection performance parts
- Dealership staff meet set standards of comprehensive knowledge and expertise in high-performance areas
- Each Dodge Power Brokers dealer features a dedicated webpage with contact information and biographies on staff trained in high performance customer service
- Staff trained to walk customers through Dodge vehicle performance features and available Direct Connection upgrades
- Customers can purchase a vehicle with Direct Connection upgrades directly from a Dodge Power Brokers dealership
- Direct Connection Modern Performance parts installed by a Dodge Power Brokers dealer have the added benefit of maintaining the balance of the three-year/36,000-mile vehicle warranty (complete warranty details available at DCPerformance.com)
For more information on Dodge and to follow along on the brand's Never Lift plan, which provides a 24-month road map to Dodge's performance future, visit Dodge.com and DodgeGarage.com.
Dodge//SRT
For more than 100 years, the Dodge brand has carried on the spirit of brothers John and Horace Dodge. Their influence continues today as Dodge shifts into high gear with muscle cars and SUVs that deliver unrivaled performance in each of the segments where they compete.
Dodge drives forward as a pure performance brand, offering SRT versions of every model across the lineup. For the 2022 model year, Dodge delivers the drag-strip dominating 807-horsepower Dodge Challenger SRT Super Stock, the 797-horsepower Dodge Charger SRT Redeye, the most powerful and fastest mass-produced sedan in the world, and the Dodge Durango SRT 392, America's fastest, most powerful and most capable three-row SUV. Combined, these three muscle cars make Dodge the industry's most powerful brand, offering more horsepower than any other American brand across its entire lineup.
In 2020, Dodge was named the "#1 Brand in Initial Quality," making it the first domestic brand ever to rank No. 1 in the J.D. Power Initial Quality Study (IQS). In 2021, the Dodge brand ranked No. 1 in the J.D. Power APEAL Study (mass market), making it the only domestic brand ever to do so two years in a row.
Dodge is part of the portfolio of brands offered by leading global automaker and mobility provider Stellantis. For more information regarding Stellantis (NYSE: STLA), please visit www.stellantis.com.
Follow Dodge and company news and video on:
Company blog: http://blog.stellantisnorthamerica.com
Media website: http://media.stellantisnorthamerica.com
Dodge brand: www.dodge.com
DodgeGarage: www.dodgegarage.com
Facebook: www.facebook.com/dodge
Instagram: www.instagram.com/dodgeofficial
Twitter: www.twitter.com/dodge and @StellantisNA
YouTube: www.youtube.com/dodge, https://www.youtube.com/StellantisNA
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SOURCE Stellantis | https://www.whsv.com/prnewswire/2022/08/15/dodge-direct-connection-performance-parts-portfolio-expands-offers-new-products-including-drag-pak-rolling-chassis-licensed-carbon-fiber-parts/ | 2022-08-15T23:24:27Z |
AUBURN HILLS, Mich., Aug. 15, 2022 /PRNewswire/ --
- Dodge dealerships offer an expedited transportation process for third-party convertible modifications for 2022 Dodge Challengers through Drop Top Customs
- Drop Top Customs is the oldest convertible coachbuilder in the U.S.
- Dodge dealers will arrange shipping of customer Challenger orders directly from Brampton Assembly Plant to Drop Top Customs to shorten build-to-delivery time
- Drop Top Customs ships finished third-party convertibles to dealers when modifications are complete
- Orders open at participating Dodge dealerships in the U.S. on August 16; program will also include 2023 Challenger model year
- Expedited transportation process available for Dodge Challenger R/T, R/T Scat Pack and SRT models
- Drop Top Customs third-party convertible option retails at $25,999 (final pricing negotiated and confirmed with dealer)
- Additional ordering information, including warranty information, available through Drop Top Customs at DroptopChallenger.com
- For complete information on Dodge and the brand's Never Lift plan, which provides a 24-month road map to Dodge's performance future, visit Dodge.com and DodgeGarage.com
Dodge dealers are making it easy for 2022 Dodge Challenger customers to add a convertible top to the world's quickest, fastest and most powerful muscle car.
Dodge dealerships will offer an expedited ordering process for third-party convertible modifications for the 2022 Dodge Challenger through Drop Top Customs, the oldest convertible coachbuilder in the U.S. The new, integrated transportation ordering process allows customers to place third-party orders and pick up finished vehicles through participating Dodge dealers.
Dodge dealerships in the U.S. will begin taking retail convertible transportation orders on August 16, 2022. Convertible third-party modifications through Drop Top Customs will also be available for the 2023 Dodge Challenger when orders open for the new model year.
The new third-party Challenger convertible fulfillment process was announced at M1 Concourse in Pontiac, Michigan, during the first day of the three-day Dodge Speed Week event series, which featured announcements and reveals of current Dodge muscle products.
"While we hit the throttle toward our new performance path, Dodge is also having fun on this victory lap by celebrating decades of muscle car power," said Tim Kuniskis, Dodge brand chief executive officer - Stellantis. "What better way to commemorate how far we've come than to make it easier for Dodge Challenger customers to create a throwback convertible look. We may not upfit them, but those who want a convertible Challenger can get one faster, expedited from the factory to Drop Top Customs. Owners can order third-party modifications through our Dodge dealerships, and then pick up their finished convertible at the dealer once the vehicle is complete."
Dodge Challenger convertibles were offered as production vehicles for only two model years, 1970 and 1971. More than half a century later, Dodge dealers are helping customers order their dream convertibles through a simple, integrated transportation process. Customers will work closely with Drop Top Customs and their Dodge dealership to order the vehicle to fit their specifications. Dodge dealerships will schedule unmodified customer vehicle orders to ship directly from Stellantis' Brampton (Ontario, Canada) Assembly Plant to Drop Top Customs for third-party modifications, providing a more efficient build time and allowing owners to take the keys after completion.
Expedited shipment option to Drop Top Customs will be available for 2022 and 2023 Dodge Challenger R/T, R/T Scat Pack and all Challenger SRT models.
Drop Top Customs has 46 years of modification experience, creating convertibles, including modern-era Dodge Challenger convertibles, that feature a fully hydraulic power top with structural reinforcements that reduce body flex while retaining interior space. Quality design, padded roof and heated glass rear window result in uncompromised comfort and provide sound and temperature insulation. More information on Drop Top Customs is available at www.droptopchallenger.com.
The Drop Top Customs third-party Challenger convertible-top option will be available at a retail price of $25,999 (final pricing negotiated and confirmed with the dealer). Additional ordering information, including warranty information, is available through Drop Top Customs.
Dodge//SRT
For more than 100 years, the Dodge brand has carried on the spirit of brothers John and Horace Dodge. Their influence continues today as Dodge shifts into high gear with muscle cars and SUVs that deliver unrivaled performance in each of the segments where they compete.
Dodge drives forward as a pure performance brand, offering SRT versions of every model across the lineup. For the 2022 model year, Dodge delivers the drag-strip dominating 807-horsepower Dodge Challenger SRT Super Stock, the 797-horsepower Dodge Charger SRT Redeye, the most powerful and fastest mass-produced sedan in the world, and the Dodge Durango SRT 392, America's fastest, most powerful and most capable three-row SUV. Combined, these three muscle cars make Dodge the industry's most powerful brand, offering more horsepower than any other American brand across its entire lineup.
In 2020, Dodge was named the "#1 Brand in Initial Quality," making it the first domestic brand ever to rank No. 1 in the J.D. Power Initial Quality Study (IQS). In 2021, the Dodge brand ranked No. 1 in the J.D. Power APEAL Study (mass market), making it the only domestic brand ever to do so two years in a row.
Dodge is part of the portfolio of brands offered by leading global automaker and mobility provider Stellantis. For more information regarding Stellantis (NYSE: STLA), please visit www.stellantis.com.
Stellantis does not manufacture or distribute a Dodge Challenger convertible. Vehicle conversion is provided by an independent third party. The conversion is not covered by the new vehicle limited warranty that accompanies a new Dodge Challenger vehicle, and Dodge provides no other warranty for the vehicle conversion provided by the independent third party. Any third party modifications of Dodge Challenger vehicles performed by Drop Top Customs will only be made upon instructions given by an authorized Dodge dealer. Drop Top Customs is an independent third party. Drop Top Customs is not an agent or affiliate of Stellantis, and Drop Top Customs is not an authorized Dodge dealer. Stellantis is not responsible for Drop Top Customs products or services, including without limitation any modifications performed by Drop Top Customs on Dodge Challenger vehicles. Stellantis does not endorse Drop Top Customs or its products or services. Any vehicle modifications performed by Drop Top Customs have been performed on a third party basis. Stellantis does not warrant any work performed by Drop Top Customs. Stellantis disclaims all liability for any defect or damage caused to any vehicle by Drop Top Customs or for any claim brought by any person in connection therewith. Stellantis will not be responsible for any loss or damage to any vehicles as a result of any action or inaction by Drop Top Customs. Dodge Challengers are subject to limited availability. Please speak with an authorized Dodge dealer for additional details.
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SOURCE Stellantis | https://www.whsv.com/prnewswire/2022/08/15/droptop-challenger-dodge-dealers-offer-new-streamlined-process-third-party-challenger-convertible-modifications/ | 2022-08-15T23:24:33Z |
NEW YORK, Aug. 15, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Enochian BioSciences, Inc. (NASDAQ: ENOB) between January 17, 2018 and June 27, 2022, both dates inclusive, (the "Class Period"), including common stock issued by Enochian in a private placement offering on or about February 16, 2018, of the important September 26, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Enochian BioSciences securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Enochian BioSciences class action, go to https://rosenlegal.com/submit-form/?case_id=6517 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 26, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) co-founder and inventor, Serhat Gumrukcu, was engaged in a variety of frauds; (2) Gumrukcu was not a licensed doctor anywhere in the world; (3) as a result of the foregoing, Gumrukcu's purported contributions to Enochian lacked a reasonable basis; (4) as a result of the foregoing, Enochian had overstated its commercial prospects; (5) Gumrukcu had improperly diverted approximately $20 million from Enochian to entities he owned; and (6) as a result of the foregoing, defendants' positive statements about Enochian's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Enochian BioSciences class action, go to https://rosenlegal.com/submit-form/?case_id=6517 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/08/15/enob-loss-alert-rosen-skilled-investor-counsel-encourages-enochian-biosciences-inc-investors-with-losses-excess-100k-secure-counsel-before-important-deadline-securities-class-action-enob/ | 2022-08-15T23:24:40Z |
Everest to receive total considerations of up to $455 million with $280 million in upfront payments
Broadens development and access to Trodelvy for patients in Greater China and certain Asia Pacific Markets
Strengthens balance sheet and streamlines resources to advance robust pipeline of first-in-class and best-in-class drug candidates, and expand product portfolio through strategic transactions and internal drug discovery efforts
SHANGHAI, Aug. 15, 2022 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products to address critical unmet needs in Asia Pacific markets, announced that it has entered into an agreement with Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, Inc. (Nasdaq: GILD), whereby Immunomedics will obtain exclusive rights to develop and commercialize Trodelvy® (sacituzumab govitecan) in Greater China, South Korea, Singapore, Indonesia, Philippines, Vietnam, Thailand, Malaysia and Mongolia (the "Agreement").
Under the terms of the Agreement, Everest will receive up to $455 million in total considerations with $280 million in upfront payments payable subject to, among other things, certain regulatory approvals, and up to $175 million in potential future milestone payments. In addition, Everest will be released from payment obligations for up to $710 million in remaining milestone payments under a licensing agreement entered into with Immunomedics in April 2019 to develop, register, and commercialize Trodelvy® in Greater China, South Korea and certain other countries and territories. Under the Agreement, the licensing agreement will be terminated.
Everest received approval in mainland China and Singapore in June and January 2022, respectively, for Trodelvy® in adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease. Everest has also submitted applications for commercial approval for Trodelvy in metastatic TNBC with regulatory bodies in South Korea, Taiwan and Hong Kong.
"We welcome the opportunity to restructure our partnership with Gilead, which has been built on a shared vision of providing innovative oncology solutions for patients in need. With capital resources and a track record of successful therapeutic development and commercialization for Trodelvy in the United States, Gilead is an ideal partner to further develop and commercialize Trodelvy in Asia Pacific regions to maximize patient access," said Kerry Blanchard, MD, PhD, Chief Executive Officer of Everest Medicines. "I am exceedingly proud of what Everest has accomplished in advancing Trodelvy in China and other Asia territories, and we will continue to bring more transformational therapies to patients in China and worldwide with our extensive pipeline of clinical and pre-clinical stage assets."
"Trodelvy is approved for second-line metastatic TNBC in over 35 countries. We thank Everest Medicines for their partnership and important contributions in the development of Trodelvy in Asia. Their collaboration has brought us closer to bringing Trodelvy to patients who need alternative options," said Bill Grossman, MD, PhD, Senior Vice President, Oncology Clinical Research, Gilead Sciences. "Trodelvy is the cornerstone of our solid tumor portfolio, and we are committed to bringing this transformative therapy to as many patients as possible. We look forward to rapidly advancing our development program in Asia and to realizing the clinical potential of Trodelvy across diverse tumor types."
"After the completion of this transaction, Everest's resources will be more streamlined to invest into the ongoing development of our remaining pipeline of clinical-stage drug candidates with first-in-class or best-in-class potential. We will have a stronger balance sheet to advance our internal drug discovery efforts and execute synergistic strategic transactions," said Ian Woo, President and Chief Financial Officer of Everest Medicines. "We will strive to deliver sustained value to our shareholders and to patients in Asia and worldwide."
Gilead will have the opportunity to recruit Everest employees working directly on the Trodelvy program.
Goldman Sachs served as financial advisor to Everest Medicines while Ropes & Gray LLP served as legal counsel to the Company.
Conference Call Information
A live conference call will be hosted on August 16, 2022 at 8:30 AM Beijing Time (August 15, 2022 at 8:30 PM U.S. Eastern Time).
The live webcast of the conference call will be available at https://www.acecamptech.com/eventDetail/60502830. Participants need to register in advance of the conference call.
Alternatively, participants may dial in to the conference call using below dial-in information:
United States: +1 646 254 3594 English
Mainland China: +86 10 5808 4166 English
+86 10 5808 4199 Chinese
Hong Kong: +852 3005 1313 English
+852 3005 1355 Chinese
United Kingdom: +44 20 7660 0166 English
International: +1 866 636 3243 English
Password: 029169
A replay will be available shortly after the call and can be accessed by visiting the Company's website at http://www.everestmedicines.com.
About Trodelvy® (Sacituzumab Govitecan)
Trodelvy is a first-in-class Trop-2 directed antibody-drug conjugate. Trop-2 is a cell surface antigen highly expressed in multiple tumor types, including in more than 90% of breast and bladder cancers. Trodelvy is intentionally designed with a proprietary hydrolyzable linker attached to SN-38, a topoisomerase I inhibitor payload. This unique combination delivers potent activity to both Trop-2 expressing cells and the microenvironment.
Trodelvy is approved in more than 35 countries, with multiple additional regulatory reviews underway worldwide, for the treatment of adult patients with unresectable locally advanced or metastatic TNBC who have received two or more prior systemic therapies, at least one of them for metastatic disease. Trodelvy is also approved in the U.S. under the accelerated approval pathway for the treatment of adult patients with locally advanced or metastatic urothelial cancer (UC) who have previously received a platinum-containing chemotherapy and either programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor.
Under Everest's licensing agreement with Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, Inc., Everest Medicines has exclusive rights to develop, register, and commercialize Trodelvy for all cancer indications in Greater China, South Korea, and certain Southeast Asian countries. In October 2020, Trodelvy was included in the updated 2020 China Guidelines for the Standardized Diagnosis and Treatment of Advanced Breast Cancer and was also included in the updated 2022 Guidelines for Breast Cancer Diagnosis and Treatment of the Chinese Society of Clinical Oncology in April.
*The TRODELVY trademark is used under license from Gilead Sciences, Inc.
About Everest Medicines
Everest Medicines is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record of high-quality clinical development, regulatory affairs, CMC, business development and operations both in China and with leading global pharmaceutical companies. Everest Medicines has built a portfolio of eleven potentially global first-in-class or best-in-class molecules, many of which are in late-stage clinical development. The Company's therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases. For more information, please visit its website at www.everestmedicines.com.
Forward-Looking Statements:
This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.
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SOURCE Everest Medicines | https://www.whsv.com/prnewswire/2022/08/15/everest-medicines-enters-into-agreement-with-gilead-sciences-trodelvy-asia-territories/ | 2022-08-15T23:24:46Z |
SAN DIEGO, Aug. 15, 2022 /PRNewswire/ -- The Ken Blanchard Companies®, a global leader in management training, consulting, and coaching, was named the winner of a Silver Stevie® Award for Best New Product of the Year in the 19th Annual International Business Awards® today.
The Conversational Capacity® course won Best New Product of the Year in the Business-to-Business category. The course teaches people how to engage in constructive, learning-focused dialogue when challenging topics or conflicts arise so they can make informed decisions and find the best solutions, even under high pressure. That's where difficult exchanges turn into learning opportunities and unfocused meetings become innovation incubators.
"We spent almost two years working with Craig Weber designing engaging learning experiences to bring his Conversational Capacity model to our clients," said Jay Campbell, Chief Product Officer with The Ken Blanchard Companies. "While there are other conversation skills programs out there, nothing is as simple and powerful as Conversational Capacity. The twin forces of candor and curiosity are helping Blanchard clients across seniority levels and industries. We're so proud to win this Silver Stevie® Award for Best New Product of the Year."
Craig Weber, author of the book Conversational Capacity and course design team member, adds, "I am thrilled to see The Ken Blanchard Companies' Conversational Capacity course win this award. The course is designed to help people perform more effectively under pressure and build healthier organizations, teams, and work relationships. It's wonderful to see it recognized in this way."
As one judge stated, the course "…addresses a #1 ongoing business challenge. The world needs more of what this offers."
The Ken Blanchard Companies is a global leader in management training, consulting, and coaching. For more than 40 years, Blanchard has been helping organizations develop inspired leaders at all levels and create cultures of connection that unleash talent and deliver extraordinary results. Blanchard's SLII® powers inspired leaders and is the leadership model of choice for more than 10,000 organizations worldwide. Blanchard also offers a suite of other award-winning leadership development solutions through flexible delivery modalities to meet the specific needs of its clients. Learn more at www.kenblanchard.com
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 nominations each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at www.StevieAwards.com
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SOURCE The Ken Blanchard Companies | https://www.whsv.com/prnewswire/2022/08/15/ken-blanchard-companies-wins-silver-stevie-award-2022-international-business-awards/ | 2022-08-15T23:24:52Z |
AUBURN HILLS, Mich., Aug. 15, 2022 /PRNewswire/ --
Popular Heritage Colors Return for 2023 Model Year, Commemorative Plaques Added, SRT Jailbreak Program Expands and New Vehicle Allocation Plan Announced
- Dodge teases seven 2023 special-edition models, hidden beneath car covers with cryptic graphics, during the first day of Dodge Speed Week at M1 Concourse in Pontiac, Michigan
- Six new models share a connection to iconic Dodge vehicles from the past
- Seventh and final 2023 Dodge model will be the last of its kind, to be revealed at the 2022 SEMA Show in Las Vegas, scheduled for Nov. 1-4, 2022
- Heritage exterior colors B5 Blue, Plum Crazy purple and Sublime green return to the fold, as well as modern color Destroyer Grey
- Each 2023 Dodge Charger and Challenger vehicle will carry a commemorative "Last Call" underhood plaque
- Popular SRT Jailbreak models expand for 2023 to include 717-horsepower Dodge Charger and Challenger SRT Hellcat
- All 2023 Charger and Challenger models will be allocated to dealerships at once, helping customers identify vehicles efficiently and easily for purchase
- For complete information on Dodge and the brand's Never Lift plan, which provides a 24-month road map to Dodge's performance future, visit Dodge.com and DodgeGarage.com.
The Dodge Charger and Dodge Challenger, in current form, are coming to an end, and the Dodge brand is seizing the opportunity to celebrate in true, over-the-top Dodge style. The Dodge 2023 lineup will pay homage to the muscle car pair with seven special models, the return of a rainbow of heritage colors, an expansion of SRT Jailbreak models, a commemorative "Last Call" underhood plaque for all 2023 Charger and Challenger vehicles and a new, customer-focused vehicle allocation process.
Demon, Hellcat, Redeye, Scat Pack, Shaker, Jailbreak. Iconic Dodge Charger and Challenger models have ushered in a second golden age of the muscle car, continuously elevating the magic number for performance from the 707 horsepower of the original Hellcat to the 840-horsepower Challenger SRT Demon. Since the modern-day Charger was launched in 2005, the Brampton (Ontario, Canada) Assembly Plant has built 3 million Dodge vehicles, representing a billion horsepower.
Charger and Challenger are departing on top — Challenger closed 2021 as the No. 1 muscle car in the U.S. — with enthusiast demand that will only gain momentum as the brand teases the rollout of the 2023 vehicle lineup.
"We are celebrating the end of an era — and the start of a bright new electrified future — by staying true to our brand," said Tim Kuniskis, Dodge brand chief executive officer – Stellantis. "At Dodge, we never lift, and the brand will mark the last of our iconic Charger and Challenger nameplates in their current form in the same way that got us here, with a passion both for our products and our enthusiasts that drives us to create as much uniqueness in the muscle car community and marketplace as possible."
New Models Embrace Dodge Heritage
Dodge will pay tribute to the long and legendary history of the Dodge Challenger and Dodge Charger by introducing seven heritage-influenced models for the 2023 model year. The models were teased and displayed under full vehicle covers at M1 Concourse in Pontiac, Michigan, during the first day of the three-day Dodge Speed Week event, which featured announcements and reveals of current Dodge products.
Each model will share a connection to an iconic Dodge model from the past, reaching back to the dawn of the muscle-car era in the 1960s and 1970s. Graphics featured on each vehicle cover offer hints to the secret identities of the models displayed at M1 Concourse.
Details and specific information on six of the vehicles will be released later this year. The new models will be offered on a first-come, first-served basis at top-selling Dodge dealerships, with a list of dealerships to be shared on DodgeGarage.com.
The seventh and final 2023 Dodge model will be the very last of its kind and will be revealed at the 2022 Specialty Equipment Market Association (SEMA) Show in Las Vegas, scheduled for Nov. 1-4, 2022.
Heritage Colors, Commemorative Plaques and Jailbreaks
Dodge brand will also celebrate its 2023 model lineup by bringing back three beloved heritage exterior colors: B5 Blue, Plum Crazy purple and Sublime green. One popular modern color, Destroyer Grey, also returns to the fold. Charger and Challenger will each offer 14 total 2023 exterior color options. 2023 Charger and Challenger R/T models will also feature new "345" fender badging, a callout to the 345-cubic-inch HEMI® engine under the hood.
All 2023 Dodge Charger and Challenger models will also carry a special commemorative "Last Call" underhood plaque, making every 2023 Charger and Challenger a true collector's vehicle. The brushed aluminum underhood "Last Call" plaque features the vehicle name and a vehicle silhouette, as well as "Designed in Auburn Hills" and "Assembled in Brampton" to proclaim each vehicle's origin.
The brand is also expanding the reach of its popular SRT Jailbreak models, which were introduced earlier this year for the Dodge Charger and Challenger SRT Hellcat Redeye Widebody, unlocking color combination ordering restrictions and exclusive content. For 2023 model year, Jailbreak models will also be available for the 717-horsepower Challenger and Charger SRT Hellcat, providing even more owners the option of building their own one-of-a-kind muscle car.
Making the "Last Call"
Dodge is taking a new approach to getting the Charger and Challenger in the hands of its enthusiasts. The entire 2023 Charger and Challenger model-year run will be allocated to dealerships all at once, helping customers identify and secure their dream cars more easily.
Dodge will provide customers a guide for locating their desired Charger or Challenger at DodgeGarage.com, which will include information on all 2023 Charger and Challenger inventory at each Dodge dealership.
Ordering and pricing information for the 2023 Dodge Charger and Challenger will be announced closer to the on-sale date.
Dodge//SRT
For more than 100 years, the Dodge brand has carried on the spirit of brothers John and Horace Dodge. Their influence continues today as Dodge shifts into high gear with muscle cars and SUVs that deliver unrivaled performance in each of the segments where they compete.
Dodge drives forward as a pure performance brand, offering SRT versions of every model across the lineup. For the 2022 model year, Dodge delivers the drag-strip dominating 807-horsepower Dodge Challenger SRT Super Stock, the 797-horsepower Dodge Charger SRT Redeye, the most powerful and fastest mass-produced sedan in the world, and the Dodge Durango SRT 392, America's fastest, most powerful and most capable three-row SUV. Combined, these three muscle cars make Dodge the industry's most powerful brand, offering more horsepower than any other American brand across its entire lineup.
In 2020, Dodge was named the "#1 Brand in Initial Quality," making it the first domestic brand ever to rank No. 1 in the J.D. Power Initial Quality Study (IQS). In 2021, the Dodge brand ranked No. 1 in the J.D. Power APEAL Study (mass market), making it the only domestic brand ever to do so two years in a row.
Dodge is part of the portfolio of brands offered by leading global automaker and mobility provider Stellantis. For more information regarding Stellantis (NYSE: STLA), please visit www.stellantis.com.
Follow Dodge and company news and video on:
Company blog: http://blog.stellantisnorthamerica.com
Media website: http://media.stellantisnorthamerica.com
Dodge brand: www.dodge.com
DodgeGarage: www.dodgegarage.com
Facebook: www.facebook.com/dodge
Instagram: www.instagram.com/dodgeofficial
Twitter: www.twitter.com/dodge and @StellantisNA
YouTube: www.youtube.com/dodge, https://www.youtube.com/StellantisNA
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SOURCE Stellantis | https://www.whsv.com/prnewswire/2022/08/15/last-call-dodge-teases-2023-dodge-charger-dodge-challenger-lineup-including-seven-new-models/ | 2022-08-15T23:24:58Z |
- Continued strong Life360 user and subscriber YoY momentum with Monthly Active Users (MAU) up 29%, Paying Circles up 41%.
- H1 subscription revenue up 90%, and 60% for core Life360 subscriptions
- Platform established for bundled hardware launch, with initial rollout matching very encouraging earlier test results
- Continued expectation for sustainable positive cash flow in late CY23, and first full year of positive cash flow in CY24; CY22 H1 Adjusted EBITDA and cash burn on track
- Quarter end cash, cash equivalents and restricted cash of $79.3 million
SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- San Francisco-based Life360, Inc. (Life360 or the Company) (ASX: 360) today reported financial results for the three months and six months ended 30 June 2022 (unaudited).
Life360 Chief Executive Officer Chris Hulls said: "Life360's significant business momentum continued in the June 2022 quarter, with net subscriber additions of 111,000, the second highest ever quarterly growth and Monthly Active Users continuing to reach new heights. Annualised Monthly Revenue (excluding hardware) of $174 million is a 65% year-on-year uplift.
"We are seeing resilience from our subscribers and users in the face of more challenging global macroeconomic circumstances, with our usual 'back-to-school' seasonal uplift underway. While we continue to monitor global macroeconomic conditions, in fact we continue to see strong growth in our user and subscriber performance, and maintain confidence in a very promising outlook. With the increasing value of our Membership offering, we are currently market testing higher price points. Although early, the results demonstrate the value of our services and significant pricing power. We are exploring price increases as part of our overall strategy of expanding Membership with hardware devices.
"Our unified platform has been established to launch our bundled hardware Membership offering with the initial rollout matching our very encouraging earlier trial results which delivered a 35% uplift in subscriptions versus the control group.
"As expected, CY22 H1 was a peak period for investment as we rapidly integrated core Life360 with the Tile and Jiobit acquisitions. We expect significantly lower operating losses and cash burn in H2 as we benefit from the early results from the bundled Membership offer, and Tile's usual strong Q4 seasonality. In addition, we expect cost efficiencies arising from the integration, with ~$11m of annualised costs savings expected in H2. Our confidence in a trajectory to Adjusted EBITDA profitability and positive cash flow for CY24 is underpinned by the considerable conversion, upsell and retention upside from bundled Membership, our leaner organisational structure, and outlook for lower subscriber commissions based on out of app purchases."
Key Performance Indicators1
- MAU increased 29% YoY to 42.0 million, with particularly strong growth in the US which delivered a 33% YoY uplift. Growth has been supported by continued investment in the free user experience which is driving higher retention and increased engagement.
- Paying Circles delivered continued strong momentum up 41% YoY, with net additions of 111,000 our second highest quarterly growth on record, in a traditionally slower seasonal quarter.
- US Paying Circles increased 39% year-on-year, with cumulative new and upsell subscribers in the Membership plans of 733,000, up 123%, comprising Silver (10%), Gold (84%) and Platinum (6%). Membership now makes up 64% of US Paying Circles.
- Average Revenue Per Paying Circle delivered ongoing momentum, lifting 12% year-on-year.
- Net Hardware units reduced reflecting the timing of returns as part of a deliberate strategy to right-size channel inventory ahead of the holiday season, and a move out of less profitable sales channels against the backdrop of the weaker consumer electronics category. We are repositioning inventory for joint Tile/Life360 retail campaigns in the holiday period, and focussing on the primary strategy of bundling with subscription.
Operating Results2
Revenue
- Q2 '22 subscription revenue up 88% YoY (including Tile and Jiobit). Life360 subscription revenue increased 57% YoY benefiting from strong growth in Paying Circles and 12% uplift in Average Revenue Per Paying Circle.
- Hardware revenue impacted by a deliberate strategic shift to prioritize higher margin sales channels, clear channel inventory to manage risk and prioritize inventory for bundled membership distribution against a backdrop of broad softness in the consumer electronics category.
- Q2 '22 other revenue was stable due to the transition to new data arrangement with Placer.ai.
- June Annualised Monthly Revenue increased 65% year-on-year reflecting strong subscription performance and the addition of Tile and Jiobit subscription revenue.
Gross Profit
- Gross profit margin reduced versus prior period reflecting the Tile and Jiobit acquisitions, and hardware's traditionally lower gross margins. Excluding hardware, gross margins were stable at 80%.
Operating expenses
- Operating expense growth reflects the acquisitions of Tile and Jiobit, with incremental investment of ~$13 million to accelerate integration of the Life360, Tile and Jiobit businesses.
- Investment undertaken to establish the platform to support the rollout of the bundled Membership offering.
- Cost efficiencies already realised from the leaner organisational structure expected to deliver CY22 H2 annualised cost savings of ~$11 million, with full benefit realized in CY23.
- Subscriber commissions expected to reduce over time. We have been notified that Android Gold and Platinum memberships will be exempt from in-app billing, and the trend of in-app billing exemptions is expected to expand further and contribute to margin expansion.
EBITDA and Adjusted EBITDA3
- H1'22 Adjusted EBITDA loss of $32.3 million due to peak period of investment ahead of the Life360 and Tile bundled launch and the seasonality of Tile's quarterly contribution.
- H2 Adjusted EBITDA loss expected to reduce to $(3)-(6) million reflecting early benefits from the bundled Membership launch, back-to-school seasonal uplift in subscriptions, Q4 seasonal uplift in Tile revenue and profitability, organisational cost efficiencies and highly targeted growth investment.
Balance sheet and Cash flow4
- Life360 ended June 2022 with cash, cash equivalents and restricted cash of $79.3 million
- H2'22 net cash used in operating activities of $(38.5) million reflects the significant seasonality of Tile's hardware business and transaction costs. Tile hardware sales are weighted towards the second half and the peak Q4 holiday season when Tile has historically delivered strong positive cash flow.
- H1'22 cash used in investing activities of $(113.8) million reflects the timing of the Tile acquisition.
- H1'22 cash received from financing activities of $0.3 million reflects proceeds from the exercise of options and settlement of RSUs.
- Life360 expects to reduce cash burn in Q3 and deliver positive cash flow in Q4.
Earnings Guidance5
As previously indicated, CY22 H1 was a period of significant investment. Life360 expects to start realizing the benefits of integration in H2, as we launch the bundled Membership offering, and see an uplift in hardware in the seasonally higher holiday period in Q4. As a result, CY22 H2 is expected to see considerably lower cash burn, and a much lower Adjusted EBITDA6 loss.
For CY22 Life360 expects to deliver:
- Core Life360 subscription revenue (excluding Tile and Jiobit) growth in excess of 55%;
- Consolidated revenue of US$245 – 260 million for subscription (direct), hardware and other (indirect) revenue;
- Adjusted EBITDA6 loss in the range of US$(35)-(38) million. This includes efficiencies flowing in H2 from the Tile integration and restructuring.
We have upgraded our guidance for Life360 subscription revenue growth, and narrowed the range for Consolidated Revenue and Adjusted EBITDA.
Life360 expects to finish CY22 with cash and cash equivalents of approximately $65 million.
We expect Life360 to be on a trajectory to consistently positive Adjusted EBITDA and Operating Cash Flow by late CY23, such that we record positive Adjusted EBITDA and Operating Cash Flow for CY24. This trajectory could be further assisted by the positive impact of potential future price changes.
Investor Conference Call
A conference call will be held today at 9.30am AEST, Tuesday 16 August 2022 (Monday 15 August 2022 US PT at 4.30pm). The call will be held as a Zoom audio webinar.
Participants wishing to ask a question should register and join via their browser here
Participants joining via telephone will be in a listen only mode.
Dial in details
Australia : +61 2 8015 6011
US : +1 669 900 6833
Other countries : details
Meeting ID : 946 2708 7392
A replay will be available after the call at https://investors.life360.com
Authorisation
Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorised this announcement being given to ASX.
About Life360
Life360 operates a platform for today's busy families, bringing them closer together by helping them better know, communicate with and protect the people they care about most. The Company's core offering, the Life360 mobile app, is a market leading app for families, with features that range from communications to driving safety and location sharing. Life360 is based in San Francisco and had 42 million monthly active users (MAU) as at June 2022, located in more than 150 countries.
Life360's CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs, have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are 'restricted securities' under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.
Future performance and forward-looking statements
This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be about future events, including statements regarding Life360's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360's expectations with respect to the financial and operating performance of its business, its capital position, future growth,and its integration of Tile and Jiobit. The words "anticipate, "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. They are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360's control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include risks described in the Company's ASX filings, Form 10 Registration Statement and subsequent reports filed with the Securities and Exchange Commission. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.
Non-GAAP Financial Measures
We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance.
EBITDA and Adjusted EBITDA
In addition to total revenue, net loss and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). EBITDA is defined as Net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization, (iv) other income (expense). Adjusted EBITDA is defined as Net Loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization, (iv) other income (expense), (v) stock-based compensation, (vi) Form 10 transaction costs, (vii) acquisition and integration costs, and (viii) gain on revaluation of contingent consideration.
The above items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we have included EBITDA and Adjusted EBITDA in this Quarterly Report on Form 10-Q because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, net loss and our other GAAP results.
The following table presents a reconciliation of Net Loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA.
__________________
Adjusted loss from ordinary activities after tax
Adjusted loss from ordinary activities after tax is defined as Net Loss, excluding (i) stock-based compensation, (ii) Form 10 transaction costs, (iii) acquisition and integration costs, (iv) gain on revaluation of contingent consideration, and (v) amortization attributable to intangible assets in connection with acquisitions.
The above items are excluded from net loss because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. This non-GAAP financial measure is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider this non-GAAP financial measure in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, net loss and our other GAAP results.
The following table presents a reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted loss from ordinary activities after tax.
Note: all references to $ are to US$
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SOURCE Life360 | https://www.whsv.com/prnewswire/2022/08/15/life360-reports-q2-half-year-2022-results/ | 2022-08-15T23:25:05Z |
WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- NASA's Jet Propulsion Laboratory in Southern California has selected Microchip Technology Inc. of Chandler, Arizona, to develop a High-Performance Spaceflight Computing (HPSC) processor that will provide at least 100 times the computational capacity of current spaceflight computers. This key capability would advance all types of future space missions, from planetary exploration to lunar and Mars surface missions.
"This cutting-edge spaceflight processor will have a tremendous impact on our future space missions and even technologies here on Earth," said Niki Werkheiser, director of technology maturation within the Space Technology Mission Directorate at NASA Headquarters in Washington. "This effort will amplify existing spacecraft capabilities and enable new ones and could ultimately be used by virtually every future space mission, all benefiting from more capable flight computing."
Microchip will architect, design, and deliver the HPSC processor over three years, with the goal of employing the processor on future lunar and planetary exploration missions. Microchip's processor architecture will significantly improve the overall computing efficiency for these missions by enabling computing power to be scalable, based on mission needs. The design also will be more reliable and have a higher fault tolerance. The processor will enable spacecraft computers to perform calculations up to 100 times faster than today's state-of-the-art space computers. As part of NASA's ongoing commercial partnership efforts, the work will take place under a $50 million firm-fixed-price contract, with Microchip contributing significant research and development costs to complete the project.
"We are pleased that NASA selected Microchip as its partner to develop the next-generation space-qualified compute processor platform." said Babak Samimi, corporate vice president for Microchip's Communications business unit. "We are making a joint investment with NASA on a new trusted and transformative compute platform. It will deliver comprehensive Ethernet networking, advanced artificial intelligence/machine learning processing and connectivity support while offering unprecedented performance gain, fault-tolerance, and security architecture at low power consumption. We will foster an industry wide ecosystem of single board computer partners anchored on the HPSC processor and Microchip's complementary space-qualified total system solutions to benefit a new generation of mission-critical edge compute designs optimized for size, weight, and power."
Current space-qualified computing technology is designed to address the most computationally-intensive part of a mission – a practice that leads to overdesigning and inefficient use of computing power. For example, a Mars surface mission demands high-speed data movement and intense calculation during the planetary landing sequence. However, routine mobility and science operations require fewer calculations and tasks per second. Microchip's new processor architecture offers the flexibility for the processing power to ebb and flow depending on current operational requirements. Certain processing functions can also be turned off when not in use, reducing power consumption. This capability will save a large amount of energy and improve overall computing efficiency for space missions.
"Our current spaceflight computers were developed almost 30 years ago," said Wesley Powell, NASA's principal technologist for advanced avionics. "While they have served past missions well, future NASA missions demand significantly increased onboard computing capabilities and reliability. The new computing processor will provide the advances required in performance, fault tolerance, and flexibility to meet these future mission needs."
Microchip's HPSC processor may be useful to other government agencies and applicable to other types of future space mission to explore our solar system and beyond, from Earth science operations to Mars exploration and human lunar missions. The processor could potentially be used for commercial systems on Earth that require similar mission critical edge computing needs as space missions and are able to safely continue operations if one component of the system fails. These potential applications include industrial automation, edge computing, time-sensitive ethernet data transmission, artificial intelligence, and even Internet of Things gateways, which bridge various communication technologies.
In 2021, NASA solicited proposals for a trade study for an advanced radiation-hardened computing chip with the intention of selecting one vendor for development. This contract is part of NASA's High-Performance Space Computing project. HPSC is led by the agency's Space Technology Mission Directorate's Game Changing Development program with support from the Science Mission Directorate. The project is led by JPL, a division of Caltech.
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Online Advantages is Already Preparing for Search Engine Optimization in 2023
CHARLOTTE, N.C., Aug. 15, 2022 /PRNewswire/ -- Matt Maglodi, founder of the full service internet marketing company Online Advantages, is pleased to announce that his company is continuing to offer high performing search engine optimization services.
To learn about Online Advantages and the highly effective and innovative SEO services that they offer, please visit https://onlineadvantages.net/services-search-engine-optimization/.
As Maglodi noted, he and his team have been so busy successfully helping clients with SEO related services in 2022, they are already thinking ahead to 2023 and how their search engine optimization will continue to assist businesses by expanding their brand awareness, client base and visibility.
"Our experienced staff of knowledgeable marketing strategists, writers, content creators and web designers are enjoying an exceptional year, assisting our valued clients with all of their SEO needs," Maglodi said, adding that this has inspired him to prepare his team for an active 2023.
The SEO services that Online Advantages offers include organic search, on-page SEO, link building and keyword research/strategy and activity reports.
Maglodi said he and his team understand that when it comes to modern life, everything begins and ends with the Internet. They truly enjoy assisting clients in harnessing this amazing power—specifically by effectively handling and employing SEO techniques.
"Our team is not only highly skilled but is also passionate about ensuring that our clients are advertising effectively and growing their company's footprint. SEO offers a visible and effective search engine presence leading to a considerable increase of sales, profitability, and cost efficiency for our clients, allowing them to them to optimize their sales funnel," Maglodi noted, adding that SEO is the lifeline of online marketing.
"Everybody at Online Advantages is devoted to ending 2022 stronger than ever, and we are looking forward to next year and what we can continue to accomplish. We offer our valued clients a high quality and affordable package. Leave the rest up to us as our experts are trained on the latest guidelines from all major search engines."
Online Advantages is a unique full service internet marketing company. Founder Matt Maglodi specializes in all aspects of online marketing from video marketing, to pay per click advertising, organic search and social media. For more information, please visit https://onlineadvantages.net/.
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SOURCE Online Advantages | https://www.whsv.com/prnewswire/2022/08/15/online-advantages-continues-offer-high-performing-search-engine-optimization-services/ | 2022-08-15T23:25:18Z |
SOUTHLAKE, Texas, Aug. 15, 2022 /PRNewswire/ -- Sabre Corporation ("Sabre") (Nasdaq: SABR) today announced a refinancing of a portion of its existing indebtedness. Sabre incurred no additional indebtedness as a result of the refinancing above the refinanced amount, other than amounts covering the original issue discount (OID), certain interest, fees and expenses. The refinancing has meaningfully improved Sabre's debt maturity profile.
The refinancing included the application of the proceeds of a new $675 million term loan "B" facility (the "New Facility"), borrowed by its wholly-owned subsidiary Sabre GLBL Inc. ("Sabre GLBL") under its existing senior secured credit agreement (the "Credit Agreement"), with the effect of extending the maturity of approximately $647 million of the existing Term Loan B credit facility incurred prior to August 15, 2022 under the Credit Agreement. The New Facility matures on June 30, 2028 and offers Sabre the ability to prepay or repay the New Facility after 12 months or to prepay or repay at a 101 premium before that date. The interest rates on the New Facility will be based on Term SOFR, replacing LIBOR, plus an applicable margin.
The New Facility is guaranteed by Sabre Holdings Corporation and each subsidiary of Sabre GLBL that guarantees the Credit Agreement. The New Facility and the guarantees thereof are secured, subject to permitted liens, by a first-priority security interest in the same collateral that secures Sabre GLBL's other senior secured indebtedness, which is substantially all present and hereafter acquired property and assets of Sabre GLBL and the guarantors (other than certain excluded assets).
BofA Securities Inc. acted as lead left bookrunner, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and PNC Capital Markets LLC acted as joint bookrunners and BofA Securities Inc. acted as sole lead arranger. Bank of America, N.A. is the administrative agent and the collateral agent for the Credit Agreement.
About Sabre Corporation
Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfillment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world.
Forward-Looking Statements
Certain statements herein are forward-looking statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future. Any statements that are not historical or current facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as "believe," "could," "likely," "expect," "plan," "commit," "guidance," "outlook," "anticipate," "will," "incremental," "preliminary," "forecast," "continue," "strategy," "confidence," "momentum," "estimate," "objective," "project," "may," "should," "would," "intend," "potential" or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Sabre's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. More information about potential risks and uncertainties that could affect our business and results of operations is included in the "Risk Factors" and "Forward-Looking Statements" sections in our Quarterly Report on Form 10-Q filed with the SEC on August 2, 2022, our Annual Report on Form 10-K filed with the SEC on February 18, 2022 and in our other filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, Sabre undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.
SABR-F
Contacts:
Media
Kristin Hays
kristin.hays@sabre.com
sabrenews@sabre.com
Investors
Kevin Crissey
kevin.crissey@sabre.com
sabre.investorrelations@sabre.com
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DALLAS, Aug. 15, 2022 /PRNewswire/ -- Vertical Capital Income Fund (NYSE: VCIF) today announced that the Fund's Annual Meeting of Shareholders will be held on September 28, 2022, at 10:00 a.m., Eastern Time, at 41 South High Street, 17th Floor, Columbus, Ohio 43215.
Shareholders of record of the Fund as of the close of business on August 31, 2022 are entitled to notice of, and to vote at, the Annual Meeting of Shareholders and at any adjournment thereof. The notice of the Annual Meeting of Shareholders will be mailed to shareholders on or about September 12, 2022. At the Annual Meeting of Shareholders, shareholders of the Fund will be asked to re-elect one of the Trustees of the Fund and transact such other business as may properly come before the meeting.
Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund's investment objective, risks, charges and expenses. For further details, please visit Vertical Capital Income Fund's website at vcif.us.
Vertical Capital Income Fund (VCIF) is an NYSE-listed closed-end fund that seeks monthly income by investing primarily in performing non-agency residential whole loans secured by real estate. As a secondary strategy the Fund aims to provide total return by acquiring performing residential loans at a discount to the unpaid principal balance (UPB). VCIF realizes capital gains as loans are paid off before maturity. For more information visit vcif.us and connect with the Fund on Twitter.
Oakline Advisors, LLC is the adviser to Vertical Capital Income Fund. Founded in 2013, Oakline Advisors, LLC is an SEC-registered investment adviser that specializes in the residential whole loan market. It is a wholly owned subsidiary of Dallas, TX-based Behringer. Since its inception in 1989, Behringer, together with its affiliates, has raised equity of more than $6 billion in assets through public and private fund structures. For more information about Oakline and Behringer please visit their respective websites at oaklineadvisors.com and behringerinvestments.com.
Fund shares are identified by CUSIP 92535C104
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SOURCE Vertical Capital Income Fund | https://www.whsv.com/prnewswire/2022/08/15/vertical-capital-income-fund-vcif-announces-2022-annual-meeting-record-date/ | 2022-08-15T23:25:34Z |
Q2 2022 Wholesale Revenue Increased 117% Compared to Q2 2021
Q2 2022 General and Administrative Expense Decreased 57% Compared to Q2 2021
CEO Parimal Rana Provides Update on VERY GOOD's Refocused Strategy
VANCOUVER, BC , Aug. 15, 2022 /PRNewswire/ - The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY) (FSE: OSI) ("VERY GOOD" or the "Company"), a leading plant-based food technology company, today reported its financial results for the second quarter ended June 30, 2022.
Financial Highlights
- Revenue decreased $1,279,215 or 46% to $1,501,446 in Q2 2022, compared to $2,780,681 in the same period in 2021. The decrease in revenue was driven by a decrease of $1,825,436 in eCommerce sales, offset by an increase of $523,223 in wholesale revenue.
- Wholesale revenue increased 117% to $987,278 in Q2 2022 as compared to the same quarter last year due to an increase in the number of stores and distribution points as well as increased unit velocities on core and new items.
- eCommerce revenue decreased 83% to $380,967 in Q2 2022 as compared to the same period last year due to the Company's strategic decision to limit its eCommerce sales due to high digital marketing costs to acquire new customers, lowered production and headcount at some locations to manage inventory levels. VERY GOOD is focusing on its wholesale and foodservice channels and is evaluating potential exit plans for its eCommerce business.
- General and administrative expense ("G&A expense") decreased $3,899,256 or 57% to $2,935,624 in Q2 2022 compared to $6,834,880 in Q2 2021. Excluding share-based compensation and depreciation expense, adjusted general and administrative expense decreased $1,563,585 or 28% to $4,038,034 in Q2 2022 compared to $5,601,619 in Q1 2022. The decrease in adjusted general and administrative expense was primarily driven by a decrease in salaries and wages.
- Adjusted general and administrative expense ("Adjusted G&A Expense")1 increased $1,829,479 or 183% to $4,038,034 in Q2 2022, compared to $2,208,555 in Q2 2021. The increase in adjusted general and administrative expense was primarily driven by increased legal and professional fees of $1,036,165, increased insurance fees of $659,708 due to increases in director and officer insurance as a result of the Company's Nasdaq listing, increased wages and benefits of $616,539 due to higher head count and offset by a decrease in recruitment fees of $139,543.
- Net loss decreased 46% to $(6,699,130) in Q2 2022 compared to $(12,500,733) in Q2 2021.
- Adjusted EBITDA2 was a loss of $(7,028,270) in Q2 2022 compared to $(5,673,109) in Q2 2021, and $(9,991,892) in Q1 2022.
Cash and Liquidity Update
As of June 30, 2022, the Company had cash and cash equivalents of $6,156,414, a reduction of $15,819,239 from $21,975,653 as of December 31, 2021. This decrease is primarily related to the Company's greater than expected cash burn during the quarter. As of the date of this MD&A, the Company's cash balance is approximately $3.2 million to settle current accounts payable and accrued liabilities of approximately $4.3 million. The Company will need to seek additional financing by the end of September to fulfil its outstanding obligations and fund ongoing operations and will be required to obtain subsequent financings in future periods. To address its lack of necessary liquidity, the Company has reduced its cash outflow related to paying trade payables while it evaluates its financing options. The Company is also continually evaluating other alternatives of generating cash in the short term such as disposing of non-core equipment and certain raw material inventory to extend the current cash runway. There can be no assurance that disposing of non-core equipment and certain raw material inventory will be successful. While there is no assurance on the availability of the Company's future financings, on acceptable terms, or at all, the Company currently believes that it will be able to raise capital through financing in the near term to fund operations as it continues to implement its new refocused strategy.
Q2 2022 Operational and Corporate Strategy Update
As of August 15, 2022, the Company has ceased regular operations at the Victoria Facility, Fairview Facility, and Patterson Facility and consolidated operations into the Rupert Facility. The Company closed the Victoria Flagship Store in June 2022 and has terminated the lease for the planned location of the Mount Pleasant Flagship Store. The Company made these decisions in an effort to improve production efficiencies and reduce overhead.
During the six-month period ended June 30, 2022, VERY GOOD made the strategic shift to focus on sustainable growth and a path to profitability as opposed to solely focusing on top line growth. As part of this shift, VERY GOOD decided to limit its eCommerce sales due to high digital marketing costs to acquire new customers, lowered production, and headcount at some locations to manage inventory levels, implemented initiatives such as pausing non-critical capital expenditures and lowering general and administrative expenses.
VERY GOOD has reduced its work force to core management teams with plant staff and overall head count has decreased to approximately 100 from 260 during first half of 2022 as a result of both terminations and employee resignations. The Company has granted stock options as a retention tool to help reduce employee turnover. The Company will continue to review its departments to find efficiencies and will manage inventory levels to only purchase essential raw materials.
VERY GOOD intends to continue to focus on the wholesale and food service channels, particularly in the United States, which it views as critical to realizing its vision to scale the Company.
On June 2, 2022, VERY GOOD closed a private placement offering with an institutional investor for gross proceeds of $8,184,762 (US$6,500,000) consisting of 13,100,000 common shares, 19,400,000 common share equivalents, and 32,500,000 share purchase warrants. In connection with the offering, the Company incurred share issuance costs of $936,659.
On June 23, 2022, VERY GOOD increased U.S. retail expansion via a new agreement with superstore chain Meijer Inc. (Meijer). With 262 supercenters and grocery stores throughout Michigan, Illinois, Indiana, Ohio, and Wisconsin, Meijer's robust Midwest presence represents significant progress towards VERY GOOD's objective to extend its brand and offer products in every major city across the United States.
On July 7, 2022, VERY GOOD increased U.S. retail expansion via a new agreement with The Giant Company ("Giant"). With Giant's presence throughout Pennsylvania, Maryland, Virginia, and West Virginia as well as online shopping and delivery to New Jersey, this retail distribution significantly expands VERY GOOD'S product availability on the U.S. Eastern Seaboard.
On July 27, 2022, VERY GOOD announced further expansion into the Eastern U.S. retail environment with Weis Markets, Inc. ("Weis"). Weis owns and operates 196 supermarkets throughout Pennsylvania, Delaware, Maryland, New York, New Jersey, Virginia, and West Virginia and also offers online shopping and delivery to Pennsylvania. This additional retail distribution further extends VERY GOOD's product availability in the United States.
On August 15, 2022, VERY GOOD announced that the Company was awarded the Food Network Supermarket Award for our A Cut Above Pork in the "Most Noteworthy Vegan Newcomers" category.
Management Changes
On July 4, 2022, VERY GOOD announced that as part of its succession plan, Matthew Hall has stepped down as interim Co-Chief Executive Officer and as a director of the Company but will continue to support VERY GOOD in an advisory capacity. Parimal Rana, a seasoned food industry professional who had been serving as VERY GOOD's Vice President of Operations, assumed the role of Chief Executive Officer ("CEO") and joined VERY GOOD's board of directors ("Board").
On July 12, 2022, VERY GOOD announced the appointment of a new Chief Financial Officer ("CFO"), Pratik Patel, CPA, CGA. Pratik commenced employment as CFO of VERY GOOD on July 25, 2022. He has over fifteen years of experience as a senior accounting and finance professional, with expertise in integration and external report.
Effective August 19, 2022, Kevin Callaghan, Vice President of Sales – North America of VERY GOOD will be resigning from his position. With its existing sales team including Michael Hoeksema, Director of Foodservice Sales, VERY GOOD believes it is still well positioned to continue its planned market advancements in the immediate term – with potential augmentations or additions to the sales team as needed. VERY GOOD wishes Kevin the best in his future endeavors.
Nasdaq Listing Notification
On January 11, 2022, VERY GOOD received notification from the Listing Qualifications Department of Nasdaq that, for the previous 30 consecutive business days, the bid price of the Common Shares had closed below the minimum US$1.00 per share requirement for continued inclusion on the Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). On July 11, 2022, VERY GOOD was granted an additional 180-day period from Nasdaq's Listing Qualification Department or until January 9, 2023, to regain compliance with the minimum US$1 bid price requirement for continued listing on The Nasdaq Capital Market. The Nasdaq notification has no immediate effect on the listing of the Common Shares. VERY GOOD is also listed on the TSXV and the notification does not affect the Company's compliance status with such listing. Nasdaq informed VERY GOOD in the July 11 notification, that if compliance cannot be demonstrated by January 9, 2023, Nasdaq will provide written notification that VERY GOOD's securities will be delisted – at which time, the Company may appeal Staff's determination to a Hearings Panel (the "Panel").
Nasdaq's determination of VERY GOOD'S eligibility for an additional 180 calendar day period during which the Company can regain compliance, was based on VERY GOOD meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
Refocused Strategy
The Company continues to implement its three-prong approach to (1) Stabilize, (2) Right-Size, and (3) Optimize, first announced in May 2022. The Board and its strategic advisors are focused on the stabilization prong and the management team, led by the CEO Parimal Rana, are executing to Right-Size and Optimize. The Right-Sizing efforts have mostly been completed with the closure of the restaurant operations and consolidation of production facilities into the Rupert Facility. With the re-focusing of sales away from eCommerce and toward wholesale and food service the Company is also reviewing strategic private label and co-manufacturing opportunities to fill excess production capacity and increase revenue.
The Company's long-term strategy is anticipated to continue to center around establishing and maintaining strong relationships with its customers through differentiated products, categories and channels that build our commitment to long-term profitable growth
CEO Parimal Rana commented on VERY GOOD's second quarter results and the current state of the organization. "In Q2 2022 We made notable progress toward our initiative to stabilize, right-size and optimize the business. We recognize that the hard work is not over, and we are still completely focused on forging a path toward profitability and growth by leveraging our track record of innovation and our clean, plant-based products that are well received by vegan as well as flexitarian consumers. It's never easy to report a sequentially down quarter, but the growth we are seeing in wholesale revenue, as well as some of our more recent wins are encouraging validation of our new strategic initiative to focus on the wholesale and foodservice channels. We are positioning ourselves to be on the leading edge of the plant-based-foods market recovery and future growth opportunity."
The management's discussion and analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on SEDAR at www.sedar.com and will be furnished on a Report on Form 6-K on EDGAR at www.sec.gov.
Q2 2022 Conference Call Details
VERY GOOD will host a conference call on Tuesday, August 16, 2022, at 5:00 pm Eastern Time/ 2:00 pm Pacific Time to discuss its financial results and business outlook.
Participant Dial-In Numbers:
Toll-Free: 1-877-425-9470
Toll / International: 1-201-389-0878
* Participants should request The Very Good Food Company Second Quarter Earnings Call.
The call will be available via webcast on VERY GOOD's investor page of the Company website at https://investor.theverygoodfood.co/ until September 16, 2022.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian dollars, unaudited)
Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss
(Expressed in Canadian dollars, unaudited)
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian dollars, unaudited)
NON-IFRS FINANCIAL MEASURES
Non-IFRS financial measures are metrics used by management that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
Adjusted EBITDA
Management defines adjusted EBITDA as net loss before finance expense, tax, depreciation and amortization, share-based compensation and other non-cash items, including loss on disposal of equipment, gain on termination of leases, and shares, units and warrants issued for services. Management believes adjusted EBITDA is a useful financial metric to assess its operating performance because it adjusts for items that either do not relate to the Company's underlying business performance or that are items that are not reasonably likely to recur.
Adjusted General and Administrative Expense
Management defines adjusted general and administrative expense as general and administrative expense excluding non-cash items such as share-based compensation and depreciation expense. Management believes adjusted general and administrative expense provides useful information as it represents the corporate costs to operate the business excluding any non-cash items.
The VERY GOOD Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD's core brands: The VERY GOOD Butchers and The VERY GOOD Cheese Co. www.verygoodfood.com.
OUR MISSION IS LOFTY BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT-BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE'RE HELPING THIS KIND OF DIET BECOME THE NORM.
ON BEHALF OF THE VERY GOOD FOOD COMPANY INC.
Parimal Rana
Chief Executive Officer
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including Section 21E of the Securities Exchange Act of 1934, as amended (collectively referred to as "forward-looking information"), for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking information may be identified by words such as "plans", "proposed", "expects", "anticipates", "intends", "estimates", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes, but is not limited to: the Company's ability to satisfy its existing and future cash obligations and to continue as a going concern; the Company's plans and needs to seek a financing to address near-term liquidity issues and continue operations, as well as the Company's requirements for future financings; the Company's belief that it will be able to raise capital through financing in the near term to fund operations as it continues to implement its new refocused strategy; the Company's plans to manage inventory levels and its ongoing cost-reduction initiatives to manage both short and long-term liquidity and re-establish a path towards profitability; the Company's refocused strategy and its three-prong approach to (1) Stabilize, (2) Right-Size, and (3) Optimize and the Board of Directors' and management's work and progress on successfully implementing such refocused strategy; the focus of the Company's long-term strategy; the Company's ongoing review of its eCommerce channel and the potential outcome of such review; potential strategic private label and co-manufacturing opportunities and the expected benefits that may be derived therefrom; the Company's focus on the wholesale and food service channels; the availability of alternatives of generating cash in the short term such as disposing of non-core equipment and raw materials to extend the Company's cash runway; the continued North American retail geographic expansion for VERY GOOD's products and the abilities of the Company's sales team: the Company's ability to compete; trends and growth expectations in the plant-based industry; and the impact of the COVID-19 pandemic on VERY GOOD's business; the Company's ability to mitigate employee turnover. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to, material assumptions with respect to the Company's ability to continue as a going concern; the Company's ability to manage recent personnel changes; which is available at www.sedar.com and www.sec.gov. The Company's ability to execute on its strategy may also depend on the Company's ability to accurately forecast customer demand for its products and manage its current and future inventory levels, continued demand for VERY GOOD's products, continued growth of the popularity of meat alternatives and the plant-based food industry, no material deterioration in general business and economic conditions, the successful placement of VERY GOOD's products in retail stores and distribution in the food service channel, the Company's ability to remain listed on the Nasdaq, VERY GOOD's ability to successfully enter new markets, VERY GOOD's ability to obtain necessary production equipment and human resources as needed, VERY GOOD's relationship with its suppliers, distributors and third-party logistics providers, and management's ability to position VERY GOOD competitively. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because VERY GOOD can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of VERY GOOD to differ materially from those expressed or implied in such forward-looking information include, among others, the impact of, uncertainties and risks associated with negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, competition, risks relating to the availability of raw materials, risks relating to regulation on social media, expansion of facilities, risks related to credit facilities, dependence on senior management and key personnel, availability of labor, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, risks related to third party logistics providers, unfavorable publicity or consumer perception, increased costs as a result of being a United States public company, product liability and product recalls, risks related to intellectual property, risks relating to co-manufacturing, risks related to expansion into the United States; risks related to our acquisition strategy, taxation risks, difficulties with forecasts, management of growth and litigation as well as the risks associated with the ongoing COVID-19 pandemic. For a more comprehensive discussion of the risks faced by VERY GOOD, please refer to VERY GOOD's most recent Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com and as an exhibit to the Form 20-F filed with the SEC on May 26, 2022 and available at www.sec.gov. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date of this news release. VERY GOOD undertakes no obligation to publicly update or revise any forward-looking information whether because of new information, future events or otherwise, except as otherwise required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
None of the Nasdaq Stock Market LLC, TSX Venture Exchange, the SEC or any other securities regulator has either approved or disapproved the contents of this news release.
None of the Nasdaq, the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the SEC or any other securities regulator accepts responsibility for the adequacy or accuracy of this news release.
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SOURCE The Very Good Food Company Inc. | https://www.whsv.com/prnewswire/2022/08/15/very-good-food-company-reports-second-quarter-2022-financial-results/ | 2022-08-15T23:25:41Z |
Teamster Solidarity, New Construction Division Leadership Overpower Corporate Greed
PHOENIX, Aug. 15, 2022 /PRNewswire/ -- Mining vehicle operators represented by Teamsters Local 104 unanimously voted to approve a new contract with Vulcan Materials following a two-year struggle to stop the nation's largest producer of construction aggregates from gutting their collective bargaining agreement.
"The Teamsters are done accepting concessionary contracts driven by corporate greed," said Sean M. O'Brien, Teamsters General President. "I commend the Vulcan Eight for taking a strong stand and demanding the wages, benefits, and job protections that they've earned. I also want to recognize the leadership of our Building Material and Construction Trade Division, including Division Director Tom Gesualdi and Western Region Division Representative Caesar Borjas, for moving quickly and decisively to support our members at Vulcan."
The eight Teamster drivers, known as the Vulcan Eight, operate on-site mining vehicles at the company's open-pit aggregates quarries in and around Phoenix. During negotiations Vulcan Materials aggressively pushed to eliminate the drivers' union-sponsored pension and health care plans and increase workers' health care costs more than $460 per month. The company also unsuccessfully tried to eliminate workers' rights to honor picket lines, reduce overtime pay, and award itself the unlimited ability to replace workers with subcontractors, temporary employees, and autonomous vehicles.
The ratified agreement provides the drivers with a solid economic package. It allows them to stay in the Western Conference of Teamsters Pension Trust, provides the drivers with zero-premium union-sponsored health insurance, and favorably addresses concerns regarding work rule changes – including the right to honor a picket line.
In June, the mining vehicle operators unanimously voted to authorize a strike against Vulcan Materials. A strike at Vulcan Materials' Arizona facilities could have affected operations across the country and the operations of its partner companies, including CEMEX. The Teamsters represent roughly 700 Vulcan Materials workers nationwide, including several hundred workers at recently acquired U.S. Concrete.
"No matter the size of the bargaining unit, Local 104 stands with workers across Arizona," said Local 104 Business Agent Ryan Proctor. "Our determined Vulcan Materials members fought smart and refused to let this construction giant take advantage of them. Local 104 and our members at this company are deeply appreciative of the strong and aggressive support provided by the newly appointed leadership of the Teamsters Building Material and Construction Trade Division."
Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking men and women throughout the United States, Canada, and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at www.facebook.com/teamsters.
Contact:
Matt McQuaid, (202) 624-6877
mmcquaid@teamster.org
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SOURCE Teamsters Local 104 | https://www.whsv.com/prnewswire/2022/08/15/vulcan-materials-teamsters-celebrate-victory-arizona-ratify-strong-agreement/ | 2022-08-15T23:25:47Z |
Strong top-line increase from organic growth and M&A integration
Net Revenues up 50% YoY with Adjusted Gross Margin expanding 500bps to 38% in Q2
Numbers are within the full-year guidance range
New reporting breakdown by SaaS and CPaaS to increase transparency and simplify understanding
SÃO PAULO, Aug. 15, 2022 /PRNewswire/ -- Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX communications platform in Latin America, empowering companies to transform their existing communications with end customers along their life cycle, today reported its second quarter of 2022 operational and financial metrics.
Cassio Bobsin, Founder & CEO of ZENVIA, said: "A couple of weeks ago, we held an Investor Day on Nasdaq where we shared our long-term strategy and how we envision the future of Customer Experience (CX). We believe that since the rise of civilization and modern society, we've been building organizations based on processes designed for scale and efficiency. This was a great achievement of the industrial revolution. The world is in process of transformation, and value creation has shifted from production efficiency to customer efficiency. Humans are not designed to interact with bureaucratic organizations. We are designed to interact with other human beings. Ultimately, people should be able to talk to companies as if they were also humans. That's why Zenvia is shaping a new world of experiences."
Shay Chor, CFO & IRO of ZENVIA, said: "Starting Q2 2022, and similar to the approach of our Investor Day, we will break down revenues, gross profit and margin by SaaS and CPaaS, our two main business lines. This breakdown will allow for a deeper glimpse into our business and is more aligned with how we understand and manage our company, especially following the organizational restructuring announced last June. It also demonstrates that we are effectively a SaaS company as over half of our gross margin already comes from the software business. As we finished up the first half of 2022, Zenvia is smarter and more robust than ever. Our top-line and gross margin results attest that we are on the right path to creating value. Our client base grew 37%, bringing revenues up 50%, while our adjusted gross profit rose 73% and the gross margin jumped 500bps. We just started cross-selling our solutions and tools to a growing client base. R&D expenses also grew to represent about 12% of revenues. We expect these expenses to remain at this level for the next couple of years, following the launch of new products that will significantly leverage our growth and market positioning. And, despite the current uncertain environment and the challenges involving tech companies, we are reaffirming our guidance for the year."
Key operating highlights
- We unified our portfolio: Zenvia Attraction, Zenvia Conversion, Zenvia Service and Zenvia Success, unified on our Quantum platform to break down all CX barriers and unlock the true potential for end customers
- We closed the Movidesk acquisition on May 2nd, 2022, adding 2,500 customers, with an Annual Recurring Revenue (ARR) of BRL 46 million. We expect to fully integrate Movidesk in a twelve-month period ending May 2023.
- Integration of D1 and SenseData is moving as expected, with cross-selling solutions being already delivered to some of our customers. We expect to fully integrate these businesses by the end of 2022.
- Last June, we announced a tactical reorganization of our business structure, with fully-dedicated teams to focus on strengthening its three existing business lines - SaaS, CPaaS, and Consulting – thus allowing for more autonomy when it comes to revenue generation activities.
Our Business Lines
To better reflect the current stage of our business and align with the recent reorganization of our corporate structure, starting this quarter we will report a revenue breakdown by SaaS and CPaaS, instead of SMS and Beyond SMS. We believe this change will allow all stakeholders to better understand our business and growth levers.
According to IDC, the total addressable market (TAM) in Latin America for SaaS will be $5.4 billion in 2026, growing from $3.2 billion in 2021, while the CPaaS will grow from $0.9 billion in 2021 to $3.6 billion in 2026. Both markets will sum up to $9.0 billion in 2026, from $4.0 billion in 2021.
SaaS Business
The SaaS business line carries higher gross margins and is the business from where most of our growth will come in the future. During the IPO, we practically only had Zenvia Conversion and communication channels as part of our offering. Twelve months later, Zenvia is talking directly with the marketing and sales departments, acting along the entire customer experience journey. More than half of our margin already comes from our solutions, when nearly three years ago this percentage was zero.
According to IDC, Zenvia was already among Latin America's top 10 SaaS players by the end of 2021, with 2.2% of market share. This means we have already changed the customer experience of over 40 million people in LatAm with our SaaS solutions, compared to a total population of 925 million in the region, which means that we can still change the experience of 95% of them.
The Latin American SaaS market is expected to reach US$5.4 billion in value by 2026, with a market size of $2.2 billion, and a CAGR of 12.0% and 19.3%, respectively. Our SaaS revenues have been growing faster than the market as we gain market share. Our products are designed to solve the pains of LatAm businesses, from price point to suitability, giving us a competitive advantage. Our offering competes with global suites that are not tropicalized for local needs and are usually charged in US dollars. Furthermore, our offering off-the shelf promotes an easy adoption and a short sales cycle.
Our SaaS Portfolio
Since our IPO a year ago, Zenvia has evolved its product portfolio organically and through acquisitions. Our platform now provides four SaaS solutions designed for each phase of customers' journey, starting with the first interaction with the brand and all the way to a continuous relationship with the company.
Our SaaS solutions can be used alone or combined, allowing companies to start a program in a really simple way in a matter of minutes, or they can go all the way to a fully integrated, automated, and intelligent customer journey. We also provide CX Tools that can be used to integrate and automate the customer experiences in various ways. Our main tools are APIs, Bots, Natural-language understanding (NLU) and Docs. The Quantum platform connects all our solutions and tools with the client's systems and processes. Companies can access our platform and start choosing from any solution or tool. As they go deeper into adopting multiple parts of the platform, we can break down all CX barriers and unlock the true potential for end customers.
CPaaS Business
The population in Latin America is highly connected and a heavy user of social media and social networks. This leads companies to centralize the communication with end customers through these digital channels, mainly WhatsApp and Instagram, which are the most popular and widely used. Even though SMS is still currently responsible for most of the CPaaS volume in the region, WhatsApp and Instagram are growing at a much faster pace.
To reach the population through multiple channels, companies need to
- Use communications application programming interfaces (APIs), to enhance customer engagement, notifications, service management, marketing automation and business intelligence applications
- Apply real-time communications solutions that are easy to create and scalable.
- Simplify the process of embedding programmable voice and messaging applications, creating cost-effective and agile enterprise cloud applications
According to IDC, Zenvia was the top CPaaS player in Latin America by the end of 2021, with 13% of market share. The CPaaS Latin American market is expected to multiply by roughly 3x, reaching $3.1 billion in size and $3.5 billion in TAM by 2026. It means that although the addressable market is expected to continue growing at an accelerated pace, white space is limited. We expect to maintain our leadership position.
Financial Results
Consolidated Revenue
Consolidated Revenue in Q2 2022 totaled BRL 203.9 million, up 50.3% YoY, reflecting solid organic growth and M&A gains.
During H1 2022, consolidated revenues amounted to R$401.5 million, up 55.4% YoY, and an organic growth rate of 28.2%. This reflects a higher number of active customers (+37% YoY) and strong growth of our SaaS business. The H1 2022 results fully consolidate D1 and SenseData acquisitions and consider only two months of Movidesk, which jointly contributed with BRL 70.4 million to our consolidated net revenues.
Profitability
Adjusted Gross Profit increased 72.7% in the quarter to BRL 77.0 million, reflecting the strong revenue growth and improved mix, while Adjusted Gross Margin expanded 500bps to 37.8%. Sequentially, Adjusted Gross Margin was up 400bps due to the better mix of SaaS services and the two-month contribution of Movidesk's acquisition.
For H1 2022, Adjusted Gross Profit rose 84.3% to BRL 143.8 million, while Adjusted Gross Margin expanded 570bps to 35.8%.
Non-GAAP Adjusted EBITDA in the first six months of the year was negative BRL 22.7 million, including higher R&D expenses and the earn-out expenses related to the acquisitions of SenseData and Sirena. Excluding these expenses, our Normalized EBITDA in H1 2022 was negative BRL 9.0 million.
Reiterating Guidance
Conference Call
The Company will host a webcast on August 16, 2022, at 10:00 am EDT to discuss its operational and financial metrics. To access the webcast presentation, click here.
Additional information regarding Zenvia can be found at https://investors.zenvia.com.
Click here to see our full Investor Day Video Presentation or go to our investor relations website, in the events section, at the following link: https://investors.zenvia.com/news-events/company-events/
Contacts
About ZENVIA
ZENVIA is driven by the purpose of empowering companies to create unique experiences for customer communications through its unified end-to-end platform. ZENVIA empowers companies to transform their existing customer communications from non-scalable, physical and impersonal interactions into highly scalable, digital-first and hyper-contextualized experiences across the customer journey. ZENVIA's unified end-to-end CX communications platform provides a combination of (i) SaaS focused on campaigns, sales teams, customer service and engagement, (ii) tools, such as software application programming interfaces, or APIs, chatbots, single customer views, journey designers, documents composer and authentication and (iii) channels, such as SMS, Voice, WhatsApp, Instagram and Webchat. Its comprehensive platform assists customers across multiple use cases, including marketing campaigns, customer acquisition, customer onboarding, warnings, customer services, fraud control, cross-selling and customer retention, among others. ZENVIA's shares are traded on Nasdaq under the ticker ZENV.
Forward-Looking Statements
The preliminary second quarter operating results set forth above are based solely on currently available information, which is subject to change. These preliminary operating results constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Zenvia's control. Zenvia's actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: our ability to innovate and respond to technological advances, changing market needs and customer demands, our ability to successfully acquire new businesses as customers, acquire customers in new industry verticals and appropriately manage international expansion, substantial and increasing competition in our market, compliance with applicable regulatory and legislative developments and regulations, the dependence of our business on our relationship with certain service providers, among other factors.
SELECTED FINANCIAL DATA
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SOURCE Zenvia | https://www.whsv.com/prnewswire/2022/08/15/zenvia-reports-q2-2022-results/ | 2022-08-15T23:25:54Z |
Updated August 15, 2022 at 7:00 PM ET
Despite chaos and a physical attack on Kenya's top elections official, the country's elections commission has announced that Deputy President William Ruto will be the East African nation's fifth president.
In an election marked by high drama and shifting alliances, Ruto triumphed over Raila Odinga, Kenya's longtime opposition leader who had forged an alliance with outgoing President Uhuru Kenyatta that his supporters thought guaranteed him the presidency.
But after six days of counting and just as the electoral commission was ready to announce a final tally on Monday, four out of the seven electoral commissioners walked out of the main tallying center in Nairobi, saying they could not support the final result because of the "opaque nature" of the vote count.
The commission's chairman, Wafula Chebukati, went on stage anyway and chaos ensued. He was attacked by a senator. Others jumped on the stage, ripped banners, tipped over the lectern and attacked the remaining electoral commissioners.
Two of them were injured, but Chebukati returned to the stage once more and declared that Ruto had won narrowly with 50.49% of the vote to Odinga's 48.85%.
"We have a constitutional duty to perform," he said. "That is why I stand before you today despite the intimidation and harassment. I took an oath of office to serve this country and I have done my duty in accordance with the constitution and the laws of the land."
Kenya is a model of democracy in East Africa, a region where authoritarianism has been ascendant. These elections had been hailed as step forward for Kenyan democracy because the campaign was marked by political maturity. Politicians focused on economic issues, instead of the tribal mobilization that have been a feature of every Kenyan election since independence.
And these elections also began as the most transparent in the country's history. Just hours after voting finished, the electoral commission began publishing raw voting data from more than 46,000 polling stations. That meant anyone could tally the votes and check the electoral commission's math.
In his first speech as president-elect, Ruto spoke of reconciliation. He said he would not seek revenge against his political adversaries and called on Kenyans to work together.
"I want to promise the people of Kenya that I will run a democratic government and I will work with the opposition to the extent that they oversight the government," Ruto said.
But across the capital city, scenes of celebration mixed with anger. In the city's two biggest slums — Mathare and Kibera — protests turned violent. In Mathare, a woman was killed after a crowd threw stones at her car and it flipped over.
In Kibera, protesters set fires in the middle of the streets and mobs destroyed roadside stores.
"We are angry," Jared Ochieng, 55, said as he watched the flames from afar. "This is not what we expected. Now, what can help Kenya is to go for another election."
Odinga, the opposition leader, did not appear in public, but his running mate, Martha Karua, tweeted, "It is not over till it is over."
Odinga now has seven days to lodge an appeal before the country's constitutional court.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-15/william-ruto-is-declared-the-winner-of-kenyas-presidential-election | 2022-08-15T23:49:04Z |
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