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The marijuana company is launching a line of advanced cannabis extracts that could prove popular among more health-conscious consumers.
The marijuana company is launching a line of advanced cannabis extracts that could prove popular among more health-conscious consumers.
After years of presidential apathy, the Pac-12 picked George Kliavkoff as its next commissioner. We'll see if it pays off or if the conference's leadership continues to be a Power Five punchline.
Hecla Mining Company releases its 2020 Sustainability Report.
75% Q1 net revenue growth year-over-year reinforces outlook for 2021 Fully integrated business model driving revenue growth and profitability COS COB, Conn., May 13, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) please note that certain changes were made in the Adjusted EBITDA table, specifically in the following lines: Film library and program rights amortization, Share-based compensation expense and Reserve for bad debt and video returns. The corrected release follows: Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced its financial results for the first quarter ended March 31, 2021. “Our first quarter results are a good start on our growth plans for the year, and we’ve made outstanding progress on our strategy so far in 2021,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “Our performance is starting to show the power of our now fully integrated business model focused on delivering original and exclusive content to our growing AVOD networks, reflected in strong growth in net revenue and EBITDA. “In just over five months’ time, we will have significantly expanded our content library while greatly expanding our capabilities to create and deliver new content,” Rouhana continued. “We’ve also announced a new company-branded AVOD network and our new television production unit, Halcyon, and continued to aggressively implement our viewership growth strategy, which will include the launch of an enhanced user experience and platform over the summer. At the same time, we continue to grow our fully-owned library through our strong pipeline of original and exclusive content. With these developments in place, 2021 is shaping up to be a game-changing year for Chicken Soup for the Soul Entertainment.” First Quarter 2021 Financial Summary Net revenue of $23.2 million, compared to $20.2 million in the seasonally high fourth quarter of 2020, and $13.2 million in the year-ago period. The 75% year-over-year growth was driven by strong performances of original content releases and international and advertising sales.Net loss of $9.2 million compared to a net loss of $10.1 million in the fourth quarter of 2020, and a net loss of $11.4 million in the year-ago period; $6.9 million net loss before preferred dividends, compared to $8.9 million net loss in the fourth quarter 2020, and $10.5 million net loss in the year-ago period.Adjusted EBITDA of $4.6 million, compared to $2.8 million in the fourth quarter 2020, and $2.0 million in the year-ago period. The 124% year-over-year growth was enhanced by efficiencies and cost savings associated with the fully integrated business model. Recent Business Highlights First company produced film, Willy’s Wonderland, was ranked as the #1 horror movie on Amazon for a period in the first quarter.Crackle Plus viewership in March 2021 reached its highest level since the shelter-in-place peak of April 2020.Announced the largest content deal in company history with the pending acquisition of the Sonar Entertainment assets, which, when consummated, will add IP rights to 372 television series with 1,825 episodes and over 700 films, to an already-robust library.Presented a diverse new slate of original and exclusive content at NewFronts, which includes numerous exciting, star-studded titles.Announced Halcyon, a new television studio to be headed by David Ellender, which will grow the high-quality content pipeline.Announced launch of Chicken Soup for the Soul AVOD network that aligns with the company brand and mission. Gross profit for the quarter ended March 31, 2021 was $7.0 million, or 30% of net revenue, compared to $5.9 million in the fourth quarter of 2020, or 29% of net revenue, and compared to $3.3 million, or 25% of net revenue for the year-ago period. Operating loss for the quarter ended March 31, 2021 was $5.8 million compared to an operating loss of $9.9 million in the fourth quarter 2020, and $10.0 million in the year-ago period. Net loss was $9.2 million, or $0.67 per share, compared to a net loss of $10.1 million, or $0.79 per share, in the fourth quarter 2020, and a net loss of $11.4 million, or $0.95 per share in the prior-year period. Excluding preferred dividends, the net loss in the first quarter of 2021 would have been $6.9 million, or $0.51 per share, compared to net loss of $10.5 million, or $0.87 per share last year. Adjusted EBITDA for the quarter ended March 31, 2021 was $4.6 million, compared to $2.8 million in the fourth quarter 2020, and $2.0 million in the same period last year. As of March 31, 2021, the company had $24.6 million of cash and cash equivalents compared to $14.7 million as of December 31, 2020, and outstanding debt of $31.2 million as of March 31, 2021 compared to $33.6 million as of December 31, 2020. For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see "Note Regarding Use of Non-GAAP Financial Measures" below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures. The company presents non-GAAP measures such as Adjusted EBITDA and Pro Forma Adjusted EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company's operating performance. Conference Call Information Date, Time: Thursday, May 13, 2021, 4:30 p.m. ET.Toll-free: (833) 832-5128International: (484) 747-6583Conference ID: 9352518A live webcast and replay will be available at http://ir.cssentertainment.com/ under the “News & Events” tab Conference Call Replay Information Toll-free: (855) 859-2056International: (404) 537-3406Conference ID: 9352518 ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENTChicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The company owns Crackle Plus, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, Chicken Soup for the Soul Unscripted, APlus.com, and Halcyon Television. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name. Note Regarding Use of Non-GAAP Financial MeasuresThe company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). It uses a non-GAAP financial measure to evaluate its results of operations and as a supplemental indicator of operating performance. The non-GAAP financial measure that is used is Adjusted EBITDA. Adjusted EBITDA (as defined below) is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. Management believes this non-GAAP financial measure enhances the understanding of the company’s historical and current financial results and enables the board of directors and management to analyze and evaluate financial and strategic planning decisions that will directly affect operating decisions and investments. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or non-recurring items or by non-cash items. This non-GAAP financial measure should be considered in addition to, rather than as a substitute for, the company’s actual operating results included in its condensed consolidated financial statements. “Adjusted EBITDA” means earnings before interest, taxes, depreciation, amortization and non-cash share-based compensation expense, and also includes the gain on bargain purchase of subsidiary and adjustments for other identified charges such as costs incurred to form the company and to prepare for the offering of its Class A common stock to the public, prior to its IPO. Identified charges also include the cost of maintaining a board of directors prior to being a publicly traded company. As the IPO has been completed, director fees will be deducted from Adjusted EBITDA going forward. Adjusted EBITDA is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other companies. Management believes Adjusted EBITDA to be a meaningful indicator of the company’s performance that provides useful information to investors regarding its financial condition and results of operations. The most comparable GAAP measure is operating income. A reconciliation of net loss to Adjusted EBITDA is provided in the company’s Annual Report on Form 10-K for the year ended December 31, 2020 under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to Adjusted EBITDA.” FORWARD-LOOKING STATEMENTSThis press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 31, 2021) and uncertainties which could cause actual results to differ from the forward-looking statements. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. INVESTOR RELATIONS Taylor KrafchikEllipsisCSSE@ellipsisir.com 646-776-0886 MEDIA CONTACTKate BarretteRooneyPartners LLCkbarrette@rooneyco.com (212) 223-0561 Chicken Soup for the Soul Entertainment, Inc.Condensed Consolidated Balance Sheets March 31, December 31, 2021 2020 (unaudited) ASSETS Cash and cash equivalents $24,569,875 $14,732,726 Accounts receivable, net of allowance for doubtful accounts of $821,070, and $1,035,643, respectively 26,854,738 25,996,947 Prepaid expenses and other current assets 1,612,155 1,382,502 Goodwill 21,448,106 21,448,106 Indefinite lived intangible assets 12,163,943 12,163,943 Intangible assets, net 18,165,038 19,370,490 Film library, net 38,709,850 35,239,135 Due from affiliated companies 4,389,378 5,648,652 Programming costs and rights, net 13,841,702 15,781,183 Other assets, net 4,476,459 4,517,102 Total assets $166,231,244 $156,280,786 LIABILITIES AND EQUITY 9.50% Notes due 2025, net of deferred issuance costs of $1,699,544 and $1,798,433, respectively $31,196,356 $31,097,467 Notes payable under revolving credit facility — 2,500,000 Film acquisition advance 6,195,174 8,659,136 Accounts payable and accrued other expenses 20,884,463 21,394,957 Film library acquisition obligations 14,854,918 8,616,562 Programming obligations 2,804,125 4,697,316 Accrued participation costs 7,529,515 12,535,651 Other liabilities 2,767,892 1,677,906 Total liabilities 86,232,443 91,178,995 Equity Stockholders' Equity: Series A cumulative redeemable perpetual preferred stock, $.0001 par value, liquidation preference of $25.00 per share, 10,000,000 shares authorized; 3,698,318 and 2,098,318 shares issued and outstanding, respectively; redemption value of $92,457,950 and $52,457,950, respectively 370 210 Class A common stock, $.0001 par value, 70,000,000 shares authorized; 6,400,766 and 5,157,053 shares issued, 6,326,531 and 5,082,818 shares outstanding, respectively 640 516 Class B common stock, $.0001 par value, 20,000,000 shares authorized; 7,654,506 shares issued and outstanding, respectively 766 766 Additional paid-in capital 166,865,655 106,425,548 Deficit (86,235,901) (77,247,982)Class A common stock held in treasury, at cost (74,235 shares) (632,729) (632,729)Total stockholders’ equity 79,998,801 28,546,329 Subsidiary convertible preferred stock — 36,350,000 Noncontrolling interests — 205,462 Total equity 79,998,801 65,101,791 Total liabilities and equity $166,231,244 $156,280,786 Chicken Soup for the Soul Entertainment, Inc.Condensed Consolidated Statements of Operations(unaudited) Three Months Ended March 31, 2021 2020Net revenue $23,196,842 $13,244,073 Cost of revenue 16,242,934 9,910,390 Gross profit 6,953,908 3,333,683 Operating expenses: Selling, general and administrative 9,234,819 6,839,897 Amortization and depreciation 1,238,027 5,204,728 Management and license fees 2,319,684 1,324,407 Total operating expenses 12,792,530 13,369,032 Operating loss (5,838,622) (10,035,349)Interest expense 1,087,944 329,125 Acquisition-related costs — 98,926 Other non-operating income, net (570) (6,438)Loss before income taxes and preferred dividends (6,925,996) (10,456,962)Provision for income taxes 14,000 49,000 Net loss before noncontrolling interests and preferred dividends (6,939,996) (10,505,962)Net loss attributable to noncontrolling interests — (52,854)Net loss attributable to Chicken Soup for the Soul Entertainment, Inc. (6,939,996) (10,453,108)Less: preferred dividends 2,253,385 974,272 Net loss available to common stockholders $(9,193,381) $(11,427,380)Net loss per common share: Basic and diluted $(0.67) $(0.95) Chicken Soup for the Soul Entertainment, Inc. Adjusted EBITDA Three Months Ended March 31, 2021 2020 Net loss available to common stockholders $(9,193,381) $(11,427,380)Preferred dividends 2,253,385 974,272 Provision for income taxes 14,000 49,000 Other taxes 84,493 53,411 Interest expense 1,087,944 329,125 Film library and program rights amortization 6,928,667 2,494,832 Share-based compensation expense 231,844 244,835 Acquisition-related costs — 98,926 Reserve for bad debt and video returns 694,212 1,721,595 Amortization and depreciation 1,621,360 5,204,728 Other non-operating income, net (570) (6,438)Transitional expenses — 2,113,469 All other nonrecurring costs 840,050 186,948 Adjusted EBITDA $4,562,004 $2,037,323
Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the first quarter of 2021 earnings release and earnings presentation available on our website.
Joining me on the call today are Reade Fahs, Chief Executive Officer; and Patrick Moore, Chief Financial Officer. Before we begin, let me remind you that our earnings materials in today's presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
In a filing with the Federal Communications Commission (FCC), the company details how it hopes its latest test flight will unfold.
Record Q2 Sales of $4.35 million, Record Net Earnings of $0.8 millionMISSISSAUGA, Ontario, May 13, 2021 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQB: MBXBF, Microbix®), a life sciences innovator and exporter, reports results for its second quarter and first half of fiscal 2021 ending March 31, 2021 (“Q2” and “H1”), with record sales and earnings, plus progress upon its strategic goals. Management Discussion Q2 revenues were up 51% from 2020, achieving a record level of $4.35 million as Microbix continues to emphasize its sales of innovative, proprietary, and branded medical devices. Sales of its test quality assessment products (“QAPs™”) for Q2 increased 251% from the same period in fiscal 2020 (Q2 2020) to reach a record 34% of total sales. Microbix’s newest product line, viral transport medium (branded “DxTM™”) also contributed, with meaningful initial private-sector sales. Finally, sales of antigens were also strong, recovering by 7% year-over-year. All sales categories were at acceptable gross margins and together resulted in strong EBITDA, record net earnings, and positive cash flow from operations. For the balance of fiscal 2021, further sales growth and improvements to net earnings is expected, particularly as Ontario’s initial DxTM order of $4.25 million is delivered across fiscal Q3 and Q4 of 2021. Second Quarter Financial Results Q2 revenue was $4,353,773, a 51% increase from Q2 2020 revenues of $2,874,496. Included were antigen revenues of $2,524,363 (Q2 2020 - $2,357,918), QAPs revenues were $1,495,088 (Q2 2020 - $425,891) for segment growth of 251%. Initial private-sector revenue from DxTM was $255,000 (Q2 2020 - nil), and royalties was $79,322 (Q2 2020 - $90,687). Microbix’s Q2 sales were most influenced by the broadening diagnostics industry uptake of Microbix’s COVID-19 related QAPs, especially the swab-formatted PROCEEDx™FLOQ® and REDx™FLOQ® QAPs, and continued recovery in antigen sales. Q2 gross margin was 60%, up from 46% in Q2 2020, due to a greater proportion of sales of QAPs, new VTM sales, the effects of antigen product sales mix, and improving bioreactor antigen margins. Operating expenses in Q2 increased by 17% relative to Q2 2020, primarily due to the impact of the fluctuations in foreign currencies in Q2 2021 vs. Q2 2020. Overall, greater sales and more available gross margin dollars during Q2 led to an operating income and net income of $807,463 versus an operating and net loss of $219,030 in Q2 2020. Cash provided by operating activities was $981,648, compared to cash used in operations of $777,851 in Q2 2020, with the increase coming primarily from a year-over-year improvement in net income of over $1 million. First Half Financial Results H1 revenue was $7,511,432, a 53% increase from prior year (H1 2020) revenue of $4,920,844. Included were antigen product revenues of $4,662,192 (H1 2020 - $4,304,377), a recovery of 8%. QAPs revenues were $2,457,509, an increase of 444% from H1 2020 sales of $452,005. Finally, DxTM was $255,000 (H1 2020 - nil) and royalties were $136,731 (H1 2020 - $164,462). H1 sales were most influenced by the uptake of Microbix’s COVID-19 related QAPs, especially PROCEEDx™FLOQ® and REDx™FLOQ®, followed by the start of what is expected to become a broad-based recovery in antigen sales. Gross margin in H1 was 58%, up from 48% in H1 2020, due to significant increase in higher margin QAPs sales and changes in Antigens product mix & yields. H1 operating expenses increased by 8% from 2020, primarily due year-over-year incremental foreign exchange losses. Stronger sales and gross margins YTD led to a net profit of $938,282 versus a net loss of $804,295 in H1 2020. Cash provided by operations (“CFO”) was $1,168,450, compared to cash used of $540,059 in H1 2020. At the end of Q2, Microbix’s current ratio (current assets divided by current liabilities) was 1.86 and its debt to equity ratio (total debt over shareholders’ equity) was 1.19. FINANCIAL HIGHLIGHTS As at and for the quarter endedMarch 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Total Revenue$4,353,773 $2,874,496 $7,511,432 $4,920,844 Gross Margin 2,605,105 1,320,613 4,352,403 2,364,347 SG&A Expenses 1,315,363 993,671 2,471,561 2,080,337 R&D Expense 216,283 277,603 414,161 542,952 Financial Expenses 265,996 268,369 528,399 545,353 Operating Income (Loss) for the period 807,463 (219,030) 938,282 (804,295) Net Income (Loss) and Comprehensive Income (Loss) for the period 807,463 (219,030) 938,282 (804,295) Cash Provided (Used) by Operating Activities 981,648 (777,851) 1,168,450 (540,059) March 31, 2021 September 30, 2020 Cash 1,545,159 92,661 Accounts receivable 2,113,961 1,877,009 Total current assets 8,839,681 6,492,832 Total assets 17,956,165 15,598,011 Total current liabilities 4,740,364 4,090,038 Total liabilities 9,741,271 8,978,534 Total shareholders' equity 8,214,894 6,619,477 Current ratio 1.86 1.59 Debt to equity ratio 1.19 1.36 Corporate OutlookFor the balance of fiscal 2021, Microbix will work to building sales across all of its three revenue-generating business lines, continue improving percentage gross margins and driving its bottom-line results. If Microbix achieves its budget targets, the company will generate meaningful net earnings for fiscal 2021. Additionally, work continues upon securing a partnership to advance its Kinlytic® urokinase project. Adelaide Capital will host a live webinar with management, on Monday, May 17th at 11am ET. Please register here: https://us02web.zoom.us/webinar/register/WN_o-jH4kZiRsOjHmQPdihUrg. It will also be live-streamed to YouTube at: https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw. A replay of the webinar will also be made available on Adelaide Capital’s YouTube channel. About Microbix BiosystemsMicrobix develops proprietary biological technology solutions for human health and well-being, with about 90 skilled employees and sales growing from a base of over $1 million per month. It makes a wide range of critical biological materials for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Microbix antigens enable the antibody tests of over 100 international diagnostics companies, while its QAPs are sold to clinical laboratory accreditation organizations, diagnostics companies, and clinical laboratories. Microbix QAPs are now available in over 30 countries, distributed by 1WA (Oneworld Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International Distribution SpA., Labquality Oy, The Medical Supply Company of Ireland, R-Biopharm AG, and Seegene Canada Inc. Microbix is ISO 9001 and 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides CE marked products. Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably viral transport medium (DxTM™) to stabilize patient samples for lab-based molecular diagnostic testing and Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is traded on the TSX and OTCQB, and headquartered in Mississauga, Ontario, Canada. Forward-Looking InformationThis news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of financial results or the outlook for the business, risks associated with its financial results and stability, its current or future products, development projects such as those referenced herein, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information. Please visit www.microbix.com or www.sedar.com for recent Microbix filings. For further information, please contact: Cameron Groome, CEO(905) 361-8910Jim Currie, CFO(905) 361-8910Deborah Honig, Investor RelationsAdelaide Capital Markets(647) 203-8793 email@example.com Copyright © 2021 Microbix Biosystems Inc. Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of the CompanyPROCEEDx™FLOQ® and REDx™FLOQ® are trademarks of the Company in collaboration with Copan Italia S.p.A.
President Joe Biden said on Thursday he is pressing for a halt to violence between Israelis and Palestinians, but U.S. officials say they are resigned to the conflict continuing for some days to come. Since taking office in January, Biden's foreign policy moves have largely been centered on China, Russia and Iran. The sharp escalation in violence between Israel and the Palestinian territories and a mounting death toll have forced the Democrat to launch a diplomatic effort aimed at restoring calm in a volatile region.
Randle is a free agent after next season. Sounds like he wants to stay.
(Bloomberg) -- The Biden administration temporarily eased century-old U.S. shipping requirements so a foreign tanker could transport gasoline and jet fuel to the East Coast for Valero Energy Corp. to the East Coast, according to two people familiar with the matter.The waiver announced on Thursday gives the refiner a limited exemption from 101-year-old Jones Act requirements that goods transported between U.S. ports be carried on domestically built and crewed ships.Homeland Security Secretary Alejandro Mayorkas announced the waiver without specifying the recipient. A White House official later said the exemption applied to one tanker but other waiver requests were under consideration.“We’ll grant additional waivers if necessary,” President Joe Biden said in remarks at the White House.The move is designed to address fuel shortages spurred by the cyberattack on the Colonial Pipeline, which shut down a major artery for gasoline, diesel and jet fuel across the U.S. East Coast. Even with shipments resuming Wednesday evening, it’s unclear how long it will take for the network to return to normal.Valero didn’t comment on the waiver but released a statement that said it’s “working with the government to help supply fuel for those areas impacted by the pipeline outage.”Gasoline stations from Florida to Virginia ran dry after Colonial Pipeline Co. was forced to take systems offline late last week, and pump prices soared above $3 a gallon for the first time in six years.“This waiver will enable the transport of additional gas and jet fuel between the Gulf Coast and East Coast ports to ease supply constraints,” White House Press Secretary Jen Psaki said in a statement.What the Jones Act Has to Do With Your Car’s Gas Tank: QuickTakeWhile the government has temporarily lifted U.S. shipping requirements to combat fuel shortages after major storms, the issue is politically fraught. The Jones Act is championed by some of the nation’s biggest shipbuilders and vessel operators, as well as their allies on Capitol Hill. It also has the backing of a key Biden constituency in organized labor, including the Seafarers International Union.The American Maritime Partnership, a group that represents U.S.-flagged ship owners and has opposed efforts to scale back Jones Act protections, said it didn’t object to “the targeted approach of the administration.”But, Mike Roberts, the group’s president said in a statement, that it “strenuously encourages all policy makers to hold accountable those who seek to benefit from any waiver to avoid undermining American jobs and consumers.”Waiving the requirements allows foreign-flagged tankers to fill the supply gap left by the interruption to the pipeline. It would take an estimated six to seven days for a tanker to carry fuel from the Gulf Coast to New York Harbor. By contrast, a shipment of fuel from Europe could arrive in 10 to 14 days. A single cargo delivery into the East Coast is usually about 300,000 barrels (12.6 million gallons).“We believe widespread panic buying, coupled with the one- to two-week time frame for fuel to reach delivery points along the pipeline created an opening for a non-U.S. tanker,” Height Capital Markets analyst Josh Price said in a research note for clients.Read more: Biggest U.S. Gasoline Pipeline Restarts After CyberattackUnder federal law, the U.S. could waive Jones Act shipping requirements if “necessary in the interest of national defense.” However, first, the Maritime Administration “would have to determine that qualified U.S.-flag vessels cannot meet the need,” said Charlie Papavizas, an expert in Jones Act law at Winston & Strawn LLP.The Maritime Administration completed a survey of available Jones Act-compliant tankers on Tuesday, though the results have not been made public.(Updates with detail on waiver recipient from first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A total of 237,189,817 or 71.58% of the Company’s issued and outstanding shares were represented at the Company’s Annual and Special MeetingAll four proposals presented to shareholders were approvedDuring the 2021 proxy season, NOVAGOLD placed outreach calls to shareholders holding more than 90% of the Company’s issued and outstanding common shares entitled to vote VANCOUVER, British Columbia, May 13, 2021 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) is pleased to announce the detailed voting results on the items of business considered at its Annual and Special Meeting of Shareholders held virtually on May 12, 2021 (the “Meeting”). All proposals were approved and all ten director nominees were elected. A total of 237,189,817 or 71.58% of the Company’s issued and outstanding shares entitled to vote were represented at the Meeting. Shareholder Engagement During this year’s proxy outreach, NOVAGOLD engaged with shareholders owning 40,000 shares or more; thus contacting holders of approximately 90% of the Company’s issued and outstanding common shares entitled to vote at the Meeting. Year-over-year the input received from shareholders has helped shape and improve the Company’s practices in the area of corporate governance. Shareholder Voting Results The Shareholders voted on the following matters at this year’s Meeting: Proposal 1 – Election of Directors The nominees listed in NOVAGOLD’s Management Information Circular were elected as Directors of the Company. Detailed results of the votes are set out below: Proposal 1Outcome of theVote Votes by BallotElection of Directors For WithheldDr. Elaine Dorward-KingCarried205,642,112(94.71%)11,471,114(5.28%)Sharon DowdallCarried215,042,413(99.04%)2,070,813(0.95%)Dr. Diane GarrettCarried215,636,682(99.31%)1,476,544(0.68%)Dr. Thomas KaplanCarried215,361,591(99.19%)1,751,635(0.80%)Gregory LangCarried216,325,254(99.63%)787,972(0.36%)Igor LeventalCarried213,776,468(98.46%)3,336,758(1.53%)Kalidas MadhavpeddiCarried212,681,016(97.95%)4,432,210(2.04%)Clynton NaumanCarried214,523,577(98.80%)2,589,649(1.19%)Ethan SchuttCarried215,639,976(99.32%)1,473,250(0.67%)Anthony WalshCarried216,098,688(99.53%)1,014,538(0.46%) Proposal 2 – Appointment of Auditors The vote was carried for the Appointment of the Auditors, PricewaterhouseCoopers LLP. The votes cast were as follows: For234,513,13198.87%Withheld2,676,6861.12% Proposal 3 – Approval of Amendments to the Company’s Articles. The vote was carried on the amendments to Articles. The votes cast were as follows: For214,920,46498.99%Against1,600,7120.73%Abstentions592,0500.27% Proposal 4: Advisory Approval of Executive Compensation (“Say-on-Pay”) The vote was carried on the Say-On-Pay Advisory Vote. The votes cast were as follows: For209,570,57096.52%Against6,849,7143.15%Abstentions692,9420.31% Full details of all proposals are fully described in the Company’s Management Information Circular dated March 25, 2021 available on the Company’s website at www.novagold.com/investors/mic/, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov, and the detailed results of voting on each proposal are included in the Report of Voting Results filed on SEDAR and in an 8-K filed on EDGAR. A recording of the Meeting will be available on NOVAGOLD’s website for one year under Presentations. NOVAGOLD Contacts:Mélanie HennesseyVice President, Corporate Communications Jason MercierManager, Investor Relations 604-669-6227 or 1-866-669-6227
Israel’s army has announced that its air and ground troops are “currently attacking in the Gaza Strip”. Tsahi Daboush, the defense correspondent of Army Radio, tweeted: “When the [Israeli army] says ground troops it means artillery and tanks on the Israeli side of the border with Gaza.” Rocket barrages from Gaza swiftly followed.
Another one of Ash Barty's biggest rivals crashed out as she continued her surge at the Italian Open. Find out what happened.
Stocks snapped a three-day losing streak on Thursday after a drop in unemployment claims fueled hopes the U.S. economic recovery is on track.The Dow jumped 433 points. The S&P 500 rallied 49. The Nasdaq rose 93.New applications for jobless benefits dropped to a fresh 14-month low in a sign more companies are holding on to workers. The sharper-than-expected drop in jobless claims was very much welcomed after lackluster hiring data last month.More market friendly news came by way of the U.S. Centers for Disease Control and Prevention. It is advising that fully-vaccinated people no longer needed to wear masks outside or inside in most places. Art Hogan of National Securities says that's good for the economy and good for stocks."It is travel season. People want to go to concerts and ball games and all of that's important. The fact that the CDC is actually showing that that they're more relaxed about these kind of activities is going to make people feel more comfortable doing it. The more they do that, the more economic energy is going to explode into the economy and that is going to drive both economic growth and earnings."Investors, however, still have to grapple with inflation concerns. Producer prices in April saw their biggest 12-month surge since at least November 2010.And there were more signs the battle for hourly workers is heating up. Amazon said it plans to hire 75,000 workers with an average starting wage of more than $17 an hour plus a bonus if vaccinated. McDonald's announced that new employees at company-owned restaurants will start at a higher pay-rate of between $11 to $17 an hour.Earnings after the bell:Walt Disney beat profit targets but quarterly sales dropped more than expected. Total subscriber numbers for Disney+ came in lite at more than 103 million subscribers.And Airbnb beat sales forecasts as easing health restrictions led to a 52 percent jump in bookings.
TORONTO, May 13, 2021 (GLOBE NEWSWIRE) -- “Today’s joint announcement to invest $14 billion from the federal and provincial governments towards enhancing transit connectivity in the Toronto and Hamilton regions is very welcome news for the Building Trades,” said Patrick Dillon, Business Manager of the Provincial Building and Construction Trades Council of Ontario. “These investments show what is possible when federal and provincial governments work together,” observed James St. John, Business Manager of the Central Ontario Building Trades. “The announcements are timely in the sense that we’re trying to overcome the economic hardships resulting from the COVID-19 pandemic,” he noted, adding that “the $10.6 billion earmarked for the Toronto region will go a long way towards easing congestion.” “We are very grateful for the investments and are pleased to hear about the provincial and federal governments’ joint commitment to support local transit infrastructure in the amount of $3.4 billion in Hamilton,” said Mark Ellerker, Business Manager of the Hamilton-Brantford Building and Construction Trades Council. “The Building Trades in our community are eager to supply highly-skilled local construction workers to enhance our transit network,” added Ellerker. “The two levels of government should be commended for setting politics aside in order to secure new infrastructure for Ontarians,” Dillon pointed out. “This announcement coincides with the provincial government introducing legislation through Bill 288, committing to strengthen the apprenticeship and trades training system in Ontario. By working together, Building Trades unions, employers and government have a real opportunity to align these transit investments with the delivery of excellent training and apprenticeship programs as envisioned in the desired outcomes of the proposed legislation,” he concluded. The Provincial Building and Construction Trades Council of Ontario represents 150,000 trades workers throughout the province. For more information, please contact Patrick Dillon: Cell:(416) 347-8245E-mail:firstname.lastname@example.org
The No. 10 was left out of the line-up but his team picked up a vital win
Elon Musk says he still “strongly believes in crypto” after a series of tweets that led the markets in digital currencies to plunge. “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a new post. Before that, he had indicated that he was support of the introduction of a carbon tax, which would charge extra levies on companies that burn fossil fuels.
Kansas City Southern (NYSE: KSU) ("KCS") today announced receipt of a revised acquisition proposal from Canadian National Railway Company (TSX: CNR, NYSE: CNI) ("CN"). Under the terms of CN’s revised proposal, each share of KCS common stock would be exchanged for $200 in cash and 1.129 shares of CN common stock. The proposal is binding on CN and may be accepted by KCS at any time prior to 5:00 pm EDT on Friday, May 21, 2021. The transaction would be subject to approval by the stockholders of KCS, approval by the Surface Transportation Board of a voting trust, receipt of other regulatory approvals and other customary closing conditions.
Greyhound has permanently closed its services in Canada after nearly a century, the inter-city bus operator said on Thursday, as the COVID-19 pandemic dented demand for public transport. The move is a blow to Canada's rural communities, which have relied on buses to connect them to larger towns. The company ended all services in western Canada in 2018 due to falling ridership in rural areas and increased competition.
Israel’s military has said troops have launched a ground operation in the Gaza strip following days of airstrikes. It come after days of violence between Jewish Israelis and the country’s Arab minority worsened, with synagogues attacked and fighting breaking out on the streets of some communities. In an apparent reference to the ground operation, Prime Minister Benjamin Netanyahu tweeted: “The last word was not said and this operation will continue as long as necessary.”