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ROCK SPRINGS -- Wyoming Horse Racing LLC operator of live horse racing at Sweetwater Downs, reached an agreement to extend its partnership through 2030 which also included a commitment for capital improvements that will total over $1,000,000 through donations to the Sweetwater Events Complex Foundation. These funds will be directed towards capital projects that will improve the horse racing facilities at the Sweetwater Events Complex for the benefit of both parties. Wyoming Horse Racing and the Sweetwater Events Complex are currently working on phase one of a master plan that will see the construction of a new race office and jockey quarters in 2023. Other immediate projects this year include the improvement of safety and comfort to the current facilities, jockey’s room, steward stand, paddock, and test barn area.
Kandi Pendleton, Sweetwater Events Complex Executive Director stated: "We are grateful for Wyoming Horse Racing’s long term financial commitment to the Sweetwater Events Complex. We are excited to be working jointly on master plan improvements to the property that will greatly benefit horse racing as well as create improved facilities that will benefit our other events and the citizens of Sweetwater County.”
Nick Hughes, President of Wyoming Horse Racing explained "Sweetwater County recognizes the benefit of horse racing to the community, as do we, and our financial investment is a material expression of our commitment to the Sweetwater Events Complex, the City of Rock Springs, Sweetwater County and the Wyoming horse community." | https://www.wyomingnews.com/rocketminer/events-center-extends-partnership-with-wyoming-horse-racing/article_d0b249b0-656e-5897-af08-78605fde2df8.html | 2022-04-28T04:18:43Z |
ROCK SPRNGS -- May is National Historic Preservation Month and the community is invited to celebrate it in Downtown Rock Springs. The Rock Springs Main Street/Urban Renewal Agency (URA), Certified Local Government (CLG) and Rock Springs Historical Museum are hosting several events and activities to draw attention to local historic preservation efforts.
The CLG which is also known as the Historic Preservation Commission consists of the following members:
David Tate
Chad Banks
Jana Pastor
Katie Mullen
Jennifer Mullen
David Johnson
“Around the country, people are highlighting preservation,” said Tate. “It focuses on how important preservation is.”
A Historic Building Scavenger Hunt that will take place throughout the month of May. Scavenger hunt forms can be picked up at the Rock Springs Main Street/URA office (603 South Main Street), Rock Springs Historical Museum (201 B Street), or downloaded from DowntownRS.com. Participants can return completed hunts to the either office for a small gift and chance at a grand prize.
Board member Jennifer Messer looked for buildings that were a “big deal” when they were originally built but also have businesses and life in them.
“There are chunks of town that people still live in that we didn’t have pictures of before so it was interesting to find pictures of them,” said Messer. “I’m so glad that we’re able to preserve and conserve the buildings.
“It’s just so nice because there’s some continuity – from the start of Rock Springs to the present.”
She added, “You can really see the projects in the past and the contributions they made.”
Locals and visitors can go on a guided historic preservation tour in Downtown Rock Springs with board member David Tate, who is also a local historian on Wednesday, May 11 at 9:30 a.m. The tour will begin at the Rock Springs Historical Museum.
“Anyone who is interested can join,” Tate said.
David Johnson has been on the historic preservation board the longest.
“I think the thing I’m proudest of is the national registration of Wardell Court,” he revealed.
The Rock Springs neighborhood was listed on the national registry in 1997.
“Wardell Court was especially interesting because we had a big collection of Union Pacific Coal Company documents at the college,” Johnson shared.
Tate pointed out that an excellent example of recent historic preservation efforts is the First Security Bank building.
“Downtown is full of examples from the former Rock Springs City Hall (now the Rock Springs Historic Museum) to the train depot and Bunning Freight Station,” Tate mentioned.
According to Tate, he believes historic preservation is important in Downtown Rock Springs because it shows everyone the history of our community and the people that lived here before us.
“It helps tie us to our past,” Tate pointed out. “Plus, many of our Downtown buildings are architecturally significant and deserve to be preserved for that reason alone.”
Tate said there are benefits of historic preservation.
“It gives you a sense of place,” he mentioned. “Also, on the economic side, preservation has shown to have a great return on investment.”
Tate added, “Many times, it is cheaper to actually restore a building than to build a new one.”
There are ways our community can be involved in historic preservation.
“The main thing the community can do is to pay attention to things that are happening with historic buildings in the Downtown area and be willing to speak up to protect Historic Downtown Rock Springs,” Tate expressed.
“Many times, one hears complaints about a building either being abandoned or demolished after the fact – this was certainly true in the case of East Junior High (old high school),” he shared. “Many people were upset after the decision to demolish was made but very few actually said anything in the months leading up to that decision.”
Tate would like to see the community be more vigilant about the historic buildings in Rock Springs all the time.
“I think the best way for the community to become involved is to start paying attention to our historic Downtown and appreciate how unique it is – historically and architecturally,” Tate suggested. “They also can contact the Rock Springs Historic Preservation Commission (a committee of the City of Rock Springs) or the National Trust for Historic Preservation if they want to become even more involved.”
Tate has a Master’s in Historic Preservation.
“I have always been extremely interested in history so that was my starting point,” he revealed. “I then started to become interested in architecture and so the two just go together.”
Tate concluded by saying, “It is so exciting to see work happening on the First Security Bank building after all the stops and starts over the years. First Security is the perfect example that preservation doesn’t happen overnight. Many times, it takes years to finally get a project to fruition – but it is worth it!”
The public is invited to tour the Reliance Tipple on May 14 at Noon. Johnson will be the tour guide.
Preservation Month began as National Preservation Week in 1973. In 2005, the National Trust extended the celebration to the entire month of May and declared it Preservation Month to provide an even greater opportunity to celebrate the diverse and unique heritage of our country’s cities and states. | https://www.wyomingnews.com/rocketminer/go-back-in-time-during-national-historic-preservation-month/article_f87750b4-94a0-5f8a-bd63-b45683eb8ff9.html | 2022-04-28T04:18:49Z |
Judge vacates life sentence of wrongfully convicted man
MIAMI (AP) - A judge in Miami has vacated the life sentence of a 55-year-old Black man who prosecutors said was wrongfully convicted because of mistaken identity in 1991.
Thomas “Jay” Raynard James said he felt “real good” as he left the courtroom Wednesday morning, flanked by his attorneys and family. He was convicted of the 1990 death of Francis McKinnon, largely on the identification by an eyewitness who told jurors she watched him gun down her stepfather during a robbery in his Coconut Grove apartment.
State Attorney Katherine Fernandez Rundle filed a 90-page motion seeking to have the sentence vacated after years of unsuccessful reviews of the case.
In the motion, prosecutors said, “what appears to be a chance coincidence that the defendant, Thomas Raynard James, had the same name as a suspect named by witnesses and anonymous tipsters ... led to the defendant’s photograph being included in a lineup, and set in motion a mistaken identity.”
James, who was 23 when he was convicted, was expected to be released after paperwork was completed Wednesday.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/04/28/judge-vacates-life-sentence-wrongfully-convicted-man/ | 2022-04-28T04:38:06Z |
As crude oil prices continue to shatter records, thieves across the country are targeting people's cars and stealing gas.
Local authorities warn the growing trend could soon take hold in Hawai'i.
The last time gas prices soared as much was in 2012 after the Fukushima nuclear disaster, which is also when local police noticed more thieves siphoning gas form other people's cars.
"I remember a particular case in the Waikiki area where someone had targeted some tour vans and tried to drill in to the gas tank and ended up setting himself on fire by accident, my understanding is that suspect had severely burned himself," Sgt. Chris Kim of Honolulu CrimeStoppers said.
To deter crooks from preying on your car, Kim suggests installing a locking gas cap.
Many new cars already have safety valves to prevent gas from spilling out in the event of a rollover crash.
The device, AAA Hawai'i spokesperson Doug Shupe explained, "also makes it difficult, nearly impossible to siphon gasoline out of the gas tank. So that's why thieves are actually resorting to drilling into gas tanks and letting the fuel drip out that way."
Replacing a drilled-in tank costs around $1,000. AAA Hawai'i also recommends parking your car in your garage, or in well-lit areas with high foot traffic.
Meanwhile, the average cost for a gallon of gasoline in Hawai'i stands at $5.25, up a penny from last week.
Experts are unsure how much gas will cost in the near future, as Russia cuts oil supply in the global market and China, the largest oil consumer in the world, enforces lockdowns over COVID cases.
"We've got competing pressures on the prices of oil right now and that's why we're seeing those prices remain fairly steady," Shupe added.
Kim reminded the public to report thefts of gasoline to the police. Siphoning gas is a misdemeanor that could land thieves up to a year in prison with a maximum fine of $2,000.
Do you have a story idea? Email news tips to news@kitv.com
'A'ali'i is a reporter with KITV. He was born and raised on the island of Maui and graduated from the University of Southern California with a bachelor's degree in Journalism. | https://www.kitv.com/news/local/authorities-warn-against-potential-gas-thefts-as-prices-continue-to-climb/article_b9ef3f5e-c68b-11ec-ab32-bf762c1dc15b.html | 2022-04-28T05:06:03Z |
The Hawaii State Legislature passed a resolution Tuesday that urges the Blood Bank of Hawaii (BBH) to immediately adopt the FDA’s updated guidance to address the state’s increase in blood donation needs.
Senate Vice President Michelle Kidani (District 18) introduced SCR 33 SD1 after a retired military servicemember and constituent brought the issue to her attention.
“Our state is facing a major blood shortage as we continue to deal with the effects of the COVID-19 pandemic," said Senator Kidani. "Not only will these updated guidelines help us increase the amount of blood available to those in need, but it also will open the door for interested people to donate who might not have been eligible in the past. The Blood Bank of Hawai‘i states that it strictly adheres to the FDA regulations, but has yet to adopt this new guidance. They simply cannot wait any longer to implement these changes.”
In 2021, Hawaii faced critical blood shortages, some of which were caused by the pandemic, which required additional and urgent calls for blood donors.
The resolution encourages the BBH to align with the FDA’s guidance to shorten or eliminate the deferral period for certain blood donors.
Changes to guidance include:
• For those who spent time in certain countries or on military bases in Europe, who were previously considered to have been exposed to a potential risk of transmission of Creutzfeldt-Jakob Disease or Variant Creutzfeldt-Jakob Disease, the agency is eliminating the recommended deferrals and is recommending allowing reentry of these donors.
• For male donors who would have been deferred for having sex with another man: the agency is changing the recommended deferral period from 12 months to 3 months.
• For female donors who would have been deferred for having sex with a man who had sex with another man: the agency is changing the recommended deferral period from 12 months to 3 months.
• For those with recent tattoos and piercings: the agency is changing the recommended deferral period from 12 months to 3 months.
• For those who have traveled to malaria-endemic areas (and are residents of malaria non-endemic countries): the agency is changing the recommended deferral period from 12 months to 3 months.
The guideline change comes in light of recently completed studies and epidemiologic data compiled by the FDA to ensure the continued safety of the blood supply. | https://www.kitv.com/news/local/state-legislature-passes-resolution-to-adopt-fda-blood-bank-rules-to-meet-increased-need/article_9db5ea12-c6a0-11ec-871e-1721acb4e8b4.html | 2022-04-28T05:06:09Z |
Kevin Hampton Joins Barrister Team
HAMMOND, La. — Barrister Global Services Network, a woman-owned technology services provider, has hired Kevin Hampton in the role of senior service delivery executive. Kevin comes to Barrister with more 25 years of experience working in the field service industry.
Mr. Hampton’s main initiatives in the first quarter will be enhancing the customer experience, improving Barrister’s interactions with the field technicians, and ensuring processes are streamlined.
“We are pleased to welcome Kevin to the Barrister team,” said Debra D. Bowers, Barrister CEO. “His expertise and commitment to excellence in service delivery to customers complement our culture perfectly.”
“I’m very excited about this amazing new opportunity and happy to join the Barrister team. I think it’s a perfect match and look forward to merging my experience into a great company like Barrister to take it to the next level for our current and future customers,” said Hampton. | https://www.bizneworleans.com/kevin-hampton-joins-barrister-team/ | 2022-04-28T05:14:48Z |
N.O. Nonprofits Encouraged to Apply for Sponsorship from Cox
NEW ORLEANS – From Cox Communications:
Local nonprofits that are planning fundraising and awareness events in the New Orleans area are encouraged to apply for an event sponsorship from Cox Communications. Cox is currently accepting applications for events occurring between July 1 and Sept. 30, 2022. If your nonprofit is planning an event that will take place during these dates, and looking for support, apply for cash or in-kind sponsorships at Cox’s Charitable Giving Site. The deadline for applications is Friday, June 3. Organizations will be notified by June 25 if their requests are approved.
“Cox is committed to New Orleans and the communities we serve, and we’re excited to partner with organizations who share our same passion,” said Erin Monroe Wesley, vice president of government and public affairs for the southeast region.
In 2021, Cox gave over $1 million in cash and in-kind services to nonprofits in our Louisiana markets. In the New Orleans area, we serve Orleans, Jefferson, St. Charles, St. James, and St. Bernard Parishes. Sponsorships are specifically held for nonprofit fundraising events, not general donations, and the organization must be a registered 501(c)3.
More information is available at https://ccigiving.com. | https://www.bizneworleans.com/n-o-nonprofits-encouraged-to-apply-for-sponsorship-from-cox/ | 2022-04-28T05:14:54Z |
Startup St. Bernard Accepting Entries for Business Pitch Competition
CHALMETTE, La. (press release) – The entry period is open for the eighth annual Startup St. Bernard competition, presented by the Meraux Foundation and the St. Bernard Economic Development Foundation. Startup St. Bernard seeks out dedicated, enthusiastic entrepreneurs who want to grow their business to the next level. Entrepreneurs are invited to apply for the opportunity to pitch their business to a panel of judges. The entry period closes at 12:00 PM CT on June 10, 2022.
Three finalists will be selected to “pitch” their business to a panel of judges on August 4. This year’s prize package is still being developed and will be announced soon. All three finalists will receive a cash prize of at least $5,000. The winner will receive the grand prize package including a mix of cash and in-kind donations. In the past, in-kind donations have included services ranging from legal and accounting to marketing and public relations.
The Startup St. Bernard Challenge is open to any business that will:
- Locate their base of operations to St. Bernard Parish for at least 2 years
- Improve St. Bernard Parish
- Actively participate in the St. Bernard Parish entrepreneurial ecosystem
To qualify, entrants must be in business for five years or less or be an existing business creating a new division or entity, have yearly revenue under $1,000,000, and have five employees or less. Past Startup St. Bernard cash winners and nonprofit organizations are not eligible to enter.
The “Shark Tank” style public event is open to any business that meets the entry criteria and is passionate about joining St. Bernard Parish’s growing business community. Previous winners have been 40 Arpent Brewing Company, Christie’s Dreams Seafood, Reactive Digital Systems, LLC, Clean Course Meals, Schmelly’s Dirt Farm, CORE Louisiana Counseling & Recovery Center, and Glass Half Full.
Judges will score entries based on the quality of the business plans and how the startups will improve St. Bernard by creating jobs, investing capital into the parish, providing needed products or services to the region, and/or contributing to the growth of the core Startup St. Bernard sectors: creative digital media, cultural arts/cultural economy, health and wellness, advanced manufacturing/value-added manufacturing, logistics, and the seafood industry.
The application is now live at https://www.startupstbernard.com/. | https://www.bizneworleans.com/startup-st-bernard-accepting-entries-for-business-pitch-competition/ | 2022-04-28T05:15:00Z |
Troavé Profice to Lead Belltower New Orleans
NEW ORLEANS – Belltower, a nonprofit organization committed to expanding postsecondary success for New Orleans public school graduates, has named Troavé Profice as its executive director. The former teacher and education executive will head up Belltower’s work to create and support pathways to economic prosperity.
“High quality education has the power to be the great equalizer. I’ve worked tirelessly to expand access and improve education services in early childhood and K-12 systems, and I’m excited to continue this work in the postsecondary arena,” said Profice. “I’m especially eager to expand our partnerships with universities and to create a mentorship program that will match young people with professionals who will provide guidance, opportunities to develop soft skills, and career exposure.”
Belltower supports programs at the University of New Orleans and University of Louisiana Lafayette for students from low-income households. It also supports Trellis Hybrid College offered by the Cowen Institute at Tulane University and one-year college and career readiness programs offered by Next Level NOLA and YouthForce NOLA.
Prior to joining Belltower, Profice served as a director with the Louisiana Department of Education and was the chief executive officer of Bricolage Academy. She is a graduate of Loyola University New Orleans and holds a master’s degree in public administration from the Austin W. Marxe School of Public and International Affairs at Baruch College. She currently serves on the boards of the Loyola Alumni Association, Educators for Quality Alternatives, and the GNO-ABO Charitable and Educational Foundation. She is an active member of the Pontchartrain Chapter of The Links, Incorporated and president of the Alpha Beta Omega Chapter of Alpha Kappa Alpha Sorority, Incorporated. | https://www.bizneworleans.com/troave-profice-to-lead-belltower-new-orleans/ | 2022-04-28T05:15:07Z |
Beckley scores five in the seventh to drop Greenbrier East
Flying Eagles spoil Spartans’ senior night
Published: Apr. 28, 2022 at 12:45 AM EDT|Updated: 1 hour ago
FAIRLEA, W.Va. (WVVA) -Beckley scored five runs in the seventh inning to snatch the lead from Greenbrier East.
The Flying Eagles won 8-7 in come-from-behind fashion.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/04/28/beckley-scores-five-seventh-drop-greenbrier-east/ | 2022-04-28T06:09:00Z |
Graham’s Kaleb Morgan signs with Bluefield University basketball
Published: Apr. 28, 2022 at 1:31 AM EDT|Updated: 36 minutes ago
BLUEFIELD, Va. (WVVA) - Graham High School’s Kaleb Morgan put pen to paper on Wednesday. He’s headed to play college basketball with his dad as his coach at Bluefield University.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/04/28/grahams-kaleb-morgan-signs-with-bluefield-university-basketball/ | 2022-04-28T06:09:06Z |
Ohio officer pulled from duty after woman killed in hit-and-run
COLUMBUS, Ohio (WSYX) - An Ohio police officer has been relieved of duty pending an investigation into a deadly hit and run. The victim’s family says they’ve been left desperate for answers about the incident from police.
Naimo Abdirahman, 26, was struck and killed in a hit-and-run in the early morning of April 20 in Columbus, Ohio. Her family is desperate for answers and for transparency from police.
“It’s definitely been, kind of like, a shock factor for all of us and our entire family,” said Abdirahman’s cousin, Samira Shire. “And post what had happened, what’s been harder after that is just not having answers.”
The family says police didn’t identify Abdirahman or notify them until days after the accident, leaving them frustrated, upset and confused.
Police say there was a lag time because they could not identify the victim. But according to family, the coroner’s office reached out to them early Friday.
“It’s honestly just very disappointing,” Shire said. “We’re hoping that, following this, having more transparency with exactly what had happened and the details of that but also why that information was withheld, so that doesn’t happen to anyone else in the future.”
Columbus Police Officer Demetris Ortega has been connected to the accident and has been relieved of duty pending the investigation. Police say the car involved in the hit-and-run, a 2022 Kia Sorento, belongs to Ortega, and they were able to trace it back to him because of a tip from a caller.
Police have not said if or how Ortega was involved in the accident.
Witnesses say a female was driving the car, and a male passenger briefly got out after the accident to check on Abdirahman before the two left the scene.
“We don’t know who was driving that car right now. We know that there was possibly a male and a female from witness statements. This investigation is extremely early for us to make that determination,” said Assistant Chief Greg Bodker with Columbus Police.
No suspects have been named in the case, and no charges have been filed.
Copyright 2022 WSYX via CNN Newsource. All rights reserved. | https://www.wvva.com/2022/04/28/ohio-officer-pulled-duty-after-woman-killed-hit-and-run/ | 2022-04-28T06:09:12Z |
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ROCK SPRINGS – For the past six years, local band Wy5 has gotten residents and visitors off their seats and onto the dance floor. From Katy Perry to Journey and even Beastie Boys, the crowd can be heard singing a block away from the venue.
Lead guitarist Cliff Wittstruck is the Interim Vice President for Student Learning for Western Wyoming Community College. He is also still serving as the Dean of Academic Affairs.
Wittstruck has had the opportunity to perform in many places over the world with Chet Atkins, Bernadette Peters, the Minnesota Orchestra, Jennifer Holliday, Art Garfunkel, and as member of The Guy’s All-Star Shoe Band and among others.
“I’ve been really, really lucky,” Wittstruck expressed. “It was quite interesting, especially with Art Garfunkel because there I was just a few feet away from him on the stage, playing “Bridge Over Trouble Water” with him – it was insane.”
When Garfunkel needed a guitarist to fill in for a few shows, it was bassist James Taylor who had suggested Wittstruck should play with them.
“It was really fun!” Wittstruck laughed. “You never know who you’re going to meet.”
Wittstruck believes one’s performance shouldn’t be determined by the size of the crowd.
“I had a crazy week, for instance,” he shared. “I was part of a blues band that opened for James Brown for a while. We started the week doing that then I played with a different group during the Chicago Jazz Fest in the same week. There were about 20,000 people there.”
Later in the week, Wittstruck received a call to fill in for a guitarist at a country bar near the stockyards.
“There were three people there!” he laughed. “I went from performing in front of thousands of screaming people to three but no matter the size of the crowd, we did our very best.”
Wittstruck has been playing for 50 years.
“My mother played up until she was 102 years old,” he revealed. “She passed just this year.”
His mother and grandmother filled their houses with music as he grew up. They played the piano and the organ.
Andres Segovia has made an impression on him.
“He made classical guitar legit,” he pointed out. “There’s different styles of music that makes it enjoyable.”
When Sweetwater County Treasurer Joe Barbuto isn’t at the office, his fingers are frolicking over the piano keys.
He’s had his own little trios throughout college and quartets such as Boomslang, which is a blues band and Blues Nation. Not only is he a keyboardist for Wy5 but he also plays with his band, formerly known as The Joe Barbuto Trio. He renamed his band recently to Joe Barbuto and the Cave Crew. They have already scheduled performances.
He's traveled the Rocky Mountain circuit which includes Missoula, Bozeman, Billings and the Denver area.
“I like to play everything. That’s what I like about playing with Wy5 – we play such a wide genre in just a few sets from blues, jazz, funk to country to pop rock and even rap.”
“We want to make sure there’s something in the show everyone will like.”
Barbuto’s parents and grandparents inspired him to play the piano.
He is a big fan of jazz pianist Dave Brubeck and Cyrus Chestnut. He is also a fan of Jon Batiste and St. Paul and the Broken Bones, a soul band from Alabama.
“Because of their music, it makes me want to do something new and different,” he expressed. “To become a better musician.”
He mentioned that local musicians Michael Weiss and Micah Paisley motivate him too.
“A friend of mine was visiting recently and noticed that area musicians support each other in Sweetwater County,” he shared. “It’s not about competition.”
“It’s great that the local venues here support live music acts,” he noted. “Without them, we couldn’t do it.”
Bassist Dave Jensen has played music for 65 years.
“When I was five, there would be guitar laying around at my grandpa’s house and I’d grab it and start playing it,” said Jensen. “My mother played the piano, accordion and sang.
“There wasn’t a day without music.”
Jensen admires The Beatles and The Rolling Stones and Jimi Hendrix.
“The bass lines are what attract me,” he revealed. “I actually met Carol Kaye who wrote and performed bass lines for Wrecking Crew in L.A, which produced the Beach Boys, Sonny and Cher and many movie soundtracks like ‘Mission Impossible’ - she wrote the bass line for that.”
Jensen met Steve Bailey who is head of the bass department at Berkley.
“He was a clinician at a rock school in Jackson and while I was there helping out, he signed one of my bass guitars.”
“Victor Wooten is another bassist I admire,” he added. “I just love them. I could never achieve what they’ve achieved because they’re really great!”
When Jensen isn’t playing at gigs, he’s teaching guitar lessons at Pickin’ Palace in downtown Rock Springs.
“I like to pass on the information I’ve learned as a musician to others,” he expressed. “I think they would advance quicker that way.
“Personal instructors can give you that knowledge in months instead of years.”
Jensen was instrumental in starting the local annual event Blues and Brews at Bunning Park. He not only books bands and performs himself but he also serves as one of the sound engineers from his shop along with his family.
“It’s one of the busiest days of the year for us!”
Drummer Glenn Tremelling found his father’s drum set when he was three years old and has enjoyed it ever since.
“Wy5 band is the first cover band I’ve been in and they’re good people,” he said.
He joined his first band when he was in junior high school, playing mostly original songs.
He was also in local heavy bands such as Break the Fall, Chaos and Wade Wilson Project.
His influences include John Bonham, the drummer for Led Zeppelin, Neil Pert, the drummer for Rush and Danny Carrey, the drummer for Tool.
“They’re not your cookie-cutter drummers, they were really technical and their understanding of timing is insane,” he explained. “It’s really wonderful to hear that. To me that’s a true form of art.
“It’s just not the standard drum beat. They pay attention to phrasing, time signature and where they’re at. I practice that a lot.”
According to Tremelling, one of the most cutting-edge drummers can do is break the rules.
“Nobody ever heard the stuff John Bonham did because he didn’t follow the rules,” he pointed out. “I think that’s where creativity comes true.”
Tremelling believes newcomers to the music scene should always “be teachable.”
“No matter how long you’ve been doing it or how good you are at it, be willing to learn and don’t be afraid to break the rules. Don’t jump into the hard stuff – learn the basics first.”
By day, lead vocalist Jessica Yerkovich is an accountant at Genesis Alkali. She is also a karaoke DJ.
After a tip from his son Todd, Jensen caught her during “karaoke night” at a local lounge and he asked her if she would be interested in joining Wy5.
“We’re a fun cover band that plays music that we hope everyone will enjoy,” she described.
Yerkovich has been singing since she was a child.
“I was in choir all through school but no private lessons.”
Her favorite artists are Lady Gaga, Kelly Clarkson, Freddie Mercury and Maynard James Keenan.
She noted that since the musicians have jobs and responsibilities, it can be difficult to plan more shows.
“Our biggest challenge is getting all five of us together for gigs,” she admitted. “We all have busy schedules.”
“I’ve enjoyed hanging out and playing with all of the band members over the years and also our large variety of music,” she shared. “One of my favorite hobbies is karaoke and being able to sing anything and everything, so being able to play with a band that has a large variety of music has been a blast!” | https://www.wyomingnews.com/rocketminer/music-matters-wy5-mixes-it-up-on-stage/article_8168cc0d-f99d-51fd-b100-249e4a4c7f52.html | 2022-04-28T06:59:25Z |
The state is changing the way it deals with COVID, but it doesn't mean Hawaii is out of this pandemic.
"COVID infections are up nationwide and here in Hawaii. Our current daily average is 362 representing a 4 fold increase from 88 cases back on March 18th," said Dr. Sarah Kemble, State Epidemiologist with the Hawaii Department of Health.
Some experts believe Hawaii's daily case counts are actually much higher because many people are using home tests. Those results are NOT reported to the state.
Dr. Tim Brown, an infectious disease expert with the East-West Center, said a better indicator is the rate of positive tests out of all of those taken.
"That is clearly on a rapid upswing over time. We are still seeing pretty substantial spread in the community," said Brown.
Rising numbers show Hawaii is still in this pandemic.
"We are atill very much in it. There are still uncontrolled transmission of Covid-19 and we are seeing variant strains," added Kemble.
But what is changing is the way the state deals with this pandemic.
Transitioning from an emergency response, to one of managing a health issue
"As part of the transition, COVIDwill be handled like other diseases, something healthcare providers diagnosis and treat," said Hawaii Governor David Ige.
Part of the change comes from federal funds drying up to pay for programs, others because they weren't found to be the most effective.
That means mass testing sites are gone, as much of COVID testing is now being done at doctors offices and at home.
Department of Health contract tracers will also go back to other jobs, because it was found that contact tracing is not the best method to control this disease.
Instead, the state wants to get the message out that people should take preventative measures like vaccines and boosters and seek medical help quickly if they do become sick.
Because COVID hospitalizations have also been going up, and some health experts believe they will go up even more.
"Hospitalization is a lagging indicator. What we see now, were when the positivity rate was at 2-3%. Now it is at 9%, those hospitalizations are most certainly going to rise over the next few weeks," added Brown.
As the state transitions in the way it deals with COVID , many wonder how long the pandemic will go on. At least into next year according the Dr. Kemble.
"Covid has surprised us every turn. When we get through a respiratory winter disease season without an increase in cases. When we don't see a major hit on the hospitals and don't see a dramatic rise in deaths
- that is when we will transition out of the pandemic," added Kemble.
Somethings will change as the state transitions its approach to the pandemic, including stepping up monitoring of our wastewater - to spot signs of COVID before clusters break out.
Other things will stay the same -- including the Dept. of Health plans to watch out for new variants as the virus mutates. | https://www.kitv.com/news/business/hawaii-begins-covid-19-transition-plan/article_c6510660-c672-11ec-a31a-ff11e7530592.html | 2022-04-28T07:07:39Z |
Adolescent suicides increased in 2020, study finds
Published: Apr. 27, 2022 at 11:30 AM EDT|Updated: 16 hours ago
(CNN) – A new study shows an alarming trend in adolescent suicide for some parts of the country during the pandemic.
Researchers from Harvard University, Boston Children’s Hospital and MIT looked at data from 14 state health departments.
They found there was a marked increase in the proportion of suicides in adolescents in 2020 compared to the years before the pandemic.
Authors noted interventions such as counseling and more readily available suicide risk assessment solutions could help teens at risk.
The study was published in the journal JAMA Pediatrics.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/27/adolescent-suicides-increased-2020-study-finds/ | 2022-04-28T07:31:44Z |
Musk ordered to abide by SEC settlement over 2018 tweets
DETROIT (AP) — A federal judge has rejected Elon Musk’s bid to throw out a securities fraud settlement over tweets claiming that Musk had the funding to take Tesla private in 2018.
Judge Lewis Liman on Wednesday also denied a motion to nullify a subpoena of Musk seeking information about possible violations of his settlement with the U.S. Securities and Exchange Commission.
Musk had asked the Manhattan federal court to scrap the settlement, which required that his tweets be approved by a Tesla attorney before being published. The SEC is investigating whether the Tesla CEO violated the settlement with tweets last November asking Twitter followers if he should sell 10% of his Tesla stock. Limon’s ruling said that Musk made the tweets without getting pre-approval.
The whole dispute stems from an October 2018 agreement with the SEC that Musk signed. He and Tesla each agreed to pay $20 million in civil fines over Musk’s tweets about having the “funding secured” to take Tesla private at $420 per share.
The funding was far from locked up, and the electric vehicle company remains public, but Tesla’s stock price jumped. The settlement specified governance changes, including Musk’s ouster as board chairman, as well as pre-approval of his tweets.
Limon’s ruling clears the way for the SEC to seek a court order enforcing the subpoena, and for an investigation into another possible violation of the settlement by Musk.
Musk attorney Alex Spiro contended the SEC is using the settlement and “near limitless resources” to chill Musk’s speech. He wrote in court documents that Musk signed the settlement when Tesla was a less mature company and SEC action jeopardized the company’s financing at a critical time.
He also alleged that the subpoena from the SEC is illegal, and that the agency can’t take action about Musk’s tweets without court authorization.
But in a 22-page ruling, Liman wrote that Musk’s claim that economic duress caused him to sign the settlement is “wholly unpersuasive.”
Even if Musk was worried that litigation with the SEC would ruin Tesla financially, “that does not establish a basis for him to get out of the judgment he voluntarily signed,” Liman wrote.
The judge also said the argument that the SEC had used the settlement order to harass Musk and launch investigations was “meritless.”
“Musk could hardly have thought that at the time he entered the decree (settlement) he would have been immune from non-public SEC investigations,” Liman wrote. “It is unsurprising that when Musk tweeted that he was thinking about selling 10% of his interest in Tesla ... that the SEC would have some questions.”
Now the SEC could ask Liman to enforce the subpoena, which Liman wrote is the proper legal forum for Musk to challenge it. In the settlement, Musk also agreed not to deny the SEC’s allegations in the 2018 securities fraud complaint. The SEC also could investigate Musk’s recent denials.
Musk has contended in a recent interview that he did indeed have the funding lined up in 2018. But a judge in a separate case ruled that his tweets about that were false.
An SEC spokesman didn’t respond to a message asking whether it would try to enforce the subpoena. A message was left Wednesday seeking comment from Spiro about whether Musk will appeal Liman’s order.
Liman wrote in his ruling that the “funding secured” tweet allegedly was false. “Musk had not discussed specific deal terms with any potential financing partners, and he knew the potential transaction was uncertain and subject to numerous contingencies,” Liman wrote.
He also agreed with the SEC that Congress gave it broad powers to investigate if someone has violated federal securities laws. “Musk may wish it were otherwise, but he remains subject to the same enforcement authority - and has the same means to challenge the exercise of that authority - as any other citizen,” Liman wrote.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/elon-musk-quest-scrap-deal-over-2018-tweets-is-rejected/ | 2022-04-28T07:31:54Z |
Federal judge halts preparations for end of US asylum limit
NEW ORLEANS (AP) — A federal judge ordered a two-week halt Wednesday on the phasing out of pandemic-related restrictions on seeking asylum — and raised doubts about the Biden administration’s plan to fully lift those restrictions on May 23.
For now, the decision is only a temporary setback for the administration. But the judge staked out a position that is highly sympathetic with Louisiana, Arizona and 19 other states that sued to preserve so-called Title 42 authority, which denies migrants a chance at asylum on grounds of preventing the spread of COVID-19.
“(The states) have established a substantial threat of immediate and irreparable injury resulting from the early implementation of Title 42, including unrecoverable costs on healthcare, law enforcement, detention, education, and other services for migrants,” wrote U.S. District Judge Robert Summerhays in Lafayette, Louisiana.
Summerhays, who was appointed by former President Donald Trump, said states were likely to succeed with their argument that the administration failed to adhere to federal procedures when it announced April 1 that it was ending Title 42 authority.
The judge has scheduled a critical hearing on May 13 in Lafayette to hear arguments on whether to block Title 42 from ending as planned 10 days later.
Texas filed a similar lawsuit filed Friday in federal court in Victoria, Texas.
The decision to end Title 42 authority was made by the federal Centers for Disease Control and Prevention. It has come under growing criticism from elected officials in Biden’s Democratic Party who contend the administration is unprepared for an anticipated increase in asylum-seekers.
The Justice Department declined to comment on the order but the administration has said it will comply, while contending it will hamper preparations for Title 42 to end on May 23.
About 14% of single adults from Guatemala, Honduras and El Salvador were processed under immigration laws during a seven-day period ending last Thursday. That’s up from only 5% in March, according to government figures.
Summerhays’ order requires the Homeland Security Department to “return to policies and practices in place” before it announced plans to end Title 42 and to submit weekly reports that demonstrate it is acting “in good faith.”
Migrants have been expelled more than 1.8 million times under the rule invoked in March 2020 by the Trump administration. Migrants were stopped more than 221,000 times at the Mexico border in March, a 22-year-high that has raised concerns about the government’s ability to handle even larger numbers when Title 42 is lifted.
Advocates for asylum-seekers say the restrictions endanger people fleeing persecution back home and violates rights to seek protection under U.S. law and international treaty. As the CDC acknowledged, the public health justification for the order has weakened as the threat of COVID-19 has waned.
At two often-contentious hearings Wednesday, Department of Homeland Security Secretary Alejandro Mayorkas sought to defend the administration’s handling of an increase of migrants at the Southwest border and its plans to deal with the prospect of more with the potential end of Title 42.
Mayorkas sought to push back on Republican accusations that the Biden administration has encouraged irregular migration by allowing some people to seek asylum, blaming economic and political turmoil and violence throughout Latin America and the world.
“Some of the causes of irregular migration have only been heightened by years of distress preceding this administration,” he said.
Mayorkas testified one day after Homeland Security released a plan with more details about how it was preparing for the end of Title 42 authority.
___
Associated Press reporter Ben Fox in Washington contributed to this story.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/federal-judge-halts-preparations-end-us-asylum-limit/ | 2022-04-28T07:32:05Z |
Florida school shooting judge reverses herself; confusion follows
FORT LAUDERDALE, Fla. (AP) — The judge overseeing the penalty trial of Florida school shooter Nikolas Cruz reversed herself Wednesday and said she is not dismissing more than 200 potential jurors who survived a first round of screening earlier this month.
In the latest confusing turn since jury selection began three weeks ago, Circuit Judge Elizabeth Scherer overturned her Monday decision to start jury selection anew because of a possible mistake she made. She had said then that she would throw out 243 potential jurors who said they could serve from June to September, the expected length of the trial.
Now, she said, she will order 11 potential jurors she dismissed on April 5 without questioning to be brought back to court this Monday to be queried by the attorneys. Referring to the 243 potential jurors that had faced dismissal, she said, the first 40 would now be brought back for the start of the second round.
The decision left attorneys from both sides confused, including the lead prosecutor Mike Satz, who served as the Broward County state attorney for 44 years before leaving office last year. He is now working for his successor on a special assignment to lead the Cruz prosecution team. At one point Satz interrupted Scherer to ask her what exactly her plan was.
Scherer has been a judge for 10 years, but is overseeing her first death penalty case. She was appointed shortly after Cruz, 23, murdered 17 people at Marjory Stoneman Douglas High School on Feb. 14, 2018. She was selected using the random method used in Florida.
Cruz pleaded guilty in October. Scherer, the prosecutors and defense attorneys are picking 12 jurors and eight alternates in a three-step process. Those selected will decide if the former Stoneman Douglas student is sentenced to death or life in prison without parole.
The issue at the core of the dispute arose April 5, the second day of jury selection, over Scherer’s handling of a group of 60 potential jurors. It was the fifth such panel to appear in court.
With every other group, Scherer only asked if the potential jurors had any hardships that would make it impossible for them to serve from June through September. Those who say they could serve are being told to return next month for further questioning.
With the fifth group, however, Scherer asked if any would not follow the law if chosen — a question that wasn’t supposed to be asked until the second or third phase. Twelve hands went up.
Scherer dismissed them without further questioning, drawing an objection from both prosecutors and Cruz’s attorneys. They wanted to make sure they were not simply trying to avoid jury service. Florida jury candidates are always questioned before dismissal.
Scherer tried to have the jurors returned, but all except one had left the courthouse. She said the Broward County Sheriff’s Office would deliver summonses to the other 11 to come back to court this past Monday, but that was not done for unexplained reasons.
She originally said they would be told to return next week, but prosecutors convinced her over defense objections to start the process anew and dismiss all 243 jurors who had been selected to that point. The prosecution argued that Scherer’s error was so great that if Cruz gets a death sentence, an appellate court could overturn it and order a retrial. The defense wanted her to suspend proceedings until the 11 could be brought in next week.
That led the defense to file a motion Wednesday alleging that Cruz’s constitutional rights to due process and against double jeopardy had been violated. They accused Scherer and prosecutors of acting in “bad faith” and wanted her to immediately sentence Cruz to life, throwing out the death penalty. Prosecutors angrily called that accusation “baseless.”
Scherer called the defense’s motion “a stretch” and dismissed it, but that’s when she reversed herself.
Scherer then told both sides to work together over the next few days to devise how they want to proceed starting Monday. It remained unclear what will happen with 155 jurors who passed the first round this week and whether they will be brought back next month. If they are still in play, that would give the lawyers a pool of nearly 400 to winnow through.
The jurors eventually selected will decide whether aggravating factors — the multiple deaths, Cruz’s planning and his cruelty — outweigh mitigating factors such as the defendant’s lifelong mental and emotional problems, possible sexual abuse and the death of his parents.
For Cruz to receive the death penalty, the jury must vote unanimously for that option. If one or more jurors vote against it, he will be sentenced to life without parole.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/florida-school-shooting-judge-reverses-herself-confusion-follows/ | 2022-04-28T07:32:12Z |
Governor’s gas tax holiday stalls in Senate committee
RICHMOND, Va. (WDBJ) - Members of a Senate committee rejected Governor Glenn Youngkin’s plan for a gas tax holiday, as they returned to Richmond Wednesday.
Youngkin’s proposal would suspend the gas tax for three months, before phasing it back in.
The goal is to reduce the price at the pump by about 26 cents a gallon.
Sen. Steve Newman (R-Bedford Co) introduced the legislation in the Senate, and he presented the bill to the Senate Finance Committee Wednesday morning.
“As I look around this committee, I imagine that everyone up here will be okay if the bill passed or didn’t pass,” Newman said. “That’s not true for every working Virginian.”
Other speakers told lawmakers a gas tax holiday would make a big difference for many Virginians.
“We are feeling the sting of inflation. It is double to fill up our tanks. Every item in the grocery store has increased. Virginia families need relief,” said Loretta Greene.
But opponents argued the savings aren’t guaranteed, and the plan would take hundreds of millions of dollars from critical road construction and other transportation needs.
“This whole thing could not come at a worse time from the standpoint of highway maintenance,” said Sen. Dick Saslaw (D-Fairfax). “It could not come at a worse time.”
Other transportation advocates and stakeholders agreed.
“Shortchanging our transportation system will harm all Virginians, and people without a car will be hit the hardest,” said Trip Pollard with the Southern Environmental Law Center. “There are better ways to address rising costs without harming our transportation system, and we urge you to reject this bill.”
The vote to “pass by indefinitely” was 12 to 3, with 11 Democrats and 1 Republican voting against the gas tax suspension.
Following the vote, Governor Youngkin told reporters he was disappointed with the decision.
“This money belongs to Virginians and it’s a chance for us to give Virginians a break when they need it most,” Youngkin said. “And so yeah, I’m really disappointed the Democrats don’t see that.”
The proposal is still alive in the House of Delegates, and Democrats have proposed a competing plan that could also offer Virginians some relief from high gas prices. But neither plan will take effect on May 1, as Governor Youngkin had proposed.
Copyright 2022 WDBJ. All rights reserved. | https://www.whsv.com/2022/04/27/governors-gas-tax-holiday-stalls-senate-committee/ | 2022-04-28T07:32:22Z |
Heroes of Boston Marathon bombing recognized in DC
Three of the first responders answered questions before an audience on the police response to the attack.
WASHINGTON (Gray DC) - Three heroes of the Boston Marathon bombing spoke at the National Law Enforcement Museum as they were recognized in Washington, D.C. Tuesday.
Former Boston Police Commissioner Edward Davis, retired Watertown Police Sergeant Jeffrey Pugliese, and former FBI Special Agent Richard DesLauriers attended the event titled ‘Patriots Day: Cinematic Reflections on a Post-9/11 World.’
“People lost their lives, people were injured and have to live with those injuries for the rest of their lives,” said Davis. “It was a terrible terrible tragedy. But, some good came out of it. And, the good was about the way the community responded, the way that people pulled together, the way the police and the law enforcement community at the federal, state, and local level all worked together to pursue these guys. The way the community came out to help us catch them. But also, to support the victims.”
The Boston Marathon bombing is featured in an exhibit called ‘Post 9/11- The Evolution of American Law Enforcement.’ The exhibit details the lessons learned in the fight against terror. It displays items from the marathon tragedy including the handcuffs that restrained one of the Boston Marathon bombers.
“It just became a big team and a brotherhood to get these bad people off the street,” said Pugliese of the multiple law enforcement agencies that assisted in the manhunt.
Pugliese was one of the police officers involved in a shootout with the then-suspects in the days after the Boston Marathon Bombings.
He advised police officers and other first responders to take their training seriously so they can rely on that training during critical incidents.
“If you don’t train like it’s real, you’re not going to act the right way in this critical situation,” he said.
DesLauriers highlighted how well law enforcement agencies worked together during the Boston Marathon Bombings. He noted, that collaboration was key in the case. He credits that teamwork with allowing law enforcement to quickly close in on the perpetrators.
“I think the investigation the week of the Boston Marathon Bombings showed what law enforcement can do under immense pressure,” he said as he called the investigation ‘complex.’
At the event, the men took questions from the audience about the marathon attack and the movie ‘Patriot’s Day.’ That movie is based on the Boston bombing.
The heroes called the Boston Marathon bombings one of the most traumatic events and intense manhunts in US history.
The Boston Marathon Bombings occurred on April 15, 2013. Three bystanders were killed and more than 250 others were hospitalized.
WASHINGTON (Gray DC) -
Copyright 2022 Gray DC. All rights reserved. | https://www.whsv.com/2022/04/27/heroes-boston-marathon-bombing-recognized-dc/ | 2022-04-28T07:32:33Z |
Supreme Court seems divided in Oklahoma Indian Country case
OKLAHOMA CITY (AP) — A seemingly divided Supreme Court heard arguments Wednesday over Oklahoma’s authority to prosecute some crimes on Native American lands, following a 2020 high court decision. The outcome probably rests with Justice Amy Coney Barrett, the only member of the court who didn’t take part in the earlier case.
Barrett, who joined the court later in 2020 after Justice Ruth Bader Ginsburg’s death, didn’t tip her hand in more than two hours of arguments.
The case pits Native tribes in Oklahoma against Republican Gov. Kevin Stitt and is the latest strain on his relationship with tribal leaders.
The high court is being asked to decide whether the state retains the authority to prosecute non-Natives for crimes committed on tribal land when the victim is Native American.
Oklahoma appealed to the Supreme Court after a state court threw out the conviction against Victor Castro-Huerta, who is not Native American. Castro-Huerta was charged by Oklahoma prosecutors with malnourishment of his disabled 5-year-old stepdaughter, a member of the Eastern Band of Cherokee Indians.
The state court ruled Oklahoma lacked the authority to prosecute a crime committed against a Native American on tribal land.
Castro-Huerta has since pleaded guilty to a federal child neglect charge in exchange for a seven-year prison term, though he has not been formally sentenced yet.
Two years ago, the justices split 5-4 in holding that a large chunk of eastern Oklahoma remains an American Indian reservation. The decision left the state unable to prosecute Native Americans accused of crimes on tribal lands that include most of Tulsa, the state’s second-largest city with a population of about 413,000.
A state court ruling extended the high court decision to apply to crimes committed by non-Indians in which Native Americans are victims, leaving the federal government with sole authority to prosecute such crimes.
The four remaining justices in the majority in 2020 strongly suggested that they were against the state in the current case as well. Ginsburg was the fifth vote.
Justice Neil Gorsuch, the author of 2020′s McGirt decision, scoffed at the state’s concern for Native American victims “given the history in this country of the state abusing Indian victims in their courts.”
But when Zachary Schauf, Castro-Huerta’s lawyer, picked up on Gorsuch’s comments by saying states asserting an interest in protecting Native Americans is like putting “a fox in charge of the hen house,” Justice Clarence Thomas objected.
Thomas, a dissenter in 2020, noted that Castro-Huerta received a 35-year prison sentence in state court, compared with the seven years he expects to serve in the federal system.
Schauf said the difference in time spent behind bars probably would be less stark because of Oklahoma parole provisions.
On another point, federal officials have acknowledged that they lack the resources to prosecute all the crimes that have fallen to them, and several justices seemed especially interested.
“Indian victims right now are not being protected because the federal government does not have the resources to prosecute those crimes,” Kavanaugh said.
If the court rules against the state, “it’s going to hurt Indian victims,” he said.
Kannon Shanmugam, representing Oklahoma, returned repeatedly to the practical consequences, noting that only the federal government can prosecute crimes in nearly half the state.
“The federal government is failing at this task,” Shanmugam said.
Justice Department lawyer Edwin Kneedler, arguing his 150th Supreme Court case, said the court should rule for Castro-Huerta, but said he was “not here to minimize the challenges created by McGirt.”
The Supreme Court case involved the Muscogee reservation, but later rulings upheld the historic reservations of other Native American tribes in Oklahoma, including the Cherokee, Chickasaw, Choctaw, Quapaw and Seminole nations.
Stitt said during his State of the State speech in February that “Oklahoma has been robbed of the authority to prosecute crimes.”
Native American tribes are supporting Castro-Huerta in the Supreme Court. “Today’s Supreme Court arguments reaffirmed what tribes have said all along: the state of Oklahoma has neither the facts nor the law on its side,” Principal Chief Chuck Hoskin Jr. of the Cherokee Nation said in a statement that also accused Stitt of holding “anti-tribal views.”
The Cherokee Nation is the country’s largest Native American tribe by population with about 400,000 citizens, about 261,000 of whom live in Oklahoma.
Stitt is a member of the Cherokee Nation. But he has previously clashed with tribal leaders over his desire to renegotiate tribal gambling compacts that he claimed were expiring. Federal and state courts ruled against Stitt in lawsuits over the gambling question.
Last year, Stitt decided to not renew hunting and fishing license compacts with the Cherokee and Choctaw nations as part of an ongoing dispute between the tribes and the Republican governor.
___
Miller reported from Oklahoma City.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/justices-hear-oklahoma-appeal-tribal-jurisdiction-case/ | 2022-04-28T07:32:41Z |
New local pharmacist strives for low prices and transparency
HARRISONBURG, Va. (WHSV) - Staunton’s newest pharmacy, Honest RX, is locally owned by pharmacist Matt Garner, but that’s not the only thing that sets it apart from other pharmacies.
They don’t accept insurance or discount cards.
“There are maybe 20 to 30 pharmacies in the nation that are doing business the way I do it,” Garner said.
Garner said, by not signing contracts with insurance companies, Honest RX can charge less for generic medications. That’s because of the contracts you sign when entering an agreement with insurance companies.
“The insurance industry essentially gets pharmacies to sign unilateral contracts that say you can’t charge us any more than you charge anybody else,” he said.
For example, if a medication is $10, a pharmacist might have to bill the insurance company $100 because they’re going to cover 90% of the cost. The customer pays more, but the pharmacy still only makes that $10.
That price still stands for any customer, though. However, anyone without coverage is left to pay the full price.
“Because of the contract, anybody who doesn’t have insurance or maybe hasn’t met their deductible is going to get charged $100, $150 when I could easily charge them $10 or $15 and make a reasonable profit,” Garner said.
Garner said many people know prescription drug prices are too high, but it’s hard to explain why that is.
“There is consolidation in the market; there’s less and less types of pharmacies; there’s more of one or two particular chains. The chain pharmacies are buying up insurance companies. You have less competition and a lot more contractual obligation because these insurance companies and chains that make it so that even the things that should be inexpensive keep rising in price,” he said.
He said he hopes to make it easier for people to get their medications and to remove the guesswork from picking up your medications.
“I’m going to be upfront about what my costs are, if they ask. How much profit I’ll make, if they ask. They’ll know the price before they leave,” he said.
Although a pharmacy that doesn’t accept insurance may seem like a recipe for high prices, Garner is confident his prices will be lower about 90% of the time.
“By not taking insurance, by not signing the contracts, we can dramatically drive down the pricing of generic medications,” he said.
Honest RX is open Monday through Friday, 9 a.m. - 6 p.m.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/27/new-local-pharmacist-strives-low-prices-transparency/ | 2022-04-28T07:32:49Z |
Pepsi-Cola Student Athlete of the Week: Averie Alger
HARRISONBURG, Va. (WHSV) - Averie Alger is an exceptional senior at Luray High School.
“I struggled with confidence,” said Alger. “I needed to tell myself to breathe and enjoy it.”
In her final season with the Bulldogs, Alger helped lead the basketball team to the Class 2 State Final.
“I wish she could see herself the way I see her,” said head basketball coach Joe Lucas. “She doesn’t always come off as confident, but I knew she had the potential.”
Over four years at Luray, Alger learned to trust herself as both a leader in the locker room and a standout player on the court.
“Confidence came from the people around me. Even if I messed up, they would always pat my back and believe in me,” added Alger.
This year, she stepped into the role of starting point guard and broke the single-season assist record for the Bulldogs.
“She’s the best teammate I’ve ever coached,” said Lucas. “Her impact on our program isn’t in the scorebook, it’s in the way her teammates talk about her.”
Alger will be attending Lord Fairfax Community College in the fall, where she will use her time as a Bulldog to find her path beyond the basketball court.
“As I grew up, I felt like I had to step up more,” said Alger. “Not just get along with people, but care for them at the same time. Now I know I can do this.”
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/27/pepsi-cola-student-athlete-week-averie-alger/ | 2022-04-28T07:32:55Z |
Russia cuts off gas to 2 NATO nations in bid to divide West
POKROVSK, Ukraine (AP) — Russia cut off natural gas to NATO members Poland and Bulgaria on Wednesday and threatened to do the same to other countries, using its most essential export in what was seen as a bid to punish and divide the West over its support for Ukraine.
The move, condemned by European leaders as “blackmail,” marked a dramatic escalation in the economic war of sanctions and countersanctions that has unfolded in parallel to the fighting on the battlefield.
The tactic, coming a day after the U.S. and other Western allies vowed to rush more and heavier weapons to Ukraine, could eventually force targeted nations to ration gas and could deal another blow to economies suffering from rising prices. At the same time, it could deprive Russia of badly needed income to fund its war effort.
GRAPHIC WARNING: Videos may contain disturbing content.
Poland has been a major gateway for the delivery of weapons to Ukraine and confirmed this week that it is sending the country tanks. Just hours before Russia’s state energy giant Gazprom acted, Poland announced a new set of sanctions against the company and other Russian businesses and oligarchs.
Bulgaria, under a new liberal government that took office last fall, has cut many of its old ties to Moscow and likewise supported punitive measures against the Kremlin. It has also hosted Western fighter jets at a new NATO outpost on Bulgaria’s Black Sea coast.
The gas cuts do not immediately put the two countries in any dire trouble. Poland, especially, has been working for many years to line up other suppliers, and the continent is heading into summer, making gas less essential for households.
Also, Russian gas deliveries to both Poland and Bulgaria were expected to end later this year anyway.
Still, the cutoff and the Kremlin warning that other countries could be next sent shivers of worry through the 27-nation European Union. Germany, the largest economy on the continent, and Italy are among Europe’s biggest consumers of Russian natural gas, though they, too, have been taking steps to reduce their dependence on Moscow.
“It comes as no surprise that the Kremlin uses fossil fuels to try to blackmail us,” said EU Commission President Ursula von der Leyen. “Today, the Kremlin failed once again in his attempt to sow division amongst member states. The era of Russian fossil fuel in Europe is coming to an end.”
Gazprom said it shut off the two countries because they refused to pay in rubles, as President Vladimir Putin has demanded of “unfriendly” nations. The Kremlin said other countries may be cut off if they don’t agree to the payment arrangement.
Most European countries have publicly balked at Russia’s demand for rubles, but it is not clear how many have actually faced the moment of decision so far. Greece’s next scheduled payment to Gazprom is due on May 25, for example, and the government must decide then whether to comply.
Polish Prime Minister Mateusz Morawiecki told his country’s parliament that he believes Poland’s support for Ukraine — and the new sanctions imposed by Warsaw on Tuesday — were the real reasons behind the gas cutoff.
Bulgarian Prime Minister Kiril Petkov called the suspension blackmail, adding: “We will not succumb to such a racket.”
Ukrainian President Volodymyr Zelenskyy said that Russia views gas as a weapon for political blackmail and “sees a united Europe as a target.”
On the battlefield, fighting continued in the country’s east along a largely static front line some 300 miles (480 kilometers) long.
Russia claimed its missiles hit a batch of weapons that the U.S. and European nations had delivered to Ukraine. One person was killed and at least two were injured when rockets hit a residential neighborhood in Kharkiv.
Western officials, speaking on condition of anonymity to discuss intelligence findings, said Russia has made slow progress in the eastern Donbas region, with “minor gains,” including the capture of villages and small towns south of Izyum and on the outskirts of Rubizhne.
Serhiy Haidai, the governor of the Luhansk region, conceded that Russia has made minor progress in its advance on Rubizhne through its nearly constant bombardment, but that Ukrainian troops are fighting back and retreating only when there is nothing left to defend.
“There is no point in staying on territory that has been fired on so often that every meter is well known,” he said.
The Western officials said some Russian troops have been shifted from the gutted southern port city of Mariupol to other parts of the Donbas. But some remain in Mariupol to fight Ukrainian forces holed up at the Azovstal steel plant, the last stronghold in the city. About 1,000 civilians were said to be taking shelter there with an estimated 2,000 Ukrainian defenders.
“The situation is very difficult. There are huge problems with water, food,” Serhii Volynskyi, commander of the marine unit inside the plant, said in a Facebook video message. He said hundreds of fighters and civilians were wounded and in need of medical help, and those inside included children, older people and disabled people.
In the Black Sea port city of Kherson, which Russian forces have occupied since early in the war, a series of explosions boomed late Wednesday near the television tower and at least temporarily knocked Russian channels off the air, Ukrainian and Russian news organizations reported.
Just across the border in Russia, an ammunition depot in the Belgorod region burned after several explosions were heard, the governor said. Blasts were also reported in Russia’s Kursk region near the border, and authorities in Russia’s Voronezh region said an air defense system shot down a drone.
Earlier this week, an oil storage facility in the Russian city of Bryansk was engulfed by fire.
Ukrainian presidential adviser Mykhailo Podolyak hinted at the country’s involvement in the fires, saying in a Telegram post that “karma (is) a harsh thing.”
In other developments:
— The head of the International Atomic Energy Agency, Rafael Grossi, said the safety level at Europe’s largest nuclear plant, now under Russian occupation in Ukraine, is like a “red light blinking” as his organization tries in vain to get access to the Zaporizhzhia power station for repairs.
— Amid rising tensions over gas, Moscow and Washington carried out a dramatic prisoner exchange, trading a Marine veteran jailed in Moscow for a convicted Russian drug trafficker serving a long prison sentence in the U.S.
With the help of Western arms, Ukrainian forces managed to thwart Russian forces’ attempt to storm Kyiv. Moscow now says its focus is the capture of the Donbas, Ukraine’s mostly Russian-speaking industrial heartland.
A defiant Putin vowed Russia will achieve its military goals, telling parliament, “All the tasks of the special military operation we are conducting in the Donbas and Ukraine, launched on Feb. 24, will be unconditionally fulfilled.”
Simone Tagliapietra, senior fellow at the Bruegel think tank in Brussels, said Russia’s goal in cutting off the flow of gas is to “divide and rule” — pit European countries against one another as they cast about for energy.
While Poland gets around 45% of its gas from Russia, it relies overwhelmingly on coal and said it was well prepared for the cutoff. It has ample gas in storage and will soon benefit from two pipelines coming on line, analyst Emily McClain of Rystad Energy said.
Bulgaria gets over 90% of its gas from Russia, but it could increase imports from Azerbaijan, and a pipeline connection to Greece is set to be completed later this year.
Dobrin Todorov, a resident of Bulgaria’s capital, Sofia, said the suspension is not a big problem.
“Ultimately, the choice between freedom and dignity or gas, the answer is clear, in favor of freedom and dignity,” Todorov said, adding that a lack of gas “cannot be compared to the hardship and tribulations that the Ukrainian people are currently suffering.”
Europe is not without its own leverage, since it is paying some $400 million a day to Russia for gas, money Putin would lose in a complete cutoff. Russia can, in theory, sell oil elsewhere — to India and China, for instance. But it doesn’t have the necessary pipelines in some cases, and it has only limited capacity to export gas by ship.
“The move that Russia did today is basically a move where Russia hurts itself,” von der Leyen said.
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Gambrell reported from Lviv, Ukraine, and Gera reported from Warsaw, Poland. Associated Press journalists Jill Lawless in London, Yuras Karmanau in Lviv, David Keyton in Kyiv, Oleksandr Stashevskyi at Chernobyl, Mstyslav Chernov in Kharkiv, and AP staff around the world contributed to this report.
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Follow AP’s coverage of the war in Ukraine: https://apnews.com/hub/russia-ukraine
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/russia-says-its-cutting-gas-2-eu-nations-escalation/ | 2022-04-28T07:33:01Z |
Shenandoah County first responders train in crisis intervention
WOODSTOCK, Va. (WHSV) - Emotional wellness continues to be a focus for law enforcement and other first responders in Shenandoah County. Many have completed mental health training programs held by the Northwestern Community Services Board.
The community services board offers mental health first aid training courses and a 40-hour crisis intervention training program. It helps first responders better respond to crisis situations and take better care of their own mental health.
“Dispatchers, they don’t forget the cries of a mother because their child is not breathing. We don’t forget the screaming of an officer yelling shots fired. We don’t forget those things,” said Allison Allar, a lead dispatcher for the Shenandoah Emergency Communications Center.
Allar recently completed the 40 hours CIT training program. In addition to helping first responders assist people in crisis, it also helps them understand the resources available to them and others who may be struggling.
“The suicide rate among first responders has increased over the last several years and it’s by vicarious trauma. Things add up overtime of traumatic events we respond to,” said Chris Rinker, Chief of the New Market Police Department.
Chief Rinker is an instructor for the mental health first aid and CIT training courses. He is passionate about helping police officers become equipped to help those going through a mental health crisis by being more empathetic, offering hope, and connecting them with necessary resources.
“CIT, I attended that in 2014 and it changed how I see people, how I hear people, and made a difference in my professional and personal life. There’s a lot of valuable skills you can take away from that training,” said Rinker.
Rinker said as the conversation surrounding mental health has changed over the years, he feels law enforcement agencies have done a much better job when it comes to addressing mental health.
“Agencies now are having peer support programs there’s more critical debriefs after traumatic incidents in communities that first responders are responding to. There’s funding available now for different programs, there’s more training in the regional academy,” he said.
For dispatchers like Allar, the training helps them better communicate with struggling individuals through crisis situations and connect them to the right help.
“We get a 911 call and we’re getting the height of the crisis and so with CIT training we’re learning the de-escalating skills, we can use that to help get the caller calmed down, try to get better instructions, and then send the proper help,” said Allar.
Allar said the training also helps dispatchers be more empathetic and understanding of crisis situations.
“If you call 911 that’s one of the worst moments of your life, so it’s scary for people to call in so it better helps us know how to handle and how to prepare.”
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/27/shenandoah-county-first-responders-train-crisis-intervention/ | 2022-04-28T07:33:11Z |
SpaceX launches 4 astronauts for NASA after private flight
CAPE CANAVERAL, Fla. (AP) — SpaceX launched four astronauts to the International Space Station for NASA on Wednesday, less than two days after completing a flight chartered by millionaires.
It’s the first NASA crew comprised equally of men and women, including the first Black woman making a long-term spaceflight, Jessica Watkins.
“This is one of the most diversified, I think, crews that we’ve had in a really, really long time,” said NASA’s space operations mission chief Kathy Lueders.
The astronauts arrived at the space station Wednesday night, just 16 hours after a predawn liftoff from Kennedy Space Center that thrilled spectators.
“Anyone who saw it realized what a beautiful launch it was,” Lueders told reporters. After an express flight comparable to traveling from New York to Singapore, the crew will move in for a five-month stay.
SpaceX has now launched five crews for NASA and two private trips in just under two years. Elon Musk’s company is having an especially busy few weeks: It just finished taking three businessmen to and from the space station as NASA’s first private guests.
A week after the new crew arrives, the three Americans and German they’re replacing will return to Earth in their own SpaceX capsule. Three Russians also live at the space station.
Both SpaceX and NASA officials stressed they’re taking it one step at a time to ensure safety. The private mission that concluded Monday encountered no major problems, they said, although high wind delayed the splashdown for a week.
SpaceX Launch Control wished the astronauts good luck and Godspeed moments before the Falcon rocket blasted off with the capsule, named Freedom by its crew.
“Our heartfelt thank you to every one of you that made this possible. Now let Falcon roar and Freedom ring,” radioed NASA astronaut Kjell Lindgren, the commander. Minutes later, their recycled booster had landed on an ocean platform and their capsule was safely orbiting Earth. “It was a great ride,” he said.
The SpaceX capsules are fully automated — which opens the space gates to a broader clientele — and they’re designed to accommodate a wider range of body sizes. At the same time, NASA and the European Space Agency have been pushing for more female astronauts.
While two Black women visited the space station during the shuttle era, neither moved in for a lengthy stay. Watkins, a geologist who is on NASA’s short list for a moon-landing mission in the years ahead, sees her mission as “an important milestone, I think, both for the agency and for the country.”
She credits supportive family and mentors — including Mae Jemison, the first Black woman in space in 1992 — for “ultimately being able to live my dream.”
Also cheering Watkins on was another geologist: Apollo 17′s Harrison Schmitt, who walked on the moon in 1972. She invited the retired astronaut to the launch, along with his wife. “We sort of consider ourselves the Jessica team,” he said, chuckling.
“Those of us who rode the Saturn V into space are a little bit jaded about the smaller rockets,” Schmitt said after the SpaceX liftoff. “But still, it really was something and on board was a geologist ... I hope it will stand her in good stead for being part of one of the Artemis crews that go to the moon.”
Like Watkins, NASA astronaut and test pilot Bob Hines is making his first spaceflight. It’s the second visit for Lindgren, a physician, and the European Space Agency’s lone female astronaut, Samantha Cristoforetti, a former Italian Air Force fighter pilot.
Cristoforetti turned 45 on Tuesday, “so she really celebrates and is very happy with a big smile in the capsule,” said the European Space Agency’s director general, Josef Aschbacher. “She’s really a role model and she’s doing an enormously fabulous job on doing exactly that.”
The just-completed private flight was NASA’s first dip into space tourism after years of opposition. The space agency said the three people who paid $55 million each to visit the space station blended in while doing experiments and educational outreach. They were accompanied by a former NASA astronaut employed by Houston-based Axiom Space, which arranged the flight.
“The International Space Station is not a vacation spot. It’s not an amusement park. It is an international laboratory, and they absolutely understood and respected that purpose,” said NASA flight director Zeb Scoville.
NASA also hired Boeing to ferry astronauts after retiring the shuttles. The company will take another shot next month at getting an empty crew capsule to the space station, after software and other problems fouled a 2019 test flight and prevented a redo last summer.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/spacex-launches-4-astronauts-nasa-after-private-flight/ | 2022-04-28T07:33:17Z |
Staunton’s memorial 5K sees fallen officer’s daughter to graduation
STAUNTON, Va. (WHSV) - The Staunton Police Department will host the 13th annual Sgt. Thomas E. Larner Memorial 5K Saturday, April 30.
The department started the run in 2009 to support Sergeant Larner after he was diagnosed with colon cancer. He passed away in 2010, but the race continued to support his family. Funds raised from the 5K are going to support Larner’s daughter’s college fund which will be put to use soon.
“The exciting news is, this year, Kenzie is graduating from Wilson. We’ve kind of seen it through, been able to provide funds for her scholarship every year since then,” said Staunton Police Chief Jim Williams.
Williams said the race is important to him because Larner was a dedicated officer and dear friend.
“I think about him a lot. He was just a good friend, a good guy. Somebody that you, you know, made your life better because you knew him,” Williams said.
If you’d like to sign up for the run, it’s not too late. You can click here to register.
The race begins at 7:30 a.m. on Saturday, April 30 in the parking lot of Mill Street Grill in Staunton.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/27/stauntons-memorial-5k-sees-fallen-officers-daughter-graduation/ | 2022-04-28T07:33:25Z |
Study: Millennials are ahead of their parents in retirement savings
(CNN) - A new study from investment firm Charles Schwab shows the younger generation is already stashing cash away in their mid-20s.
The younger generation also has higher balances in their 401(k)s than Gen Xers did at the same age.
The study says younger people are saving more because they don’t expect to get pension plans.
In 1981, 84% of full-time workers at large companies had pensions; by 2020, that number dropped to 28%.
Researchers found that millennials are worse off in nearly all aspects of their financial well-being.
They graduated into the great recession, dealt with the COVID and a second recession. They’re also gearing up for what financial analysts predict will be another recession paired with high inflation levels.
But there is one thing millennials are focused on and that is cryptocurrency.
The study found that 25% of millennials plan to invest in digital currencies, compared with about 5% of baby boomers.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/27/study-millennials-are-ahead-their-parents-retirement-savings/ | 2022-04-28T07:33:32Z |
Virginia House Speaker Todd Gilbert talks special session
HARRISONBURG, Va. (WHSV) - Virginia lawmakers were back in Richmond on Wednesday to take up bills that were amended and vetoed by Governor Glenn Youngkin. Prior to their return Del. Todd Gilbert, Speaker of the House of Delegates, spoke with WHSV about the special session and ongoing negotiations over the state budget.
“We are still pretty far apart on most things. We’ve made progress I think our budget negotiators have made some progress, at least that’s the report but there are still very big differences of opinion about how to spend the record revenues,” said Gilbert, a Republican who represents Shenandoah and Page counties.
Gilbert said the budget conferees appointed by both chambers of the General Assembly are set to meet again on Thursday to continue the negotiations.
“There’s no real rush but people do need some certainty, especially local school systems and local governments that are trying to plan their budgets would like to see us get to it sooner than later. So we’re working hard, we’ve got our folks working hard and we’re trying to come out with a product that provides meaningful relief for the people we represent,” said Gilbert.
The original budget proposal from the Republican-controlled House was around $3 billion less than the proposal from the Democrat-controlled Senate.
“It’s just a philosophical difference of opinion with our Democratic colleagues in the Senate. They have things they want to fund and grow and increase and some of that tends to be insatiable if you don’t draw the line. So hopefully we can come to terms and find a nice balance,” said Gilbert.
The big debate in the budget negotiations has been over tax relief, with Gilbert and Republicans hoping to score major tax cuts, while Democrats in the Senate want to use more of the state’s revenue to put toward other areas.
“We are squarely focused on using the record revenues that we find ourselves enjoying in the state coffers, returning as much of that to the taxpayer as possible and still be able to make record investments in things like K-12 public schools,” said Gilbert.
House Republicans are calling for a number of tax cuts across the board.
“We included in our budget several forms of tax relief, rebates, direct rebates to taxpayers. Getting rid of the grocery tax, increasing the standard deduction, doubling it in fact, and then of course the Governor has proposed as part of this special session a gas tax holiday,” said Gilbert.
Gilbert said has the budget negotiations drag on he remains focused on providing tax relief for citizens in the Shenandoah Valley and across the state, especially during a time of inflation.
“It is never lost on me that the things we do in Richmond have an effect on people’s lives, their children’s lives, and their pocketbooks,” he said. “That’s the approach we come at it from is that these decisions we make have a real impact on people and we want to very much put money back in people’s pockets especially right now.”
Lawmakers have until June 30th to pass a budget.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/27/virginia-house-speaker-todd-gilbert-talks-special-legislation-session/ | 2022-04-28T07:33:39Z |
Madeleine Albright honored by Biden, other world leaders
WASHINGTON (AP) — Addressing world leaders and America’s political elite paying final respects to Madeleine Albright, former President Bill Clinton recalled in his final conversation with the former secretary of state that she didn’t want to talk about her declining health at a moment when the West is on edge following Russia’s invasion of Ukraine.
Albright, Clinton recalled, assured him in that conversation about two weeks before she died last month, that she was getting the best care she could, but didn’t want to “waste time” talking about that.
“The only thing that really matters is what kind of world we’re going to leave to our grandchildren,” Clinton recalled Albright told him. He added, “She made a decision with her last breath she would go out with her boots on.”
Led by President Joe Biden and former Presidents Barack Obama and Clinton, the man who picked Albright to be his top diplomat and the highest-ranking woman ever in the U.S. government at that time, some 1,400 mourners gathered to celebrate her life and accomplishments of the child refugee from war-torn Europe who rose to become America’s first female secretary of state.
Albright died of cancer last month at age 84, prompting an outpouring of condolences from around the world that also hailed her support for democracy and human rights. Besides the current and former presidents, the service was attended by at least three of her successors as secretary of state along with other current and former Cabinet members, foreign diplomats, lawmakers and an array of others who knew her.
Biden, who delivered a tribute to Albright, said her name was synonymous with the idea that America is “a force for good in the world.”
“In the 20th and 21st century, freedom had no greater champion than Madeleine Korbel Albright,” Biden said. “Today we honor a truly proud American who made all of us prouder to be Americans.”
Hillary Clinton urged her husband to tap Albright to serve as secretary of state, a role that Clinton would serve in herself during the Obama administration. The two developed a strong friendship over the years.
Clinton in her own tribute recalled some lighter memories of Albright, including the time she taught the foreign minister of Botswana the Macerana and danced the night away with a young, handsome man at her daughter Chelsea’s wedding. She also remembered Albright as a fearless diplomat that broke barriers and then counseled, cajoled and inspired women to follow in her footsteps.
“The angels better be wearing their best pins and putting on their dancing shoes,” Clinton said. “Because if as Madeleine believed there’s a special place in hell for women who don’t support other women, they haven’t seen anyone like her yet.”
On the eve of Russia’s invasion of Ukraine and one month before her death, The New York Times printed what would be Albright’s last published writing. She wrote that Russian President Vladimir Putin’s invasion would be a “historic error” that would cement his legacy as one of “infamy.”
“Until the end, she was still in a hurry to do good,” Clinton said.
The crowd that gathered at Washington National Cathedral to honor Albright included the current secretary of state, Antony Blinken, and former secretaries Condoleezza Rice and John Kerry were slated to attend. Other top current officials expected to be present included Defense Secretary Lloyd Austin, CIA Director Bill Burns, Joint Chiefs of Staff Chairman Gen. Mark Mark Milley and White House national security adviser Jake Sullivan. The members of the VIP audience were masked, as Albright’s family had requested.
Foreign dignitaries invited to the funeral included the presidents of Georgia and Kosovo and senior officials from Colombia, Bosnia and the Czech Republic.
Albright was born in what was then Czechoslovakia, but her family fled twice, first from the Nazis and then from Soviet rule. They ended up in the United States, where she studied at Wellesley College and rose through the ranks of Democratic Party foreign policy circles to become ambassador to the United Nations. Bill Clinton selected her as secretary of state in 1996 for his second term.
Although never in line for the presidency because of her foreign birth, Albright was near universally admired for breaking a glass ceiling, even by her political detractors.
As a Czech refugee who saw the horrors of both Nazi Germany and the Iron Curtain, she was not a dove. She played a leading role in pressing for the Clinton administration to get involved militarily in the conflict in Kosovo. “My mindset is Munich,” she said frequently, referring to the German city where the Western allies abandoned her homeland to the Nazis.
As secretary of state, Albright played a key role in persuading Clinton to go to war against the Yugoslav leader Slobodan Milosevic over his treatment of Kosovar Albanians in 1999. As U.N. ambassador, she advocated a tough U.S. foreign policy, particularly in the case of Milosevic’s treatment of Bosnia. NATO’s intervention in Kosovo was eventually dubbed “Madeleine’s War.”
She also took a hard line on Cuba, famously saying at the United Nations that the 1996 Cuban shootdown of a civilian plane was not “cojones” but rather “cowardice.”
Former President Clinton recalled the moment in his tribute, remembering that Albright faced criticism at the time that the sharp barb was “undiplomatic” and “unladylike.” He absolutely loved it.
“I called her and I said ... ‘This is the best line developed and delivered by anybody in this administration,” Clinton said.
In 2012, Obama awarded Albright the Presidential Medal of Freedom, the nation’s highest civilian honor, saying her life was an inspiration to all Americans.
Born Marie Jana Korbel in Prague on May 15, 1937, she was the daughter of a diplomat, Joseph Korbel. The family was Jewish and converted to Roman Catholicism when she was 5. Three of her Jewish grandparents died in concentration camps.
Albright was an internationalist whose point of view was shaped in part by her background. Her family fled Czechoslovakia in 1939 as the Nazis took over their country, and she spent the war years in London.
After the war, as the Soviet Union took over vast chunks of Eastern Europe, her father brought the family to the United States. They settled in Denver, where her father taught at the University of Denver. One of Korbel’s best students was Rice, who would later succeed his daughter as secretary of state.
Albright graduated from Wellesley College in 1959. She worked as a journalist and later studied international relations at Columbia University, where she earned a master’s degree in 1968 and a Ph.D. in 1976. She then entered politics and what was at the time the male-dominated world of foreign policy professionals.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/27/world-leaders-dc-elite-pay-tribute-madeleine-albright/ | 2022-04-28T07:33:45Z |
Biden going to SKorea, Japan in May to discuss China, NKorea
WASHINGTON (AP) — President Joe Biden will travel next month to South Korea and Japan, his first trip to Asia since taking office last year, to consult with allies on growing threats from China and North Korea.
White House press secretary Jen Psaki announced the May 20-24 trip Wednesday. Both allies host significant U.S. military contingents, and the trip comes as North Korea has escalated its nuclear missile testing and China has grown more assertive in the region.
Biden will meet separately with newly elected President Yoon Suk Yeol of the Republic of Korea and Prime Minister Kishida Fumio of Japan, Psaki said.
In Tokyo, Biden will also meet with the so-called “Quad” — which also includes Australia, Japan and India — as they aim to forge stronger partnerships to contain China in the Indo-Pacific.
It will be Biden’s fourth foreign trip as president. He traveled to Poland and Belgium in March following Russia’s invasion of Ukraine.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/28/biden-going-skorea-japan-may-discuss-china-nkorea/ | 2022-04-28T07:33:57Z |
Bridgewater baseball falls to Washington & Lee in midweek ODAC action
Published: Apr. 27, 2022 at 11:59 PM EDT|Updated: 3 hours ago
HARRISONBURG, Va. (WHSV) - The Bridgewater College baseball team suffered a home loss Wednesday afternoon.
The Eagles lost to Washington & Lee, 12-8, at Bridgewater Baseball Field.
Jeffrey Snider, Brandan Hartman, and Hunter Clever hit home runs for the Eagles who pounded out 13 hits but committed seven errors in the loss. The Eagles fall to 23-14 overall (10-8 ODAC). Bridgewater hosts ODAC-leading Lynchburg for a doubleheader Saturday starting at noon.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/28/bridgewater-baseball-falls-washington-lee-midweek-odac-action/ | 2022-04-28T07:34:04Z |
City/County Track & Field Meet at Turner Ashby H.S.
Published: Apr. 27, 2022 at 9:00 PM EDT|Updated: 3 hours ago
HARRISONBURG, Va. (WHSV) - The City/County high school track & field meet was held Wednesday night at Turner Ashby High School.
The following schools took part in the meet: Harrisonburg, Broadway, Turner Ashby, Spotswood, East Rockingham, and Eastern Mennonite School.
To see full results from the meet, click here.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/28/citycounty-track-field-meet-turner-ashby-hs/ | 2022-04-28T07:34:12Z |
DA: Couple guilty of using fake vaccine cards to enter sporting event
ORCHARD PARK, N.Y. (Gray News) - Authorities in New York report a couple has pleaded guilty to disorderly conduct charges after they used false vaccine cards to attend a sporting event earlier this year.
On Wednesday, Michael Naab, 34, and Amber Naab, 37, were also ordered to perform 100 hours of community service and to pay a $125 fine plus a $125 surcharge, according to Erie County District Attorney John J. Flynn.
A case was brought against the couple after officials said they presented falsified COVID-19 vaccination cards to attend a Buffalo Bills game knowingly in violation of the vaccination policy at Highmark Stadium on Jan. 15.
As part of the plea, the two are prohibited from attending any Bills games at the current stadium or purchasing season tickets in their names.
The district attorney commended the Erie County Sheriff’s Office, Erie County Department of Health, New York State Department of Health and the Buffalo Bills for their work in the investigation.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/04/28/da-couple-guilty-using-fake-vaccine-cards-enter-sporting-event/ | 2022-04-28T07:34:20Z |
High school teacher under fire for letter refuting students’ gender identities
WATERTOWN, S.D. (KSFY/Gray News) - A South Dakota high school teacher is under scrutiny after dispersing a letter to students refuting their gender identities Monday.
“We did have a faculty member at the high school hand out a letter to four different students. That letter did discuss the students’ gender identity,” said Watertown School District Superintendent Dr. Jeff Danielson.
The superintendent says the school district does not support the actions taken by the Watertown High School teacher.
“Our response up until this point has been that the school district does not support those actions by the faculty member,” Danielson said. “We do not support discrimination of any kind for our students. We want to make sure that we create a safe learning environment for every child that comes through our doors.”
Amy Rambow is a parent of a student at the high school and the president and founder of LGBTQ+ group Watertown Love. She was able to share a copy of the letter one of the students had received with Dakota News Now.
“So the letter talks a lot about religion and their identities and their feelings, on how they can’t count on how they’re feeling. Very much transphobic,” Rambow said.
The letter also mentions a DVD that claims to explain things with “spiritual as well as the scientific facts.”
Danielson says the school district is investigating the matter and a text was sent out to parents informing them of the situation.
“As of this morning, we have been investigating the situation, trying to get a full picture of what happened yesterday, and some of the actions that were done on the part of the staff member,” Danielson said.
Rambow says she wants the situation addressed promptly.
“We’re just hoping that this is handled appropriately and swiftly and not swept under the rug,” Rambow said.
When asked if the teacher in question was still being allowed to teach Tuesday, Danielson said no action had been taken at that time.
“No actions are being taken until the investigation runs its course, which we hope to wrap that up very soon,” Danielson said Tuesday.
The superintendent said he expected the investigation to conclude by the end of the day Tuesday.
The results of the investigation are not yet known.
Copyright 2022 KSFY via Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/04/28/high-school-teacher-under-fire-letter-refuting-students-gender-identities/ | 2022-04-28T07:34:31Z |
JMU baseball drops road game at No. 7 Virginia Tech
HARRISONBURG, Va. (WHSV) - The James Madison baseball team suffered a road loss Wednesday night.
The Dukes lost at No. 7 Virginia Tech, 11-8, in Blacksburg.
Kyle Novak recorded three hits and drove in four runs for JMU but defensive miscues cost the Dukes. JMU committed three errors and Carson Bell misplayed a ball in right field in the bottom of the eighth inning that allowed the nationally-ranked Hokies to score the go-ahead run.
Former JMU player Conor Hartigan recorded two hits and drove in three runs for the Hokies.
James Madison drops to 23-18 overall on the season. The Dukes visit Presbyterian for a three-game series this weekend. Virginia Tech will play at No. 11 Virginia for a weekend series with ACC and national implications on the line.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/28/jmu-baseball-drops-road-game-no-7-virginia-tech/ | 2022-04-28T07:34:42Z |
Judge vacates life sentence of wrongfully convicted man
MIAMI (AP) - A judge in Miami has vacated the life sentence of a 55-year-old Black man who prosecutors said was wrongfully convicted because of mistaken identity in 1991.
Thomas “Jay” Raynard James said he felt “real good” as he left the courtroom Wednesday morning, flanked by his attorneys and family. He was convicted of the 1990 death of Francis McKinnon, largely on the identification by an eyewitness who told jurors she watched him gun down her stepfather during a robbery in his Coconut Grove apartment.
State Attorney Katherine Fernandez Rundle filed a 90-page motion seeking to have the sentence vacated after years of unsuccessful reviews of the case.
In the motion, prosecutors said, “what appears to be a chance coincidence that the defendant, Thomas Raynard James, had the same name as a suspect named by witnesses and anonymous tipsters ... led to the defendant’s photograph being included in a lineup, and set in motion a mistaken identity.”
James, who was 23 when he was convicted, was expected to be released after paperwork was completed Wednesday.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/28/judge-vacates-life-sentence-wrongfully-convicted-man/ | 2022-04-28T07:34:51Z |
Life-Saving Award: Officer recognized for saving teen suffering cardiac arrest at school
HASTINGS, Neb. (Gray News) - Police in Nebraska are honoring an officer for her life-saving actions when she helped save a teen who went into cardiac arrest.
The Hastings Police Department said Officer Emily Ostdiek jumped into action when she noticed an unresponsive student in the cafeteria at Hastings High School on March 14.
Ostdiek said she followed her training and applied an AED to the 15-year-old student. She delivered a shock to the student prior to medical assistance arriving.
The student was then transported to Mary Lanning Hospital and taken by helicopter to the Children’s Hospital.
Authorities said medical personnel found that the student was in cardiac arrest and the AED shock was life-saving for the 15-year-old.
On Wednesday, Officer Ostdiek earned the Hastings Police Department’s Live Saving Award for her heroic actions and saving a life.
Hastings police said if it was not for her response or actions, the situation could have had a tragic outcome.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/04/28/life-saving-award-officer-recognized-saving-teen-suffering-cardiac-arrest-school/ | 2022-04-28T07:34:58Z |
Ohio officer pulled from duty after woman killed in hit-and-run
COLUMBUS, Ohio (WSYX) - An Ohio police officer has been relieved of duty pending an investigation into a deadly hit and run. The victim’s family says they’ve been left desperate for answers about the incident from police.
Naimo Abdirahman, 26, was struck and killed in a hit-and-run in the early morning of April 20 in Columbus, Ohio. Her family is desperate for answers and for transparency from police.
“It’s definitely been, kind of like, a shock factor for all of us and our entire family,” said Abdirahman’s cousin, Samira Shire. “And post what had happened, what’s been harder after that is just not having answers.”
The family says police didn’t identify Abdirahman or notify them until days after the accident, leaving them frustrated, upset and confused.
Police say there was a lag time because they could not identify the victim. But according to family, the coroner’s office reached out to them early Friday.
“It’s honestly just very disappointing,” Shire said. “We’re hoping that, following this, having more transparency with exactly what had happened and the details of that but also why that information was withheld, so that doesn’t happen to anyone else in the future.”
Columbus Police Officer Demetris Ortega has been connected to the accident and has been relieved of duty pending the investigation. Police say the car involved in the hit-and-run, a 2022 Kia Sorento, belongs to Ortega, and they were able to trace it back to him because of a tip from a caller.
Police have not said if or how Ortega was involved in the accident.
Witnesses say a female was driving the car, and a male passenger briefly got out after the accident to check on Abdirahman before the two left the scene.
“We don’t know who was driving that car right now. We know that there was possibly a male and a female from witness statements. This investigation is extremely early for us to make that determination,” said Assistant Chief Greg Bodker with Columbus Police.
No suspects have been named in the case, and no charges have been filed.
Copyright 2022 WSYX via CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/28/ohio-officer-pulled-duty-after-woman-killed-hit-and-run/ | 2022-04-28T07:35:04Z |
Police: Customer arrested after stabbing Jimmy John’s employee over sandwich order
HIGH POINT, N.C. (Gray News) - Police in North Carolina are investigating a stabbing that occurred earlier this week at a local fast-food restaurant.
The High Point Police Department said officers were called to a Jimmy John’s location on Main Street Monday night with reports of an employee who was stabbed.
Police said customer Demetris Holeman, 45, came to the store to complain about her order that evening. She then threw several items at an employee and stabbed her with an edged weapon.
According to police, workers told them that Holeman was known to staff and had previously been refused service.
Authorities said the 16-year-old female employee was taken to Moses Cone Hospital for treatment.
High Point police said Holeman was later arrested at her home and is facing charges that include assault with a deadly weapon and injury to real property for the damages to the store.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/04/28/police-customer-arrested-after-stabbing-jimmy-johns-employee-over-sandwich-order/ | 2022-04-28T07:35:11Z |
Virginia lawmakers complete veto session
Published: Apr. 27, 2022 at 9:01 PM EDT|Updated: 6 hours ago
RICHMOND, Va. (WDBJ) - Members of the Virginia Senate adjourned shortly after 8 p.m. Wednesday, ending the reconvened session of the General Assembly.
Members of the House of Delegates completed their work about 20 minutes earlier.
Lawmakers returned to Richmond to act on vetoes and amendments proposed by Governor Glenn Youngkin following the regular session.
That included proposed changes to more than 100 pieces of legislation.
All of the bills had bipartisan support when they passed earlier this year, and some Republicans joined Democrats in turning back some of the Governor’s amendments.
Lawmakers upheld all of Youngkin’s 26 vetoes.
Copyright 2022 WDBJ. All rights reserved. | https://www.whsv.com/2022/04/28/virginia-lawmakers-complete-veto-session/ | 2022-04-28T07:35:20Z |
Wayne on Main concert series back for the summer
WAYNESBORO, Va. (WHSV) - Wayne on Main is back by popular demand in downtown Waynesboro. Spencer Hatcher and the Ol’ Son Gang kicked off the monthly, free concert series on Wednesday evening.
It happens right in front of the Wayne Theatre on West Main Street on the last Wednesday of each month from 6 p.m. to 8 p.m. The street gets closed down too, so you can grab a chair and enjoy the music, food trucks, and drinks.
Tracy Straight, the Executive Director of the Wayne Theatre, said Wayne on Main’s first year in 2021 brought some pretty big crowds to the downtown scene and helped get customers in some other downtown businesses too.
”[Last year] ranged from 50 to 300 people. It grew,” Straight said. “It’s on Wednesday nights throughout the summer, so hopefully that doesn’t interfere with people’s weekends and it’s just a nice time to come out and enjoy some live music. You can get over the hump and get through the week.”
The Wayne Theatre will also take the time to highlight what’s new at the theatre during the event, like workshops or classes.
No tickets are necessary and it is a “pay what you will” event. Wayne on Main runs through September.
2022 Lineup:
May 25: The Judy Chops
June 29: Don’t Look Up
July 27: Feehan Brothers
Aug 31: Prime
Sept 28: Sundried Opossum
For more information on Wayne on Main, click here.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/28/wayne-main-concert-series-back-summer/ | 2022-04-28T07:35:27Z |
MEDELLÍN, Colombia , April 27, 2022 /PRNewswire/ -- Bancolombia S.A. (NYSE: CIB) announces that it has filed its annual report on Form 20-F for the year ended December 31, 2021 with the U.S. Securities and Exchange Commission – SEC.
The annual report can be downloaded from the SEC website www.sec.gov and in the following days will also be made available on Bancolombia's website in the Investor Relations section.
If you need a hard copy of our Form 20-F, please contact IR@bancolombia.com.co.
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SOURCE Bancolombia S.A. | https://www.whsv.com/prnewswire/2022/04/27/bancolombia-sa-announces-filing-2021-annual-report-form-20-f/ | 2022-04-28T07:35:33Z |
VALCOURT, QC, April 27, 2022 /PRNewswire/ - BRP Inc. (TSX: DOO) (NASDAQ: DOOO) (the "Company") announces that its annual general meeting of shareholders (the "Meeting") will be held on Friday, June 3, 2022 at 11:00 a.m. EDT and will be conducted by live webcast.
The Company is holding the Meeting as a completely virtual meeting, where shareholders regardless of geographic location and equity ownership will have an equal opportunity to attend. Registered shareholders and duly appointed proxy holders are strongly encouraged to vote their shares in advance of the Meeting as described in the Company's Management Information Circular posted concurrently herewith on BRP.com, on SEDAR and on EDGAR, or to vote virtually at the Meeting online. Voting results for each of the resolutions will be announced after the Meeting and reported on SEDAR.
Shareholders who wish to participate online can go to https://web.lumiagm.com/487733544 and click "I have a login" and then enter the 15-digit control number located on their form of proxy and the password "brp2022". Anyone can join the Meeting as a guest by clicking on "Guest" and completing the online form. Guests will be able to listen to the Meeting but will not be able to vote or ask questions.
Following the Meeting, the webcast of the Meeting will be accessible on the Company's website at BRP.com until next year's annual meeting of shareholders.
Registered shareholders and duly appointed proxy holders will also be entitled to submit questions to the Company in advance of the Meeting by email at BRPAGA2022@brp.com, and during the Meeting through the platform available at https://web.lumiagm.com/487733544, which questions will, subject to certain verifications by the Company, be addressed at the Meeting. Questions sent in advance by e-mail must be provided by no later than 11:00 a.m. (Eastern time) on June 1, 2022, or if the Meeting is postponed or adjourned, by no later than 48 hours prior to the time of such postponed or adjourned meeting (excluding Saturdays, Sundays and holidays).
About BRP
We are a global leader in the world of powersports vehicles, propulsion systems and boats built on 80 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on and off-road vehicles, Alumacraft, Manitou, Quintrex boats and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$7.6 billion from over 120 countries, our global workforce is made up of almost 20,000 driven, resourceful people.
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, Stacer, Savage, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
Caution concerning forward-looking statements
Certain statements included in this press release are "forward-looking statements" within the meaning of Canadian and United States securities laws, including statements that are not historical facts. Forward-looking statements are typically identified by the use of terminology such as "may", "will", "would", "should", "could", "expects", "forecasts", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "outlook", "predicts", "projects", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, and are subject to important risks and uncertainties, both general and specific, made by the Company in light of its experience and perception of historical trends. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Forward-looking statements are subject to numerous factors, many of which are beyond BRP's control, including the risk factors disclosed previously and from time to time in BRP's filings with the securities regulatory authorities in each of the provinces and territories of Canada and the United States, available on SEDAR at sedar.com or EDGAR at sec.gov, respectively. The forward-looking statements contained in this press release represent BRP's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, BRP disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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SOURCE BRP Inc. | https://www.whsv.com/prnewswire/2022/04/27/brp-announces-annual-general-meeting-will-be-conducted-by-live-webcast/ | 2022-04-28T07:35:40Z |
MEXICO CITY, April 27, 2022 /PRNewswire/ -- Genomma Lab Internacional, S.A.B. de C.V. (BMV: LAB B) ("Genomma Lab" or "the Company"), today announced its results for the first quarter ended March 31, 2022. All figures included herein are stated in nominal Mexican pesos and have been prepared in accordance with International Financial Reporting Standards (IFRS).
The following tables provide an abridged Income Statement, in millions of Mexican pesos. The margin for each figure represents its ratio to net sales and the percentage change in the first quarter 2022 as compared with the same period in 2021:
Highlights
- Q1-2022 Sales increased by Ps. 467.2 million; +13.2% year-on-year
- Q1-2022 EBITDA closed at Ps. 826.6 million; a +14.1% increase year-on-year
- Cash & Equivalents closed at Ps. 1.55 billion as of March 31, 2022
- Q1-2022 Net Debt to EBITDA ratio closed at 1.17x
- Capex Investments for the three months ended March 31, 2022 reached Ps. 59.7 million.
For a full version of Genomma Lab's First Quarter 2022 Earnings Release, please visit: https://inversionistas.genommalab.com/en/financial-information
CONFERENCE CALL INFORMATION:
Genomma Lab will host a conference call on Thursday, April 28, 2022 to discuss these results at 11:00 a.m. Eastern Time / 10:00 Central Time (Mexico City Time).
To access the call, please dial:
+1 877-407-0784 (From within the U.S.)
+1 201-689-8560 (From outside the U.S.)
If you would prefer to receive a call rather than dialing in, please register via the following link. Please use this option 10-15 minutes prior to conference call start time: Call Me Link
Participants who do not wish to be interrupted to have their information gathered may have provider dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.)
Webcast:
There will also be a live Audio Webcast of the event at: Genomma's First Quarter 2022 Earnings Call
Replay:
+1 844-512-2921 (U.S.)
+1 412-317-6671 (International)
Replay ID: 13729391
Available until May 5, 2022
About
Genomma Lab Internacional, S.A.B. de C.V. is one of the leading pharmaceutical and personal care products companies in Mexico with an increasing international presence. Genomma Lab develops, sells and markets a broad range of premium branded products, many of which are leaders in the categories in which they compete in terms of sales and market share. Genomma Lab relies on the combination of a successful new product development process, a consumer-oriented marketing, a broad retail distribution network and a low-cost, highly flexible operating model.
Genomma Lab's shares are listed on the Mexican Stock Exchange under the ticker "LAB B" (Bloomberg: LABB:MM).
Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans as a result of the COVID-19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products attained by competitors; challenges inherent in new product development; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws; changes in behavior and spending patterns of purchasers of products and services; financial instability of international economies and legal systems and sovereign risk. A further list and descriptions of these risks, uncertainties and other factors can be found within the Company's related filings with the Bolsa Mexicana de Valores. Any forward-looking statement made in this release speaks only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Genomma Lab Internacional, S.A.B. de C.V. | https://www.whsv.com/prnewswire/2022/04/27/genomma-lab-internacional-reports-first-quarter-2022-results/ | 2022-04-28T07:35:46Z |
SAN FRANCISCO, April 27, 2022 /PRNewswire/ -- Golden Gate Global, an award-winning EB-5 immigrant investment regional center, is delighted to announce the appointment of its Managing Director, Mr. Eren Cicekdagi for 3 more years to the Board of Directors of Invest In the USA (IIUSA). Since 2005, IIUSA has been the national membership-based not-for-profit EB-5 industry trade association. The election took place on April 12, 2022 at IIUSA's Forum in Orlando, Florida.
IIUSA members benefit from access to tools, networking opportunities, educational events, and insights into the latest trends in the EB-5 industry. For nearly two decades, IIUSA has served as the unifying voice of the EB-5 industry, representing and connecting thousands of diverse stakeholders who contribute billions of dollars of economic development and job growth in the United States through EB-5 investment.
In the last 8 years at Golden Gate Global, Eren Cicekdagi has directed investment operations, legal, compliance, investor relations, and business development processes. As Managing Director of Operations, Eren Cicekdagi works closely with investors, leading them through the EB-5 immigration investment program and facilitating new EB-5 projects with real estate developer partners. In parallel, over the past three and a half years, Mr. Cicekdagi has served as a member of the IIUSA Board of Directors, culminating with the reauthorization of the EB-5 Regional Center Program until September of 2027.
IIUSA, and its executive director, board members, officers, and staff were instrumental in the negotiations with the U.S. Congress, which resulted in the latest EB-5 bill (also known as the EB-5 Reform and Integrity Act of 2022) and its integrity measures.
With the enactment of this new legislation, the EB-5 Regional Center Program will be strengthened while maximizing the economic benefit to the United States. This new phase brings opportunities for the further development of the industry. IIUSA now looks to activate its network of industry professionals towards working out technicalities in EB-5 and educating members and partners on the practical implications and compliance regime of those laws.
Eren Cicekdagi expressed the gratitude for the re-election: "I am thrilled to be recognized for the past work and humbled by the support shown by my fellow members who continually inspire me to act on what is best for the EB-5 Regional Center Program, to advocate for the American jobs it creates, and to serve our immigrant investor families in the most efficient and secure way."
About Golden Gate Global
Golden Gate Global is an award-winning regional center operator headquartered in San Francisco, California. Established in 2011, Golden Gate Global has been offering institutional quality real estate projects with partners such as Lennar Corporation, JMA Ventures, Sacramento Kings, and Signature Development Group to EB-5 investors from all over the world. Golden Gate Global enjoys a 100% USCIS project approval rate and has been successful servicing over 1,300 EB-5 investors.
For more information: +1 (415) 986-8888 / info@3gfund.com / www.3gfund.com
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SOURCE Golden Gate Global | https://www.whsv.com/prnewswire/2022/04/27/golden-gate-globals-eren-cicekdagi-re-elected-iiusa-board-directors/ | 2022-04-28T07:35:53Z |
Company highlights strong year over year growth in loan originations, return to profitability on an annual basis, and provides update on Post-Pandemic Growth Plan.
- Total loan originations reached US$161.5 million in 2021, representing an increase of more than 90.3% over 2020 and surpassing all previous annual loan origination figures in the history of the Company.
- Total loans under management increased 72.5% in 2021 to $119.5 million over 2020 ($69.3 million) driven primarily by an increase of 109.4% in the servicing portfolio over 2020.
- Servicing and fee revenue increased 89.8% to $10.1 million in 2021 from $5.3 million in 2020.
- Continued to support the future growth in loan originations as evidenced by an increase in adjusted operating expenses of 15.9% to $11.0 million in 2021 compared to $9.5 million in 2020.
- Achieved net earnings of $3.7 million on an IFRS basis in the year.
MONTREAL, April 27, 2022 /PRNewswire/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today its results for the year ended December 31, 2021.
"IOU Financial delivered on its 3 main goals for 2021: growing loan origination volumes to pre-pandemic levels, achieving a return to profitability on an annual basis, and laying the groundwork for scalable growth for years to come," said Robert Gloer, President and CEO. "We are proud of the team's performance in 2021 and even more excited about the opportunities ahead."
IOU Financial originated a total of US$161.5 million in loans in 2021, representing an increase of 90.3% over the previous year, surpassing pre-pandemic levels and establishing a new high-water mark in its 12-year history. The Company attributes a significant portion of its strong growth in loan originations to its successful transition from a balance sheet strategy (under which the Company traditionally funded loans to its balance sheet) to a marketplace strategy under which new loan originations are primarily being sold to institutional purchasers.
"IOU's marketplace strategy allowed the Company to originate significantly more volume in 2021 than would have previously been possible under the financial limitations of a balance sheet strategy," added Gloer. "This has proven to be a win-win that has in turn given us the financial latitude to repurchase approximately $3.7 million in convertible debentures in 2021 and invest in strategic growth initiatives as part of our Post-Pandemic Growth Plan."
Operating expenses, on an adjusted basis, increased 15.9% to $11.0 million in 2021 vs. 2020 by investing in innovation and resources as part of its Post-Pandemic Growth Plan.
"Our investments in strategic growth areas were designed to lay the groundwork for future growth and scalability, and we already started to see the initial benefits of these investments in 2021.", added Gloer.
The Company's Post-Pandemic Growth Plan, first announced as part of its Q1 2021 Financial Results, is based on 3 strategic pillars that lay the groundwork for future scalability and growth:
- Technology innovation: The company announced major developments for its proprietary IOU360 platform including the introduction of new service portals for internal reporting and legal services in 2021 as well as the upcoming development of new service portals for Brokers, Product Development, Merchants and Investors, all designed to support greater efficiencies and the long-term scalability of the business.
- Product expansion: The Company launched its first new lending product, the IOU Financial Cash-Back Loan, in August 2021 – an industry first resulting in increased brand awareness and demand; the IOU Financial 24-Month Loan – launched in November 2021 – further supports these goals. Additional product innovations are planned and will be enabled by further development of the IOU360 platform in 2022.
- Product distribution: The Company continues to expand its wholesale (IOU Financial) and retail (ZING Funding) distribution strategies to maximize its exposure to the economic recovery through both channels. ZING Funding was launched in June of 2020 and contributed $1.1 million in referral fee revenue in 2021.
IOU Financial's strong 2021 loan originations and progress towards its strategic goals demonstrate the Company's ability to continue capitalizing on the economic recovery and create value for investors by capitalizing on its marketplace strategy and investing in areas that support scalable growth.
OUTLOOK
In the first quarter ending March 31, 2022, IOU originated US$59.6 million in loans and set a new quarterly loan origination record in its history. For all of 2022, the Company is targeting loan originations in the range of US$220M to US$260M while continuing to invest in growth and scalability.
FINANCIAL HIGHLIGHTS
The Company continues to focus on its marketplace strategy allowing it to accelerate loan origination growth. This strategy has the impact of placing more emphasis on servicing and fee revenue over interest revenue and cost of revenue associated with holding loans as part of a loan portfolio. Interest revenue decreased as the principal loan portfolio balance continues to wind down while servicing and fee revenue increased consistent with the increase in loan origination volume as well as the increase in the servicing portfolio.
Due to the wind down of the loan portfolio, there is nominal interest expense associated with the financing credit facilities in 2021 as IOU's two financing credit facilities were terminated in December 2020 and October 2021, respectively. Interest expense has decreased in 2021 as the Company was able to use its financial resources to repurchase approximately $3.7 million its convertible debentures in 2021.
In addition, the marketplace strategy will render the provision for loan losses irrelevant and IOU will continue to focus on cash collections on the remaining portfolio which may give rise to reversals in the provision for loan losses and recoveries of loans previously written off.
Please refer to the table below for adjustments made to IFRS gross revenue and operating expenses in order to better reflect the actual operating performance of the business.
Loan Originations: In 2021, the Company funded US$161.5 million in loans (2020: US $84.9 million), representing an increase of 90.3% over the same period last year.
Interest Revenue: Interest revenue decreased 91.7% to $1.0 million in 2021 from $11.8 million in 2020. The principal balance of the loan portfolio decreased 82.2% to $2.6 million in 2021 from $13.5 million in 2020 consistent with the transition to the marketplace strategy.
Servicing and fee revenue: Servicing and fee revenue increased 89.8% to $10.1 million in 2021 from $5.3 million in 2020. More specifically, servicing and fee revenue growth in 2021 over 2020 is attributable to the following:
- Service fees earned on the servicing portfolio increased $2.3 million or 61.4% over 2020 as the average servicing portfolio increased by 47.3% over 2020.
- Referral fee revenue earned by IOU's retail distribution operation (ZING Funding) increased to $1.1 million in 2021 from $0.5 million in 2020 as it facilitated approximately US$15.3 million in loan origination volume in 2021, representing an increase of 34.2% over 2020 (US$11.4 million).
- Administrative and other fees earned on the servicing portfolio increased $0.5 million to $0.9 million in 2021 over 2020.
- Accelerated recognition of transaction costs on loans sold. This represents income earned on loans after taking into consideration loan origination sales costs. This income category increased by $1.4 million or 202.5% over 2020 as loan origination volume increased to US$161.5 million in 2021 from US$84.9 million in 2020.
Adjusted gross revenue: Adjusted gross revenue decreased to $11.1 million (2020: $17.1 million), representing a decrease of 35.3% for the year ended December 31, 2021 compared to the same period in 2020.
Adjusted Net Revenue: Increased 68.9% to $10.7 million in 2021 compared to $6.3 million in 2020 due mainly to an increase in servicing and fee revenue of 89.8% and to decreases in interest expense of 54.3% to $1.3 million (2020: $2.8 million) and net recovery for loan losses of $0.9 million in 2021 compared to a net provision for loan losses in 2020 of $8.0 million. These decreases are attributable to the transition to a marketplace strategy which led to the discontinued use of financing credit facilities and a reduction of convertible debentures.
Adjusted Operating Expenses: Increased 15.9% to $11.0 million in 2021 compared to $9.5 million in 2020 mainly due to an increase in wages and salaries and data and IT costs as the Company continues to support the future growth in loan originations by investing in innovation and resources as part of its 2021 Post-Pandemic Growth Plan .
Adjusted Net Loss: IOU closed on its year ended December 31, 2021 with an adjusted net loss of $0.3 million compared to adjusted net loss of $3.2 million for the year ended December 31, 2020.
IFRS Net Earnings (Loss): IOU closed on its year ended December 31, 2021 with IFRS net earnings of $3.7 million, or $0.04 per share, compared to IFRS net loss of $(2.8) million or $(0.03) per share for the same period in 2020.
Adjusted and IFRS net earnings (loss)
IOU's financial statements and management discussion & analysis for the year ended December 31, 2021 have been filed on SEDAR and are available at www.sedar.com.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by originating in excess of US$1 billion in loans to fund small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF. To learn more about IOU Financial's corporate history, financial products, or to join our broker network please visit www.IOUFinancial.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IOU including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Financial Measures
The Company uses certain non-IFRS financial measures as an alternative method to evaluate performance. These measures include adjusted gross revenue, adjusted net revenue, adjusted operating expenses, non- recurring gains and losses, adjusted net earnings (loss), adjusted net earnings (loss) per share. These financial measures may not be comparable to similar measures used by other issuers. The definitions for certain non-IFRS financial measures are provided below
Definitions
- Adjusted gross revenue is defined as gross revenue prepared in accordance with IFRS for the period, plus amortization of servicing assets less gain on sale of loans. The Company uses adjusted gross revenue as another measure of financial performance. Specifically, it eliminates the non-cash gain on sale of loans and the non-cash amortization of servicing assets which influence operating results depending on the timing and amount of the loan sales.
- Adjusted net revenue is defined as adjusted gross revenue less cost of revenue.
- Adjusted operating expenses is calculated as follows: total operating expenses prepared in accordance with IFRS for the period less: stock-based compensation and non-recurring costs, plus non-recurring gains. The Company uses adjusted operating expenses as another measure of financial performance. Specifically, it eliminates non-cash stock-based compensation which is given at different times and prices and non-recurring costs and gains which affects operating results only periodically.
- Non-Recurring Gain-net refers to adjustments to remove the impacts on operating expenses which are not incurred in the normal course of business and can fluctuate at different times and at various amounts.
- The calculation of adjusted net (loss) earnings is defined as net (loss) earnings for the period prepared in accordance with IFRS less: non-cash gain on sale of loans and non-recurring gains, plus: non-cash amortization of servicing assets, stock-based compensation and non-recurring costs.
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SOURCE IOU Financial Inc. | https://www.whsv.com/prnewswire/2022/04/27/iou-financial-inc-reports-financial-results-year-ended-december-31-2021-breaks-all-time-record-annual-loan-originations/ | 2022-04-28T07:36:00Z |
LOS ANGELES, April 27, 2022 /PRNewswire/ -- Kawanna Leggett, Ed.D., an accomplished, nationally recognized justice-oriented student development leader, will be Loyola Marymount University's next senior vice president for student affairs, the university announced today.
Complementing her comprehensive credentials in student affairs leadership at six elite, top-ranked colleges and universities across the country, SVP Leggett brings to LMU a strong commitment to collaborating with academic colleagues as part of an integrated approach to delivering the student experience. Most recently, she served as associate vice chancellor of student affairs at Washington University in St. Louis.
"Dr. Leggett leads with integrity and compassion, exemplifying LMU's mission and values," said Executive Vice President and Provost Tom Poon. "Her dedication to whole-person education and championing an inclusive student experience will propel our efforts as we work together to create the world we want to live in."
At Washington University, Leggett oversaw Residential Life and Housing, Conference Services, Student Transitions and Family Programs, and the Faculty Fellows in Residence Program. She was responsible for a budget of $54 million, housing for 5,300 students, and management of 41 central staff employees, 70 housekeepers, and more than 150 student staff. Prior to that, she served as interim associate vice chancellor for Student Transition and Engagement and dean of students, where her portfolio included Fraternity and Sorority Life, Student Involvement, Student Conduct and Community Standards, and the First Year Center, among others.
Previously, Leggett served as the director of Residential Education at UC Berkeley, where she led the development of strategy, goals, and objectives for residential education through inclusive and diverse student residence programming and operations. Forging robust relationships, Leggett successfully collaborated to enhance a range of initiatives, which included improving their living-learning communities, advancing theme housing programs, addressing housing occupancy growth, and improving emergency operations response.
Prior to that role, Leggett was instrumental in caring for student residents by handling sensitive issues related to alcohol and drug use, campus climate, and mental health crises. Working closely with the NYU Global Affairs team, she helped support the student life experiences of NYU Shanghai and NYU DC.
"I am excited by the opportunity to serve the LMU community because of the university's commitment to academic excellence, spiritual growth, and social justice," Leggett said. "LMU's rich Catholic, Jesuit, and Marymount tradition of educating the whole person also reflects the innovative, dynamic, and diverse nature of the city, community, and region."
Senior Vice President Leggett's first day will be June 27, 2022. She was chosen after a nationwide search to replace Elena M. Bove, Ed.D., who retired in January.
SVP Leggett earned her Doctor of Education from the University of Missouri, St. Louis, her Master of Education at the University of Arkansas, and a bachelor's degree in political science from Clemson University.
She has been honored with the Washington University Culture of Care Award in 2021, the UC Berkeley Residential and Student Services Programs SPOT Award in 2016, and the NYU Staff Give a Violet University Award in 2015.
About Loyola Marymount University
Loyola Marymount University is an elite top-ranked national university by U.S. News and World Report, which places LMU among the top five Jesuit universities in the country and in the top six private universities in California. Founded in 1911, LMU is a Catholic, Jesuit, and Marymount university with more than 6,500 undergraduate students and more than 3,000 graduate and law students. LMU offers 60 undergraduate majors and 56 minor programs, along with 49 master's degree programs, three doctorate programs and 14 credential/authorization programs. LMU's intercollegiate athletics teams compete in the West Coast Conference with 20 Division I and varsity sports.
LMU news and events are found at: www.lmu.edu/news.
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SOURCE Loyola Marymount University | https://www.whsv.com/prnewswire/2022/04/27/lmu-names-kawanna-leggett-senior-vice-president-student-affairs/ | 2022-04-28T07:36:07Z |
CALGARY, AB, April 27, 2022 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") reported its financial and operational results for the full year and fourth quarter ended December 31, 2021. All financial information in this press release is reported in millions of Canadian dollars and represents results from continuing operations unless otherwise indicated.
The Company will hold a conference call and webcast at 10:30 a.m. EDT (8:30 a.m. MDT) on Thursday, April 28, 2022. Please see the dial-in details within the release and additional details on Sundial's website at www.sndlgroup.com.
This press release is intended to be read in conjunction with the Company's Financial Statements and Notes for the period and the accompanying Management's Discussion and Analysis ("MD&A"). These reports are available under the Company's profile on SEDAR at www.sedar.com along with the Company's Form 20-F, which have also been filed on EDGAR at www.sec.gov/edgar.shtml.
Sundial has also posted a supplemental investor presentation on its website and a Letter to Shareholders from Sundial's CEO, Zach George. Both can be found at https://sndlgroup.com/investors.
- Net revenue for 2021 of $56.1 million, a decrease of 8% over the previous year. Net revenue for the fourth quarter of 2021 was $22.7 million, an increase of 63% over the fourth quarter of 2020.
- Gross margin improvement to a loss of $7.0 million for 2021, compared to a loss of $49.9 million in the previous year, due to a lower inventory impairment provision and a more favorable sales mix of higher-margin products. Gross margin loss of $2.5 million for the fourth quarter of 2021, compared to a loss of $4.7 million in the fourth quarter of 2020.
- Net loss from continuing operations of $230.2 million for the full year 2021 compared to $206.3 million loss in the previous year. The 2021 net loss from continuing operations includes $182.3 million of non-cash items, including asset impairment ($60 million), unrealized losses on investments in marketable securities ($44.5 million), and fair value charges on derivative warrants ($77.8 million). Net loss from continuing operations of $54.8 million for the fourth quarter of 2021, compared to a loss of $64.1 million in the fourth quarter of 2020.
- Record Adjusted EBITDA from continuing operations of $32.1 million for the full year 2021, compared to an Adjusted EBITDA loss of $25.6 million in the previous year. Adjusted EBITDA of $18.4 million for the fourth quarter of 2021, compared to an Adjusted EBITDA loss of $5.6 million in the fourth quarter of 2020.
- $1.1 billion of cash, marketable securities, and long-term investments, $558.3 million of unrestricted cash and no outstanding debt at December 31, 2021. $377.7 million of unrestricted cash and no outstanding debt at April 25, 2022.
- 2021 investment and fee revenue of $13.1 million, $32.9 million in share of profit from equity accounted investees and net unrealized losses on marketable securities of $44.5 million, driven primarily by declines in the share prices of Sundial's investments in Village Farms International, Inc. and The Valens Company Inc.
- Acquired Inner Spirit Holdings Ltd. ("Inner Spirit" or "Spiritleaf" and the Spiritleaf retail network) on July 20, 2021, and Alcanna Inc. ("Alcanna") on March 31, 2022, creating the largest private sector cannabis and liquor retail network in Canada.
"2021 was a transformational year for Sundial. We increased the sustainability of our business model, establishing a strong balance sheet, positive Adjusted EBITDA results, and significant improvements in gross margin," said Zach George, Chief Executive Officer of Sundial. "We continue to focus on improvements to our supply chain and manufacturing processes, against a competitive and challenging operating environment in Canada. Sundial is working to become a leading regulated product platform through leveraging consumer insights and innovation to deliver best-in-class products. We are beginning to see positive momentum across all of our key operating segments and remain committed to our goal of becoming free cash flow positive within the 2022 calendar year."
The Company's Cannabis operations comprise two segments: cannabis cultivation and production, and cannabis retail.
CANNABIS CULTIVATION AND PRODUCTION
Sundial remains focused and committed to optimizing its cultivation and processing activities.
- Continuous improvement of all aspects of cultivation and processing production has supported Sundial's commitment to cultivation excellence in 2021. Sundial's average weighted potency achieved on flower lots fully tested in Olds set a record in the fourth quarter of 2021 at 22.4% THC potency. In January 2022, the Company's yield was up 58% or 61 grams per square feet versus January 2021 and its average weighted potency results based on flower lots fully tested were at 23.3%.
- Cost of sales for cannabis cultivation and production decreased significantly in 2021 from $51.7 million to $41.0 million reflecting the effects of Sundial's cost optimization efforts, offset by revenue reductions.
- Through a comprehensive review of Sundial's portfolio focused on its most profitable and higher margin SKUs, the Company has seen positive results for its premium portfolio:
- Caviar Cones were the number one concentrate SKU at launch in Alberta and British Columbia.
- Subsequent to year end, Caviar Cones remain the highest selling concentrate SKU as measured by SPPD (Sales Per Point of Distribution) within the province of Ontario.
- Subsequent to the year-end, Sundial launched a milled flower product under the Palmetto brand in select provinces. The decision to launch this new product was driven by Sundial's continued portfolio focus on inhalables.
- The net book value of Sundial's facility in Olds at December 31, 2021, was $29.9 million or $66.73 per square foot, well below replacement cost.
NET REVENUE FROM CULTIVATION AND PRODUCTION
Net revenue from cultivation and production operations for the year ended December 31, 2021, was $40.0 million compared to $60.9 million the previous year, reflecting oversupply, price compression, and the Company's comprehensive portfolio review and SKU rationalization. For the fourth quarter of 2021, net revenue from cultivation and production operations was $12.8 million compared to $13.9 million in the prior year. Wholesale sales to licensed producers were also reduced in 2021 to $9.8 million from $18.0 million in 2020 as the Company concentrated its sales efforts on retail sales.
NET SELLING PRICE
For the year ended December 31, 2021, the average net selling price was $2.22 per gram equivalent compared to $2.59 for the year ended December 31, 2020. The decrease of $0.37 per gram equivalent was mainly due to lower prices for provincial board sales, partially offset by slightly higher prices for sales to other licensed producers and higher prices for a small amount of medical sales. Provincial board sales prices have decreased due to the continued growth of the discount segment and undersupply of available quality products. For the fourth quarter of 2021, the average net selling price was $2.45, an increase of 28% from the previous year mainly due to the rise in prices for sales to other licensed producers and reduced inventory monetization transactions, partially offset by lower prices for provincial board sales.
REVENUE BY FORMATS
In the full-year 2021, gross revenue from Sundial's formats was:
GROSS MARGIN
Gross margin for the year ended December 31, 2021, was negative $15.5 million compared to negative $49.9 million for the year ended December 31, 2020. The increase of $34.4 million was due to a lower inventory impairment provision compared to the prior period as well as Sundial's ongoing focus on cost optimization, reduction of harvested inventory subject to potential impairment, and offering the most competitive and profitable strains and brands to its customers against the backdrop of industry-wide price compression and high relative operating costs at our state-of-the-art facility. This demonstrates substantial progress towards the Company's goal of sustainable positive gross margins that is critical to Sundial's success.
CANNABIS RETAIL
The Company's retail network creates an opportunity to own the relationship with cannabis consumers and showcase both Sundial's branded products and the best offerings from other Canadian licensed producers.
- Gross margin for retail operations for the period from July 20, 2021 to December 31, 2021, was $8.5 million dollars.
- As of April 25, 2022, the Spiritleaf store count is 104 (20 corporate stores and 84 Franchise stores). Spiritleaf celebrated its 100th store opening on July 1, 2021.
- Sundial launched a multi-store pilot program to improve the consumer experience through assortment, price, and engagement, to meet the diverse needs of Canadian cannabis consumers. Subsequent to the year-end, the Company expanded the pilot program from four to 22 stores due to the positive response from concierges and consumers and expects to have it in all Spiritleaf stores by the end of Q2 2022.
- Spiritleaf has launched a private label brand, Spiritleaf Selects, to drive traffic to stores and generate product exclusivity and differentiation for Spiritleaf. The new brand is expected to increase Sundial's market share in retail products and will further utilize the Company's production capacity. The Spiritleaf Selects concept is a direct result of Sundial's vertically integrated business model.
- Subsequent to the quarter end, Spiritleaf received the Franchisees' Choice Designation for 2022 as part of the Canadian Franchise Association Awards of Excellence.
REVENUE FROM RETAIL
Gross retail revenue from July 20, 2021, to December 31, 2021, was $16.1 million. Cannabis retail revenue comprised $10.2 million of retail cannabis sales to consumers at corporate-owned Spiritleaf retail cannabis stores, $4.3 million of franchise revenue, representing royalty revenue, advertising revenue and franchise fees and $1.6 million of other revenues, such as supply and accessories. Gross revenue for the three months ended December 31, 2021, was $10.0 million, comprised of retail, franchise, and other revenue.
SYSTEM-WIDE RETAIL SALES
System-wide retail sales[1] were $74.9 million from July 20, 2021, to December 31, 2021, and $41.4 million for the fourth quarter. System-wide retail sales represent the aggregate revenue earned by franchised Spiritleaf retail cannabis stores and corporate-owned Spiritleaf retail cannabis stores and do not represent revenues that accrue to the Company. The Company receives all revenues from corporate-owned Spiritleaf retail cannabis stores and royalties and advertising fees in respect of the franchised Spiritleaf retail cannabis store revenue.
Sundial's investment income is classified as income from operations, as investment activities are integral to the Company's operations.
- In 2021, the Company deployed capital into several cannabis-related investments totaling $577.9 million, including $395.6 million to the SunStream Bancorp Inc. joint venture ("SunStream"). In the fourth quarter of 2021, $89.1 million was directed to these investments, including $72.4 million to SunStream. The investment portfolio generated a net $1.6 million in investment income for the full year of 2021, including interest, fees, and gains and losses on marketable securities. Publicly disclosed strategic investments in Village Farms International, Inc. and The Valens Company Inc. resulted in unrealized losses of $64.7 million during 2021. The widespread 2021 decline in market capitalization of cannabis companies provides opportunity to Sundial through the anticipated consolidation of the Canadian industry.
- As at April 25, 2022, Sundial has invested an additional $70.3 million in the SunStream joint venture.
- The Company's portfolio of secured credit-related investments, through direct strategic investments and SunStream, currently generates a weighted-average annualized rate of return from interest of 12.3%.
- Recent developments throughout the North American cannabis industry including merger and acquisition activity, have impacted Sundial's direct cannabis-related investments and the SunStream credit portfolio. Sundial believes that this activity will ultimately result in stronger risk adjusted returns and capital recycling for the SunStream credit portfolio but it has also resulted in the need to delay the previously announced initial public offering of SunStream IVXX, the specialty finance company associated with SunStream. Sundial expects additional portfolio scale and increased certainty of portfolio composition will create a more suitable context for the completion of the initial public offering in the future.
Revenue from investments in the fourth quarter of 2021 was negative $18.8 million, including unrealized losses on marketable securities of $43.8 million, due to fluctuations in share prices from our portfolio of equity cannabis-related investments.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses for the year ended December 31, 2021, were $38.4 million compared to $32.0 million for the year ended December 31, 2020. The increase of $6.4 million was mainly due to increases in salaries and wages due to the Inner Spirit acquisition. General and administrative expenses for the three months ended December 31, 2021, were $11.6 million compared to $6.5 million for the three months ended December 31, 2020.
SALES AND MARKETING EXPENSES
Sales and marketing expenses for the year ended December 31, 2021, were $5.0 million compared to $5.7 million for the year ended December 31, 2020. For the fourth quarter of 2021, sales and marketing expenses were $1.5 million compared to $2.3 million in the previous fourth quarter.
NET LOSS FROM CONTINUING OPERATIONS
Net loss from continuing operations for the year ended December 31, 2021, was $230.2 million compared to a net loss from continuing operations of $206.3 million for the year ended December 31, 2020. The 2021 net loss includes a $60 million non-recurring, non-cash impairment charge on the Olds facility, a $77.8 million non-cash charge for change in estimate of fair value of derivative warrants and a $17.0 million charge for inventory impairment.
ADJUSTED EBITDA FROM CONTINUING OPERATIONS
Adjusted EBITDA from continuing operations was $32.1 million for the year ended December 31, 2021, compared to a loss of $25.6 million for the year ended December 31, 2020. The increase was due to the following:
- Inclusion of interest and fee revenue;
- Inclusion of share of profit of equity-accounted investees; and
- Decrease in cost of sales.
The increase was partially offset by:
- A decrease in net revenue; and
- An increase in general and administrative expenses.
Adjusted EBITDA from continuing operations was $18.4 million for the three months ended December 31, 2021, compared to a loss of $5.6 million for the three months ended December 31, 2020. The increase was due to the following:
- Increase in net revenue including Spiritleaf;
- Inclusion of interest and fee revenue; and
- Inclusion of share of profit of equity-accounted investees.
The increase was partially offset by:
- Increase in cost of sales including Spiritleaf; and
- Increase in general and administrative expenses.
LIQUIDITY POSITION
- Asset value per share at December 31, 2021, including cash, loans, marketable securities, and the Olds facility at net book value was approximately $1.4 billion or $0.61 per share.
- During the year ended December 31, 2021, the Company raised $1.18 billion through a combination of registered direct offerings, warrant exercises and at-the-market offerings.
- As at December 31, 2021, and April 25, 2022, the Company had an unrestricted cash balance of approximately $558.3 million and $377.7 million, respectively, and total common shares outstanding of 2.4 billion at April 25, 2022.
- Sundial is currently under a blackout period in accordance with securities regulations that prohibit the Company from effecting any transactions in Sundial stock until an expected date of May 16, 2022, including launching a buyback program. Cash consideration paid to Alcanna shareholders under the revised Arrangement Agreement amounted to $1.50 per Alcanna share, or approximately $54 million. In comparison to the all share consideration under the original Arrangement Agreement this has the equivalent impact of a share buyback.
- On August 9, 2021, Sundial was notified by Nasdaq that the closing bid price of the Company's common shares for the 30 consecutive business day period from June 25, 2021 to August 6, 2021 did not meet the minimum bid price per share requirement of the Nasdaq. Sundial will regain compliance with this requirement if at any time prior to August 8, 2022, the closing bid price of its shares is at least US$1.00 for a minimum of ten consecutive business days. Sundial continues to monitor market sentiment and developments in the cannabis industry and is committed to the maintenance of its NASDAQ listing. If there is no significant change in market conditions, Sundial intends to implement a reverse share split in the third quarter of 2022, subject to prior shareholder approval which is expected to be obtained at the Company's 2022 Annual General Meeting.
- Sundial's management and Board of Directors will review opportunities to unlock shareholder value through dividending investee securities to Sundial shareholders.
Sundial remains focused on building long-term shareholder value through the accretive deployment of cash resources, the expansion of our retail distribution network, the further streamlining of our operating structure, and the enhanced offering of high-quality brands.
With the Alcanna acquisition subsequent to year-end, Sundial is now Canada's leading regulated products platform, with a strong balance sheet and access to capital. The acquisition is expected to enable Sundial to expand its ownership of the consumer relationship while diversifying and stabilizing revenue streams. The acquisition has increased the Company's cannabis distribution network while enhancing its scale and expertise in retail operations, including liquor. Sundial has commenced and will continue the post-acquisition integration work throughout the remainder of 2022.
Moving forward, the Company will report its financial results under four segments:
- Cannabis Production and Cultivation
- Cannabis Retail
- Liquor Retail
- Investments
Certain specified financial measures in this news release, including adjusted EBITDA from continuing operations and system-wide retail sales are non-IFRS measures. These terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-IFRS financial measures should not be considered in isolation or as an alternative for or superior to measures of performance prepared in accordance with IFRS. These measures are presented and described in order to provide shareholders and potential investors with additional measures in understanding the Company's operating results in the same manner as the management team.
ADJUSTED EBITDA FROM CONTINUING OPERATIONS
Adjusted EBITDA from continuing operations is a non-IFRS measure which the Company uses to evaluate its operating performance. Adjusted EBITDA from continuing operations provides information to investors, analysts, and others to aid in understanding and evaluating the Company's operating results in a similar manner to its management team. Adjusted EBITDA from continuing operations is defined as net income (loss) from continuing operations before finance costs, depreciation and amortization, accretion expense, income tax recovery and excluding change in fair value of biological assets, change in fair value realized through inventory, unrealized foreign exchange gains or losses, unrealized gains or losses on marketable securities, change in fair value of derivative warrants, share-based compensation expense, asset impairment, gain or loss on disposal of property, plant and equipment and certain one-time non-operating expenses, as determined by management.
SYSTEM-WIDE RETAIL SALES
System-wide retail sales is a non-IFRS measure which the Company uses to evaluate the performance of its retail operations. System-wide retail sales represent the aggregate revenue earned by both franchised and corporate-owned Spiritleaf retail cannabis stores and do not solely represent the retail segment's revenue. The Company only receives royalties, advertising and franchise fees in respect of franchised Spiritleaf retail cannabis store revenue. The system-wide retail sales measure is useful to management in evaluating brand scale and market penetration and is used by management to assess the financial and operating performance of the Company and the strength of the Company's market position relative to its competitors.
Sundial will host a conference call and webcast at 10:30 a.m. EDT (8:30 a.m. MDT) on Thursday, April 28, 2022.
WEBCAST ACCESS
To access the live webcast of the call, please visit the following link:
https://services.choruscall.ca/links/sundialgrowers20220428.html
REPLAY
The webcast archive will be available for three months via the link provided above.
A telephone replay will be available for one month. To access the replay dial:
Canada/USA Toll Free: 1-800-319-6413 or International Toll: +1-604-638-9010
When prompted, enter Replay Access Code: 8895#
Sundial is a public company whose shares are traded on Nasdaq under the symbol "SNDL". Its business is reported and analyzed under three segments: Cannabis Production and Cultivation, Cannabis Retail, and Investments. Sundial will add a Liquor Retail segment in the next reporting period, following the acquisition of Alcanna on March 31, 2022.
As a licensed producer that crafts small-batch cannabis using state-of-the-art indoor facilities, Sundial's 'craft-at-scale' modular growing approach, award-winning genetics, and experienced growers set us apart. Sundial's brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto, and Grasslands. Sundial also operates the Spiritleaf retail banner. Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis by offering a premium consumer experience and quality curated cannabis products. Sundial has acquired Alcanna and is now the largest private sector cannabis and liquor retailer in Canada.
Sundial's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the global cannabis industry.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds and Rocky View County, Alberta, Canada. For more information on Sundial, please go to www.sndlgroup.com.
Forward-Looking Information Cautionary Statement
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"), including, but not limited to, statements regarding the Company's cost-cutting initiatives, operational goals, demand for the Company's products, the Company's ability to achieve profitability or its goal of sustainable, positive gross margin and positive free cash flow, the development of the legal cannabis industry, performance of the Company's investments, including through the SunStream joint venture, any potential dividends of investee securities to the Company's shareholders or other forms of unlocking shareholder value, the Company's ability to regain compliance with Nasdaq's minimum bid price requirement, whether by a reverse share split or otherwise, the maintenance of production levels and maintenance or improvement in harvest THC levels (including during the COVID-19 pandemic), the expansion of product offerings and retail networks, expansion of retail pilot programs, introduction and market share impact of the Spiritleaf Selects brand, and the integration and realization of expected benefits of the acquisition of Alcanna.Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "likely", "outlook", "forecast", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Please see "Risk Factors" in the Company's Annual Information Form, which was filed as Exhibit 99.1 to the Company's annual report on Form 40-F with the Securities and Exchange Commission ("SEC") on March 29, 2022, and the risk factors included in our other SEC filings for a discussion of the material risk factors that could cause actual results to differ materially from the forward-looking information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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BEVERLY HILLS, Calif., April 27, 2022 /PRNewswire/ -- Township Capital, LLC ("Township") has partnered with Austin, Texas-based developer/operator Aspen Heights Partners ("Aspen Heights") on three student housing developments. The developments mark the 3rd, 4th, and 5th projects Township and Aspen Heights have partnered on.
Aspen Heights Tampa will be a 67-unit, 315-bed, cottage-style student housing community located in Tampa, FL. Construction at the site has begun, with completion expected to occur in Fall of 2023. The site is located near the University of South Florida ("USF") and will be 1 of only 2 cottage-style properties at USF.
Aspen Heights Bloomington will be a 211-unit, 671-bed, community located in Bloomington, IN. It will be comprised of over 10,000 square feet of amenity space and will be adjacent to a campus shuttle stop, roughly half a mile from Indiana University - Bloomington.
Aspen Heights Buffalo will be a 197-unit, 830-bed, community located near the University at Buffalo. It will be comprised of highly attractive cottage/townhome units. With no additional purpose-built student housing projects in the local pipeline, it is ideally positioned to deliver supply in a market where demand for such housing continues to grow.
"We are proud to be part of these student housing development projects with Aspen Heights. Township remains bullish on student housing and will continue to seek out attractive investment opportunities in this sector," said Matthew Gorelik, CEO at Township Capital.
About Township Capital, LLC
Township Capital, LLC is a leading co-GP real estate investment firm headquartered in Beverly Hills, CA. Founded by CEO Matthew Gorelik in 2014, the firm has experience investing across all major property types with a specialty in student housing, senior living, multifamily, and industrial. For more information on Township Capital, visit: townshipinc.com.
About Aspen Heights Partners
Founded in 2006, Austin-based Aspen Heights Partners has developed over 50 student and multifamily housing projects, totaling more than $2.8 billion in value with an additional $1.9 billion of projects in its pipeline. It has consistently ranked in the top five on student housing development company lists. The firm's best-known project is arguably The Independent, a 685-foot-tall, 363-unit condo tower that's both the tallest residential tower west of the Mississippi River as well as the tallest structure in Austin. For more information, visit: www.ahpliving.com.
CONTACT: Estin Stewart, estewart@townshipinc.com
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SOURCE Township Capital | https://www.whsv.com/prnewswire/2022/04/27/township-capital-announces-new-student-housing-developments-tampa-fl-bloomington-buffalo-ny/ | 2022-04-28T07:36:21Z |
CALGARY, AB, April 27, 2022 /PRNewswire/ - The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.05 per common share payable on July 1, 2022 to shareholders of record at the close of business on June 1, 2022.
The Board of Directors also declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including March 31, 2022 up to but excluding June 30, 2022:
*Please note the quarterly floating rate on the Series B Preferred Shares will be reset every quarter.
All currency is expressed in Canadian dollars except where noted. When the dividend payment date falls on a weekend or holiday, the payment is made the following business day.
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, TransAlta is one of Canada's largest producers of wind power and Alberta's largest producer of hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals.
For more information about TransAlta, visit our web site at transalta.com.
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SOURCE TransAlta Corporation | https://www.whsv.com/prnewswire/2022/04/27/transalta-declares-dividends/ | 2022-04-28T07:36:28Z |
MEXICO CITY, April 27, 2022 /PRNewswire/ -- Volaris* (NYSE: VLRS and BMV: VOLAR), announces the resolutions of the general ordinary annual shareholders meeting held on April 26, 2022.
The general ordinary annual shareholders meeting of the Company authorized all the items of the agenda with the majority of the votes.
A courtesy English translation of the shareholders' meeting resolutions summary are attached as an exhibit.
The information included in this report has not been audited and does not provide any information about the company's future performance. Volaris' future performance depends on a number of factors, and it cannot be inferred that the performance of any period or its comparison with the same period of the previous year is an indicator of similar performance in the future.
About Volaris:
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States, Central and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to more than 188 and its fleet from 4 to 105 aircraft. Volaris offers more than 500 daily flight segments on routes that connect 44 cities in Mexico and 27 cities in the United States, Central and South America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States, Central and South America. Volaris has received the ESR Award for Social Corporate Responsibility for eleven consecutive years. For more information, please visit: www.volaris.com.
For further information, please contact:
Investor Relations Contact:
Félix Martínez / Naara Cortés Gallardo / ir@volaris.com
Media Contact:
Gabriela Fernández / gabriela.fernandez@volaris.com
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (the "Company")
Summary of the Resolutions Adopted by the Annual General Ordinary Shareholders' Meeting held on April 26, 2022.
I. Presentation and, if applicable, approval of the reports referred to article 28, section IV, of the Securities Market Law including the presentation of the financial statements for the year ended on December
31, 2021 and resolutions regarding the performance of the Board of Directors, Committees and Chief Executive Officer of the Company.
The following were presented and approved: (i) the report of the Audit and Corporate Practices Committee in terms of article 43 of the Securities Market Law; (ii) the report of the Chief Executive Officer in terms of article 28, section IV, subsection b) and article 44, section XI of the Securities Market Law, together with the opinion of the external auditor; (iii) the opinion of the Board of Directors on the Chief Executive Officer's report; (iv) the report of the Board of Directors referred to in Article 172, paragraph b) of the General Law of Business Corporations on the principal accounting and information policies and criteria followed in the preparation of the Company's financial information; (v) the report of the Board of Directors referred to in Article 28, Section IV, paragraph e) of the Securities Market Law on the activities and operations of the Company in which said board participated; and (vi) the Financial Statements of the Company and its subsidiaries for the fiscal year ended December 31, 2021, which show a net profit of MXN$2,120,551,000.00 (two billion one hundred twenty million five hundred fifty-one thousand pesos 00/100).
Each and every one of the acts performed by the Board of Directors, by the Audit and Corporate Practices Committee, by the Compensations and Nominations Committee, by the Chairman, by the Chief Executive Officer, by the Secretary, by the Deputy Secretary and by the officers of the Company in the performance of their duties during fiscal year ended December 31, 2021 were ratified and approved and released from all liability derived from the performance of their duties, to which effect they are granted the most extensive severance payment that may be applicable in compliance with the law.
II. Resolutions regarding the allocation of the final results for the fiscal year ended on December 31, 2021.
It was resolved that the net profits of the Company and subsidiaries obtained for the fiscal year ended December 31, 2021, which amount to MXN$2,120,551,000.00 (two billion one hundred twenty million five hundred fifty-one thousand pesos 00/100), be applied to the "retained earnings account" of prior years. Likewise, it was noted that the legal reserve of the Company amounts to MXN$291,178,000.00 (two hundred ninety-one million one hundred seventy-eight thousand pesos 00/100) as of the date of the meeting.
III. Resolutions of (i) the amount that could be allocated to the purchase of Company´s shares in accordance with article 56, section IV, of the Securities Market Law; and (ii) the report regarding the policies
and resolutions adopted by the Board of Directors of the Company, regarding the purchase and sale of such shares.
It was resolved that during the current fiscal year 2022 no resources will be allocated for the purchase of the Company shares.
IV. Appointment and/or ratification of the members of the Board of Directors, of the secretary, Deputy Secretary and principal officers of the Company.
V. Appointment and/or ratification of the chairman of the Audit and Corporate Practices Committee of the Company.
It was approved to ratify Mr. José Luis Fernández Fernández as Chairman of the Audit and Corporate Practices Committee of the Company.
VI. Resolutions regarding the compensation to the members of the Board of Directors, Audit and Corporate Practices Committee, Compensations and Nominations Committee and the secretary of the Board of Directors of the Company.
It was resolved to approve the payment of fees to the Chairman of the Board of Directors, the independent directors, the other Members and Substitutes and the Secretary of the Board of Directors, the members of the Audit and Corporate Practices Committee, the members of the Compensations and Nominations Committee and the members of any other working group that may be constituted to
assist in the activities and functions of the Board of Directors, for each meeting of the Board of Directors and/or the Audit and Corporate Practices Committee and/or the Compensations and Nominations
Committee attended, as follows:
VII. Appointment of delegates who will carry out and formalize the resolutions adopted by this meeting.
The delegates of the meeting were appointed to appear, indistinctly, before any notary public of their choice to formalize all or part of the meeting minutes, to arrange, if applicable, the registration, by
themselves or through the person they designate, of the corresponding instrument in the Public Registry of Commerce of Mexico City and to carry out all acts necessary to comply with the resolutions
adopted by the meeting; being expressly authorized to issue the necessary certificates of all or part of these minute.
Delegates of the meeting were appointed to indistinctly subscribe and file all kinds of certificates and documents and take all kinds of actions before the National Banking and Securities Commission, the
Mexican Stock Exchange, the S. D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (Securities Deposit Institution), and any national or foreign authority, as well as any other public or private
company or institution, in connection with the resolutions approved by this meeting.
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SOURCE Volaris | https://www.whsv.com/prnewswire/2022/04/27/volaris-announces-resolutions-general-ordinary-annual-shareholders-meeting/ | 2022-04-28T07:36:34Z |
MEXICO CITY, April 27, 2022 /PRNewswire/ -- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) ("Volaris" or "The Company"), the ultra-low-cost airline serving Mexico, the United States of America, Central and South America, today announces its financial results for the first quarter 2022[1].
First Quarter 2022 Highlights[2]
(All figures are reported in U.S. dollars and compared to 1Q 2021 unless otherwise noted)
Volaris reported double-digit growth in revenue and EBITDAR in the first quarter, maintained a strong liquidity position and a healthy balance sheet. Strong TRASM growth in the quarter was partially offset by rising fuel prices.
- Total operating revenue of $567 million, an 80% increase. Total revenue per available seat mile (TRASM) increased 18% to $7.0 cents.
- Operating expenses of $598 million, a 70% increase. Operating expenses per available seat mile (CASM) increased 13% to $7.4 cents, while CASM ex-fuel decreased 8% to $4.4 cents.
- Net loss of $49 million. Loss per share $0.04 and loss per ADS of $0.42.
- EBITDAR of $97 million, a 52% increase. EBITDAR margin was 17.0%, a decrease of 3.2 percentage points.
- Cash generation of $9 million, with a cash, cash equivalents and restricted cash position of $750 million, representing 31% of the last twelve months total operating revenue.
- Net debt-to-LTM EBITDAR ratio of 2.3 times, the lowest level in Volaris' history.
"2022 started with sharply rising fuel prices and a new surge in Covid cases. Strong demand trends remained, however, and we are observing less and less of a disruption in demand from new Covid cases and customers recognizing Volaris' reliability. This strong demand allowed us to gradually raise fares to offset rising fuel prices. Our 1Q22 results give us confidence in the overall strength in demand of our existing markets and our ability to closely match it with new capacity." said Enrique Beltranena, President & Chief Executive Officer. "We will continue on our path of a disciplined growth strategy and are well-positioned for the summer season as VFR and leisure travelers are eager to fly." Enrique added.
First Quarter 2022 Financial and Operations Highlights[3]
(All figures are reported in U.S. dollars and compared to 1Q 2021 unless otherwise noted)
Total operating revenue in the quarter was $567 million, an 80% increase, driven by higher capacity, healthy load factors and stronger unit revenue per passenger. Moreover, demand remained relatively strong throughout the quarter despite the increase of Covid-19 cases (Omicron variant) in our markets early in the quarter.
Volaris transported 7.0 million passengers in the quarter, an increase of 64%. Domestic and international passengers increased 58% and 95%, respectively; while total capacity, in terms of available seat miles (ASMs), increased 50% to 8.1 billion. Load factor reached 83.5%, 5.4 pp higher than the same period of 2021.
TRASM of $7.0 cents represented a 18% increase. Average base fare was $46, an increase of 24%. Ancillary revenue per passenger was $35, a 7% decrease. Ancillary revenue represented 43% of total operating revenue, compared to 51% in the same period of 2021.Total operating revenue per passenger increased 8% to $81.
Total operating expenses in the quarter were $598 million, a 70% increase, driven by higher fuel cost, which soared due to geopolitical conflicts in Eastern Europe. The average economic fuel cost per gallon increased 64% to $3.15 per gallon in the period. CASM totaled $7.4 cents, 13% higher when compared to same period of 2021. CASM ex-fuel decreased 8% to $4.4 cents due to higher aircraft utilization in the first quarter of 2022; in the same period of last year aircraft utilization was impacted by second wave of Covid-19.
Comprehensive financing result represented a loss of $33 million in first quarter of 2022, compared to a loss of $16 million in the same period of 2021. This result was impacted by higher financial cost.
In the first quarter, the Mexican peso depreciated 1% against the US dollar to an average of Ps.20.52 per US dollar. At the end of the quarter, the Mexican peso stood at Ps.19.99 per US dollar, a 3% appreciation compared to the exchange rate at the end of the fourth quarter of 2021.
Income tax benefit was $16 million, compared to the $15 million benefit posted in the first quarter of 2021.
Net loss in the quarter stood at $49 million, with loss per share of $0.04 and loss per ADS of $0.42.
EBITDAR was $97 million, an increase of 52%, driven by strong revenue growth, although substantially higher fuel costs were a negative factor during the quarter. EBITDAR margin was 17.0%, a decrease of 3.2 percentage points.
Balance Sheet, Liquidity and Capital Allocation
During the first quarter, Volaris generated $9 million in cash. As of March 31st, cash, cash equivalents and restricted were $750 million, representing 31% of the last twelve months total operating revenue. Net cash flow provided by operating activities was $196 million, while cash outflows in investing and financing activities were $6 million and $183 million, respectively. Positive net foreign exchange difference was $2 million.
On March 31, net debt was $1,931 million, which included $242 million of financial debt, $2,439 million of leasing liabilities, less cash, cash equivalents and restricted of $750 million. The net debt-to-LTM EBITDAR ratio was 2.3 times, compared to 11.2 times in the same period of 2021 and 2.5 times in fourth quarter of 2021.
Full Year 2022 Outlook
Despite the macroeconomic and geopolitical challenges around the globe, demand remains strong across Volaris' route system. Accordingly, Volaris expects to continue with its growth plans while closely monitoring demand trends. More specifically, the Company maintains its prior guidance and forecast full year growth in capacity (ASMs) in the mid-twenties compared to 2021 and revises upward its total operating revenue for 2022 in the range of $2.8 to $3.0 billion. Also, the Company expects a full year CASM ex-fuel, to increase between 1% and 3% compared to 2021; and an EBITDAR margin in the high twenties. The Company continues to anticipate capex spend in the range of $140 to $145 million. This outlook assumes a full year average USD/MXN rate of Ps.20.50 to Ps.20.80 and an average economic fuel price of $3.10 to $3.40 per gallon.
This guidance also assumes no significant unexpected disruptions related to COVID-19 or other, exogenous macroeconomic or other negative impacts to its business.
Fleet
During the first quarter, the Company incorporated three new A320neo aircraft to its fleet. As of March 31st, 2022, Volaris' fleet was composed of 104 aircraft (6 A319s, 81 A320s and 17 A321s), of which 46% are New Engine Option (NEO) models. Volaris' fleet had an average of 188 seats per aircraft and an average age of 5.6 years. The Company plans to end 2022 approximately with 115 aircraft.
Investors are urged to carefully read the Company's periodic reports filed with or provided to the Securities and Exchange Commission, for additional information regarding the Company.
Investor Relations Contact:
Félix Martínez / Naara Cortés Gallardo / ir@volaris.com
Media Contact:
Gabriela Fernández / gabriela.fernandez@volaris.com
Conference call and webcast details
About Volaris:
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States, Central and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to more than 188 and its fleet from 4 to 105 aircraft. Volaris offers more than 500 daily flight segments on routes that connect 44 cities in Mexico and 27 cities in the United States, Central and South America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States, Central and South America. Volaris has received the ESR Award for Social Corporate Responsibility for eleven consecutive years. For more information, please visit: www.volaris.com.
Forward-looking Statements:
Statements in this release contain various forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, which represent the Company's expectations, beliefs or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words "expects," "intends," "estimates," "predicts," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "potential," "outlook," "may," "continue," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, announced new service routes and customer savings programs. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to several factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenue; and government regulation. Additional information concerning these, and other factors is contained in the Company's US Securities and Exchange Commission filings. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
[1] The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
[2] As of January 1, 2022, all figures are reported in U.S. dollars.
[3] As of January 1, 2022, all figures are reported in U.S. dollars.
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SOURCE Volaris | https://www.whsv.com/prnewswire/2022/04/27/volaris-reports-financial-results-first-quarter-2022/ | 2022-04-28T07:36:41Z |
GUANGZHOU, China, April 27, 2022 /PRNewswire/ -- "For China's economy, the entry into force of the Regional Comprehensive Economic Partnership (RCEP) means expanded foreign trade and vibrant commercial activities among RCEP member countries," said Cheng Shi, Chief Economist of ICBC International, during a Canton Fair RCEP-themed forum. He believed that the RCEP regulations will strengthen China's competitiveness in goods and services exports as well as trade cooperation between China and other RCEP members.
On 1 January, 2022, the RCEP officially entered into effect, which has boosted the confidence of Chinese foreign trade companies in securing trade orders. The Canton Fair, China's largest B2B import and export trade platform and an all-round opening-up platform, has adopted new approaches in this session to encourage and guide Chinese companies to further explore global markets under the RCEP.
- The Canton Fair has actively established partnerships. It has signed cooperation agreements with the Lao National Chamber of Commerce and Industry, the Business Association of China in Vietnam and the ASEAN Furniture Industries Council, which brings the Fair's total number of global partners to 170, covering all RCEP member countries.
- The Canton Fair has held a "Trade Bridge" matchmaking event specially targeting the RCEP market. The online event, which was participated by Chinese home furnishing companies and RCEP's major furniture industry associations and large sourcing groups, has provided an effective platform for exhibitors and buyers to communicate and identify trade cooperation opportunities.
- The Canton Fair has held several RCEP-themed forums
With the RCEP benefiting more people, the Canton Fair will continue to play an important role in fostering regional economic integration as well as regional and global economic growth. In this session, 117 exhibitors of the International Pavilion were from the RCEP member countries, accounting for nearly 30% of the total. Xu Bing, Spokesperson of the Canton Fair and Deputy Director General of China Foreign Trade Centre, said that the International Pavilion has helped RCEP member countries expand the Chinese market, as well as benefit from the Fair's vast global buyer resources to export to the global market and share trade opportunities.
Visit https://www.cantonfair.org.cn/en-US for more opportunities.
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SOURCE Canton Fair | https://www.whsv.com/prnewswire/2022/04/28/131st-canton-fair-explores-global-trade-opportunities-brought-by-rcep/ | 2022-04-28T07:36:45Z |
NEW YORK, April 27, 2022 /PRNewswire/ -- Lingerie brand Adore Me, known for supporting all lifestyles and body types through size-inclusive lingerie, is proud to announce their collaboration with The Smiley Company: a like-minded brand that encourages a more positive future.
The Adore Me x Smiley collaboration features a limited-edition collection of contemporary tops and bottoms designed by award-winning design agency Yarza Twins. Created to stand out from the crowd—and to remind you to enjoy life with a smile—the collection is accented with fun colors, bold prints, and maximalist patterns.
"We're very excited to be partnering with Smiley," said Alix Coucardon, VP of Brand & Consumer Insights at Adore Me. "The collection is all about fun and self expression—and we can't wait for our customers to enjoy it."
Following one of Adore Me's leading values of sustainability, the Adore Me x Smiley collection employed Prompt.ly digital printing technology—allowing the manufacturer to print Yarza Twins' designs on readymade garments, using less energy, water, and resources. To further contribute to global sustainable development, Adore Me is partnering with Thirst Project for Earth Day and donating a percentage of sales from the Adore Me x Smiley collection. By teaming up with Thirst Project, Adore Me will help facilitate clean-water access in the Kingdom of Eswatini—where only 58% of residents have access to basic sanitation facilities.
The Adore Me x Smiley limited-edition collection includes unlined bralettes and underwear available in sizes XS–4X, as well as leggings in sizes XS–XL. All styles are available on adoreme.com from $14.95–$44.95.
About Adore Me
Founded in 2011 as a disruptive online lingerie startup, Adore Me has evolved into a DTC womenswear brand that serves women of all sizes and budgets. The company is transforming the way people shop with a pioneering try-at-home commerce service that features lingerie, swimwear, activewear, loungewear, and compression intimates. With a series of innovation-driven Sister Brands, Adore Me is revolutionizing affordable sustainability through cutting-edge technologies and advanced innovations at affordable price points.
Connect with Adore Me on Facebook, Twitter, Instagram, and LinkedIn.
About The Smiley Company™ & ©
For the past 50 years, Smiley has embraced positivity, creativity, and collaboration, inspiring forward-facing optimism around the world. Born as a symbol for good news in the newspaper France Soir in 1972, Smiley is now a universally recognized TOP 100 global licensing company registered in over 100 countries. A lifestyle brand that encourages everyone to express more empathy, compassion, and gratitude, Smiley is determined to build a better future.
Media Contact: Ranjan Roy, press@adoreme.com
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SOURCE Adore Me | https://www.whsv.com/prnewswire/2022/04/28/adore-me-collaborates-with-smiley-company-limited-edition-collection/ | 2022-04-28T07:36:51Z |
OSLO, Norway, April 28, 2022 /PRNewswire/ --
First Quarter Highlights
- Net capital employed of NOK 5.1 billion and equity of NOK 4.0 billion per quarter-end, corresponding to NOK 14.7 per share
- HMH bridge loan facility refinanced with new Nordic bond of USD 150 million in quarter.
- HMH delivered lower revenues and EBITDA quarter-on-quarter driven by seasonality, however with strong service orders in period and solid longer-term outlook
- AKOFS Offshore with good operational performance in period
- Remaining two DRU contracts terminated by client. Timetable for arbitration proceedings set
- Net interest-bearing debt was NOK 1 064 million per end of the quarter
Akastor CEO Karl Erik Kjelstad comments:
"Despite the uncertain geopolitical situation, the market fundamentals for all our portfolio companies trend positively and we expect activity to increase especially from 2023 and onwards driven by an increased focus on energy security. We work closely with our portfolio companies to ensure that they have the capacity and capability to adapt in line with a rapidly changing market, including continuous assessment of both organic and inorganic initiatives."
HMH
The company reported adjusted revenues of USD 146 million in the quarter, with adjusted EBITDA of USD 13 million, corresponding to an EBITDA margin of approximately 9 percent.
Revenues from Aftermarket Services were USD 102 million in the quarter, slightly down compared to previous quarter driven by seasonality. Short term contracts for rigs continue to affect order intake, although HMH is well positioned to benefit from an expected pick-up in rig reactivation activity in 2022.
Revenues from Projects, Products & Other were USD 44 million in the first quarter, decreased compared to previous quarter due to lower product sale revenues. Activity level within Projects going forward will increase as the company continues executing on backlog secured last year. Also, HMH see significant single equipment order opportunities in MENAT in second half of 2022. The rig newbuilding market continues to be muted with relatively few projects expected to materialize in the short to medium term.
AKOFS Offshore
AKOFS reported revenues of USD 35 million and EBITDA of USD 7 million in the quarter.
All vessels delivered good revenue utilization in the quarter, however with around 8 days downtime on Aker Wayfarer related to a COVID-19 outbreak onboard. AKOFS Seafarer arrived at yard mid-March for mobilization for coiled tubing operations with estimated start-up in May, which affected revenue utilization somewhat in the period.
Other industrial holdings
AGR delivered yet another solid quarter with NOK 208 million in revenues and an EBITDA of NOK 35 million. The activity continues to be driven by the Norwegian consultancy business. Both revenues and EBITDA was affected by one-time accounting gain of NOK 21 million (non-cash) related to establishment of the new joint venture Føn Energy Services. Cool Sorption delivered revenues of NOK 17 million, in line with last quarter, and an EBITDA of NOK 2 million.
Financial holdings
Contributions from financial investments were negative NOK 76 million in the quarter. NES Fircroft contributed positively with NOK 26 million. The preferred equity in Odfjell Drilling contributed with NOK 46 million, positively affected by non-cash valuation changes of NOK 21 million related to the warrant structure in the period. The joint venture AKOFS Offshore contributed negatively with NOK 49 million, whilst HMH contributed negatively with NOK 99 million. Share of net loss from HMH in the quarter included an adjustment of approximately USD 4 million related to tax expenses in 2021 post Akastor's Q4 reporting.
Consolidated financial figures
Group revenue and EBITDA of Akastor was NOK 264 million and NOK 7 million respectively. Consolidated revenue and EBTDA only include earnings from subsidiaries which represent a minor part of Akastor's total Net Capital Employed.
Financial calendar
Second Quarter and Half-Yearly Results 2022: July 14, 2022.
Media Contact
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
This information was brought to you by Cision http://news.cision.com
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SOURCE Akastor ASA | https://www.whsv.com/prnewswire/2022/04/28/akastor-asa-first-quarter-results-2022/ | 2022-04-28T07:37:03Z |
STOCKHOLM, April 28, 2022 /PRNewswire/ -- Alzinova AB (publ) (FN STO: ALZ), a Swedish biopharma company developing treatments for Alzheimer's disease by specifically targeting neurotoxic amyloid beta oligomers, today announces that the Data and Safety Monitoring Board (DSMB) completed a planned assessment of the ongoing ALZ-101 Phase 1b clinical study and recommended continuation of the study.
The DSMB consists of independent group of experts who review data during the study, with particular attention to safety. The data are kept within the DSMB group and may not be revealed to the company, unless action is necessary regarding the execution of the study. As specified in the ALZ-101 study protocol, the DMSB meets periodically to examine the safety data accumulated during progress of the study.
Kristina Torfgård, CEO at Alzinova, commented: "Even though we expected this favourable opinion from the DSMB, it is an important step in the development of ALZ-101. We are very proud to be advancing this potential "best in class" treatment for Alzheimer's disease, and to bring hope to millions of patients and their loved ones who are suffering from this terrible disease."
More about the study
The Phase 1b clinical study with ALZ-101 in patients with early Alzheimer's disease is a placebo-controlled, double blind, randomised First In Human (FIH) trial. It is evaluating the vaccine candidate's tolerability and safety. It is also studying the immunological response to the vaccine after multiple doses, as well as a number of biomarkers associated with Alzheimer's disease. In total, 26 patients will be included in the study. Study participants receive four doses of either ALZ-101 or placebo. The study is investigating two different dose strengths of ALZ-101 during a treatment period of 20 weeks. Enrolment in the study is ongoing and topline data for the study is anticipated in the second half of 2023.
The clinical trial is being carried out in Finland by Alzinova's partner, Clinical Research Services Turku (CRST), who have extensive experience in Alzheimer's studies. The analysis of biomarkers will be made through a research collaboration with Sahlgrenska University Hospital in Gothenburg.
About ALZ-101
ALZ-101 is an active, therapeutic oligomer-specific vaccine against Alzheimer's disease. Vaccination with ALZ-101 means that the body generates its own antibodies specifically targeted at neurotoxic amyloid beta oligomers in the brain. These toxic substances are thus neutralised and, in this way, nerve cells in the brain are protected from damage.
In October 2021, the first patient was recruited into the Phase 1b clinical study with the therapeutic vaccine, ALZ-101. This was an important milestone and means that Alzinova is the first company with an oligomer-specific vaccine in the clinical phase.
For more information, please contact:
Kristina Torfgård, CEO
Tel. +46 708 46 79 75
E-mail: kristina.torfgard@alzinova.com
The information was submitted for publication, through the agency of the contact person set out above, at 08:01 a.m. CEST 28 April, 2022.
About Alzinova AB
Alzinova AB is a Swedish clinical-stage biopharma company developing treatments for Alzheimer's disease by specifically targeting neurotoxic amyloid beta oligomers. The lead candidate, ALZ-101, is being developed as a therapeutic vaccine for the treatment of Alzheimer's. Alzinova's proprietary AβCC peptide™ technology enables the development of disease-modifying therapies that target the toxic amyloid-beta oligomers involved in the onset and progression of the disease with high precision. Alzheimer's is one of the most common and devastating neurological diseases globally, with of the order of 40 million people afflicted today. In addition, the antibody ALZ-201 is in early preclinical development, and the ambition is to expand the pipeline further. The company's Certified Advisor on Nasdaq First North Growth Market is Corpura info@corpura.se +46 768-532 822. For more information about Alzinova, please visit: www.alzinova.com
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SOURCE Alzinova | https://www.whsv.com/prnewswire/2022/04/28/alzinova-announces-positive-safety-review-continuation-its-phase-1b-study-alzheimers-disease/ | 2022-04-28T07:37:14Z |
SUZHOU, China, and ROCKVILLE, MD, April 27, 2022 /PRNewswire/ -- Ascentage Pharma (6855.HK), a global biopharmaceutical company engaged in developing novel therapies for cancers, chronic hepatitis B (CHB), and age-related diseases, today announced that updated results from seven studies involving the company's five novel drug candidates will be presented at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting. The company will present clinical trials involving the third-generation tyrosine kinase inhibitor (TKI) olverembatinib (HQP1351); as well as the following investigational agents: (1) Bcl-2 inhibitor lisaftoclax (APG-2575); (2) MDM-p53 inhibitor alrizomadlin (APG-115); (3) ALK inhibitor APG-2449; and (4) dual Bcl-2/Bcl-xL inhibitor pelcitoclax (APG-1252).
The ASCO Annual Meeting showcases the most cutting-edge research in clinical oncology and state-of-the-art advanced cancer therapies and is the world's most influential and prominent scientific gathering of the clinical oncology community. This year's ASCO Annual Meeting will take place both online and in-person (McCormick Place; Chicago, IL) on June 3–7, 2022.
"This is the fifth consecutive year in which Ascentage-sponsored clinical results have been selected for presentations at the ASCO Annual Meeting," said Dr. Yifan Zhai, Chief Medical Officer. "We are pleased to be offered a further opportunity to showcase our company's progress on multiple clinical trials and demonstrate our ample capabilities in global innovation and R&D," she said.
"In addition to the updated results on lisaftoclax and alrizomadlin, two key drug candidates in our apoptosis-targeted pipeline, we will also release the first-in-human data of APG-2449, a promising drug candidate with potential as the first China-developed third-generation ALK inhibitor," according to Dr. Zhai.
"We also look forward to disseminating new clinical data on recently approved third-generation TKI olverembatinib in patients with gastrointestinal stromal tumor (GIST)," Dr. Zhai added. "We look forward to sharing these detailed results during the meeting. Moving forward, we will continue to accelerate these and other global clinical development programs, in an effort to expeditiously bring more therapeutic alternatives to patients as soon as possible."
These seven clinical studies to be presented at this year's ASCO Annual Meeting are as follows:
Olverembatinib (HQP1351):
Promising antitumor activity of olverembatinib (HQP1351) in patients (pts) with tyrosine kinase inhibitor- (TKI-) resistant succinate dehydrogenase- (SDH-) deficient gastrointestinal stromal tumor (GIST).
- Format: Poster Discussion
Lisaftoclax (APG-2575):
A phase Ib/II study of lisaftoclax (APG-2575), a novel BCL-2 inhibitor (BCL-2i), in patients (pts) with relapsed/refractory chronic lymphocytic leukemia or small lymphocytic lymphoma (R/R CLL/SLL).
- Format: Poster Presentation
Phase Ib/II study of BCL-2 inhibitor lisaftoclax (APG-2575) safety and tolerability when administered alone or combined with a cyclin-dependent kinase 4/6 (CDK4/6) inhibitor in patients with estrogen receptor-positive (ER⁺) breast cancer or advanced solid tumors.
- Format: Poster Presentation
APG-115:
Alrizomadlin (APG-115):
Newly updated activity results of alrizomadlin (APG-115), a novel MDM2/p53 inhibitor, plus pembrolizumab: Phase 2 study in adults and children with various solid tumors.
- Format: Poster Discussion
APG-2449:
First-in-human phase I results of APG-2449, a novel FAK and third-generation ALK/ ROS1 tyrosine kinase inhibitor (TKI), in patients (pts) with second-generation TKI-resistant ALK/ROS1 non-small-cell lung cancer (NSCLC) or mesothelioma.
- Format: Poster Presentation
APG-1252:
Pelcitoclax (APG-1252):
Updated study results of pelcitoclax (APG-1252) in combination with osimertinib in patients (pts) with EGFR-mutant non-small-cell lung cancer (NSCLC).
- Format: Poster Presentation
First-in-human study of pelcitoclax (APG-1252) in combination with paclitaxel in patients (pts) with relapsed/refractory small-cell lung cancer (R/R SCLC).
- Format: Online Publication
About Ascentage Pharma
Ascentage Pharma (6855.HK) is a globally focused biopharmaceutical company engaged in developing novel therapies for cancers, chronic hepatitis B, and age-related diseases. On October 28, 2019, Ascentage Pharma was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code 6855.HK.
Ascentage Pharma focuses on developing therapeutics that inhibit protein-protein interactions to restore apoptosis, or programmed cell death. The company has built a pipeline of eight clinical drug candidates, including novel, highly potent Bcl-2, and
dual Bcl-2/Bcl-xL inhibitors, as well as candidates aimed at IAP and MDM2-p53 pathways, and next-generation tyrosine kinase inhibitors (TKIs). Ascentage Pharma is also the only company in the world with active clinical programs targeting all three known classes of key apoptosis regulators. The company is conducting more than 50 Phase I/II clinical trials in the US, Australia, Europe, and China. Olverembatinib, the company's core drug candidate developed for the treatment of drug-resistant chronic myeloid leukemia (CML), was granted Priority Review status and a Breakthrough Therapy Designation (BTD) by the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA) and is already approved for the indication. In addition, olverembatinib was also granted an Orphan Drug Designation (ODD) and a Fast Track Designation (FTD) by the US FDA, and an Orphan Designation by the EU. To date, Ascentage Pharma has obtained a total of 15 ODDs, 2 FTDs, and 2 Rare Pediatric Disease (RPD) designations from the US FDA and 1 ODD from the EU for four of the company's investigational drug candidates. Ascentage Pharma has been designated for multiple Major National R&D Projects, including five National Major New Drug Discovery and Manufacturing projects, one New Drug Incubator status, four Innovative Drug Programs, and one Major Project for the Prevention and Treatment of Infectious Diseases.
Leveraging its robust R&D capabilities, Ascentage Pharma has built a portfolio of global intellectual property rights and entered into global partnerships with numerous renowned biotechnology and pharmaceutical companies and research institutes such as UNITY Biotechnology, MD Anderson Cancer Center, Mayo Clinic, Dana-Farber Cancer Institute, Merck, AstraZeneca, and Pfizer. The company has built a talented team with global experience in discovering, developing, launching, and commercializing innovative drugs and is setting up world-class commercial manufacturing and Sales & Marketing teams. One pivotal aim of Ascentage Pharma is to continuously strengthen its R&D capabilities and accelerate its clinical development programs, in order to fulfil its mission of addressing unmet clinical needs in China and around the world for the benefit of more patients.
Forward-Looking Statements
The forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, Ascentage Pharma undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect. In this article, statements of, or references to, our intentions or those of any of our Directors or our Company are made as of the date of this article. Any of these intentions may alter in light of future development.
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SOURCE Ascentage Pharma | https://www.whsv.com/prnewswire/2022/04/28/asco-2022-ascentage-pharma-present-data-seven-clinical-studies-2022-american-society-clinical-oncology-annual-meeting/ | 2022-04-28T07:37:21Z |
TAIPEI, Taiwan, R.O.C., April 28, 2022 /PRNewswire/ -- ASE Technology Holding Co., Ltd. (TAIEX: 3711, NYSE: ASX) ("We", "ASEH", or the "Company"), the leading provider of semiconductor assembly and test services (ATM) and electronic manufacturing services (EMS), today reported its unaudited net revenues[1] of NT$144,391 million for 1Q22, up by 21% year-over-year and down by 17% sequentially (or up by 27% year-over-year and down by 13% sequentially on pro forma basis). Net income attributable to shareholders of the parent for the quarter totaled NT$12,907 million, up from a net income attributable to shareholders of the parent of NT$8,477 million in 1Q21 and down from a net income attributable to shareholders of the parent of NT$30,916 million in 4Q21 (or up from a net income attributable to shareholders of the parent of NT$7,981 million in 1Q21 and down from a net income attributable to shareholders of the parent of NT$14,459 million in 4Q21 on pro forma basis). Basic earnings per share for the quarter were NT$3.01 (or US$0.216 per ADS), compared to NT$1.97 for 1Q21 and NT$7.20 for 4Q21 (or NT$1.85 for 1Q21 and NT$3.37 for 4Q21 on pro forma basis). Diluted earnings per share for the quarter were NT$2.92 (or US$0.210 per ADS), compared to NT$1.92 for 1Q21 and NT$6.99 for 4Q21 (or NT$1.80 for 1Q21 and NT$3.21 for 4Q21 on pro forma basis).
We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China Sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China sites' historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21. For more details on our operations, please refer to "Summary of Consolidated Statement of Income Data" and "Summary of Consolidated Statement of Income Data – ATM."
RESULTS OF OPERATIONS
1Q22 Results Highlights – Consolidated
- Net revenues contribution from packaging operations, testing operations, EMS operations and others, each represented approximately 47%, 9%, 42% and 2%, respectively, of total net revenues for the quarter.
- Cost of revenues was NT$115,920 million for the quarter, down from NT$140,042 million in 4Q21.
- Gross margin increased 0.7 percentage points to 19.7% in 1Q22 from 19.0% in 4Q21.
- Operating margin was 11.2% in 1Q22, compared to 11.3% in 4Q21.
- In terms of non-operating items:
- Income before tax was NT$16,663 million for 1Q22, compared to NT$37,336 million in 4Q21. We recorded income tax expenses of NT$3,278 million for the quarter, compared to NT$5,592 million in 4Q21.
- In 1Q22, net income attributable to shareholders of the parent was NT$12,907 million, compared to NT$8,477 million in 1Q21 and NT$30,916 million in 4Q21.
- Our total number of shares outstanding at the end of the quarter was 4,357,508,832, including treasury stock owned by our subsidiaries in 1Q22. Our 1Q22 basic earnings per share of NT$3.01 (or US$0.216 per ADS) were based on 4,289,978,359 weighted average numbers of shares outstanding in 1Q22. Our 1Q22 diluted earnings per share of NT$2.92 (or US$0.210 per ADS) were based on 4,341,041,922 weighted average number of shares outstanding in 1Q22.
1Q22 Results Highlights – ATM
- Net revenues were NT$84,025 million, down by 9% sequentially or down by 1% on pro forma basis.
- Cost of revenues was NT$60,924 million for the quarter, down by 8% sequentially.
- Gross margin decreased 0.5 percentage point to 27.5% in 1Q22 from 28.0% in 4Q21.
- Operating margin was 16.7% in 1Q22, compared to 17.5% in 4Q21.
1Q22 Results Highlights – EMS
- Net revenues were NT$61,166 million, down by 25% sequentially.
- Cost of revenues for the quarter was NT$55,786 million, down by 25% sequentially.
- Gross margin increased 0.1 percentage points to 8.8% in 1Q22 from 8.7% in 4Q21.
- Operating margin was 3.6% in 1Q22, compared to 4.4% in 4Q21.
LIQUIDITY AND CAPITAL RESOURCES
- Capital expenditures in 1Q22 totaled US$443 million, of which US$311 million were used in packaging operations, US$96 million in testing operations, US$26 million in EMS operations and US$10 million in interconnect materials operations and others.
- Total unused credit lines amounted to NT$285,878 million as of March 31, 2022.
- Current ratio was 1.22 and net debt to equity ratio was 0.52 as of March 31, 2022.
- Total number of employees was 95,105 as of March 31, 2022, compared to 95,727 as of December 31, 2021.
BUSINESS REVIEW
Customers
ATM BASIS
- Our five largest customers together accounted for approximately 47% of our total net revenues in 1Q22, compared to 45% in 4Q21. Two customers each accounted for more than 10% of our total net revenues in 1Q22 individually.
- Our top 10 customers contributed 59% of our total net revenues in 1Q22, compared to 56% in 4Q21.
- Our customers that are integrated device manufacturers or IDMs accounted for 29% of our total net revenues in 1Q22, compared to 31% in 4Q21.
EMS BASIS
- Our five largest customers together accounted for approximately 70% of our total net revenues in 1Q22, compared to 77% in 4Q21. One customer accounted for more than 10% of our total net revenues in 1Q22.
- Our top 10 customers contributed 79% of our total net revenues in 1Q22, compared to 84% in 4Q21.
About ASE Technology Holding Co., Ltd.
ASEH is the leading provider of semiconductor manufacturing services in assembly and test. The Company develops and offers complete turnkey solutions covering front-end engineering test, wafer probing and final test, as well as IC packaging, materials and electronic manufacturing services through USI with superior technologies, breakthrough innovations, and advanced development programs. With advanced technological capabilities and a global presence spanning Taiwan, China, South Korea, Japan, Singapore, Malaysia, Vietnam and Mexico as well as the United States and Europe, ASEH has established a reputation for reliable, high quality products and services. For more information, please visit our website at https://www.aseglobal.com
Safe Harbor Notice
This press release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this press release. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward-looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People's Republic of China; general economic and political conditions; the recent shift in United States trade policies; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2021 Annual Report on Form 20-F filed on March 29, 2022.
Supplemental Financial Information
(Unaudited)
Consolidated Operations
ATM Operations
EMS Operations
ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Income Data
(In NT$ millions, except per share data)
(Unaudited)
ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Income Data – ATM
(In NT$ millions, except per share data)
(Unaudited)
ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Income Data – EMS
(In NT$ millions, except per share data)
(Unaudited)
ASE Technology Holding Co., Ltd.
Summary of Consolidated Balance Sheet Data
(In NT$ millions)
(Unaudited)
ASE Technology Holding Co., Ltd.
Summary of Consolidated Cash Flow Statements
(In NT$ millions)
(Unaudited)
Investor Relations Contact:
ir@aseglobal.com
Tel: +886.2.6636.5678
http://www.aseglobal.com
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SOURCE ASE Technology Holding Co., Ltd. | https://www.whsv.com/prnewswire/2022/04/28/ase-technology-holding-co-ltd-reports-its-unaudited-consolidated-financial-results-first-quarter-2022/ | 2022-04-28T07:37:29Z |
SHANGHAI, April 27, 2022 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the Securities and Exchange Commission (the "SEC") on April 27, 2022. The annual report on Form 20-F can be accessed on the SEC's website at http://www.sec.gov and on the Company's investor relations website at http://ir.atrenew.com.
The Company will provide a copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations, ATRenew Inc., 12/F, Tower 6, KIC Corporate Avenue, 433 Songhu Road, Yangpu District, Shanghai, People's Republic of China.
ATRenew today also released its 2022 letter to shareholders (entitled "A Trailblazer in the New Circular Economy") authored by Mr. Kerry Xuefeng Chen, founder, chairman and chief executive officer of the Company. To view the letter please visit https://ir.atrenew.com/corporate-governance/letter-from-ceo.
About ATRenew Inc.
Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry.
Investor Relations Contact
In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com
In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461
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SOURCE ATRenew Inc. | https://www.whsv.com/prnewswire/2022/04/28/atrenew-inc-files-2021-annual-report-form-20-f-releases-2022-shareholder-letter-ceo/ | 2022-04-28T07:37:35Z |
- The regulatory milestone, which allows the removal of a safety operator from the driver's seat, represents a major step towards a fully driverless future
- With the permits, passengers will be able to hail a ride in driverless cars on open roads in Beijing, a mega city in the world
BEIJING, April 27, 2022 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) ("Baidu" or the "Company") today received the first-ever permits in China authorizing the company to provide driverless ride-hailing services to the public on open roads in Beijing. This regulatory approval marks a significant milestone for the autonomous ride-hailing industry in China, indicating a regulatory openness to taking a further step toward a fully driverless mobility future.
With these permits issued by the head office of the Beijing High-level Automated Driving Demonstration Area (BJHAD), ten autonomous vehicles without drivers behind the steering wheel will offer rides to passengers in a designated area of 60 square kilometers in Beijing. These licensed cars will join an existing fleet provided by Apollo Go, Baidu's autonomous ride-hailing service, in the capital city of China. Starting April 28, 2022, users will be able to hail a driverless ride using the Apollo Go mobile app in daytime from 10:00 to 16:00.
Currently, Baidu has the largest autonomous driving fleet in China. In expanding its driverless vehicle services, Baidu has worked to meet the unique technical challenges of Beijing's complex traffic environment. The company plans to add 30 more such vehicles at a later stage, expanding its fleet to provide more convenient driverless services to the public.
The new permit represents Beijing's collaborative and safety-first approach to autonomous vehicle regulation, progressing from the manned autonomous driving stage to the driverless stage. It also represents a benchmark regulation for the global autonomous vehicle industry, given the complexity and high density of urban traffic in Beijing.
Baidu's success in securing this regulatory permission can be attributed to its strong foundation in AI and its leading test-drive mileage. Baidu has a proven track record of over 27 million kilometers (16 million miles) of road testing accumulated in the past 9 years with zero traffic accidents, including mileage recorded by driverless test cars in multiple cities across China as well as in California.
Today's announcement also brings Baidu closer to a scalable operation of autonomous ride-hailing services in Beijing. In September 2020, Baidu became the first company in Beijing to offer autonomous ride-hailing services. Starting in November of last year, Baidu has been charging fees for the Apollo Go autonomous services offered to the public under granted commercial permits, though safety operators are required in the driver's seat.
Apollo Go has expanded to 9 cities in China since its first launch in 2020, including all first-tier cities (Beijing, Shanghai, Shenzhen and Guangzhou), and five other cities (Chongqing, Changsha, Cangzhou, Yangquan and Wuzhen). There have been 213,000 orders on Apollo Go in Q4 2021, making it the global leader by order volume.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.
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SOURCE Baidu, Inc. | https://www.whsv.com/prnewswire/2022/04/28/baidu-wins-first-driverless-permits-china-autonomous-ride-hailing-services-public-roads/ | 2022-04-28T07:37:42Z |
SHANGHAI, April 27, 2022 /PRNewswire/ -- Bilibili, the leading video community for the young generation in China, released an authorized "Cheers UP" NFT collection for buyers outside of China. Now the program is open for registration.
The collection consists of 10,000 PFPs (Profile Picture) issued on Ethereum: 233 for the project team and 9,767 for verified wallets via raffle—each with a random image design. The PFPs are divided into levels based on their rarity and each image features unique characteristics including different items held in their hands, faces, clothes, skin tone, and headwear.
The "Cheers UP" NFT collection represents Bilibili's community culture, as "Bilibili Cheers" is a signature slogan for the company. Bilibili's thriving content ecosystem and rich community scenarios increase NFTs' value and create more possibilities in related field.
For more information on the "Cheers UP" NFT please refer to: https://cryptonatty.io; Twitter: @CryptoNatty_io
ABOUT BILIBILI INC
Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday life of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bond among them. Bilibili pioneered the "bullet chatting" feature, a live commenting function that has transformed the viewing experience by displaying thoughts and feelings of other audience viewing the same video. It has now become the welcoming home of diverse interests for young generations in China and the frontier to promote Chinese culture across the world.
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SOURCE BILIBILI | https://www.whsv.com/prnewswire/2022/04/28/bilibili-releases-authorized-cheers-up-nft-collection-buyers-outside-china/ | 2022-04-28T07:37:49Z |
BOLIDEN, Sweden, April 28, 2022 /PRNewswire/ --
Q1 2022
- Revenues totaled SEK 21,812 m (17,083)
- The operating profit totaled SEK 5,038 m (2,779)
- The operating profit, excluding revaluation of process inventory, totaled SEK 4,466 m (2,449)
- Free cash flow was SEK 674 m (2,165)
- Earnings per share totaled SEK 14.51 (7.96)
High metal prices but substantial cost inflation
- Free cash flow was SEK 674 m (2,165) mainly due to increased working capital as a result of higher metal prices.
- Higher milled volume but lower grades in Mines.
- Stable production in Smelters.
Please find enclosed the full report.
The Interim Report will be presented via a webcast/conference call on Thursday, April 28 at 09:30 (CET). Information is available at www.boliden.com.
Contact persons for information:
Mikael Staffas, President & CEO Tel: +46 8 610 15 00
Håkan Gabrielsson, CFO Tel: +46 8 610 15 00
Olof Grenmark, Director Investor Relations Tel: +46 70 291 57 80
E-mail: olof.grenmark@boliden.com
This information is information that Boliden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Director Investor Relations, at 07:45 CET on April 28, 2022.
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SOURCE Boliden | https://www.whsv.com/prnewswire/2022/04/28/boliden-q1-interim-report-2022/ | 2022-04-28T07:37:56Z |
BOLIDEN, Sweden, April 28, 2022 /PRNewswire/ -- Revenues for the first quarter amounted to SEK 21,812 m (17,083) and operating profit, excluding revaluation of process inventory, totaled SEK 4,466 m (2,449). Free cash flow totaled SEK 674 m (2,165).
"A strong quarter, with metal prices that remained high. Production was in general good with increased milled volumes at our mines and stable production at our smelters," says Mikael Staffas, President and CEO.
The operating profit at Boliden Mines increased to SEK 3,115 m (1,631) due to improved metal prices and a stronger USD, while volumes had a negative impact. Costs increased as a result of higher energy prices and strong cost inflation for mining-related input materials. The milled volume in Aitik was significantly higher than last year and there was an increase in production of copper in concentrate. The Boliden Area also recorded a higher milled volume than last year. In Garpenberg, maintenance had a negative impact, with the milled volume being lower than last year. Also Tara had a lower milled volume. Kevitsa's milled volume was higher than last year despite increased rates of sick leave. However, lower grades meant that production of copper and nickel in concentrates decreased compared to last year.
Within Boliden Smelters, operating profit, excluding revaluation of process inventory, increased to SEK 1,378 m (949). Prices and terms had a significant positive effect. However, volumes had a negative impact, and higher prices for energy and consumables resulted in increased costs also at Smelters. Rönnskär's production of base metals was higher than last year, while gold production remained largely unchanged. In Harjavalta, production of copper and nickel matte was lower than last year. Zinc production at Kokkola was in line with last year, while in Odda production increased and the expansion project is running according to plan. In Bergsöe, production was lower than last year.
For further information, please contact:
Klas Nilsson, Director Group Communications, phone: +46 70-453 65 88, klas.nilsson@boliden.com
Boliden is a metals company with a focus on sustainable development. Our roots are Nordic, our market global. Our core competence lies within the fields of exploration, mining, smelting and metal recycling. Boliden has around 6,000 employees and annual sales of approximately SEK 70 billion. The share is listed in the Large Cap segment on NASDAQ OMX Stockholm.
www.boliden.com
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SOURCE Boliden | https://www.whsv.com/prnewswire/2022/04/28/bolidens-first-quarter-high-metal-prices-substantial-cost-inflation/ | 2022-04-28T07:38:04Z |
HONG KONG, April 27, 2022 /PRNewswire/ -- CIMC Group (000039.SZ/02039.HK), a world leading equipment and solution provider in the logistic and energy industries, today announced the unaudited consolidated results for the first-quarter ended March 31, 2022.
Overview of Quarterly Financial Results: Continued improvement in overall financial performance
- Total revenues were RMB 35.6 billion, an increase of 23% over the first quarter of 2021 ("YoY").
- Gross margin was 18.06%, remained mostly flat from a year prior.
- Profit attributable to equity holders of the Company for 1Q22 was RMB 1.71 billion, an increase of 13% YoY.
- Asset liability ratio was 61.3%, continued to decrease from 63.1% for FY2021.
- Quarterly weighted average ROE was 3.69%.
Segment Business Review: Steady development of various segments
Container Manufacturing
In 1Q22,the repeated wave of domestic epidemics together with other factors such as Spring Festival holiday, caused a range of impacts on container sector. But China foreign trade exports continued to expand. In the reporting period, the overall performance of container manufacturing segment remained strong in terms of sales volumes and profitability compared to historic levels. The Group's quarterly accumulated sales volume of ordinary dry containers decreased by 21.5% to 0.35 million TEUs, but was 25.62% higher than the average sales volume in the 1Q of past three years. The sales volume of reefer containers decreased by 29.63% to 0.03 million TEUs.
Favorable market conditions expected to remain through 2022 compared with historical periods, held by various shipping researchers such as Clarkson. The effective capacity loss of the containership sector caused by the disruption and congestion of overseas supply chains under the impacts of COVID-19 may continue to exist. Superimposed on a large number of over-aged containers to be eliminated and replaced, the outlook of container sector is expected to remain positive with domestic epidemic being controlled gradually.
Road Transportation Vehicles
Affected by multiple factors such as the epidemic, high inventory of heavy-duty trucks under China V, and rise in fuel prices, the sales volumes and revenue of semi-trailer and specialty vehicles declined. However, benefiting from strong demand recovery and higher freight rates, the overseas sales volume and revenue of semi-trailers increased significantly.
Energy/ Chemical/ Liquid Food Equipment
During 1Q22, the revenue of energy, chemical and liquid food equipment business realized a YOY increase of 24.9%. Affected by the outbreak of Covid-19 in China, revenue of clean energy segment was basically flat from a year prior. The revenue of chemical environment segment obtained significant growth since the rebound in global trade and recovery of chemical industry. The liquid food segment has also showed a growing trend with projects progressed as planned.
Offshore Engineering Equipment
Benefiting from the trend of carbon reduction, the offshore engineering business recorded a year-on-year increase in new orders and orders on hand. In 1Q22, oil prices experienced a soaring trend and remained exceptionally strong, which was beneficial for Group to grasp relevant orders. The offshore engineering platform successfully obtained one drilling lease during the reporting period.
Logistics Services Business
The growth of foreign trade became the driver of increases of volume and revenue of group's multimodal transport business in 1Q22. In February 2022, CIMC Group announced spin-off and domestic initial public offering of A shares of CIMC Wetrans; in March 2022, SIPG and Yinshan Capital were introduced as strategic shareholders.
Recycled Load Business
The recycled load business continued to maintain rapid growth. On the one hand, increase investment in production capacity in the new energy industry; on the other hand, focus on the rental and operation business of recycling load. The scale of recycled load business in the rubber industry has hit a recorded high, and operations in various industries such as home appliances, photovoltaics and fresh food have been successively progressed. In April 2022, CIMC Transpack secured funds from strategic investors, with a pre-investment valuation of around RMB 3 billion.
Airport Facilities Equipment
The Group's ground air-conditioning units of the airport equipment aircraft have been successfully stationed in various airports in the Mainland. The electric air duct units have been stationed in domestic civil aviation airports for the first time on a large scale, and obtained dozens of orders for airports at home and abroad, widely recognized by the industry.
Innovative Business
Cold Chain Equipment Business:Continue to increase strategic investment layout. The Group currently possesses a competitive advantage in the field of reefer containers, refrigerated vans and mobile cold storage, with the sales volume of reefer containers and refrigerated vans ranking at the forefront. In terms of equipment, domestic sales declined slightly due to the impact of Covid-19 in 1Q22, while overseas orders were full. In terms of service, the Group continued to expand the fresh food and medical fields, open up the Mohan channel in Thailand, and reach a new cooperation with Qilu Pharmaceutical
Integrated Container Equipment Business:The Group maintained rapid growth in integrated container equipment business, further improved product system integration capabilities, and deepened cooperation with leading customers in the industry. Meanwhile, the Group actively expanded businesses such as wind power equipment, power generation equipment and new energy equipment.
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SOURCE CIMC | https://www.whsv.com/prnewswire/2022/04/28/cimc-group-announces-2022-first-quarter-results/ | 2022-04-28T07:38:13Z |
100 Holocaust Survivors Participated In A Powerful Video Op-Ed Commemorating Holocaust Remembrance Day Asking The World To Remember The Past So It Does Not Become Our Future
NEW YORK, April 28, 2022 /PRNewswire/ -- Gideon Taylor, President of the Conference on Jewish Material Claims Against Germany (Claims Conference), today published the 100 Words project, a video Op-Ed made by 100 Holocaust survivors asking the world to stand with them and remember on Holocaust Remembrance Day (Yom HaShoah).
Gideon Taylor, President of the Claims Conference, said, "The world is full of strife – from the pandemic to the crisis happening in Ukraine – on remembrance days like Yom HaShoah, it is so important to stop and reflect. The call to action these survivors put forth today is not only one of remembrance, but one of action, a reminder that we do not have to be bystanders. We can all stand up in our own way and we can choose to not let our collective history repeat itself."
The 100 Word Project statement declared by Holocaust survivors around the world:
Today is Holocaust Remembrance Day
We all survived the Holocaust
We are here to give voice to the six million Jews who were murdered
We are a reminder unchecked hatred can lead to actions, actions to genocide
Just over 75 years ago, one-third of the world's Jews were systematically murdered
Among them, over 1.5 million children were killed
in the name of indifference, intolerance, hate
Hatred for what was feared
Hatred for what was different
We must remember the past or it will become our future
On Holocaust Remembrance Day we ask the world to stand with us and remember
The Claims Conference has published many survivor-led campaigns over the years, including their most recent #DontBeABystander campaign - a campaign highlighting Righteous rescuers, the non-Jews who saved Jews during the Holocaust, reminding everyone that standing-by while hatred goes unchecked is a choice. This call to action from Holocaust survivors in these 100 words is unmistakable; no matter what is going on in the world, it is our moral imperative to take time for remembrance.
Greg Schneider, Claims Conference Executive Vice President, said, "The reminder survivors are giving us in this statement isn't just about remembering the past. This is a call to action to ensure our past does not become our future. We were especially touched that Ukrainian survivors we recently evacuated wanted to participate, despite their upheaval." Schneider continued, "More than six million Jews were murdered during the Holocaust – one and a half million of them were children, murdered just because they were Jewish. Our task is to remember those we lost, care for those who survived, and educate future generations so that the atrocities of the Holocaust are never again repeated."
Survivors from around the world participated in the powerful statement including survivors from the United States, Germany, Israel, France, England, Ukraine, and Canada. In addition to the Holocaust survivors, a handful of social welfare agencies supported this project including: Amcha Rehovot Israel; American Jewish Joint Distribution Committee (JDC); Bikur Cholim Chesed Organization; Ferd & Gladys Alpert Jewish Family & Children's Services of Palm Beach County; Goodman Jewish Family Services of Broward County; Jewish Community Council of Greater Coney Island; Jewish Family Service of Colorado; Jewish Family Service Houston; Jewish Family and Children's Services of Northern NJ; Jewish Family Services of Silicon Valley; Ruth and Norman Rales Jewish Family Services, Inc.; Selfhelp Community Services; The Association of Jewish Refugees of Great Britain; and The Central Welfare Board of Jews in Germany, Budge Stiftung.
"I am so proud to be one of the 100 Holocaust survivors participating in this video op-ed reminding those watching that hate must not remain unchecked and that remembrance is vital," stated Abe Foxman, Holocaust survivor and member of the United States Holocaust Memorial Council. "As a survivor, not only do I know what happens when evil is allowed to flourish, I also know the urgency of continuing to tell the world of the atrocities that allowed one-third of a population to be murdered. Only through remembrance can we be sure this will never happen again."
Selfhelp Community Services CEO Stuart Kaplan stated, "Holocaust survivors are eager to add their voice to campaigns like the 100 Words project. For each and every survivor, remembrance and education are their legacy. This is how they ensure that future generations will remember and will not have to live through the hatred they endured."
To see the 100 Words video statement and a complete list of Holocaust survivors who participated in the project, please visit: https://www.claimscon.org/100words/
The video will also be live on our Facebook page: https://fb.watch/cCNEeWbIhv/
In addition to the work being done to empower survivors to share their voice during this year's Holocaust Remembrance Day, the Claims Conference has been working to support survivors impacted by the crisis in Ukraine. Through a close partnership with the Jewish Joint Distribution Committee (JDC) on the ground, the Claims Conference has ensured everything from advanced funding to humanitarian supplies, and evacuations, and will continue to do so throughout the conflict.
For more information about the Claims Conference, please visit: www.claimscon.org
About the Claims Conference: The Conference on Jewish Material Claims Against Germany (Claims Conference), a nonprofit organization with offices in New York, Israel and Germany, secures material compensation for Holocaust survivors around the world. Founded in 1951 by representatives of 23 major international Jewish organizations, the Claims Conference negotiates for and disburses funds to individuals and organizations and seeks the return of Jewish property stolen during the Holocaust. As a result of negotiations with the Claims Conference since 1952, the German government has paid more than $90 billion in indemnification to individuals for suffering and losses resulting from persecution by the Nazis. In 2021, the Claims Conference distributed approximately $820 million in compensation to over 210,000 survivors in 83 countries and allocated over $650 million in grants to over 300 social service agencies worldwide that provide vital services for Holocaust survivors, such as homecare, food and medicine.
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SOURCE Claims Conference | https://www.whsv.com/prnewswire/2022/04/28/claims-conference-publishes-100-words-100-holocaust-survivors-globally-asking-world-remember/ | 2022-04-28T07:38:20Z |
The Danish National Genome Center has awarded Lifebit a four-year contract to implement Lifebit's Federated Trusted Research Environment software, Lifebit CloudOS, within Denmark's national supercomputing center.
LONDON, April 28, 2022 /PRNewswire/ -- Lifebit, whose leading technology enables secure analysis over sensitive datasets for researchers and interconnects such large patient cohorts worldwide, today announces a long-term partnership with the Danish National Genome Center (NGC). Lifebit will deploy Lifebit CloudOS to create a Federated Trusted Research Environment within the Danish NGC's supercomputing cluster to serve as the scalable and secure data management and analysis platform for Denmark's national researchers, clinical scientists and international collaborators.
The Danish NGC, a government agency and authority within the Danish Healthcare system, was created to implement the Danish Government's National Personalised Medicine Strategy. The core vision of the NGC is to develop more precise diagnosis, targeted treatment and strengthen research within the Danish healthcare system. During the first phase of the strategy, the Danish National Genome Center and its collaborators will recruit and sequence whole genomes of 60,000 patients diagnosed with cancer, autoimmune disorders and rare diseases by 2024.
The platform will deliver a next-generation computational infrastructure within Denmark's on-premise supercomputing center, allowing the NGC to meet its vision of establishing and operating a state-of-the-art national infrastructure for personalised medicine while keeping the data at all times in the secure national infrastructure. Only Lifebit with both its genomic data expertise as well as its internationally proven ability of managing such complex Government environments through its patented operating system Lifebit CloudOS was deemed capable to deliver this project.
The platform will thus enable researchers with secure access, querying and analysis of this sensitive clinico-genomic data in a fully scalable and flexible way; also allowing for them to collaborate at a global scale.
Federation will play a crucial role in enabling the future possibility to collaborate with international partners such as Genomics England, France Genomique, Genomic Medicine Sweden and other biobanks from around the world. Virtually connecting these sensitive datasets, enabling joint analysis that is however performed in situ without moving data, can lead to exponentially higher research findings. In some cases, it can be observed that increasing the number of patients in a study by 10x led to ~100x the number of scientific findings and genomic associations making clear how important real connectivity of these datasets is.
"Lifebit continues to guide and power the world's largest national and private precision medicine programmes. We are extremely proud to be delivering this flagship programme for the nation of Denmark. This Federated Trusted Research Environment will enable researchers to more effectively collaborate over this rich dataset at scale and drive international collaboration between other government initiatives - many of which already leverage Lifebit's federated technology." Thorben Seeger, Chief Business Development Officer at Lifebit
Other examples of Lifebit's data platform at work include Genomics England, NIHR Cambridge and the Hong Kong Genome Institute.
About Lifebit Biotech, Ltd.
Lifebit builds enterprise data platforms for use by organisations with complex and sensitive biomedical datasets. Lifebit's patented federated technology securely unlocks access to biomedical data. From providing Trusted Research Environments for national precision medicine programmes to enabling pharmaceutical companies to discover new drug targets faster, Lifebit empowers customers to transform how they leverage sensitive biomedical data.
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SOURCE Lifebit Biotech | https://www.whsv.com/prnewswire/2022/04/28/danish-national-genome-center-partners-with-lifebit-deliver-nationwide-personalised-medicine/ | 2022-04-28T07:38:27Z |
TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01
VANCOUVER, BC, April 28, 2022 /PRNewswire/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (OTCQX: DMEHF), (Frankfurt: QM01) From the President of the Company.
The Company has released a corporate demonstration showcasing our general drilling and casing procedures which exceed state regulatory requirements. Cementing and casing costs have increased by over 19% by following these procedures but are deemed necessary by our technical team. These procedures not only protect aquifers but also limit produced water content from our helium gas wells.
"This not only protects Arizona's precious aquifers for future generations but makes sound business sense for the Company," says CEO Robert Rohlfing.
The video of DME's procedures can be viewed here, or you can view the PDF version here.
Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on exploration, development and production of helium, hydrogen and noble gases. The Company is primarily looking for elements deemed critical to the renewable energy and high technology industries.
We seek safe harbor
"Robert Rohlfing"
Robert Rohlfing
Exec Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding the Company's anticipated performance in the future the planned exploration activities, receipt of positive results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to helium prices, operating or technical difficulties in exploration and development activities; risks and hazards and the speculative nature of resource exploration and related development; risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and nor does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
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SOURCE Desert Mountain Energy Corp. | https://www.whsv.com/prnewswire/2022/04/28/desert-mountain-energy-issues-general-drilling-amp-casing-procedures-helium-wells-website/ | 2022-04-28T07:38:34Z |
—Includes Multiple Studies Demonstrating that Post-Translational Modifications of Conformational
Variants of p53 Are Associated with the Pathogenesis of Alzheimer's Disease—
MILAN, April 28, 2022 /PRNewswire/ -- Diadem SpA, a company developing the first blood-based test for the early prediction of progression to Alzheimer's disease (AD), today announced release of a new peer-reviewed publication, Post-Translational Modifications of the p53 Protein and the Impact in Alzheimer's Disease: A Review of the Literature, in the current issue of the journal Frontiers in Aging Neuroscience. The article reviews the extensive scientific literature that elucidates how post-translational modifications (PTMs) of the protein are associated with the development of Alzheimer's disease. Diadem is leveraging the relationship between p53 conformational variants and AD to develop blood-based prognostic and diagnostic assays for Alzheimer's disease. Its most advanced product, the AlzoSure® Predict assay, is a simple, non-invasive plasma-based biomarker test to accurately predict whether or not a patient with asymptomatic mild cognitive impairment will progress to Alzheimer's dementia up to six years before the disease fully manifests.
Study author Rakez Kayed, PhD, Professor and John Sealy Chair for Parkinson's Research at the Mitchell Center for Neurodegenerative Disorders of the University of Texas Medical Branch at Galveston, commented, "Increasing evidence suggests that certain conformational variants and post-translational modifications of the p53 protein may contribute to the development of Alzheimer's disease. This review aims to summarize what researchers have uncovered to date about the transformation of p53 into variants and PTMs that impact amyloid, tau and other pathways implicated in the neurodegenerative processes that ultimately result in symptomatic AD. This knowledge is contributing to our growing understanding of the pathophysiology of AD, as well as the development of novel prognostic and diagnostic biomarker tests that could enable use of more effective therapeutic interventions earlier in the disease process."
In the new publication, the authors note that the p53 protein, known as "the guardian of the genome" for its role in cancer, plays diverse roles in maintaining cellular function, and that changes in the protein's functional activity can affect its downstream impact. The p53 protein has more recently gained attention for its possible role in the early evolution of Alzheimer's disease, partly through its involvement in the regulation of oxidative stress, which is a critical factor in AD initiation and progression. Oxidative stress also has a strong relationship to amyloid β and tau-induced neurotoxicity, fueling feedback loops that may accelerate disease progression.
A key focus of the review is p53 post-translational modifications, which are seen as the most widespread and effective cellular mechanisms controlling p53 function. PTMs affect the conformation of p53, increasing its ability to adopt multiple structural and functional states. A number of these are implicated in the development of AD, including functional dysregulation and loss of function in cellular response pathways. The authors also cite multiple studies showing that the conformational unfolding of p53 impacts its role, directly increasing or decreasing the activation of specific AD-associated pathways. They conclude that there is significant evidence supporting the potential role of p53 PTMs in Alzheimer's pathogenesis, and recommend additional studies to further elucidate PTM mechanisms and their involvement in the development of AD.
Paul Kinnon, CEO of Diadem, noted, "Our AlzoSure blood-based test for the early prediction of AD is based on decades of research on the role of p53 and its conformational variants in the development of Alzheimer's disease. This new publication adds to the growing evidence that the loss of p53 function via post translational modifications to the linear sequence of the protein can result in upstream and downstream effects on amyloid and tau metabolism, as well as on other pathways involved in AD pathogenesis. It is consistent with the results of our clinical studies showing that AlzoSure® Predict can identify whether individuals will or will not progress to Alzheimer's dementia years before the disease is fully symptomatic."
AlzoSure® Predict is a non-invasive biomarker blood test that can identify with high accuracy whether individuals over the age of 50 with signs of cognitive impairment will or will not progress to Alzheimer's disease up to six years before definitive symptoms are apparent. Its utility is supported by clinical data from a large longitudinal study that was the basis for AlzoSure® Predict's recent CE-IVD marking, which allows the test to be marketed in the E.U., as well as for a Breakthrough Device designation from the U.S. Food & Drug Administration. The company's technology uses an analytical method that includes a patented antibody developed by Diadem and designed to bind to U-p53AZ and its target sequences. U-p53AZ is a conformational variant of the p53 protein that has been implicated in the pathogenesis of AD in multiple studies.
About Alzheimer's Disease
There are about 50 million people suffering from dementia worldwide. Alzheimer's disease is the most common form and accounts for 60-70% of cases. At present there are no disease modifying treatments for Alzheimer's, and therapies to treat symptoms are limited. There are about 10 million new cases per year, and the incidence is rising rapidly as the population ages. The current total cost of care is enormous--estimated at $1 trillion in the U.S. annually and expected to double by 2030. Currently, diagnosis of Alzheimer's disease is slow, inconclusive, invasive and expensive. Development of effective therapies for Alzheimer's has been hindered by the lack of accurate and cost-effective prognostic and diagnostic methods.
About Diadem
Diadem was founded as a spin-out of the University of Brescia (Italy). The company is developing the first blood-based prognostic test for the early detection of dementia, with a focus on Alzheimer's disease. The lack of accurate, accessible and affordable diagnostic tools is a major contributor to the absence of effective treatments for this devastating condition. As a result, patients are not diagnosed until late in the illness, when effective treatment is no longer possible. Diadem's rapid, accurate and cost-effective blood-based prognostic test makes it possible for the first time to identify patients early in the disease process, when effective interventions and better outcomes are far more feasible. The utility of the approach has been demonstrated in longitudinal clinical studies that were the basis for awarding CE-IVD marking in the E.U. and a Breakthrough Device designation in the U.S. Additional retrospective and prospective clinical trials are ongoing to further validate clinical claims and support widespread adoption and use. Diadem is preparing for commercialisation of AlzoSure® Predict in collaboration with global strategic partners. The company is also developing AlzoSure® Confirm, a blood-based diagnostic test for AD that has shown promising results in early studies. For more information, visit diademdx.com/.
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SOURCE Diadem SpA | https://www.whsv.com/prnewswire/2022/04/28/diadem-announces-publication-peer-reviewed-article-describing-how-post-translational-modifications-p53-variants-may-contribute-development-alzheimers-disease/ | 2022-04-28T07:38:41Z |
ÖSTERSUND, Sweden, April 28, 2022 /PRNewswire/ -- The surplus ratio of 65 per cent is the highest in Diös' history for a first quarter and the company shows good growth in property management income per share of 10 percent. Diös deliver a net letting of SEK 22 million in a continued strong market and an unrealized value development for our properties of SEK 533 million.
- Income increased by 11 per cent and amounts to SEK 539 million (483)
- Property management income increased by 17 per cent and amounted to SEK 271 million (231)
- Unrealized changes in property values amounted to SEK 533 million (418)
and on derivatives to SEK 88 million (9) - Profit after tax was SEK 708 million (522)
- Earnings per share was SEK 5,00 (3,86)
– With respect to the world situation and the changing times we live in, I am confident that we are well equipped with a strong financial position, strong teams and the right offering in a growing market. The future is bright for our cities and for us as a company and I am convinced that 2022 will continue to be a successful year for our tenants, for us and for our shareholders, says Knut Rost, CEO.
Presentation on the report
Today at 09:30 am, CEO Knut Rost and CFO Rolf Larsson will present the report via a webcasted conference call. The presentation will be held in English.
More information about the conference can be found at:
https://investors.dios.se/English/reports-and-presentations/calendar/default.aspx
This information is information that Diös Fastigheter AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on 28 April 2022.
Please contact below for further information:
Knut Rost, CEO, Diös
Phone +46 10-470 95 01
E-mail: knut.rost@dios.se
Rolf Larsson, CFO, Diös
Phone: +46 10-470 95 03
E-mail: rolf.larsson@dios.se
This information was brought to you by Cision http://news.cision.com
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SOURCE Diös Fastigheter | https://www.whsv.com/prnewswire/2022/04/28/dis-fastigheter-interim-report-jan-march-2022/ | 2022-04-28T07:38:47Z |
SINGAPORE, April 28, 2022 /PRNewswire/ -- Double Protocol has recently announced the launch of NFT Lending Standard EIP 4907, a standard that aims to separate the NFT ownership and usage through the Dual-Role setup. With the expectation of having their first EIP 4907-based NFT online in May, Double Protocol's EIP 4907 Standard has the potential to revolutionize the whole NFT Industry by reducing the development and integration cost of functional NFT renting such as games, metaverse, membership cards, etc. It adds more value for NFT holders whose digital assets will have more liquidity, bringing the utility of NFTs available for all instead of Blue Chips or Expensive NFTs in the market only.
The Rise of Utility-Focused NFTs
Contrary to what skeptics had predicted, the nascent but thriving NFT market is now making a strong case that it was never built around mere hype and FOMO. The underlying technology and economy powering it are growing stronger every day to promote and sustain real-life use cases.
At least that's what it looks like as more and more utility-focused NFTs are coming out as opposed to most first-generation NFTs which were basically avatar-based. The rapid growth of the metaverse and play-to-earn NFT games have been particularly instrumental in helping the NFT market evolve and mature.
The key takeaway from this trend is that NFT ownership and use-cases are likely to be on an upward trajectory over the foreseeable future. And as you have probably already noticed, NFT rental marketplaces have a big role to play in it.
NFT Renting - How It Makes NFTs More Accessible to the Masses
If 2021 was the year when the NFT-ownership economy ruled the roost, 2022 could very well be the year when NFT renting becomes the dominant trend. The signs are already there — especially with the emergence of NFT rental platforms such as Double Protocol.
For those out of the loop, the idea behind NFT renting is as simple as it sounds. Just like you would rent a luxury car for the weekend without having to own it, NFT renting also lets you experience or use NFTs for a limited period without actually having to own them.
Generally speaking, you will find all kinds of NFTs including in-game assets, virtual estates, digital art, financial NFTs, collectibles, and more in an NFT marketplace like Double Protocol. A smart contract enforces the terms of the rental agreement between the lender and the borrower, making the whole process transparent, decentralized, and independent of a third party.
Benefits of NFT renting
While NFTs are no doubt soaring in popularity, the cost of ownership can sometimes be a big hurdle limiting its mass adoption. Yes, NFTs can be really-really expensive — especially when it comes to the popular ones creating a lot of buzzes.
NFT renting is by far the most practical way around the cost factor as it allows even the most expensive NFTs accessible to users who couldn't otherwise afford them.
On the other end of the spectrum, it also makes good financial sense for users who buy NFTs as an investment (without necessarily intending to use those NFTs themselves). By renting their NFT stash, these users can make sizable gains as passive income.
So far so good — but there are a few bumps along the way that make the whole NFT rental process more complicated than most users are comfortable with. And that's precisely where a platform like Double Protocol intends to create a difference by smoothing out these bumps and thereby lowering the threshold for web3 users to access GameFi and metaverses of their choice through NFT rentals.
How Double Protocol Aims to Make NFT Renting Efficient and More Impactful
Separating usage-right from ownership is a fundamental condition that must be met for NFT renting to function smoothly. One way to comply with this condition so far is to add the role of an operator or controller who can perform specific actions with an NFT but can never transfer the asset to a third party or assume full control over it (as the owner would do).
If the owner decides to make an NFT accessible to a controller/operator for a limited period via an NFT rental platform, they need to make two on-chain transactions. Once at the start and once at the end of the said period.
Without delving into the technical nitty-gritty, as NFT applications and subsequently NFT renting continue growing rapidly, the need of the hour is to develop a framework for efficiently handling user rights management. One viable way to go about this objective is to create and enforce a unified standard that facilitates collaboration among all applications.
Double Protocol Dual-Role NFT Standard EIP4907
The key component that empowers Double Protocol to meet its objective of enabling the lending of NFTs without requiring the transfer of ownership (by the lender) is the Dual-Role setting of the NFT smart contract. To help more projects to make their NFTs rentable, Double Protocol proposed the NFT standard with the dual-role setting — EIP 4907.
By applying the EIP 4907, the user right could be easily extracted from the ownership, which is the key to the rental.
Besides, the dual-role standard is expirable, meaning the rental NFTs come with an automatic expiry date, meaning the usage rights of the borrower automatically end at the end of the rental period without any extra transaction on-chain.
This is how it works:
- Double Protocol deploys the dual-role contact to ensure the in-game asset has 2 roles: owner and user. And then create a doNFT corresponding to the original NFT to represent the user right.
- Once the borrower pays the rent, the doNFT will be minted for the renter as per the doNFT contract.
- During the rental period, the renter is entitled to a diverse range of usage rights that may include subleasing, splitting, merging, as well as even financial derivatives, among others.
- At the end of the rental period, the doNFT contract automatically revokes the usage rights of the borrower.
The benefits of Double Protocol's dual-role standard include:
- No need to worry about credit risk.
- The borrower doesn't have to pay hefty collateral.
- The owner doesn't have to worry about the security of the rented asset.
- The terms of rental are flexible and can be split, combined, or traded multiple times.
- The ability to integrate rental agreements into third-party products and applications.
For more information, please visit the Double Protocol website and Twitter for the latest news and updates surrounding the Double ecosystem.
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SOURCE Double Protocol | https://www.whsv.com/prnewswire/2022/04/28/double-protocol-launches-rental-nft-standard-eip-4907-expected-have-their-first-application-may/ | 2022-04-28T07:38:55Z |
MELBOURNE, Australia, April 27, 2022 /PRNewswire/ -- Dubber Corporation Limited (ASX: DUB) ('Dubber' or 'the Company'), the leading global Unified Call Recording & Voice Intelligence cloud platform which provides innovative world leading products directly via Service Provider networks, today released its report on the Company's operating activities along with the Appendix 4C for the quarter ended 31 March 2022.
Highlights within the Quarter:
- ARR increased by $5.1m QoQ to $55.1m (62% pcp)
- Revenue for 12 months to March 2022 was $33.7m consistent with reported ARR at March 2021
- Revenue increased by $900,000 QoQ to $9.25m (40% pcp)
- Cash receipts increased by $2.9m QoQ to $8.5m
- Net cash outflows decreased by $7.1m
- Dubber subscribers exceed 540,000
- Launch of Notes by Dubber at Mobile World Congress
- Finalised multiple network UCR agreement with TDC Nuuday of Denmark
- Established core infrastructure for acceleration of future growth
- Dubber is fully funded with in excess of $97.5m cash on hand
- A video update is available at the following link: Dubber Quarterly Update
Continued growth in key metrics, reduction in cash outflows, expansion of Total Addressable Market
The March quarter saw the Company continue to grow its customer base and revenues, scale its core infrastructure to accelerate future growth while reducing cash outflows.
Most of the Company's activities were conducted in the UK, Europe and North America and saw shifts in foreign exchange rates. For reasons of comparative performance evaluation, a constant currency comparison has been added to applicable metrics.
Subscribers
In a quarter which is typically subject to seasonal fluctuations due to telecommunications service provider 'embargo' periods, the Company added $5.1m to its Annualised Recurring Revenue, reflecting growth of circa 10% in the quarter via a combination of 'standard' SaaS and Foundation Partnership subscriptions. On an adjusted basis, which takes into account foreign exchange fluctuations, the Company has ARR of $55.1m. ($56.8m on a constant currency basis).
The Company's 'standard' SaaS subscriptions grew organically by over 30,000 during the quarter and the Company was able to secure Foundation Partner agreements whereby a Dubber service is embedded as a standard feature of every subscription on a network. As previously stated, the Company continues a policy of not including Foundation Partner Program subscriptions in its overall numbers for reasons of consistency and commercial sensitivity. The Company will continue to re-assess its reporting of these subscriptions on an ongoing basis.
Annual Recurring Revenue (ARR)
The Company's ARR is calculated as the next 12 months of subscription revenue net of any incentives. Demonstrating this, the Company reported an ARR number of $34m to the ASX on 29 April 2021, with actual revenue for the 12 months to March 31 2022 of $33.7m in-line.
The Company advises that its December 2021 Monthly Recurring Revenue (MRR) figure reported in the Company's most recent investor presentation contained an item of professional services revenue, which was non-recurring, thereby creating an incorrect expectation of $450k of actual revenue in the March quarter. The reported ARR was correct. For commercial reasons, the Company reached an agreement with a major global service provider, whereby it would provide a subsidy in Q3 FY22 as part of offsetting cancellation costs associated with the migration of a substantial legacy recording customer base to Dubber. Quarterly revenue relating to this service provider is forecast to be in excess of $700k. The Company's current reported ARR is unaffected and as previously stated is expected to generate ~$55.1m revenue over the next 12 months to 31 March 2023.
Revenue
Revenue for the quarter grew by over $900,000 to $9.25m ($9.85m on constant currency basis), an increase of 40% pcp. Total Operating Revenue for FY2021 was $20.33m, this has been surpassed in the third quarter with the Company recognising revenue in excess of $25.6m for FY2022 to date.
Cash Receipts, Net Outflows and Current Position
Cash receipts for the quarter were $8.5m ($9m on constant currency basis) to bring receipts for FY2022 to $23m.
The Company was able to significantly reduce its net cash outflows without impacting its underlying growth strategy. Net cash outflows were reduced by $7.1m compared with the previous quarter as a result of the combination of increased receipts and reduction of previously reported extraordinary items including those relating to the establishment of future growth infrastructure. The March quarter also included some extraordinary items over core operating costs and are outlined in Notes to Appendix 4c (below).
Closing cash balance at 31 March was in excess of $97.5m ($97.8m constant currency), providing excellent balance sheet strength and demonstrating that the Company's long-term business plans remain fully funded.
The Company's core operating cost structure does not relate to maintaining its current revenue levels but, rather, to enable future accelerated growth against its operating plan.
Use Case Diversity and Total Addressable Market
Dubber's business plan disrupts traditional legacy recording models in that it is a uniquely scalable platform served from the source of the calls, the communications network, as opposed to on-premise, hosted and/or contact centre infrastructure. Dubber's customers are the carriers of communication traffic, the Service Providers, and, once available, the Dubber services can be switched on immediately as a network service without any deployment delays or associated costs.
Dubber, therefore, has a substantially broader addressable market than legacy providers where there is a strong perception and reality that call recording is aimed primarily at compliance and regulatory requirements for the financial services sector. Dubber is capable of, and will continue, to serve this sector but its business philosophy and platform allows for the ability to capture all calls and convert those calls into a usable and content rich source of data.
To Dubber, call recording, as a standalone product, is merely one of the use cases in the long-term business model. To date the Company reports user numbers largely associated with call recording solutions, however its end user customer base is significantly broader than strict compliance, with financial services customers reflecting 11% of the total customer base, currently.
The expansion of business operations and delivery of advanced product offerings such as 'Notes' creates an opportunity whereby the total addressable market is the entire customer base of a connected network with the potential for multiple services in each account.
To date, Dubber has experienced zero 'churn' with regards to network connectivity and, almost without exception, the Dubber Platform is the only recording service connected to the networks with which we operate. Expansion of network footprint remains a priority for the Company, augmented by the continual release of additional revenue generating products and services to the core network capability.
Agreement with TDC Nuuday
During the quarter, the Company finalised an agreement with TDC Nuuday, the national carrier of Denmark. The agreement provides for the Dubber platform to be connected to multiple networks including mobile and Unified Communications, and the migration of existing recording users to the Dubber platform, delivering Unified Call Recording for Nuuday customers. The agreement also establishes a footprint for Dubber in the Nordics, an area of focus for additional expansion.
'Notes' by Dubber released at Mobile World Congress
A landmark event for Dubber was the release of 'Notes' which coincided with the Company's attendance of Mobile World Congress, the premier annual event for mobile network operators. A common theme at the event was the appetite for carriers to seek innovative solutions which generate revenue and provide differentiation in a sector which has traditionally been underpinned by utility models relating to price and data usage.
'Notes' by Dubber, enables calls on a network to be transcribed with AI outcomes delivering a comprehensive capability which automates typical note taking requirements, providing speaker separation and identification, topics discussed, action items and calendar/meeting co-ordination. As a stand-alone product 'Notes' has appeal for all users of a network across all demographics, meaning that the Dubber platform services enjoy a Total Addressable Market of potentially every user on a given network.
The Dubber Platform has attained recognition as the industry standard and the desire to turn communication across an entire mobile network into a usable and previously untapped data source is a compelling proposition for mobile network operators. The Dubber Platform has a unique capability to deliver on these industry requirements and the Dubber brand resonates with carriers, representing proven reliability, capability and innovation.
'Notes' by Dubber was also a core product demonstration for Samsung at the event, highlighting the advanced user experience with the Samsung flip phone range.
'Notes' is a standalone product which is available as a Foundation Partner solution, an individual product or in conjunction with other Dubber services from the Dubber Platform, however, the underlying data is the fundamental asset from which Dubber's network data capability can be expanded with unlimited use cases and revenue potential for the Company, its service provider partners, and their end user customers.
The 'Notes' launch is a landmark step towards the original business philosophy of the Company, namely that the Dubber Platform is capable of delivering 'AI for every phone.'
Dubber's Unique Position with Global Unified Communications Service Providers
Dubber continues to maintain a unique and valuable position in the Global Unified Communications sector where its products are offered as a standard feature of every Cisco Webex Calling subscription and a unique capability for Unified Recording via Microsoft Teams service providers.
The Company continues to benefit from this position in terms of its current and near-term user growth and aims to establish deeper commercial relationships with both Cisco and Microsoft accordingly.
Scaling the business
As previously reported, the Company has focussed on building its business operations to a scale which is commensurate with its opportunities and, indeed, its platform capability. During the quarter, the Company continued to successfully integrate the business operations of acquired companies Speik and Notiv, expanding the team and product capability. The Company has been successful in attracting world class talent to fill key roles, many of whom have held significant roles with major organisations including some of our service provider partners.
The Company's business plan includes significant operating leverage from its single global cloud infrastructure which can deliver gross margin at 'Cloud' scale when utilisation is achieved.
The scaling of the business has not been achieved to maintain current and near-term recording revenues relating to that business mode but, rather, to accelerate Dubber's future position as a global presence following the capital raise in July 2021.
The Company now comprises approximately 260 employees, up from 160 at the same time last year.
Notes to the Appendix 4C
Cash outflows for the quarter were subject to a decreased number of extraordinary items, in line with the Company's upscaling of operations which included:
- Payment of $1.35m for PAYE relating to previous periods as per an agreed 'Covid Relief' payment structure. This appears in line 1.2(e) of the Appendix 4C attributed to Staff Costs
- Technical Consultants which appears in line 1.2(a) Research and Development
- Continued investment into footprint infrastructure including in Australia and the UK to accommodate new FTEs as shown in line 2.1(c) of the Appendix 4C
The amounts shown at line 6.1 of the Appendix 4C relate to director fees and salaries. The expenditure incurred on the activities described in this report are materially salaries and operating costs set out in the Appendix 4C.
Steve McGovern, CEO, Dubber:
"The Company was able to maintain its growth trajectory established in the last year, in a quarter which is typically seasonally challenging due, largely to Service Provider embargoes which restrict 'adds, moves and changes' to network infrastructure over the year end/new year period. Growth continues across the entire business when compared with the full year results for FY2021.
"Underpinning our financial results, we have built a core operating team which has strength across the business, including the successful integration of the Speik and Notiv business units and their teams. This will enable us to develop the Company towards our goal of becoming a significant global operator in our field. The commitment to the development of platform capability and release of additional revenue generating products will accelerate the Company's performance against its original 5-year plan, which was largely based on continuing to sell recording services to additional carrier customers.
"We have largely borne the infrastructure costs associated with our growth plan and were able to significantly reduce cash outflows during the quarter, without restricting those plans. Our investments into cloud infrastructure in previous quarters should provide economies of scale which will enable greater gross margins as we increase our utilisation of the Dubber Platform.
"The over-riding belief of the Company is that we are well positioned, with great capability at scale, at a time when our Service Provider customers are seeking value added service revenue in the face of potentially stagnating or declining utility revenues.
"Service Providers carry enormous amounts of content rich data in their calls and communications. To date, this rich source of commercially valuable data has remained untapped. As Service Providers seek to derive value from that content, Dubber is uniquely positioned and fully funded with a technology and brand which has enabled us to establish ourselves in a market leading position."
This ASX release has been approved for release to ASX by Steve McGovern, CEO & Managing Director.
About Dubber:
Dubber is unlocking the potential of voice data from any call or conversation. Dubber is the world's most scalable Unified Call Recording service and Voice Intelligence Cloud adopted as core network infrastructure by multiple global leading telecommunications carriers in North America, Europe, and Asia Pacific. Dubber allows service providers to offer call recording for compliance, business intelligence, sentiment analysis, AI and more on any phone. Dubber is a disruptive innovator in the multi-billion-dollar call recording industry, its Software as a Service offering removes the need for on-premise hardware, applications or costly and limited storage.
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FREMONT, Calif., April 28, 2022 /PRNewswire/ -- Exxact Corporation, a leading provider of high-performance computing (HPC), artificial intelligence (AI), and data center solutions, now offers solutions that support NVIDIA Omniverse™ Enterprise, which fundamentally transforms complex design workflows for organizations of any scale. NVIDIA Omniverse Enterprise is an end-to-end 3D collaboration and true-to-reality simulation platform that connects design teams, their 3D assets, and software tools, enabling diverse workgroups to collaborate on a single 3D project simultaneously.
The foundation of Omniverse is Pixar's Universal Scene Description (USD), which is an open-source 3D file framework that is easily extensible and was developed for the film industry to simplify content creation and interchange assets between different industry software tools, enabling collaboration across globally spread teams. Now, it is widely adopted across industries, with growing support among top design content creation tools like Trimble SketchUp, McNeel & Associates Rhino, Autodesk Maya and 3ds Max, Revit, Epic Games Unreal Engine, and more. With high-performance acceleration from NVIDIA RTX™ technology, the Omniverse Enterprise platform simplifies and supercharges today's 3D workflows with the power of NVIDIA technologies, such as ray tracing, simulation, and material libraries.
NVIDIA Omniverse Enterprise is able to help the media and entertainment industry overcome challenges of growing demand for high-quality content from a globally distributed workforce, as well as the need for constant media releases and refreshes to satisfy an increasing streaming services subscriber base. Omniverse Enterprise gives design teams the ability to create, iterate, and collaborate on assets using a variety of creative applications to deliver real-time results. The platform has also proven advantageous in architecture, engineering, and construction to translate and composite data to create and quickly iterate on ideas for concept designs. In addition to powering 3D collaboration, Omniverse Enterprise enables speedy design reviews with accurate visualizations from almost any device, allowing stakeholders and clients to effectively give feedback and minimize the number of review cycles. Projects are kept on track and the approval process is accelerated.
"As an expert in leveraging the performance of NVIDIA GPUs for purpose-built systems and a supplier of NVIDIA-Certified Systems, it was only natural for Exxact to support NVIDIA Omniverse Enterprise so teams of any scale, from small workgroups to teams spread out across the globe, can collaborate remotely in real time and quickly bring ideas to life," said Andrew Nelson, Vice President of Technology at Exxact Corporation. "With many teams now working remotely, Exxact wanted to provide solutions that could bring teams together no matter where in the world they were and have them feel no different than if they were physically sitting next to each other, running graphics-intensive applications without sacrificing performance."
"Exxact is an NVIDIA-Certified Systems supplier with the skills and experience necessary to provide powerful GPU workstations and servers for visualization, rendering, and AI," said Sandeep Gupte, Senior Director of Professional Visualization at NVIDIA. "With Exxact solutions now supporting Omniverse Enterprise, engineers and designers can be confident that they have the performance to accelerate their workflows to keep up with industry demands, while simultaneously connecting their globally dispersed teams."
Exxact solutions with Omniverse Enterprise are compatible with top industry and visualization software, and are scalable with options for individuals up to enterprise-level applications. In addition to workstation and server solutions running the latest NVIDIA RTX GPUs to support Omniverse Enterprise, Exxact also offers a developer workstation to help users get started and familiar with set up and development. Learn more by clicking here.
About Exxact Corporation
Founded in 1992, Exxact is an ISO-certified provider of audio-visual solutions for 3D visualization, video wall, digital signage, and media playback. Exxact also develops and manufactures innovative computing appliances that include workstation, server, cluster, and storage products developed for life sciences, HPC, big data, and cloud applications. With a full range of engineering and logistics services, including consultancy, validation, manufacturing, implementation, and support, Exxact enables its customers to solve complex computing challenges and improve resource utilization to maintain a competitive edge. Visit Exxact Corporation at www.exxactcorp.com.
Media Contact: Khang Pham, (510) 226-7366 x337, khang.pham@exxactcorp.com
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LAKE OSWEGO, Ore., April 27, 2022 /PRNewswire/ --The Greenbrier Companies, Inc. (NYSE: GBX) will be presenting on Wednesday, May 4, 2022, at the 2022 Wells Fargo Industrials Conference held in New York City, New York.
The presentation will be webcast live, beginning at 2:40 pm ET, on Wednesday, May 4, 2022. Listeners can access the webcast directly through the OpenExchange website at https://kvgo.com/wells-fargo/greenbrier-companies-may-2022. To register for or listen to the webcast, follow the link and enter your name, company and email address.
Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars and marine barges in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America through our rail services business unit. Greenbrier manages 431,000 railcars and offers railcar management, regulatory compliance services and leasing services to railroads and other railcars owners in North America. GBX Leasing (GBXL) is a special purpose subsidiary that owns and manages a portfolio of leased railcars that originate primarily from Greenbrier's manufacturing operations. GBXL and Greenbrier own a lease fleet of 11,000 railcars. Learn more about Greenbrier at www.gbrx.com.
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SOURCE Greenbrier Companies, Inc. | https://www.whsv.com/prnewswire/2022/04/28/greenbrier-webcast-presentation-2022-wells-fargo-industrials-conference/ | 2022-04-28T07:39:16Z |
MEXICO CITY, April 27, 2022 /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B. de C.V. reports its 2022 first quarter results. All figures in this report are shown in nominal terms and reported in accordance with International Financial Reporting Standards (IFRS).
Quarter Highlights:
- +72.6% consolidated sales growth in Q1'22
- +13.1% same store sales increase in Mexico vs. ANTAD's 9.8% increase
- +9.5% same store sales increase in the US
- +80.0% consolidated EBITDA in Q1'22, +23.5% on a comparable basis
- EBITDA margin increase YoY: + 32 bps consolidated margin, + 57 bps Retail Mexico; +31 bps in Retail US
- Proforma leverage ratio: 0.63x in Q1'22
CONSOLIDATED RESULTS FOR THE FIRST QUARTER 2022
The following chart summarizes the Income Statement in million pesos for the first quarter of 2022. The margin for each figure represents its ratio to net sales and the comparison to the same period in 2021.
Comments from Mr. Antonio Chedraui, CEO of Grupo Comercial Chedraui
"Continuing our trend from the end of last year, in this first quarter of 2022 we once again achieved extraordinary results across all our business segments. In our Mexican operation, we maintained above market growth, which was driven by our ability to execute, the trust our customers have in us, and the recovery of the tourist areas in which we operate. At the same time, we were able to significantly expand our profitability due to efficient management of all lines on the Income Statement. In the United States, we reached unprecedented same store sales growth, while continuing to integrate the Smart&Final operation, whose successful format continues to prove the investment rationale in this business. Beyond the short-term results, the company maintains its focus on growth and improved profitability for the future, and our healthy balance sheet will allow us to face any challenge and take advantage of opportunities that arise. I would also like to highlight the Company's cash flow generation, which has made it possible to reduce the debt resulting from the acquisition made last year. In summary, we will continue to strengthen our capabilities and operation to create further value for Chedraui and its shareholders."
For the full version, please click here.
Conference Call Information
Date
Thursday, 28th April, 2022
9:00 am (EST)
8:00 am (CST)
Dial-in
Operator-assisted US toll-free dial-in number: +1 877 353 7089
Operator-assisted Mexico dial-in number: +52 55 4742 9159
Operator-assisted Mexico dial-in number: +52 55 8526 1645
Operator-assisted Mexico dial-in number: +52 55 5980 3594
About Grupo Chedraui
Grupo Comercial Chedraui S.A.B. de C.V. trades on the Mexican Stock Exchange under the ticker symbol "CHDRAUIB"; the Company as of March 31, 2022 was operating 717 stores.
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SOURCE Grupo Chedraui | https://www.whsv.com/prnewswire/2022/04/28/grupo-comercial-chedraui-sab-de-cv-first-quarter-2022-results/ | 2022-04-28T07:39:24Z |
– Name change and share consolidation to be rescheduled for June 2022 –
OAKLAND, Calif. and TORONTO, April 27, 2022 /PRNewswire/ - Harborside Inc. ("Harborside" or the "Company") (CNSX: HBOR), (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today filed its audited annual financial statements and management's discussion & analysis for the twelve months ended December 31, 2021 (collectively, the "Annual Financial Results") under the Company's profile on SEDAR at www.sedar.com.
The Annual Financial Results encompass a period prior to the Company's acquisitions of UL Holdings Inc. ("Urbn Leaf") and LPF JV Corporation ("Loudpack"), which were completed in March and April 2022, respectively. The Loudpack and Urbn Leaf acquisitions have transformed the Company into one of the largest vertically integrated cannabis enterprises in California.
With the acquisitions of Loudpack and Urbn Leaf completed, the Company now plans to effect its previously announced name change to StateHouse Holdings Inc. (the "Name Change") and concurrent share consolidation (the "Consolidation") in June 2022. Pursuant to the Consolidation, shareholders are expected to receive one post-Consolidation subordinate voting share (a "Share") for every six pre-Consolidation Shares (the "Consolidation Ratio"), subject to the Company continuing to meet minimum listing requirements of the Canadian Securities Exchange (the "CSE"). Accordingly, following the Name Change and Consolidation, shareholders currently holding six Shares of Harborside will instead own one Share of StateHouse Holdings Inc. The trading price of the Shares is expected to reflect the Consolidation Ratio immediately upon the resumption of trading of the Shares following the Name Change and Consolidation. The Name Change and Consolidation were approved by the shareholders of the Company on February 22, 2022. The Company's new corporate website, statehouseholdings.com, will be updated with fulsome corporate information following completion of the Name Change and Consolidation. More information on the Consolidation is available on the Company's website at www.investharborside.com.
Harborside, a vertically integrated enterprise with cannabis licenses covering retail, major brands, distribution, cultivation, nursery and manufacturing, is one of the oldest and most respected cannabis companies in California. Founded in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Today, the Company operates twelve dispensaries covering Northern and Southern California and one in Oregon, as well as a manufacturing facility in Oakland, California, distribution facilities in San Jose and Los Angeles, California and integrated cultivation/production facilities in Salinas and Greenfield, California. Harborside is a publicly listed company, currently trading on the Canadian Securities Exchange ("CSE") under the ticker symbol "HBOR" and the OTCQX under the ticker symbol "HBORF". Following completion of the Name Change and Consolidation, the post-Consolidation Shares are expected to trade on the CSE under the new ticker symbol "STHZ". The Company continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and United States securities legislation. To the extent any forward-looking information in this news release constitutes "financial outlooks" or "future-oriented financial information" within the meaning of applicable Canadian securities laws, the reader is cautioned not to place undue reliance on such information. 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 relating to the Company's future performance; the Company's plans and ability to complete the Name Change and Consolidation within anticipated timeframes, if at all; the trading of the Shares on the CSE on a post-Consolidation basis following the Name Change and Consolidation within anticipated timeframes, if at all; and the impact of the Consolidation on the trading price of the Shares.
These forward-looking statements are based on reasonable 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: implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis markets where the Company operates; changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion and acquisitions; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; employee relations; the presence of laws and regulations that may impose restrictions on cultivation, production, distribution, and sale of cannabis and cannabis-related products in the markets where the Company operates; and the risk factors set out in the Company's management discussion and analysis for the period ended December 31, 2021 and the Company's listing statement dated May 30, 2019, which are available under the Company's profile on www.sedar.com. 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.
The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable United States federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under United States federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Harborside Inc. | https://www.whsv.com/prnewswire/2022/04/28/harborside-inc-reports-fourth-quarter-2021-financial-results/ | 2022-04-28T07:39:35Z |
Returns Drop for First Time in Over Two Years and Decline at Fastest Pace in 10 Years; Median U.S. Home Price Up Just 2 Percent Quarterly, to New High of $320,500
IRVINE, Calif., April 28, 2022 /PRNewswire/ -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its first-quarter 2022 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home sales across the United States dipped to 47.2 percent – the first quarterly decline since late 2019 and the largest in a decade.
In a sign that the nationwide housing-market boom may be slowing, the latest profit margin was down from 51.6 percent in the fourth quarter of 2021. While profit margins often decrease during the relatively slow Winter home-buying season, the latest dip of more than four percentage points marked the first quarterly decline since the fourth quarter of 2019 and the largest since the first quarter of 2011.
The report reveals that the typical return on investment remained historically high, easily topping the 37.5 percent level recorded in the first quarter of 2021 and almost 20 points above the 29.4 percent figure from the first quarter of 2019.
Gross profits, while also near record highs, followed a similar pattern in the first quarter of 2022. The typical single-family home sale across the country generated a gross first-quarter profit of $103,000, down from $107,187 in the fourth quarter of last year, although still well above $75,001 a year earlier.
"Home prices simply can't continue to go up as rapidly as they have for the past few years," said Rick Sharga, executive vice president of market intelligence for ATTOM. "The combination of higher prices, rising mortgage rates, and the highest rates of inflation in 40 years may be pricing some prospective buyers out of the market, which means we may begin to see lower sales numbers. Ultimately, as affordability worsens, price appreciation should slow down, and we may even see modest price corrections in some markets."
The lower gross profits came as the national median home price increased just 1.7 percent, from $315,000 in the fourth quarter of 2021 to $320,500 in the first quarter of this year. That marked the ninth straight quarterly record and was up 16.5 percent from the first quarter of 2021. But the modest quarterly gain fell below price spikes that first-quarter sellers commonly were paying when they originally bought their homes, which led to the decline in profits.
Home sales also lagged behind the numbers from the first quarter of 2021, with sales falling from 1.2 million to 1.1 million. These sales, pricing. and profit trends point to the possibility of a calmer period in a housing market that has largely roared ahead over the past two years, both in spite of and because of the ongoing economic threat posed by Coronavirus pandemic that hit early in 2020.
A surge of buyers largely unscathed financially by the pandemic has flooded the market over that period, chasing a historically limited supply of homes for sale and driving up prices. That happened amid a period of rock-bottom mortgage rates that dipped below 3 percent for a 30-year fixed-rate loan, and a desire of many households to trade congested virus-prone parts of the country for the relative safety of a house and yard along with larger spaces for developing work-at-home lifestyles.
But even as employment has grown over the past year, interest rates are rising, which has cut into what buyers can afford. The nation's inflation rate, meanwhile, is at a 40-year high, generating further economic uncertainty that could stifle home-price increases.
Profit margins decline quarterly in over 40 percent of metro areas around the U.S.
Typical profit margins – the percent change between median purchase and resale prices - fell from the fourth quarter of 2021 to the first quarter of 2022 in 71 (42 percent) of the 170 metro areas around the U.S. with sufficient data to analyze. That trend emerged even as investment returns remained up annually in 152 (89 percent) of those metros. Metro areas were included if they had at least 1,000 single-family home sales in the first quarter of 2022 and a population of at least 200,000.
The biggest quarterly decreases in profit margins came in the metro areas of Santa Barbara, CA (margin down from 72.9 percent in the fourth quarter of 2021 to 45.8 percent in the first quarter of 2022); Boise, ID (down from 110.4 percent to 88.8 percent); Brownsville, TX (down from 54.3 percent to 38.1 percent); St. Louis, MO (down from 37.6 percent to 23.9 percent) and Des Moines, IA (down from 48.1 percent to 35.2 percent).
Aside from St. Louis, the biggest quarterly profit-margin decreases in metro areas with a population of at least 1 million in the first quarter of 2022 were in Raleigh, NC (margin down from 53.1 percent to 40.7 percent); Sacramento, CA (down from 63.9 percent to 52.1 percent); Minneapolis, MN (down from 40 percent to 32 percent) and Atlanta, GA (down from 38.5 percent to 31 percent).
Profit margins increased quarterly in 99 of the 170 metro areas analyzed (58 percent). The biggest quarterly increases were in Kingsport, TN (margin up from 51.1 percent in the fourth quarter of 2021 to 71.1 percent in the first quarter of 2022); Rochester, NY (up from 57.1 percent to 76.3 percent); Lake Havasu City, AZ (up from 58.2 percent to 75.2 percent); Cape Coral-Fort Myers, FL (up from 64.2 percent to 80.9 percent) and Toledo, OH (up from 39.8 percent to 53.3 percent).
Aside from Rochester, the largest quarterly increases in profit margins among metro areas with a population of at least 1 million came in Honolulu, HI (up from 34.8 percent to 47.6 percent); Richmond, VA (up from 48.2 percent to 60 percent); Oklahoma City, OK (up from 30 percent to 38.6 percent) and New Orleans, LA (up from 27.6 to 34.4 percent).
Largest profit margins again in West; smallest in South and Midwest
The West continued to have the largest profit margins on typical single-family home sales around the country, with 13 of the top 25 returns on investment in the first quarter of 2022 from among the 170 metropolitan areas with enough data to analyze. The highest profit margins were in Hilo, HI (96.4 percent return); Scranton, PA (91.2 percent); Boise, ID (88.8 percent); San Jose, CA (86.1 percent) and Spokane, WA (85 percent).
Twenty-one of the 25 smallest margins were in the South and Midwest regions of the country. The lowest were in Lafayette, LA (16.6 percent); Shreveport, LA (17.1 percent); Columbus, GA (19.2 percent); Little Rock, AR (21.3 percent) and Lakeland, FL (22.9 percent).
Prices up quarterly in just half the nation
Median home prices in the first quarter of 2022 exceeded values from the prior quarter in only 89 (52 percent) of the 170 metropolitan statistical areas with enough data to analyze, even though they remained up annually in 165 of those metros (97 percent). Nationally, the median price of $320,500 in the first quarter was up from $315,000 in the fourth quarter of 2021 and $275,000 in the first quarter of last year.
The biggest quarterly increases in median home prices during the first quarter of 2022 were in Honolulu, HI (up 7.9 percent); Port St. Lucie, FL (up 7.7 percent); Lakeland, FL (up 7.6 percent); Austin, TX (up 7.6 percent) and Cape Coral-Fort Myers, FL (up 7.5 percent).
Aside from Honolulu and Austin, the largest quarterly increases in metro areas with a population of at least 1 million in the first quarter of 2022 were in Atlanta, GA (up 6.5 percent); Las Vegas, NV (up 6.4 percent) and San Diego, CA (up 6.4 percent).
Home prices in the first quarter of 2022 hit or tied all-time highs in 47 percent of the metro areas in the report, including New York, NY; Los Angeles, CA; Dallas, TX; Houston, TX, and Miami, FL.
The largest quarterly decreases in median prices during the first quarter of 2022 were in Macon, GA (down 15.4 percent); Kalamazoo, MI (down 10.9 percent); Detroit, MI (down 10 percent); York, PA (down 9.5 percent) and Des Moines, IA (down 9.3 percent).
Aside from Detroit, the largest quarterly decreases in metro areas with a population of at least 1 million in the first quarter of 2022 were in Rochester, NY (down 9.1 percent); Buffalo, NY (down 7.5 percent); Indianapolis, IN (down 6.6 percent) and Pittsburgh, PA (down 6.1 percent).
Homeownership tenure drops again, to 11-year low
Homeowners who sold in the first quarter of 2022 had owned their homes an average of 5.72 years, down from 6.12 years in the fourth quarter of 2021 and down by more than a year from 6.82 years in the first quarter of 2021. The latest figure marked the shortest average time between purchase and resale since the second quarter of 2011.
Tenure decreased from the first quarter of 2021 to the same period this year in 94 percent of metro areas with sufficient data. They were led by Lakeland, FL (tenure down 82 percent); Salem, OR (down 55 percent); Cleveland, OH (down 47 percent); Las Vegas, NV (down 45 percent) and Provo, UT (down 40 percent).
"Existing home sales typically account for 80-90 percent of all home sales, and increased homeownership tenure over the past decade has had an impact on the inventory of homes available for sale," Sharga noted. "If we continue to see a reversal of that trend, it could bring desperately needed supply back to the market, which would help stabilize prices."
Eight of the 10 longest average tenures among sellers in the first quarter of 2022 were in the Northeast or West regions. They were led by Honolulu, HI (8.54 years); Bellingham, WA (8.31 years); Manchester, NH (7.79 years); Hilo, HI (7.65 years) and New Haven, CT (7.6 years).
The smallest average tenures among first-quarter sellers were in Lakeland, FL (1.28 years); Memphis, TN (3.45 years); Tucson, AZ (3.59 years); Cleveland, OH (4.08 years) and Provo, UT (4.24 years).
Lender-owned foreclosure sales remain at lowest point this century
Home sales following foreclosures by banks and other lenders represented just 1.2 percent of all U.S. single-family home sales in the first quarter of 2022. That was at or below the smallest portion since at least the first quarter of 2000.
The latest portion of REO sales matched the 1.2 percent figure from the fourth quarter of 2021 and was down from 2.1 percent in the first quarter of last year. REO sales represented only one of every 87 sales in the first quarter of 2022 compared to the peak this century of one in three in first quarter of 2009.
Among metropolitan statistical areas with a population of at least 200,000 and sufficient data, those areas where so-called REO sales represented the largest portion of all sales in the first quarter of 2022 included Davenport, IA (4.9 percent); St. Louis, MO (4.2 percent); Flint, MI (3.3 percent); Hartford, CT (3.1 percent) and New Haven, CT (3.1 percent).
Cash sales at seven-year high
Nationwide, all-cash purchases accounted for 34.2 percent of all single-family home sales in the first quarter of 2022, the highest level since the first quarter of 2015. The first-quarter 2022 number was up from 32 percent in the fourth quarter of 2021 and from 30.3 percent in the first quarter of last year.
Among metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share all transactions in the first quarter of 2022 included Flint, MI (61.8 percent of all sales); Detroit, MI (61.5 percent); Utica, NY (54.8 percent); Naples, FL (54.4 percent) and Ann Arbor, MI (53 percent).
Those where cash sales represented the smallest share of all transactions in the first quarter of 2022 included Kennewick, WA (17.2 percent of all sales); Augusta, GA (17.9 percent); Lincoln, NE (18.1 percent); Washington, DC (19.4 percent) and San Jose, CA (19.4 percent).
Institutional investment down by more than half
Institutional investors nationwide accounted for just 4.1 percent, or one of every 24 all single-family home purchases in the first quarter of 2022 – less than half the 9.1 percent level in the fourth quarter of 2021. The latest figure also was down from 5.4 percent in the first quarter of 2021.
"For those people who still believe the theory that institutional investors are buying up all the available inventory, the numbers in our Q1 2022 report offer a pretty strong rebuttal," Sharga added. "It's also interesting that cash sales – often attributed to institutional investors – continued to increase even as investor activity diminished."
Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the first quarter of 2022 were Arizona (10.7 percent of all sales), Georgia (9.3 percent), North Carolina (8.7 percent), Nevada (8.4 percent) and Texas (6.1 percent).
States with the smallest levels of sales to institutional investors in the first quarter of 2022 included Louisiana (0.5 percent), Connecticut (0.5 percent), Hawaii (0.6 percent), New York (0.7 percent) and Massachusetts (0.7 percent).
FHA-financed purchases at lowest level in more than 14 years
Nationwide, buyers using Federal Housing Administration (FHA) loans comprised only 7.3 percent of all single-family home purchases in the first quarter of 2022 (one of every 14), the lowest portion since the first quarter of 2008. The latest figure was down from 8.2 percent in the previous quarter and from 9.2 percent a year earlier.
Among metropolitan statistical areas with a population of at least 200,000 and sufficient FHA-buyer data, those with the highest levels of FHA buyers in the first quarter of 2022 included Visalia. CA (17.7 percent); Bakersfield, CA (16.7 percent); Shreveport, LA (16.3 percent); Mobile, AL (15.9 percent) and Yuma, A (15.7 percent).
Report methodology
The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available.
Definitions
All-cash purchase: sale where no loan is recorded at the time of sale and where ATTOM has coverage of loan data.
Homeownership tenure: for a given market and given quarter, the average time between the most recent sale date and the previous sale date, expressed in years.
Home seller price gains: the difference between the median sales price of homes in a given market in a given quarter and the median sales price of the previous sale of those same homes, expressed both in a dollar amount and as a percentage of the previous median sales price.
Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in a calendar year.
REO sale: a sale of a property that occurs while the property is actively bank owned (REO).
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com
Data and Report Licensing:
949.502.8313
datareports@attomdata.com
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SOURCE ATTOM | https://www.whsv.com/prnewswire/2022/04/28/home-sales-seller-profits-dip-across-us-first-quarter-2022-price-increases-slow/ | 2022-04-28T07:39:42Z |
STOCKHOLM, April 28, 2022 /PRNewswire/ --
January-March
- Net sales amounted to kSEK 182 (123) divided between sales of tests kSEK 122 (0) and royalties kSEK 60 (123)
- Net earnings amounted to MSEK -44 (-23) and earnings per share before and after dilution were SEK -1.95 (-1.04)
- Cash flow from operating activities amounted to MSEK -46 (-30)
- Cash and cash equivalents at the end of the period amounted to MSEK 240 (425)
- In February the peer-reviewed, blinded study to independently validate the clinical performance of IMMray™ PanCan-d was published in Clinical and Translational Gastroenterology
- The Accreditation Committee of the College of American Pathologists awarded CAP accreditation to Immunovia's US subsidiary
- Jeff Borcherding, former Chief Marketing Officer from Myriad Genetics, was appointed as CEO for Immunovia's US subsidiary
Significant events after the period
- Immunovia submitted the application for CPT® PLA Code for the IMMray™ PanCan-d test
- Karin Almqvist Liwendahl assumed the position as CFO on April 1 and Jeff Borcherding the position as US CEO on April 11
- The Annual General Meeting on April 7th elected Eric Krafft and Philipp von Hugo as new board members. Ann-Christine Sundell, Mimmi Ekberg and Christofer Sjögren had declined re-election. The other board members were re-elected
CEO's comments
Immunovia continues to build on its unique position as the front-runner in innovative early detection of pancreatic cancer. The team at Immunovia, both in Sweden and in the US, has been working relentlessly in the pursuit of Immunovia's mission to improve pancreatic cancer survival rates by making IMMray™ PanCan-d broadly available.
During the first quarter, which also was the second full quarter of IMMray™ PanCan-d being commercially available in the US, Immunovia delivered several significant milestones focusing on its strategic priorities for 2022. The first important milestone was the publication of the peer-reviewed blinded validation study in Clinical and Translational Gastroenterology providing additional independent clinical validation of IMMray™ PanCan-d's performance. The shown performance is unmatched and demonstrates that the IMMray™ PanCan-d blood test can detect pancreatic cancer with a 99 percent specificity and a sensitivity of 92 percent for all stages, and a specificity of 99 percent and sensitivity of 89 percent in the early stages.
The CAP accreditation of our laboratory in Marlborough was another step towards making IMMray™ PanCan-d broadly available throughout the US. The College of American Pathologists (CAP) awarded the accreditation to our US subsidiary based on the positive results of a recent onsite inspection as part of its CAP Accreditation Program. The CAP accreditation not only signifies the highest quality standards of our laboratory, it also allows us to seek licensure in the five remaining US states including California and New York.
Our US team was significantly strengthened through the addition of Jeff Borcherding who will lead our US business and the US commercialization of IMMray™ PanCan-d. Previously Chief Marketing Officer at Myriad Genetics, Jeff is qualified through a number of previous commercial leadership roles and comes with extensive commercial experience in growing diagnostic businesses and healthcare brands in the US market.
Attaining reimbursement in the US as quickly as possible remains key in our mission of making IMMray™ PanCan-d broadly available. We continue executing to have initial insurance coverage towards the end of the year. We are collaborating closely with key opinion leaders and have initiated a physician experience program in the US. The physician experience program aims at selected pancreatic cancer high-risk-surveillance centers which will be provided no-charge testing for a limited number of their patients. Physicians will be able to broadly include IMMray™ PanCan-d in their standard testing routines and assess patient benefit first-hand. Self-pay test volumes continue as anticipated at low levels pre-reimbursement, but we expect volumes of tests to significantly increase once broad insurance coverage is available.
Our prospective trials, PanFAM-1 and PanDIA-1 continue, and as previously announced in the year-end report we intend to provide an up-date on PanDIA-1 during the second quarter this year as well as announce results of PanFAM-1 in mid-2022. Regarding PanSYM-1 we are, as also announced in the year-end report, investigating our options to fully validate the promising and previously reported results for IMMray™ PanCan-d in the symptomatic risk group. In the meantime, we continue to work with our Key Opinion Leader network to focus on pancreatic cancer detection in symptomatic patients.
To fully focus on extending Immunovia's unique position as an innovation leader in the field of pancreatic cancer we have decided to deprioritize our discovery programs in autoimmune diseases and lung cancer. We are evaluating options on how to best leverage the value of those programs but will currently not dedicate additional resources thereto. Resources will be fully focused on pancreatic cancer and Immunovia becoming the undisputed leader in this field.
In summary, Immunovia has made significant progress in the first quarter. The company is fully focused and well positioned for penetrating the US market and generating significant future growth. IMMray™ PanCan-d continues to be the best-in-class performing test and the first of its kind. Immunovia is positioned as the innovation leader in early detection of pancreatic cancer, and we further extend this leadership position. We have a clear path towards insurance coverage and an industry-leading team, highly passionate about the mission to improve pancreatic cancer survival rates. We aim to make a real difference in addressing the huge unmet medical need for early diagnosis of pancreatic cancer.
April 28, 2022
Philipp Mathieu, Acting CEO and President
Immunovia AB
For more information, please contact:
Philipp Mathieu
Acting CEO and President
Email: philipp.mathieu@immunovia.com
Karin Almqvist Liwendahl
Chief Financial Officer
Email: karin.almqvist.liwendahl@immunovia.com
Tobias Bülow
Senior Director Investor Relations and Corporate Communications
Email: tobias.bulow@immunovia.com
Tel: +46 736 36 35 74
The information in this report is information that Immunovia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 am CET on April 28, 2022.
Conference call
Immunovia will hold a webcast tele conference at 13:00 pm CET on April 28 with Acting President and CEO Philipp Mathieu and CFO Karin Almqwist Liwendahl.
To take part of the presentation, please dial one of the numbers or watch via the web link below.
Sweden: +46 8 5051 0031
United Kingdom: +44 207 107 06 13
United States: +1 631 570 56 13
Link to the webcast: https://creo-live.creomediamanager.com/c062bfe9-6671-4cee-a51a-3ed5d¬85ca715
About Immunovia
Immunovia AB is a diagnostic company with the vision to revolutionize blood-based diagnostics and increase survival rates for patients with cancer.
Our first product, IMMray™ PanCan-d is the only blood test currently available specifically for the early detection of pancreatic cancer. The test has unmatched clinical performance. Commercialization of IMMray™ PanCan-d started in August 2021 in the USA and IMMray™ PanCan-d is offered as a laboratory developed test (LDT) exclusively through Immunovia, Inc. For more information see: www.immunoviainc.com.
Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups globally to make this test available to all high-risk pancreatic cancer groups.
The USA, the first market in which IMMray™ PanCan-d is commercially available, is the world's largest market for the detection of pancreatic cancer with an estimated value of more than USD 4 billion annually.
Immunovia's shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com.
This information was brought to you by Cision http://news.cision.com
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SOURCE Immunovia AB | https://www.whsv.com/prnewswire/2022/04/28/immunovia-publishes-interim-report-january-march-2022/ | 2022-04-28T07:39:48Z |
New tool assists food manufacturers in discovering cost savings using antioxidants in multiple edible oils
SINGAPORE, April 27, 2022 /PRNewswire/ -- Kemin Industries, a global ingredient manufacturer that strives to sustainably transform the quality of life every day for 80 percent of the world with its products and services, has developed a new cost-savings indicator for Kemin Food Technologies – Asia customers in the region's frying industry to better understand and see the benefits of using antioxidants to extend the shelf life of frying oil, especially during times of market volatility.
Leveraging company expertise and internal studies conducted by Kemin scientists over the years, Kemin Food Technologies – Asia developed its cost-savings indicator as a tool to help food manufacturers learn more about using antioxidants to extend the life cycle of frying oil and save costs on oil usage. Through Kemin's historical data, the cost-savings indicator illustrates cost-saving scenarios based on the inputted information.
"On average, we found that effective adoption of antioxidants in vegetable oil can provide as much as 40% more frying cycles for frying oil and increase product shelf life by approximately 30%, which helps reduce the cost of using oil and ease pressure on the supply chain," said Michelle Lim, President, Kemin Food Technologies – Asia.
Adding antioxidants to vegetable oil provides production-cost savings and extends shelf life. Longer product shelf life reduces the use of raw materials, enhances logistical efficiency and minimizes food waste—all of which can impact climate change.
As fats and oils experts, Kemin Food Technologies – Asia recognizes the importance of vegetable oil in food manufacturing and how costly discarding sunflower, canola and palm oil can be for producers. The global challenges of the past few years have had a tremendous impact on the food industry, which continues to face rising costs and price fluctuations. To fulfill its role as part of the global food supply chain, Kemin Food Technologies – Asia is managing the impact of these variations to maintain pricing stability for its customers.
Kemin Food Technologies – Asia provides food processors, manufacturers and formulators the ability to reduce costs and control inventory, all while providing the visual appeal and flavor protection that consumers demand. To learn more, scan the QR code.
Kemin Industries (www.kemin.com) is a global ingredient manufacturer that strives to sustainably transform the quality of life every day for 80 percent of the world with its products and services. The company supplies over 500 specialty ingredients for human and animal health and nutrition, pet food, aquaculture, nutraceutical, food technologies, crop technologies, textile, biofuel and animal vaccine industries.
For over half a century, Kemin has been dedicated to using applied science to address industry challenges and offer product solutions to customers in more than 120 countries. Kemin provides ingredients to feed a growing population with its commitment to the quality, safety and efficacy of food, feed and health-related products.
Established in 1961, Kemin is a privately held, family-owned-and-operated company with more than 3,000 global employees and operations in 90 countries, including manufacturing facilities in Belgium, Brazil, China, Egypt, India, Italy, Russia, San Marino, Singapore, South Africa and the United States.
Media Contact:
Joanne Tan, Senior Regional Marketing Manager, Kemin Food Technologies – Asia,
joanne.tan@kemin.com, +65 6264 1839
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SOURCE Kemin Industries | https://www.whsv.com/prnewswire/2022/04/28/kemin-food-technologies-asia-launches-cost-savings-indicator-frying-oil/ | 2022-04-28T07:39:55Z |
- Kia signs seven-year Global Partnership with The Ocean Cleanup, a non-profit organization that develops and scales technologies to rid the world's oceans of plastic
- Kia will be providing funds and in-kind contributions for ocean operations and for construction of 'Interceptor Original' river cleaning devices
- Through this partnership, Kia intends to integrate recycled ocean plastic harvested by The Ocean Cleanup into its value chain process
- This partnership becomes an integral part of Kia's corporate vision to become a 'Sustainable Mobility Solutions Provider'
SEOUL, South Korea, April 28, 2022 /PRNewswire/ -- Kia Corporation and The Ocean Cleanup have commenced a partnership to explore innovative ways to co-create solutions that will support a more sustainable future.
Ho Sung Song, President and CEO of Kia Corporation and Boyan Slat, Founder and CEO of The Ocean Cleanup, attended a signing ceremony at Kia's Headquarters in Seoul on April 27 to confirm the global partnership between Kia and The Ocean Cleanup.
The Ocean Cleanup is a non-profit organization based in the Netherlands, developing and scaling technologies to rid the world's oceans of plastic by stemming the inflow via rivers, as well as by cleaning up what has already accumulated in the ocean.
Seen as an essential initiative in Kia's journey for a sustainable future, Kia will support The Ocean Cleanup financially to initiate ocean and river cleanup projects, and create a resource circulation system that will help avoid harvested plastics ending up back in the environment by integrating part of the catch from The Ocean Cleanup's innovative devices into Kia's production and value chain process.
For seven years, Kia will support The Ocean Cleanup via financial contributions and in-kind supplies to support ocean operations and the construction of the various river cleaning devices. In return, The Ocean Cleanup will supply usable fractions of the collected plastic and share the organization's research results and relevant data on reducing plastic pollution with Kia.
Ho Sung Song, President and CEO of Kia Corporation, commented, "The key to Kia's vision for a sustainable future is not just to change the product and service areas, but to make positive changes for the planet. "Kia will continue to make inspirational movements through open partnerships with various partners with organizations like The Ocean Cleanup that have innovative technologies and ideas," he added.
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SOURCE Kia Corporation | https://www.whsv.com/prnewswire/2022/04/28/kia-partners-with-ocean-cleanup-journey-become-sustainable-mobility-solutions-provider/ | 2022-04-28T07:40:02Z |
NEW YORK , April 27, 2022 /PRNewswire/ --
BACKGROUND:
With sustainability top of mind for many Americans, mindful travel has become a natural extension of those conscious efforts among people looking to get away. New research from Booking.com indicates that 61% of Americans have a desire to travel more sustainably over the next year, which is a 15% increase since last year. With this sentiment on the rise, it is now easier for travelers to find sustainable stays with the newly implemented Travel Sustainable badge. The badge designates any kind of property – from apartments, B&Bs and holiday homes to hotels, resorts and even treehouses – with a combination of sustainable practices such as eliminating single-use plastics to offering tours and activities by local businesses and more.
Lifestyle and Travel Expert Carmen Ordonez shares the latest in sustainable travel including tips for finding and booking sustainable stays for Americans looking to make more mindful, conscious travel choices.
Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/9037951-booking-dot-com-lifestyle-travel-expert/
DID YOU KNOW?
- U.S. travelers are consciously planning their future trips with sustainability and climate change in mind; almost three quarters (73%) confirm that sustainable travel is important to them.
- The digital travel leader also found that nearly half (45%) of surveyed Americans indicate that they actively look for information on the sustainability efforts of a property before they book their stay.
- More than 100,000 properties globally are now being recognized for their sustainability efforts with the Travel Sustainable badge on Booking.com, making it easier to search and book a sustainable stay.
For more information visit: www.booking.com
MORE ABOUT CARMEN ORDONEZ:
Carmen Ordonez is leading on-air lifestyle and travel expert, TV Host, Spokesperson and founder behind Viva Fashion. She has appeared in several media outlets including The New York Times, The TODAY Show, Univision, Glamour, Cosmopolitan, CNN, Telemundo and InStyle Magazine to name a few. She is currently the host of "ION Style" on the ION Television Network and also shares her practical lifestyle advice on various TV shows including Telemundo's Un Nuevo Dia and Univision's Despierta America. Launched in 2008, Viva Fashion features the latest in fashion, travel, beauty and lifestyle. She's received several awards for her work including being named a "Next Generation Latina" by MasterCard and a Top 25 Fashion Influencer by LATINA Magazine. Today her goal is to empower women through fashion and helping them be the best version of themselves by also leading a purposeful life. She currently travels across the U.S. participating in conferences and speaking engagements.
Produced for: Booking.com
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SOURCE Harrison & Shriftman | https://www.whsv.com/prnewswire/2022/04/28/lifestyle-travel-expert-with-latest-trends-sustainable-travel-mindful-traveler/ | 2022-04-28T07:40:10Z |
SOLNA, Sweden, April 28, 2022 /PRNewswire/ -- Loomis AB will publish the Interim report January-March 2022 on Wednesday May 4, at 3:00 p.m. (CEST).
AGENDA
Wednesday May 4th, 3.00 p.m. (CEST) - Report release
The report will be sent as a press release from Cision (www.cision.se) and will automatically be published on www.loomis.com when released.
Thursday May 5th, 8:30 a.m. (CEST) - Presentation slides available
For presentation slides, go to www.loomis.com and choose "Financial presentation".
Thursday May 5th, 9.00 a.m. (CEST) – Telephone conference and audio cast
Analysts and media are invited to participate in a telephone conference at 9:00 a.m. CEST where Loomis President & CEO Patrik Andersson, CFO Kristian Ackeby and CIRO Anders Haker will present the report and answer questions.
To follow the conference call via telephone and participate in Q&A session please call (local call);
United Kingdom: +44 (0)800 376 7425
USA: +1 917 720 0178
Sweden: +46 (0)8 506 921 85
International: +44 (0)203 009 5710
The telephone conference will also be audio casted live via Loomis' website.
To follow the audio cast, please follow this link. The link is also available at our website, www.loomis.com (follow "Financial presentation").
Recorded version
A recorded version of the audio cast will be available at www.loomis.com (follow "Financial presentation") after the telephone conference.
Subscribe to press releases and financial information
To receive press releases and financial reports from Loomis, please register your email address at http://www.loomis.com/investors/subscribe.
This press release is also available on the company's website, www.loomis.com.
April 28, 2022
CONTACT:
Anders Haker
Chief Investor Relations Officer
Mobile: +1 281 795 8580
E-mail: anders.haker@loomis.com
This information was brought to you by Cision http://news.cision.com
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SOURCE Loomis AB | https://www.whsv.com/prnewswire/2022/04/28/loomis-ab-publish-interim-report-may-4-2022/ | 2022-04-28T07:40:17Z |
HANOI, Vietnam, April 27, 2022 /PRNewswire/ -- According to Statista, with 10% of households equipped with smart home, Vietnam is the 28th largest smart home market globally. More optimistically, Global Index expects Vietnam to be in the top 10 outstanding smart home markets worldwide. This statement is validated when World Data Lab estimates that the middle-class population in Vietnam will reach 56 million people by 2030.
In Vietnam, 80.5% of the 10,000 surveyed respondents shared that they have known about smart home, and more than 10% have used it directly, according to Vietnam smart home Report 2022 - the first smart home market report in Vietnam published by Lumi Vietnam. The figure of 10% promises to skyrocket in the near future, with the ability to keep up with the rapid pace of scientific and technological development of the Vietnamese people in association with an increasing standard of living.
From this leverage, the total smart home market revenue in 2022 will reach $239.93 million, by 2026, this figure will reach nearly $454 million, according to Statista.
smart home and COVID-19, challenges and opportunities
A survey conducted between December 11th and December 16th, 2020 revealed that 70% of consumers improved their homes during COVID-19, more than half used smart devices, according to PRNewswire. It is safe to say home automation with connected devices is the new way in response to the pandemic to keep lives standard stable.
In Vietnam, COVID-19 has had a tremendous impact on how smart homes are utilized. The market has been boosted yet requires flexibility of customized smart home solutions to meet customers' special demands during the pandemic.
Lumi Vietnam, as an example of a fully Make-in-Vietnam brand which has its own Vietnamese human sources for a complete production circle of smart devices, has been motivated to complete the ecosystem with devices that guarantee safety, comfort, health and surveillance.
It has Vietnam's first AI Camera hub which is the central data processor that can upgrade ordinary cameras into smart ones with artificial intelligence. Regarding healthcare and comfort, a new line of smart lights with human-centric lighting technology has also been launched to prevent eye diseases by providing simulated natural light. Furthermore, the brand-new generation of smart door locks has been produced in association with increasing security awareness.
COVID and the adverse challenges may be an obstacle to Asia businesses generally and smart home corporates in Vietnam particularly. Nevertheless, the opportunities are visible for those who endeavor to understand customer insight and satisfy it with enthusiasm.
Decade of tectonic shifts to technological life rhythms
Lumi Vietnam has significantly contributed to creating and leading the Vietnamese smart home market from the first bricks, changing the definition of technological life, smart home for tens of thousands of Vietnamese. In addition, Lumi Vietnam has been creating a comfortable and convenient living environment for more than 40,000 domestic and foreign customers.
Lumi's first decade witnessed relentless efforts with practical technology solutions for life. It Vietnam's achievements are not only the average growth rate of 30% per year but also the high appreciation of customers, bringing the living experience of a part of Vietnamese to catch up with the world in the 4.0 technology trend and the IoT trend.
Changes for better servicing customers and thriving smart home industry in Vietnam
Nguyen Duc Tai, Lumi's CEO shared: "Ten years ago, the smart home market in Vietnam was almost zero, we started with the first touch switches and didn't know we were doing smart home. There are many limitations in terms of market, competition, user perception and technology platform. However, after ten years, we are confident that we have initially penetrated the market. Now, we continue to be at the forefront of research and development activities that enhance the user experience."
Previously, buyers only recognized Lumi for its "smart" and "Make in Vietnam" goods; today, the "creative" and "aesthetic" components will be explained and proven when each solution is introduced to the market.
Taking Lumi as an example, it can be concluded that in a typical market like Vietnam, where technology development is typical and user needs change, doing business is not enough, it is pivotal to educate the market and keep flexibly changing the customer approach strategies.
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SOURCE Lumi Vietnam | https://www.whsv.com/prnewswire/2022/04/28/lumi-vietnam-10-years-covid-story-changing-better-serving-customer/ | 2022-04-28T07:40:23Z |
WASHINGTON, April 28, 2022 /PRNewswire/ -- U.S. News & World Report, the global authority in rankings and consumer advice, is pleased to announce that Marion Phillips, III has joined as its Senior Vice President of Community Development & Diversity, Equity and Inclusion (DEI). A former senior vice president of community relations for Empire State Development (ESD), Phillips is tasked with aligning the corporate DEI vision and supporting initiatives for U.S News business strategies in the community.
"Marion Phillips was instrumental in strengthening New York State's innovation-based economy through partnerships, promoting equality of economic opportunities for minority- and women-owned businesses and ensuring that community organizations had a voice in important development projects," said U.S. News Executive Chairman Eric Gertler. "Moreover, his experience in developing community partnerships and establishing practices for corporate responsibility will be immensely important for our next phase of growth."
Phillips joins U.S. News with an exceptional track record of liaising with community groups and other relevant organizations to raise awareness of key social issues. For more than 20 years at Empire State Development, he built coalitions in support of large-scale projects and presented projects to community stakeholders, elected officials and local municipalities. Phillips previously served as the deputy chief of staff to the deputy mayor for planning & community relations and director of community relations for the New York City Office of the Mayor, where he developed a community relations strategy for New York City and served as a liaison to city agencies that reported to the deputy mayor.
In addition to his leadership in community development, Phillips led the RFP process of a DEI consultant for ESD and oversaw the resulting implementation plan to diversify the organization.
"We're thrilled to welcome Marion to U.S. News and have him lead our DEI and community outreach initiatives," said Bill Holiber, president and CEO. "He has demonstrated success in working collaboratively to develop and implement recruitment and retention strategies focused on building a diverse workforce. His hiring underscores our commitment to find and grow diverse talent at every level."
"The U.S. News mission of helping people make life decisions is how I was raised to live," said Phillips. "I am excited to join a company known for providing trustworthy information across every aspect of our lives–from news to education to finances to real estate and health–and which allows our communities to better understand the world in which we live."
The role is based in New York.
About U.S. News & World Report
U.S. News & World Report is the global leader in quality rankings that empower consumers, business leaders and policy officials to make better, more informed decisions about important issues affecting their lives. A multifaceted digital media company with Education, Health, Money, Travel, Cars, News and 360 Reviews platforms, U.S. News provides rankings, independent reporting, data journalism, consumer advice and U.S. News Live events. More than 40 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.
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WINNIPEG, MB, April 27, 2022 /PRNewswire/ - Medicure Inc. ("Medicure" or the "Company") (TSXV: MPH) (OTC: MCUJF), a company focused on the development and commercialization of pharmaceuticals and healthcare products for patients and prescribers in the United States market, today reported its results from operations for the quarter and year ended December 31, 2021.
Quarter and Year Ended December 31, 2021 Highlights:
- Recorded total net revenue of $21.7 million during the year ended December 31, 2021 compared to $11.6 million for the year ended December 31, 2020 and;
- Recorded total net revenue of $6.8 million during the quarter ended December 31, 2021 compared to $2.4 million for the quarter ended December 31, 2020 and;
- Recorded total net revenue from the sale of AGGRASTAT® of $11.5 million during the year ended December 31, 2021 compared to $10.6 million for the year ended December 31, 2020 and;
- Recorded total net revenue from the sale of ZYPITAMAG® of $3.1 million during the year ended December 31, 2021 compared to $453,000 for the year ended December 31, 2020 and;
- Diversified product portfolio with revenues from the Marley Drug business of $6.9 million during the year ended December 31, 2021 and;
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA1) for the year ended December 31, 2021 was $2.1 million compared to adjusted EBITDA of negative $3.9 million for the year ended December 31, 2020 and;
- Net loss for the year ended December 31, 2021 was $727,000 compared to $6.8 million for the year ended December 31, 2020;
Financial Results
The increase in AGGRASTAT® revenues when compared to the same periods in the previous year, as described above, is the result of increases in the volume of AGGRASTAT® sold in 2021 when compared to 2020, in conjunction to improvements in contract price management.
ZYPITAMAG® contributed $3.1 million of revenue for the year ended December 31, 2021 compared to $453,000 for the year ended December 31, 2020. The increase in revenue is primarily as a result of improved patient access and fill rate through Medicure's subsidiary Marley Drug, which also results in reduced fees to wholesalers and pharmacy benefit managers.
The Marley Drug business, acquired on December 17, 2020, contributed $6.9 million of revenue for the year ended December 31, 2021. Marley Drug is a US pharmacy licensed to ship medications to all 50 states, Washington D.C. and Puerto Rico. It serves thousands of customers and has proven success in marketing based on accessible pricing of generic drugs and a focus on cash price without use of insurance. It provides another channel for direct-to-consumer marketing, distribution and improved profit margin for ZYPITAMAG.
Sodium nitroprusside contributed $59,000 of revenue during the year ended December 31, 2021 compared to $116,000 of revenue during the year ended December 31, 2020 which is lower primarily as a result of pricing pressure from competitors.
Adjusted EBITDA for the three months ended December 31, 2021 was $1.6 million compared to negative $1.4 million for the three months ended December 31, 2020. The increase in adjusted EBITDA for the three months ended December 31, 2021 is the result of higher revenues when compared to the same period in 2020 despite increases in cost of goods and selling expenses.
Adjusted EBITDA for the year ended December 31, 2021 was $2.1 million compared to negative $3.9 million for the year ended December 31, 2020. Increased adjusted EBITDA for the year ended December 31, 2021 resulted from higher revenues of ZYPITAMAG, including a full year of operations of Marley Drug, reduced general and administrative and research and development expenses, partially offset by higher cost of goods sold and selling expenses as a result of the full year of Marley Drug operation.
During the year ended December 31, 2021, the Company recorded $402,000 in government assistance resulting from the Canada Emergency Wage Subsidy. The funding has been recorded as a reduction of the related salary expenditures within general and administrative expenses for the year ended December 31, 2021.
Net income for the three months ended December 31, 2021 was $1.9 million or $0.18 per share compared to net loss of $4.4 million or $0.41 per share for the three months ended December 31, 2020. The main factors contributing to the increase in net income recorded for the three months ended December 31, 2021 were a $1.8 million gain based on the year-end fair value assessment of the contingent consideration recorded in the prior year in relation to the acquisition of Marley Drug, higher revenues of ZYPITAMAG, including a full year of operations of Marley Drug, and reduced general and administrative and research and development expenses, partially offset by a $1.3 million inventory write down, higher cost of goods sold and selling expenses as a result of the full year of Marley Drug operation.
Net loss for the year ended December 31, 2021 was $710,000 or $0.07 per share compared to $6.8 million or $0.64 per share for the year ended December 31, 2020. The main factors contributing to the decrease in the net loss recorded for the year ended December 31, 2021 were a $1.8 million gain based on the year-end the fair value assessment of the contingent consideration recorded in the prior in relation to the acquisition of Marley Drug, a $491,000 recovery from PREXXARTAN, higher revenues of ZYPITAMAG, including a full year of operations of Marley Drug, and reduced general and administrative and research and development expenses, partially offset by a $1.3 million inventory write down, higher cost of goods sold and selling expenses as a result of the full year of Marley Drug operation.
At December 31, 2021, the Company had unrestricted cash totaling $3.7 million, up from $2.7 million of unrestricted cash held as of December 31, 2020. Cash flows from operating activities for the year ended December 31, 2021 totaled $3.9 million compared to $2.2 million used in operating activities for the year ended December 31, 2020.
All amounts referenced herein are in Canadian dollars unless otherwise noted.
The Company plans to hold an investor conference call in May 2022 to present the results for the three months ended March 31, 2022 with date and dial in information to be provided. The full financial statements are available at www.sedar.com and on the Company's website at www.medicure.com.
Notes
About Medicure Inc.
Medicure is a pharmaceutical company focused on the development and commercialization of therapies for the U.S. cardiovascular market. The present focus of the Company is the marketing and distribution of AGGRASTAT® (tirofiban hydrochloride) injection and ZYPITAMAG® (pitavastatin) tablets in the United States, where they are sold through the Company's U.S. subsidiary, Medicure Pharma Inc. Medicure also operates Marley Drug, Inc. ("Marley Drug"), a pharmacy located in North Carolina that offers an Extended Supply drug program serving all 50 states, Washington D.C. and Puerto Rico. Marley Drug® is committed to improving the health status of its patients and the communities they serve while reducing overall health care costs for employers and other health care consumers. For more information visit www.marleydrug.com. To learn more about The Extended Supply Generic Drug Program call 800.286.6781 or email info@marleydrug.com. For more information on Medicure please visit www.medicure.com. For additional information about AGGRASTAT®, refer to the full Prescribing Information. For additional information about ZYPITAMAG®, refer to the full Prescribing Information.
To be added to Medicure's e-mail list, please visit:
http://medicure.mediaroom.com/alerts
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information: Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may", "plans", "will", "estimates", "continues", "anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referred to as "forward-looking statements"). Forward-looking statements, include estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's future product revenues, expected results, including future revenue from P5P, the likelihood of receiving a PRV, expected future growth in revenues, stage of development, additional capital requirements, risks associated with the completion and timing of clinical trials and obtaining regulatory approval to market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; results of current and future clinical trials; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securities regulatory authorities or the US Securities and Exchange Commission, and in the "Risk Factors" section of its Form 20F for the year ended December 31, 2021.
AGGRASTAT® (tirofiban hydrochloride) injection, ZYPITAMAG® (pitavastatin) tablets, and Marley Drug® are registered trademarks of Medicure International Inc.
Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars, except per share amounts)
Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) Income
(expressed in thousands of Canadian dollars, except per share amounts)
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)
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SOURCE Medicure Inc. | https://www.whsv.com/prnewswire/2022/04/28/medicure-reports-financial-results-quarter-year-ended-december-31-2021/ | 2022-04-28T07:40:36Z |
HUDDINGE, Sweden, April 28, 2022 /PRNewswire/ -- Momentum in several areas, not least the development of our cutting-edge project fostroxacitabine bralpamide
January – March
Financial summary for the quarter
- Net turnover amounted to SEK 0.5 (9.9) million.
- The loss before interest, tax, depreciation and amortization (EBITDA) amounted to SEK -31.4 (-7.2) million. Basic and diluted earnings per share amounted to SEK -0.59 (-0.18) and SEK -0.59 (-0.18) respectively.
- Cash flow from operating activities amounted to SEK -39.9 (-1.5) million.
- Cash and cash equivalents at the end of the period amounted to SEK 180.8 (269.3) million.
Significant events during the quarter
- In January, it was announced that the WHO had selected fostroxacitabine bralpamide as the official generic name for the patented candidate drug MIV-818, which is in clinical development in primary liver cancer.
- Jens Lindberg assumed his position as CEO of Medivir on January 24, 2022.
- On February 3, additional data from the phase I study with fostroxacitabine bralpamide were presented at the European Association for the Study of the Liver (EASL) Liver Cancer Summit.
- In February, a subgroup analysis of Medivir's phase II study with MIV-711 for osteoarthritis was published, showing significantly reduced osteoarthritis-related pain.
Conference call for investors, analysts and the media
The Interim Report January - March 2022 will be presented by Medivir's CEO, Jens Lindberg.
Time: Thursday, April 28, 2022, at 15.00 (CET).
Phone numbers for participants from:
Sweden + 46 8 505 583 57
Europe +44 33 3300 9262
US +1 646 722 4902
The conference call will also be streamed via a link on the website: www.medivir.com
The presentation will be available on Medivir's website after completion of the conference.
CEO's message
I took on the role as CEO of Medivir at the end of January with confidence and enthusiasm. Medivir is going through an exciting transformation journey and today has a focused strategy with a clear priority for our cutting-edge project fostroxacitabine bralpamide (fostrox) while we create value through partnerships for our other projects. 2021 was an eventful year with clear momentum in several areas, not least in terms of development for fostrox. Our vision is to improve the lives of cancer patients through transformative drugs, and after my first months at work, I feel confident that we are well equipped to do just that. We have a unique "first-in-class" project in liver cancer, a dedicated and competent team and clear priorities, so it is with confidence that I look forward to an exciting 2022.
In January, our cutting-edge project MIV-818 received the official generic name fostroxacitabine bralpamide from the World Health Organization WHO, something we see as an important step towards a product for the treatment of HCC. Fostrox has the potential to become the first liver-targeted and orally administered drug that can help patients with various cancers of the liver. Its unique mechanism of action means that it does not directly compete with other treatment options but instead enables attractive combination treatments with other drug alternatives in hepatocellular carcinoma (HCC). Liver cancer is the third leading cause of cancer-related deaths worldwide and HCC is the most common form of cancer that arises in the liver. The effect of today's medications is often limited and mortality remains at a high level.
In December, the first patient with HCC was dosed in our ongoing phase 1b/2a combination study with fostrox, at one of our clinical trial centers in the UK. Fostrox is given in two different combinations in the study, either with Lenvima®, a tyrosine kinase inhibitor, or with Keytruda®, an anti-PD-1 checkpoint inhibitor. Lenvima® and Keytruda® (approved in the USA) are currently approved as monotherapy for the treatment of HCC. During Q1, we have focused on initiating additional clinical trial centers in Spain and South Korea. Just over 40% of the centers are based in South Korea, which is of great importance for the future development of fostrox in Asia.
Additional biomarker data from the proof-of-concept demonstrated by fostrox in the completed phase I study were presented on February 3 at the European Association for the Study of the Liver (EASL) Liver Cancer Summit in an e-poster titled "Liver biopsy biomarkers in a phase 1 study of the prodrug MIV-818 demonstrates proof-of-concept for cancer in the liver". These data confirm, among other things, that fostrox shows a tumor-selective effect in the liver by causing the desired DNA damage and cell death in tumor cells in the liver but not in normal or healthy liver cells.
In early November 2021, we announced that our collaboration partner, IGM Biosciences, Inc., had initiated a phase I clinical study in solid tumors with birinapant in combination with its own DR5 agonist antibody IGM-8444. IGM has also announced that the combination is completed without any limiting safety issues in the first dose group, and that recruitment in the next dose group is initiated. The licensing agreement with IGM can potentially provide milestone payments up to a total of approximately USD 350 million as well as tiered royalties up to "mid-teens"
The continued focus for our business development lies on our two clinical projects for partnerships, remetinostat, for different types of skin cancer, and MIV-711, for osteoarthritis. Both projects come with very robust data packages.
In 2021 the business development potential for remetinostat was significantly strengthened through the renegotiated multi-party agreement and additional positive data from investigator-initiated phase II studies. For MIV-711, which has the potential to become the first disease-modifying treatment for osteoarthritis, an article was published at the end of February this year in Clinical and Experimental Rheumatology 2022. The article shows that in the subgroup of patients with pain in only one knee in the phase IIa study with MIV-711, a statistically significant reduction in osteoarthritis-related pain was observed after treatment. This occurred in parallel with positive structural changes in the knee joint. These interesting results provide good guidance for further clinical trials with MIV-711.
Our business development opportunities are important, not least as they provide good conditions for progressing the clinical development program for our cutting-edge project, fostrox. Our goal is to develop an effective drug for liver cancer that makes a real difference for patients and for healthcare and thus also for our shareholders. I look forward to a continued eventful 2022.
Jens Lindberg
Chief Executive Officer
For further information, please contact
Magnus Christensen, CFO,
+46 (0)8 5468 3100
E-mail: magnus.christensen@medivir.com
This report has not been subject to auditors' review.
The information was submitted for publication at 08.30 CET on April 28,
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SOURCE Medivir | https://www.whsv.com/prnewswire/2022/04/28/medivir-ab-interim-report-january-march-2022/ | 2022-04-28T07:40:43Z |
AMSTERDAM and OSLO, Norway, April 28, 2022 /PRNewswire/ -- MPC Energy Solutions N.V. ("MPCES" or "Company"), Amsterdam, published its Q1 2022 report this morning. The Company develops, builds, owns and operates renewable energy projects including solar PV, wind, hybrid and energy efficiency solutions in the Latin-American and Caribbean regions.
"The first quarter represented an important milestone in MPC Energy Solutions' history as we generated our first revenue, following the acquisition of a 15.8 MW operational solar PV plant in Mexico. This is another confirmation that we are proceeding well on our journey to build a fast-growing renewable energy company with attractive financial returns based on a broad portfolio of assets in the attractive Latin American and Caribbean region," said Martin Vogt, CEO of MPC Energy Solutions.
In the first quarter of 2022, MPCES generated revenues of USD 0.5 million, driven by Los Santos I, solar PV plant in Mexico which was acquired on 4 February. As MPCES is in a build-up phase, the Company recorded an operating loss (EBIT) of USD 0.8 million (Q1 2021, also negative: USD 0.4 million), and a net loss of USD 1.3 million (Q1 2021, also negative: USD 0.4 million).
"Our project portfolio includes projects amounting to 114 MW and we have a 550 MW high probability development backlog. As more and more of our projects achieve important development milestones, enter the construction stage and commence operation, this value will be reflected in our financial performance in the quarters and years to come," said Martin Vogt.
MPCES plans significant progress during the remaining quarters of 2022. At the end of the year, MPCES expects to have operational power plants with a proportionate combined installed capacity of over 66 MW, delivering 61 GWh (102 GWh in a full operational year) of clean and affordable energy per year. Proportionate total revenues are expected to reach USD 4.5 million to USD 5.0 million in 2022 and total proportionate EBITDA is expected to be USD 3.1 million to USD 3.5 million (before corporate expenses).
"MPCES and our largest shareholder MPC Capital have been active in the Latin American and Caribbean region since 2016, and it is an extremely attractive environment to operate in. Governments and corporations are very ambitious when it comes to renewable energy, and we estimate a market opportunity of more than 45 GW in new wind and solar capacity alone in the region by 2030," said Martin Vogt.
The Q1 report is attached hereto and has also been published on the Company's website at https://www.mpc-energysolutions.com/investors/reports-presentations
The financial results as well as an update on the Company's projects will be given during a conference call and simultaneous webcast for the investment community today at 9:00 am CET (see details below).
Q1 webcast and conference call information:
The Company will host a webcast on Thursday, 28 April 2022 at 9:00 am CET. There will be a Q&A session after the presentation, and a recording and written transcript of the webcast will be published on the Company's website afterwards. The live webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/jrbhut3n
Alternatively, participants may dial in to the webcast using the below dial-in information:
- Norway LocalCall Dial-In: +47 2396 0264
- USA LocalCall Dial-In: +1 631 5107 495
- UK LocalCall Dial-In: +44 8445 718892
- International/Toll Dial-In: +44 2071 928000
Conference ID: 2686257
For further information, please contact ir@mpc-energysolutions.com.
About MPC Energy Solutions
MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind assets, and other hybrid and energy efficiency solutions. The Company participates in the full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details at www.mpc-energysolutions.com
Media contacts
MPC Energy Solutions N.V.
Investor Relations & Public Relations
Email: info@mpc-energysolutions.com
Norway
Jo Christian Lund-Steigedal
Corporate Communications AS
Phone: +47 415 08733
Email: jcs@corpcom.no
Americas
Perry Goldman
Montieth & Company
Phone: +1 (646) 8643568
Email: pgoldman@montiethco.com
United Kingdom
Andrew Berridge
Montieth & Company
Phone: +44 7925 697 215
Email: aberridge@montiethco.com
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SOURCE MPC Energy Solutions N.V. | https://www.whsv.com/prnewswire/2022/04/28/mpc-energy-solutions-publishes-q1-2022-results/ | 2022-04-28T07:40:49Z |
PITTSBURGH, April 27, 2022 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported financial results for the first quarter of 2022.
Quarterly Highlights
- Total sales were $331 million, increasing 7% from a year ago on a reported basis and 9% on a constant currency basis. Acquisitions contributed 5% and organic activity drove 4% of the constant currency growth.
- GAAP operating income was $42.7 million or 12.9% of sales, compared to $44.1 million or 14.3% of sales in the same period a year ago. Adjusted operating income was $53.8 million or 16.3% of sales, compared to $47.5 million or 15.4% of sales in the same period a year ago.
- GAAP earnings were $35.5 million or $0.90 per diluted share, compared to $36.5 million or $0.92 per diluted share in the same period a year ago. Adjusted earnings were $43.6 million or $1.10 per diluted share, compared to $37.5 million or $0.95 per diluted share in the same period a year ago.
- Operating cash flow was $24.5 million, compared to $45.6 million in the same period a year ago. The decrease was driven by an increased investment in working capital to respond to the strong growth environment and supply chain challenges.
Comments from Management
"The first quarter finished in line with our expectations as we continued to benefit from strong demand for our products," said Nish Vartanian, Chairman, President and Chief Executive Officer. "Despite a challenging supply chain and inflationary environment, the team executed well and drove 9% constant currency sales growth and incremental margins of approximately 30%. Orders were up double digits in the first quarter, resulting in a book-to-bill ratio of 1.2x and record backlog."
"We continue to deliver on our strategy and are excited by our recently-launched innovative technologies, including our fully-connected ALTAIR io™ 4 Gas Detection Wearable device that begins shipping at the beginning of May, and our V-Gard® C1 Hard Hat with ReflectIR™ Thermal Barrier technology. Furthermore, we have made significant progress integrating Bacharach, and it contributed positively to our results in the quarter," Mr. Vartanian said.
"While the operating environment remains dynamic, we saw demand strengthen through the quarter. We are seeing the effects of supply chain challenges and inflation throughout our regions. Looking forward, I am confident in our ability to execute our long-term vision to be the global leader of safety technologies that protect workers and facility infrastructures. Our balance sheet remains strong and we will continue our balanced approach to investing in growth and returning capital to shareholders," Mr. Vartanian concluded.
*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K. Adjustments were made to Americas and International.
(a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition related costs also include the acquisition related amortization, which is included in cost of products sold in the unaudited Condensed Consolidated Statements of Income.
(b) Excludes acquisition related amortization, which is included in acquisition related costs above.
The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, acquisition related costs, including acquisition related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The Company's definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
Consolidated
*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.
Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
Americas Segment
*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.
Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
International Segment
*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.
Organic constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales change is calculated by deducting the percentage impact from acquisitions and currency translation effects from the overall percentage change in net sales.
MSA Safety Incorporated
Supplemental Segment Information (Unaudited)
Summary of constant currency revenue growth by segment and product group
*Fixed Gas and Flame Detection includes the impact of the Bacharach acquisition completed on July 1, 2021.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted earnings per diluted share (Unaudited)
(In thousands, except per share amounts)
(a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition related costs also include the acquisition related amortization, which is included in cost of products sold in the unaudited Condensed Consolidated Statements of Income.
Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
About MSA:
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2021 revenues of $1.4 billion, MSA employs approximately 4,800 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward-looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 18, 2022. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward-looking statements contained herein, except as required by law.
Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, and adjusted earnings per diluted share. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
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UPPSALA, Sweden, April 28, 2022 /PRNewswire/ -- Promising start to 2022
Q1 2022 highlights
- Total net revenues of SEK 159.4 m (132.3)
- EBITDA of SEK 2.8 m (-23.9)
- Net earnings of SEK -23.6 m (-31.5)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 139.1 m (126.8), in local currency USD 14.8 m (15.1), US Pharma EBIT of SEK 84.0 m (66.1)
- Cash flow from operating activities of SEK -61.6 m (-47.8), cash balance of SEK 437.8 m (725.5)
- Earnings per share before and after dilution amounted to -0.69 (-0.92)
- Lead product ZUBSOLV® added to NY State Medicaid MAT Preferred Drug List as of March 22
- First sale of ZUBSOLV® to Accord Healthcare in the EU of SEK 4.6 m, incl. a small milestone payment
- Fredrik Järrsten appointed as new CFO, starting at latest in early September
Important events after the period
- Christine Rankin and Michael J Matly were elected as Board members at the Annual General Meeting. They replace David Colpman and Kirsten Detrick who have declined re-election.
- Orexo´s partner Gesynta Pharma's drug candidate GS-248 (OX-MPI) granted Orphan Drug Designation in the US by the FDA for the treatment of systemic sclerosis
- Financial outlook 2022 updated, view page 11
CEO Comments - Nikolaj Sørensen, President and CEO
Making progress
"The primary value drivers for Orexo are our ability to maintain our solid financial position, based on strong profit contributions from ZUBSOLV®, establishing a new profitable business segment in digital therapeutics and develop new pharmaceuticals. I am pleased to report we have made good progress in all of these areas in the first quarter. To maintain a strong financial base is essential for Orexo and we have had a strong focus on cost efficiency in the quarter. This prudent financial management has led to a positive EBITDA of SEK 2.8 million for the quarter and good financial results compared to last year."
Full CEO Comments can be read in attached PDF
For further information, please contact
Nikolaj Sørensen, President and CEO, Joseph DeFeo, EVP and CFO, or Lena Wange, IR & Communications Director
Tel: +46 18 780 88 00, +1 855 982 7658, E-mail: ir@orexo.com
Presentation
At 2 pm CET the same day as the announcement of the report Orexo invites analysts, investors and media to
attend a presentation where Nikolaj Sørensen, CEO, and Joseph DeFeo, CFO, will present the report and host a Q&A.
Please view the instructions below on how to participate.
Internet: https://tv.streamfabriken.com/orexo-q1-2022
Telephone: SE: +46 851 99 93 83 UK: +44 33 33 00 92 60 US: +1 64 67 22 49 56
Prior to the call presentation material will be available on Orexo´s website Investors/Reports, presentations, audiocasts.
This information is information that Orexo AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8.00 am CET on April 28, 2022.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
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SOURCE Orexo | https://www.whsv.com/prnewswire/2022/04/28/orexo-interim-report-q1-2022/ | 2022-04-28T07:41:03Z |
TORONTO, April 27, 2022 /PRNewswire/ - Ikänik Farms, Inc. (CSE: IKNK.U) (FSE: DFMA) (the "Company" or "Ikänik Farms") is pleased to announce its wholly owned subsidiary Pideka SAS in Bogota, Colombia has received European Union Good Manufacturing Practices (EU GMP) by the Chief Pharmaceutical Inspectorate in Poland, Główny Inspektor Farmaceutyczny (GIF) for its indoor cannabis manufacturing operation and general finishing steps to produce raw cannabis flower as an Active Pharmaceutical Ingredient (API) for manufacturing pharmaceutical cannabis products for medical applications.
EU GMP certification permits Pideka to export EU GMP certificated pharmaceutical grade THC dry flower cannabis flower and derivatives to distributors and importers in Europe and other international markets that accept EU GMP certification.
"This certification recognizes that Pideka meets the quality standards and production, handling, storage and packaging guidelines for psychoactive cannabis flower cannabis which is required by the EU and other international markets for the importation of our medical cannabis", said Borja San De Madrid, interim CEO. Our regulatory, operation and quality control teams spent two and half years working with GIF preparing and submitting the licensing dossiers and completing the valuations and audits establishing Pideka as the only indoor THC cultivation facility in Latin America to have received EU GMP certification adding to its Good Manufacturing Practices (GMP) and ISO 9001:2015 certification credentials.
Pideka is moving quickly to ramp up its annual production to 10.8 tons of psychoactive cannabis flower and secure forward sale contracts from leading global cannabis operators with the aim to be a leading pharmaceutical supplier for psychoactive cannabis flower" said Mr. Sanz de Madrid.
About Ikänik Farms
Ikänik Farms is multi-national operator with a medical grade indoor cultivation facility and laboratory (Pideka) in Colombia which holds GMP-PHARMA and (GACP) Good Agricultural and Collection Practice certifications, and retail operations in California.
Forward Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "readies", "aiming", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information. Forward-looking information in this news release includes statements with respect to: the composition of the Board following the Investor's appointment; the use of proceeds of the non-brokered private placement; statements with respect to any future tranches of the non-brokered private placement or other financings by the Company; statements with respect to the timing of completion of construction of the Pideka facility; statements with respect to the monthly output and estimated annual production capacity at the Pideka facility; and statements with respect to the Company's ability to secure forward sales contracts for bulk pharmaceutical grade THC cannabis flower from leading global cannabis operators. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated, expected or intended, including, but not limited to: the inability of the Company to implement the changes to the Board; a change in the use of proceeds from the financing; the Company being unable to complete any additional financings on the terms described herein; material delays in the construction of the Pideka facility; the Company being unable to secure forward sales contracts as set out herein; changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and, regulatory or political change. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events. The statements with respect to the anticipated production capacity (monthly and annual) at the Pideka facility are based on the following material factors and assumptions: the facility will be 80,000 square feet and consist of triple stacked grow rooms, with all space used for cultivation; the ratio of THC cannabis flower cultivated per square foot will be consistent with historical output; there being no material challenges with respect to pest control or diseases affecting cannabis plants; the costs to complete the Pideka facility and the facility will be completed by Fall of 2022 and there will be no material delays or stoppages in work in completing the facility. The Company believes there is a reasonable basis for the expectations reflected in the forward-looking statements, however these expectations may not prove to be correct.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
Related Links
https://ikanikfarms.com
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This project is part of a 32-acre master plan on the Columbia River that will provide a differentiated seniors living community alongside parks, restaurants, retail, apartments, hotels and waterfront open-space.
VANCOUVER, Wash., April 27, 2022 /PRNewswire/ -- A celebratory groundbreaking ceremony took place on Tuesday, April 19, 2022, to mark the commencement of construction on The Springs at The Waterfront in Vancouver, Wash. The new, twelve-story, 250-unit, 360,0000 SF community will be located at Block 18 as part of the master plan along the Columbia River. Designed as an optimum environment for the health and well-being of residents and staff, the community will pursue rigorous standards for LEED Silver certification which rates systems for the design, construction, operation, and maintenance of green buildings, as well as FitWel certification which uses evidence-based design and operational strategies to optimize occupant health.
PMB, a leading healthcare real estate developer, joint-ventured with The Springs Living to introduce this new urban senior living community within the well-established master plan. The master plan of Vancouver Waterfront is 32 acres in total and includes 7 acres of parks, 900+ residential units, 75,000 SF of office space, 45,000 SF of retail, and hotel offerings.
The Springs at The Waterfront community will feature a spa and wellness center, indoor pool, and multiple dining venues that reflect the company's Art of Delicious philosophy using local and fresh ingredients. Inside the community, Fancho's Public House will offer residents casual fare and a full bar. The Springs at The Waterfront will provide a continuum of care options for its residents, including independent living, assisted living, and memory care. The Springs Living and PMB are working on numerous innovative health and wellness initiatives to enhance the resident and family experience which will be introduced when finalized.
"The Springs at The Waterfront will reflect the culmination of our 26 years of experience in creating environments that help people thrive. Bringing on PMB was a natural fit considering our shared passion for providing the healthiest environment possible," said Fee Stubblefield, Founder and CEO of The Springs Living.
Conveniently located at The Vancouver Waterfront, just eight miles north of Portland, The Springs at The Waterfront will stand 12 stories high with commanding views of the Columbia River and surrounding mountains. Situated along the south-facing riverfront, residents will have easy access to top restaurants, wine tasting rooms, and a half-mile waterfront path that is ideal for recreation and outdoor activities. The Springs at The Waterfront will provide a mix of units and floorplans. Interior spaces will be warm and inviting and feature high-end amenities and services suitable for an urban setting, including secure underground parking.
"The Springs at the Waterfront delivers on PMB's promise to advance the delivery of healthcare and broad community wellness. We're thrilled to be collaborating with The Springs Living and can't wait to see this innovative community come to life," says Bill Jencks, AIA, SVP at PMB.
The grand opening for the community is anticipated in the first half of 2024. The community will create over 100 jobs in Washington State to serve over 250 residents anticipated to move into the community when it's completed.
"Senior housing is an operating business. Success is elusive without an exceptional operating partner. The collaboration between The Springs Living and PMB is designed with simplicity and purpose – an alignment of values, culture, people, and vision. We can't speak highly enough about the team at The Springs Living and are extremely bullish on the future of our long-term co-development and operating partnership strategy," says Jake Rohe, Partner and SVP of Development for PMB.
San Diego-based PMB and The Springs Living, based in McMinnville, Ore., jointly developed the project. The community design was created by Portland-based GBD Architects, and the contractor is Howard S. Wright, a Balfour Beatty company based in Portland, Ore.
The Springs Living
Based in McMinnville, Ore., The Springs Living owns and operates 18 senior living communities in Oregon and Montana, offering independent living, assisted living, and memory care services. A new community is anticipated to open in 2022 in Happy Valley, Oregon. In 2021, The Springs Living was recognized on Fortune's Top Ten list of Best Workplaces in Aging Services.
About PMB
PMB is a purpose-driven healthcare real estate developer with a mission to improve healthcare delivery, effect change, and positively impact communities. Our company is 100 percent focused on healthcare real estate across the continuum of care including behavioral health, life sciences, ambulatory care centers, medical office buildings, inpatient hospitals, post-acute hospitals, senior living facilities, and parking structures. PMB has developed over 115 facilities to date representing approximately 6 million square feet. The firm owns and manages 66 medical facilities comprising over 4.8 million square feet. For more information, please visit our website at www.pmbllc.com or our blog at https://pmbllc.com/pmb-the-springs-living-break-ground-on-a-360000-sf-12-story-senior-living-facility-on-the-vancouver-waterfront/
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SOURCE PMB | https://www.whsv.com/prnewswire/2022/04/28/pmb-amp-springs-living-break-ground-360000-sf-12-story-senior-living-facility-vancouver-waterfront/ | 2022-04-28T07:41:17Z |
VANCOUVER, BC, April 27, 2022 /PRNewswire/ - Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the appointment of Metal News Founder and Editor-in-Chief, Dr. Allen Alper as a Director, and "Prospector of the Year" Tom Morgan as lead prospector. These two professionals are incredibly exciting additions to the Prospect Ridge team bringing with them the experience from decades of successful careers.
Dr. Allen Alper received a PhD in Economic Geology and Petrology from Columbia University in New York City. He has over 40 years of experience in the mining industry. He is a Fellow of the Geological Society of America, the Founder, Editor-In-Chief and CEO of Metals News, and is the Founder and President of Alper Consulting. Dr. Alper has and continues to facilitate mergers, acquisitions, offtakes, and funding for mining companies. He was a Director of Largo Resources, one of the largest producing vanadium miners in the world. He was Vice President and General Manager of OSRAM Sylvania and directed their tungsten powder and tungsten carbide businesses, the largest in the western world. He also directed its global molybdenum, rare earths, cobalt, & tantalum businesses. In addition, he was President of Walmet Corporation, for Sylvania, in Detroit, Michigan. Dr. Alper is also on the Advisory Board of Providence Gold Mines Inc. Previously, he was at Corning Glass Works, Corning, New York, as a Research Manager and a Senior Research Fellow of Ceramics. Dr. Alper has edited 11 books on high temperature materials and phase diagrams of metals and oxides. He served on Penn State's Materials Advisory Board, was a member of the Pennsylvania Business Round Table, and holds 33 patents.
Bradley Scharfe is the President, Co-Chairman & CEO of Scharfe Group of Companies, and is an accomplished financier with over 25 years of expertise in North America's capital markets. Mr. Scharfe has spearheaded financing efforts and assembled robust companies in the areas of resources and commodities, clean technology and renewable/alternative energy, oil and gas, and biotech and tech. Mr. Scharfe is an expert at raising, deploying, and managing venture capital for companies in the early growth phase of their development. His focus is on backing emerging companies that require early-stage financing, public market support and management structuring and collecting strategic experts who can appropriately contribute to the company's ongoing and expansive growth. For 12 years, Mr. Scharfe was a successful venture capital stockbroker with Canaccord Capital Corporation, a premier Canadian investment firm. While at Canaccord, he was part of the Chairman's Club, based on outstanding achievement. Mr. Scharfe holds a Bachelor of Arts Degree from the University of Toronto, where he majored in Commerce and Economics.
Mr. Tom Morgan is a well-known, respected, and very successful prospector who was awarded Yukon Prospector of the Year in 2004, and has appeared on the TV series Yukon Gold. Tom is originally from Edmonton, Alberta, and has since lived and worked in many different places including the Yukon, British Columbia, Alaska, California, the Phillipines, and Russia. Mr. Morgan attended St. Francis Xavier University at Antigonish, Nova Scotia.
Michael Iverson, CEO states, "The addition of Dr. Alper, Brad Scharfe, and Tom Morgan to the Prospect Ridge family is very exciting, confidence inspiring, and makes us stronger and more capable. Both gentlemen see the enormous potential we have on the Knauss Creek and Holy Grail properties and believe we are going to prove-up the next major gold property. With Dr. Alper and Brad in the boardroom, and Mr. Morgan in the field we are additionally set up for success. 2022 is going to be a year for the record books."
Qualified Person
All scientific or technical information included in this news release has been reviewed, verified and approved by Rein Turna, P.Geol., a consultant to the Company and a qualified person as defined by National Instrument 43-101.
About Holy Grail & Knauss Creek
The Holy Grail Property is 10 kilometers outside of Terrace within 45 km from a smelter and deep sea port. The property is easy-accessible bounded by two highways with CN rail, high tension power crossing the property and a network of logging roads over approximately 80% of the property which will make for a very cost-effective exploration and strong feasibility. Some of the key areas are located below tree line and can be worked nearly year-round.
The Holy Grail district sized package now contains over 70,000 hectares. The property was selected based on regional geological, structural, and geochemical resemblances that coincide with mineralization 50 km northwest in the Golden Triangle. The company believe the project has the potential for a district scale hydrothermal system and will extend the boundaries of the Golden Triangle to cover this vast under-explored region.
The Knauss Creek property is underlain by Upper Jurassic to Mid-Cretaceous Bowser Lake Group sedimentary rocks and Upper Triassic to Middle Jurassic Hazelton Group volcano-sedimentary rocks. Bowser Lake and Hazelton group rocks have been intruded by the Eocene aged Carpenter Creek Pluton in the southwestern part of the property and by Eocene rhyolite dykes in the central part of the property. Regionally, significant east-west trending faults cut the area, with veining and faulting showing a similar general trend.
Mineralization is structurally and stratigraphically controlled and is hosted within argillaceous sedimentary rocks and diorite intrusions, which are also likely the driver of the mineralized system. Auriferous-polymetallic-quartz veins on the property have returned values up to 240 g/t Au, 1644 g/t Ag, 2.3% Cu, 50.22% Pb and 13.88% Zn. The Knauss Creek property covers 3 known mineral occurrences and the past producing Doreen mine. In 1952, 476 tonnes of ore were shipped, producing 3266 grams of Au, 8118 grams of Ag, 3137 kg of Pb and 1342 kg of Zn.
An alternate occurrence in the zone displays multiple near vertical sulphide-rich veins up to 2.5m wide occur in sub-parallel sets with broader alteration halos containing disseminated sulphide. Ore minerology consists of pyrite, galena, chalcopyrite, sphalerite and tetrahedrite.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a BC based exploration and development company focused on strategic mineral exploration in Canada concurrently with developing a location in British Columbia and Quebec. Prospect Ridge's technical team and management with over 100 combined years of mineral exploration experience believes the Holy Grail to have the potential for a district scale hydrothermal system and will extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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NEW YORK CITY, April 28, 2022 /PRNewswire/ -- Publica, a leading Connected TV (CTV) ad platform owned by Integral Ad Science (Nasdaq: IAS), today announced a technology agreement with Hearst Television, enabling Hearst Television to enhance its streamed content with a traditional TV-like viewing experience, while maximizing Hearst's CTV advertising revenue via the introduction of a programmatic unified auction.
As a demand agnostic CTV Ad Server, Publica helps global publishers deliver a seamless ad experience via the introduction of Server-Side Ad Insertion (SSAI), while also helping publishers maximize revenue by running a unified-auction between multiple SSPs and Ad Exchanges.
Through this relationship with Publica, Hearst Television will provide advertisers with enhanced buying techniques similar to those of linear TV. This includes competitive separation, frequency management and the ability to purchase the first slot within ad pods – much like standard TV commercial breaks.
Key Publica technology features that Hearst Television has implemented include:
- Server Side Ad Insertion (SSAI) — Gives Hearst Television the ability to deliver a seamless stream of CTV content and ads, with the granular controls to optimize each slot by revenue per second within the pod.
- Advanced Ad Pod Decisioning — Gives Hearst Television the ability to guarantee an advertiser first pod placement, and own a pod by brand category, helping with competitive separation and buy side frequency management.
- Unified Auction — Enables Hearst Television to run a controlled, unified auction of all demand sources to extract the highest yielding ad per slot in each streaming ad pod. Hearst Television is also using the Publica 'Live Logs' feature to enable real time transparency into each of the programmatic auctions within which the company's inventory is cleared; this permits Hearst Television to optimize yield and data strategies in real time to ensure it does not lose demand to supply path optimization (SPO).
Publica has been instrumental recently in helping the IAB Tech Lab to build out the new protocols that bring increased security and targeting to streaming ad breaks via the introduction of OpenRTB 2.6, and also ads.cert 2.0 that secures the practice of SSAI. In implementing Publica CTV ad decisioning technology, Hearst Television can ensure its CTV inventory is being targeted and served in the most secure way possible, providing its advertisers with the controls and transparency they require[TC1] .
"We're excited to be collaborating with Hearst Television and providing them with the ad decisioning technology to grow their global advertising revenues, and empowering Hearst Television with the SSAI capabilities to improve their streamers' viewing experiences on CTV," said Ben Antier, Co-Founder & CEO, Publica.
"Publica's SSAI and Unified Auction technology allows us to accomplish two critical objectives; to provide the best and most relevant experience for viewers, while enabling safe and efficient solutions for our advertisers," said Jonathan Sumber, VP Digital Sales, Hearst Television.
To learn more about Hearst, please visit https://www.hearst.com/broadcasting
To find out more about Publica, visit https://getpublica.com/
Hearst Television owns and operates 33 television and two radio stations serving 26 media markets across 39 states reaching over 22 million U.S. television households. Through its partnership with nearly all of the major networks, Hearst Television distributes national content over nearly 70 video channels including programming from ABC, NBC, CBS, CW, MY Net, MeTV, Estrella and more. The radio stations are leaders in Baltimore news/talk and rock music listenership. Its Hearst Media Production Group unit produces original programming across linear and streaming platforms for domestic and international distribution. Its Very Local app, free to download on household OTT devices and available across popular streaming services, offers 24/7 access to local news, weather and an array of local and regional programming. Hearst Television is recognized as one of the industry's premier companies and has been honored with numerous awards for distinguished journalism, industry innovation, and community service. Hearst Television is a wholly owned subsidiary of Hearst.
Publica is a leading Connected TV (CTV) ad platform and works with many of the world's biggest broadcasters, TV manufacturers, and OTT apps. Headquartered in Palo Alto, Publica provides solutions for publishers to maximize their revenue across their CTV inventory through key solutions including a Unified Auction, Ad Pod Management, Audience Management, and Server-Side Ad Insertion (SSAI). Publica serves over 5 billion ads on CTV every month, delivering quality ad experiences for Crunchyroll, E. W. Scripps, Fox, IGN, MLB, Philo, Samsung, ViacomCBS, XUMO, and more. Publica is owned by Integral Ad Science (Nasdaq: IAS), a global leader in digital media quality. For more information, visit https://getpublica.com/
Publica
press@getpublica.com
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SOURCE Integral Ad Science, Inc. | https://www.whsv.com/prnewswire/2022/04/28/publica-provide-ctv-ssai-unified-auctions-services-hearst-television/ | 2022-04-28T07:41:34Z |
LOS ANGELES, April 27, 2022 /PRNewswire/ -- National probate litigation law firm RMO LLP announced today that Orange County, California office Managing Attorney Meghan Glaspy has been selected as an honoree by the Los Angeles Business Journal as one of the city's most influential women attorneys. The "Women of Influence: Attorneys" list, recognizes women lawyers "for exceptional legal skill and achievement across the full spectrum of responsibility, exemplary leadership as evidenced by the highest professional and ethical standards, and for contributions to the Los Angeles community at large," writes the publisher.
"Meghan's expertise, legal prowess, and ability to get results efficiently, cost-effectively and with empathy, make her the ideal recipient for this recognition. We're very proud of her," said Founder and Managing Partner Scott Rahn.
A former deputy district attorney, Glaspy "[has] extensive trial experience and works closely with clients through complex and emotionally-charged …probate disputes, including will and trust contests, breach of fiduciary duty claims, financial elder abuse protection, and contested conservatorships, representing beneficiaries, as well as individual, professional and corporate fiduciaries (administrators, executors, trustees and conservators)," reports the feature.
Glaspy grew up in Los Angeles and graduated from University of California, San Diego with a B.A. in Literature and English. She studied law at Georgetown University Law Center, where she was a published author in the Georgetown Journal of Law & Public Policy.
RMO LLP provides personal, cost-effective litigation services to individual and institutional clients. The firm's attorneys focus on litigation contested trust, estate, probate, and conservatorship matters. RMO has offices serving clients with probate disputes throughout California, Florida, Texas, Kansas and Missouri. For more information, please visit https://rmolawyers.com/.
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SOURCE RMO LLP | https://www.whsv.com/prnewswire/2022/04/28/rmo-llp-orange-county-managing-attorney-meghan-glaspy-named-woman-influence/ | 2022-04-28T07:41:40Z |
NEW YORK, April 27, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of FAT Brands Inc. (NASDAQ: FAT, FATBB, FATBP, FATBW) between December 4, 2017 and February 18, 2022, inclusive (the "Class Period"), of the important May 17, 2022 lead plaintiff deadline in the securities class action commenced by the Firm.
SO WHAT: If you purchased FAT Brands 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 FAT Brands class action, go to https://rosenlegal.com/submit-form/?case_id=3635 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 May 17, 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) the Company and the Wiederhorns engaged in transactions "for no legitimate corporate purpose"; (2) the Company ignored warning signs relating to transactions with the Wiederhorns; (3) as a result, the Company was likely to face increased scrutiny, investigations, and other potential issues; (4) certain executives, who are touted as critical to the Company's success, were at great risk of scrutiny—potentially, at least in part, due to the Company's actions; (5) the Company's touted chief executive officer (CEO) and chief operating officer (COO) were under investigation regarding transactions with the Company; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the FAT Brands class action, go to https://rosenlegal.com/submit-form/?case_id=3635 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/2022/04/28/rosen-leading-law-firm-encourages-fat-brands-inc-investors-secure-counsel-before-important-deadline-first-filed-securities-class-action-commenced-by-firm-fat-fatbb-fatbp-fatbw/ | 2022-04-28T07:41:47Z |
STOCKHOLM, April 28, 2022 /PRNewswire/ -- Sedana Medical AB (publ) (SEDANA: FN Stockholm) today announces that the first patient has been enrolled in the company's US clinical studies. The two identical Phase III studies, INSPiRE-ICU 1 and 2, aim to confirm the efficacy and safety of inhaled sedation with isoflurane delivered via Sedaconda ACD and are expected to lead to a new drug application (NDA) filing at the US Food and Drug Administration (FDA) in the US.
The studies will compare the safety and efficacy of sedation with inhaled isoflurane delivered via Sedaconda ACD or intravenous propofol in adult mechanically ventilated ICU patients.
"Our clinical trials INSPiRE-ICU 1 and 2 are strategically significant as they will form the basis of our NDA submission in the United States, which represents our largest commercial opportunity. We are excited about reaching this important milestone and are looking forward to bringing our products to intensive care patients in the US" said Johannes Doll, CEO of Sedana Medical.
Sedana Medical is aiming for a combination registration of the medical device Sedaconda ACD and the pharmaceutical Sedaconda (isoflurane) for sedation of mechanically ventilated intensive care patients in the United States. Assuming rapid enrolment of patients and successful trials, Sedana Medical continues to expect the NDA submission in 2024 and a launch in early 2025.
"It is very rewarding to collaborate with many of the top academic institutions across the US. There is a lot of excitement among US Key opinion leaders within sedation and mechanical ventilation, given the promising European data and the trial being the first exposure to the therapy in the US. Besides supporting our US registration process, the INSPiRE-ICU studies will shed light on clinically relevant aspects of inhaled sedation that can bring a paradigm shift to sedation in the ICU in the US." said Peter Sackey, Chief Medical Officer of Sedana Medical.
About the studies INSPiRE-ICU 1 and INSPiRE-ICU 2 (SED003 and SED004)
The INSPiRE-ICU (Inhaled Sedation vs Propofol in Respiratory failure) studies are two identical phase III studies aiming to confirm the efficacy and safety of inhaled isoflurane, delivered via the Sedaconda ACD, for the sedation of adult mechanically ventilated ICU patients, in comparison to intravenous infusion of propofol.
The studies will enrol a total of 470 adult patients across 25-30 sites in the US. Patient enrolment is expected to be completed in 2023.
The primary endpoint is the proportion of time spent within the target range of sedation depth in absence of rescue sedation, as assessed according to the Richmond Agitation Sedation Scale (RASS). In addition, the studies will investigate several secondary endpoints, including the use of opioids, the wake-up time, the cognitive recovery after end of sedation, and the spontaneous breathing effort. The assessments will be performed by blinded assessors to meet the requirements of the FDA.
Further information on the studies is available at www.clinicaltrials.gov (NCT05312385 for SED003 and NCT05327296 for SED004).
For additional information, please contact:
Johannes Doll, CEO, +46 76 303 66 66
Johan Spetz, CFO, +46 730 36 37 89
ir@sedanamedical.com
Sedana Medical is listed on Nasdaq First North Growth Market in Stockholm.
The company's Certified Adviser is Erik Penser Bank, +46 8 463 83 00, certifiedadviser@penser.se.
About Sedana Medical
Sedana Medical AB (publ) is a pioneer medtech and pharmaceutical company focused on inhaled sedation to improve the patient's life during and beyond sedation. Through the combined strengths of the medical device Sedaconda ACD and the pharmaceutical Sedaconda (isoflurane), Sedana Medical provides inhaled sedation for mechanically ventilated patients in intensive care.
Sedana Medical has direct sales in Benelux, France, Germany, Great Britain, the Nordic, and Spain. In other parts of Europe as well as in Asia, Australia, Canada, and South- and Central America, the company works with external distributors.
Sedana Medical was founded in 2005, is listed on Nasdaq First North Growth Market (SEDANA) and headquartered in Stockholm, Sweden.
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RIO DE JANEIRO, April 27, 2022 /PRNewswire/ -- Today, Shell Brasil Petróleo Ltda.(Shell Brasil), a subsidiary of Shell plc, signed the Production Sharing Contract (PSC) to formally acquire a 25 percent stake of the Atapu field. Shell paid $ 1.1 billion to Petrobras for the increased stake in the field. With the contract now signed, Shell will start receiving its additional share of oil from the field.
"This transaction is the latest proof point of our commitment to further strengthening our advantaged deep-water positions in Brazil," said Zoe Yujnovich, Shell Upstream Director. "With a leading global deep-water portfolio, this stake in the Atapu field directly supports our Powering Progress strategy to deliver the stable, secure energy resources the world needs today while investing in the energy of the future."
Shell's Powering Progress strategy includes increasing investment in lower carbon energy solutions, while continuing to pursue the most resilient, competitive, and highest return Upstream investments to sustain material cash delivery into the 2030s, to support our dividend and fund Shell's transformation. Our global deep-water portfolio represents two core positions in our Upstream business with prolific basins in the US and Brazil, along with an exciting frontier exploration portfolio in Mexico, Suriname, Argentina, and West Africa.
- Shell Brasil Petroleo is a subsidiary of Shell plc.
- In December 2021 in the Transfer of Rights auction, Shell along with partners Petrobras (52.5%, operator) and TotalEnergies (22.5%) acquired the rights to volumes from the Atapu field.
- Atapu is a pre-salt oil field in the Santos Basin located in waters depths of about 2,000 meters. Production started in 2020 through the P-70 Floating, Production, Storage and Offloading unit (FPSO) which has the capacity to produce 150,000 barrels of oil equivalent (boe) per day.
- For more details on Shell's Powering Progress strategy, please visit www.shell.com/poweringprogress.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release, "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively. "Joint ventures" and "joint operations" are collectively referred to as "joint arrangements". Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim", "ambition", ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''goals'', ''intend'', ''may'', "milestones", ''objectives'', ''outlook'', ''plan'', ''probably'', ''project'', ''risks'', "schedule", ''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this [report], including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2021 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, April 27, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.
Also, in this press release we may refer to Shell's "Net Carbon Footprint" or "Net Carbon Intensity", which include Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell's "Net Carbon Footprint" or "Net Carbon Intensity" are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell's operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Footprint (NCF) targets over the next ten years. However, Shell's operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans to reflect this movement.
This press release may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements.
The contents of websites referred to in this press release do not form part of this press release.
We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
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SOURCE Shell Brasil | https://www.whsv.com/prnewswire/2022/04/28/shell-signs-production-sharing-contract-atapu-field-brazil/ | 2022-04-28T07:42:06Z |
HELSINKI, April 28, 2022 /PRNewswire/ --
Q1/2022 (year-on-year)
- Sales increased by 23% to EUR 2,798 (2,276) million.
- Operational EBIT increased by 53% to EUR 503 (328) million.
- Operational EBIT margin increased to 18.0% (14.4%).
- Operating profit (IFRS) increased to EUR 394 (161) million.
- EPS was EUR 0.37 (0.18) and EPS excl. fair valuations (FV) was EUR 0.35 (0.22).
- Strong cash flow from operations amounted to EUR 403 (185) million. Cash flow after investing activities was EUR 224 (-9) million.
- The net debt to operational EBITDA ratio improved to 1.1 (2.3). The target is to keep the ratio below 2.0.
- Operational ROCE excluding the Forest division almost doubled to 23.6% (12.0%), the target being >13%.
Key highlights
- Sales process initiated to divest four out of five paper production sites to focus on growth in the key strategic areas: renewable packaging, building solutions and biomaterials innovations.
- Feasibility study for the conversion of an idle paper machine at the Oulu site, Finland to explore expansion in renewable packaging board with an additional capacity of 750,000 tonnes.
- Lignode: feasibility study started at the Sunila site, Finland, to assess the first production site for local supply of fossil-free hard carbon in Europe. A pre-feasibility study to investigate the extraction of lignin has started at the Skutskär site, Sweden.
- All import and export activities from and to Russia are halted, wood supply in Russia has stopped. Mitigation and re-routing are in place to manage supply and risk. In April, Stora Enso announced that it is divesting its two sawmills in Russia to local management of the sites, including its Russian forest operation which through its harvesting, supplies wood to the sawmills. Sales in Russia represented approx. 3% of total Group revenues (2021). The impact from these initiatives on Stora Enso's sales and operational EBIT is not material.
- A dividend of 0.55 euros per share was paid on 24 March 2022 for the full year 2021.
Outlook
Global megatrends such as an increased eco awareness, an accelerated focus on combatting climate change, and digitalisation underpin Stora Enso's business strategy and the demand for its renewable and eco-friendly products, both short and long term.
The general macroeconomic environment and the pandemic are persisting uncertainties. However, with Russia's invasion of Ukraine risks have increased across the world. Sustained commercial momentum is supported by the market demand for Stora Enso's products across all divisions. To manage volatility, measures such as pricing, flexibility in sourcing and logistics, as well as hedging are in place.
Guidance remains unchanged
Stora Enso's full-year 2022 operational EBIT is estimated to be approximately in line with the full year operational EBIT for 2021 (EUR 1,528 million).
Key figures
Stora Enso's President and CEO Annica Bresky comments on the first quarter 2022 results:
"This year has started on a very strong note for Stora Enso. We delivered record high profitability and maintained our growth momentum from last year in a very turbulent environment. Our sales reached close to EUR 2.8 billion, an increase of 29% excluding Paper. We have seen strong demand for our products with high prices and solid volumes in all our segments and regions. Our strategic positioning and investments in growth within renewable materials is paying off, with our key focus areas being our star performers. This has led to our highest quarterly operational EBIT in around 20 years, up by 53% from a year ago, and an all-time high EBIT margin of 18%.
It has undeniably been a quarter with additional geopolitical challenges on top of lingering pandemic effects and supply chain headwinds. We were early in taking a stand on supporting Ukraine by ceasing our Russian operations. At the same time, safeguarding the safety of our 1,100 people employed in Russia has been, and still is, a key priority, along with minimising the disruption for our customers. Our direct and indirect forest ownership in Sweden and Finland have enabled valuable wood sourcing alternatives to compensate for ceased Russian volumes. Overall, the impact on sales and operational EBIT is not material as Russia represented 3% of Group sales in 2021.
As the next step in our strategy implementation, we have taken the decision to streamline our business to further favour growth in our key focus areas. Paper is not a strategic growth area for us and as such, we have initiated a process to divest four of our five paper sites, retaining our site in Belgium for a possible future conversion. Since 2006, we have reduced our exposure in this segment from 70% of our sales, to around 15% in the first quarter this year. The sites that are up for sale are competitive and operate in attractive paper segments with improving market conditions. We have no deadline for the conclusion of the divestment, and I am confident we will find responsible new owners that can continue to develop the businesses further.
To further accelerate our growth within the packaging segment, we are exploring expansion in renewable consumer board. We have initiated a feasibility study for the possible conversion of an idle paper machine into a high-volume consumer board line. In this market, we target customer segments in which we already hold a leading, global market position.
Our recently revised operational model has already proven its success after having been put to test this quarter. Our more decentralised structure provides agility in decision making, bringing us closer to our customers. This enables us to quickly counteract many of the impacts we now see around the world. We foresee an increased regionalisation of goods, something we believe will benefit our opportunities for further growth in the markets we are active in.
We are fully booked, see no weakening in our markets and we continuously work to mitigate higher input costs. Beyond favourable sustainability trends, many of our products are day-to-day necessities used regardless of recession, geopolitical uncertainties, and other disruptions. Hence, at this moment in time, we do not see any potential negative spillover effects, and we feel confident in our full year guidance. We have also continued to strengthen our balance sheet and secure good liquidity, a good position to have in a case of a possible macroeconomic downturn.
Key for delivering sustainable and profitable growth is to have the right ecosystem of customers, partners and committed people. Quarter by quarter, our decisions are guided by our purpose: to do what is right for people and planet by replacing fossil-based materials with renewable ones. We will continue our efforts to help our customers become 100% climate positive and circular, creating value for all our stakeholders long-term.
The renewable future grows in the forest."
Analysts, investors and media are invited to participate in the webcast and conference call today at 14:00 EEST (13:00 CEST, 12:00 BST, 7:00 EDT). The result will be presented by President and CEO Annica Bresky and CFO Seppo Parvi, and may be accessed at https://edge.media-server.com/mmc/p/jvrf8zpz.
All participants can follow the presentation over the webcast.
Analysts and investors who wish to ask questions should join the conference call (details below).
Media representatives who wish to ask questions after the Interim Report is published, may contact Carl Norell, press officer at Stora Enso on +46 72 2410349.
The link to the webcast will be also available on Stora Enso's website: storaenso.com/investors
Dial-in details for the analyst and investor conference call
The conference call replay will be available via the dial-in number until 5 May 2022. The webcast will be archived on storaenso.com/en/investors/reports-and-presentations.
This release is a summary of Stora Enso's Interim Report January–March 2022. The complete report is attached to this release as a pdf file. It is also available on the company website at storaenso.com/investors.
For further information, please contact:
Carl Norell
Press officer
tel. +46 72 241 0349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 210 7691
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials, wooden construction and paper, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 22,000 employees and our sales in 2021 were EUR 10.2 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com/investors
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SOURCE Stora Enso Oyj | https://www.whsv.com/prnewswire/2022/04/28/stora-enso-oyj-interim-report-january-march-2022-outstanding-performance-turbulent-environment/ | 2022-04-28T07:42:13Z |
Automated and streamlined interface cuts integration of external solutions required to meet AML requirements
TAIPEI, April 27, 2022 /PRNewswire/ -- Blockchain security firm CoolBitX has unveiled Sygna Hub, the latest AML/CTF-focused product to help virtual asset service providers (VASPs) meet evolving crypto regulations.
The comprehensive new API-based solution provides an easy-to-use platform boasting a modular integration of optional AML services from industry leaders such as Chainalysis and Elliptic, including advanced blockchain analytics and sanction screening, as well as Sygna Bridge, the Travel Rule protocol that is made to be interoperable with other protocols, like TRISA, through the Hub solution.
Changing regulatory landscape for VASPs
Sygna was launched in 2019 in response to the Financial Action Task Force's Recommendation 16 update that mandates Travel Rule compliance for VASPs. Since then it has built out a Sygna Alliance network of VASPs and collaborated with the world's biggest AML firms, including Chainalysis, Elliptic, CipherTrace, Merkle Science and ComplyAdvantage.
"In the path toward mass institutional adoption of crypto, integration still remains a major challenge for the industry," said Mriganka Pattnaik, Co-founder & CEO of Merkle Science. "Travel Rule, sanctions screening, and blockchain analytics all play key roles in the fight against illicit activity in crypto. The Sygna Hub platform allows for integration and communication between previously siloed parts of this objective and Merkle Science is glad to be an active member of this initiative."
With FATF's latest reviews and updates to its Risk-Based Approach to Virtual Assets and VASPs adding new complexity to the regulatory landscape for cryptocurrencies, Sygna has been broadening the scope of its service offering to better meet the needs of crypto companies.
Michael Ou, Founder/CEO of CoolBitX said: " The Sygna team has again demonstrated that they fully understand VASPs' compliance pain points and how to alleviate them through intelligent product design. Sygna Hub represents our most ambitious AML endeavour as of yet. It has required many months of hard work, where we had to not only leverage our existing proprietary travel rule protocol Sygna Bridge, but also combine forces with industry leaders to create something unique for the greater good of the crypto industry as it faces evolving regulatory requirements."
Sygna Hub and Sygna Gate, its simplified browser-based version, constitute the end result of these efforts, providing VASPs with the tools to build a robust compliance system to fulfill their regulatory duties.
Juntao Zhu, CEO/Co-Founder of Hodlnaut, a Sygna Hub client, said: "Hodlnaut is elated to be partnering with Sygna to comply with the regulatory changes in Singapore. We are tirelessly working towards providing a great user experience and collaborating with Sygna will help us achieve the same."
Key features of Sygna Hub
Sygna Hub aims to solve the following current pain points in crypto compliance:
- Integrated and Enhanced Risk Screening
Hub's integrated third-party blockchain analytics and sanction screening services makes it an excellent fit for VASPs operating in countries like Singapore and Japan with mature and sophisticated existing regulatory frameworks. Both Sygna Hub and Gate offer the latest integrated AML blockchain analytics services from Elliptic, Chainalysis (KYT V1 and V2) and Merkle Science.
Sygna Bridge, the standalone VASP-focused Travel Rule protocol, is also built into Sygna platforms at a software level. Sygna achieved live interoperability, offered through Gate and Hub solutions, with CipherTrace's TRISA in February 2022, and with a similar cooperation with Shyft Network's Veriscope targeted for Q2. Other leading Travel Rule solution providers are in the works to follow later this year.
- Sunrise issue
Sygna previously adopted IVMS101, the industry messaging protocol and has been working diligently to address the onerous so-called "sunrise issue", which refers to an uneven roll-out of FATF-required Travel Rule regulation across member countries. As a result, Sygna clients and VASP counterparties that are using different or no Travel Rule protocol will still be able exchange the necessary data as various features of Hub are released.
- "Satoshi Test" for private information identification
An increasing number of jurisdictions such as Singapore, Switzerland, Germany and Liechtenstein are starting to require further due diligence on the VASP side, which has led to increasing demand on establishing proof of ownership of non-custodial wallet addresses.
To facilitate this identification, Sygna Hub's new Sygna Private Wallet Ownership Tool (SPOT) leverages a "Satoshi Test" by requesting the unhosted wallet address owner conduct an on-chain-transaction to establish proof-of-wallet ownership.
- ISO 27001-certified data privacy & information security
Authorities globally are cracking down on companies misappropriating the data of their customers. As an on-premises-only product, the Sygna Hub portal allows clients to manage all of their customers' information without the risk of exposure on external servers. All Sygna products are officially ISO 27001 certified and strictly follow ISMS standards, which can now also be adopted with ease by Sygna VASPs.
CoolBitX CEO Michael Ou is available for media interviews.
About CoolBitX
CoolBitX Ltd. (CBX) is an international blockchain security company building the next-generation infrastructure necessary to maximize digital asset adoption. Founded in 2014 by Michael Ou and backed by SBI Holdings, CoolBitX provides solutions for a rapidly-changing blockchain industry in order to foster the mass adoption of virtual assets through its two product lines: CoolWallet and Sygna. CoolWallet is a credit card-sized hardware wallet that allows for Bluetooth-enabled pairing with users' mobile phones. The Sygna line of regulatory compliance products are tailored toward Virtual Asset Service Providers (VASPs), simplifying the compliance efforts of VASPs through the use of effective and secure technology. For more information on CoolBitX, visit https://coolbitx.com/.
About Sygna
Sygna is a line of AML compliance services created by CoolBitX based on the FATF Recommendation 16 "Travel Rule" and other global virtual asset regulations. With three compliance solutions, Bridge (a first-to-market Travel Rule protocol), Gate (SaaS browser gateway), and Hub (integrated AML platform), Sygna aims to help VASPs meet the demands of global financial regulators simply and effectively, while maintaining the highest information security standards in order to safeguard user data privacy. For more information on Sygna, visit https://sygna.io/
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SOURCE CoolBitX | https://www.whsv.com/prnewswire/2022/04/28/sygna-hub-introduces-integrated-crypto-aml-analytics-sanction-screening-interoperable-travel-rule-protocol-vasps/ | 2022-04-28T07:42:20Z |
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