Market Newsdesk

NEW YORK, April 11, 2023 (GLOBE NEWSWIRE) — Saratoga Investment Corp. (the “Company”) (NYSE: SAR) today announced that it has priced an underwritten public offering of $50.0 million in aggregate principal amount of 8.50% unsecured notes due 2028 (the “Notes”).

The Notes will mature on April 15, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 14, 2025. The Notes will bear interest at a rate of 8.50% per year payable quarterly on February 28, May 31, August 31, and November 30 of each year, beginning May 31, 2023.

The offering is expected to close on April 14, 2023, subject to customary closing conditions. The Company has granted the underwriters an option to purchase up to an additional $7.5 million in aggregate principal amount of Notes. The Notes are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the original issue date under the trading symbol “SAZ”.

The Company has received an investment grade private rating of “BBB+” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.

Egan-Jones is a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Egan-Jones is also certified by the European Securities and Markets Authority (ESMA).

Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., and Oppenheimer & Co. Inc. are serving as joint book-running managers for this offering. Compass Point Research & Trading, LLC, InspereX LLC, Janney Montgomery Scott LLC and William Blair & Company, L.L.C. are serving as lead managers for this offering. Hovde Group, LLC and Maxim Group LLC are serving as co-managers for this offering. The Company intends to use the net proceeds from this offering to repay a portion of outstanding indebtedness under its senior secured revolving credit facility, make investments in middle-market companies in accordance with the Company’s investment objective and strategies (including investments made through Saratoga Investment Corp. SBIC III LP) and for general corporate purposes.

Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement dated April 11, 2023, and the accompanying prospectus dated March 13, 2023,each of which has been filed with the Securities and Exchange Commission (the “SEC”), contains a description of these matters and other important information about the Company and should be read carefully before investing.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of, the Notes referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement (File No. 333-269186) relating to the Notes was filed and has been declared effective by the SEC.

This offering is being made solely by means of a written prospectus forming part of the effective registration statement and a related preliminary prospectus supplement, which may be obtained for free by visiting the SEC’s website at www.sec.gov or from of any of the following investment banks: Ladenburg Thalmann, Attn: Syndicate Department, 640 Fifth Avenue, 4th Floor, New York, NY 10019 (telephone number 1-800-573-2541), or by e-mailing [email protected]; B. Riley Securities, Inc., 299 Park Avenue, 21^st Floor, New York, NY 10171 by emailing at [email protected]; and Oppenheimer & Co. Inc., Attn: Syndicate Prospectus Department, 85 Broad Street, New York, NY 10004 or by e-mailing at [email protected].

About Saratoga Investment Corp.

Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors.  Saratoga Investment Corp.’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments.  Saratoga Investment Corp. has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies.  Saratoga Investment Corp. owns three SBIC-licensed subsidiaries, manages a $650 million collateralized loan obligation (“CLO”) fund and co-manages a joint venture (“JV”) fund that owns a $400 million collateralized loan obligation (“JV CLO”) fund.  It also owns 52% of the Class F and 100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans and membership interests of the JV and 87.5% of the Class E notes of the JV CLO.  The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment Corp. to provide a broad range of financing solutions.

FORWARD-LOOKING STATEMENTS

Statements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, including statements with regard to the Company’s Notes offering and the anticipated use of the net proceeds of the offering. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of future events and our future performance, taking into account all information currently available to us. These statements are not guarantees of future events, performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; interest rate volatility; the impact of supply chain constraints; labor shortages; and the elevated levels of inflation, as well as those described from time to time in our filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. Saratoga Investment Corp. undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.

Contact: Henri Steenkamp
Saratoga Investment Corp.
212-906-7800

RIO DE JANEIRO, Brazil, April 11, 2023 (GLOBE NEWSWIRE) — Vinci Partners Investments Ltd. (NASDAQ: VINP) (“Vinci Partners,” “we,” “us,” or “our”), the controlling company of a leading alternative investment platform in Brazil, announced today that it will release financial results for the first quarter 2023 after market close on Thursday, May 11, 2023, and host a conference call via public webcast at 5:00 pm ET.

Webcast and Earnings Conference Call

To access the webcast please visit the Events & Presentations’ section of the Company’s website at: https://ir.vincipartners.com/news-and-events/events-and-presentations. For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.

To access the conference call through dial in, please register at 1Q23 VINP Earnings Dial In to obtain the conference number and access code.

About Vinci Partners

Vinci Partners is a leading alternative investment platform in Brazil, established in 2009. Vinci Partners’ business segments include private equity, public equities, real estate, credit, infrastructure, special situations, hedge funds, investment products and solutions and retirement services, each managed by dedicated investment teams with an independent investment committee and decision-making process. We also have a financial advisory business, focusing mostly on pre-initial public offering, or pre-IPO, and merger and acquisition, or M&A, advisory services for Brazilian middle-market companies.

Forward-Looking Statements

This press release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.

USA Media Contact
Nick Lamplough / Kate Thompson / Katie Villany
Joele Frank, Wilkinson Brimmer Katcher
+1 (212) 355-4449

Brazil Media Contact
Danthi Comunicações
Carla Azevedo ([email protected])
+55 (21) 3114-0779

Investor Contact

[email protected]

NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240

Highlights:

• Pyrophyte Acquisition Corp. (NYSE: PHYT) (the “Company”) has a non-binding letter of intent in place with a company in the critical minerals sector
• The Company seeks to extend the period of time it will have to consummate its initial business combination by 12 months from the current deadline of April 29, 2023 until April 29, 2024 (the “Extension”)
• For each month of Extension, Pyrophyte Sponsor LLC, the Company’s sponsor (the “Sponsor”), or its designees, will deposit additional funds into the trust account (the “Trust Account”) established in connection with the Company’s initial public offering (the “IPO”) in an amount equal to the lesser of (i) $0.04 per public share multiplied by the number of public shares then outstanding and (ii) $160,000, up to a maximum aggregate contribution of $1,920,000
• In order to mitigate the risk of being viewed as operating an unregistered investment company, the Company will, on or prior to the 24-month anniversary of the effective date of the registration statement relating to the IPO, hold all funds in the Trust Account in an interest-bearing bank deposit account, which is currently expected to yield interest of approximately 4.0% per annum
• Because the Company is domiciled in the Cayman Islands, any redemption of its ordinary shares would not be subject to the 1% U.S. federal excise tax (the “Excise Tax”) established by the Inflation Reduction Act of 2022. If the Company were to become subject to the Excise Tax in the future, the per-share redemption amount payable from the Trust Account to our public shareholders is not expected to be reduced by any Excise Tax imposed on the Company

Houston, Texas, April 11, 2023 (GLOBE NEWSWIRE) — Pyrophyte, a blank check company incorporated as a Cayman Islands exempted company, today announced that it filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) to seek shareholder approval to, among other proposals, (1) extend the period of time the Company will have to consummate its initial business combination by 12 months from the current deadline of April 29, 2023 until April 29, 2024. For each month of Extension, the Sponsor, or its designees, will deposit additional funds into the Trust Account established in connection with the Company’s IPO in an amount equal to the lesser of (i) $0.04 per public share multiplied by the number of public shares then outstanding and (ii) $160,000, up to a maximum aggregate contribution of $1,920,000. Each contribution plus the amount remaining in the Trust Account is expected to be held in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended. In order to mitigate the risk of being viewed as operating an unregistered investment company, the Company will, on or prior to the 24-month anniversary of the effective date of the registration statement relating to the IPO, hold all funds in the Trust Account in an interest-bearing bank deposit account, which is currently expected to yield interest of approximately 4.0% per annum.

On September 29, 2022, the Company signed a non-binding letter of intent for a business combination with a company in the critical minerals sector (“Target”). However, no assurances can be made that the Company and Target will successfully negotiate and enter into a definitive agreement regarding a business combination. Any transaction would be subject to board and equity holder approval of both companies, regulatory approvals and other customary closing conditions. 

Because the Company is domiciled in the Cayman Islands, any redemption of its ordinary shares would not be subject to the Excise Tax. If the Company were to become subject to the Excise Tax in the future, whether in connection with the consummation of a business combination with a U.S. company (including if the Company were to redomicile as a U.S. corporation in connection therewith) or otherwise, whether and to what extent the Company would be subject to the Excise Tax on a redemption of its ordinary shares would depend on a number of factors. If the Company were to become a covered corporation in the future, the per-share redemption amount payable from the Trust Account (including any interest earned on the funds held in the Trust Account) to our public stockholders in connection with a redemption of our stock is not expected to be reduced by any Excise Tax imposed on the Company.

The extraordinary general meeting will be held in person at 9:00 a.m. Eastern Time on April 24, 2023 at the offices of White & Case LLP, located at 1221 Avenue of the Americas, New York, New York 10020. The Company encourages its shareholders to vote in favor of the Extension and each other proposal described in the definitive proxy statement.

The Company’s shareholders of record at the close of business on the record date, March 27, 2023, are entitled to vote the ordinary shares owned by them at the extraordinary general meeting. Every shareholder’s vote is very important, regardless of the number of shares held, and the Company requests the prompt submission of votes. 

Shareholders may vote online at https://www.cstproxy.com/pyrophytespac/2023 by following the instructions on their provided proxy card. If the shares are held in an account at a brokerage firm or bank, shareholders must instruct their respective broker or bank how to vote the shares, or the shareholders may cast their vote online at www.cstproxyvote.com by obtaining a proxy from the respective brokerage firm or bank.

About Pyrophyte Acquisition Corp.

Pyrophyte Acquisition Corp. is a blank check company whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. For more information, please visit https://www.pyrophytespac.com.

Additional Information and Where to Find It

The Company urges investors, shareholders and other interested persons to read the definitive proxy statement dated April 11, 2023 (the “Extension Proxy Statement”), as well as other documents filed by the Company with the SEC, because these documents contain important information about the Company and the Extension. The Extension Proxy Statement is being mailed to shareholders of the Company as of a record date of March 27, 2023, on or about April 13, 2023. Shareholders may obtain copies of the Extension Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: 3262 Westheimer Road, Suite 706, Houston, Texas 77098, Attention: Sten Gustafson, Chief Financial Officer.

Participants in Solicitation

The Company and its directors, executive officers and other members of their management may be deemed to be participants in the solicitation of proxies of the Company’s shareholders in connection with the proposals described therein. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Extension Proxy Statement, which may be obtained free of charge from the sources indicated above.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward Looking Statements

This 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 and uncertainties, to which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating the Company’s shareholder approval of the Extension, the Company’s inability to complete an initial business combination within the required time period, and other risks and uncertainties indicated from time to time in filings with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under the heading “Risk Factors,” the Extension Proxy Statement under the heading “Risk Factors” and other documents the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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.

Contacts

Sten L. Gustafson
Chief Financial Officer and Director
Pyrophyte Acquisition Corp.
281-701-4234
[email protected]

2022 Revenue Increased 42% to $3.2M

2022 Gross Profit Increased 49% to $2.1M

4 Locations Opened in 2022 for a Total of 11 Stores

BREA, Calif., April 11, 2023 (GLOBE NEWSWIRE) — Reborn Coffee, Inc. (NASDAQ: REBN) (“Reborn”, or the “Company”), a California-based retailer of specialty coffee, has reported its financial and operational results for the fiscal year ended December 31, 2022.

Key Financial and Operational Highlights

• Opened 4 new locations in 2022, bring the total count to 11 stores.
• Revenue increased 42% in the year ended December 31, 2022, to $3.2 million, up from $2.3 million during same period in 2021.
• Company-operated store sales increased $1.0 million, or 44.5% in the year ended December 31, 2022, compared to the same period in 2021.
• Company-operated store gross profit was $2.1 million for the year ended December 31, 2022, compared to $1.4 million for the same period in 2021. Year-over-year company-operated store gross margins improved to 65.7% from 62.7%.
• Announced plans to open new company-owned retail locations in Southern California and Korea, which, once opened, will bring its total global footprint to 14 stores.
• Launched of a new line of Super-Premium Reborn Cold Brew Ice Creams to be marketed and distributed throughout the Company’s retail locations.

Management Commentary

“2022 was a transformative year for Reborn and for our business, including our successful IPO on Nasdaq, [new partnerships], and ongoing location and product expansion,” said Jay Kim, Chief Executive Officer of Reborn. “Our fourth quarter was highlighted by strong revenue growth as we continued to execute our expansion strategy, driven by strong customer demand, new product innovation and effective operational execution across our retail locations.

“We recently announced plans to open new company-owned retail locations in Southern California, which, once opened, will bring our total global footprint to 14 stores. We continue to seek out differentiated and prime locations to conduct due diligence and build on our pipeline of new company-owned locations. We are aggressively moving forward on strategically expanding our footprint in existing and new markets in California, the U.S. and globally, and developing our franchise opportunity.

“We have launched a new line of Super-Premium Reborn Cold Brew Ice Creams to be marketed and distributed throughout our retail locations. Super-Premium cold brew ice cream is a natural extension of our brand, mission and innovative specialty roasted coffee, and we are incredibly excited to begin offering it to customers.

“Looking ahead, we continue to focus on increasing our customer base and sales and growing Average Unit Volumes at our existing stores. New innovative products like our Cascara and Super-Premium ice cream will help to build additional revenue, differentiate our brand, and broaden our reach beyond our retail locations into B2B and DTC sales. Internationally we are positioning Reborn for rapid expansion in new key markets and developing our franchise opportunity. Taken together, we believe we are well positioned to reach our goals for sustained operational execution and year-over-year revenue growth. We enter 2023 in a strong position and look forward to sharing our accomplishments as we strive to create value for our shareholders, customers, and employees,” concluded Kim.

Anticipated Milestones

• Open 4 flagship locations in the U.S., targeting cities such as San Francisco, San Diego, Houston, and Kansas City.
• Open 4 overseas locations outside the U.S., targeting countries such as South Korea, Austria, and Dubai.
• Joint R&D projects with coffee farms in locations such as Hawaii and Colombia.
• Expand B2B marketing to wholesale clubs and other major outlets and expand ecommerce marketing.
• Launch new Reborn-branded products such red tea bag packs and cold brew cans.

Fourth Quarter and Fiscal Year 2022 Financial Results

Revenues were approximately $0.9 million for the period ended December 31, 2022, compared to approximately $0.7 million for the comparable period in 2021, representing an increase of 37%. Revenue increased 42% in the year ending December 31, 2022, to approximately $3.2 million, up from approximately $2.3 million for the comparable period in 2021. The increase in sales for the periods was primarily driven by the opening of new locations, and to the continued focus on marketing efforts to grow brand recognition.

Company-operated store gross profit was $0.6 million for the three-month period ended December 31, 2022, compared to $0.4 million for the comparable period in 2021. Q4’22 company-operated store gross margins improved to 66.1% compared to 62.5% for the same period in 2021.

Company-operated store gross profit was $2.1 million for the year ended December 31, 2022, compared to $1.4 million for the same period in 2021. Year-over-year company-operated store gross margins improved to 65.7%.

Total operating costs and expenses for the three-month period ended December 31, 2022, were approximately $2.0 million compared to approximately $1.6 million for the comparable period in 2021, representing an increase of approximately 27%. Total operating costs and expenses for the year ending December 31, 2022, were approximately $6.8 million compared to approximately $4.8 million for the comparable period in 2021, representing an increase of approximately 40%.

Net loss for the fourth quarter of 2022 was approximately $1.1 million, compared to a net loss of approximately $0.9 million for the fourth quarter of 2021. Net loss for the year ending December 31, 2022, was approximately $3.6 million, compared to a net loss of approximately $3.4 million for the year ending December 31, 2021.

Net cash used in operating activities for the twelve months ended December 31, 2022, was approximately $3.3 million, compared to approximately $1.9 million for the twelve months ended December 31, 2021.

Cash and cash equivalents totaled approximately $3.0 million as of December 31, 2022, compared to approximately $0.9 million as of December 31, 2021.

About Reborn Coffee

Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com.

Forward-Looking Statements

All statements in this release that are not based on historical fact are “forward-looking statements.” While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed Annual Report on Form 10-K, which can be found on the SEC’s website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to, the Company’s ability to continue as a going concern as indicated in an explanatory paragraph in the Company’s independent registered public accounting firm’s audit report as a result of recurring net losses, among other things, the Company’s ability to successfully open the additional locations described herein as planned or at all, the Company’s ability to expand its business both within and outside of California (including as it relates to increasing sales and growing Average Unit Volumes at our existing stores), the degree of customer loyalty to our stores and products, the impact of COVID-19 on consumer traffic and costs, the fluctuation of economic conditions, competition and inflation. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Investor Relations Contact:

Chris Tyson
Executive Vice President
MZ North America
[email protected]
949-491-8235

Company Contact:

Reborn Coffee, Inc.
[email protected]

Consolidated Balance Sheet

December 31,		2022				2021
ASSETS
Current assets:
Cash and cash equivalents		$	3,019,035			$	905,051
Accounts receivable, net of allowance for doubtful accounts of $0 and $0, respectively			780				–
Inventories, net			132,343				88,877
Prepaid expense and other current assets			477,850				191,838
Total current assets			3,630,008				1,185,766
Property and equipment, net			1,581,805				1,110,890
Operating lease right-of-use asset			3,010,564				2,466,873
Other assets			235,164				–
Total assets		$	8,457,541			$	4,763,529
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	87,809			$	45,748
Accrued expenses and current liabilities			233,053				124,535
Loans payable to financial institutions			44,664				98,475
Current portion of loan payable, emergency injury disaster loan (EIDL)			30,060				7,957
Current portion of loan payable, payroll protection program (PPP)			45,678				42,345
Current portion of equipment loan payable			–				15,989
Current portion of operating lease liabilities			624,892				578,419
Total current liabilities			1,066,156				913,468
Loans payable to financial institutions, less current portion			6,234				23,228
Loan payable, emergency injury disaster loan (EIDL), less current portion			469,940				492,043
Loan payable, payroll protection program (PPP), less current portion			98,697				124,793
Operating lease liabilities, less current portion			2,529,985				2,011,702
Total liabilities			4,171,012				3,565,234
Commitments and Contingencies
Stockholders’ equity
Common Stock, $0.0001 par value, 40,000,000 shares authorized; 13,163,126 and 11,634,523 shares issued and outstanding at December 31, 2022 and 2021, respectively			1,316				1,163
Preferred Stock, $0.0001 par value, 1,000,000 shares authorized; no shares issued and outstanding at December 31, 2022 and 2021			–				–
Additional paid-in capital			16,317,014				9,674,036
Accumulated deficit			(12,031,801	)			(8,476,904	)
Total stockholders’ equity			4,286,529				1,198,295
Total liabilities and stockholders’ equity		$	8,457,541			$	4,763,529

Consolidated Statements of Operations

Years Ended December 31,		2022				2021
Net revenues:
Stores		$	3,184,491			$	2,204,201
Wholesale and online			56,032				75,871
Total net revenues			3,240,523				2,280,072
Operating costs and expenses:
Product, food and drink costs—stores			1,092,573				821,713
Cost of sales—wholesale and online			24,542				33,231
General and administrative			5,663,950				3,988,805
Total operating costs and expenses			6,781,065				4,843,749
Loss from operations			(3,540,542	)			(2,563,677	)
Other income (expense):
Other income			16,440				7,631
Paycheck protection program (PPP) loan forgiven income			–				115,000
Interest expense			(29,195	)			(16,172	)
Loss on extinguishment of debt			–				(982,383	)
Total other income (expense), net			(12,755	)			(875,924	)
Loss before income taxes			(3,553,297	)			(3,439,601	)
Provision for income taxes			1,600				800
Net loss		$	(3,554,897	)		$	(3,440,401	)
Loss per share:
Basic and diluted		$	(0.29	)		$	(0.32	)
Weighted average number of common shares outstanding:
Basic and diluted			12,173,031				10,724,944

Consolidated Statements of Cash Flows

Years Ended December 31,		2022				2021
Cash flows from operating activities:
Net loss		$	(3,554,897	)		$	(3,440,401	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation			441,001				550,000
Operating lease			21,065				65,545
Depreciation			210,616				174,696
Loss on extinguishment of debt			–				982,383
Forgiveness of Paycheck protection program (PPP) loan			–				(115,000	)
Changes in operating assets and liabilities:
Accounts receivable			(780	)			3,853
Inventories			(43,466	)			(73,598	)
Prepaid expense and other current assets			(521,176	)			(132,059	)
Accounts payable			42,062				(27,571	)
Accrued expenses and current liabilities			108,518				62.332
Net cash used in operating activities			(3,297,058	)			(1,949,820	)
Cash flows from investing activities:
Purchases of property and equipment			(681,531	)			(348,224	)
Reacquisition of store			–				(150,000	)
Net cash used in investing activities			(681,531	)			(498,224	)
Cash flows from financing activities:
Proceeds from issuance of common stock			7,200,000				2,688,874
Payment for offering costs			(997,870	)			–
Proceeds from Line of Credit			685,961				–
Repayment of Line of Credit			(685,961	)			–
Proceeds from loans			262,215				1,028,027
Repayments of loans			(355,783	)			(473,187	)
Repayments of equipment loan payable			(15,989	)			(19,187	)
Net cash provided by financing activities			6,092,573				3,224,527
Net increase in cash			2,113,984				776,483
Cash at beginning of period			905,051				128,568
Cash at end of period		$	3,019,035			$	905,051
Supplemental disclosures of non-cash financing activities:
Issuance of common shares for repurchase of lease and leasehold improvements		$	–			$	150,000
Conversion of debt to common stock issuances		$	–			$	2,014,766
Forgiveness of paycheck protection program (PPP) loan		$	–			$	115,000
Issuance of common shares for service		$	441,000			$	550,000
Supplemental disclosure of cash flow information:
Cash paid during the years for:
Interest		$	8,530			$	16,172
Income taxes		$	1,600			$	800
Lease liabilities and assets		$	926,626			$	544,873

LOUISVILLE, Ky., April 11, 2023 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) today announced that it successfully priced an offering of $600 million in aggregate principal amount of its 6.750% senior notes due 2031 (the “Notes”).

The offering of the Notes is expected to close on April 25, 2023, subject to customary closing conditions.

CDI intends to use the net proceeds from the offering (i) to repay indebtedness outstanding under its Term Loan B Facility, (ii) to fund related transaction fees and expenses and (iii) for working capital and other general corporate purposes.

The offer and sale of the Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold within the United States to, or for the benefit of, U.S. persons (as defined in Regulation S) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and offered and sold outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act.

The Company will agree to register the Notes for resale to the extent they are not freely tradable under the Securities Act a year after their issuance. The Notes will not be listed on any securities exchange or automated quotation system.

This press release is issued pursuant to Rule 135c of the Securities Act, is for informational purposes only and shall neither constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The offering of the Notes is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. The offering has not been approved by any gaming regulatory authority having jurisdiction over any of CDI’s casino operations.

About Churchill Downs Incorporated
Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the Company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, such as the use of the net proceeds from the offering. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include those described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We do not undertake any 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.

Contact: Nick Zangari (502) 394-1157 [email protected]		Media Contact: Tonya Abeln (502) 386-1742 [email protected]

SPOKANE, Wash., April 11, 2023 (GLOBE NEWSWIRE) — Avista recently signed an agreement with Pine Creek RNG to purchase renewable natural gas (RNG) to be produced from projects in Richland, Wash. and Waterloo, Iowa.

In October 2022, Avista released a request for proposal (RFP) to secure RNG resources for its customers over the long term. RNG is derived from organic waste streams that would otherwise release methane to the environment as they decompose. These sources include, for example, landfills, wastewater treatment plants and food waste. RNG is produced by capturing that methane that would otherwise escape to the atmosphere and purifying it to make it very similar to conventional natural gas.

Some of Pine Creek’s projects include the Horn Rapids Landfill owned by the City of Richland and Lamb Weston’s potato processing plant in Richland. Construction is expected to be complete in both projects by the end of 2023 and produce 2.5 million therms of RNG annually, which is equivalent to the natural gas used by approximately 4,173 Washington homes each year. In early 2024, a project at the Black Hawk County Landfill in Waterloo, Iowa is expected to begin producing 2.6 million therms annually.

“These RNG projects help Avista meet our aspirational goals to reduce natural gas emissions 30% by 2030 and to be carbon neutral in our natural gas operations by 2045,” said Jason Thackston, Avista’s chief strategy and clean energy officer. “Additionally, legislative changes have laid the groundwork for utilities, such as Avista, to enter the RNG market as developers, long-term buyers and long-term partners to help grow and mature the RNG market in North America.”

“Pine Creek is pleased to be working with Avista who has done an excellent job placing themselves at the forefront of the transition to renewable natural gas,” said Kevin Orchard, Pine Creek’s vice president of development. “These are exciting projects for Pine Creek and will provide meaningful contribution towards Avista’s climate goals while also benefiting all involved and creating a positive impact on the environment.”

About Avista Utilities

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 411,000 customers and natural gas to 377,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.7 million. AERC is an Avista subsidiary that, through its subsidiary AEL&P, provides retail electric service to 17,000 customers in the city and borough of Juneau, Alaska. Our stock is traded under the ticker symbol “AVA”. For more information about Avista, please visit www.avistacorp.com.

This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s and the Quarterly Report on Form 10-Q for the quarter ended Dec. 31, 2022, and its Annual Report on Form 10-K for the year ended Dec. 31, 2022.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.

SOURCE: Avista Corporation

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Contact:

Media: Annie Gannon, [email protected]
Avista 24/7 Media Access (509) 495-4174

ST. LOUIS, April 11, 2023 (GLOBE NEWSWIRE) — BellRing Brands, Inc. (NYSE:BRBR) today announced it will hold a conference call on Tuesday, May 9, 2023 at 9:00 a.m. EDT to discuss financial results for the second quarter of fiscal year 2023 and fiscal year 2023 outlook and to respond to questions. Darcy H. Davenport, President and Chief Executive Officer, and Paul A. Rode, Chief Financial Officer, will participate in the call. BellRing also announced it plans to release its financial results for the second quarter after market close on Monday, May 8, 2023.

Interested parties may join the conference call by registering in advance at the following link: BellRing Q2 2023 Earnings Conference Call. Upon registration, participants will receive a dial-in number and a unique passcode to access the conference call. Interested parties are invited to listen to the webcast of the conference call, which can be accessed by visiting the Investor Relations section of BellRing’s website at www.bellring.com. A webcast replay also will be available for a limited period on BellRing’s website in the Investor Relations section.

About BellRing Brands, Inc.

BellRing Brands, Inc. is a rapidly growing leader in the global convenient nutrition category offering ready-to-drink shake and powder protein products. Its primary brands, Premier Protein^® and Dymatize^®, appeal to a broad range of consumers and are distributed across a diverse network of channels including club, food, drug, mass, eCommerce, specialty and convenience. BellRing’s commitment to consumers is to strive to make highly effective products that deliver best-in-class nutritionals and superior taste. For more information, visit www.bellring.com.

Contact:

Investor Relations
Jennifer Meyer
[email protected]
(415) 814-9388