Author: Newsdesk

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in U.S. dollars 
unless otherwise stated

TORONTO, Nov. 17, 2020 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds (the “Onex Group”), along with GIC, announced that they and a consortium of existing and new co-investors have committed to invest $1 billion in Convex Group Limited (“Convex” or the “Company”). This capital raise is subject to customary regulatory approvals.

Convex is a specialty insurer and reinsurer focused on complex risks that launched with $1.7 billion of committed capital in April of 2019. Convex’ initial invested capital was raised from the Convex management team, Onex Partners V, PSP Investments and a consortium of co-investors. The additional capital has been committed by the original investors as well as multiple new investors led by GIC.

Bobby Le Blanc, President of Onex and Head of Onex Partners, commented, “Over the past eighteen months, the Convex management team has made significant progress in realizing our original investment thesis, having successfully executed on its recruiting plan, implemented key operational systems and processes, established strong relationships with brokers, and written over $1 billion in premiums. This momentum, coupled with the favorable P&C insurance market conditions, have further improved the risk-adjusted return opportunity and make us confident in the continued success of the business.”

Stephen Catlin, CEO of Convex, said, “Onex and our existing investor base have provided us with tremendous support in building the business and we welcome the new investor partners, including GIC. We are delighted to have additional capital as this will enable us to take full advantage of the hardening market.”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said, “GIC is pleased to partner with Stephen, Paul, and the rest of the Convex team given their tremendous success to date and long track record of disciplined underwriting. We believe that Convex’ unique value proposition within complex risk is well-suited for the current market environment. As a long-term investor, we look forward to working alongside Onex and other shareholders to support the Company as it embarks on its next phase of growth.”

Martin Longchamps, Managing Director, Private Equity at PSP Investments, said, “We are pleased to continue our successful partnership with Onex and Convex by supporting the Company’s accelerated growth strategy. The Convex management team has established an agile, world-class specialty insurer with a strong operational foundation. This transaction is in line with our strategy of making sizeable, direct investments in high-quality companies alongside experienced partners.”

The capital raise includes more than $300 million from the Onex Group, including $200 million from Onex Partners V.

About Convex


Convex Group is a specialty insurer and reinsurer focused on complex risks founded by Stephen Catlin and Paul Brand. With operations in London and Bermuda, Convex occupies a unique position in the insurance industry and combines unrivalled experience, reputation and lessons learned with the freedom and independence of a new balance sheet.

About Onex


Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional fainvestors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, senior loan strategies and other private credit strategies; and Gluskin Sheff’s wealth management services including its actively managed public equity and public credit funds. In total, Onex has approximately $36.6 billion of assets under management, of which approximately $6.7 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

The Onex Partners and ONCAP businesses have assets of $36 billion, generate annual revenues of $22 billion and employ approximately 149,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements


This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For further information:        
Jill Homenuk
Managing Director, Shareholder Relations and Communications
Tel: 416.362.7711

MINEOLA, N.Y., Nov. 17, 2020 (GLOBE NEWSWIRE) — Hanover Community Bank today announced that Michael Locorriere has joined the Company as Executive Vice President & Chief Municipal Officer.

Mr. Locorriere brings to Hanover extensive municipal relationship expertise with more than 30 years of banking and government experience. At Hanover, Mr. Locorriere will be responsible for all municipal depository activities including developing, maintaining and administering municipal programs that contribute to the effective and profitable operation of the Bank. He previously managed a municipal portfolio that consisted of balances over $550 million. Prior to joining Hanover, Mr. Locorriere served as Executive Vice President & Director of Municipal Banking at Empire National Bank. He also served in various government positions including Comptroller for the Town of North Hempstead as well as being elected to the Suffolk County Legislature representing the northeast communities of Brookhaven Town. Mr. Locorriere has been a member of the following associations: New York State Bankers Association Municipal Finance Committee; Long Island Regional Council Member of Government Finance Officers Association (GFOA); Suffolk and Nassau Association of School of Business Officials; and the Long Island Village Clerks Treasurers Association. Mr. Locorriere is a graduate of Dowling College where he obtained a Master’s in Business Administration.

Investor and Press Contacts

Michael P. Puorro, Chairman & Chief Executive Officer
[email protected] 

Brian K. Finneran, President & Chief Financial Officer
[email protected] 

CHINLE, Ariz., Nov. 17, 2020 (GLOBE NEWSWIRE) — Choice NTUA Wireless, the largest independent rural 4G Network in the West and Navajo Nation’s fastest, most reliable cell phone and internet service provider, has done all in its power to keep Navajo Nation supported and connected during the COVID-19 pandemic. From tripling capacity on over 40 additional sites throughout the Nation, increasing bandwidth and providing faster connectivity Choice NTUA Wireless has embodied the “Keeping Americans Connected Pledge.”

By all accounts Navajo Nation has been particularly hard hit during the COVID-19 Pandemic. Continued support and partnership is needed during these unprecedented times. Facing the challenge of the global pandemic, NTUA and Choice NTUA Wireless did not shut their business doors. Instead, NTUA and Choice NTUA Wireless have strengthened their partnership and are determined to keep looking for solutions to keeping stores open, expanding student offerings, providing elevated Wi-Fi options for teachers, offering free public Wi-Fi, and constructing additional sites are some of the accomplishments the company has put on offer to serve the Navajo People.

With people either working or studying from home at an all time high, demands on the Broadband Internet network are unprecedented. In order to increase its capacity, Choice NTUA Wireless has included Special Temporary Authorities (STAs) to utilize other carriers’ unused spectrum and construction of 600MHZ and CBRS overlays on 102 sites that serve the Nation. Special discounted, and in some cases, free broadband plans have been utilized by over 700 Students and Teachers. Choice NTUA Wireless worked with NTUA to purchase high capacity Wi-Fi devices to be deployed around the Navajo Nation for Students and the Public to access broadband Internet for on-line coursework. To date, 38 of these devices are in service on the Nation with two more scheduled to be deployed by the end of the year.

“We are extremely proud of the way the NTUAW team has stepped up for its customers and community in this time of need. Our goal more than ten years ago in partnering with NTUA and the Navajo Nation was to address the poor and very expensive wireless service on the Nation, and our team has worked hard throughout the COVID-19 crisis to maintain and improve services,” said Michael Prior, CEO of ATN International. “Beyond that, the team has secured the help of national carriers and the federal government, and then deployed very complex and difficult network expansion and upgrades in record time. I am amazed by the dedication and skill of the team in delivering for their customers, and I know they are working hard on completing this expansion. This is the very reason NTUAW was created – to meet and enhance the communication needs of the Navajo Nation.”

Though Navajo Nation has been particularly hard hit by Coronavirus COVID-19, Choice NTUA Wireless continues to work to protect the vulnerable and mitigate the impact of the pandemic.

Other projects include NTUA and Choice NTUA Wireless launching the Pinedale Tower – the first of their completed CARES Act projects. There are currently 101 other sites under construction with High Speed Broadband overlays funded by CARES. Additionally, Choice NTUA Wireless has been instrumental in providing bandwidth to keep emergency services such as hospitals and Fire Departments functioning at top speed.

“When COVID-19 hit the area, we understood what needed to be done so people could shelter safely at home and still have the ability to work from home or to attend school on-line,” said NTUA General Manager Walter Haase. “This is the very reason NTUAW was created – to meet and enhance the communication needs of the Navajo Nation. Being able to contact emergency services is critical, especially during a pandemic. In the event of an emergency, the last thing families should have to worry about is finding a (communications) signal.”

At the request of both the Navajo Nation Office of the President & Vice-President, the Office of the Speaker and the Navajo Nation Human Rights Commission, Choice NTUA Wireless also was able to provide Free Broadband to support the 2020 Census Events across the Nation. In addition to these achievements, Choice NTUA Wireless has also been on the ground helping to distribute food and care packages to 524 families in Kayenta, Arizona today in order to help them stay home and stay safe during the pandemic.

As the trying times of 2020 carry on, Choice NTUA Wireless will continue its steadfast support of the Navajo People well beyond – proving to be a true and reliable partner.

For more information please visit www.choice-wireless.com and www.choice-wireless.com/press-contact.html to contact.

About Choice NTUA Wireless

Choice NTUA Wireless is a facilities based carrier that is majority Navajo-owned through NTUA (Navajo Tribal Utility Authority). Choice NTUA Wireless formally launched in 2014 and provides 4G LTE fixed/mobile broadband and voice across the Navajo Nation. 98% of its network is 4G and its customers enjoy the ability to access their voice and data from anywhere in the continental U.S.

Contact:
Tom Guthrie SVP & GM
Choice Wireless & Broadband
[email protected]
www.choice-wireless.com/press-contact.html

ALBUQUERQUE, N.M., Nov. 17, 2020 (GLOBE NEWSWIRE) — Patient enrollment in New Mexico’s Medical Cannabis Program reached 100,021 patients as of October 31, 2020, according to data released by the New Mexico Department of Health (NMDOH). This represents an increase of 21,659 patients or 28% over October 2019 enrollment. Patients choose Ultra Health as their preferred cannabis provider 5 to 1. The operator has 21 locations statewide.

New Mexico currently has a patient penetration rate of 6% of all adults. Enrollment in the program has substantial room to grow, as neighboring Oklahoma has a patient penetration rate of 12% of adults statewide.

Despite reaching a record milestone, New Mexico’s medical cannabis industry continues to struggle to produce adequate supply to meet demand and lower the price of medicine due to arbitrary plant caps not found in the statute.

On November 1, 2018, then District Court Judge David K. Thomson ruled the previous NMDOH cap was arbitrary, capricious, and frustrated the purpose of the Lynn and Erin Compassionate Use Act. At the time, there were just 14,700 plants licensed for 62,889 patients equating to a ratio of less than ½ plant per patient.

As of October 31, 2020, the 34 producers licensed 51,950 plants in total, equating to only ½ plant per patient. In comparison, neighboring Colorado licenses a full 9 plants per enrolled medical cardholder. The medical cannabis programs in Nevada, Arizona, and Oklahoma do not mandate any plant production limitations.

“After all the effort to achieve adequate supply and Judge Thomson’s order, there has been practically zero increase in available medicine per patient,” said Duke Rodriguez, CEO and President of Ultra Health®. “The program’s growth and patient demand have quickly outpaced the arbitrary increase to 1,750 plants. NMDOH now has a duty to increase plants to achieve the purpose of the Act and overall patient wellbeing.”

Furthermore, Judge Thomson wrote in the 60-page plant count ruling, “DOH has a duty/obligation to ensure patients enrolled in the Medical Cannabis Program can access an adequate supply of medical cannabis in New Mexico.”

REGIONAL ANALYSIS

New Mexico is the only state in its region that enforces a burdensome plant count limit on cannabis producers. Neighboring Arizona, Oklahoma, as well as Nevada do not mandate any caps on cannabis cultivation.

Colorado essentially has no plant count limit because producers utilize far less than the total plants recommended. Colorado’s medical program currently allows a maximum of 771,949 plants to serve 84,438 patients. At a minimum, Colorado approves up to 6 plants per patient and can approve up to a maximum of 99 plants per patient with a physician recommendation. Per the most recent data, an average of 326,288 plants is cultivated for medical use monthly.

Under Colorado standards, no less than 600,000 plants would be recommended to serve New Mexico’s 100,021 patients statewide. This would require New Mexico medical cannabis operators to increase their production by 11 times to meet Colorado’s standard of care. These numbers would need to be increased further if the adult-use of cannabis were approved in New Mexico.

Insufficient cultivation limits have not only impacted access to medicine, but also the price of medical cannabis in New Mexico. The average price per gram as of June 30, 2020, was $9.89 while neighboring Colorado reports the average price per gram of medical cannabis is $2.86. The price of medicine in New Mexico has remained relatively the same over the last several years while other programs have seen steady declines in the cost of medicine.

The high price of medicine is especially concerning, as 26% of patients in the New Mexico’s program report they earn less than $20,000 annually, according to an NMDOH-commissioned survey by Research & Polling Inc. Medical cannabis patients are required to pay for their medicine out of pocket, therefore creating an excessive burden for patients to access medicine at prices they can afford.

Increasing the plant count limit or removing arbitrary limits entirely would stimulate lower prices for medicine, improved product availability, and increased product variety for varying patient needs.

Even Utah’s fledgling medical program has more flexible cultivation limits than New Mexico. Utah allows for 100,000 square feet per indoor cultivation licensee and nearly 175,000 square feet per licensee for outdoor cultivation to serve just 10,000 patients statewide.

Earlier this month, lawmakers in Texas pre-filed 13 cannabis-related bills for the state’s 2021 Legislative session. Among the measures is a bill that would put legalization of cannabis for adult-use on the ballot, expand access to high-THC cannabis medicine, and allow physicians to certify cannabis to treat any condition they see fit.

If the measures pass, Texas would join all neighboring states in having a more broad and patient-centric approach to cannabis than New Mexico.

LEGALIZATION OUTLOOK

As legislators contemplate the legalization of cannabis for adult use in the 2021 Legislative session, New Mexico’s medical program will need to quickly allow for more plants to be cultivated statewide to absorb patient demand and future demand from adult-use purchasers.

At a minimum, legalization needs to lift arbitrary caps on production, permit current producers to produce more plants several months before adult-use sales commence, allow patients and adults to purchase cannabis in amounts that fit their needs, and expand licensing to allow new entrants, including microbusinesses, to enter New Mexico’s cannabis market.

All of these initiatives will protect the medical program from running out of medicine, authorize cannabis purchasers to move into the regulated market, and bestow more opportunities for New Mexicans to engage in a new industry estimated to be valued at $800 million.

Today, 15 states and Washington D.C. have legalized cannabis for adult-use. Arizona voters approved a legalization measure earlier this month, along with New Jersey, South Dakota, and Montana. Legalization in Arizona could be live as soon as March 2021.

A total of 36 states have legalized cannabis for medical use, including South Dakota and Mississippi which legalized medical use via ballot measure earlier this month.

New Mexico’s Medical Cannabis Program reported enrollment does not include newly enrolled reciprocal participants. At least 5,300 reciprocal participants have enrolled in New Mexico’s Medical Cannabis Program since July, according to the data issued by NMDOH.

New Mexico’s total patient participation including reciprocity is at 105,021 active participants. The program is expected to support more than 110,000 patients and reciprocal participants by the end of the year.

Ultra Health is New Mexico’s #1 Cannabis Company and the largest vertically integrated medical cannabis provider in the United States. The provider currently operates 21 dispensary locations statewide, with another 10 stores slated to open by the fourth quarter of 2020. Ultra Health provides unparalleled medical cannabis care by producing accurately dosed, smokeless cannabis products such as sublingual tablets, oils, pastilles, suppositories and more through its partnership with Israeli pharmaceutical group Panaxia. Ultra Health has been at the forefront of patient-rights issues and continues to fight for adequate supply and rural access in the New Mexico medical cannabis market.

Contact:
Marissa Novel  480-404-6699
[email protected]

Sandy, UT, Nov. 17, 2020 (GLOBE NEWSWIRE) — What is Reveal Laboratories, and why is this company quickly finding a place to give hope to those struggling with drug and alcohol addictions?

Co-Founder Will Vigil explains,

“Reveal Laboratories is a High Complexity Toxicology Laboratory specializing in UDT (Urine Drug Testing), primarily for Substance Abuse Treatment Facilities, Behavioral Health Organizations, Medication Management Clinics & Private Practices. With the Coronavirus

Pandemic on our hands, we’ve recently added Covid-19 and Respiratory Pathogen Panels, to ensure treatment facilities can safely continue providing support and treatment services to their patients struggling with addiction & behavioral issues.”

Part of building a company that is directly related to treatment facilities and their caring for others is caring for each other within the company first.

Vigil continues, “At Reveal Laboratories our entire ownership and management team is in sync with always putting value and integrity at the forefront of our decisions and we are all grateful for each other’s hard work, as the key to abundance is gratitude.”

Executive Vice President Ashley Cook explains some of Reveal’s mindset for setting and reaching goals: “Start with a goal whether personal or financial… Now if you are able to reach that goal, by offering a superior service and/or product without compromising your integrity, you are on your way.” 

Unfortunately, the need for drug and alcohol support services has skyrocketed during the COVID-19 crisis. “Our business demand has already gone up by over 40% and climbing due to the rise of addiction that is on the rise as a result of the COVID-19 pandemic,” Vigil explains. “Our lab does well because we are not only a laboratory focused on toxicology; we also provide clinical medical billing, utilization review, and demonstrating medical necessity for treatment faciliaties; all coupled together provides our clients ease of mind that everything is under one roof, ultimately allowing the staff of the treatment facility to focus on patient care and expansion.”

Like any company during the COVID-19 pandemic, Reveal has faced hard times. But their persistence and strategic thinking has helped them succeed against difficult odds, including negotiating complex partnerships. EVP Ashley Cook explains, “My biggest take-away from the last year is “trust but verify”… if something (or someone) sounds too good to be true, there’s a good chance it is. There is absolutely nothing wrong with reading the fine print. Do your due diligence when building partnerships and relationships and keep value and integrity at the forefront of your decisions, not revenue.” 

Vigil forecasts the future for Reveal:

“We see ourselves as one of the nation’s leaders in our industry, operating labs throughout the United States of America. Great demand for our company and the array of services we provide has already catapulted us into this direction.”

Learn more at http://www.reveallaboratories.com

Contact:
Ashley Cook
Reveal Laboratories
(800) 484-0178
[email protected]
http://www.reveallaboratories.com

OAKBROOK TERRACE, Ill., Nov. 17, 2020 (GLOBE NEWSWIRE) — The Joint Commission has released Speak Up™ For Safe Surgery, a new educational campaign to help patients advocate for safer surgery. According to the new guidance, patients can help ensure their surgery is safe and successful by being an informed member of the care team.

No one ever expects a surgical error to happen to them. However, wrong-site, wrong-procedure and wrong-patient surgery errors, while not common, are possible. Estimates show these procedures could occur as often as 40 times per week in the United States. In addition, many other types of errors related to patient counseling, anesthesia, medication management or other categories could occur. While an operating team should practice universal protocol to prevent these errors, patients and their advocates can help the care team by actively participating during the planning stages, immediately before surgery and after surgery.

Planning for surgery

Patients can talk to their doctors about:

• Regular medications taken, and if or when the patient should stop taking them.
• Dietary needs before surgery.
• Options regarding anesthesia or sedation.

Have a friend, relative or patient advocate:

• Take the patient to and from the hospital or surgery facility.
• Communicate patient directives to the care team when the patient cannot.
• Help ask questions about the procedure.

Before surgery

Before signing an Informed Consent form, patients should:

• Confirm the surgery and the exact location of the procedure.
• Talk about risks involved and the post-surgery care plan.
• Speak up if something doesn’t seem right.

After surgery

Communicate with the care team about:

• Medication dosages and any medication allergies.
• Any potential signs of infection such as chills, fever or redness near the surgical site.
• Scheduling follow-up appointments.
• Plans for after discharge from the hospital or surgery center.

The risk of any procedure is increased right now because of the COVID-19 pandemic. To help, the campaign also offers special considerations to help keep surgery patients safe from COVID-19, such as asking about the facility’s pandemic-related safety procedures.

“By communicating with the care team, patients have an opportunity to have a safer, successful surgery. Patients who ask questions and follow instructions from their provider can improve recovery and return to normal life more quickly,” said Executive Vice President, Chief Medical Officer, and Chief Diversity and Inclusion Officer Ana Pujols McKee, MD, The Joint Commission. “Because of this, the latest Speak Up campaign is a valuable resource for surgery patients, whether they are heading into their first surgery or their tenth.”

The campaign includes an informational poster in both English and Spanish, as well as an animated video that follows a patient and their provider before and after surgery, modeling a positive patient-provider relationship.

Organizations are free to reproduce and disseminate the Speak Up™ for Safe Surgery materials if they credit The Joint Commission.

About the

Speak Up

™ program

Launched in 2002, the award-winning Speak Up™ program has been used in more than 70 countries. It encourages patients to be their own advocates and to:

• Speak up
• Pay attention
• Educate yourself
• Advocates (family members and friends) can help
• Know about your new medicine
• Use a quality health care organization
• Participate in all decisions about your care

The Joint Commission’s refreshed Speak Up™ program that debuted last year, after national market research including focus group feedback from patients and their families.

For updates on new Speak Up™ campaigns as they become available, sign up for email alerts or subscribe to the e-newsletter Joint Commission Online. For more information about the Speak Up™ program, visit The Joint Commission website.

About The Joint Commission

Founded in 1951, The Joint Commission seeks to continuously improve health care for the public, in collaboration with other stakeholders, by evaluating health care organizations and inspiring them to excel in providing safe and effective care of the highest quality and value. The Joint Commission accredits and certifies more than 22,000 health care organizations and programs in the United States. An independent, nonprofit organization, The Joint Commission is the nation’s oldest and largest standards-setting and accrediting body in health care. Learn more about The Joint Commission at www.jointcommission.org.

To view this release in a media-rich format, go to: https://jointcommission.new-media-release.com/2020_speak_up_for_safe_surgery/

Media Contact:

Maureen Lyons
Corporate Communications
(630) 792-5171
[email protected]