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SpartanNash Files Investor Presentation Highlighting Transformed Board and Management that is Executing Winning Strategy to Drive Shareholder Value
Strong Preliminary First Quarter Results, Increased 2022 Outlook and New Long-Term Financial Targets Demonstrate Continued Performance Momentum and Clear Path for Growth Highly Engaged and Refreshed Board Exceptionally Suited to Advance Transformation Macellum and Ancora are Short-Term Investors Fixated on Financial Engineering Instead of Sustainable Long-Term Value Creation SpartanNash Urges Shareholders to Vote “FOR” Each of SpartanNash’s Highly Qualified Director Nominees on the WHITE Proxy Card GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced that it has filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its 2022 Annual Meeting of Shareholders (“Annual Meeting”), which is scheduled to be held on June 9, 2022. The presentation is available at SpartanNashTransformation.com or on the investor relations section of the Company’s website. The Company issued the following statement: The SpartanNash Board of Directors and management team are committed to moving the Company forward with a clear priority – driving long-term, sustainable value for all shareholders. Our preliminary first quarter financial results and raised fiscal year 2022 guidance demonstrate that our strategy is working. Further, our new long-term financial targets show a clear path for growth and continued momentum for the next several years. Our presentation highlights how our talented, diverse and engaged Board brings the expertise and skills required to successfully guide the Company forward. When change was warranted, our Board acted decisively to drive a comprehensive company transformation, appoint new management and improve operating performance. We appointed three new directors in February 2022 as part of a deliberate and thorough refreshment process that began in the summer of 2021. Further, we are confident that the skillsets of SpartanNash’s director nominees outmatch the Macellum and Ancora’s (the “Investor Group”) slate in every critical area. We believe that the changes sought by the Investor Group are not only unwarranted but would risk the value of your investment in SpartanNash. While we remain receptive to constructive ideas that will drive shareholder value, the Board believes it is not in our shareholders’ best interest to allow the Investor Group’s poorly conceived and short-term focused agenda into the Company’s boardroom. Highlights of the presentation include: SpartanNash Board identified the need for change and took decisive actions to transform the Company -- which delivered improved financial results and outsized shareholder returns Recruited new CEO Tony Sarsam in September 2020, and transformed management team and organizational structure Prudently allocated capital to increase strategic investment in the business, significantly de-levered the Company’s balance sheet Refreshed the Board with three new appointees in February 2022 and five new directors in last five years Strong execution helped deliver 4.6% net sales growth and a 20.1% increase in adjusted EBITDAi between 2019 and 2021 Total shareholder return has been 251% since the Board transitioned the management team in the summer of 2019ii and 88% since September 2020 when Tony Sarsam was announced as CEOiii; significantly outperformed peer group and the S&P 500 over those same time periods Long-term strategy is producing results and provides clear path for growth for 2022 and beyond Delivering on strategic priorities of People First culture, transforming supply chain, elevating execution, optimizing product portfolios and launching innovative solutions Announced strong preliminary first quarter 2022 net sales, net earnings and adjusted EBITDA and raised fiscal year 2022 guidance on the strength of results Introduced achievable 2025 financial targets, with the expectation to generate more than $10 billion in net sales and more than $300 million in Adjusted EBITDA – increases of 12% and 40% respectively compared to 2021 Taking actions across wholesale and retail businesses that will drive meaningful increases in both revenue and margin Highly engaged and refreshed Board exceptionally suited to advance transformation and SpartanNash nominees are far superior to the Investor Group’s candidates Board has evolved to meet changing needs of business, with 56% of directors joining in last five years, including three new directors from refreshment process launched in summer 2021 Directors with invaluable institutional knowledge complement fresh perspectives, ensuring continuity and reducing risk Company’s accomplished nominees possess skills directly relevant to SpartanNash and reflective of shareholder input Directors who have been targeted by the Investor Group are highly qualified, have proven records of shareholder value creation and outmatch the Investor Group’s nominees on critical skills Board reviewed Investor Group’s nominees as part of recent refreshment process and determined they bring no additive skillsets, have questionable track records, reduce Board diversity and risk disrupting SpartanNash’s successful turnaround Investor Group are short-term investors fixated on financial engineering versus sustainable long-term value creation We believe the Investor Group has demonstrated short-term focus and track record of value destruction Investor Group has done little to understand SpartanNash’s multi-faceted business and instead has prioritized financial engineering or a sale of the Company SpartanNash is not an apparel, discount or department store, and the Investor Group’s recycled playbook is not right for SpartanNash as a distribution and food retail company We believe the Investor Group has advocated for an ill-considered and short-term agenda that, if implemented, would harm SpartanNash Board is open minded to any and all opportunities to enhance value – from any source – regularly evaluates options, and is not opposed to sale or any other credible value enhancing idea SpartanNash has sought constructive engagement, but Investor Group prioritized a proxy contest Board has taken every possible action to engage constructively with Macellum and Ancora, but they refused to collaborate Macellum rejected multiple offers to resolve situation and avoid a proxy contest – including offers to appoint one of Macellum’s nominees Ancora never contacted the Company, and we only learned of their involvement when the Investor Group’s letter was leaked to the media YOUR VOTE IS IMPORTANT! If you were a shareholder as of April 11, 2022, follow the easy instructions on the WHITE proxy card you have received to vote by telephone, by internet or by signing, dating and returning the WHITE proxy card in the postage-paid envelope provided. You may also vote electronically by following the detailed instructions provided by your bank or broker. Please simply disregard any blue proxy card you may receive from the Investor Group. If you have already voted using a blue proxy card received from the Investor Group, you can revoke it by following the instructions on the WHITE proxy card. If you have questions about how to vote your shares, please call the firm assisting us with the solicitation of proxies, Morrow Sodali LLC, at the contact listed below: Shareholders Call Toll Free: (800) 662-5200 Banks, Brokers, Trustees and Other Nominees Call Collect: (203) 658-9400 Email: SPTN@investor.morrowsodali.com Advisors BofA Securities is serving as financial advisor to SpartanNash and Sidley Austin LLP is serving as legal advisor to SpartanNash. About SpartanNash SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. As a distributor, wholesaler and retailer with a global supply chain network, SpartanNash customers span a diverse group of national accounts, independent and chain grocers, e-commerce retailers, U.S. military commissaries and exchanges, and the Company's own brick-and-mortar grocery stores, pharmacies and fuel centers. SpartanNash distributes grocery and household goods, including fresh produce and its Our Family® portfolio of products, to locations in all 50 states, in addition to distributing to the District of Columbia, Europe, Cuba, Puerto Rico, Honduras, Iraq, Kuwait, Bahrain, Qatar, Djibouti, Korea and Japan. In addition, the Company owns and operates 145 supermarkets - primarily under the banners of Family Fare, Martin's Super Markets and D&W Fresh Market - and shares its operational insights to drive innovative solutions for SpartanNash food retail customers. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,500 strong and growing. For more information, visit spartannash.com. Forward-Looking Statements The matters discussed in this press release include "forward-looking statements" about the plans, strategies, objectives, goals or expectations of the Company. These forward-looking statements are identifiable by words or phrases indicating that the Company or management "expects," "anticipates," "plans," "believes," or "estimates," or that a particular occurrence or event "may," "could," "should," "will" or "will likely" result, occur or be pursued or "continue" in the future, that the "outlook", "trend", “guidance” or “target” is toward a particular result or occurrence, that a development is an "opportunity," "priority," "strategy," "focus," that the Company is "positioned" for a particular result, or similarly stated expectations. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date made. There are many important factors that could cause actual results to differ materially. These risks and uncertainties include the Company's ability to compete in the highly competitive grocery distribution, retail grocery and military distribution industries; disruptions associated with the COVID-19 pandemic; the Company's ability to manage its private brand program for U.S. military commissaries; the Company's ability to implement its growth strategy; the ability of customers to fulfill their obligations to the Company; the Company's dependence on certain major customers, suppliers and vendors; disruptions to the Company's information security network; instances of security threats, severe weather conditions and natural disasters; impairment charges for goodwill and other long-lived assets; the Company's ability to successfully manage leadership transitions; the Company's ability to service its debt and to comply with debt covenants; interest rate fluctuations; changes in the military commissary system, including its supply chain, or in the level of governmental funding; product recalls and other product-related safety concerns; labor relations issues and rising labor costs; changes in government regulations; and other risks and uncertainties listed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K and in subsequent filings with the Securities and Exchange Commission. Additional risks and uncertainties not currently known to the Company or that the Company currently believes are immaterial also may impair its business, operations, liquidity, financial condition and prospects. The Company undertakes no obligation to update or revise its forward-looking statements to reflect developments that occur or information obtained after the date of this press release. In addition, although the Company’s first quarter preliminary financial results have been prepared on a consistent basis with prior periods, they are based solely upon information available to management as of the date of this press release. The Company is completing its financial closing procedures for the 16-week first quarter ended April 23, 2022, and additional items that would require material adjustments to the preliminary financial results may be identified. These preliminary financial results could differ materially from the amounts that the Company ultimately reports for the first quarter. Estimates of results are inherently uncertain and subject to change, and we undertake no obligation to update this information. The Company will announce its full first quarter results before the stock market opens on Thursday, June 2, 2022. Important Additional Information and Where to Find It The Company has filed a definitive proxy statement on Schedule 14A, an accompanying WHITE proxy card and other relevant documents with the SEC in connection with such solicitation of proxies from the Company’s shareholders for the Company’s 2022 annual meeting of shareholders. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC Filings” link in the “Investor Relations” section of our website, www.spartannash.com, or by contacting SpartanNashIR@icrinc.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. Non-GAAP Financial Measures This press release includes information regarding adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"). This is a non-GAAP financial measure, as defined below, and is used by management to allocate resources, assess performance against its peers and evaluate overall performance. The Company believe this measures provides useful information for both management and its investors. The Company believes this non-GAAP measure is useful to investors because it provides additional understanding of the trends and special circumstances that affect its business. This measure provides useful supplemental information that helps investors to establish a basis for expected performance and the ability to evaluate actual results against that expectation. This measures, when considered in connection with GAAP results, can be used to assess the overall performance of the Company as well as assess the Company’s performance against its peers. This measure is also used as a basis for certain compensation programs sponsored by the Company. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its financial results in this adjusted format. The Company is unable to provide a full reconciliation of the GAAP to non-GAAP measures used in the fiscal 2022 outlook and long-term targets disclosed in this press release without unreasonable effort because it is not possible to predict certain adjustment items with a reasonable degree of certainty since they are not yet known or quantifiable, and do not relate to the Company’s routine activities. These adjustments may include, among other items, restructuring and asset impairment activity, acquisition and integration costs, severance and organizational realignment costs, and the impact of adjustments to the last-in-first-out (LIFO) inventory reserve. This information is dependent upon future events, which may be outside of the Company's control and could have a significant impact on its GAAP financial results for fiscal 2022 or fiscal 2025, respectively. Table 1: Reconciliation of Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (A Non-GAAP Financial Measure) (Unaudited) (In thousands) 2021 (52 Weeks) 2020 (53 Weeks) 2019 (52 Weeks) Net earnings $ 73,751 75,914 5,742 Loss from discontinued operations, net of tax — — 175 Income tax expense (benefit) 24,906 9,450 (2,342) Other expenses, net 13,543 17,042 53,367 Operating earnings 112,200 102,406 56,942 Adjustments: LIFO expense 18,652 2,176 5,892 Depreciation and amortization 92,711 89,504 87,866 Acquisition and integration 708 421 1,437 Restructuring and asset impairment, net 2,886 24,398 13,050 Cloud computing amortization 2,140 297 — Costs associated with Project One Team — 493 5,428 Organizational realignment, net 589 455 1,812 Severance associated with cost reduction initiatives 423 5,154 — Stock-based compensation 6,975 6,265 7,313 Stock warrant 1,958 6,549 — Non-cash rent (4,059) (4,733) (5,622) Fresh Cut operating losses — 2,262 — (Gain) loss on disposal of assets (106) 3,330 — Fresh Kitchen operating losses — — 2,894 Expenses associated with tax planning strategies — 82 — Paid time off transition adjustment (21,371) — — Other non-cash charges — — 933 Adjusted EBITDA 213,706 239,059 177,945 53rd week — (4,246) — Adjusted EBITDA, excluding 53rd week $ 213,706 $ 234,813 $ 177,945 Notes: Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”) is a non-GAAP operating financial measure that the Company defines as net earnings plus interest, discontinued operations, depreciation and amortization, and other non-cash items including share-based payments (equity awards measured in accordance with ASC 718, Stock Compensation, which include both stock-based compensation to employees and stock warrants issued to non-employees) and the LIFO provision, as well as adjustments for items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations. Adjusted EBITDA is not a measure of performance under accounting principles generally accepted in the United States of America and should not be considered as a substitute for net earnings and other income or cash flow statement data. The Company’s definition of adjusted EBITDA may not be identical to similarly titled measures reported by other companies. i A reconciliation of net earnings to adjusted EBITDA, a non-GAAP financial measure, is provided under “Non-GAAP Financial Measures.” ii FactSet as of March 17, 2022; David Staples steps down as CEO on August 12, 2019 iii FactSet as of March 17, 2022; Tony Sarsam announced as CEO on September 14, 2020 Contacts Investor: Kayleigh Campbell Head of Investor Relations kayleigh.campbell@spartannash.comSpartanNashIR@icrinc.com616-878-8354 Shareholders: Morrow Sodali Mike Verrechia/Bill Dooley 800-662-5200 Media: Caitlin Gardner Senior Manager, Public Relations Caitlin.Gardner@spartannash.compress@spartannash.com Leigh Parrish / Nick Lamplough / Adam Pollack Joele Frank, Wilkinson Brimmer Katcher 212-355-4449
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DeepSig Publishes Milestone Report on AI/ML Improved 5G Open vRAN
ARLINGTON, Va.--(BUSINESS WIRE)--DeepSig—experts in artificial intelligence (AI) and machine learning (ML) for wireless communications—today published “Amplifying 5G vRAN Performance with AI & Deep Learning.” Co-authored with a leading industry partner, this white paper explores how mobile operators can leverage AI and ML to amplify critical air interface performance metrics and value while deploying open virtualized radio access network (Open vRAN) architectures. Open vRAN’s standard interfaces between primary network elements allow public and private network operators to select distinct, best-in-class products and enable breakthrough technologies to improve network performance and lower costs. The new white paper explains how machine learning can be used to perform 5G radio baseband functions in an AI-Native method, which learns from radio data and the local radio environment and produces a more efficient and performant “neural receiver.” The paper goes on to explain key outcomes of AI/ML in the physical layer including: Maximizing link capacity, coverage, and performance in Multiple-Input Multiple-Output (MIMO) radio systems. Minimizing OpEx, CapEx, and latency through improved processing efficiency by reducing core count, power consumption and processing time in the L1. The white paper describes how AI and ML improve Open vRAN stack software to improve automation, enhance performance, and more. DeepSig's OmniPHY 5G AI software combines Deep Learning with FlexRAN and deep neural networks to improve wireless performance and resource utilization in the upper PHY running in L1 DU software in 5G Open vRAN systems. This unique deep learning technology in Layer 1 improves power consumption, optimizes the computational load of the distributed unit (DU) baseband processing, and maximizes spectral efficiency, coverage area, and link margins. These findings are based on tests conducted in DeepSig’s 5G Wireless AI Lab, which uses commercially available products to construct an end-to-end 5G standalone (SA) network based on Open vRAN architecture. The 5G test lab uses a mid-band FCC experimental license to conduct 5G NR over-the-air (OTA) tests with commercial 5G Handsets to validate model performance in a live environment across a range of operating configurations. “Performance and cost are top concerns operators have when it comes to deploying 5G networks,” said James Shea, DeepSig CEO. “Our technology continues to show machine learning provides leading vRAN performance that’s robust and operational for addressing both concerns. This new white paper is a must-read for operators who have– or plan to implement–5G vRAN and want to lower opex and capex.” “Amplifying 5G vRAN Performance with AI & Deep Learning” is available for download. About DeepSig DeepSig, Inc. is a venture-backed and product-centric technology company developing revolutionary wireless processing software solutions using cutting edge machine learning techniques to transform baseband processing, wireless sensing and other key wireless applications. Known as “deep learning,” a proven technology in vision and speech processing now accelerates 5G network performance, capacity, operational efficiency and the customer experience. For more information, visit https://www.deepsig.ai. Contacts Global Results Communications for DeepSig Casey Bush +1 949-608-0276 cbush@globalresultspr.com
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Ric Kayne Suspends Campaign to Elect Himself and George Bickerstaff to Athira Pharma Board of Directors
Issues Letter to Athira Shareholders Highlighting Continued Need for Oversight in Athira’s Boardroom BLUE Proxy Cards Will Still Be Counted NEW YORK--(BUSINESS WIRE)--Richard A. (Ric) Kayne, who together with his affiliates beneficially owns approximately 4.8% of the outstanding shares of common stock of Athira Pharma, Inc. (NASDAQ: ATHA) (“Athira” or the “Company”), today issued the following letter to Athira shareholders. May 16, 2022 Dear Fellow Shareholders, I started my campaign for change at Athira Pharma, Inc. in February 2022, nominating myself and George Bickerstaff, to the Athira Board of Directors because I believe in the future of ATH-1017 and that the Company was not fielding the “A” team to give 1017 the greatest chance of shining. I articulated my point of view through my letters to shareholders and video, so I will not reiterate them here. Athira’s annual meeting is in just a few days. Even if George and/or I were to be elected to the Board, which at this time is possible, it is clear it would be a very close vote. Without a resounding mandate from my fellow shareholders, I fear the future with me on the Board would be very contentious and unproductive, an outcome that I don’t believe would be in the interests of the Company or its shareholders. I have therefore decided to suspend my campaign. Although the actual results will not be known until May 19th, my proxy solicitation firm is committed to submitting every BLUE proxy card received. I do hope my campaign—whatever the outcome—makes Athira’s Board realize that there is a sizable group of shareholders who are concerned about the future of ATH-1017 and the strategy and leadership of Athira. If the ACT results are positive, as I hope and think they likely will be, I implore the Board to do what it can to capitalize on those results by enhancing its clinical management team. I have never believed that the LIFT trial or the interpretation of the ACT trial is merely binary. It will take, in my view, sophisticated, laser focused talent to tease out the results and inform what that implies for the road ahead. The stakes for patients suffering from Alzheimer’s and their families is too high not to. There is no question that this has been a hard-fought campaign. I have never been an activist and I don’t intend to take another activist position again. In the case of Athira, I felt that this was too important to sufferers and shareholders to sit idly by. I left it all on the field and have expended significant personal resources because I believed it was the right thing to do. I want to thank all of those that supported me, particularly Joe Harding who had the courage to tell the truth about Dr. Kawas, and to Patricia and Jim Galloway. To Jim, ATH-1017 has been a miracle drug and it’s for patients like Jim that this is what this whole campaign has been about. George Bickerstaff, the former Chief Financial Officer of Novartis Pharma AG and Dr. Ron Krall, the former Chief Medical Officer of GlaxoSmithKline, are some of the most impressive professionals in this space and I thank them for their support and guidance. As a parting word, you own the Company, not the Board. Let them know how you feel. I’ve done that and, hopefully, it will have helped. Thank you all, Ric Additional materials and information regarding Ric Kayne’s campaign may be found at: www.SaveAthira.com. Willkie Farr & Gallagher LLP is acting as legal counsel to Mr. Kayne and Harkins Kovler, LLC is acting as proxy solicitor. Disclaimer The views expressed in the solicitation materials referenced herein and/or attached hereto represent the opinions of Richard A. Kayne and certain of his affiliates (collectively, the “Kayne Entities”) that hold shares of Athira Pharma, Inc. (“Athira” or the “Company”) and are based on publicly available information with respect to the Company. The Kayne Entities and the other participants in the Kayne Entities’ solicitation are collectively referred to herein as the “Participants.” The Participants recognize that there may be confidential information in the possession of the Company that could lead it or others to disagree with their conclusions. The Participants reserve the right to change any of their opinions expressed in any of the solicitation materials at any time as they deem appropriate. The solicitation materials are provided merely as information and are not intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security. The solicitation materials do not constitute a recommendation to purchase or sell any security. Each of the Kayne Entities beneficially owns, and/or has an economic interest in, securities of the Company. It is possible that there will be developments in the future that cause the Kayne Entities from time to time to sell all or a portion of their holdings of the Company in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls or other derivative instruments relating to such shares. Although the Participants believe the statements made in the solicitation materials are substantially accurate in all material respects and do not omit to state material facts necessary to make those statements not misleading, the Participants make no representation or warranty, express or implied, as to the accuracy or completeness of those statements or any other written or oral communication any of them may make with respect to the Company and any other companies mentioned, and the Participants expressly disclaim any liability relating to those statements or communications (or any inaccuracies or omissions therein). Thus, shareholders and others should conduct their own independent investigation and analysis of such statements and communications and of the Company and any other companies to which those statements or communications may be relevant. The solicitation materials may contain links to articles and/or videos (collectively, “Media”). The views and opinions expressed in such Media are those of the author(s)/speaker(s) referenced or quoted in such Media and, unless specifically noted otherwise, do not necessarily represent the opinions of the Participants. The Participants have not sought or obtained consent from any third party to use any statements or information contained in the solicitation materials. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein or therein. All trademarks and trade names used in any solicitation materials are the exclusive property of their respective owners. Additional Information On April 11, 2022, Mr. Kayne, together with the other Participants, filed a definitive proxy statement (the “Definitive Proxy Statement”) and an accompanying BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) to solicit votes for the election of their slate of highly qualified director nominees at the 2022 annual meeting of the stockholders of the Company. THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER PROXY MATERIALS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION ABOUT THE IDENTITY OF THE PARTICIPANTS IN THE SOLICITATION AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS THEREIN. THE DEFINITIVE PROXY STATEMENT AND SUCH OTHER PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT HTTP://WWW.SEC.GOV AND ARE ALSO AVAILABLE AT NO CHARGE ON REQUEST FROM THE PARTICIPANTS’ PROXY SOLICITOR, HARKINS KOVLER, LLC AT (800) 339-9883 OR VIA EMAIL AT ATHA@HARKINSKOVLER.COM. Cautionary Statement Regarding Forward-Looking Statements Certain statements contained in the solicitation materials are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance or activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “should,” “may,” “will,” “objective,” “projection,” “forecast,” “continue,” “strategy,” “position” or the negative of those terms or other variations of them or by comparable terminology. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond the Participants’ control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. Important factors that could cause actual results to differ materially from the expectations set forth herein include, among other things, the factors identified in the Company’s public filings. Such forward-looking statements should therefore be construed in light of such factors, and the Participants are under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contacts Media:Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. (212) 257-4170
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Kontrol Technologies Announces First Quarter 2022 Financial Results; Revenues Increase 702% YoY to $26.6 Million
TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology, provided financial results for the three months ended March 31st, 2022. A complete set of the Financial Statements and Management's Discussion & Analysis have been filed on SEDAR (www.sedar.com). First Quarter 2022 Highlights Record Q1 revenues of $26.6 million, up 702% year-over-year Net income of $1.6 million, compared to net loss of $823,733 in Q1 2021 Adjusted EBITDA* of $2.5 million, up 123% year-over-year Gross profit of $6.7 million, up 281% year-over-year Working capital of $7.1 million, an increase of $3.4 million over the year end balance at December 31, 2021 Awarded contract and letter of intent totaling $25.7 million for HVAC and automation projects Launched Kontrol Carbon to support customers in GHG monitoring, management, and carbon credit monetization Management Commentary “Our first quarter 2022 performance reflects our continued operational execution as we make progress toward realizing our strategic vision,” said Paul Ghezzi, CEO of Kontrol Technologies. “We are working diligently to scale the Kontrol platform while maintaining discipline in the management of our capital structure and remain deeply focused on growing profitability. As we look forward, we are well positioned for continued growth by bringing innovative solutions that enable our customer base to achieve greater sustainability across their businesses.” Q1 2022 Financial Summary Financial Results Three months ended (unaudited) March 31, 2022 March 31, 2021 Revenue $26,621,533 $3,319,194 Gross profit $6,742,135 $1,771,560 Net income (loss) $1,641,673 $(823,733) Basic EPS $0.03 $(0.02) Diluted EPS $0.03 - Add for adjusted EBITDA reconciliation: Amortization and depreciation $543,185 $393,460 Finance expense $278,867 $267,110 Share based compensation $37,574 $1,216,503 Listing expense - $70,000 Adjusted EBITDA* $2,501,299 $1,123,340 * Adjusted EBITDA is a non-IFRS financial measure. The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, acquisition related expenses, and listing expense. Conference Call The Company will host a conference call on Monday, May 16th, 2022, at 8:30 AM Eastern Time to discuss Kontrol’s first quarter 2022 financial results. To participate, please use the following information: Event Details: Title: Kontrol Technologies Reports Q1 2022 Financial Results Event Date and Time: May 16th, 2022 @ 8:30 AM Eastern Event Duration: 45 Minutes Audience URL: https://produceredition.webcasts.com/starthere.jsp?ei=1547812&tp_key=f302d39375 Call- in Numbers: Confirmation #: 26299379 Local: 416-764-8609 (Toronto) North American Toll Free: 888-390-0605 Please dial in at least 5 minutes before the call start time to ensure timely participation. A recording of the Q1 2022 interim financial results conference call is available here: Reply Local: 416-764-8677 Replay North American Toll Free: 1-888-390-0541 Replay Entry Code: 299379# Replay Webcast Link: https://produceredition.webcasts.com/starthere.jsp?ei=1547812&tp_key=f302d39375 Replay Expiration Date: May 23, 2022 About Kontrol Technologies Corp. Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings. Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release. Non-IFRS Financial Measures The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, and acquisition related expenses. The Company believes Adjusted EBITDA is a useful measure as it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, as well as future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company. Readers are cautioned that these non-IFRS definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to net earnings determined in accordance with IFRS or as indicators of performance, liquidity, or cash flows. Forward-Looking Statements This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated. However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected, that customers and potential customers will not be as accepting of the Company's product and service offering as expected, and government and regulatory factors impacting the energy conservation industry. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information. Contacts Kontrol Technologies Corp.Paul Ghezzi CEO info@kontrolcorp.com180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8 Tel: (905) 766.0400 Investor Relations:Brooks Hamilton MZ Group - MZ North America KNRLF@mzgroup.usTel: +1 (949) 546.6326
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Sofinnova Partners and Apollo Form Strategic Partnership in Life Sciences
Apollo expands its growth ecosystem by acquiring a minority stake in pioneering life sciences venture capital firm and providing up to €1 billion of capital commitments Sofinnova Partners poised to accelerate growth with additional capital and global strategic partner NEW YORK & PARIS--(BUSINESS WIRE)--Apollo (NYSE: APO) and Sofinnova Partners (“Sofinnova"), a leading European life sciences venture capital firm based in Paris, London, and Milan, today announced a long-term strategic and financial partnership. Under the agreement, Apollo will take a minority equity interest in Sofinnova and commit up to €1 billion of managed capital to its investment funds. This strategic partnership is poised to significantly accelerate Sofinnova’s growth. For Apollo, the investment will meaningfully increase its presence in life sciences and contribute to its growth ecosystem of partners that bring specialized knowledge and networks to its integrated platform. Together, Sofinnova and Apollo will offer entrepreneurs a more comprehensive range of capital solutions to help bring new therapeutic and biotechnology-based solutions to the market. The commitment to invest up to €1 billion in Sofinnova vehicles, including future strategies the two firms may co-develop, will support companies at the forefront of life sciences innovation. Sofinnova will also gain access to Apollo’s global investment platform spanning credit, equities, real estate and other asset classes, as well as its far-reaching networks and capital markets expertise. Sofinnova will continue to operate from its Paris headquarters as an independent organization. Sofinnova adds to Apollo’s ecosystem of investment managers focused on deep tech, fintech, digital assets and other specialized, higher growth categories where the firm does not have a historic footprint. By bringing together the broader Apollo platform with best-in-class partners, Apollo can maintain its disciplined investment approach while leveraging new sector expertise across its equity, hybrid and yield businesses, including in accretive new product development. Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners, commented: “This strategic partnership will enable Sofinnova to double down on what it does best: support innovation and build companies through long-term relationships with visionary entrepreneurs. We are poised to accelerate our strategy, solidify our position as a leading global player, and enhance our product offering to our investors – setting the stage for new levels of growth and expansion.” Mr. Papiernik noted that Sofinnova’s portfolio companies and the entire life sciences ecosystem stand to benefit from the greater scope and scale of capital solutions, deepened expertise and broader international footprint this partnership will enable. “We look forward to working with Apollo to build the next generation of game-changing startups, while positively impacting the future through investments in healthcare and sustainability,” he said. Scott Kleinman, Co-President of Apollo, said, “The life sciences industry continues to grow and innovate, creating significant opportunities to fund and advance new therapeutics and technologies in pursuit of better health outcomes. Today, Apollo and its affiliates manage more than $5 billion across the healthcare and life sciences industries, and we view this space as a significant growth area for the firm. Sofinnova is a clear partner of choice, with specialized knowledge and a vast industry network that is accretive to our broader investing platform. Together we can leverage our complementary strengths and cultures to form a long-term, mutually beneficial relationship.” The transaction is subject to customary closing conditions, including prior authorization by the French Autorité des Marchés Financiers, and is expected to close in the second half of 2022. Upon close, Neil Mehta, Partner and Global Head of Strategy at Apollo, will join Sofinnova’s Board of Directors. Triago acted as a strategic advisor, and Dechert LLP as legal advisor to Sofinnova. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Gide Loyrette Nouel are serving as legal counsel to Apollo, and Guggenheim Partners as its financial advisor. About Sofinnova Partners Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future. Founded in 1972, Sofinnova Partners is a deeply established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.5 billion under management. For more information, please visit: sofinnovapartners.com. About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2022, Apollo had approximately $513 billion of assets under management. To learn more, please visit www.apollo.com. Contacts Bommy LeeHead of Communications Sofinnova Partners blee@sofinnovapartners.com+33 (0) 6 47 71 38 11 North AmericaRooneyPartners LLC Kate Barrette kbarrette@rooneypartners.com+1 212 223 0561 FranceStrategiesImage Anne Rein anne.rein@strategiesimage.com+33 (0) 6 03 35 92 05 ItalyHavas PR Milan Pierluigi Cavarai pierluigi.cavaraiext@havaspr.com+39 (0) 392 77 999 33 United KingdomOptimum Strategic Communications Rebecca Noonan sofinnova@optimumcomms.com+44 (0) 20 3922 0900 Noah GunnGlobal Head of Investor Relations Apollo Global Management, Inc. IR@apollo.com(212) 822-0540 Joanna RoseGlobal Head of Corporate Communications Apollo Global Management, Inc. Communications@apollo.com(212) 822-0491
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Quebec’s Life Sciences Strategy 2022-2025: A Promising Plan for BIOQuébec’s Members and Quebec’s Life Sciences Industry
BROMONT, Québec--(BUSINESS WIRE)--BIOQuébec welcomes the tabling of the 2022-2025 Quebec Life Sciences Strategy (QLSS) which will support - and above all, foster - the growth of Quebec’s life sciences ecosystem. The second version of the QLSS features three major objectives, five areas of focus, and ten promising measures for the industry. “The QLSS is the result of an extensive consultation process that involved five working groups and several meetings attended by BIOQuébec’s management and several of its members. We welcome the fact that the new Strategy, through its five pillars, addresses the issues and priorities identified by our members throughout these consultations,” stated Anie Perrault, BIOQuébec’s Executive Director. BIOQuébec is especially pleased with the announced measures serving to develop human capital and support the launch and growth of businesses, including: – The renewal of BIOMed Propulsion ($50 million) – Adding a biopharmaceutical component to the Impulsion program (for which the terms and budget will be announced shortly) – Creating a team assigned to life sciences at Investissement Québec, under the leadership of Didier Leconte: a commitment that should translate into $200 million of financial support over three years from IQ funds. The five QLSS areas of focus will address issues that are crucial for the growth of our industry: – Generate synergy to meet significant health challenges – Develop human capital – Support the launch and growth of businesses – Attract and implement investment projects – Locally promote the marketing of innovations BIOQuébec welcomes with great enthusiasm the 5th area of focus, the goal of which is to locally promote the marketing of innovations. Our recently-released report on integrating innovations into the Quebec healthcare system includes several possible solutions, such as: – Supporting and strengthening the Bureau de l’Innovation – Developing innovative assessment approaches within the INESS: the 2022-2025 Quebec Life Sciences Strategy will foster the development of a methodology adapted to the early assessment of innovations. – Expedite access to innovative drugs and the integration of Quebec innovations with a high-value potential: creating a strategic committee on innovation, which is the purview of the MSSS, that would foster Quebec’s competitiveness for registering drugs once they are recommended by the INESSS. A total budge of $19.6 million over three years has been dedicated to strengthening these resources. “The issues have been identified but implementing the recently announced measures is crucial to achieving the objectives that have been established. BIOQuébec will continue acting on this and reiterates its willingness to work with the government to ensure this strategy’s success,” declared Anie Perrault. About BIOQuébec BIOQuébec is Quebec's largest biotechnology and life sciences network. BIOQuébec's 160 members include companies and organizations which operate at every level of the biotechnology and life sciences innovation chain, ranging from biotechs to pharmas, contract research organizations, venture capital firms, and support organizations. Founded in 1991, BIOQuébec engages in governmental representation, business development, and partnerships to support the growth of Québec's biotechnology and life sciences industry, which creates wealth and specialized jobs, is focused on innovation and marketing, and is dedicated to improving everyone's health and quality of life. These actions aim to make Québec one of the industry's most significant and valuable players on the international stage. For more information about the network, visit www.bioquebec.com. Contacts Anie Perrault BIOQuébec General manager Aperrault@bioquebec.com
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StorONE Announces Veeam Ready Verified Optimized Backup Storage Solutions
LAS VEGAS--(BUSINESS WIRE)--VeeamON - Today, StorONE announced its S1:Backup solution has qualified as a Veeam Ready-Repository solution by Veeam® Software, the leader in backup, recovery and data management solutions that deliver Modern Data Protection. By attaining Veeam Ready status, customers are assured that storage solutions are compatible with Veeam Backup & Replication™ features. S1:Backup has implemented a flash-first tier to lower recovery point and time objectives (RPO/RTO) while safely using hard disk drives to deliver the lowest possible total cost of ownership. StorONE and Seagate will be presenting the S1:Backup for Veeam solution at VeeamON, both #S1. “Veeam Backup & Replication does great with modern storage technologies, and customers want the highest performance options for backup and restore,” said Rick Vanover, Senior Director of Product Strategy at Veeam. “S1:Backup being qualified as a Veeam Ready-Repository is a great milestone for backup use cases in the market. We look forward to StorONE achieving future Veeam Ready qualifications for the additional protocols supported, including Veeam Ready-Object with Immutability.” StorONE’s S1:Backup provides four key capabilities to maximize a customer's Veeam investment: Backup at the speed of flash; while retaining the 10X price advantage of HDD Fast Instant Recovery with the automatic restoration of recovered VMs/Apps to the flash tier. No downtime with rapid recovery from failed hard disk drives Access to the latest disk technology, even seamlessly supporting 20TB drives Standby Storage - Isolated Recovery Environment at Backup Storage Prices! Optimize Veeam with StorONE S1:Backup Veeam's changed block tracking (CBT) enables rapid, frequent backups. S1:Backup's Flash-First tier leverages StorONE's unique S1:Engine to deliver hundreds of thousands of IOPS from only seven flash drives. Veeam customers can now dial up their backup frequency without a performance hit while not breaking their budget. StorONE’s S1:Backup seamlessly integrates a high density, using 20TB hard disk drives, for cost-effective long-term data retention. When a need arises for recovery, IT can use Veeam’s Instant Recovery feature, and S1:Backup will automatically instantiate the data on its flash tier for high-performance recovery and operation. The result is highly available, production class performance from your backup storage infrastructure. “At StorONE, we re-wrote and collapsed the storage IO stack to maximize modern hardware innovations' performance and utilization, enabling us to address a wide variety of use cases,” said StorONE CEO and co-Founder Gal Naor. “These advantages are very evident in the backup storage use case because it needs high performance and high capacity so customers can improve RPO and ransomware resiliency while reducing backup infrastructure costs.” About StorONE StorONE is transforming the storage industry with a new class of storage software that completely redefines expectations in performance, results, functionality, convenience, and cost. StorONE’s founders are entrepreneurs with a proven track record of success and are backed by top-tier industry luminaries and strategic investors. StorONE’s Enterprise Storage Platform is software that delivers full functionality, high performance, and unmatched data reliability at the lowest possible Total Cost of Ownership (TCO). StorONE is headquartered in New York, with offices in Texas and Tel Aviv. Additional information about StorONE is available at https://www.storone.com. Contacts Karen Crump StorONE’s Director of Marketing 817.470.7532 karenc@storone.com
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Nouveau Monde and Mason Graphite Announce Strategic Investment and Conditional Option and Joint Venture Agreement on Lac Guéret Project
MONTRÉAL--(BUSINESS WIRE)--$NMG #EV--Nouveau Monde Graphite Inc. (“NMG”) (NYSE: NMG) (TSX-V: NOU) and Mason Graphite Inc. (“Mason Graphite”) (TSX-V: LLG) (OTCQX: MGPHF) are pleased to announce that they have entered into an investment agreement (the ”Investment Agreement”) with a view towards the development and operation of Mason Graphite’s Lac Guéret property (the “Property”). Highlights include: On closing, NMG and Mason Graphite to enter into an option and joint venture agreement (the “Option and JV Agreement”) pursuant to which the parties will collaborate to advance the Property, based in Québec, Canada, with a view to form a joint venture (the “Joint Venture”); NMG to make a concurrent equity investment in Mason Graphite of an aggregate amount of up to C$5.0 million payable in two instalments (the “Equity Investment”, and together with the formation of the Joint Venture, the “Transaction”); Conditions for the formation of the Joint Venture include: (i) a minimum of C$10.0 million of expenditures from NMG on the Property, and (ii) the completion of an updated feasibility study on the Property based on an estimated production scale of a minimum of 250,000 tonnes per annum of graphite concentrate, to be ascertained based on customer demand as well as technical and environmental possibilities. The latest feasibility study published by Mason Graphite is based on 51,900 tonnes per annum; Assuming the exercise of the option and formation of the Joint Venture, NMG’s and Mason Graphite’s interest in the Joint Venture to be 51% and 49%, respectively, and NMG to be appointed as operator of the Joint Venture; Joint Venture to be funded by NMG and Mason Graphite on a pro rata basis; failure to fund work program commitments in the Joint Venture to result in a 1% dilution for each unfunded tranche of C$5.0 million; The Joint Venture will have full access to NMG’s Phase-1 natural graphite flake concentrator plant currently in operation in Saint-Michel-des-Saints, Québec (the “Demonstration Plant”) in order to accelerate the qualification and commercialization of its graphite, which has been proven instrumental as per NMG’s recent successful experience. To date, NMG has invested approximately C$30.0 million in the Demonstration Plant; The Joint Venture will benefit from NMG’s depth of personnel and commercialization capabilities; NMG currently employs nearly 100 full-time employees, most of whom are focused exclusively on graphite advanced materials, making it one of the largest natural graphite-focused organizations in North America and the ideal partner for the project; The Property is notably sizable, with a total Measured and Indicated Resource of 65.5 million tonnes grading 17.2% Cg, and carries one of the highest grades of graphite ore globally with a Proven and Probable Reserve totalling 4.7 Mt grading 27.8% Cg (See Mason Graphite’s press release dated September 25, 2015). Mason Graphite received the governmental authorization for the Property, via the issuance of the Decree 608-2018 by the Québec Government; NMG and Black Swan Graphene Inc. (“Black Swan”), a subsidiary of Mason Graphite, intend to enter into a non-binding letter of intent for the implementation of Black Swan’s graphene processing technology in NMG’s Demonstration Plant, which has a design throughput of 3.5 tonnes of ore per hour (tph), the equivalent nameplate production capacity of approximately 1,000 tonnes of graphite concentrate per annum, using NMG’s ore grading an average of 4.5% graphitic carbon, in order to establish a fully integrated facility from graphite ore to graphene finished products; and The entering into of the Option and JV Agreement is subject to the approval of the TSX Venture Exchange (the “TSX-V”) and the shareholders of Mason Graphite at a special meeting of shareholders of Mason Graphite to be called and expected to be held on or about the first week of July 2022. Mr. Pierre Fitzgibbon, Québec’s Minister of Economy and Innovation, commented: “The partnership announced today has the potential to propel Québec's graphite industry on the world stage and consolidate its position as a leader in North America. I am proud to support these projects. By combining the strengths of the two most advanced projects in North America, both of which located in Québec, we are solidifying our battery value chain. These projects contribute to our ambition to build an integrated value chain, from mining to recycling, and to position Québec at the forefront of electrification.” Mr. Fahad Al-Tamimi, Chairman of the Board of Directors of Mason Graphite and Mason Graphite’s second largest shareholder1, added: “I am delighted to see the creation of this alliance, which combines and leverages the best attributes of the North American graphite industry in support of the ambitious vision of the Government of Québec. Today’s announcement is not only great for all stakeholders, but for the entire Province of Québec and the world. Furthermore, the potential for Black Swan Graphene, a Mason Graphite subsidiary, to establish itself in NMG’s graphite processing facility in Québec should greatly accelerate the path towards large scale graphene production and is sure to create considerable value for the shareholders of Mason Graphite.” Mr. Eric Desaulniers, Founder, President and CEO of NMG concluded: “The Matawinie and the Lac Guéret deposits are instrumental in establishing a strong, meaningful and resilient local supply of lithium-ion anode material to cater to the electric vehicle (“EV”) market expansion in the Western World and beyond. This transaction has the potential to strengthen our phased development approach and provide us with significant volumes, therefore indicating to our large prospective tier-1 customers that we have a robust and realistic growth strategy and the ambition of being their preferred supplier for the generation to come. Team Nouveau Monde and I are eager for the opportunity to help developing the Lac Guéret asset into a world-class project.” NMG’s Depth and Capabilities NMG enjoys an impressive depth of personnel and has demonstrated commercialization capabilities, which are fundamental requirements in the industry. NMG currently employs nearly 100 full-time employees and dedicated experts focused on graphite advanced materials, including 7 PhDs, 3 MSc, and 22 engineers, totalling decades of experience in graphite production with leading operators. This unique profile makes NMG one of the largest natural graphite-focused organizations in North America and the ideal partner for the project. The Lac Guéret Graphite Property The Property, located 285 kilometres north of Baie-Comeau, Québec consists of 74 claims covering 4,000 ha (40 km2) and is easily accessible year-round by main logging roads via the highway 389. In 2018, Mason Graphite received the governmental authorization for the project, via the issuance of the Decree 608-2018 by the Québec Government. Under the Québec Environment Quality Act, this governmental authorization is the main permit required prior to commencing construction activities. The Mushalakan Impact Benefit Agreement was signed in June 2017 with the First Nation Community of Pessamit, located 60 kilometres west of Baie-Comeau. As part of the important work in the upcoming weeks, the Pessamit community and all local stakeholders will be met and consulted in the redesign process of the Property. Considering the potential of the asset beyond the scope of production previously established and the rapidly evolving graphite market dynamics, NMG will undertake to publish an updated feasibility study on the Property based on graphite concentrate production of a minimum of 250,000 tonnes per annum, which is to be ascertained based on customer demand and technical & environmental possibilities. Total Mineral Resources* Mineral Reserves* Resources Category Tonnage (tonnes) %Cg Graphite (tonnes) Ore Category Tonnage (tonnes) %Cg Graphite (tonnes) Measured 19,021,000 17.9 3,404,000 Proven 2,003,000 25.1 502,000 Indicated 46,519,000 16.9 7,862,000 Probable 2,738,000 29.8 815,000 Measured + Indicated 65,540,000 17.2 11,266,000 Proven + Probable 4,741,000 27.8 1,317,000 Inferred 17,613,000 17.3 3,404,000 *: Cut-off grade of 6.00% Cg *: Cut-off grade of 5.75% Cg See NI 43-101 Technical Report: Feasibility Study Update of the Lac Guéret Graphite Project, Québec, Canada dated December 11, 2018 (the “Technical Report”) for more details. Based on Mason Graphite’s updated Feasibility Study dated December 5, 2018, the Property has Mineral Reserves of 4.7 million tonnes with an average grade of 27.8% Cg and has pit-constrained Minerals Resources, which is available beyond the current project life of 25 years, of 58.0 million tonnes grading 16.3% Cg. The Mineral Reserves are the basis of the 25 years mine life presented in Mason’s Graphite updated feasibility study, and are not included in the pit-constrained Measured and Indicated Mineral Resources of 58.0Mt grading 16.3% Cg, which have an equivalent drilling definition. NMG C$5-Million Equity Investment in Mason Graphite Pursuant to the Investment Agreement, NMG has agreed to subscribe to common shares of Mason Graphite for an aggregate purchase price of C$5 million, with (i) C$2.5 million of which to be subscribed and payable upon the execution of the Option and JV Agreement (the “Initial Shares”) at a price per Initial Share of $0.50 (the “Initial Share Price”), which is equal to the 20-day volume weighted average price of Mason Graphite’s common shares on the TSX-V prior to the execution of the Investment Agreement, and which represents a premium of approximately 10% over the closing price of Mason Graphite’s common shares on the TSX-V on May 13, 2022, and (ii) C$2.5 million of which to be subscribed when NMG exercises its option under the Option and JV Agreement and becomes the owner of a 51% interest in the Property (the “Option Shares”, and collectively with the Initial Shares, the “JV Shares”), as applicable, at a price per Option Share equal to the 20-day volume weighted average price of Mason Graphite’s common shares on the TSX-V on the day prior to the earlier of (1) the joint announcement by Mason Graphite and NMG of the exercise by NMG of its option to become the owner of a fifty-one percent (51%) undivided interest in the Property, or (2) the joint release by Mason Graphite and NMG of the results of a NI 43-101 (as defined below) bankable feasibility study with respect to the Property. The Option Share price is subject to a floor price equal to the Initial Share Price. The JV Shares will be subject to a hold period of four months and a day pursuant to applicable securities laws. The subscription of the JV Shares by NMG is conditional to the TSX-V approval. The Equity Investment is subject to standard closing conditions. Option and JV Agreement Under the Option and JV Agreement, Mason Graphite will grant an option to NMG to acquire a 51% interest in the Property to be exercisable by NMG (i) through the incurrence of work expenditures, including, but not limited to, the treatment of ores, concentrates, and other mineral products at NMG’s Demonstration Plant aggregating a minimum of C$10.0 million (the “Option Expenditure Threshold”) in respect of the exploration, development, mining, production, commercialization and sale of products in direct relation to the Property (the “First Option Condition”) as soon as reasonable and, subject to the Option Extension (as defined below), within twenty-four (24) months from the execution of the Option and JV Agreement (the “First Option Condition Deadline”), and (ii) the preparation of (a) a NI 43-101 preliminary economic assessment, with an increased project capacity from 52,000 tonnes per annum to a minimum of 250,000 tonnes per annum, within 6 months following the execution of the Option and JV Agreement, and (b) a NI 43-101 bankable feasibility study within 18 months following the execution of the Option and JV Agreement (collectively, the “Second Option Condition”). If prior to the First Option Condition Deadline, NMG has satisfied the First Option Condition and is, in the reasonable opinion of NMG and Mason Graphite, working diligently and continuously towards satisfying the Second Option Condition, the parties shall agree in writing to extend the deadline to satisfy the Second Option Condition for successive periods of six (6) months and ending no later than thirty-six (36) months from the execution of the Option and JV Agreement (the latest of such periods, the “Option Deadline”). Any expenditures incurred to satisfy the Second Option Condition above the Option Expenditure Threshold will be assumed by NMG, and unless otherwise mutually agreed to by the parties in writing, a failure by NMG to satisfy the Second Option Condition prior to the Option Deadline will be deemed to be an election by NMG not to have exercised its option to become the owner of a 51% interest in the Property and will result in the automatic termination of the Option and JV Agreement. The Joint Venture will be formed if NMG exercises its option and becomes the owner of a 51% interest in the Property. The Joint Venture will be formed with the objective of further exploring the Property and, if deemed warranted by NMG and Mason Graphite, of developing, constructing, and operating a mine on the Property or a part of it, and commercializing the minerals derived therefrom. The Joint Venture will also have full and continuous access to NMG’s Demonstration Plant and the expertise of NMG in order to support the commercialization of the graphite derived from the Property. Product Commercialization Pursuant to the Option and JV Agreement, if NMG and Mason Graphite elect to commercialize the minerals produced from the Property, they will enter into a distribution and purchase agreement pursuant to which (i) any purchase of the graphite produced by the Property by NMG and Mason Graphite to service the respective second transformation businesses of NMG and Mason Graphite will be made at the market’s prevailing price and allocated in accordance with their respective interest in the Joint Venture, and (ii) NMG will be appointed as a selling agent to sell graphite to third parties in the open market, with any proceeds from such sales, less any recoverable expenses of NMG as selling agent, to be allocated between NMG and Mason Graphite in accordance with their respective interest in the Joint Venture. Non-Binding Letter of Intent Between NMG and Black Swan NMG and Black Swan, a subsidiary of Mason Graphite, intend to enter into a non-binding letter of intent for the implementation of Black Swan’s graphene processing technology in NMG’s Demonstration Plant, which has a design throughput of 3.5 tonnes of ore per hour (tph), the equivalent nameplate production capacity of approximately 1,000 tonnes of graphite concentrate per annum, using NMG’s ore grading an average of 4.5% graphitic carbon, in order to establish a fully integrated facility from graphite ore to graphene finished products. Under the letter of intent, the parties will endeavour to negotiate and enter into a sub-lease and services agreement pursuant to which (i) NMG will sub-lease space located at its Demonstration Plant to Black Swan for the manufacture of exfoliated defect-free, non-oxidised 2-D materials, including Graphene Nano Platelets, and laboratory testing activities thereon, and (ii) NMG will provide certain services to Black Swan on an “as needed” basis. Mason Board Evaluation Process Over the last twelve months, the Board of Directors of Mason Graphite (the “Mason Board”) evaluated a broad set of strategic alternatives aimed at enhancing shareholder value given the project’s advancement and current economical landscape, together with its prevailing financial situation and the price of its common shares. Further to the process conducted by the Mason Board, it was determined that, subject to the conditions set forth in the Option and JV Agreement, entering into a Joint Venture with NMG is in the best interests of Mason Graphite and its shareholders. The Mason Board, after consultation with Mason Graphite’s financial and legal advisors, based its determination and recommendation on a number of factors, including, among other things: NMG’s impressive depth of personnel and demonstrated commercialization capabilities, including with EV and battery makers, which are fundamental requirements in the graphite industry and paramount to pursue and realize the full potential of the Property; The access by the Joint Venture to NMG’s Demonstration Plant, which has an estimated value of $30 million; and The overall view of the Transaction being the best path forward to advance the project, including access to funding by each party, and potential synergies in funding capacity. The Mason Board obtained a fairness opinion from Paradigm Capital Inc., acting as financial advisors to Mason Graphite, to the effect that, as at May 15, 2022, subject to specified assumptions, limitations, and qualifications, the entering into of the Option and JV Agreement is fair, from a financial point of view, to Mason Graphite. Regulatory and Shareholder Approval The closing of the transaction contemplated under the Investment Agreement, including the execution of the Option and JV Agreement, is contingent upon and subject to the approval of the TSX-V and the shareholders of Mason Graphite at a special meeting of shareholders of Mason Graphite to be held on or about the first week of July 2022 and other standard closing conditions. The Mason Board recommends to the shareholders of Mason Graphite that they vote in favour of the resolution to be presented at the special meeting. Consent of Qualified Person The technical information contained in this press release has been reviewed and approved on behalf of NMG and Mason Graphite by Mr. Will Randall, P.Geo, who is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (in Québec, Regulation 43-101 respecting Standards of Disclosure for Mineral Projects) (“NI 43-101”). Further information about the Property, including a description of key assumptions, parameters, methods and risks, is available in the Technical Report available on SEDAR. About Mason Graphite Inc. Mason Graphite is a Canadian corporation focused on the production and transformation of natural graphite. Its strategy includes the development of value-added products, notably for green technologies like transport electrification. The company also owns 100% of the rights to the Lac Guéret deposit, one of the richest graphite deposit in the world. The company is also the largest shareholder of Black Swan Graphene. For more information: www.masongraphite.com. About Nouveau Monde Graphite Inc. NMG is striving to become a key contributor to the sustainable energy revolution. The company is working toward developing a fully integrated source of carbon-neutral battery anode material in Quebec, Canada, for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable environmental, social and governance (ESG) standards, NMG aspires to become a strategic supplier to the world's leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. NMG is listed on the NYSE under the symbol “NMG” and on the TSX-V under the symbol “NOU”. About Black Swan Graphene Inc. Black Swan is a Canadian private company focusing on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries, and others, which are expected to require large volumes of graphene and, in turn, require large volumes of graphite. Black Swan aims to leverage the low cost and green hydroelectricity of the province of Québec as well as the proximity of the eventual graphite production site in Québec in order to establish a fully integrated supply chain, reduce overall costs, and accelerate the deployment of graphene usage. For more information: www.blackswangraphene.com. Nouveau Monde Graphite Inc. on behalf of the Board of Directors: “Eric Desaulniers”, President and CEO Nouveau Monde Graphite Inc. Mason Graphite Inc. on behalf of the Board of Directors: “Peter Damouni”, Executive Director Mason Graphite Inc. Cautionary Statements Regarding Disclosure about a Mining Project The Mineral Reserves are the basis of the 25 years mine life of the feasibility study published by Mason Graphite in September 2015 (updated on December 5, 2018) and are not included in the “in-pit” Measured and indicated Mineral Resources of 58.0Mt grading 16.3% Cg (which have an equivalent drilling definition). The Mineral Reserves and the “in-pit” Mineral Resources are included in the total Measured and Indicated Mineral Resources of 65.5 Mt grading 17.2% Cg (19.0 Mt of Measured Resources grading 17.9% Cg and 46.5 Mt of Indicated Resources grading 16.9% Cg) that were reported in Mason Graphite’s press release dated December 5, 2018. The reference point for the Mineral Reserves Estimate is the mill feed. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability and were not included in the mine life or the economics of the feasibility study. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. The same issues would need to be considered when conducting an eventual economic evaluation in order to classify the In-Pit Mineral Resources as Mineral Reserves. In addition, there can be no assurance that Mineral Resources in a lower category may be converted to a higher category, or that Mineral Resources may be converted to Mineral Reserves. The Mineral Reserves and the “in-pit” Mineral Resources are included in the total Measured and Indicated Mineral Resources of 65.5 Mt grading 17.2% Cg (19 Mt of Measured Resources grading 17.9% Cg and 46.5 Mt of Indicated Resources grading 16.9% Cg) that were reported in Mason Graphite’s press release dated December 5th, 2018. The Mineral Reserves are the basis of the 25-year mine life of the feasibility study published on September 25, 2015 (updated on December 5th, 2018) and are not included in the “in-pit” Measured and Indicated Mineral Resources of 58.0 Mt grading 16.3% Cg (which have an equivalent drilling definition). The reference point for the Mineral Reserves estimate is the mill feed. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability and were not included in the mine life or the economics of the feasibility study. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. In addition, there can be no assurance that Mineral Resources in a lower category may be converted to a higher category, or that Mineral Resources may be converted to Mineral Reserves. The mineral resource and mineral reserve estimates contained in this press release have been prepared in accordance with the requirements of securities laws in effect in Canada, including NI 43‑101, which governs Canadian securities law disclosure requirements for mineral properties. These standards differ from the requirement of the U.S. Securities and Exchange Commission (the “SEC”) and resource and reserve information contained in this press release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements. Contacts Nouveau Monde Graphite Inc. MEDIA Julie Paquet Vice President, Communications & ESG Strategy jpaquet@nmg.com+1 450-757-8905 extension 140 INVESTORS Marc Jasmin Director, Investor Relations mjasmin@nmg.com+1 450-757-8905 extension 993 Mason Graphite Inc.Paul Hardy, VP Corporate Development, at phardy@masongraphite.com or +1 416 844-7365; 3030, boulevard Le Carrefour, Suite 600, Laval, Québec, H7T 2P5, Canada Read full story here
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Mentor Capital Posts 40% Annual Revenue Gain in 10-Q
Yearly Sales per Share Approach Seven Times Current Share Price PLANO, Texas--(BUSINESS WIRE)--$MNTR #10Q--Mentor Capital, Inc. (OTCQB: MNTR) announced annualized sales of $0.32 per share against a share price of $0.05 per share in its quarterly Form 10-Q filing for the first quarter ended March 31, 2022, filed with the Securities and Exchange Commission. The Company reports that for the quarter ended March 31, 2022, Mentor had revenues of $1,848,898 and a gross profit of $699,883, with a resulting net loss attributable to Mentor of (0.4 cents) per share. This represents a 40% increase in revenue and a 60% increase in gross profit over the prior-year quarter ended March 31, 2021, in which Mentor had revenues of $1,320,624, gross profit of $436,392, and resulting net loss attributable to Mentor of (0.6 cents) per share. Mentor CEO, Chet Billingsley, attributes the revenue changes to the expansion of the operations of its 51% owned subsidiary, Waste Consolidators, Inc., in the state of Texas. As of the quarter ended March 31, 2022, the Company has invested $396,666 into a Legal Recovery Purchase Agreement with Electrum Partners, LLC increasing total legal funding involvement to $590,694. This funding supports Electrum's action against Aurora Cannabis Inc., pending in the Supreme Court of British Columbia. On March 31, 2022, 22,941,357 common shares and 11 Series Q convertible preferred shares were outstanding, plus 6,250,000 Series D warrants outstanding with an exercise price of $1.60 per share, and 689,159 Series H warrants that an investment bank holds at a $7.00 per share exercise price. In the first quarter of 2022, Mr. Billingsley exercised 87,456 Series B warrants and 2,954 Series D warrants at $0.11 per share and $1.60 per share, respectively, increasing his share ownership by 90,410 shares. Subsequent to quarter-end, independent director David Carlile completed a market purchase of 102,400 common shares. No equity was granted to directors, insiders, consultants, or investor relations firms during the eight quarters ending March 31, 2022. A long-term 300,000 share repurchase plan was authorized in 2014, and, on March 31, 2022, a total of 44,748 shares have been repurchased under the long-term plan. The Company's shares finished the quarter at a closing price of $0.048 per share, representing a market capitalization of $1,101,185 compared to a 2021 year-end closing price of $0.0508 per share and a corresponding market capitalization of $1,60,828. Mentor's Series Q Preferred Stock, first sold at $10,000 per share on May 30, 2018, was exchangeable for approximately $18,617 per share in Mentor common shares on March 31, 2022. The Company is managed by Chairman and CEO Chet Billingsley (69), who founded Mentor Capital first as an acquisition partnership in 1985. Mr. Billingsley's interest is reported at 10.29% on a fully diluted basis as of March 31, 2022, with other directors and officers holding an additional 5.88%. The Form 10-Q may be referenced through the SEC's EDGAR system at: https://www.sec.gov/edgar/searchedgar/companysearch.html or at the Company's website: www.MentorCapital.com, where additional important information for investors can be found. About Mentor Capital: The Company seeks to come alongside and assist private companies and their founders and investors in meeting their liquidity, equity financing, and acquisition objectives. This press release is neither an offer to sell nor a solicitation of offers to purchase securities. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, corporate combinations, product development activities, and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, and are sometimes identified by words of condition such as "should," "could," "expects," "may," "intends," "seeks," "looks," "moves," or "plans" and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: nonperformance of investments, partner and portfolio difficulties, potential delays in marketing and sales, problems securing the necessary financing to continue operations, problems involving continued illegality of cannabis products, the potential of competitive products, services, and technologies, difficulties experienced in product development, in recruiting knowledgeable personnel, in protecting intellectual property, and the effects of adverse worldwide economic events, such as the coronavirus recovery and recent step-up in inflation. Further information concerning these and other risks is included in the Company's Form 10-Q filing, which, along with additional very important details on the Company, can be found here: https://ir.mentorcapital.com/all-sec-filings The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events, or circumstances occurring after the date of this press release. Contacts Mentor Capital, Inc. Chet Billingsley, CEO (760) 788-4700 info@mentorcapital.com
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Allego, a Leading Pan-European Public EV Fast Charging Network, Exceeds Revenue and Operational EBITDA Targets for 2021; First Quarter of 2022 Operati
2021 reported revenues increased 95% to €86.3 million, as the number of charging sessions increased 65% over the prior year amidst Allego’s broad geographic footprint. Allego’s network delivered 83GWh of clean, 100% renewable energy in 2021, an increase of more than 77% from 2020. Therefore, its network delivered 414 million green km (258 million miles) in 2021 vs. 234 green km (145 million miles) in 2020. Full-year 2021 net loss was €319.7 million, compared to the prior-year period of €434.0 million. For the first time, operational EBITDA turned positive, increasing nearly 200% to €9.2 million, driven by solid top-line growth and strong margin conversion associated with the Allego business model. Utilization rate1, a key performance indicator, rose to 7.6% at year-end from 4.4% at the start of the year due to strong demand. At the 2021 level of utilization, Allego’s premium sites produce a positive internal rate of return (IRR) even without subsidies. Signed signature partnerships with Carrefour and Nissan, amongst others, and closed on a first-of-its-kind project finance vehicle for EV charging infrastructure, raising €138 million in growth capital. In 1Q22, utilization rate was 7.7%, a 71% increase from 4.5% year-over-year, while the total number of sessions of 2.1 million rebounded 84%, and total energy sold doubled to 32 GWh in the period. The first quarter is seasonally the lowest. The Company maintains a secured backlog of over 800 premium sites, signed for a 10-year or longer lease terms that provide robust revenue visibility. Allego expects to announce its first quarter of 2022 financial results and adopt a reporting cadence in-line with U.S. domiciled companies. The Company will make a separate announcement on the timing of the results. PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading pan-European public electric vehicle fast-charging network, announced today that it published its Annual Report on Form 20-F with full-year 2021 results. The filing can be accessed on the Company’s website at the link here. Despite a year of challenges, including the impact of the novel coronavirus (“COVID-19”), Allego reported 2021 results that exceeded its internal projections. Reported 2021 revenues nearly doubled to €86.3 million, compared to €44.2 million in the prior-year period, as total charging sessions exceeded 6.1 million, an increase of 65% from the 2020 level. Charging revenue grew 75% to €26.1 million, driven by higher utilization rates as the fallout from COVID-19 abated and an increased installed base. Additionally, charging revenues benefitted from increased average kWh consumption caused by the growing population of battery-electric vehicles (BEVs) and the increasing number of such cars with extended battery capacity. Services revenue increased 105% to €60.2 million from the prior-year period. It was primarily attributable to the strong demand for B-to-B charging solutions and the continued development of the Mega-E rollout over Europe, which entails creating charging infrastructure in a larger part of Europe. The Company had significant success in signing new marquee contracts with blue-chip customers. Along with achieving many milestones in 2021, the Company had approximately 31,000 public charging ports and about 16,000 public and non-public sites across 14 countries, which have since expanded into Italy. In comparison, Allego had about 22,000 public charging ports and approximately 10,800 public and non-public sites at the end of 2020. Importantly, Allego’s network delivered 83GWh of clean, 100% renewable energy to EV drivers in 2021, a 77% increase from 2020. The reported 2021 gross profit of €25.2 million equated to a margin of 29.2%. After including €7.5 million of government subsidies (€2.0 million) and the sale of HBE certificates (€5.5 million) in revenues (vs. other income) to make a like-for-like comparison to the plan, the gross margin was 34.9%, or 120 bps better. Full-year 2021 operational EBITDA turned positive for the first time and increased to €9.2 million compared to a loss of €9.7 million in the prior year, an improvement of nearly 200%. 2021 operational EBITDA margin on reported revenue was 10.7%, or 200 bps ahead of the plan. Net loss in 2021 was €319.7 million compared to a net loss of €43.4 million in the prior-year period, principally due to share-based (non-cash) payment expenses granted to an external consulting firm in 2022 for legal, accounting, and consulting expenses, and employee benefit expenses. These expenses do not have any impact on the cash and equity of the Company. Allego’s geographic footprint across the EU and the UK drove an 80% average recurring rate per month. Utilization reached its highest average level in December 2021 at 7.6%, almost doubling from pre-pandemic levels, despite lockdown measures in the Netherlands, the Company’s most significant market. Combined with its secured backlog of 800 premium sites at year-end, signed for a 10-year or longer lease terms, with 500 additional locations in the pipeline, the Company expects to deploy 4,500 charging ports as part of its secured backlog, increasing its count by three-and-a-half times over the next two-to-three years. The Company’s proprietary Allamo and EV Cloud platforms are integral to evaluating and acquiring the most suitable locations, enriching its relationship with its customers, and enhancing revenue visibility. With Europe’s focus on energy independence, Allego sees significant tailwinds for its business. In the fourth quarter of 2021, EV penetration rates in the EU equaled western Europe and the UK for BEVs was 14.2% in the fourth quarter of 2021 and 9.1% for the entire year, an increase of about 63%.2 The pace of growth continued in the first quarter of 2022, with BEV sales rising 53% year-over-year.2 In contrast, EV sales in 2021 represented approximately 4% of the light-vehicle market in the U.S. According to LMC Automotive, the European market is expected to continue growing for the rest of this decade. It is expected to overtake China and become twice the size of the US market by 2030. Furthermore, with high urbanization rates leading to the scarcity of private charging, the demand for public fast EV charging within Allego’s core Europe markets will remain elevated. Moreover, stringent European CO2 regulations for internal combustion engines (ICE), highly favorable incentives for EV purchases, and geopolitical events have strengthened the ongoing de-carbonization emphasis. They have renewed the focus on energy independence. Owing to this backdrop, the opportunities for partnerships are enormous, mainly as fleets and logistics firms assess their operational strategies, with many large cities, including London, having announced bans on ICE vehicles beginning in 2025. Allego’s success at signing prominent customer relationships like Carrefour and Nissan, amongst others, in 2021, within its services segment, to build, operate and maintain the sites added more than 1,000+ additional locations. These relationships provide the Company with a stable revenue stream for up to five years or more and create brand visibility and loyalty with the commercial partners and the final consumer. CEO Comment Mathieu Bonnet, Chief Executive Officer, commented, “2021 was a very successful year for Allego despite the challenges posed by the pandemic and the pursuant lockdowns. Even under these circumstances, we nearly doubled our revenues, delivered positive operational EBITDA that exceeded our business plan, signed milestone agreements with important clients, and expanded our geographic footprint while strengthening customer relationships who visit at an 80% average recurring rate per month.” Mr. Bonnet added, “Our operating results for January and February shared with the market show continuing strength of the business, setting us up well for the remainder of 2022.3 In 1Q22, our utilization rate was 7.7%, a 71% increase from 4.5% year-over-year, while the total number of sessions of 2.1 million rebounded 84%, and total energy sold doubled to 32 GWh in the period. Note that the first quarter is seasonally the softest quarter for the Company.” “While the current geopolitical situation has created volatility in energy and financial markets, we continue to maintain pricing power. We defended our margins through a 17% price increase implemented in January without impacting our utilization rates. We are implementing further action on pricing to mitigate the impact of higher energy price increases. Our strong and strategic supplier relationships continue to support our growth as supply-chain interruptions are limited thus far. Moreover, we view the emphasis on energy independence as key to fueling the growth of EVs and providing both organic and inorganic opportunities to scale our business further.” Selected Operating and Strategic Initiatives for Second-Half 2021 In November 2021, Allego and Meridiam closed the first-of-its-kind special purpose project finance vehicle for EV charging infrastructure, which will support the construction of more than 2,000 fast and ultra-fast charge points at over 200 locations across France, in partnership with Carrefour. Allego agreed to open 120 new fast-charging EV stations across the Netherlands and Belgium and separately secured 13 additional ultra-fast charging locations along major highways in Flanders, Belgium. Additionally, the Company entered a partnership to install ultra-fast charging locations in France. Allego entered into a strategic partnership with Nissan. Allego expanded its partnership with REWE Nord to build hundreds of new charging locations across Germany. Key Metrics Year ending December 31 Metrics 2021 2020 Public Charging Ports 27,934 21,958 # Fast & Ultra-Fast charging sites 831 710 Recurring users % 78% 79% Owned Public Charging Ports Breakdown 22,038 17,715 Third-Party Public Charging Ports 5,896 4,243 Total Number of Public Charging Ports* 27,934 21,958 Total # sessions ('000) 6,100 3,700 Total Energy sold owned (GWh) 83 47 Secured Backlog, (sites) 800 - *Excludes non-public chargers in operations Reconciliation of Loss for the Year to EBITDA and Operational EBITDA Year ending December 31 (€ in millions) 2021 2020 2019 Loss for the Year (319.7) (43.4) (43.1) Income tax 0.4 (0.7) 0.3 Finance cost 15.4 11.3 5.9 Amortization and impairment of intangible assets 2.7 3.7 2.3 Depreciation and impairment of right-of-use assets 3.4 1.8 1.3 Depreciation, impairments and reversal of impairments of property, plant and equipment 5.6 4.8 4.7 EBITDA (292.2) (22.5) (28.6) Fair value gains/(losses) on derivatives (purchase options) (2.9) - - Share-based payment expenses 291.8 7.1 - Transaction costs 11.8 - - Bonus payments to consultants 0.6 - - Lease buy-outs - 0.1 - Business optimization costs - 1.8 0.8 Reorganization and severance 0.1 3.8 - Operational EBITDA 9.2 (9.7) (27.8) About Allego Allego delivers charging solutions for electric cars, motors, buses, and trucks, for consumers, businesses, and cities. Allego’s end-to-end charging solutions make it easier for companies and cities to deliver the infrastructure drivers need. In contrast, the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprising approximately 31,000 public charging ports operational throughout the pan-European market – and proliferating. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives our customers and us a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient, and more enjoyable for all. Forward-Looking Statements All statements other than statements of historical facts contained in this Press Release are forward-looking statements. Allego intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,”, “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, Allego’s expectations with respect to future performance and anticipated financial impacts of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) changes adversely affecting Allego’s business, (ii) the risks associated with vulnerability to industry downturns and regional or national downturns, (iii) fluctuations in Allego’s revenue and operating results, (iv) unfavorable conditions or further disruptions in the capital and credit markets, (v) Allego’s ability to generate cash, service indebtedness and incur additional indebtedness, (vi) competition from existing and new competitors, (vii) the growth of the electric vehicle market, (viii) Allego’s ability to integrate any businesses it may acquire, (ix) Allego’s ability to recruit and retain experienced personnel, (x) risks related to legal proceedings or claims, including liability claims, (xi) Allego’s dependence on third-party contractors to provide various services, (xii) Allego’s ability to obtain additional capital on commercially reasonable terms, (xiii) the impact of COVID-19, including COVID-19 related supply chain disruptions and expense increases, (xiv) general economic or political conditions, including the armed conflict in Ukraine and (xv) other factors detailed under the section entitled “Item 3.D. Risk Factors” of Allego’s Annual Report on Form 20-F for the year ended December 31, 2021 and in Allego’s other filings with the U.S. Securities and Exchange Commission (“SEC.”) The foregoing list of factors is not exclusive. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego presently does not know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans or forecasts of future events and views as of the date of this Press Release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego specifically disclaims any obligation to do so, unless required by applicable law. These forward looking statements should not be relied upon as representing Allego’s assessments as of any date subsequent to the date of this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements. FINANCIAL INFORMATION; NON-IFRS FINANCIAL MEASURES Some of the financial information and data contained in this Press Release, such as EBITDA, Operational EBITDA and free cash flow, have not been prepared in accordance with Dutch generally accepted accounting principles, United States generally accepted accounting principles or the International Financial Reporting Standards (“IFRS”). We define (i) EBITDA as earnings before interest expense, taxes, depreciation and amortization,(ii) Operational EBITDA as EBITDA further adjusted for reorganization costs, certain business optimization costs, lease buyouts, anticipated board compensation costs and director and officer insurance costs and anticipated transaction costs and (iii) free cash flow as net cash flow from operating activities less capital expenditures. Allego believes that the use of these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Allego’s financial condition and results of operations. Allego’s management uses these non-IFRS measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. Allego believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Allego’s financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. Management does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS financial measures is that they exclude significant expenses and income that are required by IFRS to be recorded in Allego’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-IFRS financial measures. In order to compensate for these limitations, management presents non-IFRS financial measures in connection with IFRS results and reconciliations to the most directly comparable IFRS measure are provided in this press release. 1 Utilization rate, a key performance measure, is referenced for ultra-fast chargers. 2 Source: European Automobile Manufacturers' Association (ACEA) 3 Allego, a Leading Pan-European EV Fast Charging Network, Sees Strong Momentum in Early First Quarter of 2022 Contacts For AllegoInvestors investors@allego.euMedia allegoPR@icrinc.com
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Ether Capital Corporation Reports First Quarter 2022 Financial Results
TORONTO--(BUSINESS WIRE)--Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC) announces the reporting of its financial results as at and for the three months ended March 31, 2022. As at March 31, 2022: The total value of Ether and Staked Ether held by the Company was $180.5 million. The total value of the Company’s assets was $193.2 million. The total shareholders’ equity of the Company was $192.7 million. The Company recorded revenue during the quarter of $1.2 million and operating expenses of $0.8 million. Net Loss, after incorporating Non-Operating Expenses of $8.17 million, was $7.76 million, or ($0.23) per share. Net Book Value per Share was $5.74. During Q1 2022, Ether Capital began a strategic transition from passive ownership of Ether with minority sector investments, to an operating business that holds yield-generating Ether. The Company sold non-core assets (MKR and Uniswap tokens), increased its allocation of Ether to Staked Ether and increased the headcount of its senior management team. During the quarter, the Company’s revenue included both consulting revenue from Purpose Investments pertaining to its crypto ETFs (BTCC and ETHH) and from Staked Ether. Details about these developments are included in the Company’s financial statements and the Management Discussion and Analysis (MD&A). “We had a strong start to the year and our revenue exceeded operating expenses in the quarter,” said Brian Mosoff, CEO of Ether Capital. “We brought on two executives who are highly experienced in traditional finance and key to our growth strategy. Their expertise, combined with our insider knowledge of the Ethereum ecosystem, is exactly what we need as we continue to build out our business and pursue new opportunities in the space. We exited non-core assets this past quarter and are focusing on building products that support the Ethereum ecosystem, while making it more accessible to the traditional finance community.” Summarized below are the primary digital assets held by Ether Capital as at March 31, 2022: Ether Staked Ether Ether Rewards Units (ETH/Staked ETH) 23,610 20,512 233 Dollar Value (CAD) $96,786,164 $82,845,972 $816,912 To access unaudited financial statements for the quarter, which ended March 31, 2022, please refer to the Company’s website at http://ethcap.co/. The Company’s unaudited financial statements, including the MD&A, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed under the Company’s profile at www.sedar.com. Ether Capital intends to host its Annual General Meeting of Shareholders on June 28, 2022, in Toronto. About Ether Capital Corporation Ether Capital is a Toronto-based technology company with a long-term objective to become the central business and investment hub for the Ethereum and Web3 ecosystem. Ether Capital has invested in Ethereum’s native utility token “Ether” as a strategic asset, and selectively invests in projects, protocols and businesses that leverage the Ethereum ecosystem and Web3 technologies. Founded by a highly experienced Board of Directors and management team, Ether Capital has the experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/. The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement, or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. The information provided is subject to change without notice and neither Ether Capital Corporation, nor any of its affiliates, will be held liable for inaccuracies in the information presented. Non-GAAP Measures The Company’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, the Company discloses the gross value of its assets and the gross value per basic common share, which are non-GAAP financial measures. These non-GAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Company has presented such non-GAAP measures as management believes they are relevant measures of the value of the Company’s underlying assets. Non-GAAP measures should not be considered as alternatives to the information set out in the Company’s financial statements. Forward-Looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements in regard to the Ethereum ecosystem. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved. Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and acceptance of blockchain technology (including proof of stake and Ethereum 2.0), and the Ethereum platform and anticipated timing and impact of the Ethereum network upgrade, the impact of the outbreak of the COVID-19 coronavirus on the Company, and the other risk factors discussed in the Company’s Annual Information Form dated March 23, 2022, the Risk Factors section in its most recently filed management’s discussion and analysis, the Risk Factors section in its Supplement and Base Shelf Prospectus and its other filings available on-line at www.sedar.com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. In addition, the Company cautions the reader that information provided in this press release is provided to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws. Contacts Brian Mosoff Chief Executive Officer brian@ethcap.co Ian McPherson President and Chief Financial Officer imcpherson@ethcap.co
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Fidelity Releases 2022 Retiree Health Care Cost Estimate: 65-Year-Old Couple Retiring Today Will Need an Average of $315,000 for Medical Expenses
Fidelity Research Identifies Significant Gap: Americans Will Need 7x More Than They Expect to Pay for Health Care Costs in Retirement Nearly Half of Health Savings Account (HSA) Owners Feel Prepared for Health Care Expenses in Retirement, Compared to just 27% of Those Without an HSA BOSTON--(BUSINESS WIRE)--Fidelity Investments® today announced its 21st annual Retiree Health Care Cost Estimate, revealing that a 65-year-old couple retiring this year can expect to spend an average of $315,000 in health care and medical expenses throughout retirement1. The 2022 estimate for single retirees is $150,000 for men and $165,000 for women. Fidelity’s estimate assumes both members of the couple are enrolled in traditional Medicare, which between Medicare Part A and Part B covers expenses such as hospital stays, doctor visits and services, physical therapy, lab tests and more, and in Medicare Part D, which covers prescription drugs. “Even as many Americans look to turn the page on the events of the last two years, staying informed on potential future health care costs should remain a top factor when planning for retirement,” said Hope Manion, senior vice president, Fidelity Workplace Consulting. “At Fidelity, we understand the anxiety as health care issues can feel unpredictable. However, by planning early and saving consistently, people can put themselves in a much stronger position to retire how and when they want.” Designed to inform Americans on the importance of planning and saving early, the Fidelity Retiree Health Care Cost Estimate was first calculated in 2002 to build greater awareness of the estimated health care costs as individuals approach retirement. This year’s estimate is up 5% from 2021 ($300,000) and has nearly doubled from its original $160,000 in 2002. This year’s analysis generates both “good” and “bad” news. First, the bad: Americans are generally out of sync with the expected total cost of health care in retirement. In fact, according to Fidelity research, on average, Americans estimate a couple retiring this year will spend just $41,000 on health care expenses in retirement. This is $274,000 less than Fidelity’s analysis. Additionally, more than two-thirds (68%) are under the impression that associated costs will remain under $25,0002. Once respondents of the research were informed of Fidelity’s estimate, a staggering 70% of respondents say they feel unprepared to cover health care expenses during retirement.3 However, there is still good news: the number of people who feel prepared increases when the person has an HSA. In fact, nearly half (47%) of HSA holders feel prepared for their health care retirement expenses, compared to just 27% of people who do not have an HSA. An HSA can be a powerful way to save and pay for health care, as it allows account holders to pay for qualified medical expenses in a tax-advantaged way, now through retirement. HSAs offer a “triple tax advantage1” meaning 1) contributions are tax-deductible, 2) account money can be spent tax-free for qualified medical expenses, and 3) any potential growth is tax-free too. Americans Misunderstand HSAs: Separating Fact from Myth While HSA owners may feel more prepared for health care expenses, many Americans still have misconceptions about HSAs and how they work. Fact: Contributions to an HSA can be invested. More than half (51%) of Americans don’t know they can invest their HSA, meaning for some, they are missing out on an opportunity for potential growth. Fact: To open an HSA, the person must be enrolled in an HSA-eligible health plan / High Deductible Health Plan (HDHP). Nearly four-in-ten (38%) don’t know this, meaning when they are enrolling in employer benefits, they may have the option to enroll in an HDHP and open an HSA, but they aren’t taking advantage of this benefit. Fact: HSA contributions remain with the account owner year-over-year. Forty-four percent of people who do not own an HSA think money contributed into an HSA must be used by the end of the year or it’s lost. While this is how contributions made to a Flexible Spending Account generally work, it’s not the case for HSAs. “There continues to be an opportunity for additional education on the power of a health savings account, especially for younger people who likely have decades to save and invest before they retire,” added Manion. “Furthermore, HSAs are also a great way to cover current qualified medical expenses. Our research finds that the top health care concern for younger people is being able to afford unexpected health care costs, meaning an HSA could be an effective way to address this worry and these potential expenses.” For those people who own an HSA, the top three features they cite most often that prompted them to open an account include: the combined health plan and HSA contribution from their employer offered the best value (56%); it helps reduce current health care expenses (53%); and their employer gives an annual contribution (50%). Older Americans Better Understand Medicare, But Still Opportunity for More Education For older people approaching retirement and Medicare eligibility age – it’s critical they understand the potential costs they may face in retirement, as well as how Medicare can help them. Fidelity’s research identified opportunities to better educate on Medicare. Fact: Medicare enrollment age is 65 years old4: Nearly six-in-ten (57%) Baby Boomer (ages 58-76 years old) respondents incorrectly think a person can elect to enroll in Medicare at age 62 and receive reduced benefits. Medicare gives people a 7-month time frame to sign up/enroll. For those who are eligible when they turn 65, that 7 months begins 3 months before the month they turn 65 and ends 3 months after the month they turn 65. Fact: Without supplemental Medicare coverage, there is no limit on out-of-pocket expenses. More than four-in-ten Baby Boomer respondents (41%) answer this incorrectly, as they assume there are out-of-pocket limits for Medicare Coverage. In reality, retirees need to enroll in Medicare Supplement (Medigap) in order to limit their out-of-pocket expenses. Fact: Medicare does not cover nursing home / long-term care. Among Baby Boomer respondents, 40% answer this incorrectly, as they think Medicare will pay for them to stay in a nursing home when they can no longer take of themselves (e.g. feed/dress/bathe). However, Medicare doesn’t cover long-term care (sometimes referred to as custodial care) and most nursing home care is custodial care meaning help with everyday activities like bathing, dressing and bathroom use. Fidelity Resources for Managing Your Health Care Journey Today and Into Retirement Health Benefits Navigatoris a one-stop-shop for employees wanting to build confidence and understand how their benefits impact their overall well-being. Annual enrollment for working professionals typically happens in the fall – it’s an opportunity for people to explore whether an HDHP and HSA is available to them. For retirees looking for help with Medicare, Fidelity Medicare Services® supports customers who are evaluating and selecting Medicare coverage for their health and financial needs, offers personalized tools, interactive guides, high-quality coverage and top-tier expert support. The services have expanded to nine states and territories (Florida, Georgia, Kentucky, North Carolina, Ohio, South Carolina, Tennessee, Virginia, and Washington, DC) to address a growing customer need for help with Medicare education, enrollment support and guidance. For retirees not yet eligible for Medicare, Fidelity’s Health Care Coverage Before Medicarepage helps break down coverage options available and offers tips for comparing plans and covering costs. Fidelity's Online HSA hubanswers the most frequently asked questions and prevalent misconceptions and the Fidelity 2022 HSA Fact Sheetprovides insights into the continued use and growth of these accounts. As a leader in workplace benefits, retirement savings, and brokerage trading, Fidelity’s strength is its diversified services, which all ultimately help the individual. The Fidelity HSA® exemplifies this commitment to the customer. Viewpoints articles on planning for health care: 3 healthy habits for health care savings accounts; How to plan for rising health care costs; 6 Benefits of an HSA in Your 20s and 30s; and 5 ways HSAs can fortify your retirement. About Fidelity Investments Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $10.5 trillion, including discretionary assets of $4.0 trillion as of April 30, 2022, we focus on meeting the unique needs of a diverse set of customers. Privately held for over 75 years, Fidelity employs more than 58,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company. Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money. Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. Because the administration of an HSA is a taxpayer responsibility, you are strongly encouraged to consult your tax advisor before opening an HSA. You are also encouraged to review information available from the Internal Revenue Service (IRS) for taxpayers, which can be found on the IRS website at irs.gov. You can find IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, and IRS Publication 502, Medical and Dental Expenses, online, or you can call the IRS to request a copy of each at 800.829.3676. Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917 Fidelity Distributors Company, LLC 500 Salem Street, Smithfield, RI 02917 National Financial Services LLC, Member NYSE, SIPC, 245 Summer Street, Boston, MA 02110 Follow us on Twitter @FidelityNewsVisit About Fidelity and our online newsroom Subscribe to email alerts for news from Fidelity 1029154.1.0 ©2022 FMR LLC. All rights reserved. 1 Triple tax with respect to federal taxation only. Contributions, investment earnings, and distributions may or may not be subject to state taxation. The three tax advantages are only applicable if the money is used to pay for qualified medical expenses. ____________________________________________________________________________________________________________________________________________________________ 1 Estimate based on a hypothetical opposite-sex couple retiring in 2022, 65-years-old, with life expectancies that align with Society of Actuaries' RP-2014 Healthy Annuitant rates projected with Mortality Improvements Scale MP-2020 as of 2022. Actual assets needed may be more or less depending on actual health status, area of residence, and longevity. Estimate is net o f taxes. The Fidelity Retiree Health Care Cost Estimate assumes individuals do not have employer-provided retiree health care coverage, but do qualify for the federal government’s insurance program, Original Medicare. The calculation takes into account cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs, as well as certain services excluded by Original Medicare. The estimate does not include other health-related expenses, such as over-the-counter medications, most dental services and long-term care. 2 CARAVAN survey was conducted by ENGINE INSIGHTS among a sample of 2,022 adults 18 years of age and older, with a margin of error +/- 2.2%. The online omnibus study is conducted three times a week among a demographically representative U.S. sample of 1,000 adults 18 years of age and older. This survey was live on February 28 – March 4, 2022. 3 Fidelity’s estimate assumes both members of the couple are enrolled in traditional Medicare, which between Medicare Part A and Part B covers expenses such as hospital stays, doctor visits and services, physical therapy, lab tests and more, and in Medicare Part D, which covers prescription drugs. 4 Medicare can be available to certain younger people with medical conditions or disabilities Contacts Fidelity Media Relations (617) 563-5800 FidelityMediaRelations@fmr.com Deanna Spaulding (617) 563-8359 deanna.spaulding@fmr.com
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Infinity Ventures Launches Inaugural $158 Million Fund Dedicated to Global Fintech Investing
Former PayPal leaders Jeremy Jonker, Jay Ganatra, and Mario Ruiz form fund to back the builders of fintech infrastructure and commerce enablement SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--Infinity Ventures, an early-stage venture firm investing in founders building across fintech infrastructure and commerce enablement, today announced its inaugural $158 million fund. The capital will fuel Infinity Venture’s model, which applies decades of operating and investing experience to de-risk execution, accelerate scale, and support product development and go-to-market strategies for its portfolio companies. Since their first close in June 2021, Infinity Ventures has funded eleven companies building solutions that address the biggest hurdles in today’s financial infrastructure: access, utility, flexibility, and cost. Infinity Ventures was co-founded by Jeremy Jonker, Jay Ganatra and Mario Ruiz. The trio formerly held senior roles at PayPal, where their collective deal and investment experience notably include venture investments in Plaid, Divvy, Olo, Extend, Paxos, PPRO, Acorns, TaxBit, Toss, Tink, Happy Returns, and Paidy. Additionally, the team led the transformational M&A transactions of Venmo, Braintree, Honey, Hyperwallet, Xoom, Swift Financial and iZettle, and executed the growth equity investments into companies such as MercadoLibre, GoJek, Pine Labs and Uber. According to the World Bank, the financial services market currently represents $27 trillion in annual GDP. With the proliferation of digital commerce and banking, fintech companies are acquiring capital to build technology to support the transformation. CBInsights data shows that since 2021, nearly 170 fintech companies have become unicorns, a rate 3.1x higher than in the previous 15 years combined. “Over the last decade the fintech industry has innovated consumer and business applications at a rapid pace, with intuitive design and sleek functionality that have been truly life-changing in terms of access, transparency and convenience,” said Co-founder and Partner Jeremy Jonker. “We see a massive opportunity investing in key infrastructure, making fintech apps and services more scalable and secure. Our team has the experience, and isn’t afraid to get our hands dirty helping founders build this core, underdeveloped layer, from negotiating contracts, formulating the product roadmap, and delivering on partnership and client opportunities.” The firm participates in pre-seed through Series A rounds with initial checks ranging from $500K to $8 million. Infinity Ventures began investing from the fund in Summer 2021 and has deployed capital investments, globally spanning the U.S., Asia, Latin America, and Europe, in: Card91, payment infrastructure-as-a-service that simplifies the payments ecosystem Durable, an end-to-end platform for services businesses including integrated fintech and commerce stack Glean, an intelligent accounts payable platform to generate insights and recommendations based on line-item invoice data Mendel, an expense management tool to help businesses control budgets Neo.tax, technology that is reimagining taxes as a modern advantage Pagos, an intelligent payment infrastructure for commerce Replo, a no-code storefront builder that integrates into existing Shopify stores and 3rd-party apps Sensible Weather, a climate risk technology company that is de-risking weather for travelers and travel partners Skipify, universal 1-touch checkout to make shopping fast and frictionless Stealth Startup, focused on enabling an improved rebates experience for merchants Upside, a lending-as-a-service solution for CPG Brands to access debt capital for inventory growth “Massive adoption of ecommerce and fintech services by consumers and businesses alike have forever changed certain behaviors and processes,” said Co-founder and Partner Jay Ganatra. “We are identifying opportunities to upgrade infrastructure, and expand to new geographies as ecommerce proliferates and fintech becomes more seamless, regardless of a consumer’s wealth or a company’s size.” Infinity Ventures will invest in approximately 25 global companies from this inaugural fund. The team will hire additional talent to support the investment efforts and portfolio companies needs. “Fintech has been proven to be the great enabler of our generation. At PayPal we saw firsthand how digital payments could transform businesses, communities, and most importantly, individuals’ lives,” said Co-founder and Partner Mario Ruiz. “Our vision with Infinity Ventures is to expand the reach of commerce and fintech utility. To deliver on that, we are assembling a diverse team focused on global opportunities with the potential for greatest impact.” About Infinity Ventures Founded in 2021, Infinity Ventures is an early stage venture firm investing in global fintech infrastructure and commerce enablement. The firm’s approach is grounded in deep sector focus, multi-stage investment experience from seed to exit, and relationships across the fintech and commerce enablement ecosystems. For more information, visit: www.infinityvc.capital Contacts Angela D’Arcy Walker Communications angela@walkercomms.com
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2022: The 10th Anniversary of the Learning Experience Platform
Degreed started a seismic shift in L&D from compliance to changemakers PLEASANTON, Calif.--(BUSINESS WIRE)--This year marks the 10th anniversary of Degreed, which launched the world’s first Learning Experience Platform (LXP), a new category of SaaS technology developed by David Blake and Eric Sharp as part of their mission to revolutionize the way people learn and track their learning. The Degreed LXP has since been adopted by many Fortune 500 and Global 2,000 companies, transforming learning in the workplace from a compliance-based, box-checking exercise, into an engaging way for people to learn in all of the formats that are inspiring to them. With an average end user Net Promoter score of over 40, Degreed is helping millions of people around the globe build new skills and opportunities for career impact and growth. More than an LXP Dan Levin, Chief Executive Officer at Degreed, said, “Many define the Degreed platform as the first LXP, but the vision behind the company is much more than that. Our team is driven by our belief that great things happen when people are inspired to learn and put their knowledge into practice. As a global changemaker in learning, Degreed helps L&D teams create a dynamic culture of learning that ignites employees to take charge of their development. With our three-product portfolio, we bring together different ways that employees gain knowledge and turn it into skills, plus we provide learning leaders the visibility to analyze that skills data to better inform and connect learning priorities with strategic business objectives.” David Blake, co-founder and Chair of the Board at Degreed, said, “Degreed set out in 2012 to 'jailbreak the degree' or to break the perception of the college degree being the de facto way of measuring education and skill. We believe people should be lifelong learners, empowered to explore their curiosity, gain new skills through all the means of learning available today, and be recognized for that skill-building. Degreed has been an innovator in lifelong learning from the start.” “People are learning all the time, whether you’re watching a YouTube video, or reading a blog, or listening to a podcast. And there hasn’t been a good way to evidence that knowledge. Degreed gives us an opportunity to do that,” said ATB Financial Vice President Banking Operations, Paul Norris. Degreed has helped to build a better future not only for individual learners but for the business. Degreed serves 400 customers, including one in three Fortune 50 companies, four of the five top global automakers, and two of the three largest aerospace companies. Degreed has eight million users in more than 200 different countries, who have engaged with over 130,000 learning pathways — online curations of learning content centered around specific skills. There have been more than 17 million skill ratings made through the platform (indicators by individuals, peers, managers or testing of someone’s individual skill level). Drive impactful learning with customized learning experiences Degreed’s unified experience supports L&D and individuals to create learning pathways, leveraging the company’s open ecosystem that accommodates a wide range of content providers, learning and upskilling tools, and reporting and insights capabilities. Partnerships include Skillsoft, Pluralsight and Harvard University as well as new relationships with Anders Pink, Cybrary, Ethena, DataCamp, Learn In, TED@Work and The Ken Blanchard Companies. Partnerships with Credspark, Credly, and Watershed provide assessments, recognition and data visualization in the Degreed LXP. The recent alliance with Filtered improves the personalized delivery and curation of learning content to Degreed. These partnerships enable L&D to curate diverse learning opportunities — which contribute to a positive learning culture. Connecting skill-building with hands-on experience The Degreed opportunity marketplace fosters experiential learning that connects theoretical skill building with practical, hands-on developmental opportunities like stretch assignments, mentoring and shadowing. The response to the marketplace has been exceptional, with more than 70% of the opportunities created there resulting in on-the-job developmental experiences for employees. This solution complements the LXP, with some early adopters tripling key metrics such as active users, returning users, content completions, content sharing and skill ratings. Understanding skill supply and demand to mobilize your workforce faster Making skills data actionable is the third piece of the puzzle. Degreed Intelligence, launched in November 2021, helps leaders easily understand skills demand and supply, using pre-built tools to remove the need for a dedicated data insights team. "L&D teams are crying out for more insights on how to make better strategic decisions around hiring and upskilling. Degreed Intelligence is driving the market in this regard, giving L&D the tools to inform itself on skill supply and demand in the workforce,” said Jim Holincheck, VP of Advisory Services at Leapgen. If you would like more information on Degreed, please visit degreed.com. To view the 10 year anniversary video, go here. Editor’s notes About Degreed Degreed empowers growth and innovation through lifelong learning. As a changemaker on a global scale, we serve more than 100 of the Global 2000 and one in three Fortune 50 companies, sparking a culture of learning across the enterprise. In one fluid experience, we help you identify the skills you have and build the skills you need—through individual, collaborative and experiential modes of learning—to drive personal career growth and business results. Founded in 2012, Degreed is translated into 28 languages with users spanning more than 200 countries. Learn more about Degreed: Website | YouTube | LinkedIn | Twitter Contacts Lori Stafford-Thomas Vice President Corp. Marketing, Degreed lstafford-thomas@degreed.com
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Iveric Bio to Participate in the H.C. Wainwright Global Investment Conference
PARSIPPANY, N.J.--(BUSINESS WIRE)--IVERIC bio, Inc. (Nasdaq: ISEE) announced today that Pravin U. Dugel, M.D., President, will present a corporate overview at the H.C. Wainwright Global Investment Conference, being held from May 23-26, 2022. The on-demand presentation will be available for viewing beginning Tuesday, May 24 at 7:00 a.m. ET and can be accessed on the Investor / Events & Presentations section of the Iveric Bio website at www.ivericbio.com. An archived replay of the presentation will be available on the Company’s website immediately following the conference and for at least 30 days thereafter. About Iveric Bio Iveric Bio is a science-driven biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs. The Company is committed to having a positive impact on patients’ lives by delivering high-quality, safe and effective treatments designed to address debilitating retinal diseases including earlier stages of age-related macular degeneration. For more information on the Company, please visit www.ivericbio.com. Forward-looking Statements Any statements in this press release or made during the presentation referenced herein about Iveric Bio’s future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those described in the “Risk Factors” section of public filings made by Iveric Bio with the U.S. Securities and Exchange Commission. Any forward-looking statements represent Iveric Bio’s views only as of the date of this press release or the presentation, as applicable. Iveric Bio anticipates that subsequent events and developments may cause its views to change. While Iveric Bio may elect to update these forward-looking statements at some point in the future, Iveric Bio specifically disclaims any obligation to do so unless required by law. ISEE-G Contacts Investor Contact:Kathy Galante Senior Vice President, Investor Relations kathy.galante@ivericbio.com or Media Contact:Jeannie Neufeld Senior Director, Public Relations and Communications jeannie.neufeld@ivericbio.com
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Healthlink Advisors Ranked as a Top Performer in KLAS First Look Research Report
— Independent healthcare advisory firm earns all A’s in customer experience measures — — All customers interviewed plan to partner with Healthlink Advisors over the long-term — ST. PETERSBURG, Fla.--(BUSINESS WIRE)--#AdvisoryServices--Healthlink Advisors, a leading healthcare consulting firm focused on healthcare IT (HIT) planning and assessment, announced significant industry recognition in a First Look report published recently by KLAS Research. The independent research firm interviewed customers in healthcare organizations that contracted with Healthlink Advisors for strategic HIT advisory services. Every single customer interviewed expressed satisfaction with the services provided by Healthlink Advisors and plans to work with the firm over the long term; moreover, the vast majority said they were “very satisfied” with the firm’s work. Rapid advancements in healthcare technology, rising demands stemming from COVID-19, and staffing constraints have limited internal HIT teams' ability to locate, assess, select, and manage new IT systems and services. Healthlink Advisors helps them address these problems and make the right decisions at the right times, despite constant changes in the healthcare sector. “We are delighted that our customers think so highly of the services we provide,” said Lindsey Jarrell, CEO & co-founder. “We differentiate from our competitors in value, emotional intelligence, and process quality, providing a unique combination of ‘Big 4’ expertise and white-glove boutique service. “The foundation of our success is our willingness to actively listen, challenge the status quo, and be truth-tellers, even when it’s inconvenient,” he added. “We pride ourselves on creating board-ready deliverables, and have put in place robust processes and advanced tools to ensure exceptional quality.” KLAS is a leading IT research firm that provides transparent and impartial HIT insights. For this First Look report, KLAS interviewed customers from large hospitals and health systems in major metropolitan areas. Here are some key report findings: 100% of Healthlink Advisor customers are highly satisfied (78%) or satisfied (22%) and would buy again Customers rated Healthlink Advisors with an A+ in likely to recommend and all A’s in strength of partnership, quality of staff and tangible outcomes Customers cite high integrity, strong executive involvement, deep expertise and strong partnership centered on putting clients first as key strengths that drive meaningful strategic guidance and productive partnerships. Focused on enhancing clinical innovation, business systems and healthcare IT strategy, delivery and operations, Healthlink Advisors is committed to delivering high-quality work with full transparency. The firm challenges its customers and pushes for what is right, rather than simply telling customers what they want to hear. To download a complimentary copy of the KLAS First Look report, click here. About KLAS KLAS has been providing accurate, honest, and impartial insights for the healthcare IT (HIT) industry since 1996. The KLAS mission is to improve the world’s healthcare by amplifying the voice of providers and payers. The scope of our research is constantly expanding to best fit market needs as technology becomes increasingly sophisticated. KLAS finds the hard-to-get HIT data by building strong relationships with our payer and provider friends in the industry. Learn more at www.klasresearch.com. About Healthlink Advisors Healthlink Advisors is a healthcare consulting firm committed to improving clinical innovation, business systems and healthcare IT strategy, delivery and operations. The company focuses on information technology and related fields within healthcare provider organizations, from academic medical centers to integrated delivery networks to community-based hospitals. Healthlink Advisors serves both investor-owned and community-owned organizations. For more information, please visit www.healthlinkadvisors.com. Contacts Carli Aiona Sterling Communications, Inc. healthlinkadvisors@sterlingpr.com(408) 884-5163
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Oshkosh Corporation Details Progress With 2021 Sustainability Report
OSHKOSH, Wis.--(BUSINESS WIRE)--Oshkosh Corporation (NYSE:OSK), a leading innovator of mission-critical vehicles and essential equipment has released its ninth annual Sustainability Report, reinforcing the Company’s continued focus on innovation, commitment to sustainable business practices and building a better world. Oshkosh Corporation’s sustainability strategy is guided by four core areas: empowering our people, developing innovative products, building communities and operating sustainably. Throughout 2021, the Company made positive strides in all areas, including being awarded the United States Postal Service contract for the Next Generation Delivery Vehicle (NGDV), replacing its fleet of delivery trucks with new electric or low-emission internal combustion engine vehicles. Additionally, the Company reinforced its commitment with the CEO Action for Diversity & Inclusion Coalition, dedicating time through their Racial Equity Fellowship program and progressed on crucial sustainability targets. “At Oshkosh Corporation, we are committed to people and our planet. We continue to strive towards a more sustainable future by investing in our team members, our communities and advancing technologies,” said Kevin Tubbs, Oshkosh Corporation vice president, chief ethics, compliance and sustainability officer. “As we deliver zero-emission electrified products across our markets, give back to the communities where we live and work and continue our focus on improving sustainable operations, we remain steadfast in our commitment to innovating for a better world.” Highlights from the Sustainability Report include: Reducing normalized greenhouse gas emissions by over 30% since 2014 Donating $1.9 million to local communities through the Oshkosh Corporation Foundation Diverting 83% of waste from the landfill Being named one of the World’s Most Ethical Companies for the sixth consecutive year In addition to being named one of the World’s Most Ethical Companies, Oshkosh Corporation is listed on the Dow Jones Sustainability World Index, has repeatedly been named as one of Barron’s “100 Most Sustainable Companies”, and is considered one of FORTUNE’s World’s Most Admired Companies. To learn more, and access the fiscal year 2021 Sustainability Report, please click here: https://www.oshkoshcorp.com. About Oshkosh Corporation At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs approximately 15,000 team members worldwide, all united behind a common cause: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™, Oshkosh® Airport Products, London™ and Pratt Miller. For more information, visit oshkoshcorp.com. ®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary. Forward Looking Statements This Proxy Statement contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this Proxy Statement, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the extent of supply chain and logistics disruptions, particularly as demand rebounds from the effects of the COVID-19 pandemic; the Company’s ability to increase prices or impose surcharges to raise margins or to offset higher input costs, including increased raw material, labor and freight costs; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the Company’s ability to attract production labor in a timely manner; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain U.S. Department of Defense (DoD) tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles; the impacts of budget constraints facing the USPS and continuously changing demands for postal services; the impact of severe weather, natural disasters or pandemics that may affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; risks that a trade war and related tariffs could reduce the competitiveness of the Company’s products; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed on November 16, 2021. All forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and disclaims any obligation, to update information contained in this document. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all. Contacts Financial: Patrick Davidson Senior Vice President, Investor Relations 920.502.3266 Media: Bryan Brandt Senior Vice President, Chief Marketing Officer 920.502.3670
