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Yeardley Love’s family testifies in civil case against Huguely
CHARLOTTESVILLE, Va. (WVIR) - The family of Yeardley Love is sharing with a Charlottesville jury the pain they’ve endured since her murder in 2010.
Yardley’s family members took the stand in Charlottesville Circuit Court Thursday, April 28, as part of a more than $30 million civil suit against her killer, George Huguely.
Huguely was convicted of second-degree murder in 2012, and is serving a prison sentence of 23 years.
Sharon Love, Yeardley’s mother, broke into tears when describing the moment police told her that her daughter was dead. She told jurors at first she thought Yeardley must’ve been in a car accident. Love said she never thought Yeardley would be murdered.
Yeardley’s sister, Lexie, and brother-in-law also took the stand Thursday. Lexie said when she got the call of her sister’s death she thought, “That’s it? I’ll never see her again?” and said when she first met Huguely she thought, “he was sloppy.” Her husband, Jamie, said it was, “Nonstop bawling” in the days after her death.
Members of the jury got emotional while listening to the testimony.
In the past 12 years the family has started the One Love Foundation, which works to educate high school students about domestic violence and abusive relationships. Sharon Love said, “For us, it has been a life line.”
The civil trial began Monday, April 25. Jurors are expected to hear closing arguments early next week.
Copyright 2022 WVIR. All rights reserved.
Do you have a story idea? Send us your news tip here. | https://www.whsv.com/2022/04/28/yeardley-loves-family-testifies-civil-case-against-huguely/ | 2022-04-29T22:35:18Z |
Cassidy to Speak at Xavier-Ochsner Commencement
NEW ORLEANS – Xavier University of Louisiana and Ochsner Health will celebrate their inaugural Physician Assistant Program Class of 2022 on May 5 at Xavier’s University Center and on May 7 at Xavier’s Convocation Center. The 28-month, full-time graduate program, which leads to a master’s degree in health sciences, began in 2020 and consists of three semesters of classroom instruction followed by 16 months of clinical training within Ochsner Health.
U.S. Sen. Bill Cassidy, who is a medical doctor, will serve as the commencement speaker. Cassidy, a gastroenterologist, is the senior U.S. senator from Louisiana and serves on the Health, Education, Labor and Pensions (HELP) committee, among others. Prior to serving in Congress, Cassidy worked in Louisiana’s charity hospital system for over 25 years and co-founded the Greater Baton Rouge Community Clinic, providing free health care to uninsured and underinsured patients. While serving in Congress, he has authored and passed legislation to lower the cost of prescription drugs and to increase health care price and medical billing transparency.
“At Xavier University of Louisiana, we educate the next generation of changemakers and industry leaders who are instilled with our mission to promote a more just and humane society through their service,” said Dr. Reynold Verret, president of Xavier University of Louisiana. “As a top producer of Black and brown talent in the health sciences, we are honored to gift these fine graduates, our inaugural class of the Physician Assistant Program at Xavier, and their talents to the world.”
Commonly known as a PA, a physician assistant is a licensed and trained healthcare professional trained in general medicine who works in collaboration with a physician. The American Academy of PAs estimates there are more than 150,000 PAs in the United States today and, according to the Bureau of Labor Statistics, the demand for physician assistants is projected to grow 31 percent from 2020 to 2030, much faster than the average for all occupations. About 12,200 openings for physician assistants are projected each year, on average, over the decade.
In this inaugural Xavier and Ochsner PA Program class, 37 physician assistants are expected to graduate. Xavier is one of four universities in Louisiana and just one of four HBCUs in the nation to offer a PA program.
“The partnership between Xavier and Ochsner is key to advancing diversity in healthcare and promoting a healthier Louisiana,” said Dr. Anne McCall, provost and SVP of academic affairs at Xavier. “Xavier creates opportunities for the communities we serve and we are grateful to Ochsner for partnering with us to implement this important program.”
In 2020, Ochsner, Xavier and state leaders announced the 10-year vision Healthy State by 2030, a collaborative effort among public and private entities to lift Louisiana off the bottom of national health rankings by focusing on diversity in healthcare, health equity and partnerships that advance public health goals.
“At Ochsner, we are committed to diversity and excellence when training the next generation of healthcare providers,” said Leonardo Seoane, M.D., FACP, senior vice president and chief academic officer, Ochsner Health. “By collaborating and partnering with Xavier on this new PA program, we can train more healthcare professionals here in Louisiana. It is our hope that this new pipeline of physician assistants will make meaningful impact on the health of our state by positioning us to better advocate for patients, reduce disparities in access to health care, and advance the prevention of chronic disease.”
The long-standing relationship between Ochsner and Xavier dates to the early 1980s, when Ochsner and Xavier’s College of Pharmacy established an affiliation agreement to provide educational experiences to pharmacy students. Since then, the partnership has expanded with several shared programs and collaborations between the HBCU and the hospital system. These include the Ochsner Xavier Institute for Health Equity & Research, the Xavier Genetic Counseling Program, the Xavier Medical Laboratory Science Program, and the Xavier Speech-Language Pathology Program.
Of the more than 500 applications received, 40 aspiring PAs were accepted for this inaugural class. According to the 2020 Statistical Profile of Physician Assistants published by the National Commission on Certification of Physician Assistants (NCCPA), just 3.3% of PAs are African American. Xavier University’s inaugural graduating PA class is comprised of 13% African Americans and a total of 64% minority students. Fifty-six percent are Louisiana residents.
For more information about the Xavier University and Ochsner Physician Assistant program, visit http://www.xula.edu/physician-assistant-program or call 504-520-5119. | https://www.bizneworleans.com/cassidy-to-speak-at-xavier-ochsner-commencement/ | 2022-04-29T22:53:52Z |
Child Care-less No More?
Disruptions in child care services annually result in $762 million in losses for Louisiana businesses and $1.3 billion for the state economy and have proven to be especially devastating for working mothers. So, what are we doing about it?
Pandemic-era life has been a grind for parents of young children, especially those juggling career demands with 24/7 caregiving. Little ones accustomed to the routine of nursery school or day care were forced to adjust to new situations while moms and dads struggled to make it through the workdays (and nights) while somehow keeping all the plates spinning.
But the challenges related to unpredictable child care coverage don’t stop at home. On the other side of the equation, the country’s child care industry has been pummeled by the instability of repeated closings and reopenings, social distancing, staffing shortages, and risks of caring for a population of unmasked, unvaccinated children — and their exhausted parents.
“Child care is the invisible backbone of America’s economy,” said Jen Roberts, CEO of child advocacy organization Agenda for Children. “There is nothing like a disruption to that for folks to really realize the significance of it.”
In New Orleans, the child care sector, which operated on narrow margins even prior to the pandemic, faces economic and employment challenges seen nationwide. Federal COVID-19 dollars have brought some relief, but child care providers are still seeking a longer-term funding model to grow their beleaguered workforce and serve more children, particularly infants and toddlers.
The good news? The dire care situation of the past two years highlighted the critical role of early education in keeping the economy running. That urgency, plus the growing body of research showing that high quality early education helps produce children more likely to read on grade level, attend college, and have better lifelong health and financial outcomes, has fostered exciting innovation in New Orleans to increase quality and access for kids.
“The list is endless,” said Libbie Sonnier, executive director of the Louisiana Policy institute for Children (LPIC). “Education can be the great equalizer and can also help families get back to school and work. The time is now.”
The High Costs of Care
Child care can be a huge financial burden. According to the LPIC, for a low-income single mother with an infant, the average cost of care ($7,500 per year) represents 44 % of her likely income. For a low-income couple with two young children, the share of income spent on child care reaches a staggering 58%.
But it’s not just low-income families that struggle. Even using median income data, an Orleans Parish household with two small children is likely to direct roughly 31% of its income to child care (based on data from the U.S. Census Bureau and the 2020 Louisiana Child Care Market Rate Survey).
On the provider side, child care centers felt the pinch of pandemic-related closures. A fall 2021 survey of child care providers conducted by LPIC found centers each reported around $300,000 in losses since March 2020. Margins were reduced further as centers operated with lower teacher-child ratios and higher costs for cleaning materials and other virus-mitigation measures.
Child care breakdowns take a far-reaching toll on the broader economy as well. LPIC research puts the annual cost of parental absenteeism, turnover, and other expenses related to child care disruption at $762 million for Louisiana businesses and $1.3 billion for the state economy.
Sonnier believes that quantifying those costs has helped private and public sector leaders appreciate the value of early childhood education and care.
“We’ve worked really hard to make this an economic issue… a workforce issue, not just of tomorrow, but today,” said Sonnier. “If moms, dads and caregivers can’t go to school, go to work, or look for work, our economy is not going to take off the way it needs to.”
Desperately Seeking Staff
Early childhood education faces a familiar set of post-COVID-19 employment issues.
Child care workers have historically received low pay. Louisiana’s average wage for workers in this sector in 2019 was $9.77 per hour according to the U.S. Bureau of Labor Statistics, the 49th lowest wage in the country (Mississippi was 50th). In an effort to attract and retain staff, providers have increased wages – mainly through government relief funding – but still lack longer-term solutions.
Rochelle Wilcox is CEO and owner of Wilcox Academy of Early Learning, which operates three centers in New Orleans. She blames low wages and unstable funding for a workforce turnover rate that went from an already challenging 40% to more than 55% during the pandemic.
Wilcox has increased wages and offered bonuses, hazard pay, 401k matching, sick time and vacation time.
“And they deserve it,” she said. “We want to go higher… The goal is that we want to be able to retain staff, not just bring staff on. We want to make sure they are treated as the professionals that they are.”
Wilcox believes one answer lies in elevating the profession in the eyes of current and potential staff: “We have teachers. We don’t have child care workers. They are doing intentional learning, lesson planning, engaging with young learners. We are intentional about descriptions and words we use with this profession because… we have to respect what these teachers are doing… People still see it as ‘babysitting’ or ‘women’s work’ because there’s not a lot of money in it… but we have to show people this career is worth it.”
Even with the incentives, Wilcox said the hiring situation remains a struggle. With a waitlist of more than 150 children, she is unable to open additional classrooms without the staff to manage them.
The JCC Nursery School and Pre-K Program also faces a long waitlist and shortage of staff. According to JCC Executive Director Leslie Fischman, some teachers are leaving for higher-paying jobs in the city’s public schools, but others are just burned out.
“I think COVID has worn people down, particularly teachers of all ages because they are really on the front end of all this,” said Fischman. “They were teaching kids who weren’t vaccinated… so they are like first-responders in my opinion. But they are so important and so needed… because they make such a difference in a child’s life.”
Areas of Need
The greatest area of unmet demand in New Orleans (and across the country) is infant and toddler care. Classrooms for those age groups are staff-intensive and costly to run, so many providers simply can’t make the math work.
Angelique Belisle is the school director for Educare New Orleans, part of a nationwide network of 25 schools that combine early education with family engagement programs in areas like financial literacy and health and mindfulness. Her center’s funded enrollment is 168 children, but current enrollment is 141, which Belisle attributes to the teacher shortage, as well as some parents not yet feeling comfortable returning their children to school. Like others, Educare families’ greatest demand is for infant/toddler spots.
“We are hopeful that with the new school year, we can bring on more staff members,” said Belisle, “but we are now at a stalemate with hiring… and can’t open a classroom.”
Many parents are also seeking care hours beyond the standard weekday 9-to-5 window — a difficult, and expensive, wish for providers to fulfill. “I’m sure parents would like as many hours as a child care center could give them,” said Fischman. “The problem we have is staffing and keeping our teachers fresh. It’s a long day, and it’s not easy. And you have to think about it – kids here are sometimes with us more waking hours than they’re with their parents.”
“Women’s” Work
Child care disruptions have taken an outsize toll on the workforce participation of mothers with young children. According to research from the Federal Reserve Bank of Atlanta, women with children under age 6 comprised 10% of the labor force in the United States in February 2020, but nearly a quarter of the job losses during the period from February to May 2021. Multiple surveys of parents during the pandemic also found mothers reporting a greater share of child care responsibility or concern than fathers.
According to Belisle, many of Educare’s parents are single mothers, so child care barriers have clear impacts.
“When mom does not have somewhere for her little ones to go or does not have a center she can afford to send her child to, it definitely affects her ability to go to work or to school… Mom is truly the one affected by what’s happening now.”
On the plus side, the pandemic drew attention to the undervalued work of women in the child care field. As Jen Roberts says, “There has been increasing recognition for the women in particular who educate young children during the earliest years and how hard those jobs really are… and how important they are to our economy and to people’s lifestyles.”
The challenge lies in translating that appreciation into sustainable wage and workforce growth.
Signs of Progress
Despite the hardships of the last two years, New Orleans is gathering momentum on the early childhood front.
In 2017, the city was among a small number of municipalities in the country to begin dedicating local funding to the City Seats program, which offers access to free, high-quality early childhood care. That program started out serving about 50 children; it now serves nearly 400 and draws matching funds from the state.
In 2018, Agenda for Children created the Early Childhood Opportunity (ECHO) Fund, which provides microgrants and grants (with plans for loans in the works) to support early learning programs. With support from foundations, individuals, state funding and additional partners, funds can be used for teacher pay raises, professional development, or other early learning needs. The ECHO Fund has given more than $2 million to over 200 organizations in New Orleans to date and has created special programs for areas of targeted need, like Hurricane Ida relief.
The School Readiness Tax Credit program allows businesses with a Louisiana tax ID to contribute up to $5,000 to Child Care Resource and Referral agencies (including Agenda for Children, which works on behalf of 13 South Louisiana parishes and directs contributions to the ECHO Fund) as a fully refundable tax credit.
The most recent development was the April 30 ballot proposal in Orleans Parish to raise a millage dedicated to expanding early childhood access and wraparound services, with funding committed for 20 years. At press time, the result of the ‘Yes for NOLA Kids’ proposal was not yet determined. If passed, the funding would increase families’ access to quality care and allow child care center operators to expand their operations and provide a stable funding source for teacher pay raises, classroom resources, and more.
Whatever of the outcome of the vote, Jen Roberts said she is proud of the city’s progress on behalf of its children.
“This is a pretty dramatic first time in the country that a city is trying to focus specifically on infant and toddler care, so that in and of itself will yield a lot of national attention,” she said. “The innovation that New Orleans has put forth and the stake in the ground says we really care about our youngest citizens.”
Ochsner Takes Care Onsite
Some organizations are going to great lengths to meet employees’ child care needs. Ochsner Health started exploring the possibility of offering onsite child care in 2015.
“It came up every year in the employee engagement survey, in open forums,” said Melissa Love, vice president of Professional Staff Services and the Office of Professional Well-being for Ochsner Health. “After an extensive research and planning process, Ochsner opted to build an early learning center from the ground up near their main campus on Jefferson Highway. They selected an outside company, Bright Horizons, to operate the center.
The Ochsner Early Learning Center opened in June 2021, with capacity for 210 children (ages 6 weeks to 5 years). The center also provides backup care for employees’ children and elderly family members. Operating hours (6 a.m. – 8 p.m.) are designed to support parents working 12-hour shifts, which are common within the organization. “That is something that was very important to us,” said Love.
Rates are intentionally kept at or just below market competitive, and scholarships are available to qualifying applicants.
“We have actually invested over $400,000 in scholarships for the families that are currently enrolled,” said Love. “We wanted all of our employees to be able to consider it as an option.” | https://www.bizneworleans.com/child-care-less-no-more/ | 2022-04-29T22:53:58Z |
Female Focus
Publisher’s Note
This month we are focusing on women, not only in the pages of Biz New Orleans, but throughout other magazines by Renaissance Publishing.
In New Orleans magazine this month, we honor our annual Top Female Achievers, women who are making a difference across the community in the business and nonprofit realms. I invite you to read about these 11 ladies who make up the class of 2022. Visit MyNewOrleans.com for more information.
The current issue of Acadiana Profile (our regional magazine based in Lafayette) not only published its annual trail-blazers (a section devoted to profiling individuals who are making a mark on their profession in the Acadiana region) but it also has a section spotlighting women who lead in the community and within their industry. You can read more about these five trailblazers and six women at AcadianaProfile.com.
As you continue to read through the pages of Biz New Orleans, our cover story this month highlights the women leading the region’s chamber organizations. With the leadership change at the New Orleans and Jefferson Chambers this year, the business community now has four top females in executive positions. Sandra (New Orleans) and Ruth (Jefferson) join Elizabeth (St. Bernard) and long-time executive Lacey Osborne (St. Tammany) as leaders of our region’s chamber members.
In addition to this month’s cover story, we dedicate a segment of the magazine to profiles on Women to Watch, an annual section highlighting professional women in the community.
Continuing with the focus on women, over 80% of our staff is female and their leadership throughout the company is extraordinary. They are all excellent professionals and make our business better.
Finally, this month I salute all mothers. May 8th is Mother’s Day and we should celebrate all those in our lives that encourage and help foster the next generation.
Todd Matherne
CEO and Publisher
Renaissance Publishing | https://www.bizneworleans.com/female-focus/ | 2022-04-29T22:54:04Z |
Full Disclosure
Editor’s Note
I once forgot the word “door.”
That was the rock-bottom pregnancy brain moment I hit about six months ago. We were leaving the house and I turned around to remind my 11-year-old to close the…OMG…swingy thing behind her.
As difficult as working pregnant was, however, it’s nothing compared to trying to stay on top of things once the little one makes its arrival.
It’s not easy being a parent at the best of times: Take away traditional school and childcare during a global pandemic, however, and working parents are struggling like never before — especially the moms. Even with school and daycare back, you run the risk of a phone call or email telling you of an exposure or shutdown and to come get your child.
Study after study have shown that it’s women who have been most likely to have jobs affected by the multiple pandemic shutdowns and economic slowdown, and it’s women who tend to shoulder the majority of caretaking responsibilities — whether that’s for children or any friend or family member.
As I sit here trying to type out this editor’s note, I’m feeling really fried. My youngest daughter turned 5 months old today. She’s a miracle — a gift that could not have been more unexpected or exciting… She’s also made getting my job done a real struggle. We’re currently on a waitlist for childcare with the hopes that the stars will align and she’ll get in right after she’s able to be vaccinated. Until then, however, I’ll keep trying to mute out at least most of the babbling from my little cohost on BizTalks podcasts, nursing her (almost literally under the table) on Zoom calls, and pulling late nights while hoping I can sneak in some sleep before she wakes again.
But I know I’m fortunate. I have a very understanding boss who, when I apologize for not being at the level I’d like to be right now, reminds me to “hang in there” and that it all goes by so fast. Plus, my art director is also home with a little one and is thus intimately familiar with the insane juggling act.
In this, our annual women’s issue, I just want to say I see you, all of you women out there getting it done, no matter what challenges you face. I see you — fighting for your dreams, fighting to make a difference, fighting just to get those emails answered before you call it a night.
I hope as you read about the women in this issue — and all our issues — you are inspired as I am by what they are doing. And I hope, like the ladies on the cover, you do not hesitate to reach out to other women for guidance, collaboration, maybe a little brainstorming, or just a reminder that you are, in fact, killing it.
Even when it doesn’t feel that way.
Hang in there, and thanks for reading.
Kimberley Singletary
Managing Editor
Kimberley@BizNewOrleans.com | https://www.bizneworleans.com/full-disclosure/ | 2022-04-29T22:54:10Z |
GNO Inc. Partners with German Offshore Wind Company
NEW ORLEANS — From Greater New Orleans Inc.:
German RWE Renewables, a global offshore wind company, will collaborate with GNO Inc. and the GNOwind Alliance to build a program that will help existing Louisiana companies, especially in oil and gas, participate in the growing national supply chain for offshore wind. This potential has already been proven with the Block Island Wind Farm, which was largely engineered, built, and serviced by longtime Louisiana energy companies.
Over the next six months, GNO Inc. will host a series of informational workshops and company-specific interviews with the aim of identifying existing Louisiana companies with transferable capabilities for offshore wind. For example, companies that build oil rig jackets (underwater towers) can do the same for offshore windmills. The goal is to provide leading energy companies, like RWE, with viable supply chain contacts to fulfill their need to deploy several gigawatts of offshore wind power. Louisiana companies interested in participating in this innovative public-private initiative can register to receive more information at locate.gnoinc.org/wind.
“There is a natural translation from Louisiana’s historical strength in offshore oil and gas development and services, to the future needs of offshore wind,” said Michael Hecht, GNO Inc. president and CEO. “We are thrilled to partner with RWE to help Louisiana’s companies train their workforce and translate their capabilities to help capture as many of the projected 65,000 jobs in offshore wind as possible.”
According to a recent report by the National Renewable Energy Lab (NREL), the demand for offshore wind projects will drive a domestic supply chain with the potential of supporting 65,000 well-paying U.S. jobs. From turbines to foundations manufacturing, reaching the national target of 30 gigawatts (GW) by 2030 will require a fully-integrated value chain of suppliers and services companies. The Gulf of Mexico, and Louisiana in particular, has the potential to play a disproportionate role in the responding to the needs of the burgeoining U.S. offshore wind industry.
“Louisiana plans are still in preparation, but our team has had very positive experiences developing supply chain ‘pathfinder’ programs in which we engage with a range of local companies to share information about the specific needs of the offshore wind industry, learn more about their capabilities, and identify new possibilities to bring value to the nascent offshore wind market in the Gulf of Mexico,” said Sam Eaton, Executive Vice President Offshore Wind Development, RWE Renewables Americas.
Offshore wind energy is an important component to achieving Louisiana’s climate emission reduction plans. In its recently adopted Climate Action Plan, the state proposed a goal of 5GW of offshore wind capacity by 2035. In addition, a legislative measure (HB 165) to expand the size of wind leases in state waters cleared the Louisiana House of Representatives and is expected to pass the Senate in the upcoming weeks – further accelerating the deployment of commercial offshore wind in the Gulf of Mexico. Based on RWE Renewables’ significant experience working in onshore and offshore wind markets, the biggest challenge is often helping companies throughout all tiers of the supply chain understand how they can fit into the new offshore wind market.
“Rapidly evolving innovations in alternative forms of energy, like offshore wind, have created opportunities for new jobs and commerce here in Louisiana,” said Representative Jerome “Zee” Zeringue, of the Louisiana House of Representatives. “In this case, it isn’t a matter of choosing between oil and gas or new energy, it’s all of the above. This is the time to take advantage of decades of experience our companies have in the field, a world-class infrastructure for energy processing and distribution, and a highly-trained workforce and create an environment where success will not just be a goal, but a sure thing.”
“I am excited to see the investment and partnership that RWE and GNO, Inc. are making to accelerate the development of the offshore wind supply chain here in Louisiana,” said Gov. John Bel Edwards. “This effort represents another tangible step in the implementation of the state’s Climate Action Plan and will help Louisiana businesses capitalize on opportunities in the burgeoning offshore wind industry.”
“Louisiana has a distinguished history of providing energy to the region and the nation as a whole, and wind energy will no doubt play a key part in supporting our leadership role in that field as we move forward to a more carbon-aware clean energy future,” said Louisiana Department of Natural Resources Secretary Tom Harris.
The announcement of the collaboration was made at the Floating Wind Solutions conference in Houston, March 1, where RWE Renewables was a lead sponsor.
RWE Renewables is engaging with economic development agencies across the country to learn how we can support their supply chain development initiatives. | https://www.bizneworleans.com/gno-inc-partners-with-german-offshore-wind-company/ | 2022-04-29T22:54:16Z |
Louisiana Bill Could Change Authority Over State’s Medical Marijuana Program
BATON ROUGE (The Center Square) — A bill to shift authority over medical marijuana and expand cultivation in Louisiana has gained approval from the House Committee on Health and Welfare.
Committee members voted unanimously to approve House Bill 566, sponsored by Rep. Larry Bagley, R-Stonewall, to shift licensure and regulation authority over the state’s medical marijuana program from the Louisiana Department of Agriculture and Forestry to the Louisiana Department of Health.
The bill passed on Wednesday would also remove the limit of two production licenses in the state, which are currently granted to the agricultural centers at Louisiana State University and Southern University.
“My bill would change the regulation of the medical marijuana industry from the ag department to LDH, and we had several meeting with LDH and the ag department to make sure that would be ok, and for the additional growers,” Bagley said.
Kevin Caldwell is the southeast legislative manager for the Marijuana Policy Project. He put Louisiana’s current medical marijuana market in perspective for committee members.
“Let’s look to see what our neighbors are doing,” he said. “In Arkansas, a state that has over 1 million less citizens than … Louisiana, they have eight growers. The state of Florida has 22 growers. Oklahoma, which has no caps, has well over 1,000 growers. Missouri has 60 growers. The state of Mississippi adopted a medical cannabis program this year and they put no caps on the number of growers in their program.
“So if we’re looking to see how our neighbors are proceeding with medical cannabis, I think that it’s important to see the fact that we have a lot more than two growers in all of our neighboring states.”
More growers equals cheaper product, Caldwell said, with competition resulting in prices about 40% cheaper than in Louisiana.
Others who testified criticized the presidents of the companies currently supplying the state’s medical marijuana market for advocating against expansion. They argue the monopoly is making products unaffordable for patients.
“The people that are running it right now are just here to make money,” said Angela Broussard, a medical marijuana patient. “People who are coming off of opioid dependency are looking back to opioids right now, because that’s $3 a month. And this is ridiculous.”
Gary Chambers, a candidate for the U.S. Senate who recently smoked marijuana in a campaign ad, discussed how other states are leveraging medical marijuana for the public good, and how Louisiana’s slow rollout of its program, approved by lawmakers in 2015, is putting the state at a disadvantage.
“We are missing out on golden opportunities in this state to build a gateway to better roads, bridges and schools and this committee has the capacity to help us expand that industry,” he said.
Other medical marijuana patients testified about how the current program is resulting in supply shortages and increasing prices, which run about $400 a month for a prescription tincture to treat conditions like epilepsy, spasm disorders, cancer, Crohn’s disease, and others.
Jeff Schmidtke, executive director of BioSciences Louisiana, a company pursuing a cultivation license, stressed that expanding the program will “benefit everyone.”
“More growers alleviate the pressure of stocking empty shelves and allow for more product to be dedicated to doctors, scientists, professors, students and deans of research for all hospital systems across the state,” he said.
HB 566 mirrors many aspects of HB 697, sponsored by House Speaker Pro Tempore Tanner Magee, R-Houma, that was approved by the House Health and Welfare Committee last week. Magee’s bill also expands the number of pharmacies licensed to sell prescription marijuana and would allow for home delivery.
Another marijuana bill sponsored by Rep. Joe Marino, I-Gretna, HB 135, to allow the sale of medical marijuana to certain qualifying out-of-state patients also cleared the full House on Wednesday with a vote of 72-22. | https://www.bizneworleans.com/louisiana-bill-could-change-authority-over-states-medical-marijuana-program/ | 2022-04-29T22:54:22Z |
Meal Solutions Manufacturer Focus Foods Announces 100-Job Expansion
BATON ROUGE – From Louisiana Economic Development:
Focus Foods, a meal solutions manufacturer that has provided more than 25 million meals to schools, households, care facilities and disaster areas since 2019, announced a $1.7 million expansion and relocation from its Celtic Studios base of operations to a larger site in Baton Rouge. The project will create 100 direct new jobs with an average annual salary of $45,000, plus benefits. Focus Foods is retaining 333 jobs, and Louisiana Economic Development estimates the project will result in 220 indirect jobs in Louisiana’s Capital Region.Focus Foods began as a network of former food truck owners who merged their skills and talents to develop and manufacture easy-to-prepare frozen meals. At the start of the pandemic, the company prioritized meals for in-home consumption provided to elementary and high school students who had switched to a virtual or at-home setting. “In the face of challenges, Louisiana entrepreneurs put forth innovations that drive solutions,” Gov. John Bel Edwards said. “Focus Foods did exactly that when the pandemic created an urgent need for food options for students and other customers. This expansion demonstrates the importance of Louisiana’s support for small business owners, whose entrepreneurial spirit can spur investment, drive job creation and strengthen communities.”Focus Foods plans to move its corporate headquarters and manufacturing operations into the 75,000 square-foot former Valluzzo-McDonald’s distribution plant in August. It will add 15,000 square feet to the facility for an industrial culinary kitchen and a shelf-stable food manufacturing center. “This expansion of our infrastructure will allow us to broaden the positive impact that our company has on food insecurity needs for Louisiana’s children and elderly,” Focus Foods Chief Marketing Officer Ned Fasullo said. The company provides 30,000 meals for K-12 students across seven parish school districts each week through the U.S. Department of Agriculture’s Child & Adult Care Feeding Program. In addition to school and home delivery, Focus Foods operates eight owned distribution sites and 50 partner sites across 11 parishes. “I am elated to see the expansion of Focus Foods in our community here in East Baton Rouge Parish,” East Baton Rouge Mayor-President Sharon Weston Broome said. “This service not only meets the needs of our community through their meal preparation services, but it also introduces new job opportunities during a season when many of our residents are seeking employment opportunities.”To secure Focus Foods’ expansion in Baton Rouge, the State of Louisiana provided the company with a comprehensive incentive package that includes the services of LED FastStart, the No. 1 statewide workforce development programming the U.S. Focus Foods is expected to participate in the state’s Quality Jobs and Industrial Tax Exemption programs. The company also will receive a $100,000 award from the state’s Economic Development Award Program. “Not only is this an exciting economic development project, bringing 100 new jobs to the region in a rapidly expanding sector, but it’s also a feel-good community story,” said President and CEO Adam Knapp of the Baton Rouge Area Chamber. “BRAC has been pleased to support Focus Foods’ evolution from local startup to major employer, and we look forward to partnering on their future success.” | https://www.bizneworleans.com/meal-solutions-manufacturer-focus-foods-announces-100-job-expansion/ | 2022-04-29T22:54:29Z |
The Chamber Quartet
The chambers of commerce of St. Bernard, Orleans, Jefferson and St. Tammany parishes all face varying challenges, but their leadership is more alike than different, and frequently call on each other for guidance and support.
Four of the largest chambers of commerce in the Greater New Orleans region are led by someone dedicated to promoting community, business vitality and economic development in their respective parishes. All four manage with a combination of empathy and advocacy in St. Bernard, New Orleans, Jefferson and St. Tammany. All four also happen to be women.
Since only approximately 27% of women in the workforce rose to c-suite positions in corporate America at the end of last year —according to a 2021 report by global consultants McKinsey & Company — that’s a pretty big deal.
Each of the four women who lead our local parishes brings a unique combination of financial acumen, leadership skills and deep community involvement to the table. They all radiate a passion for seeing their parishes, and the region, prosper well into the future and a commitment to setting businesses small and large up for success. Skilled at building consensus with grit and grace, each leader is a committed collaborator, forward thinker, and strong advocate for raising other women up along their own journey.
The Energizer
Elizabeth Dauterive has dealt with a lot in the three years since she became CEO at the St. Bernard Chamber of Commerce. In addition to multiple hurricanes, there was the game-changing pandemic, and, most recently, a tornado hit the community of Arabi on March 22, leaving one person dead and many homes destroyed within an 11-mile path of destruction.
“Although a hurricane damages a larger area, the devastation from the tornado was more than I’d ever seen before,” she said. “Houses completely ripped apart, gone. That was shocking.”
Once again, she said, her community rallied.
“The people in St. Bernard Parish wrap their arms around each other. Our first responders, friends, neighbors, the immediate outpouring of love and caring was just beautiful.”
At 31, Dauterive is the youngest of the four CEOs, a La Place native who went to school in Metairie and fell in love with a boy from the parish. She and her husband, Jordan, and their two sons, Dawson, 4, and Bishop, 1, live in Arabi, which Dauterive says she loves for its small-town feel.
“This is a community with deep roots, where families have lived for generations,” she said. “It’s a place where people care about each other, where parish government is accessible, where people feel safe.”
Dauterive’s background is steeped in hospitality and event planning, with experience producing festivals and working as an event manager for Marriott. After her first son was born, she was looking to work closer to home. The former CEO for the St. Bernard Chamber was a friend from high school.
“I reached out to her to see if she might need any help with chamber events,” she said. “She told me her job was opening up and encouraged me to apply.”
There was one small detail Dauterive left off her resume during the interview process. During high school and into college, she’d had a side hustle working as the mascot for the New Orleans Zephyrs.
“I mean, why would I include that, right?” she said.
Little did she know that one of the board members who would interview her was Walt Leger, one of the former owners of the team.
“One of his first questions was why didn’t I include that on my resume? Who knew it would help me get the job?”
Since beginning her leadership role in 2019, Dauterive’s focus has been on growing membership — now at about 225 businesses — as well as attracting more diverse businesses and business ownership.
“We have a wide range of businesses — from fishing mom-and-pop retail, to restaurants, to fishing charters. Our mission is to provide the resources and representation that our business community needs to thrive.”
Understanding the political landscape, especially for someone not originally from the parish, took a minute.
“I had to learn the ins and outs of how things work here,” she said, “but I’m a person who dives right in.”
Often being the youngest person, and sometimes the only woman, in the room wasn’t something she said she ever worried about.
“I never had a problem, or if there was one, I didn’t notice it or let it affect my job,” she said. “I always just ask myself, ‘Is this idea or business going to benefit members?’ That’s always the focus.”
Looking ahead, Dauterive wants to grow the chamber’s presence in the community, increase staff and secure a standalone office address to increase chamber visibility. She said she often relies on the other three chamber CEOs for input and advice.
“We all work well together,” she said. “It’s a great example of women empowering women. We all are working toward the same thing — what’s best for our community.”
The Connector
Most metropolitan chambers of commerce include promoting tourism and economic development as part of their mission.
“We’re a bit unusual in that New Orleans and Company and Greater New Orleans, Inc., are already handling those two missions very well in our community,” said New Orleans Chamber of Commerce President and CEO Sandra Lindquist. “As such, we are able to focus on being a chamber that helps all businesses, especially small businesses, in our community.”
Lindquist brings more than 20 years of experience in economic and community development to her job, having held positions at the Jefferson Parish Economic Development Commission, Tangipahoa Economic Development Foundation, The Idea Village, and working with fellow chamber CEO Lacey Osborne at what was formerly known as the St. Tammany West Chamber.
Her inclusive style was front and center at a recent Chamber After Hours event at the New Orleans Ernest N. Morial Convention Center, as Lindquist moved through the crowd, remembering names, businesses and connections with ease.
“Connecting businesses together is at the heart of what we do,” she said of her 1,200-plus members. “We make connections so they can start working together, gain new clients, new transactions. Whatever tools it takes to help our members navigate the issues of today, that’s what we are here for.” Staff members and volunteer ambassadors serve as event greeters at chamber events, making a point to personally welcome attendees and connect them to other members.
The return of in-person events has been enthusiastically welcomed, said Lindquist, 52, an Austin, Texas, native who came to Tulane University to earn a master’s degree and never left.
“We’ve done 17 events since January, and 15 have been in person,” she said. After 11 years as executive VP and COO at the New Orleans Chamber, Lindquist took over as CEO on January 1, 2022, when her predecessor, Ben Johnson, retired after leading since 2009.
So far, 2022 has been a year of milestones, as one significant program after another has returned to the chamber calendar. On Feb. 11, the first quarterly luncheon held by the chamber since 2020 drew more than 500 attendees to hear City Council members Helena Moreno and JP Morrell discuss issues affecting business owners throughout the city.
Bringing together women business leaders is a passion for Lindquist, who created the chamber’s first Women’s Leadership Conference in 2019. The second in-person version of the event sold out on March 18, with more than 550 attendees gathered at the Hyatt Regency New Orleans. Presented with sponsor Fidelity Bank P.O.W.E.R (Potential of Women Entrepreneurs Realized), the conference brought 16 women’s organizations together for networking and professional development.
“It was a fabulous day of women supporting women,” said Lindquist. “We were able to celebrate our successes and talk about issues that we all have as women. We all have to be so ‘on’ all the time. This was a place where we could show up for each other and share our vulnerabilities and our strengths.”
With an emphasis on collaboration, not competition, Lindquist said her goal is for the chamber to continue to stay relevant while impacting the community, not just in Orleans Parish but the region.
“We need to talk about the difficult issues that we’re facing as a city and region,” she said. “We need to be the consensus builders, to continue to build partnerships. Working with our businesses to help their development and growth is at the heart of what we do.”
The Experienced Realist
After 31 years working for chambers of commerce — two in Baton Rouge, seven in Iberville and 22 in St. Tammany Parish — Lacey Osborne has learned not to let work issues keep her up at night.
“I’ve been around a long time,” said the 65-year-old mother of two and grandmother of four. “At this point, I sleep well. I’ve learned to let things go. Prioritizing is a daily thing.”
Although she considers herself a glass-is-half-full kind of person, Osborne said she’s more of a realist than an optimist.
“I believe in working with what you have.”
Osborne’s job is very different than when she started 22 years ago in St. Tammany, which had two chambers, one in the east and one in the west. After some management issues, the St. Tammany East Chamber dissolved in 2019.
“We are now one organization with 1,030 business member stakeholders,” she said. When Slidell became part of the chamber, Osborne said she expected a three-to-five-year transition. That was before a global pandemic.
“We are still in recovery for sure,” she said. “Our biggest challenges are finding and keeping employees, and that’s across all sectors of business.”
An inclusive manager who relies heavily on volunteer leadership, Osborne is focused on building bridges to breach the east/west divide.
“We opened an 1,800-square-foot office in the heart of Olde Towne and we’re still working on connecting with all of the Slidell members,” she said. While recruiting new members is ongoing, retention is also critical, and Osborne is proud of St. Tammany Chamber’s 93% retention rate.
“Slidell has such a strong sense of place and community,” she said. “But really all our parish communities do — from Abita Springs and Folsom to Lacombe and Covington. Connecting our businesses takes education and building trust.”
Current challenges range from concerns over infrastructure and traffic to a series of contentious votes on sales tax options in the parish.
“Politics is not a dirty word, it’s a reality and it’s hard,” she said.
Her immediate goals include continued outreach to build membership, growing staff to take the place of waning volunteers and ongoing education programs to help increase informed voter involvement.
When it comes to sometimes being the lone female voice in a room, she said she credits having four brothers with making things easier.
“It’s not about being one of the guys,” she said, “it’s about knowing that I’m their equal. I haven’t encountered too much pushback.”
She said she remembers years ago, when she first started at the Iberville chamber, she went to a legislative meeting in Baton Rouge. “I came back to the office and told my boss at the time, ‘I was the only girl in the room.’ He corrected me and said, ‘Woman — you were the only woman in the room.’”
Just as she’s been fortunate to have help and guidance in dealing with challenges, she said she’s most proud of the chance she continues to have to help other organizations grow and deal with their own challenges.
“This job is really a calling,” she said. “I feel very blessed.”
The Jill of All Trades
Ruth Lawson became the newest member of this group of female chamber leaders when she took over as head of the 850-member Jefferson Chamber of Commerce in December 2021. When a nationwide search was mounted for the position, she rose to the top of more than 100 applicants during what she described as a “vigorous” interviewing process.
Lawson, a resident of Gretna, brings a wide array of relevant skills and experience to her position. Most recently, she was executive director of the Jefferson Parish Finance Authority, where she managed an operating budget and portfolio of approximately $20 million in investments, cash and securities. She is also intimately familiar with the challenges of running a business — along with her husband, Lawson owns and manages several Smoothie King franchises. A graduate of LSU Law School, Lawson has applied her legal skills as chief administrative officer for Jefferson Parish and as inhouse counsel for Barriere Construction Company in Harvey.
“I’ve enjoyed the government and public side, as well as being a part of the private sector,” she said.
Like her fellow CEOs, Lawson is thrilled at the success at the return of in-person events, and proud that her organization safely held events last year, including the chamber’s annual meeting, a meet and greet with legislators in Baton Rouge, and last May’s Tour de Jefferson, which drew more than 600 cyclists. After two years of virtual, hybrid and modified events, the chamber returned to the home of the New Orleans Saints for its main fundraiser, the Black & Gold Gala, which was held at the Ochsner Sports Performance Center on April 8.
Lawson, 35, credits her legal training for a management style that is both analytical and direct, two qualities that she said serve her well when dealing with male counterparts.
“Women generally have a much different approach to leadership,” she said. “Age and gender can present different challenges. I always try to communicate ideas and opinions succinctly, and I think as women we can sometimes couch our views, come off as apologetic for taking a position. We can’t hesitate to speak our minds and opinions in front of a group of men who may think differently than we do. Who knows? We might open their minds up to something new. It’s all about self-confidence.”
Although she’s still settling in, Lawson said she’s proud of what she’s accomplished so far. One highlight has been taking a group of business and education leaders and council members to Nashville to meet with their counterparts in that city.
“We wanted to know about their best practices, what is helping their city to thrive.” Listening to 36 speakers over the course or two-and-a-half days delivered a ton of real-world information that is already benefiting our members, she said. “We are looking to deepen the profiles of our various communities — places like Old Gretna and Kenner, to show off their potential, especially to a younger generation. Jefferson Parish is such a family-friendly community that also happens to be close to where a lot of people work.”
Growing membership on the West Bank is another goal as the chamber celebrates its 25th year of being the voice for Jefferson Parish businesses. With its own political action committee, the chamber actively advocates for policies that benefit its businesses and communities.
“I really enjoy the political side of the job,” said Lawson. “We have a great working relationship with the parish administration.”
In her new role, she said regionalism is always on her mind.
“We need to approach issues within the business climate as a region. We have chamber round-table discussions to talk about what we’re all facing — the similarities and the differences — and how to tackle the problems. Divide and conquer isn’t always the answer.” | https://www.bizneworleans.com/the-chamber-quartet/ | 2022-04-29T22:54:35Z |
UNO Finance Professor M. Kabir Hassan Named Fulbright Scholar
NEW ORLEANS — From the University of New Orleans:
UNO finance professor M. Kabir Hassan has been selected as a U.S. Fulbright Scholar for 2022-23. He said he will use his award to study small and medium-sized businesses in Saudi Arabia.
“My goal is to design a framework that utilizes alternative sources of Judeo-Christian-Islamic modes of financing for small and medium enterprises, also known as SMEs,” Hassan said. “This Senior Fulbright Fellowship allows me to take the next major step to derive policy implications in Saudi Arabia, a country with Islamic roots that is rapidly modernizing. This is a big honor for me and it will elevate my research through cooperation that is of value to both the United States and Saudi Arabia in ethical and responsible finance.”
Fulbright Scholar awards are prestigious and competitive fellowships that provide unique opportunities for scholars to teach and conduct research abroad. Fulbright scholars also play a critical role in U.S. public diplomacy, establishing long-term relationships between people and nations. Fulbright alumni include 61 Nobel laureates, 89 Pulitzer Prize winners, 76 MacArthur Fellows and thousands of leaders and experts in academia and other fields in private, public and nonprofit sectors.
Hassan’s Fulbright research will provide policy recommendations by exploring the current development of SME finance in Saudi Arabia and examining the role of Islamic financial mechanisms to overcome financial barriers for SMEs.
According to the World Bank, SMEs play a major role in most economies. They account for the majority of businesses worldwide and are important contributors to job creation and global economic development. However, SMEs are facing problems in expanding due to a lack of access to finance, Hassan said.
Hassan holds three endowed chairs in the Department of Economics and Finance. He is the winner of the 2016 Islamic Development Bank Prize in Islamic Banking and Finance. He is a financial economist with teaching, research and consulting experience in development finance, money and capital markets, Islamic finance, corporate finance, investments, and international trade and finance. Hassan has won several teachings awards and sits on a number of international ethical and Islamic finance bodies. He has more than 450 papers published as book chapters and in top refereed academic journals. He edits two journals, sits on editorial boards of several journals and has supervised 67 doctoral theses at the University of New Orleans. | https://www.bizneworleans.com/uno-finance-professor-m-kabir-hassan-named-fulbright-scholar/ | 2022-04-29T22:54:41Z |
Week in Review, April 25-29: Jazz Fest Crowds Return
NEW ORLEANS — Here are the week’s top business stories:
The New Orleans Jazz & Heritage Festival returned for the first time in three years. The two-weekend production draws tens of thousands to the city’s Fair Grounds Race Course, where as many as 80 musical acts perform daily on more than a dozen stages, complemented by art and craft exhibits and an array of booths featuring foods from Louisiana and beyond. Lionel Richie, Death Cab for Cutie, the Who and the Red Hot Chili Peppers are some of the headliners, but the festival may be best known for showcasing a dizzying array of Louisiana musical talent, styles and genres. (from the Associated Press)
All three New Orleans-area Pinkberry frozen yogurt locations will close for good in September. Pinkberry’s local franchise partners — Rob Stumm, Courtney Stumm, Celie Howard, Sibyl Lapeyre and Lon Nichols — said their agreement with Pinkberry expires that month and they don’t plan to extend it. That means the stores at 5601 Magazine Street, 300 Canal Street and 411 N. Carrollton Avenue will all discontinue operations. “We have enjoyed our time as franchisees with Pinkberry; we have learned a great deal from the experience and established strong connections with our team and guests,” said Courtney Stumm in a statement.
The board of directors of Liberty Bank and Trust Company have announced that Todd O. McDonald has been named the bank’s president effective May 2. Current Liberty President and CEO Alden J. McDonald Jr., Todd’s father, will continue to lead the Liberty Financial Holding Company. The younger McDonald, who is 41 years old, takes the reins of an iconic financial institution with more than $1 billion in assets. He joined Liberty in 2003 after earning an undergraduate degree from Morehouse College. He received an MBA from Northwestern University’s Kellogg School of Management in 2013.
A bill to shift authority over medical marijuana and expand cultivation in Louisiana has gained approval from the House Committee on Health and Welfare. Committee members voted unanimously to approve House Bill 566, sponsored by Rep. Larry Bagley, R-Stonewall, to shift licensure and regulation authority over the state’s medical marijuana program from the Louisiana Department of Agriculture and Forestry to the Louisiana Department of Health. The bill passed on Wednesday would also remove the limit of two production licenses in the state, which are currently granted to the agricultural centers at Louisiana State University and Southern University.
PMAT-Stirling Crossroads, led by Stirling Properties and PMAT Companies, successfully completed its acquisition of Crossroads Center, a 554,720-square-foot open-air retail center in Gulfport. Located at 15082 Crossroads Parkway, Crossroads Center sits at the intersection of Interstate 10 and US-49 and is home to Academy Sports, Belk, Cinemark, Barnes & Noble, T.J.Maxx, Ross Dress For Less, Burkes Outlet, Michaels, PetSmart, Five Below, ULTA Beauty, Shoe Carnival, Party City, and Old Navy. Overall, the center has more than 50 tenants. It is 92% occupied and contains several outparcels, including TGI Fridays, Chuck E. Cheese, Navy Federal Credit Union/Mattress Firm and Longhorn Steakhouse.
Baptist Community Ministries, the faith-based Christian foundation headquartered in New Orleans since 1995, has announced Inman J. Houston as CEO. Currently senior pastor of First Baptist Church in Lawrenceville, Ga., Houston becomes the first ordained minister to lead the foundation. Slade Simons, chair of BCM’s board of trustees and a member of the CEO search committee, applauded the appointment. “BCM is such an important entity to the entire community,” he said. “Inman has shown his leadership skills and his commitment to the community as pastor of his church for the past 14 years. Combined with his prior five years of service in New Orleans, Inman is exceptionally well suited to honor BCM’s Baptist roots and its continued commitment to Greater New Orleans for years to come.” | https://www.bizneworleans.com/week-in-review-april-25-29-jazz-fest-crowds-return/ | 2022-04-29T22:54:47Z |
Astroworld movie set for release despite lawyers’ concerns
HOUSTON (AP) — The experiences of panicked concertgoers who couldn’t breathe and had no clear path to escape a massive crowd surge at last year’s deadly Astroworld music festival in Houston are featured in a documentary released Friday.
But lawyers for Live Nation, which is being sued for its role as the festival’s promoter, say they’re concerned that publicity from the documentary, “Concert Crush: The Travis Scott Festival Tragedy,” could “taint the jury pool.” A gag order has been issued in the case, but Live Nation’s lawyers say an attorney who filed lawsuits related to the tragedy also co-produced the documentary. A spokesperson for Scott, who is also being sued, was also critical.
Charlie Minn, the film’s director, said he believes he has made a balanced and fair film that tries to show the public what happened.
“My job is to make the most truthful, honest, sincere documentary from the victim’s point of view ... We need to know about these stories to prevent it from happening again,” Minn told The Associated Press.
Around 500 lawsuits have been filed following the Nov. 5 concert headlined by Scott, a popular rapper. Ten people died and hundreds of others were injured during the massive crowd surge.
The documentary, showing in 11 Texas cities including Austin, Dallas and Houston, includes interviews with several people who survived the crowd surge. It also features cellphone video shot by concertgoers in which people can be heard repeatedly screaming for help.
“It’s hard to explain to friends and family what we saw and what we actually went through and I think (the documentary) will give a lot of people the opportunity, if you weren’t there, to understand,” said Frank Alvarez, who attended the concert but does not appear in the film.
The film highlights what concertgoers experienced and what led to the tragedy, said Minn, who has also made documentaries about the deadly 2018 shooting at a suburban Houston high school and violence along the U.S.-Mexico border.
The film suggests Scott could have done more to prevent the conditions that led to the casualties, but Minn said it isn’t a “hit piece toward Travis Scott.” He said it also questions whether others, including Live Nation and Houston police, could have done more to improve safety or respond more quickly to the danger. Minn said Scott, Live Nation and Houston police declined to be interviewed for the documentary. Houston police are investigating the disaster.
In a report released this month, a task force created by Texas Gov. Greg Abbott uncovered problems with permits for such events and called for “clearly outlined triggers” for stopping such a show.
Attorneys for Live Nation expressed their concerns in a letter this month to state District Judge Kristen Hawkins, who is handling all pretrial matters in the lawsuits.
“The involvement of plaintiffs’ lawyers in the film, and the publicity the filmmakers and producers are trying to generate for it raise significant issues about efforts to taint the jury pool,” Neal Manne and Kevin Yankowsky, two of Live Nation’s attorneys, wrote in the letter.
But the attorneys have not asked Hawkins to take any specific action regarding the documentary.
Manne and Yankowsky did not respond to emails seeking comment. Live Nation has said it’s “heartbroken” by what happened but has denied responsibility.
In a statement, a spokesperson for Scott faulted the documentary’s conclusions “that falsely blame Mr. Scott for the heartbreaking tragedy that occurred.” The statement also criticized the involvement in the film of attorneys who have filed lawsuits in the case and said the film’s goal was “swaying future juries and public opinion.” The spokesperson did not know if Scott has seen the documentary.
“Mr. Scott remains focused on his philanthropic work in his hometown of Houston and in lower-income communities of color across the country, both of which are longstanding efforts,” the spokesperson said in a statement.
Cassandra Burke Robertson, a law professor at Case Western Reserve University in Cleveland, said she would be shocked if the judge would take any action regarding the documentary because of First Amendment concerns, even with the gag order.
“I think the public interest here in exploring what happened and avoiding similar tragedies in the future, that’s a really big interest. That is likely to outweigh the interests of the particular outcome of the particular lawsuit,” Robertson said.
Brent Coon, an attorney representing about 1,500 concertgoers who was interviewed in the documentary, said he doesn’t think the film would impact the ability to choose an impartial jury if the case goes to trial, which could be years away.
“I don’t think any lawyer in this case could fan the flames much to change ... what the public’s perception of all this is going to be,” Coon said.
Robertson, who is not involved in the litigation, said the fact that one of the film’s co-producers, Rick Ramos, is representing concertgoers who have filed lawsuits could raise some ethical concerns. It was unclear how Ramos was benefitting financially from his involvement in the documentary.
Ramos declined to comment Thursday.
“I personally would not co-sponsor something like that during pending civil litigation. I don’t think there’s anything wrong with it. It’s just something I wouldn’t do,” Coon said.
Minn said the questions asked about Ramos’ participation are valid but he never hid his involvement.
“People have to watch the film and judge it for what that is,” Minn said.
___
Follow Juan A. Lozano on Twitter: https://twitter.com/juanlozano70
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/29/astroworld-movie-set-release-despite-lawyers-concerns/ | 2022-04-29T23:17:47Z |
Couple gets married on Southwest Airlines plane after flight to Las Vegas canceled
(CNN) - Pam Patterson will never forget the moment she walked down the aisle to marry Jeremy Salda.
This is because the aisle was 37,000 feet in the air over the state of Arizona.
The Oklahoma City couple had planned to get hitched in Las Vegas, but their connecting flight out of Dallas got canceled.
An ordained minister overheard what was going on and offered to marry them himself, and they found three open seats on another flight.
As they were boarding, Patterson joked with the pilot about a plane wedding, and when the pilot agreed to do it, the crew sprung into action by decorating the cabin with toilet paper streamers.
A flight attendant stood in as the maid of honor, and there was a professional photographer on board to handle the pictures.
Another passenger passed around an old notebook as a makeshift guest book.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/29/couple-gets-married-southwest-airlines-plane-after-flight-to-las-vegas-canceled/ | 2022-04-29T23:17:53Z |
Dolly Parton now says she’d accept Rock & Roll Hall of Fame spot
(CNN) – Country music legend Dolly Parton now says she’s ready to accept a spot in the Rock & Roll Hall of Fame if she’s inducted.
In a Friday interview with NPR, Parton said she would “gracefully” accept the induction.
The singer was nominated for a Hall of Fame spot earlier this year, but she asked that her name be withdrawn in March.
She said she felt she would be taking it away from a rock artist who deserved it more.
But the Rock & Roll Hall of Fame Foundation declined to take Parton out of the running.
Her name still appeared on the ballot sent to voters, alongside other nominees including A Tribe Called Quest and Dionne Warwick.
Now Parton says if fans vote her in, she will “just say thanks” and accept the spot.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/29/dolly-parton-now-says-shed-accept-rock-roll-hall-fame-spot/ | 2022-04-29T23:18:01Z |
EMU highlights mental health resources for student athletes
HARRISONBURG, Va. (WHSV) - The tragic death of JMU softball player Lauren Bernett earlier this week has highlighted the importance of the mental health struggles faced by student-athletes, and has college athletic departments evaluating the resources they have available.
“We are noticing that student-athletes are arriving with heavier emotional loads, possibly as a result of COVID but also other things that are going on in their lives,” said Carrie Bert, assistant athletic director and senior woman administrator at Eastern Mennonite University.
As many in the community grieve, student-athletes at EMU are also processing Bernett’s tragic passing.
“We have athletes who were teammates with athletes at Bridgewater or JMU or have shared coaching staffs at times. We’re pretty well connected with those teams and so there are moments where these things feel like they’re hitting on our own teams here even though it may not be that way,” said Bert.
Bert says EMU Athletics will review its mental health policy and resources over the summer.
The university does provide a number of options for student-athletes, like support groups, walk-in hours with counselors, access to the online therapy platform Talkspace, and JMU’s McMillan Center of Sports Psychology.
“Teams are doing things on their own as well. We have partnered with a nonprofit called Minding Your Mind for some presentations to our staff but also to student teams as groups so they can experience those training sessions with folks they spend the most time with,” said Bert.
EMU knows the life of a student-athlete can be very strenuous, and it is always working to make resources available to them.
“It is absolutely a necessity for us to pay attention and to raise awareness and be available to students and offer opportunities and spaces and accessibility to resources during these times,” said Bert.
EMU also trains its coaches to lend a helping hand to athletes who may be struggling.
“To be very attentive and to be constantly checking in and asking, and we know that’s not always enough. Some of our training is focused on being aware and being able to spot signs and symptoms of mental health distress that maybe isn’t being talked about,” said Bert.
Bert said that EMU Athletics works to create an open and welcoming environment for student-athletes that she feels makes a big difference.
“Student-athletes will stop and talk, coaches will stop and talk and I feel like that’s an atmosphere we’ve created here at EMU. There is a sense of willingness to share and resources to gather and find solutions and problem solve in ways that maybe doesn’t exist everywhere,” she said.
EMU’s softball team honored Lauren Bernett by wearing purple and gold hair bows with her initials on them during this week’s ODAC championships.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/emu-highlights-mental-health-resources-student-athletes/ | 2022-04-29T23:18:07Z |
GRAPHIC: Video shows teen jumping out of moving car during high-speed chase
Published: Apr. 29, 2022 at 5:05 PM EDT|Updated: 2 hours ago
WHITEHALL, Ohio (CNN) - Police in Ohio said a teenager jumped out of a moving car earlier this week while they were in pursuit.
The Whitehall Township Police Department reports the incident happened early Wednesday morning when officers were pursuing an allegedly stolen car driven by a 16-year-old near Columbus, Ohio.
During the chase, a teen is seen in police dashcam video jumping out of the car while police were behind him.
Officers said the 16-year-old attempted to evade officers on foot, and he was already wearing a neck brace from a previous accident in a stolen vehicle.
Police eventually caught the teen and took him to a behavioral health facility.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/29/graphic-video-shows-teen-jumping-out-moving-car-during-high-speed-chase/ | 2022-04-29T23:18:13Z |
Harrisonburg dermatologist explains how to protect your skin this summer
HARRISONBURG, Va. (WHSV) - As the weather grows warmer, doctors say it is important for people to protect their skin.
May is Skin Cancer Awareness Month. According to the American Academy of Dermatology, there are over 5 million skin cancer cases diagnosed every year in the United States. Skin cancer is the most diagnosed cancer in the country, but many cases are also preventable.
“Prevention is one of the most important factors in minimizing skin cancer risk,” said Dr. Saied Asfa, of Asfa Plastic Surgery in Harrisonburg. “If you spend time under the sun, even if you wear sunscreen, you might get sunburnt.”
Dr. Asfa reminded people to keep track of how long they are spending under the sun. He emphasized the need for residents to reapply sunscreen if they are outside for an extended amount of time.
“Sunblock can protect and heal your skin,” he said. “People can also wear long-sleeve shirts or completely cover the area of exposure at least twice per day.”
With the thriving agriculture community in the Valley, Dr. Asfa often sees local farmers develop skin conditions from prolonged exposure to the sun.
Although the risk of skin cancer increases with age, it is crucial for people to protect their skin while they are young.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/harrisonburg-dermatologist-explains-how-protect-your-skin-this-summer/ | 2022-04-29T23:18:19Z |
‘I don’t see a crash’: Real estate experts predict high price rentals, home prices to continue
(CNN) - New data found in the national home price index this week shows U.S. home prices jumped nearly 20% year-over-year in February. Real estate experts report prices for both houses and rentals are not going to crash anytime soon.
So, what can be done to bring down these sky-high prices? And help those who are struggling?
California resident Erin McCarroll and mother of three, said she recently was served an eviction notice.
“This is so humiliating,” she said.
McCarroll also said she is currently battling breast cancer.
“It’s like, helpless and drowning,” she said.
McCarroll lives just south of Los Angeles in Orange County - one of the hottest, most expensive real estate markets in the country. She said her rent for her one-bedroom apartment has gone up from $2,600 a month to $2,800.
She said that raise is too much to afford, especially with her medical bills.
“Rents, unfortunately, will continue to rise,” said Richard Green, director at the University of Southern California Center for Real Estate.
Green studies housing markets around the world and said he doesn’t see a crash that could spell relief.
“I don’t see where a crash comes from. I mean, could you see a small decline, sure,” Green said.
Real estate broker Juan Huizar said the crisis of sky-high prices is profoundly personal.
Huizar remembers coming to California from Mexico 38 years ago, cramming into a single home with multiple families.
“There’s simply not enough inventory. So, if one house hits the market, there are 30 qualified buyers to buy it,” he said.
Green said there aren’t enough rentals, either. More empty units push prices down.
“We have one of the biggest cities in the world, and in the vast majority of it, you can only build single-family houses. That is the number one problem,” Green said.
Huizar said there’s pressure to create more housing, and through that pressure, community leaders are creating policies for more housing projects.
McCarroll said that a religious charity has helped her pay some of her back rent, but she still needs more assistance.
“I don’t have a place to go; I don’t,” she said.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/04/29/i-dont-see-crash-real-estate-experts-predict-high-price-rentals-home-prices-continue/ | 2022-04-29T23:18:25Z |
JMU Softball coaching staff release statement on Lauren Bernett
HARRISONBURG, Va. (WHSV) - The following statement has been issued from the James Madison Softball coaching staff regarding the untimely death of catcher and sophomore Lauren Bernett:
“Finding the words to describe what our team is going through right now feels nearly impossible. However, we want others to know the impact Lauren had on each of our lives, and each member of not only our softball family, but the entire JMU community.
Lauren had one of the most genuine, old and trusting souls. Her huge heart showed grace and kindness to everyone she ever met. She was mature beyond her years and always put others before herself, wanting everyone around her to be happy. Her smile and laugh were radiant - lighting up every room, bullpen or dugout she walked into and making everyone around her instantly smile.
She had dreams of becoming a veterinarian, and was trusted by animals in the same way she was trusted by the people in her life. Many members of our team found comfort in knowing Lauren would always be there for them on a tough day. She was a staple of our program who we all loved so much.
To say she will be missed is an overwhelming understatement. There will be a permanent void in our hearts and our hope is to live out her legacy and make her proud each and every day.
This week has also reminded us of the incredible generosity inside the softball community. We can’t overstate how appreciative we are as you have reached out to us and continued to honor Lauren and her memory.
We again want to thank everyone for their caring thoughts and support during this time and we continue to ask for privacy as a program as we grieve and support one another.
Fly high Lauren, your JMU Softball family will forever love you.”
For additional support please reach out to:
- Counseling Center: 540-568-6552
- Dean of Students Office: 540-568-6468
- Campus Crisis line after hours: 540-568-6552
- Sentara RMH Emergency Department: 540-689-1414
- Self-Help resources available through the University Counseling Center
- TAO mental health resource
- Crisis Text Line: Text HOME to 741741 to reach a crisis counselor
- Counseling Center’s Additional 24/7 Emergency Information
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/jmu-softball-coaching-staff-release-statement-lauren-bernett/ | 2022-04-29T23:18:32Z |
Judge upholds Ghislaine Maxwell’s sex trafficking conviction
Published: Apr. 29, 2022 at 6:18 PM EDT|Updated: 1 hour ago
NEW YORK (AP) — A trial judge has concluded there was enough evidence to convict Ghislaine Maxwell of sex trafficking, but she also gave Maxwell a legal victory by concluding that three conspiracy counts charged the same crime.
U.S. District Judge Alison J. Nathan issued a written ruling Friday in response to a request by Maxwell’s lawyers to reject a December jury verdict.
Nathan found the jury’s guilty verdicts were readily supported by extensive witness testimony and documentary evidence at trial.
The 60-year-old Maxwell was convicted of recruiting teenage girls for financier Jeffrey Epstein to sexually abuse from 1994 to 2004.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/29/judge-upholds-ghislaine-maxwells-sex-trafficking-conviction/ | 2022-04-29T23:18:38Z |
Local church group to hold fundraiser for Harriet Tubman Cultural Center
HARRISONBURG, Va. (WHSV) - A local church group is holding a fundraiser on Saturday for the Harriet Tubman Cultural Center in Harrisonburg. A youth group from Harrisonburg Baptist Church will be selling hot dogs to raise money for the center.
The Harriet Tubman Cultural Center is a nonprofit that teaches about the history of Tubman, the Underground Railroad, and the era of slavery. It relies on donations and fundraising to continue operating.
“There’s always a need, we’re always trying to expand. We want to continue to teach about the history of Harriet Tubman and also to promote other people to develop leadership skills and developmental characteristics, so it’s very important,” said Theodore Whitelow, spokesperson for the Harriet Tubman Cultural Center.
The center offers educational tours around the property by appointment that provides an interactive experience to learn about how Tubman helped free slaves through the Underground Railroad.
“Harriet Tubman is a hero to many Americans from all different political views, all different races, the things she accomplished every American should be proud to have her as a part of our history. So it’s very important that people come out and support this, we want this to be around for a very long time,” said Whitelow.
The center was founded by late Harrisonburg activist Stan Maclin. Whitelow, who is Maclin’s son-in-law, said the family is working to continue to carry on his legacy through the center.
“He was a man of great character, he was a man of great faith and he was a man that liked to bring people together and that’s what we want to do. We want to bring the community together by teaching them about this history. The family lives out his legacy by trying to carry out his words and carry out his values,” said Whitelow.
The fundraiser will take place at the center on Reservoir Street from 11:30 a.m. to 1:30 p.m. on Saturday.
To schedule a tour at the center, call (540) 578-6389.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/local-church-group-hold-fundraiser-harriet-tubman-cultural-center/ | 2022-04-29T23:18:45Z |
Man convicted of throwing acid in man’s face during racist attack, jury decides
Published: Apr. 29, 2022 at 4:50 PM EDT|Updated: 2 hours ago
MILWAUKEE (AP) — A jury has convicted a white Milwaukee man who was accused of throwing acid on a Latino man’s face during a racist attack in 2019.
Clifton Blackwell, 64, was found guilty Thursday of first-degree reckless injury, with a dangerous weapon, as a hate crime. He faces up to 20 years in prison at his sentencing May 18.
The jury rejected Blackwell’s argument that he acted in self-defense after arguing with Mahud Villalaz over street parking in November 2019 in Milwaukee. He accused Villalaz, who suffered second-degree burns, of being in the country illegally and invading the United States.
Blackwell was taken into custody after the verdict.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/29/man-convicted-throwing-acid-mans-face-during-racist-attack-jury-decides/ | 2022-04-29T23:18:51Z |
Old Rag sold out for Saturday
Published: Apr. 29, 2022 at 5:00 PM EDT|Updated: 2 hours ago
HARRISONBURG, Va. (WHSV) - There are no more tickets available for Old Rag on Saturday, April 30. Tickets are not transferable and the buyer must show ID.
To see more announcements, check out the Facebook page for Shenandoah National Park.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/old-rag-sold-out-saturday/ | 2022-04-29T23:18:58Z |
Port Republic Museum transferred to Shenandoah Valley Battlefields Foundation
NEW MARKET, Va. (WHSV) - The Shenandoah Valley Battlefields Foundation has acquired another historical landmark to add to the already extensive collection.
The Frank Kemper House, known as the location of the Port Republic Museum, will continue to serve its purpose of telling the Valley’s story of Port Republic. The foundation’s latest acquisitions also include the Fishersville Battlefield and other locations in Cross Keys.
“We’ve been adding a lot to the list of preserved lands here in the Valley,” said Keven Walker, Chief Executive Officer of the Shenandoah Valley Battlefields Foundation. “And now this summer and beyond we’re going to be working very, very hard to open as much of those lands as possible to the public because we’re seeing record numbers of visitors coming to the Valley.”
Built in the 1830s, the Frank Kemper house was briefly used as a hospital during the Civil War.
Walker adds that in place of the New Market reenactment which was canceled this year, they will be celebrating the 160th anniversary of the Battle of McDowell during the same weekend.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/port-republic-museum-transferred-shenandoah-valley-battlefields-foundation/ | 2022-04-29T23:19:04Z |
Scam alert: BBB warns of new job interview scam involving messaging app, personal information
(Gray News) - The Better Business Bureau says scammers love to bring back an employment scam whenever the economy threatens to take a dip.
The BBB Scam Tracker has received multiple reports of a new job scam twist that involves downloading a messaging app.
Officials with the BBB say the scam starts with people receiving a message from someone interested in hiring them. It might come through email, text or even a social media platform.
At first, this “recruiter” seems professional. They claim to have seen your resume on a job search site and want to interview you for a position. But first, you need to download a messaging app, such as Telegram.
Once you download the app, the “recruiter” will begin sending you messages and will ask you to complete a few interview questions. After giving you enthusiastic feedback, they will offer you a position with their company.
This interaction is followed by an official-looking contract to fill out and sign, according to the BBB.
After you sign, the scammer will ask for your name, address, date of birth, and banking information, claiming they need to add you to direct deposit payroll and other company systems.
However, the BBB warns if you provide this sensitive information, you could easily become a victim of identity theft.
And some versions of this scam don’t end there.
As a new hire, you are referred to a “training manager” who will help you set up your home office. This person sends you a check to buy a laptop and other supplies.
After depositing the check, your contact will say that you were overpaid and need to return a portion of what you deposited. However, the check is fake, and any funds you “return” to your new employer will be long gone.
The BBB said a victim of such a scam lost $3,000.
Officials with the BBB advise consumers to research job offers first, beware of jobs that involve receiving and returning money, be careful with your personal information and watch out for easy hires.
More information on avoiding employment scams is also available here.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/04/29/scam-alert-bbb-warns-new-job-interview-scam-involving-messaging-app-personal-information/ | 2022-04-29T23:19:10Z |
Tech stocks sink again, Nasdaq has worst month since 2008
(AP) - The Dow Jones Industrial Average slumped more than 900 points Friday as another sharp sell-off led by technology stocks added to Wall Street’s losses in April, leaving the S&P 500 with its biggest monthly skid since the start of the pandemic.
A sharp drop in Amazon weighed on the market after the internet retail giant posted its first loss since 2015. The decline knocked more than $200 billion off Amazon’s market value.
The benchmark S&P 500 fell 3.6% and finished April with an 8.8% loss, its worst monthly slide since March 2020. The Dow slumped 2.8%.
The Nasdaq composite, heavily weighted with technology stocks, bore the brunt of the damage this month, ending April with a 13.3% loss, its biggest monthly decline since the 2008 financial crisis.
Major indexes shifted between slumps and rallies throughout the week as the latest round of corporate earnings hit the market in force. Investors have been reviewing a particularly heavy batch of financial results from big tech companies, industrial firms and retailers.
But some disappointing results or outlooks from Apple, Google’s parent company and Amazon helped fuel the selling this week.
“When you start to hear from companies saying that perhaps demand is down, the concerns over a deeper slowdown in the economy gains momentum, and that’s where we are,” said Quincy Krosby, chief equity strategist for LPL Financial.
Traders also continue to fret about the tough medicine the Federal Reserve is using in its fight against inflation: higher interest rates. The central bank is expected to announce another round of rate hikes next week, a move that will further increase borrowing costs across the board for people buying cars, using credit cards and taking out mortgages to buy homes.
“Rising cost pressures and uncertain outlooks from the largest technology names have investors agitated going into the weekend and investors are not likely to be comfortable any time soon with the Fed widely expected to deliver a 50-basis point hike along with a hawkish message next week,” said Charlie Ripley, senior investment strategist for Allianz Investment Management.
The S&P 500 fell 155.57 points to 4,131.93 Friday. The benchmark index is now down 13.3% for the year. The Dow dropped 939.18 points to 32,977.21. The Nasdaq slid 536.89 points to 12,334.64. It’s down 21.2% so far this year.
Smaller company stocks also had a rough day. The Russell 2000 slid 53.84 points, or 2.8%, to 1,864.10.
Big Tech has been leading the market lower all month as traders shun the high-flying sector. Tech had posted gigantic gains during the pandemic and now is starting to look overpriced, particularly with interest rates set to rise sharply as the Fed steps up its fight against inflation.
Internet retail giant Amazon slumped 14%, one of the biggest decliners in the S&P 500, a day after reporting a rare quarterly loss and giving investors a disappointing revenue forecast. The weak update from Amazon comes as Wall Street worries about a potential slowdown in consumer spending along with rising inflation.
Prices for everything from food to gas have been rising as the economy recovers from the pandemic and there has been a big disconnect between higher demand and lagging supplies. Russia’s invasion of Ukraine has only added to inflation worries as it drives price increases for oil, natural gas, wheat and corn.
The Commerce Department on Friday reported that an inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy.
The latest report on rising U.S. inflation follows a report from statistics agency Eurostat that shows inflation hit a record high in April of 7.5% for the 19 countries that use the euro.
Bond yields rose following the hot readings on inflation. The yield on the 10-year Treasury rose to 2.92% from 2.85%.
Persistently rising inflation has prompted central banks to raise interest rates in order to temper the impact on businesses and consumers.
Much of the anxiety on Wall Street in April has centered around how quickly the Fed will raise its benchmark interest rate and whether an aggressive series of hikes will crimp economic growth. The chair of the Fed has indicated the central bank may raise short-term interest rates by double the usual amount at upcoming meetings, starting next week. It has already raised its key overnight rate once, the first such increase since 2018, and Wall Street is expecting several big increases over the coming months.
Investors spent much of April shifting money away from Big Tech companies, whose stock values benefit from low interest rates, to areas considered less risky. The S&P 500′s consumer staples sector, which includes many household and personal goods makers, was the only sector in the benchmark index to make gains in April. Other safe-play sectors, such as utilities, held up better than the broader market, while technology and communications stocks are among the biggest losers.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/04/29/tech-stocks-sink-again-nasdaq-has-worst-month-since-2008/ | 2022-04-29T23:19:16Z |
Village to Village opens boutique in support of refugees
ROCKINGHAM, Va. (WHSV) - A local nonprofit is helping refugees settle into the area.
Village to Village gets incoming refugees into homes and gets them the basic needs for a fresh start.
They are opening a boutique this weekend to raise more money for the refugees and help their overflow.
“This space was available it was donated to us along with our warehouse next door and we didn’t quite know what to do with it and we thought, ‘That would be a great place once a month to just have our overflow,’” Heidi Dove, director of Village to Village said.
The boutique is located on Rawley Pike next to Dove’s Camper Sales.
”The things that are in here are unique, and you know we just feel like if we can raise a little extra funding by selling some of the things we have it will allow us to do ministry better and get those funds into purchasing items we may not have on hand in the warehouse,” Dove said.
While this month’s selection is mostly clothes, Dove says she never wants it to be the same thing twice.
”We’ll be open once a month on Fridays and Saturdays, we would like to have something different each month so maybe next month it might be homewares, it might be antiques and things that we get in that we cannot use,” Dove said.
Dove also plans on having food and drink vendors during the boutique’s hours to allow customers to dine and shop.
The boutique will be open from 10 a.m. to 3 p.m. on Saturday.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/village-village-opens-boutique-support-refugees/ | 2022-04-29T23:19:23Z |
VSP investigating fatal crash in Harrisonburg
HARRISONBURG, Va. (WHSV) - Virginia State Police Senior Trooper D. Bowman is investigating a two-vehicle fatal crash in Rockingham County. The crash occurred on Thursday, April 28 at 3:05 p.m. along Interstate 81 at the 245 exit ramp.
A 2018 International tractor trailer was traveling south on I-81 when it exited onto the ramp and stopped due to traffic. A southbound 2001 Honda Accord rear-ended the tractor trailer.
The driver of the Honda, 27-year-old Selvin A. Turcios-Romero of Harrisonburg, died at the scene of the crash as a result of his injuries. Turcios-Romero was wearing a seatbelt.
The driver of the tractor trailer, a 62-year-old male of Lewisville, NC, was not injured in the crash. The male was wearing a seatbelt.
The crash remains under investigation.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/vsp-investigating-fatal-crash-harrisonburg/ | 2022-04-29T23:19:29Z |
Waynesboro High School celebrates College Decision Day
WAYNESBORO, Va. (WHSV) - It’s College Decision Day across the country, a day for high schoolers to make the big choice of where they will attend school.
While some students are choosing their dream universities, many are deciding to start their college careers at community college.
“I decided to go to Blue Ridge because one it is cheaper and it will get me my credits faster and that way when I’m transferring I’ll save money and be done faster,” Kelsie Mejia, a senior at Waynesboro High School, said.
Money is one determining factor when choosing which path to take after high school.
“For me, I was raised in a single-parent home and Blue Ridge was really one of the only options I have to be able to go to college and further my education because I’d really love to go into the medical field and get my nursing degree,” Kirksey Whitley, senior at Waynesboro High School said.
At Waynesboro High School, many of its students chose community college or trade school instead of a four-year university.
“I just didn’t want all the debt that comes with like a four-year and yeah I could’ve gone to a two-year and transferred to a four-year but that was just complicated, Caleb Saunders, a senior at Waynesboro High School said.
25 of the seniors at Waynesboro High School will be enrolled at Blue Ridge Community College come graduation.
A Blue Ridge spokesperson at Friday’s Decision Day event said Blue Ridge Community College has seen a 5% increase in students wanting to attend.
“The students have been applying to Blue Ridge Community College which is a great first step especially if they are Pell-Grant eligible because they can go for completely free for two years,” Sadie Rosenfeld, college advisor at Waynesboro High School, said.
Still, in their teens, high school seniors often struggle to decide on a long-term career path.
”Sometimes we talk through about what they might want to do and depending on that ... a lot of them are like ‘I have no idea what I want to do’ and I’m like ‘You’re 17 years old of course you don’t know what you want to do let’s talk about it,’” Rosenfeld said.
However, there are many students still destined for those four-year universities.
“At first I didn’t really have a set plan it was more like an ‘Oh I’m just gonna go’ I had like a YOLO awkward attitude until I met with my college counselors and then I was like ok I want to go to a four-year college,” Chakayla Morris, a senior at Waynesboro High School, said.
The seniors celebrated their new journeys Friday with games and snowcones outside. They had football, basketball, cornhole, and four square while enjoying time together before they graduate, something this class has not done a lot since the pandemic began.
Copyright 2022 WHSV. All rights reserved. | https://www.whsv.com/2022/04/29/waynesboro-high-school-celebrates-college-decision-day/ | 2022-04-29T23:19:35Z |
- Metabolic nutrition formulas previously on hold will be released free of charge to patients, in coordination with healthcare professionals based on need and on a case-by-case basis
- The lots being released were not included in the February recall and are now being released at the request of the U.S. FDA
- Patients, caregivers and healthcare professionals with questions should contact Abbott at +1-800-881-0876
ABBOTT PARK, Ill., April 29, 2022 /PRNewswire/ -- At the request of the U.S. Food and Drug Administration (FDA), Abbott (NYSE: ABT) is releasing limited quantities of metabolic nutrition formulas that were previously on hold following Abbott's recall of some powder infant formulas from its Sturgis, Mich., facility. The products have been tested and comply with all product release requirements before distribution. The lots being released were not included in the recall.
These products are used under the care of a healthcare professional and require a medical referral. Patients, caregivers and healthcare professionals in need of these products should contact Abbott at +1-800-881-0876 to provide necessary information. Abbott will work with metabolic centers and healthcare providers to fulfill requests based on need and on a case-by-case basis.
The metabolic products being released are:
- Calcilo XD®
- Cyclinex®-1 and 2
- Glutarex®-1 and 2
- Hominex®-1 and 2
- I-Valex®-1 and 2
- Ketonex®-1 and 2
- Phenex®-1 and 2
- Pro-Phree®
- Propimex®-1 and 2
- ProViMin®
- Tyrex®-1 and 2
The specialty product being released is:
- Similac® PM 60/40
Similac®, Alimentum® and EleCare® powder formulas that were voluntarily recalled in February are not included in this product release.
Abbott has limited inventory of these products. New product is not currently being manufactured. Abbott has implemented corrective actions and is working with the FDA to address the situation before resuming operations at the Sturgis facility. Once Abbott resumes production, it will take at least six to eight weeks for product to be available for distribution.
No Link Between Sturgis Facility and Reported Cases
On Feb. 17, 2022, Abbott issued a voluntary recall of some powder infant formula products manufactured at its Sturgis facility. The recall did not include any of Abbott's metabolic nutrition formulas, and included only a single batch of Similac PM 60/40. During the investigation, the metabolic nutrition formulas and all other batches of Similac PM 60/40 were placed on hold.
Abbott tests products prior to distribution, and no Abbott formula distributed to consumers tested positive for Cronobacter sakazakii or Salmonella. All finished product testing by Abbott and the FDA during the inspection of the facility likewise came back negative for Cronobacter sakazakii and/or Salmonella. No Salmonella was found at the Sturgis facility during the investigation. The Cronobacter sakazakii that was found in environmental testing during the investigation was in non-product contact areas of the facility and has not been linked to any known infant illness.
A thorough review of all available data indicates that the infant formula produced at our Sturgis facility is not likely the source of infection in the reported cases and that there was not an outbreak caused by products from the facility.
"We know this situation has worsened the industry-wide infant formula supply shortage and we regret the anxiety and stress this is causing," said Joe Manning, executive vice president, nutritional products, Abbott. "Abbott is committed to working with the FDA to address this situation so we can resume operations at this facility and continue serving the nutritional needs of people who rely on our infant and specialty formulas."
About Abbott
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 113,000 colleagues serve people in more than 160 countries.
Connect with us at www.abbott.com, on LinkedIn at www.linkedin.com/company/abbott-/, on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews.
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SOURCE Abbott | https://www.whsv.com/prnewswire/2022/04/29/abbott-release-metabolic-nutrition-formulas/ | 2022-04-29T23:19:41Z |
1Q 2022 Net Income of $23.9 million
Solid Credit Quality, Stable Net Interest Margin and Improving Bank Environment
HONOLULU, April 29, 2022 /PRNewswire/ -- American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE), today reported first quarter 2022 net income of $23.9 million, compared to $22.1 million in the fourth, or linked quarter of 2021 and $29.6 million in the first quarter of 2021.
"Our results reflect good execution in an improving banking environment," said Ann Teranishi, president and chief executive officer of American Savings Bank. "Earning asset yields are starting to improve as a result of the rising interest rate environment, while credit quality remains solid, with tailwinds from Hawaii's recovering economy. We're continuing our digital transformation, and as we do so are focused on making banking easy anytime and anywhere while delivering the exceptional personal service our customers rely on," said Teranishi.
Financial Highlights
First quarter 2022 net interest income of $59.0 million reflected higher yields in the investment portfolio partially offset by lower fee income associated with the Paycheck Protection Program (PPP) portfolio as the loans continued to pay down. Net interest income increased versus the $57.1 million generated in the first quarter of 2021, primarily due to higher average earning assets driven by increased liquidity from strong deposit growth and higher investment yields. Net interest margin was 2.79% in the first quarter, consistent with the linked quarter and down from 2.95% in the first quarter last year.
In the first quarter of 2022 ASB recorded a negative provision for credit losses of $3.3 million compared to a negative provision for credit losses of $3.5 million in the linked quarter and $8.4 million in the first quarter of 2021. The negative provision in the first quarter of 2022 reflected favorable credit trends including a release of reserves driven by the paydown of a nonperforming loan, as well as an improvement in credit quality including credit upgrades within the commercial real estate portfolio. As of March 31, 2022, ASB's allowance for credit losses to outstanding loans was 1.30% compared to 1.36% as of December 31, 2021 and 1.73% as of March 31, 2021.
The net charge-off ratio for the first quarter of 2022 was 0.01% compared to 0.03% in the linked quarter and 0.18% in the first quarter of 2021. Nonaccrual loans as a percent of total loans receivable held for investment were 0.72% in the first quarter of 2022, compared to 0.86% in the linked quarter and 1.00% in the prior year quarter.
Noninterest income was $16.1 million in the first quarter of 2022 compared to $15.7 million in the linked quarter and $19.0 million in the first quarter of 2021. The increase compared to the linked quarter was primarily due to a gain on sale of real estate and higher fee income. The decrease in noninterest income compared to the prior year quarter was primarily due to lower mortgage banking income as loan volume and profit margin on sale of loans decreased in the rising interest rate environment.
Noninterest expense was $48.2 million compared to $50.0 million in the linked quarter and $47.5 million in the first quarter of 2021. The decrease in noninterest expense versus the linked quarter was primarily due to timing of expenses. The increase in noninterest expense versus the same quarter last year was primarily due to a pension accounting change that resulted in a lower pension expense in the first quarter of 2021.
Total loans were $5.2 billion as of March 31, 2022, consistent with December 31, 2021 as lower commercial markets, PPP and residential loan balances were offset by higher loan balances across the remainder of the loan portfolio, primarily in commercial real estate.
Total deposits were $8.3 billion as of March 31, 2022, an increase of 1.4% from December 31, 2021. For the first quarter of 2022, the average cost of funds was 0.05%, flat versus the linked quarter and down three basis points versus the same quarter last year.
For the first quarter of 2022 return on average equity was 13.7% compared to 12.1% in the linked quarter and 16.0% in the first quarter of 2021. Return on average assets was 1.04% for the first quarter of 2022, compared to 0.97% in the linked quarter and 1.40% in the same quarter last year.
In the first quarter of 2022, ASB paid dividends of $15.0 million to HEI. ASB had a Tier 1 leverage ratio of 7.8% as of March 31, 2022.
HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2022 GUIDANCE
Concurrent with ASB's regulatory filing 30 days after the end of the quarter, ASB announced its first quarter 2022 financial results today. Please note that these reported results relate only to ASB and are not necessarily indicative of HEI's consolidated financial results for the first quarter 2022.
HEI plans to announce its first quarter 2022 consolidated financial results on Monday, May 9, 2022 and will also conduct a webcast and conference call at 10:15 a.m. Hawaii time (4:15 p.m. Eastern time) that same day to discuss its consolidated earnings, including ASB's earnings, and 2022 guidance.
To listen to the conference call, dial 1-844-200-6205 (U.S.) or 1-929-526-1599 (international) and enter passcode 275546. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com under "Investor Relations," sub-heading "News and Events — Events and Presentations."
A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. An audio replay will also be available about two hours after the event through May 23, 2022. To access the audio replay, dial 1-866-813-9403 (U.S.) or 44-204-525-0658 (international) and enter passcode 477148.
HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's, Hawaiian Electric's and ASB's press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the "Investor Relations" section of the website. The information on HEI's website is not incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference.
Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings.
The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, American Savings Bank, is one of Hawaii's largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii's sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2021 and HEI's other periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.
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JINJIANG, China, April 29, 2022 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, and which also engages in business management, information system consulting, and online social commerce and live streaming, today announced its financial results for the second half and fiscal year ended December 31, 2021.
Second Half 2021 Summary
- Revenue was RMB 166.2 million (US$ 25.8 million), a 16.0% increase from RMB 143.2 million (US$ 21.1 million) for the same period of 2020. The increase in revenue was due to the generation of RMB 63.6 million (US$ 9.9 million) in business management, information system consulting, and online social commerce and live streaming, new operating segments for the Company, which accounted for 38.3% of the Company's total revenue for the six-month period.
- Gross profit was RMB 73.8 million (US$ 11.5 million) as compared to gross loss of RMB 26.9 million (US$ 4.0 million) for the same period of 2020.
- Operating results were affected by bad debt expense of RMB 75.7 million (US$ 11.8 million) for the second half of 2021, as compared to bad debt expense of RMB 48.5 million (US$ 7.2 million) for the same period of 2020.
- Net loss was RMB 19.3 million (US$ 3.0 million) for the second half of 2021, as compared to a net loss of RMB 81.6 million (US$ 12.0 million) for the same period of 2020.
Ms. Meishuang Huang, Chief Executive Officer of Antelope Enterprise, commented, "During fiscal year 2021, we continued to experience challenging market conditions for our ceramic tile business segment due to the slowdown of the real estate sector in China which was being impacted by the continued effects of the COVID-19 pandemic. To mitigate these challenging conditions, in 2021, we continued to execute our strategic plan to diversify our business and fuel our growth by incorporating several new technology sector subsidiaries."
"These new subsidiaries are engaged in selected markets in China which we believe have strong growth potential. These include business management, information system consulting, and social media, online social commerce and live streaming in China. We are pleased that these new sectors contributed 38% of revenue to our financial performance for the second half of 2021 and 33% for the full year 2021, which shows that our strategic plan is on course."
"Due to the challenging conditions for real estate and building materials in China, in November 2021 we entered into a five-year lease agreement to lease out the entire Hengdali facility with the same lessee that had been leasing out just a portion of the plant. This decision is consistent with our resolve to pivot towards technology growth sectors. However, we are secure in having ample unused production capacity for ceramic tiles at our Hengda facility for when the real estate market turns around."
"We are committed to diversifying the Company into growth technology sectors and are encouraged by the strong contribution from our new technology subsidiaries to date. In particular, we believe that social media, online social commerce and live streaming in China will experience sustained growth in the years to come," concluded Ms. Huang.
Six Months Results Ended December 31, 2021
Revenue for the six months ended December 31, 2021 was RMB 166.2 million (US$ 25.8 million), a 16.0% increase from RMB 143.2 million (US$ 21.1 million) for the same period of 2020. The increase in revenue was due to the generation of RMB 63.6 million (US$ 9.9 million) in business management, information system consulting, and online social commerce and live streaming operations revenue from Chengdu Future, Antelope Chengdu and Hainan Kylin Cloud Services, new operating businesses of the Company, which accounted for 38.3% of the Company's total revenue in the current period. However, this contribution was partly offset by an RMB 40.6 million (US$ 6.3 million) decrease in ceramic tile sales. The decrease in ceramic tile sales was due to a 22.1% decrease in ceramic tile sales volume to 5.1 million square meters of ceramic tiles compared to 6.6 million square meters of ceramic tiles for the same period of 2020, and an 8.0% decrease in average selling price to RMB 20.1 (US$ 3.13) compared to RMB 21.8 (US$ 3.34) for the same period of 2020.
Gross profit for the six months ended December 31, 2021 was RMB 73.8 million (US$ 11.5 million), as compared to gross loss of RMB 26.9 million (US$ 4.0 million) for the same period of 2020. The gross profit margin was 44.4% as compared to a gross loss margin 18.8% for the same period of 2020. The increase in gross profit margin for the six months ending December 31, 2021 was due to RMB 0.9 million in gross profit contributed by the Company's new subsidiaries that engage in business management, information system consulting, and online social commerce and live streaming operations, and a reversal of an inventory impairment provision of RMB 99.2 million as compared to a reversal of an inventory impairment provision of RMB 2.3 million for the same period of 2020. Without the reversal of the inventory impairment provisions, the gross loss margin for the current period was 15.3% as compared to a gross loss margin of 20.4% for the same period of 2020.
Other income for the six months ended December 31, 2021 was RMB 2.3 million (US$ 0.4 million), as compared to the RMB 12.2 million ($1.8 million) for the comparable period of 2020. Other income primarily consists of rental income that the Company received by leasing out one of its production lines from its Hengdali facility pursuant to an eight-year lease contract. In addition, we realized RMB 7.2 million (US$ 0.3 million) from our newly incorporated subsidiaries, Chengdu Future and Antelope Chengdu, which engage in computer consulting and software development, respectively, during the comparable period of 2020. Since these new businesses had just launched and their income was fairly modest, it was included in this reporting line item for the year-ago period.
Selling and distribution expenses for the six months ended December 31, 2021 were RMB 3.1 million (US$ 0.5 million), as compared to RMB 4.2 million (US$ 0.6 million) for the comparable period of 2020. The decrease in selling and distribution expenses was primarily due to a decrease in advertising expenses of RMB 0.7 million and a decrease in payroll expenses of RMB 0.4 million.
Administrative expenses for the six months ended December 31, 2021 were RMB 15.2 million (US$ 2.4 million), as compared to RMB 11.9 million (US$ 1.8 million) for the same period of 2020. The increase in administrative expenses was mainly due to an increase in consulting fees of RMB 1.3 million and an increase in professional fees of RMB 1.9 million.
Bad debt expense for the six months ended December 31, 2021 was RMB 75.7 million (US$ 11.8 million), as compared to bad debt expense of RMB 48.5 million (US$ 7.2 million) for the same period of 2020. We recognize a loss allowance for expected credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments. We believe that we have undertaken appropriate measures to resolve our bad debt expense. We will continue to review each of our customers for credit quality as well as assiduously test their accounts receivables balances in each upcoming fiscal period.
Other expenses for the six months ended December 31, 2021 were RMB 47,000 (US$ 7,000), as compared to RMB nil (US$ nil) for the same period of 2020. The increase in other expenses was mainly due to an exchange rate loss and an expense related to a non-refundable rent deposit attributable to our subsidiary Antelope Chengdu due to the early termination of a lease.
Net loss for the six months ended December 31, 2021 was RMB 19.3 million (US$ 3.0 million), as compared to a net loss of RMB 81.6 million (US$ 12.0 million) for the same period of 2020. The decrease in net loss was mainly due to an increase in gross profit, a decrease in bad debt expense and the substantial increase in the reversal of the inventory impairment provision in the current period as compared to the same period for 2020.
Loss per basic share and fully diluted share for the six months ended December 31, 2021 were RMB 3.75 (US$ 0.58), as compared to loss per basic and fully diluted share of RMB 24.85 (US$ 3.67) for the same period of 2020, with the latter figures retroactively presented for the 3:1 reverse stock split effective on September 3, 2020.
Full Year 2021 Financial Results
Revenue for the year ended December 31, 2021 was RMB 216.3 million (US$ 33.5 million), as compared to RMB 183.0 million (US$ 26.5 million) for the year ended December 31, 2020. Gross profit was RMB 67.3 million (US$ 10.4 million), as compared to gross loss of RMB 26.0 million (US$ 3.8 million) for the same period of 2020. The gross profit margin was 31.1%, as compared to a 14.2% gross loss margin for the same period of 2020. Other income was RMB 9.4 million (US$ 1.5 million), as compared to RMB 21.9 million (US$ 3.2 million) for the same period of 2020. Selling expenses were RMB 6.3 million (US$ 1.0 million), as compared to RMB 9.4 million (US$ 1.5 million) for the same period of 2020. Administrative expenses were RMB 32.4 million (US$ 5.0 million), as compared to RMB 26.6 million (US$ 3.9 million) for the same period of 2020. Bad debt expense was RMB 125.6 million (US$ 19.5 million), as compared to RMB 150.3 million (US$ 21.8 million) for the same period of 2020. Net loss for the year ended December 31, 2021 was RMB 90.0 million (US$ 14.0 million), as compared to a net loss of RMB 193.1 million (US$ 28.0 million) for the same period of 2020. Loss per share on a basic and fully diluted basis were RMB 17.24 (US$ 2.67) for the year ended December 31, 2021, as compared to basic and fully diluted loss per share of RMB 65.67 (US$ 9.51) for the same period of 2020.
Statements of Selected Financial Position Items for the Fiscal Year Ended 2021
- Cash and bank balances were RMB 27.9 million (US$ 4.4 million) as of December 31, 2021, compared with RMB 12.3 million (US$ 1.9 million) as of December 31, 2020.
- Inventory turnover was 183 days as of December 31, 2021, as compared to 190 days as of December 31, 2020. The decrease in inventory turnover days was primarily due to the cessation of production at our Hengdali facility during fiscal year 2021 due to our plan to primarily utilize current inventory in stock. We believe that the value of our current inventories is realizable.
- Trade receivables turnover of sales of ceramic tile products, net of value added tax, was 168 days as of December 31, 2021, as compared with 242 days as of December 31, 2020. The decrease in trade receivables turnover was primarily due to the increase in the general doubtful debt provision calculated according to the expected credit loss stipulations in IFRS 9. Trade receivables turnover of our business management, information system consulting, and online social commerce and live streaming operations was 11 days as of December 31, 2021.
- Trade payables turnover of sales of ceramic tile products, net of value added tax, was 20 days as of December 31, 2021 as compared with 22 days as of December 31, 2020. The average turnover days was within the normal credit period of one to four months granted by our suppliers. Trade payables turnover of our business management, information system consulting, and online social commerce and live streaming operations was 7 days as of December 31, 2021.
Liquidity and Capital Resources
Cash flow used in operating activities was RMB 4.4 million (US$ 0.7 million) for the six months ended December 31, 2021, as compared to RMB 1.6 million (US$ 0.2 million) in the same period of 2020. The increase of cash outflow was mainly due to an increase of cash outflow on other receivables and prepayments of RMB 19.7 million, a decrease in cash inflow in inventories of RMB 41.5 million, and a decrease in cash inflow on taxes payable of RMB 4.4 million and an increase in operating cash outflow before working capital changes of RMB 5.1 million, which was partly offset by a decrease in cash outflow of trade receivables of RMB 46.3 million, an increase in cash inflow of unearned revenue of RMB 15.8 million, a decrease in cash outflow in accrued liability and other payable of RMB 0.3 million, and an increase in cash inflow of trade payables of RMB 5.4 million.
Cash flow used in investing activities was RMB 1.15 million (US$ 0.2 million) for the six months ended December 31, 2021, as compared to cash flow used in investing activities of RMB 46,000 (US$ 7,000) for the same period of 2020. The increase in cash outflow during the six months ended December 31, 2021 was mainly due to the purchase of fixed assets of 1.1 million.
Cash flow used in financing activities was RMB 1.0 million (US$ 0.2 million) for the six months ended December 31, 2021, as compared to cash flow used in financing activities of RMB 71,000 (US$ 10,000) in the same period of 2020. For the six months ended December 31, 2021, we generated cash inflow from the issuance of share capital of RMB 0.4 million (US$ 61,000), proceeds resulting from warrants exercised of RMB 136,000 (US$ 21,000), and the payment of lease liabilities of RMB 0.5 million (US$ 75,000). For the six months ended December 31, 2020, we generated cash inflow from the issuance of share capital of RMB 8.0 million (US$1.2 million), which was partially offset by repayment a loan advance from related parties of RMB 7.6 million (US$ 1.1 million) and the payment of lease liabilities of RMB 0.2 million (US$ 35,000).
Plant Capacity and Capital Expenditures Update
We utilized plant capacity that produced 1.2 million square meters of ceramic tiles for the six months ended December 31, 2021, as compared to 1.5 million square meters of ceramic tiles for the same period of 2021, with all of the current period's production attributable to our Hengda facility. Our reduced utilization during the current period was primarily attributable to the continued slowdown of the real estate industry in China which was still being impacted by the continued effects of the Covid-19 pandemic.
Effective November 1, 2021, we entered into a new lease agreement with the same lessee that had been leasing one of the production lines at the Hengdali facility that has the capacity to produce ten million square meters of annual production capacity. The new lease is for Hengdali in its entirety which includes building, plant and facilities, and which contains all of its machinery, equipment and production lines. The new lease has a term of five years, from November 1, 2021 through October 31, 2026, for an annual rent of RMB 18.0 million.
The leased Hengdali facility has an annual production capacity of 22.4 million square meters of ceramic tiles, a reduction from its annual production capacity of 27.7 million square meters of ceramic tiles, resulting from the Company having retired two old furnaces at Hengdali in fiscal 2021. For the current period, there was no production capacity utilized at Hengdali due to our having utilized current inventory in stock to fill customer orders as well as our having executed a new lease agreement for the entire facility including all of its production lines.
Therefore, the Company's total annual production capacity is 22.8 million square meters of ceramic tiles which is solely attributable to its Hengda facility. We intend to bring unused production capacity at Hengda online as customer demand dictates and when there are signs of improvement in China's real estate and construction sectors.
We review the level of capital expenditures throughout the year and make adjustments subject to market conditions. Although business conditions are subject to change, we anticipate a modest level of capital expenditures for 2022 other than those associated with minimal upgrades, small repairs and the maintenance of equipment.
Business Outlook
In terms of our ceramic tile business, for fiscal year 2021, the Company's operating results continued to be impacted by the slowdown of China's real estate sector due to the continued effects of the COVID-19 pandemic. After a rise in property prices month-over-month for the first six months of 2021, average new home prices in China's 70 major cities fell month-over-month for the second six months of 2021, and early 2022 data shows the weakest rise in new home prices since November 2015. Due to challenging market conditions, we enacted a plan to work ceramic tile products already in inventory through our sales channels although we continued to engage in marketing for our products for when the real estate market turns around.
In 2021, China's central government reined in real estate developers with stricter financial rules for property development resulting in a cooling of its property market. Consequently, investment in China's property sector resulted in 4.4% annual growth in 2021 down from 7.0% growth rate recorded in 2020. In addition, although the number of new construction projects was reasonably sound in the first half of 2021, it decreased 11.4% year-over-year by the end of the year due to constraints attributable to regulatory measures that affected property developers.
Looking forward, China's central government indicated that it would invigorate the economy, as it has in the past, which would include helping to support China's real estate sector. In early 2022, the People's Bank of China cut its reserve requirement ratio which freed up more loan capital for home buyers. Due to weakened market demand, banks have lowered mortgage rates by an average of 20 to 60 basis points and some provinces have loosened some of their polices which include removing restrictions on home purchases for those without full local residency status. In addition, some banks in China have issued infrastructure bonds to fund their lending to property developers. Real estate continues to be a vital component of China's economic growth as real estate and its related business activities is estimated to comprise 25% of China's GDP.
We believe that the demand for our ceramic tile products will mostly come from Tier 3 and lower-tier cities as well as coastal cities over the next few years. However, we will also market our products to Tier 1 and Tier 2 cities as opportunities arise, and we will be increasing our efforts to secure customers in the larger Southeast Asia market.
In terms of our technology business development activities, during fiscal 2021, we continued to execute on our strategic plan to diversify our operations with new technology sector operations as we generated of RMB 71.5 million (US$ 11.1 million) in revenue from our new subsidiaries in business management, information system consulting which includes the sales of software use rights for digital data deposit platforms and asset management systems, and an online social media platform including live streaming and e-commence platform development and consulting. These new business segments accounted for 33.1% of the Company's revenue in fiscal 2021 and enabled us to realize an 18.2% increase in total revenue for the year as compared to fiscal 2020.
The Social E-commerce Branch of the China Association for Trade in Services released the "2021 Social E-commerce Innovation and Development Report", indicating that the scale of China's social e-commerce market is expected to reach RMB 5.8 trillion by the end of 2021, a 45% year-over-year increase. We expect rapid growth to continue in the live e-commence and broadcast industry in China over the next few years, and we plan to gradually focus our business towards these sectors in the periods ahead.
This business outlook reflects the Company's current and preliminary views and is based on the information currently available to us, which are subject to change, and is subject to risks and uncertainties, as well as risks and uncertainties identified in the Company's public filings.
Conference Call Information
We will host a conference call at 8:00 am ET on May 2, 2022. Listeners may access the call by dialing +1 (877) 275-8968 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (509) 844-0154. The conference participant pass code is 3697077. A replay of the conference call will be available for 14 days starting from 11:00 am ET on May 2, 2022. To access the replay, dial +1 (855) 859-2056. International callers should dial +1 (404) 537-3406. The pass code is 3697077 for the replay.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited is a leading manufacturer of ceramic tiles in China. The Company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. Antelope Enterprise's products, sold under the "Hengda" or "HD", are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. The Company also engages in business management, information system consulting, and online social commerce and live streaming in China. For more information, please visit http://www.aehltd.com.
Currency Convenience Translation
The Company's financial information is stated in Renminbi ("RMB"). Translations of amounts from RMB into United States dollars ("US$") in this earnings release are solely for the convenience of the readers and were calculated at the rate of US$1.00 = RMB 6.3726 for balance sheet accounts at the balance sheet date, US$1.00 = RMB 6.4508 for the P&L accounts for the year ended December 31, 2021, and US$1.00 = RMB 6.4316 for the P&L accounts for the six months ended December 31, 2021. The exchange rate refers to the historical rate as set forth in the H.10 statistical release published by www.federalreserve.gov on December 31, 2021. Such translations should not be construed as representations that RMB amounts could have been, or could be, converted realized or settled into US$ at that rate on December 31, 2021 or any other rate.
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC real estate, construction and technology sectors continuing to exhibit sound long-term fundamentals, our ability to bring additional ceramic tile production capacity online going forward as our business improves, our ceramic tile customers continuing to adjust to our product price increases, our ability to sustain our average selling price increases and to continue to build volume in the quarters ahead, and whether our enhanced marketing efforts will help to produce wider customer acceptance of the new price points; and our ability to continue to grow our business management, information system consulting, and online social commerce and live streaming business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2021 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
FINANCIAL TABLES
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FRANKLIN LAKES, N.J., April 29, 2022 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that it will present at the BofA Securities 2022 Healthcare Conference on Wednesday, May 11, 2022 at 12:00 p.m. Pacific Time.
The live webcast of BD's presentation can be accessed from the BD investor relations website, investors.bd.com. A replay of the event will be available on the same webpage following its conclusion.
About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 75,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.
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SOURCE BD (Becton, Dickinson and Company) | https://www.whsv.com/prnewswire/2022/04/29/bd-present-bofa-securities-2022-healthcare-conference/ | 2022-04-29T23:20:02Z |
FOSHAN, China, April 29, 2022 /PRNewswire/ -- Bright Scholar Education Holdings Limited ("Bright Scholar" or the "Company") (NYSE: BEDU), a global premier education service company, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal") dated April 29, 2022 from its Chairperson of the Board, Ms. Huiyan Yang, and Ms. Meirong Yang (collectively, the "Buyer Group") proposing to acquire all of the outstanding Class A ordinary shares of the Company (the "Class A Shares"), including Class A Shares represented by American depositary shares (the "ADSs," each representing one Class A ordinary share), and Class B ordinary shares of the Company (the "Class B Shares," and together with the Class A Shares, the "Shares") that are not already beneficially owned by the Buyer Group for a purchase price of US$0.83 per Share in cash in a going private transaction (the "Proposed Transaction"), subject to certain conditions. The price represents (i) a premium of 44% to the closing price of the ADS on April 28, 2022, the last trading day prior to the date of the Proposal and (ii) a premium of 34% and 26% to the volume-weighted average closing price of the ADSs during the last 30 and 60 trading days, respectively. A copy of the Proposal is attached hereto as Annex A.
According to the Proposal, the Proposed Transaction is intended to be financed with a combination of debt and equity capital, where equity capital is expected to be provided by the Buyer Group and any additional equity investor who may be admitted to the Buyer Group, and debt financing is expected to be provided by loans from third party financial institutions.
The Board intends to form a special committee consisting of independent and disinterested directors to consider the Proposal. The Board expects that the special committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.
The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the Proposal and has not had an opportunity to carefully review and evaluate the Proposal or make any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposed Transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
About Bright Scholar Education Holdings Limited
Bright Scholar is a global premier education service company, which primarily provides quality international education to global students and equip them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
IR Contact:
GCM Strategic Communications
Email: BEDU.IR@gcm.international
Media Contact:
Email: media@brightscholar.com
Phone: +86-757-6683-2507
Annex A
The Board of Directors (the "Board")
Bright Scholar Education Holdings Limited (the "Company")
No.1, Country Garden Road,
Beijiao Town, Shunde District,
Foshan, Guangdong, PRC
Dear Members of the Board:
Ms. Huiyan Yang, chairperson of the Board, and Ms. Meirong Yang (collectively, the "Buyer Group", "we" or "us") are pleased to submit this preliminary non-binding proposal to acquire all outstanding Class A ordinary shares of the Company (the "Class A Shares"), including Class A Shares represented by American depositary shares ("ADSs", each representing one Class A Share), and Class B ordinary shares of the Company (together with the Class A Shares, the "Shares"), that are not already beneficially owned by the Buyer Group in a going-private transaction (the "Acquisition").
Our proposed purchase price for each Share or ADS is US$0.83 in cash. We believe that our proposal provides an attractive opportunity to the Company's shareholders. This price represents a premium of 44% to the closing price of the ADS on 28 April, 2022, the last trading day prior to the date hereof and a premium of 34% and 26% to the volume-weighted average closing price of the ADSs during the last 30 and 60 trading days, respectively.
The Buyer Group currently beneficially owns approximately 78.06% of all the issued and outstanding Shares of the Company, which represent approximately 92.52% of the aggregate voting power of the Company.
The terms and conditions upon which we are prepared to pursue the Acquisition are set forth below. We are confident in our ability to consummate an Acquisition outlined in this letter.
1. Purchase Price. Our proposed consideration payable for the Shares and ADSs acquired in the Acquisition is US$0.83 per Share or per ADS in cash (in each case other than those Shares or ADSs beneficially owned by the Buyer Group).
2. Financing. We intend to finance the Acquisition with a combination of debt and equity capital. Equity financing is expected to be provided by the Buyer Group and from any additional equity investor who may be admitted to the Buyer Group. Debt financing is expected to be provided by loans from third party financial institutions. We are confident that we can timely secure adequate financing to consummate the Acquisition.
3. Due Diligence. The Buyer Group and the other parties providing financing will require a timely opportunity to conduct customary due diligence on the Company and its subsidiaries. We would like to ask the Board to accommodate such due diligence request and approve the provision of confidential information relating to the Company and its business to possible sources of equity and debt financing subject to a customary form of confidentiality agreement. We have engaged Houlihan Lokey (China) Limited as our financial advisor and Davis Polk & Wardwell LLP as our legal counsel. We believe that we will be in a position to complete customary due diligence for the Acquisition in a timely manner and in parallel with discussions on the Definitive Agreements.
4. Definitive Agreement. We are prepared to promptly negotiate and finalize mutually satisfactory definitive agreements with respect to the Acquisition (the "Definitive Agreements") while conducting our due diligence. We expect that such Definitive Agreements will provide for representations, warranties, covenants and conditions which are typical, customary and appropriate for transactions of this type.
5. Process. We believe that the Acquisition will provide superior value to the Company's shareholders. We expect that the Board will establish a special committee comprised of independent and disinterested directors of the Company, who will be exclusively authorized to consider and negotiate with us the proposed Acquisition, including the Definitive Agreements. In considering this proposal, you should be aware that we are interested only in pursuing the Acquisition and we do not intend to sell our stake in the Company to any third party.
6. Confidentiality. We trust you will agree with us that it is in all of our mutual interests to ensure that our discussions relating to the Acquisition proceed in a strictly confidential manner, unless otherwise required by law, until we have executed the Definitive Agreements or terminated our discussions.
7. No Binding Commitment. This letter is not a binding offer, agreement or agreement to make a binding offer or agreement at any point in the future. This letter constitutes only a preliminary indication of our interest, and does not constitute any binding offer, agreement or commitment with respect to the Acquisition. Such a binding commitment will result only from the execution of Definitive Agreements, and then will be on the terms and conditions provided in such documentation.
*****
In closing, we would like to express our commitment to working together to bring this Acquisition to a successful and timely conclusion. Should you have any questions regarding this letter, please do not hesitate to contact us. We look forward to hearing from you.
Huiyan Yang
/s/ Huiyan Yang
Meirong Yang
/s/ Meirong Yang
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TORTOLA, British Virgin Islands, April 29, 2022 /PRNewswire/ -- Neither the publication of the Commission of Inquiry (COI) report into the governance of the British Virgin Islands (BVI), nor the recent US arrests of Premier Andrew A. Fahie and others, should be conflated with the BVI financial services sector, which is operationally independent.
BVI Governor John Rankin confirmed again when announcing details of the COI report today that this was "not an investigation into the BVI's financial services sector" and offered his "continued support for the work of the BVI's Commercial Court, the Financial Services Commission and other regulatory bodies that continue to operate as normal acting in accordance with international regulatory standards and a robust English Common Law framework."
The Governor went on to welcome the BVI's "continued good cooperation with law enforcement agencies in the financial (services) field and the steps being taken with regard to the introduction of publicly accessible beneficial ownership registers."
BVI Finance welcomes these remarks and the jurisdiction will continue to offer its products and services as a respected world-class international financial centre.
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SOURCE BVI Finance | https://www.whsv.com/prnewswire/2022/04/29/bvi-finance-response-coi-report-arrest-premier/ | 2022-04-29T23:20:16Z |
BEIJING, April 29, 2022 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the U.S. Securities and Exchange Commission (the "SEC") on April 29, 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 https://investor.canaan-creative.com/.
The Company will provide a hard copy of the annual report, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company's Investor Relations Department at IR@canaan-creative.com.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The company's vision is "super computing is what we do, social enrichment is why we do it." Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world's first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world's first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.
Investor Relations Contact
Canaan Inc.
Ms. Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc. | https://www.whsv.com/prnewswire/2022/04/29/canaan-inc-files-2021-annual-report-form-20-f/ | 2022-04-29T23:20:23Z |
MIAMI, April 29, 2022 /PRNewswire/ - Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) ("Cansortium" or the "Company"), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced the closing of a non-brokered private placement (the "Private Placement") that includes a 10.0% unsecured convertible debenture in the principal amount of US$3.5 million ("the Debenture"), as well as 3,076,923 pre-funded common share purchase warrants (each a "Pre-Funded Warrant") at a price of US$0.39 per Pre-Funded Warrant, for aggregate gross proceeds of US$4.7 million.
The Debenture will come due in 2032 and is convertible into common shares of the Company at a conversion price of US$0.79 per common share. Each Pre-Funded Warrant shall entitle the holder to purchase one common share at an additional exercise price of US$0.40 per common share (for a total common share issue price equal to US$0.79) for a period of 12 months from the date of issuance. The conversion price for both the Debenture and Pre-Funded Warrant reflects a premium of approximately 295% over the closing price of the Company's common shares on the Canadian Securities Exchange on April 28, 2022.
The Company may repay the Debenture, in whole or in part, at any time.
The net proceeds of the Private Placement will be used by the Company to reduce the principal amount outstanding under its previously announced April 2021 Credit Agreement and for general working capital purposes. In addition, the Company will designate $3.25 million of the gross proceeds of the Private Placement as an equity cure under the April 2021 Credit Agreement for the quarter ended March 31, 2022. For purposes of the April 2021 Credit Agreement, the equity cure proceeds will be deemed to have been received during the quarter ended March 31, 2022 for purposes of EBITDA used in the calculation of the Consolidated Interest Coverage Ratio, which is required to be 2.50:1.00.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, these securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Cansortium in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium's unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.
Cansortium Inc.'s common shares trade on the CSE under the symbol "TIUM.U" and on the OTCQX Best Market under the symbol "CNTMF". For more information about the Company, please visit www.getfluent.com.
Certain information in this news release may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events.
Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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BETHESDA, Md., April 29, 2022 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) will broadcast its quarterly conference call with shareholders and the financial community over the Internet on Friday, May 6, 2022, at 8:30 a.m. ET. The Company will release its first quarter earnings report for 2021, which ended March 31, 2021, after the close of markets on Thursday, May 5.
The conference call will be open to listeners who log in through the Company's website, www.centrusenergy.com. A link to the call will be located in the Investor Relations section of the website, and a webcast replay will be available through May 16, 2022.
Centrus Energy is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources – helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future. Find out more at www.centrusenergy.com.
Contact:
Lindsey Geisler (301) 564-3392 or GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp. | https://www.whsv.com/prnewswire/2022/04/29/centrus-webcast-conference-call-may-6-830-am-et/ | 2022-04-29T23:20:36Z |
CITIZENS FINANCIAL SERVICES, INC. REPORTS UNAUDITED FIRST QUARTER 2022 FINANCIAL RESULTS
Published: Apr. 29, 2022 at 3:43 PM EDT|Updated: 3 hours ago
MANSFIELD, Pa., April 29, 2022 /PRNewswire/ -- Citizens Financial Services, Inc. (OTC Pink: CZFS), parent company of First Citizens Community Bank, released today its unaudited consolidated financial results for the three months ended March 31, 2022.
- The Company has applied to list its common stock on the Nasdaq Capital Market.
- Net loan growth totaled $36.9 million in the first quarter of 2022, or 10.4% on an annualized basis.
- Net income was $6.7 million for the three months ended March 31, 2022, which is 20.4% less than the net income for 2021's comparable period. The decrease was due to life insurance proceeds received in the first quarter of 2021 due to the passing of two former employees and decreased amortization associated with loans issued through the Paycheck Protection Program (PPP). The effective tax rate for the three months ended March 31, 2022 was 17.9% compared to 16.0% in the comparable period in 2021, with the increase being due to life insurance proceeds being exempt from taxable income.
- Net interest income before the provision for loan losses was $16.2 million for the three months ended March 31, 2022, a decrease of $179,000, or 1.1%, over the same period a year ago. Amortization associated with PPP loans was $676,000 less in 2022 than 2021
- Non-performing assets decreased $3,925,000 since March 31, 2021 and total $8,953,000 as of March 31, 2022, which is comparable to the balance at December 31, 2021. As a percent of loans, non-performing assets totaled 0.61%, 0.61% and 0.92% as of March 31, 2022, December 31, 2021 and March 31, 2021.
- Return on average equity for the three months (annualized) ended March 31, 2022 was 12.46% compared to 17.25% for the three months (annualized) ended March 31, 2021.
- Return on average tangible equity for the three months (annualized) ended March 31, 2022 was 14.70% compared to 20.74% for the three months (annualized) ended March 31, 2021 (non-GAAP). (1)
- Return on average assets for the three months (annualized) ended March 31, 2022 was 1.26% compared to 1.77% for the three months (annualized) ended March 31, 2021.
- If the life insurance proceeds on former employees are excluded, the return on average equity and average assets would be 14.90% and 1.52%, respectively, for three months (annualized) ended March 31, 2021 (non-GAAP). (1)
First Quarter of 2022 Compared to the First Quarter of 2021
- For the three months ended March 31, 2022, net income totaled $6,740,000 which compares to net income of $8,463,000 for the comparable period of 2021, a decrease of $1,723,000 or 20.4%. Basic earnings per share of $1.71 for the three months ended March 31, 2022 compares to $2.14 for the 2021 comparable period. Annualized return on equity for the three months ended March 31, 2022 and 2021 was 12.46% and 17.25%, while annualized return on assets was 1.26% and 1.77%, respectively, with ratios in 2021 benefitting from life insurance proceeds on two former employees. If the activity associated with the passing of the former employees and the excess PPP amortization for 2021 compared to 2022 are excluded, basic earnings per share in 2021 would have been $1.64 compared to $1.71 for the first quarter of 2022 (non-GAAP) (1)
- Net interest income before the provision for loan losses for the three months ended March 31, 2022 totaled $16,262,000 compared to $16,441,000 for the three months ended March 31, 2021, resulting in a decrease of $179,000, or 1.1%. Amortization on PPP loans decreased $676,000 during 2022 compared to 2021. Average interest earning assets increased $230.6 million for the three months ended March 31, 2022 compared to the same period last year as a result of growth in interest bearing cash, investments and organic loan growth funded by deposit growth. Average loans increased $51.3 million, while average investment securities increased $153.2 million. The tax effected net interest margin for the three months ended March 31, 2022 was 3.27% compared to 3.73% for the same period last year, which was impacted by the decrease in the average yield on interest earning assets of 57 basis points to 3.58%. The decrease in amortization on PPP loans accounts for 15 bps of the decrease in margin and the yield on interest earning assets. A large component of the remaining decrease is due to the percentage of interest earning assets in cash and investments in 2022 compared to 2021, which earn lower yields than loans.
- The provision for loan losses for the three months ended March 31, 2022 was $250,000, a $400,000 decrease to the comparable period in 2021. The decrease in the provision is attributable to the improved credit metrics of the loan portfolio in comparison to March 31, 2021 and less impact from the COVID-19 pandemic on the economy.
- Total non-interest income was $2,431,000 for the three months ended March 31, 2022, which is $1,804,000 less than the comparable period last year. The primary drivers were the earnings of bank owned life insurance, which decreased $1,108,000 as the result of the passing of two former employees in 2021, gains on loans sold which decreased $398,000 due to a decrease in refinancing activity with the rise in rates that occurred in the first quarter of 2022, a loss on equity securities of $232,000 as a result of market performance when comparing 2022 to 2021. Other income decreased $205,000 due to fee income on derivative transactions for customers recorded in 2021. There were no corresponding fees in 2022.
- Total non-interest expenses for the three months ended March 31, 2022 totaled $10,231,000 compared to $9,947,000 for the same period last year, which is an increase of $284,000, or 2.86%. Salary and benefit costs increased $650,000 due to an addition 7.3 FTEs and merit increases for 2022. Salary and benefit costs for 2021 benefitted from a $400,000 reduction in deferred compensation due to the passing of a former executive in the first quarter of 2021. The decrease in ORE expenses of $453,000 is due to gains on the sale of ORE properties that totaled $487,000. There were no gains or losses on sales in the first quarter of 2021.
- The provision for income taxes increased $144,000 when comparing the three months ended March 31, 2022 to the same period in 2021 as a result of a decrease in income before income tax of $1,867,000. The effective tax rate was 17.9% and 16.0% for the three months ended March 31, 2022 and 2021, respectively. It should be noted the earnings on bank owned life insurance are exempt from Federal income tax and accounts for the difference in tax rates between 2021 and 2022.
Balance Sheet and Other Information:
- At March 31, 2022, total assets were $2.18 billion compared to $2.14 billion at December 31, 2021 and $2.0 billion at March 31, 2021. The loan to deposit ratio as of March 31, 2022 was 78.69% compared to 78.51% as of December 31, 2021 and 83.23% as of March 31, 2021.
- Available for sale securities of $461.5 million at March 31, 2022 increased $49.1 million from December 31, 2021 and $139.5 million from March 31, 2021. The yield on the investment portfolio decreased from 2.18% to 1.70% on a tax equivalent basis due to the amount of securities purchased in 2020 and 2021, which was a low rate environment due to the pandemic. Purchases made in the first quarter of 2022 have been at higher rates than those made in 2020 and 2021.
- Net loans as of March 31, 2022 totaled $1.46 billion and increased $36.9 million from December 31, 2021, which is 10.4% on an annualized basis. In comparison to March 31, 2021, loans have grown $73.3 million, or 5.3%, and if PPP loans are excluded loans increased $98.7 million or 7.3%.
- The allowance for loan losses totaled $17,556,000 at March 31, 2022 which is an increase of $252,000 from December 31, 2021. The increase is due to recording a provision for loan losses of $250,000 and recoveries of $7,000, offset by charge-offs of $5,000. The allowance as a percent of total loans was 1.19% as of March 31, 2022 and 1.20% as of December 31, 2021.
- Deposits increased $42.9 million from December 31, 2021, to $1.88 billion at March 31, 2022, primarily due to customers holding more cash and new customer relationships in the Delaware market.
- Stockholders' equity totaled $202.7 million at March 31, 2022, compared to $212.5 million at December 31, 2021, a decrease of $9.7 million. Excluding accumulated other comprehensive loss (AOCI), stockholders equity increased $4.9 million and totals $217.5 million. The increase in stockholders equity, excluding AOCI, was attributable to net income for the three months ended March 31, 2022 totaling $6.7 million, offset by cash dividends for the first quarter totaling $1.9. As a result of changes in interest rates impacting the fair value of investment securities, the unrealized loss on available for sale investment securities, net of tax, increased $16.6 million from December 31, 2021.
On March 1, 2022, the Board of Directors declared a cash dividend of $0.475 per share, which was paid on March 25, 2022 to shareholders of record at the close of business on March 11, 2022. This quarterly cash dividend is an increase of 3.26% over the regular cash dividend of $0.460 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2021.
Citizens Financial Services, Inc. has nearly 1,900 shareholders, the majority of whom reside in markets where its offices are located.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere periodically by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
(1) See reconciliation of GAAP and non-gaap measures at the end of the press release
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SOURCE Citizens Financial Services, Inc.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/04/29/citizens-financial-services-inc-reports-unaudited-first-quarter-2022-financial-results/ | 2022-04-29T23:20:43Z |
SANDUSKY, Ohio, April 29, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced today that the Board of Directors has approved a quarterly dividend of 14 cents per common share to shareholders of record May 10, 2022, payable May 25, 2022.
This dividend represents a payout of approximately $2.0 million. Based on the Civista's closing stock price of common shares of $22.16 on April 27, 2022, the quarterly dividend produces an annualized yield of 2.53%.
About Civista Bancshares, Inc.:
Civista Bancshares, Inc. is a $3.2 billion financial holding company headquartered in Sandusky, Ohio. Civista's banking subsidiary, Civista Bank, operates 35 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky. Civista Bancshares, Inc. may be accessed at www.civb.com. The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission.
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OWASSO, Okla. , April 29, 2022 /PRNewswire/ -- coreNOC, Inc., a leader in 5G telecommunications equipment deployment, announced they have entered into a Strategic Consulting Agreement with the Central Council of the Tlingit and Haida Indian Tribes of Alaska (Tlingit & Haida). coreNOC, Inc., a Native American owned business, understands the challenges and struggles Indian tribes across North America face due to the existing digital divide.
Earlier this year, Tlingit and Haida gathered responses from two broadband surveys that underscored the critical need for better broadband in rural Southeast Alaska communities. Many communities still lack the connectivity needed to access healthcare, education, remote employment opportunities and business resources.
Since 2019, Tlingit and Haida have been working with Southeast Alaska village tribes to secure the mid-band spectrum licenses. They created a comprehensive plan to offer broadband services to 10,000 people in Southeast Alaska who currently have limited or no access in their area. Recently, the Federal Communications Commissions (FCC) issued the broadband license for deployment. Funding has been secured for a pilot project in Wrangell, Alaska, to be completed under their new Tidal Network department that will focus on extending fixed wireless internet service to provide broadband services to the community.
"The bottom line and sole focus of the work we are doing under Tidal Network is to ensure reliable internet to our underserved rural communities in Southeast Alaska," said Chief Development Officer Will Ware.
"We are committed to helping our communities secure the high-speed internet access they deserve," said President Richard Chalyee Éesh Peterson. "The disparity and lack of reliable internet in our rural communities is apparent and it's critical our villages are not left behind in this digital age. I want to thank Second Vice President Will Micklin for his many years of advocacy and work to get better broadband access to our people and communities."
"coreNOC, Inc is honored to be selected as a strategic consulting partner to help deploy a state-of-the-art broadband network. Our years of experience with launching new telecommunication markets is a perfect fit for our new partners. We will leverage our industry expertise to bring broadband services to those who currently have limited or no broadband options." Stated Johnie Johnson, CEO, coreNOC, Inc.
Media Contact:
Johnie Johnson
jj@corenoc.net
918-404-9289
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SOURCE coreNOC | https://www.whsv.com/prnewswire/2022/04/29/corenoc-inc-announces-strategic-consulting-agreement-bring-broadband-connection-southeast-alaska-native-communities/ | 2022-04-29T23:20:58Z |
NEW YORK, April 29, 2022 /PRNewswire/ -- Direxion (www.direxion.com) has announced it will execute a reverse split of the issued and outstanding shares of the Direxion Daily Energy Bear 2X Shares (Ticker: ERY), Direxion Daily CSI China Internet Index Bull 2X Shares (Ticker: CWEB), and the Direxion Daily FTSE China Bull 3X Shares (Ticker: YINN) (each, a "Fund" and collectively, the "Funds"). The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
After the close of the markets on May 27, 2022, each Fund will affect reverse splits of its issued and outstanding shares as follows:
Please note the CUSIP changes, effective May 31, 2022:
As a result of these reverse splits, every ten or twenty shares of a Fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for a Fund will decrease by the approximate percentage indicated above. In addition, the per share net asset value ("NAV") and next day's opening market price will be approximately ten- or twenty-times higher for the Funds. Shares of the Funds will begin trading on the NYSE Arca, Inc. (the "NYSE Arca") on a split-adjusted basis on May 31, 2022.
The next day's opening market value of the Funds' issued and outstanding shares, and thus a shareholder's investment value, will not be affected by the reverse splits. The tables below illustrate the effect of a hypothetical one-for-ten or one-for-twenty reverse split anticipated for the Funds:
1-for-10 Reverse Split
1-for-20 Reverse Split
Redemption of Fractional Shares and Tax Consequences of the Reverse Split
As a result of the reverse splits, a shareholder of a Fund's shares potentially could hold a fractional share. However, fractional shares cannot trade on the NYSE Arca. Thus, a Fund will redeem for cash a shareholder's fractional shares at the Fund's split-adjusted NAV as of the Record Date. Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder's fractional shares. Otherwise, the reverse splits will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption.
"Odd Lot" Unit
Also as a result of the reverse splits, a Fund may have outstanding one aggregation of less than 50,000 shares to make a creation unit, or an "odd lot unit." Thus, a Fund will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd lot unit.
The Trust's transfer agent will notify the Depository Trust Company ("DTC") of the splits and instruct DTC to adjust each shareholder's investment(s) accordingly. DTC is the registered owner of the Funds' shares and maintains a record of the Funds' record owners.
All Direxion leveraged and inverse ETFs are intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results, and who plan to actively monitor and manage their positions. There is no guarantee these ETFs will meet their objective. Please visit the Direxion Leveraged and Inverse ETF Education Center, where you will find educational brochures, videos, and a self-paced online course to help you understand if leveraged ETFs are right for you.
About Direxion:
Direxion equips investors who are driven by conviction with ETF solutions built for purpose and fine-tuned for precision. These solutions are available for a broad spectrum of investors, whether executing short-term tactical trades, or investing in thematic strategies. Direxion's reputation is founded on developing products that precisely express market perspectives and allow investors to manage their risk exposure. Founded in 1997, the company has approximately $28.6 billion in assets under management as of March 31, 2022. For more information, please visit www.direxion.com.
There is no guarantee that the Funds will achieve their investment objectives.
For more information on all Direxion Shares daily leveraged ETFs, go to www.direxion.com, or call us at 866.301.9214.
Leveraged ETFs are not suitable for all investors and should be utilized only by investors who understand the risks associated with seeking daily leveraged and inverse investment results, and intend to actively monitor and manage their investments. Due to the daily nature of the leveraged and inverse investment strategies employed, there is no guarantee of long-term inverse returns. Past performance is not indicative of future results.
An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund's prospectus and summary prospectus call 866-716-0735 or visit our website at direxion.com. A Fund's prospectus and summary prospectus should be read carefully before investing.
Direxion Shares Risks - An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF's investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus.
Distributor: Foreside Fund Services, LLC.
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SOURCE Direxion | https://www.whsv.com/prnewswire/2022/04/29/direxion-announces-reverse-splits-three-etfs-ery-cweb-amp-yinn/ | 2022-04-29T23:21:04Z |
My Special Aflac Duck® helps comfort young patients managing their disease
CAMDEN, N.J., April 29, 2022 /PRNewswire/ -- Today, several young patients being treated for sickle cell disease at Children's Regional Hospital at Cooper received a cuddly new companion specially designed to help them through their medical journey. A duck delivery and unboxing event celebrated the new collaboration between Cooper and Aflac to provide a My Special Aflac Duck free of charge to all pediatric sickle cell patients ages 3 and above who are undergoing treatment.
My Special Aflac Duck is a social robot that offers a sense of comfort, joy, and control to children undergoing cancer treatment and children living with sickle cell disease. In consultation with more than 100 children, families, and medical professionals, Aflac, along with Sproutel, a patient-centered research and development company in Providence, Rhode Island, debuted My Special Aflac Duck in 2018 as part of its 26-year, $159-plus million commitment to childhood cancer and blood disorders, including sickle cell disease. Since then, Aflac has donated and distributed more than 15,000 My Special Aflac Ducks to more than 300 hospitals and disease-focused organizations.
In early 2022, Aflac introduced a new-generation My Special Aflac Duck with features and play accessories designed specifically for sickle cell patients. In 2018, My Special Aflac Duck was named one of the Best 50 Inventions of the year by Time magazine, received the People's Choice Award at SXSW and Best in Show at CES.
"Every year, nearly 200 children receive care through Children's Regional Hospital at Cooper's sickle cell program. We know that doctor visits and hospitalizations can be overwhelming for these children," said Michael H. Goodman, MD, MMM, FAAP, FAES, chair and chief of pediatrics at Cooper, and professor of pediatrics at Cooper Medical School of Rowan University. "These specially designed interactive ducks will be calming companions and enhance the overall experience of our young patients."
"On behalf of The Cooper Foundation, we commend Aflac for their commitment to children's health by making My Special Aflac Duck available to young sickle cell patients free of charge. The benefits of Aflac's corporate generosity to our patients and their families will be immeasurable," said Robert Ortiz, JD, senior vice president and chief philanthropy officer of The Cooper Foundation, the philanthropic arm of Cooper University Health Care.
"Sickle cell is an underfunded, often painful disease that impacts 100,000 Americans, including 1 in 365 Black children born every year. We are pleased to work with Children's Regional Hospital and The Cooper Foundation to ensure that children facing sickle cell disease receive their very own My Special Aflac Duck, which, through medical play, helps deliver comfort to children and their families during difficult times," said Aflac Southern New Jersey Regional Sales Coordinator Michael DeSarno.
Cooper University Health Care is a leading academic health system and the only state-designated Level 1 Trauma Center in South Jersey with more than 8,500 team members and 850 employed physicians. Cooper's mission is to serve, to heal, to educate. Annually, nearly two million patients are served at Cooper's 635-bed flagship hospital, outpatient surgery center, three urgent care centers, and more than 105 ambulatory offices throughout the community.
The Cooper Health Sciences campus is home to Cooper University Hospital, MD Anderson Cancer Center at Cooper, Children's Regional Hospital at Cooper, and Cooper Medical School of Rowan University. For more information, visit www.cooperhealth.org.
The Children's Regional Hospital at Cooper is committed to excellence in education, research, and high-quality, safe care for pediatric patients from birth to age 18 as well as their families. As the only state-designated acute-care children's hospital in South Jersey, Children's Regional Hospital at Cooper provides exceptional pediatric primary care and comprehensive inpatient and outpatient specialty care services for every patient, every day, in a patient- and family-centered environment.
Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading supplemental insurer, by paying cash fast when policyholders get sick or injured. For more than six decades, insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan where it insures 1 in 4 households. In 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory of the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Ethisphere's list of the World's Most Ethical Companies for the 16th consecutive year, Fortune's list of World's Most Admired Companies for the 21st time and Bloomberg's Gender-Equality Index for the third consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability."
Aflac Media contact: Jon Sullivan, 706-763-4813 or jsullivan@aflac.com
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or dyoung@aflac.com
Children's Regional Hospital at Cooper Contact: Wendy A. Marano, 856.382.6463 or 856.904.1688 or marano-wendy@cooperhealth.edu
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SOURCE Aflac | https://www.whsv.com/prnewswire/2022/04/29/duck-delivery-young-sickle-cell-disease-patients-childrens-regional-hospital-cooper-camden-nj-receive-award-winning-social-robot-thanks-new-collaboration-with-aflac/ | 2022-04-29T23:21:12Z |
PALO ALTO, Calif., April 29, 2022 /PRNewswire/ -- Eiger BioPharmaceuticals, Inc. (Nasdaq: EIGR), a commercial-stage biopharmaceutical company focused on the development of innovative therapies to treat and cure hepatitis delta virus (HDV) and other serious diseases, today reported that the Compensation Committee of Eiger's Board of Directors granted stock options to purchase an aggregate of 290,000 shares of Eiger's common stock to two newly hired employees. The stock options were granted under the Eiger BioPharmaceuticals, Inc. 2021 Inducement Plan with a grant date of April 29, 2022, as an inducement material to the new employee entering into employment with Eiger, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options vest over four years, with 25 percent vesting on the first anniversary of the vesting commencement date for each employee and the remainder vesting in 36 equal installments over the following three years, subject to each employee being continuously employed by Eiger as of such vesting dates. The stock options have a ten-year term and an exercise price of $6.87, the closing price of Eiger's common stock as reported by Nasdaq on April 29, 2022.
Eiger is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
About Eiger
Eiger is a commercial-stage biopharmaceutical company focused on the development of innovative therapies to treat and cure hepatitis delta virus (HDV) and other serious diseases. The Eiger HDV platform includes two first-in-class therapies in Phase 3 that target critical host processes involved in viral replication. Eiger is also developing peginterferon lambda as a therapeutic for COVID-19 and is planning to submit an emergency use authorization application to FDA based on positive results from the investigator sponsored Phase 3 TOGETHER study.
All five Eiger rare disease programs have been granted FDA breakthrough therapy designation: lonafarnib and peginterferon lambda for HDV, Zokinvy for progeria, and avexitide for both HI and PBH.
For additional information about Eiger and its clinical programs, please visit www.eigerbio.com.
CONTACTS:
Investors:
Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Media:
Sarah Mathieson
SVP, Corporate Affairs
smathieson@eigerbio.com
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SOURCE Eiger BioPharmaceuticals, Inc. | https://www.whsv.com/prnewswire/2022/04/29/eiger-biopharmaceuticals-reports-inducement-grant-under-nasdaq-listing-rule-5635c4/ | 2022-04-29T23:21:18Z |
ISINs: US29244AAK88 ; USP3710FAJ32 / CUSIPs: 29244A AK8 ; P3710F AJ3
BUENOS AIRES, Argentina, April 29, 2022 /PRNewswire/ -- Empresa Distribuidora y Comercializadora Norte S.A. ("Edenor" or the "Company") today announced that the Company has received instructions for approximately U.S.$58,420,000 in aggregate principal amount of Existing Notes, representing 59.58% of aggregate principal amount of Existing Notes. Capitalized terms shall have the meanings ascribed to them in the Exchange Offer Memorandum dated April 12, 2022 (as amended and supplemented, the "Exchange Offer Memorandum").
In addition, Edenor announced that it is extending the Early Tender Date to 5:00 p.m. New York time on May 9, 2022. The foregoing extension is intended to provide additional time for Eligible Holders to participate in the Offer and to encourage them to participate in the Offer.
Edenor also announced that it has issued a supplement (the "Supplement") to amend the Exchange Offer Memorandum to, among other matters, provide supplemental information regarding the Eligible Projects to which the debt refinanced will be allocated in accordance with Edenor's social bond guidelines.
The Offer is only available to holders of Existing Notes who are (1) "Qualified Institutional Buyers" ("QIBs") as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), in a private transaction in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof, or (2) persons other than "U.S. persons" (as defined in Rule 902 under Regulation S under the Securities Act, "U.S. Persons") outside the United States who are not acquiring New Notes for the account or benefit of a U.S. Person, in offshore transactions in reliance on Regulation S under the Securities Act, and who are non-U.S. Qualified Offerees (as defined in the Exchange Offer Memorandum), in each case, whose receipt and review of the Exchange Offer Memorandum, and participation in the Offer, is otherwise permitted under the laws and regulations of any jurisdiction applicable to them. Eligible Holders in Argentina are urged to read, must follow the procedures set forth in, and must rely exclusively on, the Argentine Exchange Offer Memorandum. Holders who desire to obtain and complete an electronic Eligibility Letter should visit the following website: https://bonds.morrowsodali.com/EdenorEligibility.
***
Morrow Sodali Limited is acting as the Exchange and Information Agent for the Offer. Questions or requests for assistance related to the Offer or for additional copies of the Offer Documents may be directed to the Exchange and Information Agent (email: Edenor@investor.morrowsodali.com; Tel: +1 203 609 4910 (Stamford); Tel: +44 20 4513 6933 (London). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer. The Offer Documents are available for Eligible Holders at the following Eligibility Letter Website: https://bonds.morrowsodali.com/EdenorEligibility.
BofA Securities, Inc. and BCP Securities, Inc. are acting as dealer managers for the Offer outside Argentina.
Global Valores S.A. is acting as Argentine Dealer Manager for the Offer in Argentina. Questions or requests for assistance related to the Offer in Argentina may be directed to the Argentine Dealer Manager (email: capitalmarkets@globalvalores.com.ar; Tel.: (5411) 5235 1232 (Argentina).
Subject to applicable law, the Offer may be amended in any respect, extended or, upon failure of a condition to be satisfied or waived or terminated at any time and for any reason prior to the Expiration Date. We reserve the right to amend, at any time, the terms of the Offer (including, without limitation, the conditions thereto) in accordance with applicable law. We will give Eligible Holders notice of any amendments and will extend the Expiration Date if required by applicable law.
Eligible Holders of Existing Notes are advised to check with any bank, securities broker or other intermediary through which they hold Existing Notes as to when such intermediary would need to receive instructions from an Eligible Holder in order for that Eligible Holder to be able to participate in, or withdraw their instruction to participate in, the Offer before the deadlines specified in the Offer Documents. The deadlines set by any such intermediary for the submission of instructions will be earlier than the relevant deadlines specified above.
Important Notice
This announcement is not an offer of securities for sale in the United States, and none of the New Notes has been or will be registered under the Securities Act or any state securities law (other than Argentina, where the public offering of the New Notes is included within the public offering authorization granted by the CNV to the Program, in accordance with Section 41, Title II, Chapter V, Section VIII of the CNV Rules.). The CNV's authorization means only that the information requirements of the CNV have been satisfied. The CNV has not rendered any opinion in respect of the accuracy of the information contained in the Exchange Offer Memorandum or the Argentine exchange offer memorandum dated April 12, 2022 (as amended and/or supplemented, the "Argentine Exchange Offer Memorandum"), and has not issued an opinion about the Exchange Consideration to be received pursuant the terms of the Exchange Offer.
The New Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This press release does not constitute an offer of the New Notes for sale, or the solicitation of an offer to buy any securities, in any state or other jurisdiction in which any offer, solicitation or sale would be unlawful. None of the Company, the Dealer Managers, the Argentine Dealer Manager, the Exchange and Information Agent, the Trustee, the representative of the Trustee in Argentina, the Paying Agents, the Registrars, the Transfer Agents, the Luxembourg Listing Agent or their respective directors, employees and affiliates makes any recommendation whatsoever regarding the Offer or any recommendation as to whether Eligible Holders should tender or refrain from tendering their Existing Notes for exchange pursuant to the Offer. Accordingly, any person considering participating in the Offer or making an investment decision relating to the New Notes must inform itself independently based solely on the Exchange Offer Memorandum (and, to the extent applicable, the Argentine Exchange Offer Memorandum and ancillary local offering documents in Argentina) to be provided to Eligible Holders in connection with the Offer before taking any such investment decision.
This announcement is directed only to Eligible Holders. No offer of any kind is being made to any beneficial owner of Existing Notes who does not meet the above criteria or any other beneficial owner located in a jurisdiction where the Offer is not permitted by law.
The distribution of materials relating to the Offer may be restricted by law in certain jurisdictions. The Offer is void in all jurisdictions where they are prohibited. If materials relating to the Offer come into your possession, you are required to inform yourself of and to observe all of these restrictions. The materials relating to the Offer, including this communication, do not constitute, and may not be used in connection with, an offer in any place where offers are not permitted by law. If a jurisdiction requires that the Offer be made by a licensed broker or dealer and a dealer manager or any affiliate of a dealer manager is a licensed broker or dealer in that jurisdiction, the Offer shall be deemed to be made by the dealer managers or such affiliate on behalf of the Company in that jurisdiction.
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are forward-looking statements. Specifically, the Company cannot assure you that the proposed transactions described above will be consummated on the terms currently contemplated, if at all. These statements are based on expectations and assumptions on the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, but are not limited to, market conditions, and factors over which the Company has no control. The Company assumes no obligation to update these forward-looking statements, and does not intend to do so, unless otherwise required by law.
Note to Eligible Holders in the European Economic Area - Prohibition of sales to EEA Retail Investors – The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
Note to Eligible Holders in the United Kingdom - Prohibition of sales to UK Retail Investors – The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the "UK Prospectus Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
In the UK, this Exchange Offer Memorandum and any other material in relation to the New Notes described herein are being distributed only to, and are directed only at, persons who are "qualified investors" (as defined in the UK Prospectus Regulation) who are (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute them, all such persons together being referred to as "Relevant Persons". In the UK, the New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the New Notes will be engaged in only with, Relevant Persons. This Exchange Offer Memorandum and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the UK. Any person in the UK that is not a Relevant Person should not act or rely on this Exchange Offer Memorandum or its contents
Contact: Michael Truscelli +1 203-609-4910 edenor@investor.morrowsodali.com
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SOURCE EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR) | https://www.whsv.com/prnewswire/2022/04/29/empresa-distribuidora-y-comercializadora-norte-sa-edenor-announces-extension-early-tender-date-preliminary-results-supplement-no-1-its-exchange-offer-relating-its-975-outstanding-senior-notes-due-2022-offer/ | 2022-04-29T23:21:25Z |
NEW YORK, April 29, 2022 /PRNewswire/ -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) between April 27, 2017 and February 25, 2022, inclusive (the "Class Period") of the important May 2, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Ericsson 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 Ericsson class action, go to https://rosenlegal.com/submit-form/?case_id=3808 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 2, 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) Ericsson overstated the extent to which it had reformed its business practices to eliminate the use of bribes to secure business in foreign countries; (2) Ericsson had paid bribes to the terrorist group the Islamic State in Iraq and Syria ("ISIS" or the "Islamic State") to gain access to certain transport routes in Iraq; (3) accordingly, Ericsson's revenues derived from its operations in Iraq were, in at least substantial part, derived from unlawful conduct and thus unsustainable; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Ericsson class action, go to https://rosenlegal.com/submit-form/?case_id=3808 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/2022/04/29/eric-final-deadline-notice-rosen-top-ranked-law-firm-encourages-telefonaktiebolaget-lm-ericsson-investors-with-losses-secure-counsel-before-important-deadline-securities-class-action-eric/ | 2022-04-29T23:21:32Z |
WASHINGTON, April 29, 2022 /PRNewswire/ -- Fannie Mae's (OTCQB: FNMA) March 2022 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroom
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SOURCE Fannie Mae | https://www.whsv.com/prnewswire/2022/04/29/fannie-mae-releases-march-2022-monthly-summary/ | 2022-04-29T23:21:40Z |
LAKELAND, Fla., April 29, 2022 /PRNewswire/ -- Florida Southern College has reinstated its popular Junior Journey program, effective immediately. The global travel program had been suspended during the global COVID-19 pandemic.
The Junior Journey program offers students an opportunity for intellectual and cultural growth while they earn academic credit Trips, which are led by faculty members and other qualified staff, are typically one to three weeks long, giving students a chance to see how what they are learning in the classroom can be applied in different settings.
"The Junior Journey is an important element of our engaged learning pedagogy," said Dr. Brad Hollingshead, provost at Florida Southern College. "As the world continues to reopen, we are excited to resume our hallmark travel program."
Florida Southern students may now register for travel to either Spain or Germany during the summer of 2022. Fall Break 2022 Junior Journey information will be available soon for all eligible students.
Founded in 1883, Florida Southern College is the oldest private college in the state. The College maintains its commitment to academic excellence through 70+ undergraduate programs and distinctive graduate programs in business administration, education, nursing, and physical therapy. Florida Southern has a 14:1 student-to-faculty ratio, is an award-winning national leader in engaged learning, and boasts 30 NCAA Division II National Championships. Florida Southern is ranked at #8 among the "Best Regional Universities in the South" by U.S. News & World Report in its 2022 "Best Colleges" guide and is included in The Princeton Review's 2022 Best 387 Colleges guide and the "Fiske Guide to Colleges 2022." The 2021-2022 Colleges of Distinction guidebook praises Florida Southern's AACSB accredited Barney Barnett School of Business and Free Enterprise alongside the College's School of Education and its Ann Blanton Edwards School of Nursing and Health Sciences. Poets&Quants, U.S. News & World Report, Fortune, and The Princeton Review further laud the Barney Barnett School of Business and Free Enterprise and the Ann Blanton Edwards School of Nursing and Health Sciences as foremost programs in the nation for business and nursing education. Home to the world's largest single-site collection of Frank Lloyd Wright architecture, FSC has appeared on The Princeton Review's top 20 "Most Beautiful Campus" national listing for 12 consecutive years. Connect with Florida Southern College.
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SOURCE Florida Southern College | https://www.whsv.com/prnewswire/2022/04/29/florida-southern-college-reinstates-junior-journey/ | 2022-04-29T23:21:46Z |
LOS ANGELES, April 29, 2022 /PRNewswire/ -- Revenant, California's premier athlete, and activist-led cannabis brand, is proud to announce an official partnership with the Weed For Warriors Project (WFWP.) Founded by three retired NFL players, Kyle Turley, Jim McMahon, and Eben Britton, Revenant will provide sales and marketing support to the Weed For Warriors Project aiding the growth of their emerging WFW Cannabis product line.
"We will now be the sales and marketing arm for WFW Cannabis. We will be selling the brand throughout California and, ultimately, Weed For Warriors will scale alongside Revenant as we grow nationally. Aiding WFW Cannabis with their profitability allows the WFWP to provide more veterans with much-needed FREE cannabis," said Kyle Turley, Co-Founder, and Derek Duronslet, VP of Marketing for Revenant.
One of the first projects will be expanding the Weed For Warriors Project's SB-34 events which distribute donated medicinal cannabis products to veterans and patients across California.
Revenant aims to leverage relationships with the NFL Alumni Association, NFL Players Union, and others within the National Football League community in order to assist and support the efforts of the Weed For Warriors Project.
"We expect Revenant's mature salesforce to jumpstart our entry into the legal market in California. Our goal of creating a self-sustaining platform fighting for and providing cannabis access to our veterans is a lot closer with the official addition of Revenant to the WFW team." Sean Kiernan, CEO of WFWP stated.
For more information, please reach out to Derek Duronslet at Derek@revenantmj.com.
About Revenant:
Revenant is a California cannabis brand founded by three retired NFL players, Kyle Turley, Jim McMahon, and Eben Britton, that launched in July 2021. Mutual respect and understanding of the healing power cannabis may provide brought these gentlemen together with the common goal of relieving mental and physical suffering by creating safe access to high-quality products. Currently available in 60+ dispensaries across the state, they have projections to double by year-end.
About Weed For Warriors Project:
Weed For Warriors Project is a social justice lifestyle brand supporting holistic rehabilitation for veterans. They achieve this through community-based projects, proactive care advocacy, cannabis education, and compassion. WFWP urges change for the empowerment of the people.
Contact Information:
Joey Brabo
Press Coordinator
Email: Joey@respectmyregion.com
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SOURCE Revenant | https://www.whsv.com/prnewswire/2022/04/29/former-nfl-players-all-pro-ol-kyle-turley-2x-sb-winning-qb-jim-mcmahon-ol-eben-britton-unite-their-revenant-cannabis-brand-with-weed-warriors-project-aid-veterans-nationally/ | 2022-04-29T23:21:54Z |
HONG KONG, April 29, 2022 /PRNewswire/ -- Global Cord Blood Corporation (NYSE: CO, "GCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services, announced today that the Company will acquire 100% of Cellenkos, Inc ("CLNK") and the rights to develop and commercialize all of its existing and future products worldwide except those related to CLNK's existing collaboration with Incyte Corporation (Nasdaq: INCY, "Incyte"). As of the date hereof, the Company has entered into agreements with the holders of approximately 95% of CLNK outstanding equity interest and GM Precision Medicine (BVI) Limited ("GMPM"). Following the entry into an agreement at substantially the same terms with the remaining 5% holder, at closing, the Company will issue approximately 125 million new shares (on an as-converted and fully diluted basis) valued at US$11 per share and pay US$664 million in cash as total consideration.
CLNK is a biotechnology research and development ("R&D") company that utilizes umbilical cord blood ("CB") as the raw material to develop innovative, allogeneic, off-the-shelf, cell based therapeutic products. Through a License and Strategic Development Agreement with The University of Texas M. D. Anderson Cancer Centre and CLNK's own proprietary Intellectual property ("IP"), CLNK focuses on developing T-regulatory ("T-reg") cell therapies for treating autoimmune diseases and inflammatory disorders. Out of a rich and expanding product pipeline, CLNK is developing cellular medicines to suppress severe inflammations of Coronavirus Disease 2019 (COVID-19), Acute Respiratory Distress Syndrome (ARDS), Amyotrophic Lateral Sclerosis (ALS) and Aplastic Anemia (AA). One of its core products, CK0802, has completed a Phase 1, Double-Blinded, Randomized, Placebo Controlled Safety and Early Efficacy Trial for the treatment of COVID-19 induced ARDS in 45 patients (www.clinicaltrials.gov NCT04468971). The results of this trial showed that CK0802 infusions were well-tolerated and the 100 million cell dose was likely associated with improvements in the primary endpoint of being alive and extubated at day 28 as well as in the overall survival at last follow up, after accounting for prognostic covariates. A larger confirmatory study is warranted. CLNK is preparing to initiate Phase II/III trials and to apply for Emergency Use Authorization ("EUA"), Regenerative Medicine Advanced Therapy Designation ("RMAT"), Breakthrough Therapy Designation ("BTD"), Fast Track Designation ("FTD") and Orphan Drug Designation ("ODD"). Additionally, CLNK has formed a development collaboration with Incyte to investigate the combination of CK0804 and ruxolitinib (Jakafi®) in patients with myelofibrosis (MF) and is entitled for licensing fees and royalties based on milestones.
Upon completion of all transactions, the Company will own 100% of CLNK equity, the global rights for most of its products, and the laboratory assets under GMPM. The Company will fully support all of CLNK's on-going and outstanding clinical and R&D projects.
The Board of Directors of the Company believes that CLNK is a perfect fit for the Company and that its products can have distinct synergies with the Company's existing line of business. "Aiming at the multi-billion-dollar cell therapy market, the Company adds a growth engine through CLNK's world-class cell therapy R&D team, CLNK's owned cGMP manufacturing facility and its unique technology to derive T-reg cellular therapies with the ability to generate multiple and distinct products against various conditions," said Ms. Ting Zheng, Chairperson and CEO of GCBC. "Besides business expansion from umbilical cord blood stem cell storage to T-reg cell therapy, the Company's targeted market also spreads beyond China and Asia, as we strive to serve global patients' un-met medical needs and save lives."
"As a biotech company focused on innovative cellular therapies, CLNK is honored to join the GCBC family. This union represents an important milestone for CLNK and I believe GCBC's current business, extensive network and sales and marketing resources in Asia will help expedite CLNK's R&D activities and future commercialization and expansion," said Dr. Simrit Parmar, MD, Founder of CLNK. "Looking ahead, the CLNK team will continue to focus on the R&D and manufacturing for breakthrough T-reg cell therapies, co-operate with GCBC's existing team to expand CLNK's pipeline and prepare for the commercialization of our products on a global scale to benefit patients who are in dire need of better treatment options."
About Global Cord Blood Corporation
Global Cord Blood Corporation is an umbilical cord blood banking operator serving multiple regions in China. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit the Company's website at: http://www.globalcordbloodcorp.com.
About Cellenkos, Inc
Cellenkos® is a clinical-stage biotechnology company focused on development and commercialization of Allogeneic, Tissue-Targeted, Immune T-Regulatory Cell Therapies to Treat Autoimmune Diseases and Inflammatory Disorders. Being derived from umbilical CB. Cellenkos' Tregs are naïve, bonafide suppressor cells that resolve inflammation through multiple direct and indirect interactions. Cellenkos utilizes its proprietary CRANETM platform technology to isolate, activate, enrich and expand the tissue directed CB Treg cells that leverage cellular intelligence to seek, localize, proliferate and resolve tissue inflammation. Cellenkos' in-house cGMP facility allows for large scale manufacturing where multiple doses can be generated from a single CB unit. These off-the-shelf allogeneic cell products are cryopreserved and are available on-demand for infusion at the point-of-care.
For more information, please visit the Company's website at:
https://www.cellenkosinc.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company's future financial performance. The Company has attempted to identify forward-looking statements by terminology including "anticipates", "believes", "expects", "can", "continue", "could", "estimates", "intends", "may", "plans", "potential", "predict", "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this press release is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to conform these statements to actual results, unless required by law.
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SOURCE Global Cord Blood Corporation | https://www.whsv.com/prnewswire/2022/04/29/global-cord-blood-corporation-announces-entry-into-cell-therapy-market-by-acquiring-cellenkos-its-products-rights/ | 2022-04-29T23:22:01Z |
Winners of the Double Elimination Event Crowned in Saint Louis, America's Chess Capital
ST. LOUIS, April 29, 2022 /PRNewswire/ -- Sixteen of America's best chess players gathered at the Saint Louis Chess Club to battle over the board from April 18 - April 29, 2022 in the inaugural chess tournament, The American Cup. Veteran and tournament favorite, Grandmaster Irina Krush was crowned the winner of the Women's section, securing victory after comfortably drawing the second game in her match against FIDE Master Alice Lee; Saint Louis resident and World Number 3 Grandmaster Fabiano Caruana clinched first place after defeating Grandmaster Levon Aronian in the final decisive day.
GM Irina Krush was the first player of the tournament to claim the Women's top prize of $25,000 plus a $5,000 bonus for winning the Champions Bracket, entering the finals without a single match loss. FM Alice Lee, age 12 and the youngest player in the Women's Tournament placed second and secured $18,000 in prizes.
"I am very honored to win the title of The American Cup. I've been playing chess my whole life and it's great to have competed and won a tournament called The American Cup," said Krush. "For me the first week of the event was the hardest but once I got past that it was more clear that I might win. I'm so pleased to have won the Women's Field and I look forward to playing in this innovative tournament format again."
Women's Section Final Standings
In Day 1 of the Finals in the Open Section, GM Levon Aronian had the winning advantage but faltered at the last moment, allowing GM Fabiano Caruana to escape with a draw. Day 2 of the Finals found Caruana and Aronian in a dynamically balanced middlegame, but a slight mistake by Aronian left him in an awkward position. Caruana showed flawless technique to win the game and ultimately win the Open Section prize of $50,000 plus the $10,000 Champions Bracket bonus.
"Every match in this tournament was quite tough but I took my chances in the most critical moments against each of my opponents," said Fabiano Caruana. "I didn't take any match lightly against these players, some of whom are younger and can play against the best in the world. I'm extremely pleased with how the event turned out and to have won this tournament on American soil."
"It's amazing to host a new tournament in this unique format featuring the top American players," said Tony Rich, Executive Director of the Saint Louis Chess Club. "We look forward to bringing this event to chess fans year after year."
Open Section Final Standings
Fans can watch the full coverage of The American Cup on the Saint Louis Chess Club's YouTube channel with expert commentary by GM's Yasser Seirawan, Cristian Chirila and Alejandro Ramirez.
About the Saint Louis Chess Club
The Saint Louis Chess Club is a non-profit, 501(c)(3) organization that is committed to making chess an important part of our community. In addition to providing a forum for the community to play tournaments and casual games, the club also offers chess improvement classes, beginner lessons and special lectures.
Recognizing the cognitive and behavioral benefits of chess, the Saint Louis Chess Club is committed to supporting those chess programs that already exist in area schools while encouraging the development of new in-school and after-school programs. For more information, visit www.saintlouischessclub.org.
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SOURCE Saint Louis Chess Club | https://www.whsv.com/prnewswire/2022/04/29/gm-fabiano-caruana-gm-irina-krush-win-inaugural-american-cup/ | 2022-04-29T23:22:07Z |
– Company also announces option grants to management –
OAKLAND, Calif. and TORONTO, April 29, 2022 /PRNewswire/ - Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced that a promissory note in the amount of US$6.23 million (the "Note"), which includes principal, interest and fees, has been repaid by: (i) a cash payment in the amount of US$358,541.10; and (ii) the issuance of US$5.87 million worth of subordinate voting shares ("SVS") of Harborside at a price of US$0.35/Cdn$0.45 per SVS, that being 16,660,993 SVS. The Note, which was issued in July 2021 by UL Holdings Inc. ("Urbn Leaf") in relation to a bridge financing, is now considered to be paid in full and is no longer outstanding.
"We are delighted that holder of the Note elected to convert the Note into Harborside equity," said Ed Schmults, Chief Executive Officer of Harborside. "This show of support for the Company underlines the potential we are unlocking through the recent business combinations with both Urbn Leaf and Loudpack. The Company, to be renamed StateHouse Holdings Inc., is now one of the largest vertically integrated cannabis enterprises in California and represents an ideal platform to consolidate the industry."
Harborside also announced the grant of options to certain members of management to purchase up to an aggregate 1,540,000 SVS. The options are exercisable at the greater of Cdn$0.75 per SVS and the closing market price of the SVS on the date of grant of the options. 25% of the total number of options granted will become fully vested on each of the first, second, third and fourth anniversary of the date of the grant.
"Harborside is committed to a full alignment of interests between management and shareholders," added Mr. Schmults. "With the combination of the three companies, we have put in place a best-in-class management team and I am hopeful that these grants of options will further enhance our team's commitment to achieving the Company's full potential."
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". 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 name change of the Company, and the Company's future performance.
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/2022/04/29/harborside-inc-announces-conversion-us587-million-promissory-note-equity/ | 2022-04-29T23:22:14Z |
First Nine months of Fiscal Year 2022 Financial Highlights
- Total revenues were $525.3 million, an increase of 20.9% compared to the comparable prior year period.
- Gross margin was 33.9%, compared to 36.4% for the comparable prior year period. Non-GAAP gross margin was 34.1%, compared to 36.4% for the comparable prior year period.
- Net income attributable to Hollysys was $60.2 million, a decrease of 11.2% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $69.5 million, a decrease of 3.0% compared to the comparable prior year period.
- Diluted earnings per share was $0.98, a decrease of 12.5% compared to the comparable prior year period. Non-GAAP diluted earnings per share was $1.13, a decrease of 4.2% compared to the comparable prior year period.
- Net cash provided by operating activities was $15.7 million.
- Days sales outstanding ("DSO") of 183 days, compared to 186 days for the comparable prior year period.
- Inventory turnover days of 58 days, compared to 52 days for the comparable prior year period.
Third Quarter of Fiscal Year 2022 Financial Highlights
- Total revenues were $155.7 million, an increase of 41.7% compared to the comparable prior year period.
- Gross margin was 30.6%, compared to 37.4% for the comparable prior year period. Non-GAAP gross margin was 30.8%, compared to 37.5% for the comparable prior year period.
- Net income attributable to Hollysys was $15.8 million, a decrease of 0.2% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $18.3 million, a decrease of 2.2% compared to the comparable prior year period.
- Diluted earnings per share was $0.26, which remained relatively stable compared to the comparable prior year period. Non-GAAP diluted earnings per share was $0.30, a decrease of 3.2% compared to the comparable prior year period.
- Net cash used in operating activities was $35.4 million.
- DSO of 215 days, compared to 279 days for the comparable prior year period.
- Inventory turnover days of 69 days, compared to 58 days for the comparable prior year period.
See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin, non-GAAP net income attributable to Hollysys and non-GAAP diluted earnings per share.
To further align the management's interests with the shareholders' and deliver value to our shareholders through share purchases, Dr. Changli Wang, the CEO and director of Hollysys, through a special purpose vehicle beneficially owned and funded by him, recently purchased a total of 1,055,000 ordinary shares in the open market in accordance with applicable SEC rules and regulations.
BEIJING, April 29, 2022 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the third quarter of fiscal year 2022 ended March 31, 2022. Dr. Changli Wang, the CEO and director of Hollysys, stated:
"We are pleased to report another fiscal quarter with solid financial and operational performance and carried forward of our mission of automation for better lives, even though the COVID-19 continues bringing challenges, such as the rising raw materials costs and the reduced engineering efficiency. I am confident with a promising business future as I am witnessing the self-motivated and goal-oriented management team and employees, raising jointly and heading towards a more prosperous and vigorous Hollysys with clear overall industrial maps and wise developing plans."
The Industrial Automation ("IA") business maintained its strong momentum with augmented market shares as Hollysys had been poised to capitalize on opportunities of the evolving IA industry and had gained wider market recognition.
In the field of chemical and petrochemical industry, we maintained a fast mounting pace. In this fiscal quarter, Hollysys signed a framework agreement with BASF Group for its largest overseas investment project, Zhanjiang Project for the construction of its third largest integrated production base around the globe. Hollysys is the only domestic automation control system supplier in China for this project, providing Gas Detection System ("GDS") and Safety Instrumented System ("SIS"). Furthermore, Hollysys successfully delivered the Carbon Capture, Utilization and Storage ("CCUS") project of Sinopec Group, in which the Company provided Distributed Control System ("DCS"), SIS, GDS, integrated control system and solution. The project is the first one million ton CCUS project in China, and is expected to become the largest CCUS base and a benchmark project in China after its completion. In the future, the Company will continue to strengthen its advantages and competitiveness, helping chemical and petrochemical customers achieve green energy and low carbon goals.
In the thermal power sector, we continued to strengthen our market position in the high-end market and won the bid of several power contracts. For instance, we signed 2*660MW power units in Yan'an, and 2*660MW power units in Xinlin Gol, among others. Despite the slowdown in the thermal power market, our advanced solutions and matured service help us win the favor, adherence and follow-up cooperation of customers, which will inject new vigor into future after-sell performance. Meanwhile, we are making progress on advanced intelligent technologies in the power sector, which will facilitate customers' construction of low-carbon and environmentally friendly projects. For example, the Jimsar Power Generation Project in which the Company participated had successfully passed the trial operation and embraced considerable satisfaction by the customer. Hollysys developed the "Whole-process Intelligent Collaborative Center" solution for the project that covers four functional modules of smart power generation platform, smart management service platform, smart facility application and active information security defense, aiming to build up a low-carbon, environmentally friendly and technology-leading intelligent power station. The Company also set up a new model for the construction of smart power plants in the whole process of the thermal power industry in China.
In addition, the Company is becoming more influential in the food and pharmaceutical field, which was attributable to its accelerated improvements, upgraded products and solutions, and vast breakthroughs on the development of its business among leading customers in the industry. In this fiscal quarter, Hollysys signed a contract with a customer in the pharmaceutical industry in Hubei, who will employ HOLI comprehensive solution including instruments, SIS, Batch Processing System ("BATCH"), Industrial Optical Bus Control System ("OCS"), among others. The Company's solution is expected to help the customer reduce construction costs for users, enhance the reliability and security of the control system and bring remarkable value experience.
In Rail Transportation Automation ("RTA") business, our market position has strengthened, and we take pride in our dedication to national transportation. For example, our technical team dedicated themselves to working at the front line during the Chinese New Year and assisted in maintaining the smooth operation of transportation for Beijing 2022 Winter Olympics and Paralympics. As the Automatic Train Protection ("ATP") supplier of Beijing-Zhangjiakou high-speed railway, Hollysys offered 7x24 hours' world-leading intelligent guard during the events, ensuring the transportation and providing safe, fast, warm and comfortable experience for athletes, coaches and guests around the world. In the metro field, benefiting from our good customer relationships, we won the bid of Supervisory Control and Data Acquisition ("SCADA") project of Chengdu Metro Ziyang Line after winning the Chengdu 30 Line Project in the last few months. With respect to new market opportunities, Hollysys is seeking to leverage self-competitive advantage to sustain its leading position. Hollysys, as the chief editor, participated in the edit of Technical Standard for Precise Traffic Weather System of Highway (the "Standard"), regulating the structure, function, construction and application of highway traffic meteorological system. The implementation of the Standard is expected to further extend Hollysys' competitiveness, which will boost the development of the industry and help the construction of intelligent highways.
COVID-19 remains a challenge to our business, especially to the unit of mechanical and electrical solutions ("M&E") and other overseas business in general. We will continue to monitor the impact of COVID-19 on our business, and risk control remains our key focus.
With our continuous dedication and experienced passionate expertise, we believe that we will continue to create greater value for our clients and shareholders.
Operational Results Analysis for the Third Quarter Ended March 31, 2022
Compared to the third quarter of the prior fiscal year, the total revenues for the three months ended March 31, 2022 increased from $109.9 million to $155.7 million, representing an increase of 41.7%. In terms of revenues by type, integrated contracts revenue increased by 55.3% to $133.2 million, products sales revenue increased by 9.2% to $7.1 million, and services revenue decreased by 12.7% to $15.4 million.
The following table sets forth the Company's total revenues by segment for the periods indicated.
Gross margin was 30.6% for the three months ended March 31, 2022, as compared to 37.4% for the same period of the prior fiscal year. The gross margin fluctuated mainly due to changes in product and service mix. Gross margin of integrated solutions contracts, product sales, and service rendered was 25.4%, 65.9% and 59.5% for the three months ended March 31, 2022, as compared to 25.9%, 81.2% and 77.4% for the same period of the prior fiscal year, respectively. Non-GAAP gross margin was 30.8% for the three months ended March 31, 2022, as compared to 37.5% for the same period of the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 25.7% for the three months ended March 31, 2022, as compared to 25.9% for the same period of the prior fiscal year. See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts.
Selling expenses were $11.4 million for the three months ended March 31, 2022, representing an increase of $4.2 million, or 59.3%, compared to $7.2 million for the same period of the prior fiscal year. The increase was primarily due to the significant increase in sales. Selling expenses as a percentage of total revenues were 7.3% and 6.5% for the three months ended March 31, 2022 and 2021, respectively.
General and administrative expenses were $13.9 million for the quarter ended March 31, 2022, representing a decrease of $1.1 million or 7.3% compared to $15.0 million for the same quarter of the prior year, which was primarily due to a $1.3 million decrease in credit losses. Share-based compensation expenses were $2.1 million and $2.8 million for the three months ended March 31, 2022 and 2021, respectively. General and administrative expenses as a percentage of total revenues were 8.9% and 13.6% for the three months ended March 31, 2022 and 2021, respectively.
Research and development expenses were $16.3 million for the three months ended March 31, 2022, representing an increase of $3.1 million, or 23.8%, compared to $13.2 million for the same period of the prior fiscal year, which was primarily due to increased investments in research and development, including the upgrading of mainstream products and new products developed to meet the needs of the digital infrastructure market, such as the new generation DCS Macs V7, smart factory and smart city rail. Research and development expenses as a percentage of total revenues were 10.5% and 12.0% for the three months ended March 31, 2022 and 2021, respectively.
The VAT refunds and government subsidies were $10.9 million for three months ended March 31, 2022, as compared to $11.6 million for the same period in the prior fiscal year, representing a $0.6 million, or 5.4%, decrease.
The income tax expenses and the effective tax rate were $4.0 million and 20.3% for the three months ended March 31, 2022, respectively, as compared to $3.6 million and 18.5% for comparable period in the prior fiscal year, respectively. The effective tax rate fluctuates, as the Company's subsidiaries contributed different pre-tax income at different tax rates.
Net income attributable to Hollysys was $15.8 million, representing a decrease of 0.2% from $15.9 million reported in the comparable period in the prior fiscal year. Non-GAAP net income attributable to Hollysys, was $18.3 million or $0.30 per diluted share. See the section entitled "Non-GAAP Measures" for more information about non-GAAP net income attributable to Hollysys.
Diluted earnings per share was $0.26 for the three months ended March 31, 2022, which remained relatively stable compared to the comparable period in the prior fiscal year. Non-GAAP diluted earnings per share was $0.30 for the three months ended March 31, 2022, a decrease of 3.2% from $0.31 reported in the comparable period in the prior fiscal year. These were calculated based on 61.7 million and 60.6 million diluted weighted average ordinary shares outstanding for the three months ended March 31, 2022 and 2021, respectively. See the section entitled "Non-GAAP Measures" for more information about non-GAAP diluted earnings per share.
Contracts and Backlog Highlights
Hollysys achieved $299.2 million of value of new contracts for the three months ended March 31, 2022. Order backlog of contracts presents the amount of unrealized revenue to be earned from the contracts that Hollysys won. The backlog was $924.0 million as of March 31, 2022. The following table sets forth a breakdown of the value of new contracts achieved and backlog by segment.
Cash Flow Highlights
For the three months ended March 31, 2022, the total net cash outflow was $47.4 million. The net cash used in operating activities was $35.4 million. The net cash used in investing activities was $14.3 million, mainly consisting of $31.2 million purchases of short-term investments, $8.0 million purchases of property, plant and equipment, and $1.3 million investment of an equity investee, partially offset by $3.8 million of proceeds from disposal of a subsidiary, and 22.3 million of maturity of short-term investments.
Balance Sheet Highlights
The total amount of cash and cash equivalents were $669.8 million, $715.5 million, and $466.1 million as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively.
For the three months ended March 31, 2022, DSO was 215 days, as compared to 279 days for the comparable prior fiscal year and 147 days for the last fiscal quarter; inventory turnover days were 69 days, as compared to 58 days for the comparable prior fiscal year and 50 days for the last fiscal quarter. The inventory balance as of March 31, 2022 was $89.2 million, compared to $67.7 million as of December 31, 2021, as we strategically stocked up inventories to minimize the adverse impacts of the ongoing global supply chain constraints following the COVID-19 outbreak.
Financial Performance Guidance
Based on information available as of the date of this press release, we provide the following financial performance guidance update for the full fiscal year 2022:
- Full-year total value of new contracts is expected to be between $900 million and $1 billion, up 23% to 36% year-over-year.
- Revenue is expected to be in the range of $625 million to $700 million, up 5% to 18% year-over-year.
About Hollysys Automation Technologies Ltd.
Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation automation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation automation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2021, Hollysys had cumulatively carried out more than 35,000 projects for approximately 20,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.
SAFE HARBOR STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com
Non-GAAP Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, in evaluating our results, we use the following non-GAAP financial measures: non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share.
These non-GAAP financial measures serve as additional indicators of our operating performance and not as any replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the share-based compensation expenses, which are calculated based on the number of shares or options granted and the fair value as of the grant date, and amortization of acquired intangible assets. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects.
Non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share should not be considered in isolation or construed as an alternative to gross profit and gross margin, gross profit and gross margin of integrated solutions contracts, net income attributable to Hollysys Automation Technologies Ltd., basic and diluted earnings per share, or any other measure of performance, or as an indicator of the Company's operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP gross profit and gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, respectively, adjusted to exclude non-cash amortization of acquired intangibles. The following table provides a reconciliation of our gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin for the periods indicated.
We define non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts as gross profit and gross margin of integrated solutions contracts, respectively, adjusted to exclude non-cash amortization of acquired intangibles associated with integrated solutions contracts. The following table provides a reconciliation of the gross profit of integrated solutions contracts to non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts for the periods indicated.
We define non-GAAP net income attributable to Hollysys as net income attributable to Hollysys adjusted to exclude the share-based compensation expenses and non-cash amortization of acquired intangible assets. The following table provides a reconciliation of net income attributable to Hollysys to non-GAAP net income attributable to Hollysys for the periods indicated.
Non-GAAP basic (or diluted) earnings per share represents non-GAAP net income attributable to Hollysys divided by the weighted average number of ordinary shares outstanding during the periods (or on a diluted basis). The following table provides a reconciliation of our basic (or diluted) earnings per share to non-GAAP basic (or diluted) earnings per share for the periods indicated.
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SOURCE Hollysys Automation Technologies Ltd | https://www.whsv.com/prnewswire/2022/04/29/hollysys-automation-technologies-reports-unaudited-financial-results-third-quarter-first-nine-months-ended-march-31-2022/ | 2022-04-29T23:22:21Z |
BEIJING, April 29, 2022 /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced that it filed its annual report on Form 20-F for the year ended December 31, 2021 with the U.S. Securities and Exchange Commission on April 29, 2022. The annual report on Form 20-F is available on the Company's investor relations website at https://ir.ihuman.com/. iHuman will provide a hard copy of its annual report on Form 20-F containing complete audited financial statements for the year ended December 31, 2021, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to iHuman Inc., Floor 8, Building B, No. 1 Wangjing East Road, Chaoyang District, Beijing 100012, People's Republic of China.
About iHuman Inc.
iHuman Inc. is a leading provider of tech-powered, intellectual development products in China that is committed to making the child-rearing experience easier for parents and transforming cognitive development into a fun journey for children. Benefiting from a deep legacy that combines over two decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, iHuman empowers parents with tools to make the child-upbringing experience more efficient. iHuman's unique, fun and interactive product offerings stimulate children's natural curiosity and exploration. The Company's comprehensive suite of innovative and high-quality products include self-directed apps, interactive content and smart devices that cover a broad variety of areas to develop children's abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Leveraging advanced technological capabilities, including 3D engines, AI/AR functionality, and big data analysis on children's behavior & psychology, iHuman believes it will continue to provide superior experience that is efficient and relieving for parents, and effective and fun for children, in China and all over the world, through its integrated suite of tech-powered, intellectual development products.
For more information about iHuman, please visit https://ir.ihuman.com/.
For investor and media enquiries, please contact:
iHuman Inc.
Mr. Justin Zhang
Investor Relations Director
Phone: +86 10 5780-6606
E-mail: ir@ihuman.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-13801110739
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
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SOURCE iHuman Inc. | https://www.whsv.com/prnewswire/2022/04/29/ihuman-inc-files-2021-annual-report-form-20-f/ | 2022-04-29T23:22:28Z |
FARMINGTON HILLS, Mich., April 29, 2022 /PRNewswire/ -- 2020 was a pivotal year for many industries. The implications of the COVID-19 pandemic have altered consumer habits and how people do business around the world. One of the most heavily impacted industries is warehousing and logistics. The explosive demand for eCommerce coupled with labor shortages and antiquated infrastructure created novel challenges for the industry. Innovative businesses have been working on coming up with creative solutions to alleviate supply chain issues. One of the companies at the forefront of addressing these issues is MIDCOM Data Technologies. In the last two years, MIDCOM has been working to identify and address these challenges with newer technologies.
What's Causing the Supply Chain Issues & How Are Companies Solving Them?
Although some of the more immediate effects of the pandemic have been alleviated, others will take time. Understanding that these external factors are here to stay, many businesses are taking charge and embracing innovative solutions to solve supply chain issues. Here are the top problems businesses are facing and some of the ways they are tackling them.
Controlling Freight Costs
Increasing freight costs was already an issue pre-pandemic. A massive labor shortage of truck drivers has only amplified the problem. Now, with the pressure of increasing gas prices, businesses are turning to electric vehicles to cut down on freight costs. GM is one of the leading car manufacturers that has made it easier for businesses to make the switch. Offering cash allowances and incentives to participating businesses, GM is taking charge of transitioning America's freights into all-electric vehicles.
Pressures of Fast & Free Shipping
It's no secret that large eCommerce companies such as Amazon have created and capitalized on the demand for faster and cheaper shipping. With dominance over the industry and the capability to meet consumer demands, Amazon has created an unrealistic standard for others to compete with. This so-called "Amazon effect" has put strains on the already struggling small businesses. To keep up with consumer expectations, eCommerce based companies like Ryder are racing to expand their distribution center portfolios in an effort to provide faster shipping to their customers. Regardless, unless substantial shifts take place in the industry or consumer expectations, these pressures will continue to be felt.
Keeping Up with Technology
Another pressure that is felt by all businesses is to keep up with technology. As the competition ramps up, newer technologies are helping businesses cut down on costs and speed up their operations. However, lack of access to these technologies is a major issue due to supply chain problems. MIDCOM Data Technologies, a leader in printer and barcode scanner repair and sales, has introduced innovative solutions to help its customers navigate these challenges. "Most of our customers in warehousing and logistics are feeling intense pressure to move items in and out of their warehouses," says Ken Feinstein, VP of MIDCOM Data Technologies. "Since the pandemic began, we've found higher demand for our Printer Protection Plans and refurbished equipment including thermal label printers and barcode scanners to keep the critical technology that all warehouses need to eliminate downtime and bottlenecks in the picking and fulfillment processes".
The Future of Supply Chain
Experts estimate that many of the factors contributing to supply chain disruptions will remain well into 2023. Supply chain management has become a focus point for many industries, transforming the way they do business in a short amount of time. As businesses learn to coexist with these challenges, new technologies are emerging to alleviate the bottlenecks. These innovations will continue to create shifts in the warehousing and logistics industry beyond the effects of the COVID-19 pandemic.
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SOURCE MIDCOM Data Technologies | https://www.whsv.com/prnewswire/2022/04/29/innovative-ways-solving-supply-chain-issues-warehousing-amp-logistics/ | 2022-04-29T23:22:35Z |
LOS ANGELES, April 29, 2022 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Amgen Inc. ("Amgen" or "the Company") (NASDAQ: AMGN) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. As part of Amgen's first quarter 2022 earnings release issued on April 27, 2022, the Company admitted that: "on April 18, 2022, Amgen received a notice of deficiency from the [Internal Revenue Service ('IRS')] for the 2013-2015 period proposing adjustments primarily related to the allocation of profits between certain of the Company's entities in the United States and the U.S. territory of Puerto Rico," which "seeks to increase Amgen's U.S. taxable income for the 2013-2015 period by an amount that would result in additional federal tax of approximately $5.1 billion, plus interest." The Company also disclosed that the IRS has proposed a penalty of approximately $2 billion related to the deficiency. Based on this news, shares of Amgen fell sharply on April 28, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
info@schallfirm.com
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SOURCE The Schall Law Firm | https://www.whsv.com/prnewswire/2022/04/29/investigation-reminder-schall-law-firm-encourages-investors-amgen-inc-with-losses-100000-contact-firm/ | 2022-04-29T23:22:42Z |
BOSTON, April 29, 2022 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0975 per share paid to all shareholders of record as of April 11, 2022, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
Notification of Sources of Distribution
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on April 1, 2022, and payable on April 29, 2022. No action is required on your part.
Distribution Period: April 2022
Distribution Amount Per Common Share: $0.0975
The following table sets forth the estimated sources of the current distribution, payable April 29, 2022, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the April 2022 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0975 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Effective October 1, 2021, copies of all notices informing shareholders of distributions made by the fund in excess of accumulated net investment income will be posted on John Hancock Investment Management's public website (jhinvestments.com) and on the Legal Notice System (LENS), a service offering of the Depository Trust Company (DTC) accessible by broker-dealer firms. To the extent required, notice may also be provided via press release. John Hancock Investment Management distributed paper copies of these notices by mail until March 30, 2022. Effective April 1, 2022, the notices will be delivered exclusively via the methods described above.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE John Hancock Investment Management | https://www.whsv.com/prnewswire/2022/04/29/john-hancock-premium-dividend-fund-notice-shareholders-sources-distribution-under-section-19a/ | 2022-04-29T23:22:50Z |
Annual Children’s Memorial Flag Day held in Princeton
PRINCETON, W.Va. (WVVA) - April is Child Abuse Awareness Month, and, today, folks gathered at the Mercer County Courthouse for the annual Children’s Memorial Flag Day to ensure the victims are not forgotten.
Edward Bennett, with the Department of Health and Human Resources, shared some grim statistics during today’s ceremony.
He says Mercer County comes in fifth in the state for federal abuse cases, despite being ninth in population. It is also the seventh-highest in youth service cases, as well as in the number of foster children.
One local social worker shares her thoughts on these numbers and how they affect the county.
“I think that a lot of the time folks are under the misconception that things like that don’t happen here and they don’t happen in smaller, rural communities,” shared Program Director of the Child Advocacy Center, Beth Sizemore. “But, unfortunately, child abuse and child neglect happens everywhere- in every socioeconomic level. It happens in families, you know, from the poorest to the richest.”
The ceremony ended with the courthouse bell being tolled 14 times to signify the 14 West Virginia children who died from abuse in 2021.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/04/29/annual-childrens-memorial-flag-day-held-princeton/ | 2022-04-29T23:22:54Z |
BOSTON, April 29, 2022 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of April 11, 2022, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
John Hancock Tax-Advantaged Dividend Income Fund
Notification of Sources of Distribution
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on April 1, 2022, and payable on April 29, 2022. No action is required on your part.
Distribution Period: April 2022
Distribution Amount Per Common Share: $0.1380
The following table sets forth the estimated sources of the current distribution, payable April 29, 2022, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the April 2022 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Effective October 1, 2021, copies of all notices informing shareholders of distributions made by the fund in excess of accumulated net investment income will be posted on John Hancock Investment Management's public website (jhinvestments.com) and on the Legal Notice System (LENS), a service offering of the Depository Trust Company (DTC) accessible by broker-dealer firms. To the extent required, notice may also be provided via press release. John Hancock Investment Management distributed paper copies of these notices by mail until March 30, 2022. Effective April 1, 2022, the notices will be delivered exclusively via the methods described above.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE John Hancock Investment Management | https://www.whsv.com/prnewswire/2022/04/29/john-hancock-tax-advantaged-dividend-income-fund-notice-shareholders-sources-distribution-under-section-19a/ | 2022-04-29T23:22:57Z |
Astroworld movie set for release despite lawyers’ concerns
HOUSTON (AP) — The experiences of panicked concertgoers who couldn’t breathe and had no clear path to escape a massive crowd surge at last year’s deadly Astroworld music festival in Houston are featured in a documentary released Friday.
But lawyers for Live Nation, which is being sued for its role as the festival’s promoter, say they’re concerned that publicity from the documentary, “Concert Crush: The Travis Scott Festival Tragedy,” could “taint the jury pool.” A gag order has been issued in the case, but Live Nation’s lawyers say an attorney who filed lawsuits related to the tragedy also co-produced the documentary. A spokesperson for Scott, who is also being sued, was also critical.
Charlie Minn, the film’s director, said he believes he has made a balanced and fair film that tries to show the public what happened.
“My job is to make the most truthful, honest, sincere documentary from the victim’s point of view ... We need to know about these stories to prevent it from happening again,” Minn told The Associated Press.
Around 500 lawsuits have been filed following the Nov. 5 concert headlined by Scott, a popular rapper. Ten people died and hundreds of others were injured during the massive crowd surge.
The documentary, showing in 11 Texas cities including Austin, Dallas and Houston, includes interviews with several people who survived the crowd surge. It also features cellphone video shot by concertgoers in which people can be heard repeatedly screaming for help.
“It’s hard to explain to friends and family what we saw and what we actually went through and I think (the documentary) will give a lot of people the opportunity, if you weren’t there, to understand,” said Frank Alvarez, who attended the concert but does not appear in the film.
The film highlights what concertgoers experienced and what led to the tragedy, said Minn, who has also made documentaries about the deadly 2018 shooting at a suburban Houston high school and violence along the U.S.-Mexico border.
The film suggests Scott could have done more to prevent the conditions that led to the casualties, but Minn said it isn’t a “hit piece toward Travis Scott.” He said it also questions whether others, including Live Nation and Houston police, could have done more to improve safety or respond more quickly to the danger. Minn said Scott, Live Nation and Houston police declined to be interviewed for the documentary. Houston police are investigating the disaster.
In a report released this month, a task force created by Texas Gov. Greg Abbott uncovered problems with permits for such events and called for “clearly outlined triggers” for stopping such a show.
Attorneys for Live Nation expressed their concerns in a letter this month to state District Judge Kristen Hawkins, who is handling all pretrial matters in the lawsuits.
“The involvement of plaintiffs’ lawyers in the film, and the publicity the filmmakers and producers are trying to generate for it raise significant issues about efforts to taint the jury pool,” Neal Manne and Kevin Yankowsky, two of Live Nation’s attorneys, wrote in the letter.
But the attorneys have not asked Hawkins to take any specific action regarding the documentary.
Manne and Yankowsky did not respond to emails seeking comment. Live Nation has said it’s “heartbroken” by what happened but has denied responsibility.
In a statement, a spokesperson for Scott faulted the documentary’s conclusions “that falsely blame Mr. Scott for the heartbreaking tragedy that occurred.” The statement also criticized the involvement in the film of attorneys who have filed lawsuits in the case and said the film’s goal was “swaying future juries and public opinion.” The spokesperson did not know if Scott has seen the documentary.
“Mr. Scott remains focused on his philanthropic work in his hometown of Houston and in lower-income communities of color across the country, both of which are longstanding efforts,” the spokesperson said in a statement.
Cassandra Burke Robertson, a law professor at Case Western Reserve University in Cleveland, said she would be shocked if the judge would take any action regarding the documentary because of First Amendment concerns, even with the gag order.
“I think the public interest here in exploring what happened and avoiding similar tragedies in the future, that’s a really big interest. That is likely to outweigh the interests of the particular outcome of the particular lawsuit,” Robertson said.
Brent Coon, an attorney representing about 1,500 concertgoers who was interviewed in the documentary, said he doesn’t think the film would impact the ability to choose an impartial jury if the case goes to trial, which could be years away.
“I don’t think any lawyer in this case could fan the flames much to change ... what the public’s perception of all this is going to be,” Coon said.
Robertson, who is not involved in the litigation, said the fact that one of the film’s co-producers, Rick Ramos, is representing concertgoers who have filed lawsuits could raise some ethical concerns. It was unclear how Ramos was benefitting financially from his involvement in the documentary.
Ramos declined to comment Thursday.
“I personally would not co-sponsor something like that during pending civil litigation. I don’t think there’s anything wrong with it. It’s just something I wouldn’t do,” Coon said.
Minn said the questions asked about Ramos’ participation are valid but he never hid his involvement.
“People have to watch the film and judge it for what that is,” Minn said.
___
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Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/04/29/astroworld-movie-set-release-despite-lawyers-concerns/ | 2022-04-29T23:23:01Z |
NEW YORK, April 29, 2022 /PRNewswire/ -- A motion seeking a stay of the appeal for Keith Raniere was filed today by Raniere's attorney Joseph M. Tully. The motion presents three reports from expert witnesses of new evidence of FBI tampering with a hard drive with digital photographs found on it and a camera card. The stay aims to provide time for the filing of a Rule 33 Motion seeking a new trial.
Expert reports from Dr. J. Richard Kiper, Ph.D., PMP, Steven M. Abrams, J.D., M.S, and Wayne B. Norris allege that the government tampered with key evidence that it then offered into evidence against Mr. Raniere during his jury trial. These reports were submitted along with the Stay motion, available at https://www.scribd.com/document/572090982/US-v-Raniere-Motion-to-Stay-Appeal.
Tully said of this motion, "Per the expert report of a former FBI Special Agent, computer images and photographs used to convict Mr. Raniere at jury trial were materially altered when in FBI custody. Specifically, there is evidence that computer data related to digital photographs taken of a nude female were altered so that the year that these photographs were taken was changed. This was used by the government to establish the female as being under the age of eighteen at the time the photographs were taken."
Some of the key findings alleged in the motion include:
- Two FBI agents "broke protocol and checked the camera and CF card out of Evidence Control twice, for a total of 24 days."
- "The backup folder [on the WD HDD] containing the alleged contraband has all the hallmarks of fraud…" with dates and folder names being "manually altered to look autogenerated in a manner that comported with the government's narrative."
- "While in FBI custody, the CF card was accessed improperly, without authorization, and was altered. It was undoubtedly tampered with, as the thumbnails of a brunette impossibly became thumbnails of a blonde."
Tully continues, "All three experts conclude that the most reasonable explanation for the plethora of anomalies on the WD HDD and the CF card - which all support the government's narrative - is that the government, acting with malfeasance, tampered with the evidence – destroying, constructing, and altering it.
Dr. James Kiper is a former FBI agent who served 20 years in the agency, specializing as a computer forensic examiner. Steven M. Abrams, J.D., M.S is a licensed attorney, a retired State Constable in South Carolina, and an expert in digital forensics, which he has taught to police and military organizations around the world. Wayne B. Norris has served as an expert witness in more than 100 technology-related cases in federal, state, and municipal courts. He currently specializes in digital forensics.
Raniere is currently serving a 120-year sentence in federal prison. The case is 20-3520 -3789 in the U.S. Second Circuit Court of Appeals.
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SOURCE Joseph Tully Law Firm | https://www.whsv.com/prnewswire/2022/04/29/joseph-tully-law-firm-keith-raniere-submits-discovery-illegal-evidence-tampering-allegedly-conducted-by-fbi-agents/ | 2022-04-29T23:23:04Z |
Dolly Parton now says she’d accept Rock & Roll Hall of Fame spot
(CNN) – Country music legend Dolly Parton now says she’s ready to accept a spot in the Rock & Roll Hall of Fame if she’s inducted.
In a Friday interview with NPR, Parton said she would “gracefully” accept the induction.
The singer was nominated for a Hall of Fame spot earlier this year, but she asked that her name be withdrawn in March.
She said she felt she would be taking it away from a rock artist who deserved it more.
But the Rock & Roll Hall of Fame Foundation declined to take Parton out of the running.
Her name still appeared on the ballot sent to voters, alongside other nominees including A Tribe Called Quest and Dionne Warwick.
Now Parton says if fans vote her in, she will “just say thanks” and accept the spot.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.wvva.com/2022/04/29/dolly-parton-now-says-shed-accept-rock-roll-hall-fame-spot/ | 2022-04-29T23:23:10Z |
Focused Corporate Strategy Simplifies Operations Emphasis into High-Value Opportunities within Retail and Agency Verticals; Long-Term Plan to Generate Revenue Growth and Enhanced Profitability
SPOKANE, Wash., April 29, 2022 /PRNewswire/ -- Kaspien Holdings Inc. (Nasdaq: KSPN) ("Kaspien" or the "Company"), a leading e-commerce marketplace growth platform, today reported financial results for the fiscal fourth quarter and full year ended January 29, 2022.
Recent Operational Highlights
- Introduced updated corporate strategy designed to generate sustained revenue growth and profitability. In recent months, Kaspien has begun implementing a long-term plan designed to realign organizational focus to the following key areas: simplified reporting structure through its Retail and Agency businesses, more deliberate engagement with higher value partners and industry verticals, and implementing greater operational rigor to drive enhanced profitability metrics.
- Promoted CFO Brock Kowalchuk to Interim CEO, effective March 11, 2022. Kowalchuk joined Kaspien in 2018 after several years at Goldman Sachs, where he held roles of increasing responsibility. Kowalchuk, along with the rest of Kaspien's senior leadership team, will be actively involved in implementing the Company's new strategic plan over the coming months.
- Received multiple industry recognitions and awards, including the following titles:
Management Commentary
"Over the last year and in recent months, the e-commerce landscape has dramatically shifted several times. As a team that services hundreds of businesses operating in this environment, we've also updated our focus to better serve our partners in today's market while still embracing our heritage and leaning into what we do best," said Kaspien Interim CEO Brock Kowalchuk. "Kaspien remains focused on accelerating the growth of brands on today's leading online marketplaces, and we believe we can best achieve that goal through an increased focus on our retail and agency businesses, where we've historically had the most success. We will also be refining our go-to-market actions to attract larger customers in select verticals to drive more consistent revenue growth. In recognition of the challenging supply chain and global economic environment, in the near term we'll be concentrating our efforts on increased operational rigor and risk mitigation processes. Our aim over the long term is to improve working capital and operating margins to ultimately drive profitability for our business. Our plan will require a combination of vision, pragmatism, and humanity. As of today, I believe we have the team and resources to make our vision a reality."
Fiscal Fourth Quarter 2021 Financial Results
Results compare 2021 fiscal fourth quarter ended January 29, 2022 to 2020 fiscal fourth quarter ended January 30, 2021 unless otherwise indicated.
- Net revenue decreased 20.9% to $36.0 million from $45.5 million in the comparable year-ago period. The decrease in net revenue was primarily attributable to ongoing supply challenges in the Company's Fulfillment by Amazon ("FBA") US segment.
- Gross profit decreased 45% to $6.1 million, or 17.0% of net revenue, from $11.2 million, or 24.6% of net revenue, in the comparable year-ago period. The decrease in gross profit was primarily attributable to the write-down of obsolete inventory and lower merchandise margin.
- Selling, General & Administrative ("SG&A") expenses increased 8.0% to $11.5 million or 31.9% of net revenue from $10.7 million or 23.4% of net revenue in the comparable year-ago period. The increase in SG&A expenses was primarily attributable to increased wages and marketing expenses.
- Loss from operations was $5.4 million, compared to an income from operations of $0.6 million in the comparable year-ago period. The increase in operating loss was the result of the decline in sales and lower gross margin.
- Net loss was $5.8 million, or $2.33 per diluted share, compared to a net loss of $0.1 million, or $0.08 per diluted share, in the comparable year-ago period.
- Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $5.1 million compared to an adjusted EBITDA of $1.1 million in the comparable year-ago period.
- As of January 29, 2022, the Company had $1.2 million in cash, compared to $1.8 million as of January 30, 2021.
- Inventory at quarter end was $29.3 million, compared to $24.5 million as of January 30, 2021.
- As of January 29, 2022, the Company had $10.0 million in borrowings under its credit facility and had $2.1 million available for borrowing. On March 2, 2022, the Company entered into an Amendment to its Subordinated Loan and Security Agreement with Alimco RE Ltd pursuant to which Alimco made an additional $5.0 million secured term loan with a scheduled maturity date of March 31, 2024, which is the same maturity date as the existing loans under the Subordinated Loan Agreement.
Fiscal Year 2021 Financial Results
Results compare the fiscal year ended January 29, 2022 to the fiscal year ended January 30, 2021 unless otherwise indicated.
- Net revenue decreased 9% to $143.7 million from $158.3 million in the comparable year-ago period. This decrease in net revenue was driven by a decrease in retail revenue, slightly offset by an increase in subscriptions and other revenue.
- Gross profit decreased 17% to $32.8 million, or 22.8% of net revenue, compared to $39.4 million, or 24.9% of net revenue, over the comparable year-ago period. The decrease in gross profit was driven by a decrease in merchandise margin and an increase in warehousing and freight expenses. The table below summarizes the year-over-year comparison of gross margin:
- SG&A expenses decreased 6% to $42.4 million or 29.5% of net revenue from $45.1 million or 28.5% of net revenue in the comparable year-ago period. The decrease in SG&A expenses was due to a $2.3 million decrease in selling expenses related to the decline in net revenue and a $389,000 decline in general and administrative expenses.
- Loss from operations totaled $9.6 million, an improvement from $5.7 million in the comparable year-ago period. The improvement in operating results was the result of the reduction in SG&A expenses.
- Net loss was $8.0 million, or $3.28 per diluted share, compared to a loss of $3.9 million, or $2.10 per diluted share, in the comparable year-ago period. The increase in net loss was driven by the decline in sales and merchandise margin and a $3.5 million income tax benefit recorded in the prior year period that was not recognized in the current year period.
- Adjusted EBITDA loss (a non-GAAP metric reconciled below) was $7.2 million, compared to an adjusted EBITDA loss of $3.6 million in the comparable year-ago period.
- Cash used in operations was $14.5 million, compared to $13.4 million in the comparable year-ago period.
Key Performance Indicators (KPIs)
In recognition of the Company's updated corporate strategy, management is revising the KPI metrics Kaspien publicly discloses to better align with the focus of its business going forward. Unless otherwise specified, KPI data has been recorded as of fiscal fourth quarter and full year end (January 29, 2022).
- Fiscal fourth quarter 2021 GMV increased 8.0% to $79.8 million, compared to $73.9 million in the comparable year-ago period. Subscription GMV increased 56% to $42.0 million (53% of total GMV), compared to $26.9 million (36% of total GMV) in the comparable year-ago period.
Kaspien plans to file its annual Form 10-K today, April 29, 2022, in accordance with SEC filing deadlines.
About Kaspien
Kaspien Holdings Inc. (f/k/a Trans World Entertainment Corporation) (NASDAQ: KSPN) is a leading, global e-commerce accelerator that deploys AI-driven software and end-to-end services to optimize and grow brands on Amazon, Walmart, Target, eBay, and other online marketplaces. Rebranded as Kaspien in 2020, the Company has spent more than a decade developing a marketplace growth platform of proprietary technologies that maximize supply chain resilience, optimize marketing, strengthen brand control, and provide predictive analytics. Serving a variety of brands, distributors, agencies and FBA aggregators, Kaspien accelerates growth by tailoring an extensive suite of seller services to its partners' dynamic e-commerce needs. The Company has a long track record of success, having served over 4,000 brands in 20 countries. Kaspien's mastery of the e-commerce space and commitment to rapid innovation has earned the trust of many leading brands. For more information, visit kaspien.com.
Non-GAAP Financial Measures
Adjusted EBITDA is defined as net loss, adjusted to exclude: (i) income tax expense; (ii) Other (income) loss; (iii) interest expense; and (iv) depreciation expense. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. We use adjusted EBITDA to evaluate our own operating performance and as an integral part of our planning process. We present adjusted EBITDA as a supplemental measure because we believe such a measure is useful to investors as a reasonable indicator of operating performance. We believe this measure is a financial metric used by many investors to compare companies. This measure is not a recognized measure of financial performance under GAAP in the United States and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with GAAP.
About Key Performance Indicators
Gross Merchandise Value ("GMV") is the total value of merchandise sold over a given time period through a customer-to-customer exchange site. For Kaspien, it is the measurement of merchandise value sold across all channels and partners within the Kaspien platform.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements in this communication are forward-looking statements. The statements contained herein that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.
We have used the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", and similar terms and phrases, including references to assumptions, in this document to identify forward-looking statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events and are subject to uncertainties and factors that could cause actual results to differ materially from the results expressed in the statements. The following factors are among those that may cause actual results to differ materially from the Company's forward-looking statements: risk of disruption of current plans and operations of Kaspien and the potential difficulties in customer, supplier and employee retention; the outcome of any legal proceedings that may be instituted against the Company; the Company's level of debt and related restrictions and limitations, unexpected costs, charges, expenses, or liabilities; the Company's ability to operate as a going-concern; deteriorating economic conditions and macroeconomic factors; the impact of the COVID-19 pandemic; and other risks described in the Company's filings with the SEC, such as its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.
The reader should keep in mind that any forward-looking statement made by us in this document, or elsewhere, pertains only as of the date on which we make it. New risks and uncertainties come up from time-to-time and it's impossible for us to predict these events or how they may affect us. In light of these risks and uncertainties, you should keep in mind that any forward-looking statements made in this document or elsewhere might not occur.
Company Contact
Ed Sapienza
Chief Financial Officer
509-202-4261
esapienza@kaspien.com
Investor Relations Contact
Gateway Investor Relations
Matt Glover and Tom Colton
949-574-3860
KSPN@gatewayir.com
-Financial Tables to Follow-
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SOURCE Kaspien Holdings Inc. | https://www.whsv.com/prnewswire/2022/04/29/kaspien-holdings-inc-reports-fiscal-fourth-quarter-full-year-2021-results/ | 2022-04-29T23:23:11Z |
Judge upholds Ghislaine Maxwell’s sex trafficking conviction
Published: Apr. 29, 2022 at 6:18 PM EDT|Updated: 1 hour ago
NEW YORK (AP) — A trial judge has concluded there was enough evidence to convict Ghislaine Maxwell of sex trafficking, but she also gave Maxwell a legal victory by concluding that three conspiracy counts charged the same crime.
U.S. District Judge Alison J. Nathan issued a written ruling Friday in response to a request by Maxwell’s lawyers to reject a December jury verdict.
Nathan found the jury’s guilty verdicts were readily supported by extensive witness testimony and documentary evidence at trial.
The 60-year-old Maxwell was convicted of recruiting teenage girls for financier Jeffrey Epstein to sexually abuse from 1994 to 2004.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/04/29/judge-upholds-ghislaine-maxwells-sex-trafficking-conviction/ | 2022-04-29T23:23:17Z |
Global research and development organization recognizes LG&E and KU Energy
LOUISVILLE, Ky., April 29, 2022 /PRNewswire/ -- LG&E and KU Energy was recently honored as the recipient of a Technology Transfer Award from the Electric Power Research Institute (EPRI) for its achievements in research and development.
Presented annually, EPRI's Technology Transfer Awards recognize power system leaders and innovators who have helped their companies deliver safe, affordable, reliable and environmentally responsible electricity via the application of research and development in the utility industry.
The 2021 Technology Transfer Award recognizes the use of EPRI's Electrification Portfolio Assessment tool to identify high-impact electrification technologies to reduce natural gas use and related emissions. This technology research project identified more than one million megawatt-hours of electrification opportunities for LG&E and KU industrial and commercial customers to reduce emissions and lower costs by electrifying equipment, including forklifts, and processes such as curing, drying and resistance heating. This research will help inform future customer engagement, programs and investments.
"This EPRI Technology Transfer award, which is one of many our company has received, recognizes our continued leadership in research and innovation," said David Sinclair, LG&E and KU Energy vice president of Energy Supply and Analysis. "Moving forward, we will continue to leverage our partnerships with industry, universities and research organizations, like EPRI, to meet our ambitious sustainability goals."
LG&E and KU Energy is committed to undertaking efforts throughout its business to advance clean energy initiatives and support parent company PPL's goal of net-zero carbon emissions by 2050, with interim reduction targets of 70% from 2010 levels by 2035 and 80% by 2040.
The company has won more than a dozen Technology Transfer Awards from EPRI since 2013. Among the projects noted in the awards are the company's energy storage site, universal solar farm and electric vehicle charging station program. Along with its parent company, PPL, LG&E and KU will continue to lead in the research and development space while progressing toward PPL's sustainability goals.
Find out more information about LG&E and KU's innovation and electrification at lge-ku.com/research.
Louisville Gas and Electric Company and Kentucky Utilities Company, part of the PPL Corporation (NYSE: PPL) family of companies, are regulated utilities that serve more than 1.3 million customers and have consistently ranked among the best companies for customer service in the United States. LG&E serves 333,000 natural gas and 429,000 electric customers in Louisville and 16 surrounding counties. KU serves 566,000 customers in 77 Kentucky counties and five counties in Virginia. More information is available at www.lge-ku.com and www.pplweb.com.
Media Hotline
T 502-627-4999 | F 502-627-3629
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SOURCE Louisville Gas and Electric and Kentucky Utilities | https://www.whsv.com/prnewswire/2022/04/29/kentucky-company-recognized-leadership-innovation/ | 2022-04-29T23:23:19Z |
Scam alert: BBB warns of new job interview scam involving messaging app, personal information
(Gray News) - The Better Business Bureau says scammers love to bring back an employment scam whenever the economy threatens to take a dip.
The BBB Scam Tracker has received multiple reports of a new job scam twist that involves downloading a messaging app.
Officials with the BBB say the scam starts with people receiving a message from someone interested in hiring them. It might come through email, text or even a social media platform.
At first, this “recruiter” seems professional. They claim to have seen your resume on a job search site and want to interview you for a position. But first, you need to download a messaging app, such as Telegram.
Once you download the app, the “recruiter” will begin sending you messages and will ask you to complete a few interview questions. After giving you enthusiastic feedback, they will offer you a position with their company.
This interaction is followed by an official-looking contract to fill out and sign, according to the BBB.
After you sign, the scammer will ask for your name, address, date of birth, and banking information, claiming they need to add you to direct deposit payroll and other company systems.
However, the BBB warns if you provide this sensitive information, you could easily become a victim of identity theft.
And some versions of this scam don’t end there.
As a new hire, you are referred to a “training manager” who will help you set up your home office. This person sends you a check to buy a laptop and other supplies.
After depositing the check, your contact will say that you were overpaid and need to return a portion of what you deposited. However, the check is fake, and any funds you “return” to your new employer will be long gone.
The BBB said a victim of such a scam lost $3,000.
Officials with the BBB advise consumers to research job offers first, beware of jobs that involve receiving and returning money, be careful with your personal information and watch out for easy hires.
More information on avoiding employment scams is also available here.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/04/29/scam-alert-bbb-warns-new-job-interview-scam-involving-messaging-app-personal-information/ | 2022-04-29T23:23:24Z |
RADNOR, Pa., April 29, 2022 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) has filed a securities class action lawsuit in the United States District Court for the Western District of Texas against Natera, Inc. ("Natera") (NASDAQ: NTRA) on behalf of all persons and entities who purchased or otherwise acquired Natera common stock between February 26, 2020, and April 19, 2022, inclusive (the "Class Period"). This action is captioned John Harvey Schneider v. Natera, Inc., et al., Case No. 1:22-cv-00398.
Important Deadline Reminder: Investors who purchased or otherwise acquired Natera common stock during the Class Period may, no later than June 27, 2022, seek to be appointed as a lead plaintiff representative of the class.
CLICK HERE TO SUBMIT YOUR NATERA LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/natera-inc?utm_source=PR&utm_medium=link&utm_campaign=natera&mktm=r
TO VIEW OUR VIDEO, PLEASE CLICK HERE
TO VIEW OUR COMPLAINT, PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: JUNE 27, 2022
CLASS PERIOD: FEBRUARY 26, 2020 through APRIL 19, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Email at info@ktmc.com
NATERA'S ALLEGED MISCONDUCT
Natera, a Delaware corporation with principal executive offices in Austin, Texas, offers genetic testing in the areas of women's health, oncology, and organ health. Among other things, the Company produces and markets a non-invasive prenatal test (NIPT), called "Panorama," and a screening test for kidney transplant failure, called "Prospera." Throughout the Class Period, Defendants repeatedly assured investors that Panorama was reliable, that Prospera was more accurate than competing tests, and that Natera's growth was driven by its superior technology and customer experience.
Investors, however, began to learn the truth on January 1, 2022, when The New York Times published a detailed report calling into question the accuracy of certain prenatal tests manufactured by Natera and other diagnostic testing companies. Among other things, The New York Times reported that Natera's positive results for several genetic disorders were incorrect more than 80 percent of the time. On this news, the price of Natera common stock fell $5.35 per share, or approximately 6% over two trading days, from a close of $93.39 per share on December 31, 2021, to close at $88.04 per share on January 4, 2022.
Less than two weeks later, on January 14, 2022, the Campaign for Accountability—a nonprofit watchdog group—filed a complaint with the U.S. Securities and Exchange Commission requesting an investigation as to whether Natera repeatedly claimed – in marketing materials and earnings calls – that its tests are much more reliable than it appears they really are. On this news, the price of Natera common stock fell $6.29 per share, or more than 9%, from a close of $67.37 per share on January 14, 2022, to close at $61.08 per share on January 18, 2022.
Then, on March 9, 2022, Hindenburg Research issued an investigative report alleging, among other things, that "Natera's revenue growth has been fueled by deceptive sales and billing practices aimed at doctors, insurance companies and expectant mothers." On this news, the price of Natera common stock fell as much as $28.65 per share, or more than 52%, from a close of $54.75 per share on March 8, 2022, to an intra-day low of $26.10 per share on March 9, 2022.
Several days later, on March 14, 2022, a jury found that Natera had intentionally and willfully misled the public by utilizing false advertisements to market Prospera in violation of federal and state laws. Among other things, the jury found that Natera's marketing falsely claimed that Prospera was more accurate than the competing kidney transplant testing offered by CareDx, Inc. Ultimately, the jury awarded CareDx, Inc. $44.9 million in monetary damages. On this news, Natera common stock fell as much as $8.81 per share, or approximately 22.5%, from an intra-day high of $39.13 per share on March 14, 2022, to close at $30.32 per share on March 15, 2022.
Finally, on April 19, 2022, the United States Food and Drug Administration (FDA) issued a safety communication "to educate patients and health care providers and to help reduce the inappropriate use of [NIPTs]." The FDA cautioned that statements about NIPTs' reliability and accuracy "may not be supported with sound scientific evidence" and revealed the existence of "cases where a screening test reported a genetic abnormality and a confirmatory diagnostic test later found that the fetus was healthy." The FDA suggested that patients discuss benefits and risks with a healthcare provider before deciding to undergo NIPT or making any pregnancy-related decisions on the basis of NIPT results. In addition, the FDA advised health care providers that they should not rely on NIPT results alone to diagnose chromosomal abnormalities or disorders. Following this news, the price of Natera common stock fell as much as $1.53 per share, or approximately 3.9%, from an intra-day high of $39.63 per share on April 19, 2022, to close at $38.10 per share on April 20, 2022.
The complaint alleges that, throughout the Class Period, the Defendants misrepresented and/or failed to disclose that: (1) Panorama was not reliable and resulted in high rates of false positives; (2) Prospera did not have superior precision compared to competing tests; (3) as a result of Defendants' false and misleading claims about Natera's technology, the company was exposed to substantial legal and regulatory risks; (4) Natera relied upon deceptive sales and billing practices to drive its revenue growth; and (5) as a result of the foregoing, Defendants' statements about the company's business, operations, and prospects lacked a reasonable basis.
WHAT CAN I DO?
Natera investors may, no later than June 27, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Natera investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP | https://www.whsv.com/prnewswire/2022/04/29/kessler-topaz-meltzer-amp-check-llp-files-securities-fraud-class-action-lawsuit-against-natera-inc-ntra/ | 2022-04-29T23:23:26Z |
RESTON, Va., April 29, 2022 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE:LDOS) today announced that its Board of Directors has declared a quarterly cash dividend of $0.36 per outstanding share of common stock of Leidos Holdings, Inc. The cash dividend is payable on June 30, 2022, to stockholders of record as of the close of business on June 15, 2022.
Leidos is a Fortune 500® technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, civil, and health markets. The company's 43,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $13.7 billion for the fiscal year ended December 31, 2021. For more information, visit www.Leidos.com.
Media contact:
Melissa Lee Dueñas
(571) 526-6850
Duenasml@leidos.com
Investor Relations:
Stuart Davis
(571) 526-6124
ir@leidos.com
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SOURCE Leidos | https://www.whsv.com/prnewswire/2022/04/29/leidos-holdings-inc-declares-quarterly-cash-dividend/ | 2022-04-29T23:23:29Z |
Temps will rise into the weekend, but so will the chance of rain!
Severe storms could pop up before the weekend is over
An incoming warm front will bring warmer temps, but also moisture as we head toward the weekend. Tonight we’ll see lingering clouds, and a few showers, especially after midnight tonight. Low temps will be in the upper 40s-low 50s for most.
Saturday will bring rounds of rain to start the day, with possibly a few rumbles of thunder as well. Highs will be in the upper 60s and low 70s. During the afternoon, we’ll see a few more breaks in the clouds as the warm front lifts north of the area. Saturday night looks partly cloudy and mild, with rain looking to return by early Sunday.
As a cold front swings in Sunday, showers and thunderstorms are looking likely throughout the day. Temps look to warm into the 70s, so we could have enough instability due to heating for thunderstorms, of which some could be severe. Stay weather aware!
We look dry, breezy, and sunny to start next week...but rain will return again Tuesday. Stay tuned
BLUEFIELD, W.Va. (WVVA) -
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/04/29/temps-will-rise-into-weekend-so-will-chance-rain/ | 2022-04-29T23:23:30Z |
LORDSTOWN, Ohio, April 29, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE) ("Lordstown Motors"), a developer of electric light-duty trucks focused on the commercial fleet market, today announced that it will release its first quarter financial results before market open on May 9, 2022. The company will then host a conference call at 8:30 a.m. Eastern Time.
The call can be accessed via a live webcast accessible on the Events page of Lordstown Motors' Investor Relations website at https://investor.lordstownmotors.com/. An archive of the webcast will be available shortly after the call.
Lordstown Motors is also providing an update with respect to the pending transactions under the asset purchase agreement entered into with Foxconn EV Technology, Inc. ("Foxconn Ohio"), an affiliate of Hon Hai Technology Group ("Foxconn"), on November 10, 2021 (the "APA"). The APA provides, among other things, that Foxconn Ohio will purchase the Lordstown facility for $230 million and reimburse certain operating and expansion costs incurred by Lordstown Motors from September 1, 2021, through the closing. To date, Foxconn Ohio has made down payments of $100 million on November 18, 2021, $50 million on January 28, 2022, and $50 million on April 15, 2022. On April 9, 2022, the parties received clearance of the transactions from the Committee on Foreign Investment in the United States (CFIUS).
The closing remains subject to additional closing conditions, including further negotiation and execution of a contract manufacturing agreement.
Under the APA, the parties also agreed to use commercially reasonable efforts to enter into a joint venture agreement for the purpose of jointly designing, engineering, developing, validating, and launching vehicle programs for the commercial vehicle market in North America and internationally using Foxconn's Mobility-in-Harmony platform. To date, no agreement has been reached, although discussions are continuing.
No assurance can be made that the APA will ultimately be consummated on the terms contemplated, or at all, or that any joint venture or related funding structure (the "Joint Venture Agreement") will be reached or as to the terms of the Joint Venture Agreement. Pursuant to the APA, if the contemplated transactions are not consummated by May 14, 2022, then, subject to any defenses and/or other claims it may have, Lordstown Motors would be obligated to repay the down payments to Foxconn by such date, unless the parties have agreed to an extension of the repayment deadline. Lordstown Motors has granted Foxconn a first priority security interest in substantially all of its assets to secure the repayment obligation and does not currently have sufficient available cash to repay the down payments by the repayment deadline. See "Forward-Looking Statements" below for additional information regarding risks and uncertainties relating to the potential Foxconn transactions and otherwise that may affect Lordstown Motors' prospects, future results and ability to continue as a going concern.
Lordstown Motors expects to provide further updates regarding the status of the APA and related transactions as part of its earnings announcement and conference call on May 9, 2022.
Forward-Looking Statements
This release includes forward looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believe," "expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the need to raise substantial additional capital well in advance of our target for the start of commercial production, to continue ongoing operations and remain a going concern, and our ability to raise such funding on a reasonable timeline and with suitable terms; the cost and other impacts of litigation, regulatory proceedings, investigations, claims and available insurance coverage and/or adverse publicity including with respect to the matters raised by the March 24, 2022 stockholder letter, which may have a material adverse effect, whether or not successful or valid, on our business prospects and ability to obtain financing; our limited operating history and our ability to execute our business plan, including through any relationship with Foxconn; our ability to raise sufficient capital in the future in order to invest in the tooling to eventually lower the bill of materials cost for, and make continued design enhancements to, the Endurance and any future vehicles we may develop; the rollout of our business and the timing of expected business milestones, including our ability to complete the engineering of the Endurance, and conversion and retooling of the Lordstown facility, to establish and maintain appropriate supplier relationships, to successfully complete testing, homologation and certification, and to start production of the Endurance in accordance with our projected timeline; supply chain disruptions, inflation and the potential inability to source essential components and raw materials, including on a timely basis or at acceptable cost, and their consequences on testing, production, sales and other activities; our ability to obtain binding purchase orders and build customer relationships; our ability to deliver on the expectations of customers with respect to the pricing, performance, quality, reliability, safety and efficiency of the Endurance and to provide the levels of service and support that they will require; our ability to conduct business using a direct sales model, rather than through a dealer network used by most other OEMs; the effects of competition on our ability to market and sell vehicles; our inability to retain key personnel and to hire additional personnel; the ability to protect our intellectual property rights; the failure to obtain required regulatory approvals; changes in laws or regulatory requirements or new or different interpretations of existing law; changes in governmental incentives and fuel and energy prices; the impact of health epidemics, including the COVID-19 pandemic, on our business; cybersecurity threats and compliance with privacy and data protection laws; failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; and the possibility that we may be adversely affected by other economic, geopolitical, business and/or competitive factors. In addition, the transactions contemplated with Foxconn under the APA are subject to closing conditions, including further negotiation and execution of a contract manufacturing agreement and regulatory approvals, and may not be consummated. No assurances can be given that Lordstown Motors and Foxconn will enter into the agreements contemplated by the APA, including a contract manufacturing agreement or a joint venture or similar agreement to co-design and develop vehicle programs and an appropriate funding structure, or as to the terms of any such agreement. If we are unable to successfully complete the transactions contemplated by the APA and other relationships with Foxconn on a timely basis, our business plan, financial condition and results of operations would be materially and adversely impaired. If the APA does not close, we will not have sufficient available cash to repay Foxconn's down payments by the repayment deadline. As a result, Foxconn may exercise its rights under the APA, including, but not limited to foreclosing on its liens on some or substantially all of our assets, which rights will be subject to any defenses and/or other claims Lordstown Motors may have. Under such circumstances, we would be unlikely to be able to continue as a going concern. Further, even if these transactions are concluded, we need substantial additional funding to begin commercial production of the Endurance. As we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, the significant amount of capital required, the fact that our bill of materials cost is currently, and expected to continue to be, substantially higher than our anticipated selling price, uncertainty surrounding regulatory approval and the performance of the vehicle, meaningful exposure to material losses related to ongoing litigation and the SEC investigation, our performance and investor sentiment with respect to us and our business and industry, as well as our pending transactions with Foxconn. Additional information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
CONTACTS:
Investors:
Carter Driscoll
IR@lordstownmotors.com
Media:
Colleen Robar
crobar@robarpr.com
313.207.5960
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SOURCE Lordstown Motors Corp. | https://www.whsv.com/prnewswire/2022/04/29/lordstown-motors-announces-timing-first-quarter-financial-results-webcast-provides-update-foxconn-transactions/ | 2022-04-29T23:23:35Z |
SÃO PAULO, April 29, 2022 /PRNewswire/ -- In accordance with paragraph 4 of Article 157 of Law No. 6,404/1976 and CVM Resolution No. 44/21, Itaú Unibanco Holding S.A ("Itaú Unibanco" or "Company") informs its stockholders and the general market that, in line with the Material Fact disclosed on May 11, 2017 and in accordance with the Announcement to the Market disclosed on November 08, 2021, after obtaining the required approvals, it acquired, as of today, for approximately R$ 8 billion, an equity interest of 11.36% in the total capital of XP Inc., a company incorporated in the Cayman Islands and listed on Nasdaq, as provided for in the Stock Purchase Agreement and Other Covenants, entered into on May 11, 2017.
Itaú Unibanco clarifies that this transaction does not cause any change in the corporate governance of XP Inc. Additionally, this operation is not expected to have any significant impact on the Company's current fiscal year results.
Group Head of Investor Relations and Market Intelligence
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SOURCE Itaú Unibanco Holding S.A. | https://www.whsv.com/prnewswire/2022/04/29/material-fact-acquisition-an-equity-interest-capital-xp-inc/ | 2022-04-29T23:23:43Z |
LAS VEGAS, April 29, 2022 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced the closing of the previously announced transactions with VICI Properties Inc. ("VICI") (NYSE: VICI) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) whereby VICI redeemed a majority of the MGP operating partnership units held by MGM Resorts for $43 per unit, or approximately $4.4 billion in cash and acquired 100% of the outstanding class A shares of MGP in a stock-for-stock transaction.
"Our partnership with MGP over the last six years has provided significant value to our shareholders and I would like to thank the MGP team and its leadership for their efforts throughout this process," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts. "This transaction has provided us with significant financial flexibility that will allow us to continue to invest in and grow our business to further maximize shareholder value. We look forward to a productive relationship with VICI."
As part of the transaction, the existing master lease was amended and restated and provides for an initial term of 25 years, with three 10-year renewals, and an initial annual rent of $860 million. The lease is guaranteed by the Company and provides the Company with significant flexibility to manage its operations across the portfolio of properties covered by the lease.
Following the transactions, MGM Resorts owns an approximately 1% stake in the VICI operating partnership.
The transaction was announced on August 4, 2021.
JP Morgan served as the financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 32 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in MGM Resorts' public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. MGM Resorts has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, MGM Resorts' expectations regarding the continued investment in the business and its ability to maximize shareholder value. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to MGM Resorts' ability to roll out the loyalty program on the terms described herein or all, the continued impact of the COVID-19 pandemic on MGM Resorts' business, the effects of economic conditions and market conditions in the markets in which MGM Resorts operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts' Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
MGM RESORTS CONTACTS:
News Media
BRIAN AHERN
Director of Corporate Media Relations
Media@mgmresorts.com
Investment Community
ANDREW CHAPMAN
Director of Investor Relations
achapman@mgmresorts.com
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SOURCE MGM Resorts International | https://www.whsv.com/prnewswire/2022/04/29/mgm-resorts-international-announces-closing-strategic-transactions-with-mgm-growth-properties-vici-properties-inc/ | 2022-04-29T23:23:49Z |
Repurposing of the Zoo's Monorail Track to Become World's Longest Elevated Pedestrian Loop
APPLE VALLEY, Minn., April 29, 2022 /PRNewswire/ -- The Minnesota Zoo is beginning construction of the Treetop Trail, an inspired repurposing of the Zoo's original monorail track. The Treetop Trail will be a welcoming and accessible nature journey for people of all ages, backgrounds, and abilities.
Upon its completion in the summer of 2023, the 1.25-mile Treetop Trail will be the world's longest elevated pedestrian loop bringing guests up to 32 feet above the ground and providing them with an immersive experience in nature. The Treetop Trail will provide new perspectives and access to hundreds of acres of pristine hardwood forest, wetlands, Minnesota wildlife, and, of course, the Zoo's beloved animals.
"Nature heals, restores, and inspires us," says Minnesota Zoo Director and Minnesota Zoo Foundation President John Frawley. "The Treetop Trail is a key component of the Zoo's future. It will reinforce our reputation as a trusted nature destination and is an evolution of the role that zoos play around the globe."
"As of today, we have secured more than $30 million or 80% of our $39 million goal, including philanthropic contributions and public support, which is remarkable," says Frawley. "It's inspiring to have this public and private partnership to support the Zoo and the Treetop Trail. We welcome anyone who supports the Zoo's mission, our connection to wildlife and the elevation of Minnesota as a nature innovator to become part of this historic project."
Integrating into the track's existing footprint, the Treetop Trail will be the ultimate reuse construction project. The Zoo contracted with award-winning Snow Kreilich Architects; engineering firm Buro Happold, known for its work on the High Line in New York City; and construction partner, PCL. Together, they are committed to minimize disruptions to the Zoo's animals and guests before, during, and after construction.
To learn more about the Minnesota Zoo's Treetop Trail, follow its progress, and contribute to the project, please visit mnzoo.org/treetoptrail.
"As of today, we have secured more than $30 million or 80% of our $39 million goal, including philanthropic contributions and public support, which is remarkable," says Frawley. "It's inspiring to have this public and private partnership to support the Zoo and the Treetop Trail. We welcome anyone who supports the Zoo's mission, our connection to wildlife and the elevation of Minnesota as a nature innovator to become part of this historic project."
The Minnesota Zoo is a year-round destination providing a window into the natural world. With hundreds of species of animals, worldwide conservation efforts, and acres of scenic beauty, the Zoo is a resource to connect people, animals, and the natural world to save wildlife. For more information visit mnzoo.org. The Minnesota Zoo is an accredited member of the Association of Zoos and Aquariums (AZA) and an institutional member of the World Association of Zoos and Aquariums (WAZA).
Link to renderings, photos and video: https://we.tl/t-kav6lm1xmW
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SOURCE Minnesota Zoo | https://www.whsv.com/prnewswire/2022/04/29/minnesota-zoo-announces-historic-project-treetop-trail/ | 2022-04-29T23:23:57Z |
National Press Club To Host World Press Freedom Day Activities May 3
Published: Apr. 29, 2022 at 6:29 PM EDT|Updated: 55 minutes ago
WASHINGTON, April 29, 2022 /PRNewswire/ --
News Advisory:
Editors Note: Daryabi fled Afghanistan last fall and was briefly in Dubai before settling in Maryland. He and his team continue to produce daily editions of Etilaatroz from remote locations. On World Press Freedom Day, the Press Club has invited him to do his work from the Club itself and he will be onsite working when not on the panel.
Founded in 1908, the National Press Club is the world's leading professional organization for journalists. The Club has 3,000 members representing nearly every major news organization and is a strong voice for press freedom in the United States and around the world.
Contact: Bill McCarren, 202-662-7534 for the National Press Club
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/04/29/national-press-club-host-world-press-freedom-day-activities-may-3/ | 2022-04-29T23:24:03Z |
NEW YORK, April 29, 2022 /PRNewswire/ -- Neuberger Berman MLP and Energy Income Fund Inc. (NYSE American: NML) (the "Fund") has announced a distribution declaration of $0.0206 per share of common stock. The distribution announced today is payable on May 31, 2022, has a record date of May 16, 2022 and has an ex-date of May 13, 2022.
The Fund currently intends to make regular monthly cash distributions to holders of its common stock at a fixed rate per share, to be determined based on the projected net rate of return of the Fund's investments as well as other factors, subject to ongoing review and adjustment from time to time. The Fund currently intends to pay its regular monthly distributions out of its distributable cash flow, which generally consists of (1) cash and paid-in-kind distributions from master limited partnerships ("MLPs") or their affiliates, dividends from common stocks, interest from debt instruments and income from other investments held by the Fund less (2) current or accrued operating expenses, including leverage costs, if any, and taxes on its taxable income.
The Fund expects that a portion of its distributions to stockholders will constitute a non-taxable return of capital. A "return of capital" is a distribution by the Fund which represents a return of a common stockholder's original investment, and should not be confused with a dividend. To the extent the Fund pays a return of capital, a common stockholder's basis in Fund shares will be reduced, which will increase a capital gain or reduce a capital loss upon sale of those shares. There is no assurance that the Fund will always be able to pay a distribution of any particular amount, or that a distribution will consist solely of the Fund's current and accumulated earnings and profits.
In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2022 will be made after the end of the year.
The Fund is subject to federal income tax on its taxable income, unlike most investment companies. Any taxes paid by the Fund will reduce the amount available to pay distributions to stockholders, and therefore investors in the Fund will likely receive lower distributions than if they invested directly in MLPs.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at www.nb.com.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman | https://www.whsv.com/prnewswire/2022/04/29/neuberger-berman-mlp-energy-income-fund-announces-monthly-distribution/ | 2022-04-29T23:24:10Z |
NEW YORK, April 29, 2022 /PRNewswire/ -- Neuberger Berman Next Generation Connectivity Fund Inc. (NYSE: NBXG) (the "Fund") has announced a distribution declaration of $0.10 per share of common stock. The distribution announced today is payable on May 31, 2022, has a record date of May 16, 2022 and has an ex-date of May 13, 2022.
Under its level distribution policy, the Fund anticipates that it will make regular monthly distributions, subject to market conditions, of $0.10 per share of common stock, unless further action is taken to determine another amount. The Fund's ability to maintain its current distribution rate will depend on a number of factors, including the amount and stability of income received from its investments, availability of capital gains, and the level of other Fund fees and expenses. There is no assurance that the Fund will always be able to pay a distribution of any particular amount or that a distribution will consist of only net investment income.
Due to an effort to maintain a stable distribution amount, the distribution announced today, as well as future distributions, may consist of net investment income, net realized capital gains and return of capital. In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2022 will be made after the end of the year.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at www.nb.com.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman | https://www.whsv.com/prnewswire/2022/04/29/neuberger-berman-next-generation-connectivity-fund-announces-monthly-distribution/ | 2022-04-29T23:24:17Z |
NEW YORK, April 29, 2022 /PRNewswire/ -- Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE American: NRO) (the "Fund") has announced a distribution declaration of $0.0312 per share of common stock. The distribution announced today is payable on May 31, 2022, has a record date of May 16, 2022 and has an ex-date of May 13, 2022.
Under its level distribution policy, the Fund anticipates that it will make regular monthly distributions, subject to market conditions, of $0.0312 per share of common stock, unless further action is taken to determine another amount. There is no assurance that the Fund will always be able to pay a distribution of any particular amount, or that a distribution will consist of only net investment income. The Fund's ability to maintain its current distribution rate will depend on a number of factors, including the amount and stability of income received from its investments, availability of capital gains, the amount of leverage employed by the Fund, the cost of leverage and the level of other Fund fees and expenses.
The distribution announced today, as well as future distributions, may consist of net investment income, net realized capital gains and return of capital. In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2022 will be made after the end of the year.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at www.nb.com.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman | https://www.whsv.com/prnewswire/2022/04/29/neuberger-berman-real-estate-securities-income-fund-announces-monthly-distribution/ | 2022-04-29T23:24:23Z |
SAN FRANCISCO, April 29, 2022 /PRNewswire/ -- Newfront, the tech-driven insurance brokerage based in San Francisco, has brought Chris Reid on board as a Senior Vice President and P&C Producer. Joining from Risk Strategies, Chris brings more than two decades of industry experience, specializing on entities at all stages of growth and crafting personalized options for clients with a high net worth.
"This is an enormous win for both Newfront and Chris' clients," said Newfront President Brian Hetherington. "We are excited to see how our tech-driven platform can add even more value to Chris' tailored solutions."
Chris is based out of Silicon Valley, serving as a trusted advisor for his clients throughout the country and focusing on providing risk and potential exposure education to bring them the best possible coverage options.
"I am thrilled to be joining the cutting-edge team at Newfront providing excellent service and capabilities to my clients," Chris said. "The emphasis that Newfront puts on company culture and giving back to the community is second to none."
About Newfront
Newfront is transforming the delivery of risk management, employee experience, insurance, and retirement solutions by building the modern insurance platform. Transparent data delivered real-time translates into a lower total cost of risk and greater insights. Newfront makes insurance work for you.
Headquartered in San Francisco, Newfront has offices throughout the country and is home to more than 750 employees who serve clients across the United States and globally.
Contact Information
Jane Paolucci
Senior Vice President, Marketing
Newfront
jane.paolucci@newfront.com
415-798-2693
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SOURCE Newfront | https://www.whsv.com/prnewswire/2022/04/29/newfront-welcomes-chris-reid-pampc-team/ | 2022-04-29T23:24:30Z |
KEENE, N.H, April 29, 2022 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.38 per unit for the second quarter of fiscal 2022, payable on May 25, 2022 to owners of record on May 13, 2022. Natural gas sold during the first calendar quarter of 2022 is the primary source of royalty income on which the May 2022 distribution is based.
John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.38 per unit is 171.43%, or $0.24 per unit, higher than the distribution of $0.14 per unit for the second quarter of fiscal 2021. For the quarter ending April 30, 2022, the impact on royalty income of higher gas prices easily offset both the lower gas sales and lower average exchange rate. There were no adjustments during either the second quarter of fiscal 2022 or 2021. Royalty income under the Mobil Sulfur Agreement was $70,618 and $36,411 for the second quarters of fiscal 2022 and 2021, respectively. Additional details will be included in the earnings press release scheduled for publication on or about May 13, 2022.
The Trust receives all of its royalties under two royalty agreements. The Mobil Agreement, which is the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession. The OEG Agreement, which is the lower royalty rate agreement, covers gas sales from the entire Oldenburg concession. The factors determining the amount of gas royalties payable under the two agreements from the preceding calendar quarter are shown in the table below comparing the first calendar quarters of 2022 and 2021.
The cumulative 12-month distribution, which includes the May 2022 distribution and the three prior quarterly distributions, is $0.92 per unit. This 12-month cumulative distribution is 196.77% or $0.61 per unit higher than the prior cumulative 12-month distribution of $0.31 per unit. The Trust makes quarterly distributions to unit owners during the months of February, May, August and November.
Contact – John R. Van Kirk, Managing Director, telephone: (732) 741-4008, e-mail: jvankirk@neort.com. The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.
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SOURCE North European Oil Royalty Trust | https://www.whsv.com/prnewswire/2022/04/29/north-european-oil-royalty-trust-announces-distribution-second-quarter-fiscal-2022/ | 2022-04-29T23:24:37Z |
TEMPE, Ariz., April 29, 2022 /PRNewswire/ -- NortonLifeLock Inc. (NASDAQ: NLOK), a global leader in consumer Cyber Safety, today announced that it has received a letter from the Securities and Exchange Commission ("SEC") stating that its investigation of the Company, which was originally announced on May 10, 2018, has concluded, and the SEC enforcement staff does not intend to recommend an enforcement action against NortonLifeLock.
About NortonLifeLock Inc.
NortonLifeLock Inc. (NASDAQ: NLOK) is a global leader in consumer Cyber Safety, protecting and empowering people to live their digital lives safely. We are the consumer's trusted ally in an increasingly complex and connected world. Learn more about how we're transforming Cyber Safety at www.NortonLifeLock.com.
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SOURCE NortonLifeLock Inc. | https://www.whsv.com/prnewswire/2022/04/29/nortonlifelock-announces-conclusion-sec-investigation/ | 2022-04-29T23:24:44Z |
MOUNTAIN VIEW, Calif., April 29, 2022 /PRNewswire/ -- OZY is delighted to announce its efforts to launch purpose-driven NFTs to further enhance its OZY Genius Grant program (OGA) – first launched in 2015 – and empower future OGA recipients via profound and meaningful partnerships.
OZY and its OGA partners will harness the power of blockchain technology in the latest series of the OZY Genius Awards, using NFT to build, inspire and reward OZY's ever-growing community while creating additional funding streams for the OGA program and the winners.
This year, OZY is celebrating our history of recognizing and supporting budding talent through our OZY Genius Award, by spotlighting 10 past OGA winners - those who have previously received grants of up to $10,000 to help them pursue and begin to realize their dreams. These rising stars include Amanda Gorman, an OZY Genius Award winner in 2017, who elevated the world with her powerful poem at the U.S.'s 2021 Presidential Inauguration.
Non-fungible tokens will be a central component for OZY's enhanced OGA program given its unique ability to shine a light on grant recipients and their meaningful works as well to further engage an interested community. This year's program will partner with select sponsors and fashion collectables that highlight the past recipients, utilizing the NFTs for social good.
It's one thing to mint an NFT, but it's quite another to attach meaningful and significant artwork that itself furthers its purpose. For this special Genius Class of 2022, OZY has partnered with the inspiring and gifted Sophia Victor (formerly known as Sophia Dawson), a Brooklyn based visual artist who has told the stories of those who have overcome injustice for over a decade. Victor's work has been exhibited at some of the country's best-known museums of fine art. Her work is currently exhibited at The Bishop Gallery in Brooklyn, which supports aspiring and established artists to be catalysts for positive change. The NFT collection will feature Victor's rendering of the selected OGA winners and is expected to be minted and launched by July 2022.
"I couldn't be more delighted to join OZY in supporting other underrepresented creators through my art and passion", said Victor. "From our perspective, we couldn't have found a better artist, so committed to promoting social justice and important causes," added OZY's Managing Editor, Beverly Watson. "Sophia epitomizes how creators can have an impact operating in their gift and talent. That's why we are so excited about joining forces with her and using a new and important technology to build community and further the OGA mission."
Bishop Gallery's Co-owner, Stevenson Dunn, Jr, shared his enthusiasm and said, "this is a perfect partnership. We believe in empowering artists from all over the world, and OZY's forward-looking and progressive platform supports our mission of bringing together communities and inciting conversations of change and development."
With these new NFTs, collectors can potentially bank a genius "rookie" card of Gorman or any of our other previous OGA winners. In addition, the offering won't be a one-time event. Royalty proceeds can be generated from both the initial offering and further downstream, as collectors continue to fund the program at each transaction. Indeed, OZY anticipates creating a foundation to further these specific purpose-driven efforts, administer anticipated NFT auctions and ensure continued alignment with social good that's become a hallmark of OZY's OGAs.
In the tradition and following of MacArthur Genius Grants, artists' residency programs and startup incubator effort, OZY similarly seeks to mentor, cultivate, and discover emerging stars in a wide range of fields. With the NFTs, OZY is adding not only more community spirit to these budding geniuses who are pitching novels, films, apps, startups and more, but lasting community engagement. And, through Victor's amazing artistry and eye — together with sponsorships and self-executing smart contracts, OZY hopes to create an engine to power the creators of tomorrow — today.
ABOUT OZY
Launched in 2013, OZY has built a diverse and unique voice in media, including 5 newsletters, 12 tv shows, 9 podcasts, and 4 festivals. In 2020, OZY won an Emmy Award for its ground-breaking television program, Black Women OWN the Conversation.
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SOURCE OZY Media | https://www.whsv.com/prnewswire/2022/04/29/ozy-media-takes-genius-grants-next-level-with-nfts-sophia-victor/ | 2022-04-29T23:24:52Z |
SOUTH PLAINFIELD, N.J., April 29, 2022 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that management will present a company overview at the following conferences:
Bank of America Securities 2002 Healthcare Conference
Tuesday, May 10 at 5:20 p.m. PT
2022 RBC Capital Markets Global Healthcare Conference
Wednesday, May 18 at 2:05 p.m. ET
The presentation will be webcast live on the Events and Presentations page under the Investor section of PTC Therapeutics' website at https://ir.ptcbio.com/events-presentations and will be archived for 30 days following the presentation. It is recommended that users connect to PTC's website several minutes prior to the start of the webcast to ensure a timely connection.
About PTC Therapeutics, Inc.
PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders. To learn more about PTC, please visit us at www.ptcbio.com and follow us on Instagram, Facebook, Twitter, and LinkedIn.
For More Information:
Investors:
Kylie O'Keefe
+1 (908) 300-0691
kokeefe@ptcbio.com
Media:
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com
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SOURCE PTC Therapeutics, Inc. | https://www.whsv.com/prnewswire/2022/04/29/ptc-therapeutics-participate-upcoming-investor-conferences/ | 2022-04-29T23:24:59Z |
XIAMEN, China, April 29, 2022 /PRNewswire/ -- Qudian Inc. ("Qudian" or the "Company") (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the Securities and Exchange Commission on April 29, 2022 (U.S. Time). The annual report on Form 20-F can be accessed on the Company's investor relations website at http://ir.qudian.com.
Qudian will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations department, Level 39, Tower A, AVIC Zijin Plaza, Siming District, Xiamen, Fujian Province, The People's Republic of China, 361000.
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading technology platform empowering the enhancement of online consumer finance experience in China. The Company's mission is to use technology to make personalized credit accessible to hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending but are underserved by traditional financial institutions due to lack of traditional credit data or high cost of servicing. Qudian's credit solutions enable licensed, regulated financial institutions and ecosystem partners to offer affordable and customized loans to this young generation of consumers.
For more information, please visit http://ir.qudian.com.
For investor and media inquiries, please contact:
In China:
Qudian Inc.
IR team
Tel: +86-592-591-1711
E-mail: ir@qudian.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com
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SOURCE Qudian Inc. | https://www.whsv.com/prnewswire/2022/04/29/qudian-files-its-annual-report-form-20-f/ | 2022-04-29T23:25:07Z |
PRINCETON, N.J., April 29, 2022 /PRNewswire/ -- Radiate Holdco, LLC ("Radiate") announced today that it released its full year 2021 financial results on its secure investor website. The financial results were provided in accordance with the terms of the Indentures governing Radiate's 4.5% Senior Notes due 2026 and 6.5% Senior Notes due 2028 (together, the "Notes").
Radiate will hold a conference call to discuss its results at 9:30 a.m. Eastern Time on Friday, May 6, 2022. The dial-in information for the call will be posted to Radiate's secure investor website. During the conference call, representatives of Radiate will discuss and answer questions concerning the company's business and financial matters.
Access to the financial results and conference call will be limited to holders and beneficial owners of the Notes, qualified prospective investors in the Notes, holders of Radiate's term loan, and certain security analysts and market makers. Radiate will post all of its reports required to be furnished pursuant to the Indenture governing the Notes on its secure investor website maintained by Intralinks. Reports will also be posted to Syndtrak for term loan holders. If you meet one or more of the criteria set forth above and would like to access, but have not yet been granted access to, the secure investor website, please contact Radiate's contact below.
Contact details:
Radiate Contact: Jamie Hill, SVP Finance & Treasury
Telephone: 301-531-2720
Email: James.Hill@rcn.net
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SOURCE Radiate Holdco, LLC | https://www.whsv.com/prnewswire/2022/04/29/radiate-holdco-llc-releases-full-year-2021-financial-results/ | 2022-04-29T23:25:14Z |
LEXINGTON, Ky., April 29, 2022 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco" or the "Company") announced that it has closed the previously announced acquisition of 100% of the equity interests of Ramaco Coal, LLC ("Ramaco Coal"), an entity owned by an investment fund managed by Yorktown Partners, LLC and certain members of the Company's management, through the Company's subsidiary, Ramaco Development, LLC (the "Acquisition").
Ramaco Coal's current income producing assets primarily consist of land holding and coal royalty producing subsidiaries, including fee ownership of approximately 42 million tons of metallurgical coal reserves. The vast majority of Ramaco Coal's metallurgical coal reserves are currently leased to the Company. Merging the Ramaco Coal land and royalty interests into the Company will have a positive and immediately accretive financial impact on the Company's Central Appalachian coal mining operations.
The Acquisition will allow the Company to avoid ongoing minimum royalty and production royalty expense for the entire life of production from the acquired reserves. It will provide significant near and long-term financial benefit, ensuring that the Company remains among the lowest cost producers of metallurgical coal in the U.S. for the foreseeable future.
While the royalty savings alone support the financial considerations of the Acquisition, Ramaco Coal also owns Ramaco Carbon, LLC ("Ramaco Carbon"), whose assets include (i) the 500 million ton permitted Brook Mine near Sheridan, Wyoming (the "Brook Mine"), (ii) the adjoining Carbon Advanced Materials research center and (iii) a wide body of intellectual property ("IP") and exclusive licensing arrangements in the field of developing commercial advanced carbon products and materials, using coal as a feedstock.
This IP has primarily been developed in multi-year research partnerships with two of the U.S. Department of Energy National Laboratories, The National Energy Technology Laboratory ("NETL") and the Oak Ridge National Laboratory. Ramaco Carbon has also been awarded several research grants from the U.S. Department of Energy for development of various "coal to products," using innovation to create high value, environmentally friendly uses for America's most abundant resource.
Also, in partnership with NETL, Ramaco Carbon has been engaged in an on-going multi-year mineral analysis and core drilling assessment at the Brook Mine in Wyoming. This work has been designed to assess the potential concentrations of rare earth elements ("REE") contained in the Brook Mine reserves and analyze their ultimate commercial potential. While assessment of the reserves is still in the early stages, initial analysis indicates promising levels of high concentrations of REE.
The Ramaco Carbon assets involved in this Acquisition may provide the Company access to breakthrough transitional markets, enabling the Company to produce coals to be used for higher-value products such as REEs and carbon feedstock for advanced carbon-based products and materials.
While the Company remains committed to being among the lowest cost producers of metallurgical coal, which underlies and drives the rationale for the Acquisition, the Acquisition may also support the Company's expansion into the manufacture and commercialization of advanced carbon products and materials from coal.
Randall Atkins, Ramaco's Chairman and Chief Executive Officer, noted that, "The acquisition of Ramaco Coal represents a recombination of all of the original assets of Ramaco, LLC before its metallurgical coal operations were spun off in 2016 to form Ramaco Resources, Inc. During private ownership Ramaco Coal was able to develop not only its metallurgical coal reserve assets, but also embark on a unique path to develop long term alternative uses of coal in its operations in Wyoming.
At this point, Ramaco as a public company expects to have the immediate benefit of an accretive reduction in royalty cost. We project this savings will in essence pay for the entire acquisition in roughly 2.5 years, based on current spot prices, and will continue to provide an on-going cost benefit for the full life of the reserves.
In addition, Ramaco hopes to profit from the ultimate commercialization of a wide body of intellectual property and licensing rights on technologies it has developed alongside the DOE's national labs in the field of advanced carbon products and materials. Finally, the permitted reserves in Wyoming hold promise for development as a potential rare earth deposit which we are pursuing now through enhanced geological assessment.
In summary, we view this as a transformative acquisition. It should position Ramaco to not only be one of the nation's lowest cost providers of high-quality metallurgical coal for years to come, but also provide a first mover in the commercial development of new uses of coal in an environmentally constructive manner."
Ramaco Resources, Inc. (NASDAQ:METC) is an operator and developer of high-quality, low-cost metallurgical coal in central and southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. For more information about us, please visit our website at www.ramacoresources.com.
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. These forward-looking statements represent Ramaco's expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the decline of demand for coal in export markets and underperformance of the railroads, the expected benefits of the Acquisition to the Company's shareholders, and the anticipated benefits and impacts of the Acquisition. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Contact: info@ramacocoal.com or 859-244-7455
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SOURCE Ramaco Resources, Inc. | https://www.whsv.com/prnewswire/2022/04/29/ramaco-resources-inc-completes-acquisition-ramaco-coal-llc/ | 2022-04-29T23:25:20Z |
NEW YORK, April 29, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of Rollins, Inc. (NYSE: ROL) resulting from allegations that Rollins may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Rollins securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=2735 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.
WHAT IS THIS ABOUT: On October 28, 2020, Rollins disclosed that a U.S. Securities and Exchange Commission (SEC) investigation had been initiated and believed the SEC's focus to be how accruals and reserves were established at period ends and their impact on reported earnings going as far back as January 2015.
Then on February 26, 2021, Rollins announced that an internal investigation into the same matters found "a significant deficiency in the Company's internal controls relating to the documentation and review of accounting entries for certain reserves and accruals." On this news, Rollins share prices fell $0.87, or 2.5%, to close at $33.17 per share on February 26, 2021, damaging investors.
Then on April 18, 2022, the SEC announced that Rollins agreed to pay $8 million to settle the charges that Rollins made unsupported reductions to its accounting reserves to improperly boost its earnings per share. On this news, Rollins share price fell $0.55, or approximately 1.7%, to close at $34.29 on April 18, 2022, damaging investors.
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. 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.
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/2022/04/29/rol-notice-rosen-trusted-leading-law-firm-encourages-rollins-inc-investors-with-losses-inquire-about-class-action-investigation-rol/ | 2022-04-29T23:25:27Z |
NEW YORK, April 29, 2022 /PRNewswire/ --
WHY:Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Akebia Therapeutics, Inc. (NASDAQ: AKBA) between June 28, 2018 and September 2, 2020, inclusive (the "Class Period"), of the important May 13, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Akebia 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 Akebia class action, go to https://rosenlegal.com/submit-form/?case_id=4028 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 13, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) vadadustat was not as safe in treating NDD-CKD patients with anemia as defendants had represented; (2) as a result, defendants overstated the PRO2TECT Program's clinical prospects; (3) accordingly, defendants also overstated vadadustat's overall commercial and regulatory prospects; and (4) as a result, Akebia's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Akebia class action, go to https://rosenlegal.com/submit-form/?case_id=4028 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/2022/04/29/rosen-global-leading-law-firm-encourages-akebia-therapeutics-inc-investors-with-losses-secure-counsel-before-important-may-13-deadline-securities-class-action-akba/ | 2022-04-29T23:25:35Z |
NEW YORK, April 29, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Rivian Automotive, Inc. (NASDAQ: RIVN): (i) pursuant and/or traceable to Rivian's Initial Public Offering ("IPO") on November 10, 2021; and/or (ii) between November 10, 2021 and March 10, 2022, inclusive (the "Class Period") of the important May 6, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Rivian securities pursuant or traceable to the IPO 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 Rivian class action, go to https://rosenlegal.com/submit-form/?case_id=3880 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 6, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, the IPO offering documents featured and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Rivian would not meet its 2021 production and delivery targets; (2) Rivian's vehicles were underpriced and the Company would need to substantially increase prices; and (3) as a result, defendants' representations about the Company's business, operations, and prospects lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Rivian class action, go to https://rosenlegal.com/submit-form/?case_id=3880 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
View original content to download multimedia:
SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/04/29/rosen-leading-investor-rights-law-firm-encourages-rivian-automotive-inc-investors-with-losses-secure-counsel-before-important-may-6-deadline-securities-class-action-rivn/ | 2022-04-29T23:25:43Z |
NEW YORK, April 29, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Everbridge, Inc. (NASDAQ: EVBG) between November 4, 2019 and February 24, 2022, inclusive (the "Class Period") of the important June 3, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Everbridge 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 Everbridge class action, go to https://rosenlegal.com/submit-form/?case_id=3095 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 3, 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) Everbridge was experiencing integration problems with respect to its acquiring nine separate companies; (2) Everbridge was using the revenues from these acquisitions to mask increasingly stagnant organic growth; and (3) Everbridge was failing to disclose that the COVID-19 pandemic was having a material impact on the size of the deals that Everbridge was able to obtain, with a negative effect on the Company's revenue growth. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Everbridge class action, go to https://rosenlegal.com/submit-form/?case_id=3095 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
View original content to download multimedia:
SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/04/29/rosen-recognized-investor-counsel-encourages-everbridge-inc-investors-secure-counsel-before-important-deadline-securities-class-action-evbg/ | 2022-04-29T23:25:50Z |
NEW YORK, April 29, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Stronghold Digital Mining, Inc. (NASDAQ: SDIG) pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's October 2021 initial public offering ("IPO") of the important June 13, 2022 lead plaintiff deadline.
SO WHAT: If you purchased Stronghold Digital Mining securities pursuant and/or traceable to the Registration Statement 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 Stronghold Digital Mining class action, go to https://rosenlegal.com/submit-form/?case_id=5313 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 13, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, the IPO Registration Statement was materially false and misleading and omitted to state: (1) contracted suppliers, including MinerVa, were reasonably likely to miss anticipated delivery quantities and deadlines; (2) due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold Digital Mining would experience difficulties obtaining miners outside of confirmed purchase orders; (3) as a result of the foregoing, there was a significant risk that Stronghold Digital Mining could not expand its mining capacity as expected; (4) as a result, Stronghold Digital Mining would likely experience significant losses; and (5) as a result, defendants' statements about Stronghold Digital Mining's business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Stronghold Digital Mining class action, go to https://rosenlegal.com/submit-form/?case_id=5313 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
View original content to download multimedia:
SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/04/29/rosen-respected-investor-counsel-encourages-stronghold-digital-mining-inc-investors-secure-counsel-before-important-deadline-securities-class-action-sdig/ | 2022-04-29T23:25:56Z |
NEW YORK, April 29, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of C3.ai, Inc. (NYSE: AI): (i) pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about December 9, 2020 (the "IPO" or "Offering"); and/or (ii) between December 9, 2020 and February 15, 2022, inclusive (the "Class Period"), of the important May 3, 2022 lead plaintiff deadline.
SO WHAT: If you purchased C3.ai 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 C3.ai class action, go to https://rosenlegal.com/submit-form/?case_id=3839 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 3, 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, the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, defendants made materially false and misleading statements regarding C3.ai's business, operations, and compliance policies. Specifically, the Offering Documents and defendants made false and/or misleading statements and/or failed to disclose that: (1) C3.ai's partnership with Baker Hughes was deteriorating; (2) C3.ai's was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership; (3) C3.ai faced challenges in product adoption and significant salesforce turnover; (4) C3.ai overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its market growth, and the scale of alliances with its major business partners; and (5) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the C3.ai class action, go to https://rosenlegal.com/submit-form/?case_id=3839 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
View original content to download multimedia:
SOURCE Rosen Law Firm, P.A. | https://www.whsv.com/prnewswire/2022/04/29/rosen-top-ranked-law-firm-encourages-c3ai-inc-investors-with-losses-secure-counsel-before-important-may-3-deadline-securities-class-action-ai/ | 2022-04-29T23:26:03Z |
HONG KONG, April 29, 2022 /PRNewswire/ -- Scully Royalty Ltd. (the "Company") (NYSE: SRL) is pleased to announce that it has filed its annual report on form 20-F with the Securities and Exchange Commission which also provides an update on various corporate actions. In addition, the Company announces that its board of directors has declared its second cash dividend pursuant to its cash dividend policy.
The following are the key details of second cash dividend of 2022:
- The dividend of US$0.27 (C$0.34) per common share will be paid in US dollars on May 23, 2022 to shareholders of record on May 10, 2022.
- The ex-dividend date will be May 9, 2022. As previously announced, the board of directors approved a cash dividend policy in connection with the Company's focus on enhancing shareholder value through cash distributions to its shareholders based upon its iron ore royalty. In setting the amount of the dividend, the Company took into account gross first quarter royalty payment of approximately C$11.8 million on 767,630 tonnes shipped, before the application of corporate and mining taxes, and the Company's general and administrative expenses for the period.
The declaration, timing and payment of future dividends will depend on, among other things, royalty payments received, the Company's financial condition and operating results.
We welcome any questions you may have and look forward to discussing our operations, results and plans with stakeholders. Further:
- stakeholders are encouraged to read the Company's entire annual report, which includes its audited financial statements and management's discussion and analysis, for the year ended December 31, 2021, for a greater understanding of the Company's business and operations.; and
- direct any questions regarding the Company and the information in its annual report on Form 20-F to the Company's North American toll-free line at 1 (844) 331 3343 or email info@scullyroyalty.com to book a conference call with the Company's senior management.
A copy of the Company's annual report on Form 20-F for the year ended December 31, 2021, audited financial statements contained therein is available under the Company's profile at www.sec.gov and on the Company's website at www.scullyroyalty.com. Shareholders of the Company may, upon request, receive a hard copy of such document free of charge by contacting the Company by email or telephone as set forth above.
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SOURCE Scully Royalty Ltd. | https://www.whsv.com/prnewswire/2022/04/29/scully-royalty-ltd-provides-corporate-update-files-its-2021-annual-report-form-20-f-declares-its-second-2022-cash-dividend/ | 2022-04-29T23:26:10Z |
WASHINGTON, April 29, 2022 /PRNewswire/ -- Second Gentleman Douglas Emhoff joined the Muslim-Jewish Advisory Council (MJAC) and other multifaith groups for an Iftar, the evening meal following the daily fast for Muslims during the month of Ramadan.
Emhoff, the husband of Vice President Kamala Harris, was in conversation with Rashad Hussain, the U.S. Ambassador at-Large for International Religious Freedom.
Some 200 religious leaders, diplomats, civil society activists, scholars, artists, business leaders, and others attended the Iftar at the U.S. Institute of Peace, which was held to celebrate religious diversity in the U.S. Ramadan coincided this year with important observances among other faiths, including Judaism, Christianity, Hinduism, Sikhism, and Buddhism.
"Douglas Emhoff is an important American voice to champion the cause of bridge-building between diverse faith traditions of our country," said MJAC co-chair Farooq Kathwari, Chairman, President and CEO of Ethan Allen Interiors. "We are grateful the Second Gentleman was able to join us and redouble his commitment to advocate religious freedom for all."
The evening also included performances of music and poetry from Christian, Jewish, Muslim and Sikh traditions. Among them ADAMS Beat, the first mosque-based youth choir in America, sang songs about peace in English, Arabic and Hebrew.
"The social fabric of our country is enriched by our religious, ethnic, racial, and political diversity," said Stanley Bergman, MJAC co-chair and Chairman and CEO of Henry Schein, Inc. "An evening like this demonstrates that our work together in partnership and our focus on the common values we share strengthen our democracy as a force against hate and discrimination."
MJAC was founded in 2016 by American Jewish Committee with Muslim and Jewish community partners. The council, which has chapters throughout the U.S., has two policy objectives: to combat the rise in hate crimes and promote the important contributions of Muslims and Jews to the U.S.
Other groups that took part in the event included Aspen Institute's Religion & Society Program, Multifaith Neighbors Network, Shoulder to Shoulder, America Indivisible, Center for Interreligious Understanding, Council of Centers on Jewish Christian Relations, Tanenbaum Center for Interreligious Understanding, and Dialogue Institute.
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SOURCE American Jewish Committee | https://www.whsv.com/prnewswire/2022/04/29/second-gentleman-douglas-emhoff-celebrates-americas-religious-diversity-iftar-hosted-by-muslim-jewish-advisory-council-other-multifaith-groups/ | 2022-04-29T23:26:17Z |
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
DENVER, April 29, 2022 /PRNewswire/ -- On April 29, 2022, SRH Total Return Fund, Inc. (NYSE: STEW) (the "Fund"), a closed-end investment company, will pay a distribution on its common stock of $0.120 per share to stockholders of record at the close of business on April 22, 2022. The Fund, acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund may utilize capital gains, where applicable, as part of regular quarterly cash distributions to its stockholders. This policy gives the Fund greater flexibility to realize capital gains and to distribute those gains to stockholders.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. In addition, the table shows the percentages of the total distribution amount per share attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
Stockholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this 19(a) Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to the distribution declaration date. While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a stockholder's investment in the Fund. The value of a stockholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance & Distribution Rate Information
^ Based on the Fund's NAV as of March 31, 2022 and the quarterly distribution of $0.120.
*Based on the Fund's NAV as of March 31, 2022 and includes distributions through April 30, 2022.
**Cumulative Total Return is the percentage change in the Fund's NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through March 31, 2022.
***Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending March 31, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of these distributions.
The Fund has a managed distribution policy that seeks to deliver the Fund's long term total return potential through regular quarterly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Stockholders should note, however, that if the Fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund's assets and will constitute a return of the stockholder's capital. A return of capital is not taxable; rather it reduces a stockholder's tax basis in his or her shares of the Fund.
The Fund's Board of Directors reviews the amount of any distributions made pursuant to the Fund's distribution policy and considers the income earned and capital gains realized by the Fund, as well as the Fund's available capital. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration, among other things, the Fund's net asset value and market conditions. The Fund's distribution policy is subject to modification, suspension or termination by the Board of Directors at any time, which could have an adverse effect on the market price of the Fund's shares. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
For more information on the Fund, please visit us on the web at www.srhtotalreturnfund.com.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
1 The Fund's fiscal year is December 1 to November 30. Information shown is for the period beginning December 1, 2021.
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SOURCE SRH Total Return Fund, Inc. | https://www.whsv.com/prnewswire/2022/04/29/srh-total-return-fund-inc-notification-sources-distribution/ | 2022-04-29T23:26:24Z |
Thought Leadership Informed by Penn's Four Decades of Business and Political Strategy Work
NEW YORK, April 29, 2022 /PRNewswire/ -- Stagwell (NASDAQ: STGW) today introduced "Hitting the Mark," a monthly newsletter authored by Chairman and CEO Mark Penn that arms modern C-Suite business leaders with critical insights into developments at the intersection of business, marketing, and politics. To read the inaugural edition of "Hitting the Mark," which addresses brand and business leadership in the Russia-Ukraine conflict, visit Stagwell's site, and register to receive future editions here.
"From historic levels of inflation to the Russia-Ukraine conflict, unprecedented geopolitical forces are converging on today's business leaders, requiring innovative solutions," said Penn. "Brand leadership in times of chaos is an invaluable competitive advantage; with my insights into modern brand strategy, global change, and business leadership, I hope this newsletter helps C-Suite leaders 'hit the mark' on the challenges facing their organizations and consumers today."
Penn is a globally recognized pollster, political strategist, and marketing business leader with four decades of experience driving strategy in the Board and Situation Rooms. He has advised top world leaders including President Bill Clinton and UK Prime Minister Tony Blair; led companies and written two bestselling books. In addition to his duties as Chairman of Stagwell, Penn chairs the Harvard CAPS-Harris Poll, a monthly collaboration between the Harvard Center for American Political Studies and The Harris Poll, a Stagwell research & insights firm.
"Hitting the Mark" leverages proprietary polling & survey results from Stagwell's suite of global research & insights agencies, including The Harris Poll, HarrisX, National Research Group, and Northstar Research Partners.
Penn at a Glance:
- Founder: Founded Penn & Schoen in 1975 with his Harvard roommate Doug Schoen.
- Grower: Under Penn's leadership, Penn & Schoen expanded to 200+ people with offices around the world. Served key corporate (AT&T, Microsoft, Ford, Merck, etc.) & political (President Clinton's pollster for six years, advisory to Hillary Clinton & Tony Blair) clients
- Global CEO: Served as CEO of Burston-Marsteller from 2006-2012, running a global PR and public affairs firm with an 80+ market footprint and tripling profits
- Client & Creator: Asked by Steve Ballmer to join Microsoft & revitalize Bing in 2012; rose to EVP & Chief Strategy Officer running Microsoft's $2 billion advertising budget
- Portfolio Builder & Public Company CEO Launched Stagwell Group in 2015; invested in MDC Partners in 2019 & assumed role of Chairman and CEO.
- Transformer: Transformed MDC Partners from $1 stock to $7 stock; Combined MDC Partners and Stagwell Marketing Group to form top-ten global marketing services company, Stagwell Inc.
- Thought Leader: Best-selling author of a pair of marketing insights books, "Microtrends: The Small Forces Driving the Big Disruptions Today" and "Microtrends Squared: Small Forces Driving Today's Big Disruptions" and frequent business and political trend commentator
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world's most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 10,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
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SOURCE Stagwell Inc. | https://www.whsv.com/prnewswire/2022/04/29/stagwell-stgw-ceo-mark-penn-launches-hitting-mark-newsletter-deliver-leadership-insights-modern-c-suite-leaders/ | 2022-04-29T23:26:32Z |
AUSTIN, Texas, April 29, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2022, and a cash dividend of $0.3671875 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on May 31, 2022.
The Board of Directors has also authorized, and the Company has declared on behalf of the operating partnership, distributions pertaining to the operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units that were issued as part of the recently completed NewcrestImage portfolio acquisition. The cash distributions are $0.328125 per unit for the units issued on January 13, 2022 and $0.249660 per unit for the units issued on March 23, 2022.
The dividends are payable on May 31, 2022, to holders of record as of May 17, 2022.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of April 29, 2022, the Company's portfolio consisted of 101 hotels, 61 of which are wholly owned, with a total of 15,228 guestrooms located in 24 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter at @SummitHotel_INN.
Forward Looking Statements
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. These forward-looking statements relate to the payment of dividends. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOUTH SAN FRANCISCO, Calif., April 29, 2022 /PRNewswire/ -- Sutro Biopharma, Inc. ("Sutro" or the "Company") (NASDAQ: STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation cancer therapeutics, today announced that on April 26, 2022, the Compensation Committee of Sutro's Board of Directors granted 155,000 of Sutro Biopharma stock options and 18,000 Restricted Stock Units of Sutro common stock to two new employees. The grants were made as an inducement material to the employees' acceptance of employment with Sutro and were approved by the Compensation Committee of Sutro's Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs and stock options are subject to the terms and conditions of Sutro's 2021 Equity Inducement Plan. One-fourth of the total number of shares subject to the RSUs will vest on the one-year anniversary of the employees hire date and annually thereafter until fully vested on the fourth anniversary, subject to the employee's continued service with Sutro on each such vesting date. One-fourth of the total number of shares underlying the stock options will vest on the one-year anniversary of the employee's date of hire and 1/48th of the total number of shares underlying the stock options will vest each month thereafter until fully vested on the fourth anniversary of the employee's date of hire, subject to the employee's continued service with Sutro on each such vesting date. The stock options have a term of ten years and an exercise price equal to the closing price of Sutro's common stock on the grant date as reported by The Nasdaq Stock Market.
About Sutro Biopharma
Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Using precise protein engineering and rational design, Sutro is advancing next-generation oncology therapeutics.
Sutro's proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform XpressCF+™ led to the discovery of STRO-001 and STRO-002, Sutro's first two internally-developed ADCs. STRO-001 is a CD74-targeting ADC currently under investigation in a Phase 1 clinical trial for patients with advanced B-cell malignancies and was granted Orphan Drug Designation by the FDA for multiple myeloma. STRO-002, a folate receptor alpha (FolRα)-targeting ADC, is currently being investigated in a Phase 1 clinical trial for patients with ovarian and endometrial cancers and was granted Fast Track designation by the FDA for ovarian cancer. A third product candidate, CC-99712, a BCMA-targeting ADC, which is part of Sutro's collaboration with Bristol Myers Squibb, formerly Celgene Corporation, is enrolling patients for its Phase 1 clinical trial of patients with multiple myeloma and has received Orphan Drug Designation from the FDA. A fourth product candidate, M1231, a MUC1-EGFR, bispecific ADC, which is part of Sutro's collaboration with Merck KGaA, Darmstadt, Germany, known as EMD Serono in the U.S. and Canada (EMD Serono), is enrolling patients for its Phase 1 clinical trial of patients with metastatic solid tumors, non-small cell lung cancer (NSCLC) and esophageal squamous cell carcinoma. These four product candidates resulted from Sutro's XpressCF® and XpressCF+™ technology platforms. Bristol Myers Squibb and EMD Serono have worldwide development and commercialization rights for CC-99712 and M1231, respectively, for which Sutro is entitled to milestone or contingent payments and tiered royalties.
Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need. To date, Sutro's platform has led to ADCs, bispecific antibodies, cytokine-based immuno-oncology therapies, and vaccines directed at precedented targets in clinical indications where the current standard of care is suboptimal.
Sutro's platform allows it to accelerate discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates. In addition to developing its own oncology pipeline, Sutro is collaborating with select pharmaceutical and biotechnology companies to discover and develop novel, next-generation therapeutics.
Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.
Investor Contact
Annie J. Chang
Sutro Biopharma
(650) 801-5728
ajchang@sutrobio.com
Media Contact
David Schull
Russo Partners, LLC
David.schull@russopartnersllc.com
(212) 845-4271
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SOURCE Sutro Biopharma | https://www.whsv.com/prnewswire/2022/04/29/sutro-biopharma-announces-inducement-grants-under-nasdaq-listing-rule-5635c4/ | 2022-04-29T23:26:45Z |
QINGDAO, China, April 29, 2022 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that specializes in the development, manufacturing and sales of pet food products in China and beyond, announced today its financial results for the twelve months ended December 31, 2021.
Full Year 2021 Financial Highlights:
- Revenues increased by 33.94% from $0.82 million in fiscal year 2020 to $1.09 million in fiscal year 2021, our sales of pet food decreased from approximately $0.82 million in fiscal year 2020 to approximately $0.49 million in fiscal year 2021, or by approximately 40.5%, which was offset by an increase in revenue from our newly acquired restaurant business in Kansas by approximately $0.61 million. The decrease of pet food revenue in 2021 was mainly due to: (1) the continuous development of COVID-19, we had to close a factory and stop production for a period of time again in 2021, which caused the delay of orders and some customers canceled their orders, decreasing our pet food sales revenue and sales volume; (2) the cost of raw materials required for pet food production has risen to a certain extent due to the COVID-19 pandemic and general inflation, which led to our reduced production and sales of pet food products during 2021; and (3) we declined taking orders that were historically unprofitable. As a result, our pet food sales volume significantly decreased in 2021 as compared to 2020. On the other side, on October 31, 2021, we acquired a 51% equity interests of Far Ling's Inc. and 100% equity interests of Bo Ling's Chinese Restaurant, Inc. This resulted in an increase of $0.6 million in revenue from our restaurant business operations segment.
- Gross loss was $0.02 million in fiscal year 2021 as compared to gross loss of $0.04 million in fiscal year 2020. The decrease in gross loss was a result of declining to take historically unprofitable orders, and new profits generated from our restaurant business operations segment.
- Operating loss was $4.61 million in fiscal year 2021 as compared to an operating loss of $1.93 million in fiscal year 2020. The continuous deficit from operations was mainly due to the fact that our pet food sales revenue continued to decrease, while we continued to incur fixed overhead costs and high operating expenses during fiscal year 2021.
- Net loss attributable to common stockholders was $6.12 million, or a loss per share of $0.10, for the fiscal year 2021 as compared to net loss of $0.87 million, or a loss per share of $0.02, for fiscal year 2020.
Full Year 2021 Financial Results
Revenues
The Company's revenue sources include pet food sales and restaurant business operations. Pet food sales mainly include sales for pet chews, dried pet snacks and wet canned pet foods in overseas markets, domestic markets and by e-commerce. We started to generate revenue from restaurant business operations in the last quarter of fiscal year 2021. Total revenues increased by 33.94% from $0.82 million in fiscal year 2020 to $1.09 million in fiscal year 2021, our sales of pet food have decreased from approximately $0.82 million in fiscal year 2020 to $0.49 million in fiscal year 2021, or by approximately 40.5%, offset by an increase in revenue from our newly acquired restaurant business by approximately $0.61 million. The decrease of pet food revenue in fiscal year 2021 was mainly due to: (1) the continuous development of COVID-19, as we had to close a factory and stop production again for a period of time in 2021, which caused the delay of orders and some customers canceled their orders, decreasing our pet food sales revenue and sales volume; (2) the cost of raw materials required for pet food production has risen to a certain extent due to the COVID-19 pandemic and general inflation, which led to our reduced production and sales of pet food products during fiscal year 2021; and (3) we declined taking orders that were historically unprofitable. As a result, our pet food sales volume significantly decreased in 2021 as compared to 2020. On the other side, on October 31, 2021, we acquired 51% equity interests of Far Ling's Inc. and 100% equity interests of Bo Ling's Chinese Restaurant, Inc., located in Kansas. This resulted in an increase of $0.6 million in food service revenue from our restaurant business operations segment.
Overseas sales decreased by $0.09 million, or 40.41%, to $0.14 million for the fiscal year 2021 from $0.23 million for fiscal year 2020. Domestic sales decreased by $0.25 million, or 44.50%, to $0.32 million for the fiscal year 2021 from $0.57 million for fiscal year 2020. The decrease of pet food revenue in fiscal year 2021 was mainly due to (1) the continuous development of COVID-19, as we had to close a factory and stop production again for a period of time in 2021, which caused the delay of orders and some customers canceled their orders, decreasing our pet food sales revenue and sales volume; (2) the cost of raw materials required for pet food production has risen to a certain extent due to the COVID-19 pandemic and general inflation, which led to our reduced production and sales of pet food products during 2021; and (3) we declined taking orders that were historically unprofitable. Sales from the e-commerce channel increased by $0.01 million, or 107.03%, to $0.03 million for the year of 2021 from $0.02 million for 2020, due to the increased promotion of our products through e-commerce channels. In addition, on October 31, 2021, we acquired 51% equity interests of Far Ling's Inc. and 100% equity interests of Bo Ling's Chinese Restaurant, Inc. This resulted in an increase of $0.61 million in restaurant business operations revenue.
Sales of pet chews decreased by $0.01 million, or 21.97%, to $0.05 million for fiscal year 2021 from $0.06 million for fiscal year 2020. Sales of dried pet snacks decreased by $0.03 million, or 7.58%, to $0.29 million for fiscal year 2021 from $0.32 million for fiscal year 2020. Sales of wet canned pet food decreased by $0.07 million, or 87.21%, to $0.01 million for fiscal year 2021 from $0.08 million for fiscal year 2020. Sales of dental health snacks decreased by $0.01 million, or 69.23%, to $0.01 million for fiscal year 2021 from $0.02 million for fiscal year 2020. The decrease of pet food revenue in fiscal year 2021 was mainly due to:
(1) the continuous development of COVID-19, we had to close a factory and stop production again for a period of time in 2021, which caused the delay of orders and some customers canceled their orders, decreasing our pet food sales revenue and sales volume; (2) the cost of raw materials required for pet food production has risen to a certain extent due to the COVID-19 pandemic and general inflation, which led to our reduced production and sales of pet food products during 2021; and (3) we declined taking orders that were historically unprofitable. Sales from the e-commerce channel increased by $0.01 million, or 107.03%, to $0.03 million for the fiscal year of 2021 from $0.02 million for fiscal year 2020, due to the increased promotion of our products through e-commerce channels. In addition, on October 31, 2021, we acquired 51% equity interests of Far Ling's Inc. and 100% equity interests of Bo Ling's Chinese Restaurant, Inc. This resulted in an increase of $0.61 million in restaurant business operations revenue.
Cost of revenues
Cost of revenues of our pet food business consists primarily of direct raw materials, direct payroll of workshop staff, utility and supply costs consumed in the manufacturing process, manufacturing labor, depreciation expense and overhead expenses necessary to manufacture finished goods as well as distribution costs such as inbound freight charges. Cost of revenues of our restaurant business consist primarily of food and packaging costs, payroll and employee benefit costs, store lease and occupancy costs and depreciation and amortization costs. Cost of revenues increased by $0.25 million, or 29.80%, to $1.11 million for fiscal year 2021 from $0.86 million for fiscal year 2020. The increase in our costs was in line with the increased revenue in fiscal year 2021.
Gross loss and gross loss margin
Gross loss was $0.02 million for fiscal year 2021, compared to gross loss of $0.04 million for fiscal year 2020. Gross loss margin was 1.88% for fiscal year 2021, compared to gross loss margin of 5.13% for fiscal year 2020.
Operating expense
Operating expense consists of selling expenses and general and administrative expenses.
Selling expenses consist primarily of advertising, salaries and shipping and handling costs incurred during the selling activities. Advertising and transportation expenses are charged to expenses as incurred. Selling expenses decreased by $0.08 million, or 35.64%, to $0.08 million for fiscal year 2021 from $0.12 million for fiscal year 2020.
General and administrative expenses increased by $2.18 million, or 123.36%, to $3.94 million for fiscal year 2021 from $1.77 million for fiscal year 2020. The main reason for the increase was due to the company's payment of certain legal costs, an increase in consulting service fees and increased depreciation and amortization expenses related to our restaurant business segment.
In connection with our acquisition of restaurant business, we recognized a goodwill of $355,570 as of the acquisition date. However, due to our significant net loss in fiscal year 2021, goodwill of $355,570 has been fully impaired for the year ended December 31, 2021.
Impairment of long-lived assets other than goodwill charge was $0.22 million in fiscal year 2021, as compared to $0 in fiscal year 2020.
As a result, total operating expenses increased by $2.71 million, or 143.80%, to $4.59 million for fiscal year 2021 from $1.88 million for fiscal year 2020. As a percentage of total revenues, total operating expenses was 420.69% for the fiscal year 2021, compared to 231.11% for fiscal year 2020.
Operating loss and operating loss margin
Loss from operations was $4.61 million for fiscal year 2021, compared to operating loss of $1.93 million for fiscal year 2020. The continuous loss from operations was mainly due to increased operating expenses in fiscal year 2021.
Net loss and loss per share
Net loss was $6.72 million for fiscal year 2021, compared to net loss of $0.87 million for fiscal year 2020. Net loss attributable to common stockholders was $6.12 million, or loss per share of $0.10, for the fiscal year 2021. This is compared to net loss attributable to common stockholders of $0.87 million, or loss per share of $0.02 for fiscal year 2020.
Financial Conditions
As of December 31, 2021, the Company had cash, cash equivalents and restricted cash of $19.51 million, compared to $6.75 million as of December 31, 2020. Accounts receivable and inventories were $0.04 million and $0.05 million, respectively, as of December 31, 2021, compared to $0.17 million and $0.25 million, respectively, as of December 31, 2020. As of December 31, 2021, we had working capital of approximately $11.42 million, as compared to working capital deficit of $8.55 million as of December 31, 2020.
Net cash used in operating activities was $3.45 million for the fiscal year 2021, compared to $2.63 million for fiscal year 2020. Net cash used in investing activities was $1.64 million for fiscal year 2021, compared to $3.35 million net cash provided by investing activities in fiscal year 2020. Net cash provided by financing activities was $18.10 million for the fiscal year 2021, compared to $0.59 million net cash used in financing activities in fiscal year 2020.
Going Concern
As reflected in our consolidated financial statements, for the year ended December 31, 2021, we have incurred a net loss of approximately $6.12 million and our cash used in operating activities amounted to approximately $3.45 million. Our business operations may be further affected by the ongoing COVID-19 pandemic. Although we received approximately $20.2 million net proceeds from issuance of common shares and warrants to certain investors during fiscal year 2021, there can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where it will be profitable or to generate positive cash flows. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next twelve months from the date that our consolidated financial statements are issued.
As of December 31, 2021, we had cash and cash equivalents and restricted cash of approximately $19.51 million. We also had short-term investments of approximately $4.43 million, which are highly liquid and can be converted into cash and used in our operations if needed. We also had approximately an aggregate of $5.99 million of loans (including approximately $5.44 million short-term loans and approximately $0.55 million short-term loans from related parties). For legal proceedings since December 31, 2019 regarding our delayed repayment of certain bank loans upon maturity, in March and April 2020, we received court rulings requiring us to make an aggregate RMB 54.54 million (approximately $8.35 million) of payments to the financial institutions. On March 13, 2021, the land and factory buildings on the land owned by our subsidiary, were auctioned by the court for $5,098,461 (RMB 33.14 million), among which, $3,192,827 (RMB 21.14 million) has been used to repay loan principal and accrued interest to a financial institution based on the court order. The repayment has been completed as of the date of this press release. On March 16, 2022, the People's Court of Huangdao District, Qingdao City, Shandong Province made a civil ruling and announced the acceptance of creditors' application of bankruptcy liquidation of our subsidiary, Qingdao Tiandihui Foodstuffs Co., Ltd., and it entered into bankruptcy proceedings. Accordingly, these legal claims relating to the bank loans are now subject to the bankruptcy proceedings.
Based on our current financial conditions, our cash balance and revenues generated from our business operations may not be currently sufficient and cannot be projected to cover our future operating expenses and meet our obligations as they become due for the next twelve months after the date that our financial statements are issued.
We face substantial challenges in our effort to resume normal business activities. Our future growth will place a significant strain on our sales and marketing capacities, administrative and operating infrastructure, manufacturing facilities and other resources. To effectively manage additional challenges brought on by COVID-19, we need to evaluate and identify suitable strategic or acquisition opportunities, complete such transactions on commercially favorable terms, or successfully integrate business operations, infrastructure and management philosophies of acquired businesses and companies, resolve the substantial litigation and judgements to which we are subject and raise substantial capital. There may be particular complexities, regulatory or otherwise, associated with our expansion into new markets, and our strategies may not succeed beyond our current markets. If we are unable to effectively address these challenges, our ability to execute acquisitions as a component of our long-term strategy will be impaired, which could have an adverse effect on our growth or our ability to function as a going concern. We also need to expand our customer base, refine our operational, financial and management controls and reporting systems and procedures. If we fail to efficiently manage this expansion of our business, our costs and expenses may increase more than anticipated and we may not successfully attract a sufficient number of customers in a cost-effective manner, respond to competitive challenges, or otherwise execute our business plans. In addition, we may, as part of carrying out our growth strategies, adopt new initiatives to implement new pricing models and strategies. We cannot assure you that these initiatives may achieve the anticipated results.
Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
About TDH Holdings, Inc.
Founded in April 2002, TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), is a developer, manufacturer and distributer of a variety of pet food products under multiple brands that are sold in the China, Asia and Europe. The Company also started the restaurant business operation since late 2021. More information about the Company can be found at www.tiandihui.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding, among others: its growth and business outlook; its ability to execute on its business plan, secure necessary capital to sustain and maintain its operation; its ability to resume its operations at the previous level; its ability to successfully resolve various legal proceedings and judgments in which it is involved or have been obtained against it; its ability to expand its market and customer base; its ability to refine its operational, financial and management controls and reporting systems and procedures, are forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the ability to identify, execute and integrate strategic or acquisition opportunities, the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the petfood industry in China and internationally; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and internationally and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE TDH Holdings, Inc. | https://www.whsv.com/prnewswire/2022/04/29/tdh-holdings-inc-reports-full-year-2021-audited-financial-results/ | 2022-04-29T23:26:52Z |
This Event will be Hosted by Academy Award-Winning Producer Terrence J
NEW YORK, April 29, 2022 /PRNewswire/ -- TEDxWaterStreet REImagine, our second in-person event since the COVID-19 pandemic, will take place on Wednesday, May 4, 2022, at IPIC Theatre, 11 Fulton St, New York, NY 10038; at 11:00 am EST. The independently organized event, licensed by TED, will feature an epic line-up of 14+ remarkable distinguished voices who speak the language of possibility and foster a rediscovery under the theme REimagine.
Launched in 2009, TEDx is a program of locally-organized events that bring the community together to share a TED-like experience. The best talks from TEDx events have been featured on TED.com and garner millions of views from audiences across the globe.
"We're honored to welcome our outstanding line-up of speakers, including and other distinguished guests such as, the CEO of GEO Group Jose Gordo, and former NFL Offensive Tackle Gosder Cherilus, to this exciting event. It's time to REImagine our future and dream about what's possible," said Jean-Paul Laurent, Lead Organizer, and Licensee of TEDxWaterStreet.
SPEAKER LINE-UP: TEDxWaterStreet REIMAGINE 2022 speakers are as follows: H. E. Dr. Michal Mlynár - Slovakia's Ambassador and Permanent Representative to the U.N; Brock Pierce – Futurist, Philanthropist, Economist, and Chairman, Bitcoin Foundation; Bhavana Bartholf – Women's Advocate, Global Head Digital & Sales Strategy, Microsoft; Jack Brewer - White House Appointee Commission on the Social Status of Black Men & Boys; Kely Nascimento - Founder and President - Nascimento Foundation; Rick Tumlinson – CEO and Founding Partner, SpaceFund; Natalie King - CEO, Dunamis Clean Energy Partners; Ryan Mundy - Founder, Alkeme Health; Travis Ludlow - Youngest Pilot to Fly Around the World, Guinness World Record Holder; Eric Klasson - Founder and CEO at resilienci.ai; Shaman Durek - 6th Generation Shaman and Evolutionary Leader, Dia Simms, CEO, Lobos 1707 Tequila & Mezcal | Co-Founder, Pronghorn, Erin Harris, CBO, Lobos 1707 Tequila & Mezcal | Co-Founder, Pronghorn CBO, Lobos 1707 Tequila & Mezcal | Co-Founder, Pronghorn; and Katira Rafiqzada, Co-Founder, Break Bread.
HOST: The event will be generously hosted by Academy Award-Winning Producer Terrence J, an American actor, model, and entertainment reporter known as the host of BET's popular music video countdown show 106 & Park. Jenkins starred as Michael Hanover in the romantic comedy film Think Like a Man (2012), which grossed $96 million at the worldwide box office.
PERFORMERS: Special music performances will include classical crossover Singer Victory Brinker, who sings songs in 8 languages! Victory holds the Guinness Book World Record for the Youngest Opera singer. She is best known for America's Got Talent Season 16.
While this is an invite-only event, a limited number of tickets have been reserved for the general public and are now available at fixr.co/event/565928780. Please join us!
REImagine 2022 is Sponsored and supported by Nasdaq, The GEO Group, Microsoft, Unspoken Smiles, FOURSQUARE, Pandemic Insights, resilienci.ai, dentlinQ, MLife Music Group, and Let's Talk Psychological Wellness, P.C., and our other in-kind contributors and supporters! We are grateful to our sponsors—you make everything we do possible!
Interested in sponsoring TEDxWaterStreet REimagine 2022? Contact: info@tedxwaterstreet.com
TEDxWaterStreet brings together like-minded individuals who are intentional about resetting as thinkers, leaders, friends and community members to bring about a new perspective on how we press forward. The event aims to challenge human discomfort with obstacles and instead celebrate the strength that accompanies curiosity and the ability to dream. TEDxWaterStreet leaders will speak the language of possibility and foster a rediscovery of what the future holds for our shared humanity. For more information about TEDxWaterStreet, TEDx, and TED.com, contact: info@tedxwaterstreet.com and please visit tedxwaterstreet.com and follow-on Instagram @TedxWaterStreet #tedxwaterstreet #reimagine22 #tedx
Media Contact:
Jean Paul Laurent
+19174006730
info@tedxwaterstreet.com
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SOURCE TEDxWaterStreet | https://www.whsv.com/prnewswire/2022/04/29/tedxwaterstreet-announces-speaker-line-up-reimagine-2022/ | 2022-04-29T23:26:58Z |
- Terna refocuses its international footprint according to its updated 2021-2025 Industrial Plan
- CDPQ makes its first power transmission investment in Latin America with the purchase of Terna's transmission network in Brazil, Peru and Uruguay
- The acquisition marks the creation of a new CDPQ platform dedicated to transmission of electricity in Latin America
ROME and MONTRÉAL, April 29, 2022 /PRNewswire/ - Terna S.p.A., Terna Plus S.r.l. and Terna Chile S.p.A. (collectively "Terna Group") today signed an agreement with CDPQ, a global investment group, for the sale of 100% of Terna Group's portfolio of power transmission assets in Brazil, Peru and Uruguay, for an equity value of over 265 million euros.
Terna's recently constructed, state-of-the-art transmission network in Latin America extends approximately 1,200 kilometres in three countries, Brazil, Peru and Uruguay. Thanks to significant investments in the region over the past five years and leveraging of its core expertise, Terna Group has contributed to the sustainable development of resilient and fully digitalized infrastructure, with the involvement of local communities. The transaction will allow Terna to record a capital gain of over 60 million euros.
"Terna will now refocus its international footprint in low-risk markets with attractive growth potential, as we announced in our updated 2021-2025 Industrial Plan", said Giacomo Donnini, Head of Terna International Operations.
The acquisition of these key assets will enable CDPQ to enter the Latin American energy transmission market, with a strong management team in place capable of pursuing growth opportunities, and in a manner consistent with its climate strategy and its objective of achieving a 60% reduction in the carbon intensity of its portfolio by 2030.
"With this first investment in power transmission in Brazil, Peru and Uruguay, we are laying the foundation of a new CDPQ platform dedicated to power transmission in Latin America, with an objective of becoming a key player in this critical sector of the economy. We are determined to drive the expansion of networks connecting new renewable energy projects to clients throughout the region, an objective in line with both our Latin American and portfolio decarbonation strategies," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.
The closing of the deal is planned to occur in multiple steps, for the most part in the second half of 2022, subject to the fulfillment of certain customary conditions. Terna Group was assisted by Santander Corporate & Investment Banking as financial advisor and by the international law firm Curtis, Mallet-Prevost, Colt & Mosle as legal advisor. Pinheiro Neto Advogados served as legal advisor to CDPQ.
The Terna Group is one of the leading European and global electricity transmission operators. It operates the high-voltage national transmission grid with about 75,000 km of lines, around 900 electrical substations throughout the Italian territory and 26 interconnections with foreign Countries. Its mission is to guarantee 24 hours a day, 365 days a year, the secure operation, quality and efficiency of the Italian electricity system and ensure equal access conditions for all market operators. A centre of excellence made up of over 5,100 professionals, Terna plays a guiding role in the energy transition process towards complete decarbonisation and full integration of energy from renewable sources into the grid.
For more information www.terna.it
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2021, CDPQ's net assets totalled CAD 419.8 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
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SOURCE Caisse de dépôt et placement du Québec | https://www.whsv.com/prnewswire/2022/04/29/terna-sells-its-latin-american-power-transmission-activities-cdpq-over-265-million-euros/ | 2022-04-29T23:27:05Z |
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