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HD-PLC Innovates IoT World
METI’s Revised Standards Open the Way for Marketing Housing Equipment and Home Appliances with Built-in High-definition Power Line Communication FUKUOKA, Japan--(BUSINESS WIRE)--In Japan, the High-definition Power Line Communication (HD-PLC) technology has been mostly used in PLC adapters and communication equipment so far. One major reason was the interpretation of the “Ministerial Order to Provide Technical Standards for Electrical Appliances and Materials” which applied to the integration of HD-PLC into home electric appliances and housing equipment. Recently, the efforts of the involved parties have been rewarded by the Notice issued on December 25, 2019 by the Ministry of Economy, Trade and Industry (METI) that partially revised the interpretation of the Ministerial Order. HD-PLC can now be integrated in home appliances and housing equipment. The main advantages of HD-PLC over wireless technologies include an easy setup of communication networks, a high level of security, and low power consumption. Additionally, HD-PLC can be used on power lines, coaxial cables, telephone lines, and other existing lines which not only enables the deployment of networks in in-house environments such as homes, buildings, and factories, but also the deployment of large outdoor networks covering areas of some square kilometers. Furthermore, HD-PLC is expected to play an important role in underground facilities and radio-shielded spaces in buildings and houses where wireless reception is bad, while users expects high-speed, low-latency applications be provided by next-generation 5G networks. HD-PLC can play a unique role by working in conjunction with 5G, Wi-Fi, Bluetooth, and other wireless technologies to enhance the quality of service of networks. The ministerial order revision has opened the way for consumers to buy stationary home appliances with build-in HD-PLC technology, making easy to build networks by simply connecting the equipment to an electric outlet. This will provide a new solution for interconnecting electric appliances. Yoshiyuki Miyabe, Senior Managing Executive Officer of Panasonic Corporation, the founding company of the HD-PLC Alliance, sent us a message: “Panasonic’s fourth-generation HD-PLC technology has already been approved as the IEEE 1901a Standard. We are excited by the huge opportunities that the ministerial order revision has opened to make HD-PLC one of the most innovative core technologies in the age of IoT. Panasonic will take advantage of these opportunities to integrate the technology in many of our products and solutions, working toward its further development and expansion and offering new values to our customers.” HD-PLC Alliance will continue to promote the use of HD-PLC in electric appliances and to provide certification of HD-PLC built-in machinery and equipment ensuring communication compatibility. Simultaneously, we will keep making efforts to improve the certification environment. With the motto “HD-PLC takes up the challenge of becoming the IoT solution that connects people’s living, industry, and the community,” we will keep contributing toward establishing universal standards and promoting wider use of HD-PLC compatible products. Contacts HD-PLC AllianceTakanori MiyakeE-mail: info@hd-plc.org
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Accenture Opens Innovation Center for Situational Awareness in Singapore
Center serves as hub for collaborative development of advanced solutions to help public safety organizations protect their citizens SINGAPORE--(BUSINESS WIRE)--Accenture (NYSE: ACN) has opened a global innovation center for situational awareness in Singapore to help public safety organizations in Asia Pacific and around the world develop solutions to anticipate and respond to threat and risk to their citizens, whilst maintaining their trust and confidence. A vibrant collaborative environment, the center is designed to encourage breakthrough thinking between Accenture clients, the center’s professionals, and digital innovators from the public and private sectors. The goal is to enable public safety organizations to make more informed decisions and deliver better services and public safety outcomes to the citizens and communities they serve. This is Accenture’s first innovation center dedicated to situational awareness technologies and will develop assets to enable clients to responsibly deploy innovative technologies such as artificial intelligence (AI), the internet of things, blockchain, augmented reality and virtual reality. At the center, Accenture will collaborate with leading technology companies including analytics software provider SAS – a strategic technology partner to the center — to co-develop situational-awareness solutions that responsibly support the missions and operations of public safety agencies. Technology specialists will apply design thinking methodologies to resolve the challenges faced by public safety agencies, transforming agency data into real-time intelligence through situational awareness solutions powered by the latest analytics and AI technologies. “Improving situational awareness is crucial for public safety agencies to better anticipate threat, risk and harm, allowing them to respond to public safety-related incidents faster and in a more informed way,” said James Slessor, who leads Accenture’s Public Safety business globally. “By responsibly using innovative technologies, these agencies can better anticipate public safety incidents, improve the safety of first responders, and deliver services to citizens and communities more effectively.” The center, located within Accenture’s office at South Beach Road, is supported by the Singapore Economic Development Board (EDB) “Accenture and Singapore enjoy a strong partnership in developing systems, infrastructure and services that are critical to public safety,” said Dawn Lim, Director of Commercial and Professional Services, EDB. “We are pleased that Accenture has chosen Singapore as the location for its first innovation center dedicated to situational awareness technologies and we look forward to working with other like-minded companies to accelerate the innovation and commercialisation of next-generation public safety systems.” “As Singapore’s Smart Nation initiative reshapes the delivery of public services and citizens’ experience of dealing with the government, digitization has become increasingly relevant to the core of our clients’ operations,” said Wee Wei Ng, who leads Accenture’s Health & Public Service practice in Singapore. “Our new center provides a space for government agencies to collaborate with each other and with the private sector to apply innovations that will ultimately increase their situational awareness and accelerate their digital transformation journeys.” Learn more about the Innovation Center for Situational Awareness in Singapore About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 505,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. Contacts Junaidah Dahlan Accenture +65 6410 8362 junaidah.dahlan@accenture.com Joe Doyle Accenture Health & Public Service +353 87 2507583 joe.x.doyle@accenture.com
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Angola Shadow State Executives Imperil Privatisation Agenda
LONDON, Jan 20, 2020 - (ACN Newswire) - EXX Africa publishes a special report on Angola shadow state executives who imperil the country's privatisation process.Using a high-profile anti-corruption campaign as a distraction, the Angolan political and business elite is once again deeply entrenched in embezzling funds from Sonangol contracted services.Ongoing trials and investigations in Angola display a lack of judicial due process and government bias in politically motivated targeted prosecutions, as well as public tarnishing of senior judges and prosecutors. This pattern bodes ominously for the IMF-backed privatisation agenda in which the ruling elite will seek lucrative stakes in state assets through opaque financing structures.The transition of political power in Angola has failed to root out entrenched state corruption over the past two and a half years, while the current government is engaged in new forms of fraud and embezzlement of state revenues. For any further comment or a full copy of the report, please contact info@exxafrica.comAbout EXX AfricaEXX Africa is a specialist intelligence firm providing analysis and forecasts on political, security, and economic risk across all African countries. The company was founded in 2015 and has since become a leading risk advisory and consultancy with a broad network of clients ranging from DFIs, banks, traders, corporates, and insurers, to governments and military forces worldwide.Media Contact:Robert BesselingExecutive Directorrobert.besseling@exxafrica.comhttps://www.exxafrica.com Copyright 2020 ACN Newswire. All rights reserved. www.acnnewswire.com
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Morris Group of Companies Announces Solicitation for Offers
SASKATOON, Saskatchewan--(BUSINESS WIRE)--TAKE NOTICE THAT the Court of Queen’s Bench for Saskatchewan (the “Court”) granted an Order to 101098672 Saskatchewan Ltd., Morris Industries Ltd., Morris Sales and Service Ltd., Contour Realty Inc., and Morris Industries (USA) Inc. (collectively “Morris Group” or the “Companies”) extending their stay of proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) to March 27, 2020 (the “Stay Extension”), enabling the Companies to continue with their efforts to restructure their business and financial affairs, including obtaining Court approval to conduct a Sale and Investment Solicitation Process (the “SISP”). Pursuant to the SISP, Alvarez & Marsal Canada Inc., acting in its capacity as the court appointed Monitor of the Morris Group and not in its personal or corporate capacity (the “Monitor”) is soliciting proposals from prospective strategic and financial parties to acquire the business of, or to invest in the Morris Group. The Morris Group primarily carries on business as a market leading farm equipment manufacturer. The Companies have developed over the past 90 years a diverse equipment line including products such as air carts, drills, seeders, packer harrow bars, and bale carriers, which it distributes through a network of dealers in Canada, the United States, Australia, and Eastern Europe. The Order appointed the Monitor to prepare and implement the SISP, in consultation with the Morris Group. Interested parties can obtain additional information by referring to the Monitor’s website here https://www.alvarezandmarsal.com/morris. Contacts Susan Groeneveld, 403-930-4926
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MassMutual Ventures announces USD $100 million second fund for Southeast Asia
MMV Southeast Asia investment capital now $150 million, tripling its initial size in one yearBOSTON and SINGAPORE, Jan. 21, 2020 /PRNewswire/ -- MassMutual Ventures (MMV) (https://massmutualventures.com/) announced today that it has launched a second fund of US$100 million for Southeast Asia, bringing its total capital under management to US$350 million across four funds - two US$100M funds in the U.S. and US$150M in Southeast Asia across two funds. One year after establishing MassMutual Ventures Southeast Asia (MMV SEA) (https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2018/11/massmutual-ventures-launches-usd-50-million-fund-for-investments-in-southeast-asia), the Singapore-based team will continue to build on its successful strategy of investing in early- and growth-stage companies in the digital health, financial technology and enterprise software sectors. With the addition of this second fund for MMV SEA, provided by parent company Massachusetts Mutual Life Insurance Company (MassMutual) (https://www.massmutual.com/), MMV's overall investment capital is now more than triple the size since it was established over five years ago. In addition to investing in companies in the Southeast Asia region, MMV SEA will widen its investment reach by seeking opportunities in Hong Kong, India, Australia, and New Zealand. "We are excited to significantly expand our international presence with this second fund for MMV SEA. This additional capital will allow us to invest in more start-ups in the region that have the ability to generate positive returns for MassMutual," said Doug Russell, Managing Director and Head of MassMutual Ventures. "Furthermore, we can continue to build a truly global MMV platform, giving entrepreneurs access to significant networks and expertise, while providing MassMutual with valuable insights into new trends, technologies and solutions that are being developed around the world." Since launching in 2014, MMV has backed nearly 40 companies in North America, Europe, Israel, and Southeast Asia. Seven of those companies are part of MMV SEA's current portfolio (https://massmutualventures.com/investments/). MMV SEA also works with other MassMutual entities in the region - leveraging their relationships to help portfolio companies identify potential opportunities for expansion and strategic partnerships. "We look forward to further successes with MassMutual Ventures in Southeast Asia and across the region, as the team widens its investment reach to back more companies in this dynamic and thriving part of the world," said Eddie Ahmed, Chairman, President and CEO of MassMutual International. "Additionally, this second fund underscores MassMutual's growth plans as we look to capitalize on attractive, emerging global opportunities in new markets." Managing Directors Ryan Collins, formerly an Executive Director at Goldman Sachs, and Anvesh Ramineni, previously Head of Investments at OpenSpace Ventures, lead MMV SEA. Both are experienced investment and operating professionals in the region, and are charged with sourcing and executing investment opportunities. "As a vibrant and growing ecosystem, Southeast Asia offers tremendous opportunities," said Ryan. "The substantial increase to our investment capital reinforces our commitment and focus, as we continue to believe in both the local opportunity and in the potential for globally successful companies to emerge from this region." Anvesh added, "The larger new fund will give us the ability to invest in an additional 15 to 20 companies and allow us to further support our portfolio companies as they grow. We look forward to continue backing exceptional entrepreneurs and building upon the success we have had in this region over the past year." Reflecting the increased capital under management and commitment to its portfolio companies, MMV SEA recently hired a new associate, Carlos Jo Loo. Prior to MMV SEA, Carlos was a Senior Associate at the Boston Consulting Group (BCG) SEA. During his time at BCG, he worked extensively with BCG Digital Ventures, where he co-founded two start-ups in the energy and industrials sectors. Carlos holds an MPhil in Finance from the University of Cambridge, and a BSc in Economics (First Class) from the University of Sussex. About MassMutual Ventures Holding MassMutual Ventures Holding (MMV Holding) is a return-focused corporate venture capital firm investing in seed to growth stage companies. Key areas of investment focus include financial technology, cybersecurity, data analytics, digital health, and enterprise software. MMV Holding manages US$350M through MassMutual Ventures, a US$200M Boston MA-based team investing in North America, Europe and Israel, and MassMutual Ventures SEA, a US$150M Singapore-based team investing across Southeast Asia. Both funds lead or join investment syndicates in companies poised to create significant enterprise value through differentiated innovation and focused execution. MMV Holding is also a significant investor in Crane Venture Partners, a London-based venture capital firm focused on early-stage enterprise start-ups in Europe. MMV Holding also has a strategic partnership with Crane. For more information, visit: https://www.massmutualventures.com/. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MMV. MassMutual is a FORTUNE 500® company[1]. [1] FORTUNE and FORTUNE 500 are registered trademarks of Time Inc. and are used under license. From FORTUNE Magazine, June 1, 2019. ©2019 Time Inc. Used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of MassMutual. Related Links :https://www.massmutualventures.com
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Jefferies to Hold Asia Pacific Trading Day in Support of Australia Wildfires Relief on Wednesday January 22
NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--Jefferies confirmed that tomorrow, Wednesday, January 22nd, 2020, the firm will dedicate a day of trading to support relief efforts needed after the devastation caused by the recent wildfires taking place in Australia. As previously announced, Jefferies will donate net trading commissions on Wednesday, January 22 for all trading in Asia Pacific securities, including equities, fixed income and FX, by the firm’s clients globally. Simultaneously, all of the firm’s global employees will also be given the opportunity to personally donate to the relief effort. Jefferies will match all client trading commissions generated that day, as well as match all employee donations from across the firm. The total contribution will then be donated to relief organizations directly involved in the rescue and recovery efforts in Australia. Rich Handler, CEO, and Brian Friedman, President, of Jefferies commented: "All of us at Jefferies, including our many colleagues in Australia, 423 across Asia Pacific and 3,813 globally, are deeply saddened and concerned about this catastrophic devastation. We hope this donation from Jefferies will help, in some small way, to ease the pain of those affected by this disaster, and we encourage our global clients and employees to join our efforts to contribute to those in need.” Jefferies Group LLC, the largest independent full-service global investment banking firm headquartered in the U.S. focused on serving clients for over 55 years, is a leader in providing insight, expertise and execution to investors, companies and governments. Our firm provides a full range of investment banking, advisory, sales and trading, research and wealth management services across all products in the Americas, Europe and Asia. Jefferies Group LLC is a wholly owned subsidiary of Jefferies Financial Group Inc. (NYSE: JEF), a diversified financial services company. For further information, please contact your Jefferies representative. Contacts For media inquiries: Richard Khaleel, +1 212 284 2556, rkhaleel@jefferies.com
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NB Global Corporate Income Trust (ASX: NBI) Entitlement and Shortfall Offer
Offer open to existing and new investors Opportunity to receive consistent and stable income stream paid via monthly distributions Neuberger Berman to pay all fees and costs for Offer SYDNEY--(BUSINESS WIRE)--Global investment manager Neuberger Berman today announced an offer of new Units in the NB Global Corporate Income Trust (ASX: NBI). The offer of new Units will comprise of an Entitlement Offer and a Shortfall Offer with the maximum potential raise being approximately $749 million. The offer period will commence on 29 January 2019. The joint lead managers of the offer are Bell Potter, E&P, Morgans, NAB, and Ord Minnett, and the co-manager is Canaccord Genuity Financial. “We are delighted to again offer existing unit holders and new investors the opportunity to gain exposure to the global high yield corporate bond market,” said Matt Thompson, Head of Intermediary Distribution for Neuberger Berman. “Given the current low interest rate environment, we believe the Trust’s objective to deliver consistent and stable income via monthly distributions makes it an attractive investment option for Australian investors seeking a higher yielding and globally diversified income solution.” added Mr. Thompson. From its inception to the end of December 2019, NBI has achieved an annualised total return of 8.43%1 and, for the financial year ended 30 June 2019, paid an annualised distribution of 6.24%2 (net of fees and expenses). For the current financial year to the end of December 2019, NBI has paid distributions totaling 5.39 cents per Unit, which represents an annualised distribution of 5.25% (net of fees and expenses) and is in line with NBI’s Target Distribution3. Neuberger Berman has committed to paying for all the upfront fees and costs of the Offer. Australia’s leading specialist corporate fiduciary, Equity Trustees, is the Responsible Entity and issuer of the Trust. The Entitlement Offer for Eligible Unitholders and the Shortfall Offer for new investors closes at 5:00pm (AEDT) on 21 February 2020. Details of the Offer: Trust NB Global Corporate Income Trust ASX Code NBI Entitlement Offer ratio 3 New Units for every 4 existing Units Offer Price4 $2.05 Maximum number of New Units that may be issued under the Entitlement Offer 334,089,462 Maximum gross proceeds from the Entitlement Offer5 Up to $684,883,397 at the Offer Price Key Dates: Offer opens 29 January 2020 Entitlement Offer Closing Date (5.00 pm AEDT) 21 February 2020 Shortfall Offer Closing Date (5.00 pm AEDT) 21 February 2020 New Units under Entitlement Offer quoted on a deferred settlement basis 24 February 2020 Results of the Offer announced 26 February 2020 Entitlement Offer Issue Date 2 March 2020 Normal trading of New Units and Additional New Units under Entitlement Offer expected to commence on the ASX 3 March 2020 Shortfall Offer Issue Date 9 March 2020 Normal trading of New Units issued under Shortfall Offer expected to commence on the ASX 10 March 2020 To participate in the Offer The Offer is being made under the Trust’s product disclosure statement that was lodged with ASIC on 21 January 2020 (2020 PDS) and is available on the Trust’s website at http://www.nb.com/nbi. Investors should review the 2020 PDS for full details of the terms of the Offer, including, in particular, the “Overview of the Trust”, “Overview of the Investment Strategy”, “Risk Factors” and “Fees and Other Costs” sections of the 2020 PDS. Applications under the Shortfall - General Offer can be made by completing the application form attached to the 2020 PDS. Applicants under the Shortfall – Broker Firm Offer should contact their broker for application details. 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 23 countries, Neuberger Berman’s diverse team has 2,200 professionals. For six 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). The firm was awarded an A+ in every category in the latest 2019 PRI report for our approach to ESG integration across asset classes. The firm manages US$356 billion in client assets as of December 31, 2019. For more information, please visit our website at www.nb.com. About Equity Trustees Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298, AFSL 240975), is the Responsible Entity for the NB Global Corporate Income Trust (“NBI”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This release has been prepared by Neuberger Berman Australia Ltd (ABN 90 146 033 801) (“Neuberger Berman”) to provide you with general information only. In preparing this release, Neuberger Berman did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this release. Neither Neuberger Berman, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of NBI’s latest Product Disclosure Statement from its website (www.nb.com/nbi) before making a decision about whether to invest in NBI. The information contained in this release is taken from publicly available sources that is subject to change without notice. EQT and Neuberger Berman make no representation as to the reliability or accuracy of the publicly available information. For more information about NBI, please visit www.nb.com/nbi. Notes: Listing Date: 26 September 2018. Performance has been annualized. Total Return is calculated based on the pre-distribution month end NTA and assumes all distributions are reinvested. Performance is calculated net of management costs, which includes the Responsible Entity fee, the Management fee, the Administration fee, along with custodian, audit and legal fees and other transactional and operational costs. Investors should review NBI’s product disclosure statement dated 21 January 2020 (“2020 PDS”) for full details of NBI, including, in particular, the “Fees and Other Costs” section. Based on the Initial Public Offer Subscription Price of $2.00. The Target Distribution is only a target and may not be achieved. Actual distributions will be monitored against the Target Distribution. The Target Distribution will be formally reviewed at least annually (as at the end of each financial year) and any change in Target Distribution will be notified by way of ASX announcement as required. Investors should review the Risk summary set out in Section 8 of the 2020 PDS. Section 3.3.1 of the 2020 PDS sets out the Manager’s views in relation the interest rate environment and impact on target distributions. The Manager anticipates the Trust having to revise its Target Distribution for the financial year beginning 1 July 2020 marginally downwards given the recent decline in yields across global fixed income markets and the ongoing turnover of the Trust’s holdings resulting from the Manager’s active management approach. The Offer Price is based on the NTA per Unit as at 17 January 2020, net Distributable Earnings. The Distributable Earnings is the accrued and forecast cash available for distribution in respect of the financial year ending 30 June 2019. Investors should refer to Section 2.5 of the 2020 PDS for NBI’s Distribution Policy. The 2020 PDS is available on NBI’s website at www.nb.com/nbi. The Shortfall Offer, which will allow new investors to participate in the Offer, includes an invitation to apply for up to 31,098,707 New Units over and above the Shortfall from the Entitlement Offer (representing that number of New Units which can be issued under the Trust’s available placement capacity under ASX Listing Rule 7.1 (“Placement Capacity”)). In that event, the number of New Units issued under the 2020 PDS will be up to approximately 365,188,169 New Units and the maximum gross proceeds from the Offer will be up to approximately $749 million. Contacts Arthur Chan WE Communications WE-AUNeuberger@we-worldwide.comT: 02 9237 2805
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MassMutual Ventures Announces USD $100 Million Second Fund for Southeast Asia
MMV Southeast Asia investment capital now $150 million, tripling its initial size in one year BOSTON & SINGAPORE--(BUSINESS WIRE)--MassMutual Ventures (MMV) announced today that it has launched a second fund of $100 million for Southeast Asia, bringing its total capital under management to USD $350 million across four funds – two USD $100M funds in the U.S. and USD $150M in Southeast Asia across two funds. One year after establishing MassMutual Ventures Southeast Asia (MMV SEA), the Singapore-based team will continue to build on its successful strategy of investing in early- and growth-stage companies in the digital health, financial technology and enterprise software sectors. With the addition of this second fund for MMV SEA, provided by parent company Massachusetts Mutual Life Insurance Company (MassMutual), MMV’s overall investment capital is now more than triple the size since it was established over five years ago. In addition to investing in companies in the Southeast Asia region, MMV SEA will widen its investment reach by seeking opportunities in Hong Kong, India, Australia, and New Zealand. “We are excited to significantly expand our international presence with this second fund for MMV SEA. This additional capital will allow us to invest in more startups in the region that have the ability to generate positive returns for MassMutual,” said Doug Russell, Managing Director and Head of MassMutual Ventures. “Furthermore, we can continue to build a truly global MMV platform, giving entrepreneurs access to significant networks and expertise, while providing MassMutual with valuable insights into new trends, technologies and solutions that are being developed around the world.” Since launching in 2014, MMV has backed nearly 40 companies in North America, Europe, Israel, and Southeast Asia. Seven of those companies are part of MMV SEA’s current portfolio. MMV SEA also works with other MassMutual entities in the region – leveraging their relationships to help portfolio companies identify potential opportunities for expansion and strategic partnerships. “We look forward to further successes with MassMutual Ventures in Southeast Asia and across the region, as the team widens its investment reach to back more companies in this dynamic and thriving part of the world,” said Eddie Ahmed, Chairman, President and CEO of MassMutual International. “Additionally, this second fund underscores MassMutual’s growth plans as we look to capitalize on attractive, emerging global opportunities in new markets.” Managing Directors Ryan Collins, formerly an Executive Director at Goldman Sachs, and Anvesh Ramineni, previously Head of Investments at OpenSpace Ventures, lead MMV SEA. Both are experienced investment and operating professionals in the region, and are charged with sourcing and executing investment opportunities. “As a vibrant and growing ecosystem, Southeast Asia offers tremendous opportunities,” said Ryan. “The substantial increase to our investment capital reinforces our commitment and focus, as we continue to believe in both the local opportunity and in the potential for globally successful companies to emerge from this region.” Anvesh added, “The larger new fund will give us the ability to invest in an additional 15 to 20 companies and allow us to further support our portfolio companies as they grow. We look forward to continue backing exceptional entrepreneurs and building upon the success we have had in this region over the past year.” Reflecting the increased capital under management and commitment to its portfolio companies, MMV SEA recently hired a new associate, Carlos Jo Loo. Prior to MMV SEA, Carlos was a Senior Associate at the Boston Consulting Group (BCG) SEA. During his time at BCG, he worked extensively with BCG Digital Ventures, where he co-founded two start-ups in the energy and industrials sectors. Carlos holds an MPhil in Finance from the University of Cambridge, and a BSc in Economics (First Class) from the University of Sussex. About MassMutual Ventures Holding MassMutual Ventures Holding (MMV Holding) is a return-focused corporate venture capital firm investing in seed to growth stage companies. Key areas of investment focus include financial technology, cybersecurity, data analytics, digital health, and enterprise software. MMV Holding manages US$350M through MassMutual Ventures, a US $200M Boston MA-based team investing in North America, Europe and Israel, and MassMutual Ventures SEA, a US $150M Singapore-based team investing across Southeast Asia. Both funds lead or join investment syndicates in companies poised to create significant enterprise value through differentiated innovation and focused execution. MMV Holding is also a significant investor in Crane Venture Partners, a London-based venture capital firm focused on early-stage enterprise start-ups in Europe. MMV Holding also has a strategic partnership with Crane. For more information, visit: https://www.massmutualventures.com/. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MMV. MassMutual is a FORTUNE 500® company1. 1 FORTUNE and FORTUNE 500 are registered trademarks of Time Inc. and are used under license. From FORTUNE Magazine, June 1, 2019. ©2019 Time Inc. Used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of MassMutual. Contacts Chelsea Haraty +1 413 744 4062 chelseaharaty@massmutual.com Benedict Thambiah o: +65 6671 3254 | m: +65 9003 7566 Benedict.Thambiah@bcw-global.com
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Global Digital Education Content Market 2019-2023 | Growing Emphasis on Personalized Content to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--#AdobeSystems--Technavio has been monitoring the global digital education content market and it is poised to grow by USD 22.97 billion during 2019-2023, progressing at a CAGR of 8% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Growing emphasis on personalized content has been instrumental in driving the growth of the market. However, challenges with increased availability of open educational resources, might hamper market growth. Request a free sample report Digital Education Content Market 2019-2023: Segmentation Digital Education Content Market is segmented as below: End-Users K-12 Higher education Geographic segmentation Americas APAC EMEA To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR30174 Digital Education Content Market 2019-2023 : Scope Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our digital education content market report covers the following areas: Digital Education Content Market size Digital Education Content Market trends Digital Education Content Market industry analysis This study identifies rising adoption of internet-enabled devices as one of the prime reasons driving the digital education content market growth during the next few years. Digital Education Content Market 2019-2023: Vendor Analysis We provide a detailed analysis of around 25 vendors operating in the digital education content market, including some of the vendors such as Adobe Systems, Cengage Learning Holdings, McGraw-Hill Education, MPS and Pearson. Backed with competitive intelligence and benchmarking, our research reports on the digital education content market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Digital Education Content Market 2019-2023 : Key Highlights CAGR of the market during the forecast period 2019-2023 Detailed information on factors that will assist digital education content market growth during the next five years Estimation of the digital education content market size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior The growth of the digital education content market Analysis of the market’s competitive landscape and detailed information on vendors Comprehensive details of factors that will challenge the growth of digital education content market vendors About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.comWebsite: https://www.technavio.com/
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Arizona Technology Council Applauds STEM Investments in Governor Ducey’s Executive Budget
Governor Ducey’s FY 2021 Proposal Calls for Spending on Education Through Workforce Training and Arizona’s Rural Community Colleges PHOENIX--(BUSINESS WIRE)--The Arizona Technology Council applauds Governor Doug Ducey on his proposed FY 2021 executive budget, especially with its emphasis on science, technology, engineering and math (STEM). The governor’s executive budget plan totals nearly $12.5 billion. The proposal includes roughly 6% in additional spending over the budget enacted last year, nearly half of which is earmarked for education. With the final installment of the 20X2020 teacher pay raise and the complete restoration of the additional assistance, Governor Ducey continues his commitment to Education. Additionally, the focus on STEM funding, especially in Rural Arizona, is the type of investment that will keep the state’s economy strong and cement why Arizona is such a great place to live and work. Below are some of the STEM and technology focused proposals from Governor Ducey’s budget proposal: $35 million to a “New Economy” initiative to support Arizona’s workforce $10 million for Governor’s research and grants matching funds as a part of the “New Economy” initiative $11 million in restorations to STEM and Workforce Programs in Maricopa, Pima and Pinal community colleges $6 million to rural community college districts to meet the demand for career and technical programs $4 million to expand the Arizona Advanced Technology Corridor $10 million to triple state’s investment in Rural Broadband Grants This type of investment will help support Arizona’s growing technology industry and prepare our workforce for the jobs our tech companies need. “With Arizona’s technology sector growing at a pace 40% faster than the rest of the nation, we are increasingly pleased with the Governor’s leadership in investing in K12, higher education and specifically in STEM,” said Steven G. Zylstra, the Council’s president and CEO. “The Council is advocating for STEM ecosystem investment and cultivation as one of its 2020 legislative priorities, and we look forward to working with the Governor on making our vision a reality.” From the Office of the Governor and the U.S. Congress to legislative committee rooms and city halls across the state, the Council serves as the voice advocating for a technology-based, pro-growth, business-focused agenda. The Council recently released its 2020 Public Policy Guide designed to inform the Governor, the Legislature, Arizona’s Congressional delegation and the Council’s more than 850 member companies along with the wider technology community of the organization’s advocacy activities, principles and positions. It also aims to help elected officials at all levels of government as they craft policies affecting Arizona’s economy and technology sector for years to come. Visit www.aztechcouncil.org to learn more about the Council’s public policy activities. About the Arizona Technology Council The Arizona Technology Council is Arizona’s premier trade association for science and technology companies. Recognized as having a diverse professional business community, Council members work towards furthering the advancement of technology in Arizona through leadership, education, legislation and social action. The Council offers numerous events, educational forums and business conferences that bring together leaders, visionaries and community members to make an impact on the technology industry. These interactions contribute to the Council’s culture of growing member businesses and transforming technology in Arizona. To become a member or to learn more about the Arizona Technology Council, please visit www.aztechcouncil.org. Contacts Media contact:Alec Robertson Brodeur Partners arobertson@brodeur.com(585) 281-6399 Organization contact:Steven G. Zylstra Arizona Technology Council szylstra@aztechcouncil.org(602) 422-9447
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Absolute Declares Quarterly Dividend
VANCOUVER, British Columbia--(BUSINESS WIRE)--Absolute (TSX: ABT) today announced that its Board of Directors has declared a quarterly dividend of CAD$0.08 per share on its common shares, payable in cash on February 28, 2020 to shareholders of record at the close of business on February 7, 2020. Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. About Absolute Absolute provides visibility and resilience for every endpoint with self-healing endpoint security and always-connected IT asset management to protect devices, data, applications, and users — on and off the corporate network. Bridging the gap between security and IT operations, only Absolute gives enterprises visibility they can act on to protect every endpoint, remediate vulnerabilities, and ensure compliance in the face of insider and external threats. Absolute’s patented Persistence technology is already embedded in the firmware of PC and mobile devices and trusted by over 12,000 customers worldwide. For the latest information, visit www.absolute.com and follow us on LinkedIn here and on Twitter here. ©2020 Absolute Software Corporation. All rights reserved. ABSOLUTE, the ABSOLUTE logo, and PERSISTENCE are registered trademarks of Absolute Software Corporation. Other names or logos mentioned herein may be the trademarks of their respective owners. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release. Contacts Media and Analyst Relationspr@absolute.com or 781-966-4167 Investor Relationsir@absolute.com or 212-868-6760
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First Defiance Financial Corp. Receives Regulatory Approval for United Community Financial Corp. Merger
DEFIANCE & YOUNGSTOWN, Ohio--(BUSINESS WIRE)--First Defiance Financial Corp. (Nasdaq: FDEF) (“First Defiance”), holding company of First Federal Bank of the Midwest (“First Federal Bank”), and United Community Financial Corp. (Nasdaq: UCFC) (“United Community”), holding company of Home Savings Bank (“Home Savings”), jointly announced today that approval has been received from the Federal Reserve Bank, the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions (collectively, the “Regulatory Authorities”) for the merger of United Community with and into First Defiance, followed by the merger of Home Savings with and into First Federal Bank. Immediately prior to the merger, First Defiance will convert from a Unitary Thrift Holding Company to a Bank Holding Company, and it has elected Financial Holding Company status, and First Federal Bank will convert from a Federal Savings Association to an Ohio-chartered commercial bank. “We are pleased to have received all necessary shareholder approvals in mid-December and now to have received all required approvals from the Regulatory Authorities. We are progressing as planned, and we anticipate to close the transaction at the end of January,” stated Donald P. Hileman, President and CEO of First Defiance. “We are excited to bring together two organizations as a premier community bank with enhanced products, services and technology while honoring our commitment to superior customer service, personalized financial solutions and unwavering community support.” First Defiance’s Board of Directors approved the selection of directors that will sit on the combined company’s board following the completion of the merger. The new board will consist of 13 members including John L. Bookmyer, current First Defiance Chairman, serving as Chairman of the Board until succession of Donald Hileman to Executive Chairman when he relinquishes his CEO role. John Bookmyer will serve on the board until he stands for reelection at the 2022 Annual Meeting of Shareholders. Richard J. Schiraldi, current United Community Chairman, will serve as Vice Chairman of the Board until he stands for reelection at the 2020 Annual Meeting of Shareholders. In addition to Bookmyer and Schiraldi, there will be 6 directors from First Defiance and 5 directors from United Community: Current directors from United Community that will serve on the Board following the merger: Marty E. Adams, who will serve until he stands for reelection at the 2021 Annual Meeting of Shareholders; Zahid Afzal, who will serve until he stands for reelection at the 2022 Annual Meeting of Shareholders; Louis M. Altman, who will serve until he stands for reelection at the 2022 Annual Meeting of Shareholders; Lee Burdman, who will serve until he stands for reelection at the 2020 Annual Meeting of Shareholders; Gary M. Small, who will serve until he stands for reelection at the 2021 Annual Meeting of Shareholders. Current directors from First Defiance that will serve on the Board following the merger: Terri A. Bettinger, who will serve until she stands for reelection at the 2022 Annual Meeting of Shareholders; Donald P. Hileman, who will serve until he stands for reelection at the 2021 Annual Meeting of Shareholders; Jean A. Hubbard, who will serve until she stands for reelection at the 2020 Annual Meeting of Shareholders; Charles D. Niehaus, who will serve until he stands for reelection at the 2020 Annual Meeting of Shareholders; Mark A. Robison, who will serve until he stands for reelection at the 2020 Annual Meeting of Shareholders; Samuel S. Strausbaugh, who will serve until he stands for reelection at the 2021 Annual Meeting of Shareholders. The transaction was announced on September 9, 2019, and is expected to close on January 31, 2020, pending the satisfaction of all closing considerations. Customer account conversion is planned for early third quarter 2020. About First Defiance Financial Corp. First Defiance Financial Corp. (Nasdaq:FDEF), headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group. First Federal Bank operates 44 full-service branches in northwest and central Ohio, southeast Michigan and northeast Indiana and a loan production office in Ann Arbor, Michigan. First Insurance Group is a full-service insurance agency with nine offices throughout northwest Ohio. For more information, visit the company’s website at www.fdef.com. About United Community Financial Corp. United Community Financial Corp. (Nasdaq: UCFC), headquartered in Youngstown, Ohio, is the holding company for Home Savings Bank and HSB Insurance, LLC, commonly referred to as James & Sons. Home Savings Bank, founded in 1889, is a wholly owned subsidiary of United Community, offering a full line of commercial, wealth management and consumer banking products and services with 33 retail banking offices (32 in Ohio and one in Pennsylvania). Home Savings also has residential mortgage loan centers servicing Ohio, West Virginia, western Pennsylvania, northern Kentucky, and eastern Indiana. Additional information about the United Community, including its products, services and banking locations is available at www.homesavings.com and ir.ucfconline.com. Contacts Donald P. Hileman President and CEO First Defiance Financial Corp. (419) 782-5104 dhileman@first-fed.com Gary M. Small President and CEO United Community Financial Corp. (330) 742-0472 gsmall@homesavings.com
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FeganScott Opens New York City Office, Adds Associate
Jonathan Lindenfeld will open firm’s newest office CHICAGO--(BUSINESS WIRE)--Chicago-based law firm FeganScott announced that attorney Jonathan Lindenfeld has joined the firm, opening its New York City office. This is the fifth location for FeganScott’s expanding practice. Lindenfeld will help FeganScott bolster its focus on economic frauds and establish the firm’s presence in New York City. With experience in federal securities litigation and shareholder derivative litigation, Lindenfeld brings valuable experience working with institutional clients. “Jonathan’s experience in financial frauds will be an exceptional asset to our rapidly growing practice,” said Elizabeth Fegan, founding partner of FeganScott. “His ability to consistently be an ally for his clients will help reinforce our mission of helping those who need it most.” Prior to joining FeganScott, Lindenfeld was an associate at Pomerantz LLP, a securities litigation antitrust litigation and corporate governance law firm in New York City. Lindenfeld earned his juris doctorate from Hofstra University School of Law, where he received honors in business law and was also the editor for the Journal of International Business and Law. He earned his Bachelor of Arts in economics from Queens College – City University of New York. Founded in 2019 by legal industry veterans Elizabeth Fegan and Timothy Scott, FeganScott is a national class-action law firm dedicated to helping victims of sexual assault, discrimination, consumer fraud and antitrust violations. Elizabeth Fegan currently represents victims of sexual abuse by Hollywood mogul Harvey Weinstein as co-lead counsel in the class action litigation. About FeganScott FeganScott is a national class-action law firm dedicated to helping victims of sexual abuse, discrimination, consumer fraud, antitrust violations and more. The firm is championed by acclaimed class-action and veteran attorneys and has successfully recovered $1 billion for millions of victims nationwide. FeganScott is committed to pursuing successful outcomes with integrity and excellence, while holding unjust parties accountable. To learn more, visit www.feganscott.com. Contacts Mark Firmani 206.466.2700 feganscottpr@firmani.com
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First Defiance Financial Corp. Reports Record Full Year Earnings of $2.48 Per Share For 2019
Earnings per diluted share of $0.63 for 2019 fourth quarter, up from $0.59 per share in the 2018 fourth quarter Net income of $12.5 million for 2019 fourth quarter, compared to $12.1 million in the 2018 fourth quarter Loan growth of $112 million during the 2019 fourth quarter Deposit growth of $110 million during the 2019 fourth quarter Non-performing loans of $13.5 million for 2019 fourth quarter, compared to $19.0 million for the 2018 fourth quarter DEFIANCE, Ohio--(BUSINESS WIRE)--First Defiance Financial Corp. (NASDAQ: FDEF) announced today that net income for the fiscal year ended December 31, 2019, totaled $49.4 million, or $2.48 per diluted common share, compared to $46.2 million, or $2.26 per diluted common share, for the year ended December 31, 2018. For the fourth quarter of 2019, First Defiance earned $12.5 million, or $0.63 per diluted common share, compared to $12.1 million, or $0.59 per diluted common share for the fourth quarter of 2018. The fourth quarter of 2018 results included an increase of $806,000 pre-tax ($636,000 after-tax), or $0.03 per diluted share, from an immaterial accounting correction related to the company’s deferred compensation plan. The year-over-year comparisons are impacted by merger-related costs in the current year’s results, which had an after-tax cost of $1.1 million, or $0.05 per diluted share, for the full year and $697,000, or $0.03 per diluted share, for the fourth quarter. “With fourth quarter earnings per share up 12% over last year, excluding merger costs, we are proud to announce record earnings performance for our seventh consecutive year,” said Donald P. Hileman, President and Chief Executive Officer of First Defiance. “Our balance sheet and earnings growth, along with continued asset quality improvement, allowed us to finish the year strong. We are pleased with our position as we start 2020 and prepared to close our strategic merger with United Community Financial Corp.” Net interest income up compared to fourth quarter 2018 Net interest income of $29.5 million in the fourth quarter of 2019 was up from $28.5 million in the fourth quarter of 2018. The increase was primarily due to the growth in earning assets offset partly by compression in the net interest margin versus the fourth quarter last year. The net interest margin was 3.80% for the fourth quarter, down from 3.88% for the third quarter of 2019 and 4.02% in the fourth quarter of 2018. Yield on interest earning assets decreased by six basis points, to 4.67% in the fourth quarter of 2019 from 4.73% in the fourth quarter of 2018. The cost of interest-bearing liabilities increased by 20 basis points in the fourth quarter of 2019 to 1.15% from 0.95% in the fourth quarter of 2018. “Our solid loan and core deposit growth helped generate an increase in net interest income despite margin compression,” said Hileman. “Annualized growth rates of 17% for loans and 16% for deposits in the fourth quarter provided the momentum we like to see as we begin a new year.” Non-interest income up from fourth quarter 2018 First Defiance’s non-interest income for the fourth quarter of 2019 was $11.8 million compared to $8.4 million in the fourth quarter of 2018. Results for the fourth quarter of 2019 included a $324,000 increase in deferred compensation plan assets compared to a $690,000 decrease for the same period in 2018 due to stock market performance. Mortgage banking income was $2.7 million in the fourth quarter of 2019, up from $1.4 million in the fourth quarter of 2018 due to higher volumes. Mortgage originations totaled $106.5 million in the fourth quarter of 2019 compared to $60.9 million in the same quarter last year. As a result of the higher volumes, gains from the sale of mortgage loans increased in the fourth quarter of 2019 to $2.0 million from $758,000 in the fourth quarter of 2018. Mortgage loan servicing revenue was $978,000 in the fourth quarter of 2019, consistent with $978,000 in the fourth quarter of 2018. First Defiance had a positive change in the valuation adjustment in mortgage servicing assets of $223,000 in the fourth quarter of 2019 compared to a positive adjustment of $41,000 in the fourth quarter of 2018. For the fourth quarter of 2019, service fees and other charges were $3.7 million, up from $3.3 million in the fourth quarter of 2018; and commissions from the sale of insurance products were $3.1 million, consistent with $3.1 million in the fourth quarter of 2018. Trust income was $746,000 in the fourth quarter of 2019, up from $503,000 in the fourth quarter of 2018. The fourth quarter of 2019 included gains of $13,000 from the sale of securities compared to gains of $97,000 in the fourth quarter of 2018. Other non-interest income for the fourth quarter of 2019 was a positive $1.1 million compared to a negative $494,000 for the fourth quarter of 2018, primarily due to the change in deferred compensation plan assets described above. Excluding the impact of this item, other non-interest income for fourth quarter 2019 would be $767,000 compared to $196,000 in the fourth quarter of 2018. Non-interest expenses up from fourth quarter 2018 Non-interest expense totaled $24.8 million in the fourth quarter of 2019 compared to $21.2 million in the fourth quarter of 2018. The comparison includes a one-time $806,000 reduction in expenses from the accounting correction to the company’s deferred compensation plan in the fourth quarter of 2018. Additionally, the fourth quarter of 2019 included a $321,000 increase in deferred compensation plan expense compared to a $1.3 million decrease in the fourth quarter of 2018 due to stock market performance in the relative periods. Compensation and benefits in the fourth quarter of 2019 was $14.6 million, an increase of $1.1 million compared to the fourth quarter of 2018. Occupancy expense was $2.3 million in the fourth quarter of 2019, down $113,000 from the fourth quarter of 2018. Data processing cost was $1.8 million in the fourth quarter of 2019, down $443,000 from the fourth quarter of 2018. In addition, acquisition-related costs totaled $882,000 in the fourth quarter of 2019 compared to none in the prior year. Other non-interest expense was $4.2 million in the fourth quarter of 2019 compared to $2.0 million (or $2.8 million excluding the benefit from the deferred compensation accounting correction) in the fourth quarter of 2018. Additionally, results for the fourth quarter of 2018 included a $1,052,000 decrease in deferred compensation plan liabilities compared to a $321,000 increase for the same period in 2019 due to stock market performance. Excluding the impact of these items, other non-interest expense for fourth quarter 2019 would be $3.9 million compared to $3.9 million in the fourth quarter of 2018. Credit quality Non-performing loans totaled $13.5 million at December 31, 2019, a decrease from $19.0 million at December 31, 2018. In addition, real estate owned totaled $100,000 at December 31, 2019, down from $1.2 million at December 31, 2018. Accruing troubled debt restructured loans were $8.4 million at December 31, 2019, a decrease from $11.6 million at December 31, 2018. The fourth quarter of 2019 results include net charge-offs of $91,000 and a provision for loan losses of $1.1 million compared with net recoveries of $220,000 and a provision of $472,000 for the same period in 2018. The allowance for loan loss as a percentage of total loans was 1.12% at December 31, 2019, compared with 1.13% at September 30, 2019, and 1.12% at December 31, 2018. “Our non-performing assets to total assets at year-end improved significantly from the prior year to 0.39%, and net recoveries were $7,000 in 2019,” said Hileman. “A heightened, strategic focus in asset quality played a significant role in this achievement. A continuation of these efforts in 2020 is anticipated to lead to additional reductions in our non-performing assets.” Annual results Net income for the full year ended on December 31, 2019, totaled $49.4 million, or $2.48 per diluted common share, compared to $46.2 million, or $2.26 per diluted common share for 2018. The year 2018 included a benefit of $806,000 from an accounting correction, which had an after-tax impact of $636,000 or $0.03 per diluted share. The year 2019 included acquisition-related expenses, which had an after-tax impact of $1.1 million or $0.05 per diluted share. Net interest income for 2019 totaled $115.6 million, compared with $108.3 million for 2018. Average interest-earning assets increased to $2.97 billion for 2019, compared to $2.74 billion in 2018. Net interest margin for 2019 was 3.93%, down five basis points from the 3.98% margin for 2018. The provision for loan losses for 2019 was $2.9 million, compared to $1.2 million for 2018. Non-interest income for the year 2019 was $45.0 million, compared to $39.2 million in 2018. Service fees and other charges were $14.0 million for 2019, up from $13.1 million in 2018. Mortgage banking income increased to $9.5 million for 2019 from $7.1 million in 2018. Gains on the sale of non-mortgage loans were $226,000 for 2019, compared to $317,000 in 2018. Insurance commissions were $14.1 million for 2019, consistent with $14.1 million in 2018. Non-interest income for 2019 included $24,000 of net securities gains compared to $173,000 of net securities gains for 2018. Non-interest expense increased to $97.1 million in 2019 from $89.4 million in 2018. Included in non-interest expense for 2019 were acquisition-related expenses of $1.4 million. Compensation and benefits expense was $57.2 million for 2019 compared to $52.6 million for 2018. Expenses also included decreases in data processing expense of $500,000 and FDIC insurance premiums of $537,000, partly offset by an increase in occupancy expense of $386,000. Other non-interest expense was $17.6 million in 2019 compared to $15.2 million (or $16.0 million excluding the benefit from the deferred compensation accounting correction) in 2018. Total assets at $3.47 billion Total assets at December 31, 2019, were $3.47 billion compared to $3.18 billion at December 31, 2018. Net loans receivable (excluding loans held for sale) were $2.75 billion at December 31, 2019, compared to $2.51 billion at December 31, 2018. Also, at December 31, 2019, goodwill and other intangible assets totaled $103.8 million compared to $103.0 million at December 31, 2018. Total deposits at December 31, 2019, were $2.87 billion compared with $2.62 billion at December 31, 2018. Total stockholders’ equity was $426.2 million at December 31, 2019, compared to $399.6 million at December 31, 2018. The change in stockholders’ equity from year-end 2018 was impacted by the company’s repurchase of 515,000 shares of its common stock for $15.1 million during the first quarter of 2019. During the quarter ended June 30, 2019, the company announced a new 500,000 share repurchase plan authorization with all such shares available for repurchase as of December 31, 2019. Dividend to be paid February 21 The Board of Directors declared a quarterly cash dividend of $0.22 per common share payable February 21, 2020, to shareholders of record at the close of business on February 14, 2020. The dividend represents an annual dividend of 2.82% based on the First Defiance common stock closing price on January 17, 2020. First Defiance has approximately 19,730,000 common shares outstanding. Conference call First Defiance will host a conference call at 11:00 a.m. ET on Tuesday, January 21, 2020, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-877-444-1726. A live webcast may also be accessed at https://services.choruscall.com/links/fdef200121.html. The replay of the conference call webcast will be available at www.fdef.com until 9:00 a.m. ET on Wednesday, January 20, 2021. First Defiance Financial Corp. First Defiance Financial Corp. (NASDAQ:FDEF), headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group. First Federal Bank operates 44 full-service branches in northwest and central Ohio, southeast Michigan and northeast Indiana and a loan production office in Ann Arbor, Michigan. First Insurance Group is a full-service insurance agency with nine offices throughout northwest Ohio. For more information, visit the company’s website at www.fdef.com. Financial Statements and Highlights Follow Safe Harbor Statement This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements may include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts and plans of First Defiance Financial Corp. and its management, and specifically include statements regarding: changes in economic conditions, the nature, extent and timing of governmental actions and reforms, future movements of interest rates, the production levels of mortgage loan generation, the ability to continue to grow loans and deposits, the ability to benefit from a changing interest rate environment, the ability to sustain credit quality ratios at current or improved levels, the ability to sell real estate owned properties, continued strength in the market area for First Federal Bank of the Midwest, and the ability to grow in existing and adjacent markets. These forward-looking statements involve numerous risks and uncertainties, including those inherent in general and local banking, insurance and mortgage conditions, competitive factors specific to markets in which First Defiance and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2018. One or more of these factors have affected or could in the future affect First Defiance's business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurances that the forward-looking statements included in this news release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by First Defiance or any other persons, that our objectives and plans will be achieved. All forward-looking statements made in this news release are based on information presently available to the management of First Defiance. We assume no obligation to update any forward-looking statements. As required by U.S. GAAP, First Defiance will evaluate the impact of subsequent events through the issuance date of its December 31, 2019 consolidated financial statements as part of its Annual Report on Form 10-K to be filed with the SEC. Accordingly, subsequent events could occur that may cause First Defiance to update its critical accounting estimates and to revise its financial information from that which is contained in this news release. Consolidated Balance Sheets (Unaudited) First Defiance Financial Corp. December 31, December 31, (in thousands) 2019 2018 Assets Cash and cash equivalents Cash and amounts due from depository institutions $ 46,254 $ 55,962 Interest-bearing deposits 85,000 43,000 131,254 98,962 Securities Available-for sale, carried at fair value 283,448 294,076 Held-to-maturity, carried at amortized cost - 526 283,448 294,602 Loans 2,777,564 2,540,039 Allowance for loan losses (31,243 ) (28,331 ) Loans, net 2,746,321 2,511,708 Loans held for sale 18,008 6,613 Mortgage servicing rights 10,267 10,119 Accrued interest receivable 10,244 9,641 Federal Home Loan Bank stock 11,915 14,217 Bank Owned Life Insurance 75,544 67,660 Office properties and equipment 39,563 40,670 Real estate and other assets held for sale 100 1,205 Goodwill 100,069 98,569 Core deposit and other intangibles 3,772 4,391 Other assets 38,487 23,365 Total Assets $ 3,468,992 $ 3,181,722 Liabilities and Stockholders’ Equity Non-interest-bearing deposits $ 630,359 $ 607,198 Interest-bearing deposits 2,239,966 2,013,684 Total deposits 2,870,325 2,620,882 Advances from Federal Home Loan Bank 85,063 85,189 Notes payable and other interest-bearing liabilities 2,999 5,741 Subordinated debentures 36,083 36,083 Advance payments by borrowers for tax and insurance 5,491 3,652 Deferred taxes 1,326 264 Other liabilities 41,538 30,322 Total Liabilities 3,042,825 2,782,133 Stockholders’ Equity Preferred stock - - Common stock, net 127 127 Additional paid-in-capital 161,955 161,593 Accumulated other comprehensive income (loss) 4,595 (2,148 ) Retained earnings 329,934 295,588 Treasury stock, at cost (70,444 ) (55,571 ) Total stockholders’ equity 426,167 399,589 Total Liabilities and Stockholders’ Equity $ 3,468,992 $ 3,181,722 Consolidated Statements of Income (Unaudited) First Defiance Financial Corp. Three Months Ended Twelve Months Ended December 31, December 31, (in thousands, except per share amounts) 2019 2018 2019 2018 Interest Income: Loans $ 33,695 $ 30,841 $ 130,853 $ 114,398 Investment securities 1,889 2,167 8,183 8,134 Interest-bearing deposits 537 325 1,395 1,270 FHLB stock dividends 120 217 653 915 Total interest income 36,241 33,550 141,084 124,717 Interest Expense: Deposits 5,999 4,389
Beacon to Announce First Quarter 2020 Earnings on February 3, 2020
HERNDON, Va.--(BUSINESS WIRE)--Beacon (Nasdaq: BECN) (the “Company”) announced today that its first quarter 2020 earnings results for the period ended December 31, 2019 will be released after market close on Monday, February 3, 2020. The same day, the Company will host a webcast and conference call at 5:00 p.m. ET to review and discuss its financial results. Details for the earnings release event are as follows: What: Beacon First Quarter 2020 Earnings Call When: Monday, February 3, 2020 Time: 5:00 p.m. ET Webcast: Beacon Investor Relations – Events & Presentations (live and replay) Live Call: (877) 799-4970, Conf. ID #1478967 To assure timely access, conference call participants should call in prior to the 5:00 p.m. ET start time. The first quarter 2020 earnings press release will be available prior to the call on the Company’s Investor Relations page at www.becn.com. About Beacon Founded in 1928, Beacon is a Fortune 500, publicly-traded distributor of residential and commercial building products in North America, operating over 500 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 110,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com Contacts Joseph Nowicki, Executive VP & CFO Joseph.Nowicki@becn.com571-323-3939
Skechers Elite Athlete Matt Kuchar Wins SMBC Singapore Open
Wearing Skechers GO GOLF Pro 4, the PGA Tour pro claims first victory in the 2020 season MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--Skechers celebrates brand ambassador Matt Kuchar’s victory at the SMBC Singapore Open on the Serapong Course at the Sentosa Golf Club in Singapore. Kuchar—who competes wearing Skechers GO GOLF® footwear—finished at 18 under par overall and overcame a triple bogey in the final round to end up winning by three strokes. This victory builds off the excitement of his dramatic birdie helping the U.S. team win the Presidents Cup in December. “My game took an unexpected turn on the seventh hole, but I was proud to be able to overcome that and regain my focus,” said Matt Kuchar. “I really thank the team at Skechers for supporting me along the way and making sure I stay comfortable on the course.” “Following his strong 2019 season, we believe Matt Kuchar’s win in Singapore this weekend will be a bright omen for the season ahead,” said Michael Greenberg, president of Skechers. “We’re proud to be along for the ride as we watch and cheer with the fans. Matt’s an important asset for the Skechers GO GOLF brand—a global star in the sport who proves to golfers of all ages and abilities that with dedication and focus it’s possible to energize their game while feeling great on the course—be it 18 holes or a four-day tournament.” Kuchar has been a leading and respected golfer since breaking onto the golf scene as the U.S. amateur champion in 1998 and as a pro he remains a perennial fixture atop leaderboards. This past season, he earned two victories in a season for the first time since 2013 and also helped the U.S. squad beat the international team at the Presidents Cup. In 2016, Kuchar won a bronze for the United States at the Olympics and was also part of the victorious U.S. team at the Ryder Cup. With more than 100 top-10 finishes since 2001 and now ten overall Tour titles, Kuchar currently sits at number 20 on the Official World Golf Rankings. Kuchar was one of the first elite pros to join the Skechers Performance Golf Team in 2014. The brand’s roster of elite golfers wearing Skechers GO GOLF also includes Brooke Henderson, Colin Montgomerie, and Billy Andrade. Kuchar has driven several Skechers GO GOLF marketing campaigns with a series of humorous commercials. Known for its lightweight, high-quality, stable and comfortable designs, Skechers GO GOLF has achieved prominence within the golf category, alongside the brand’s award-winning running, walking and training collections. Skechers GO GOLF is available at Skechers retail stores and skechers.com as well as select retail partners including specialty golf pro shops. About Skechers U.S.A., Inc. Based in Manhattan Beach, California, Skechers (NYSE:SKX) designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include international economic, political and market conditions including the challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2018, and its quarterly report on Form 10-Q for the three months ended September 30, 2019. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance. Contacts Media Contact:Jennifer Clay Skechers 310-937-1326 jennc@skechers.com
Recommit to Your 2020 Goals with a Bite of Just BARE® Chicken
#ResolutionsBite Shares New Approach to Resolutions GREELEY, Colo.--(BUSINESS WIRE)--Of the people that make New Year’s resolutions, close to 92% fail in their pursuit of positive change. Let’s be real — if New Year’s resolutions were easy, everyone would stick to them. But they aren’t. That’s why Just BARE® Chicken is committed to supporting consumers in their goals all year long. Just BARE Chicken has launched #ResolutionsBite — a campaign that helps consumers stay on track with their 2020 goals, while enjoying the goodness of Just BARE Chicken. Through the #ResolutionsBite campaign, Just BARE Chicken is offering up new resolutions, encouragement and rewards for those needing another round of motivation. “These aren’t the traditional resolutions that were popping up on your news feed a few weeks ago. We are offering options that encourage consumers to redefine their resolutions and start small, such as adding Just BARE to their cart,” says Kelsie McEndaffer, PR and communications manager for Just BARE Chicken. Consumers following Just BARE on Facebook and Instagram can engage with Just BARE’s new spin on resolutions for a chance to win prizes that will help them stick to their goals. All participants will also have access to a savings offering on social channels to purchase Just BARE at their local grocery store. In addition to instant savings, participants will be entered to win one of many prizes, including an Apple Watch®, exercise bike and more. “It doesn’t matter if you have a resolution or not, Just BARE Chicken provides wholesome nutrition that will empower you throughout the year,” says McEndaffer. “Real change comes from adopting small habits, and our approach begins with Just BARE Chicken.” Looking for more 2020 inspiration from Just BARE? Find healthy recipes, cooking tips and products at JustBAREChicken.com. About Just BARE® Chicken | Just Pure Goodness® Just BARE® Chicken fuels people with wholesome, clean, responsible protein by providing All Natural, Organic and Deli varieties of chicken. Our Just BARE chickens are fed a vegetable and grain diet, raised on family farms and cared for by the poultry industry’s top professionals. Just BARE Natural products are American Humane Certified™, and our USDA Certified Organic chickens have access to the outdoors and are verified by Pennsylvania Certified Organic. We are committed to excellence and meeting the diverse needs of our consumers and customers with no antibiotics ever, no added hormones and no artificial additives. Just BARE is distributed nationally by Pilgrim’s®, a world leading poultry producer. To learn more, visit JustBAREChicken.com and connect with us on Facebook, Instagram and Pinterest. Contacts Kelsie McEndaffer 970.506.7823 Kelsie.McEndaffer@pilgrims.com
