Rackspace Technology and Dubai Health Partner to Explore Establishing a Healthcare Digital Hub

Mr. Atif Al-Braiki: The Digital Hub will utilize AI and cloud technologies to provide Dubai Health with tailored solutions, enabling us to further optimize our operations and improve patient outcomes

SAN ANTONIO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Rackspace Technology® (NASDAQ: RXT), a leading hybrid, multicloud, and AI technology solutions company, has announced a Memorandum of Understanding (MOU) with Dubai Health to explore the establishment of a Healthcare Digital Hub. The new partnership underscores Dubai Health’s commitment to leveraging technology to enhance patient care.

Atif Al-Braiki, Chief Digital and AI Officer of Dubai Health, commented: “We are grateful for this partnership with Rackspace Technology, which reflects our commitment to leveraging digital innovation to enhance healthcare delivery. The tailored solutions provided by the Digital Hub will enable Dubai Health to further optimize our operations, ultimately improving patient outcomes.”

The Digital Hub will leverage cloud and Artificial Intelligence (AI) technologies to optimize operational efficiency and enable innovative solutions for Dubai Health and its partners. This initiative underscores Rackspace Technology’s commitment to advancing healthcare solutions in the Middle East and Africa (MEA) region.

“Partnering with Dubai Health is a significant step for Rackspace Technology, aligning us with one of the most respected healthcare institutions in the region,” said Amar Maletira, Rackspace Technology, Chief Executive Officer. “This MOU marks a pivotal moment in Rackspace’s growth strategy in the MEA region and demonstrates our ability to foster partnerships that drive impactful change within the healthcare industry.”

About Rackspace Technology 

Rackspace Technology is a leading end-to-end, hybrid, multicloud, and AI solutions company. We can design, build, and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products, and adopt innovative technologies. 

Media Contact: Natalie Silva, [email protected] 



MainStreet Bancshares Inc. Reports 2024 Results

PR Newswire

A challenging year, ending with strong and stable asset quality and strong capital


FAIRFAX, Va.
, Jan. 27, 2025 /PRNewswire/ — MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the financial holding company for MainStreet Bank reported a loss of $9.98 million for 2024 resulting from the nonrecurring impairment of capitalized intangible software and the resolution of nonperforming assets.  The Company remains strongly capitalized with good liquidity.

“At the end of 2024, the Company impaired the full value of its capitalized intangible software.  Despite this impairment, the software remains a component of our Avenu Banking-as-a-Service solution and will continue to be used to drive fintech partnerships to grow low-cost deposits and fee income,” said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank.  “The end of 2024 was management’s first opportunity to review the Avenu platform’s performance, as it was only put into production during the fourth quarter.  The delays in bringing Avenu to market and subsequent changes in the potential for revenue generation necessitated management’s review for impairment and resulting charge to earnings.  Management conducted the impairment assessment in accordance with ASC 350-40-35, using the income approach.  We remain committed to providing innovative embedded banking services that meet our customers where they do business and that allow developers to focus on providing leading-edge digital financial solutions.”

“During 2024, the Company ended the year with a healthy net interest margin of 3.13%,” said Alex Vari, Chief Accountant for MainStreet Bank.  “Excess liquidity in the fourth quarter gave us the opportunity to exercise call options on higher-yielding term deposits and restructure our wholesale deposit position.  This will further reduce our funding costs into 2025, and with expense management efforts will yield positive results for the Company and for our shareholders.” 

Chief Lending Officer Tom Floyd said, “the lending team worked diligently to grow the loan portfolio by 6% while also resolving 62% of our nonperforming loans and making solid progress on resolving the final $21.7 million in a timely manner.”

Total deposits grew 13% from prior year-end to $1.9 billion, with core deposits growing $187 million year on year.  Total core deposits at year-end were $1.4 billion, or 75% of total deposits.  

“The DC Metropolitan area remains a vibrant market.  The interest rate environment is normalizing, with the FOMC cutting rates three times thus far for a total of 1.0%,” said Abdul Hersiburane, President of MainStreet Bank.  “Our borrowers are benefiting from the declining rate environment with strengthening liquidity.”

BACKGROUND:  MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), is a small-cap financial holding company trading in the Nasdaq Capital Market index. The financial holding company owns 100% of MainStreet Bank, a business-focused community bank headquartered in Fairfax, Virginia. The Bank engages a branch-lite model with six full-service financial centers in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington, D.C. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office®. With robust and easy-to-use online business banking technology, MainStreet has “put our bank” in well over 1,000 businesses in the metropolitan area.

MainStreet Bank has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate. MainStreet Bank is an SBA Preferred Lender, offering 7A and 504 lending solutions. From sophisticated cash management to enhanced mobile banking and instant-issue Debit cards, MainStreet Bank is always looking for ways to improve our customer’s experience.

MainStreet Bank was the first community bank in the Washington, D.C., metropolitan area to offer a full online business banking solution. MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance. Further information on the Bank can be obtained by visiting its website at mstreetbank.com.

Banking-as-a-Service
In 2021, the Board and management decided to make an investment in technology that would best serve clients requiring Banking-as-a-Service (BaaS).  The Avenu BaaS solution officially launched on October 1, 2024.  The ability to digitally offer banking services in a safe and compliant manner allows the Company to reach new customer deposit segments, diversify revenue streams and generate additional income.  The BaaS market is currently underserved, and the opportunities for a well-developed solution are robust.  The Avenu business model is in-line with the Company’s physical branch-lite strategy.

Avenu provides a full-stack embedded banking solution that connects our partners and their apps directly and seamlessly to our purpose-built Avenu core.  Avenu’s clients are fintechs, social media solutions, application developers, money movers, and entrepreneurs. They all have one thing in common: They are in search of a reliable partner to help innovate how money moves – solving real-world issues and helping communities thrive.  MainStreet Bank is that reliable partner dedicated to providing a best-in-class solution to sustain long-term business relationships.

MainStreet Bancshares, Inc. has an investment grade rating of “A” from Egan-Jones Rating Company. This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, future impacts of pandemic outbreaks, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

 


UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION

(In thousands)


December
31, 2024


September
30, 2024


June 30,
2024


March 31,
2024


December
31, 2023*


ASSETS

Cash and cash equivalents

Cash and due from banks

$

47,553

$

40,955

$

41,697

$

49,208

$

53,581

Federal funds sold

160,155

191,159

49,762

75,533

60,932

Total cash and cash equivalents

207,708

232,114

91,459

124,741

114,513

Investment securities available for sale, at fair value

55,747

58,489

57,605

58,699

59,928

Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $0 for all periods

16,078

16,016

16,036

17,251

17,275

Restricted equity securities, at amortized cost

30,623

26,745

26,797

23,924

24,356

Loans, net of allowance for credit losses of $19,450, $18,327, $17,098, $16,531, and $16,506, respectively

1,810,556

1,775,558

1,778,840

1,727,110

1,705,137

Premises and equipment, net

13,287

13,571

13,787

14,081

13,944

Accrued interest and other receivables

11,311

11,077

11,916

10,727

12,390

Computer software, net of amortization

18,881

17,205

15,691

14,657

Bank owned life insurance

39,507

39,203

38,901

38,609

38,318

Other assets

43,281

32,945

41,200

39,182

34,914


Total Assets

$

2,228,098

$

2,224,599

$

2,093,746

$

2,070,015

$

2,035,432


LIABILITIES AND STOCKHOLDERS’ EQUITY


Liabilities:

Non-interest bearing deposits

$

324,307

$

347,575

$

314,636

$

348,945

$

364,606

Interest bearing demand deposits

139,780

197,527

179,513

165,331

137,128

Savings and NOW deposits

64,337

61,893

60,867

46,036

45,878

Money market deposits

560,082

451,936

476,396

446,903

442,179

Time deposits

819,288

834,738

723,951

725,520

696,336

Total deposits

1,907,794

1,893,669

1,755,363

1,732,735

1,686,127

Federal funds purchased

15,000

Subordinated debt

73,039

72,940

72,841

72,741

72,642

Other liabilities

39,274

31,939

40,827

41,418

40,146


Total Liabilities

2,020,107

1,998,548

1,869,031

1,846,894

1,813,915


Stockholders’ Equity:

Preferred stock

27,263

27,263

27,263

27,263

27,263

Common stock

29,466

29,463

29,452

29,514

29,198

Capital surplus

67,823

67,083

66,392

65,940

65,985

Retained earnings

91,150

108,616

109,651

108,334

106,549

Accumulated other comprehensive loss

(7,711)

(6,374)

(8,043)

(7,930)

(7,478)


Total Stockholders’ Equity

207,991

226,051

224,715

223,121

221,517


Total Liabilities and Stockholders’ Equity

$

2,228,098

$

2,224,599

$

2,093,746

$

2,070,015

$

2,035,432

*Derived from audited financial statements

 


UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(In thousands, except share and per share data)


Year-to-Date


Three Months Ended


December
31, 2024


December
31, 2023*


December
31, 2024


September
30, 2024


June 30,
2024


March 31,
2024


December
31, 2023


INTEREST INCOME:

Interest and fees on loans

$

125,177

$

116,482

$

31,323

$

31,615

$

31,655

$

30,582

$

30,951

Interest on investment securities

Taxable securities

1,693

1,836

431

397

430

435

451

Tax-exempt securities

1,093

1,065

262

294

268

270

268

Interest on federal funds sold

6,652

5,038

3,103

1,285

1,083

1,182

1,510

Total interest income

134,615

124,421

35,119

33,591

33,436

32,469

33,180


INTEREST EXPENSE:

Interest on interest bearing demand deposits

8,661

1,786

2,612

2,117

2,118

1,814

1,027

Interest on savings and NOW deposits

754

546

201

206

190

157

146

Interest on money market deposits

21,386

13,631

5,475

5,277

5,542

5,092

5,538

Interest on time deposits

37,364

26,905

10,003

9,543

9,010

8,808

8,187

Interest on federal funds purchased

575

299

277

191

107

25

Interest on Federal Home Loan Bank advances

46

1,224

46

118

Interest on subordinated debt

3,255

3,288

787

828

820

820

828

Total interest expense

72,041

47,679

19,078

18,248

17,871

16,844

15,869

Net interest income

62,574

76,742

16,041

15,343

15,565

15,625

17,311

Provision for (recovery of) credit losses

6,763

1,642

3,407

2,913

638

(195)

466

Net interest income after provision for (recovery of) credit losses

55,811

75,100

12,634

12,430

14,927

15,820

16,845


NON-INTEREST INCOME:

Deposit account service charges

1,996

2,149

481

557

490

469

510

Bank owned life insurance income

1,189

1,069

304

302

291

292

283

Net loss on securities called or matured

(48)

(48)

Other non-interest income (loss)

115

122

22

27

31

35

(34)

Total non-interest income

3,252

3,340

807

886

764

796

759


NON-INTEREST EXPENSES:

Salaries and employee benefits

30,475

28,267

8,253

7,250

7,484

7,488

7,129

Furniture and equipment expenses

3,636

2,787

830

931

940

935

804

Advertising and marketing

2,199

2,343

600

579

566

454

271

Occupancy expenses

1,614

1,684

358

407

415

435

397

Outside services

3,627

2,044

1,168

845

839

774

352

Administrative expenses

929

922

243

215

229

242

219

Computer software intangible impairment

19,721

19,721

Other operating expenses

10,766

7,569

3,258

2,992

2,362

2,153

2,166

Total non-interest expenses

72,967

45,616

34,431

13,219

12,835

12,481

11,338

Income (loss) before income tax expense (benefit)

(13,904)

32,824

(20,990)

97

2,856

4,135

6,266

Income tax expense (benefit)

(3,924)

6,239

(4,823)

(168)

238

830

1,120

Net income (loss)

(9,980)

26,585

(16,167)

265

2,618

3,305

5,146

Preferred stock dividends

2,156

2,156

539

539

539

539

539

Net income (loss) available to common shareholders

$

(12,136)

$

24,429

$

(16,706)

$

(274)

$

2,079

$

2,766

$

4,607

Earnings (loss) per common share, basic and diluted

$

(1.60)

$

3.25

$

(2.20)

$

(0.04)

$

0.27

$

0.36

$

0.61

Weighted average number of common shares, basic and diluted

7,606,391

7,522,913

7,603,318

7,601,925

7,608,389

7,611,990

7,527,327

*Derived from audited financial statements

 


UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(In thousands)


December 31, 2024


September 30, 2024


December 31, 2023


Percentage Change


$ Amount


% of
Total


$ Amount


% of
Total


$ Amount


% of
Total


Last 3
Mos


Last 12
Mos


LOANS:

Construction and land development loans

$

391,253

21.3

%

$

373,486

20.8

%

$

429,637

24.9

%

4.8

%

-8.9

%

Residential real estate loans

438,745

23.9

%

446,109

24.8

%

474,602

27.5

%

-1.7

%

-7.6

%

Commercial real estate loans

898,204

48.9

%

871,280

48.4

%

743,827

43.1

%

3.1

%

20.8

%

Commercial and industrial loans

105,212

5.7

%

106,249

5.9

%

75,415

4.3

%

-1.0

%

39.5

%

Consumer loans

1,574

0.2

%

1,977

0.1

%

3,610

0.2

%

-20.4

%

-56.4

%

Total Gross Loans

$

1,834,988

100.0

%

$

1,799,101

100.0

%

$

1,727,091

100.0

%

2.0

%

6.2

%

Less: Allowance for credit losses

(19,450)

(18,327)

(16,506)

Net deferred loan fees

(4,982)

(5,216)

(5,448)

Net Loans

$

1,810,556

$

1,775,558

$

1,705,137


DEPOSITS:

Non-interest bearing deposits

$

324,307

17.0

%

$

347,575

18.4

%

$

364,606

21.6

%

-6.7

%

-11.1

%

Interest-bearing deposits:

Demand deposits

139,780

7.3

%

197,527

10.4

%

137,128

8.1

%

-29.2

%

1.9

%

Savings and NOW deposits

64,337

3.4

%

61,893

3.3

%

45,878

2.7

%

3.9

%

40.2

%

Money market deposits

560,082

29.4

%

451,936

23.9

%

442,179

26.2

%

23.9

%

26.7

%

Certificates of deposit $250,000 or more

535,676

28.0

%

532,201

28.0

%

442,662

26.3

%

0.7

%

21.0

%

Certificates of deposit less than $250,000

283,612

14.9

%

302,537

16.0

%

253,674

15.1

%

-6.3

%

11.8

%

Total Deposits

$

1,907,794

100.0

%

$

1,893,669

100.0

%

$

1,686,127

100.0

%

0.7

%

13.1

%


BORROWINGS:

Federal funds purchased

0.0

%

0.0

%

15,000

17.1

%

0.0

%

-100.0

%

Subordinated debt

73,039

100.0

%

72,940

100.0

%

72,642

82.9

%

0.1

%

0.5

%

Total Borrowings

$

73,039

100.0

%

$

72,940

100.0

%

$

87,642

100.0

%

0.1

%

-16.7

%

Total Deposits and Borrowings

$

1,980,833

$

1,966,609

$

1,773,769

0.7

%

11.7

%

Core customer funding sources (1)

$

1,439,657

72.7

%

$

1,471,350

74.8

%

$

1,252,534

70.7

%

-2.2

%

14.9

%

Brokered and listing service sources (2)

468,137

23.6

%

422,319

21.5

%

433,593

24.4

%

10.8

%

8.0

%

Federal funds purchased

0.0

%

0.0

%

15,000

0.8

%

0.0

%

-100.0

%

Subordinated debt (3)

73,039

3.7

%

72,940

3.7

%

72,642

4.1

%

0.1

%

0.5

%

Total Funding Sources

$

1,980,833

100.0

%

$

1,966,609

100.0

%

$

1,773,769

100.0

%

0.7

%

11.7

%

(1)

Includes ICS, CDARS, and reciprocal deposits maintained by customers, which represent sweep accounts tied to customer operating accounts.

(2)

Consists of certificates of deposit (CD) through multiple listing services and multiple brokered deposit services, as well as ICS and CDARS one-way certificates of deposit and regional money market accounts.

Excludes $259.9 million in core deposits placed in reciprocal networks for FDIC insurance coverage that will be classified as brokered deposits on the call report in pursuant to rule 12 CFR 337.6(e) as of December 31, 2024.

(3)

Subordinated debt obligation qualifies as Tier 2 capital at the holding company and Tier 1 capital at the Bank.

 


UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(In thousands)


For the three months ended December 31,
2024


For the three months ended December 31,
2023


Average
Balance


Interest
Income/
Expense
(3)(4)


Average
Yields/ Rate
(annualized)
(3)(4)


Average
Balance


Interest
Income/
Expense
(3)(4)


Average
Yields/ Rate
(annualized)
(3)(4)


ASSETS:

Interest-earning assets:

Loans (1)(2)

$

1,808,894

$

31,323

6.87

%

$

1,720,790

$

30,951

7.14

%

Securities:

Taxable

53,566

431

3.19

%

55,646

451

3.22

%

Tax-exempt

35,512

332

3.71

%

37,614

339

3.58

%

Federal funds and interest-bearing deposits

263,595

3,103

4.67

%

114,421

1,510

5.24

%

Total interest-earning assets

$

2,161,567

$

35,189

6.46

%

$

1,928,471

$

33,251

6.84

%

Other assets

129,077

69,725

Total assets

$

2,290,644

$

1,998,196


Liabilities and Stockholders’ Equity:

Interest-bearing liabilities:

Interest-bearing demand deposits

$

231,496

$

2,612

4.48

%

$

98,021

$

1,027

4.16

%

Savings and NOW deposits

64,112

201

1.24

%

47,142

146

1.23

%

Money market deposits

514,235

5,475

4.22

%

477,916

5,538

4.60

%

Time deposits

809,924

10,003

4.90

%

710,026

8,187

4.57

%

Total interest-bearing deposits

$

1,619,767

$

18,291

4.48

%

$

1,333,105

$

14,898

4.43

%

Federal funds purchased

2

0.00

%

1,740

25

5.70

%

FHLB advances

8,424

118

5.56

%

Subordinated debt

73,001

787

4.28

%

72,603

828

4.52

%

Total interest-bearing liabilities

$

1,692,770

$

19,078

4.47

%

$

1,415,872

$

15,869

4.45

%

Demand deposits and other liabilities

370,332

365,655

Total liabilities

$

2,063,102

$

1,781,527

Stockholders’ Equity

227,542

216,669

Total Liabilities and Stockholders’ Equity

$

2,290,644

$

1,998,196


Interest Rate Spread

1.99

%

2.39

%


Net Interest Income

$

16,111

$

17,382


Net Interest Margin

2.96

%

3.58

%

(1)

Includes loans classified as non-accrual

(2)

Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs

(3)

Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of 21%

(4)

Refer to Appendix for reconciliation of non-GAAP measures

 


UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(In thousands)


For the year ended December 31, 2024


For the year ended December 31, 2023


Average
Balance


Interest
Income/
Expense
(3)(4)


Average
Yields/ Rate
(annualized)
(3)(4)


Average
Balance


Interest
Income/
Expense
(3)(4)


Average
Yields/ Rate
(annualized)
(3)(4)


ASSETS:

Interest-earning assets:

Loans (1)(2)

$

1,782,061

$

125,177

7.02

%

$

1,659,179

$

116,482

7.02

%

Securities:

Taxable

54,935

1,693

3.08

%

57,386

1,836

3.20

%

Tax-exempt

36,379

1,384

3.80

%

37,810

1,348

3.57

%

Federal funds and interest-bearing deposits

137,073

6,652

4.85

%

103,840

5,038

4.85

%

Total interest-earning assets

$

2,010,448

$

134,906

6.71

%

$

1,858,215

$

124,704

6.71

%

Other assets

126,138

73,590

Total assets

$

2,136,586

$

1,931,805


Liabilities and Stockholders’ Equity:

Interest-bearing liabilities:

Interest-bearing demand deposits

$

181,109

$

8,661

4.78

%

$

83,087

$

1,786

2.15

%

Savings and NOW deposits

54,385

754

1.39

%

49,565

546

1.10

%

Money market deposit

464,400

21,386

4.61

%

365,815

13,631

3.73

%

Time deposits

748,938

37,364

4.99

%

702,034

26,905

3.83

%

Total interest-bearing deposits

$

1,448,832

$

68,165

4.70

%

$

1,200,501

$

42,868

3.57

%

Federal funds purchased

9,941

575

5.78

%

5,583

299

5.36

%

FHLB advances

820

46

5.61

%

24,959

1,224

4.90

%

Subordinated debt

72,852

3,255

4.47

%

72,455

3,288

4.54

%

Total interest-bearing liabilities

$

1,532,445

$

72,041

4.70

%

$

1,303,498

$

47,679

3.66

%

Demand deposits and other liabilities

379,510

418,386

Total liabilities

$

1,911,955

$

1,721,884

Stockholders’ Equity

224,631

209,921

Total Liabilities and Stockholders’ Equity

$

2,136,586

$

1,931,805


Interest Rate Spread

2.01

%

3.05

%


Net Interest Income

$

62,865

$

77,025


Net Interest Margin

3.13

%

4.15

%

(1)

Includes loans classified as non-accrual

(2)

Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs

(3)

Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of 21%

(4)

Refer to Appendix for reconciliation of non-GAAP measures

 


UNAUDITED SUMMARY FINANCIAL DATA

(Dollars in thousands except share and per share data)


At or For the Three
Months Ended


At or For the Year Ended


December 31,


December 31,


2024


2023


2024


2023



Per share Data and Shares Outstanding

Earnings (loss) per common share (basic and diluted)

$

(2.20)

$

0.61

$

(1.60)

$

3.25

Book value per common share

$

23.77

$

25.81

$

23.77

$

25.81

Tangible book value per common share(2)

$

23.77

$

23.86

$

23.77

$

23.86

Weighted average common shares (basic and diluted)

7,603,318

7,527,327

7,606,391

7,522,913

Common shares outstanding at end of period

7,603,765

7,527,415

7,603,765

7,527,415



Performance Ratios

Return (loss) on average assets (annualized)

(2.80)

%

1.02

%

(0.47)

%

1.38

%

Return (loss) on average equity (annualized)

(28.19)

%

9.42

%

(4.44)

%

12.66

%

Return (loss) on average common equity (annualized)

(33.09)

%

10.28

%

(6.15)

%

13.37

%

Yield on earning assets (FTE) (2) (annualized)

6.46

%

6.84

%

6.71

%

6.71

%

Cost of interest bearing liabilities (annualized)

4.47

%

4.45

%

4.70

%

3.66

%

Net interest spread (FTE)(2) (annualized)

1.99

%

2.39

%

2.01

%

3.05

%

Net interest margin (FTE)(2) (annualized)

2.96

%

3.58

%

3.13

%

4.15

%

Non-interest income as a percentage of average assets (annualized)

0.14

%

0.17

%

0.15

%

0.17

%

Non-interest expense to average assets (annualized)

5.96

%

2.21

%

3.42

%

2.36

%

Efficiency ratio(3)

204.36

%

61.29

%

110.85

%

56.96

%



Asset Quality

Allowance for credit losses (ACL)

Beginning balance, ACL – loans

$

18,327

$

15,626

$

16,506

$

14,114

Add: recoveries

9

9

28

22

Less: charge-offs

(2,151)

(137)

(4,569)

(468)

Add: provision for (recovery of) credit losses – loans

3,265

1,008

7,485

1,943

Add: current expected credit losses, nonrecurring adoption

895

Ending balance, ACL – loans

$

19,450

$

16,506

$

19,450

$

16,506

Beginning balance, reserve for unfunded commitment (RUC)

$

145

$

1,552

$

1,009

$

Add: current expected credit losses, nonrecurring adoption

1,310

Add: provision for (recovery of) unfunded commitments, net

142

(543)

(722)

(301)

Ending balance, RUC

$

287

$

1,009

$

287

$

1,009

Total allowance for credit losses

$

19,737

$

17,515

$

19,737

$

17,515

Allowance for credit losses on loans to total gross loans

1.06

%

0.96

%

1.06

%

0.96

%

Allowance for credit losses to total gross loans

1.08

%

1.01

%

1.08

%

1.01

%

Allowance for credit losses on loans to non-performing loans

89.84

%

16.44X

89.84

%

16.44X

Net charge-offs (recoveries) to average gross loans (annualized)

0.46

%

0.03

%

0.25

%

0.03

%



Concentration Ratios

Commercial real estate loans to total capital (4)

393.79

%

372.50

%

393.79

%

372.50

%

Construction loans to total capital (5)

131.92

%

137.67

%

131.92

%

137.67

%



Non-performing Assets

Loans 30-89 days past due and accruing to total gross loans

0.00

%

0.04

%

0.00

%

0.04

%

Loans 90 days past due and accruing to total gross loans

0.00

%

0.00

%

0.00

%

0.00

%

Non-accrual loans to total gross loans

1.18

%

0.06

%

1.18

%

0.06

%

Other real estate owned

$

$

$

$

Non-performing loans

$

21,650

$

1,004

$

21,650

$

1,004

Non-performing assets to total assets

0.97

%

0.05

%

0.97

%

0.05

%



Regulatory Capital Ratios (Bank only)




(1)



Total risk-based capital ratio

15.69

%

17.18

%

15.69

%

17.18

%

Tier 1 risk-based capital ratio

14.64

%

16.22

%

14.64

%

16.22

%

Leverage ratio

12.08

%

14.66

%

12.08

%

14.66

%

Common equity tier 1 ratio

14.64

%

16.22

%

14.64

%

16.22

%



Other information

Closing stock price

$

18.10

$

24.81

$

18.10

$

24.81

Tangible equity / tangible assets (2)

9.33

%

10.24

%

9.33

%

10.24

%

Average tangible equity / average tangible assets (2)

9.21

%

10.22

%

9.80

%

10.31

%

Number of full time equivalent employees

204

186

204

186

Number of full service branch offices

6

6

6

6

(1)

Regulatory capital ratios as of December 31, 2024 are preliminary

(2)

Refer to Appendix for reconciliation of non-GAAP measures

(3)

Efficiency ratio is calculated as non-interest expense as a percentage of net interest income and non-interest income

(4)

Commercial real estate includes only non-owner occupied, multifamily, and construction loans as a percentage of Bank capital

(5)

Construction loans as a percentage of Bank capital

 


Unaudited Reconciliation of Certain Non-GAAP Financial Measures


(Dollars In thousands)


For the three months
ended December 31,


For the year ended
December 31,


2024


2023


2024


2023


Net interest margin (FTE)

Net interest income (GAAP)

$

16,041

$

17,311

$

62,574

$

76,742

FTE adjustment on tax-exempt securities

70

71

291

283

Net interest income (FTE) (non-GAAP)

16,111

17,382

62,865

77,025

Average interest earning assets

2,161,567

1,928,471

2,010,448

1,858,215

Net interest margin (GAAP)

2.94

%

3.56

%

3.11

%

4.13

%

Net interest margin (FTE) (non-GAAP)

2.96

%

3.58

%

3.13

%

4.15

%


For the three months
ended December 31,


For the year ended
December 31,


2024


2023


2024


2023


Yield on earning assets (FTE)

Total interest income (GAAP)

$

35,119

$

33,180

$

134,615

$

124,421

FTE adjustment on tax-exempt securities

70

71

291

283

Total interest income (FTE) (non-GAAP)

35,189

33,251

134,906

124,704

Average interest earning assets

2,161,567

1,928,471

2,010,448

1,858,215

Yield on earning assets (GAAP)

6.45

%

6.83

%

6.70

%

6.70

%

Yield on earning assets (FTE) (non-GAAP)

6.46

%

6.84

%

6.71

%

6.71

%


For the three months
ended December 31,


For the year ended
December 31,


2024


2023


2024


2023


Net Income and earnings per share, adjusted

Net Income (loss), as reported

$

(16,167)

$

5,146

$

(9,980)

$

26,585

Less: nonrecurring intangible impairment

(19,721)

(19,721)

Less: nonrecurring restructuring expenses

(430)

(430)

Less: nonrecurring other expenses

(296)

(890)

Related income tax benefit

4,633

4,763

Net income (loss), adjusted

(353)

5,146

6,298

26,585

Preferred stock dividends

539

539

2,156

2,156

Net income (loss) available to common shareholders, adjusted

(892)

4,607

4,142

24,429

Weighted average shares – basic and diluted

7,603,318

7,527,327

7,606,391

7,522,913


Earnings (loss) per common share, basic and diluted, adjusted

Earnings (loss) per common share, basic and diluted, as reported

$

(2.20)

$

0.61

$

(1.60)

$

3.25

Nonrecurring expenses per share, net of taxes

2.08

2.14

Earnings (loss) per common share, basic and diluted, adjusted

$

(0.12)

$

0.61

$

0.54

$

3.25


Adjusted Return (loss) on Average Assets (ROAA)

Average assets, as reported

2,290,644

1,998,196

2,136,586

1,931,805

Annualized ROAA, as reported

(2.80)

%

1.02

%

(0.47)

%

1.38

%

Annualized ROAA, as adjusted

(0.06)

%

1.02

%

0.29

%

1.38

%


Adjusted Return (loss) on Average Equity (ROAE)

Average equity, as reported

227,542

216,669

224,631

209,921

Annualized ROAE, as reported

(28.19)

%

9.42

%

(4.44)

%

12.66

%

Annualized ROAE, as adjusted

(0.62)

%

9.42

%

2.80

%

12.66

%


Efficiency Ratio, adjusted

Noninterest expenses, as reported

34,431

11,338

72,967

45,616

Less: nonrecurring intangible impairment

(19,721)

(19,721)

Less: nonrecurring restructuring expenses

(430)

(430)

Less: nonrecurring other expenses

(296)

(890)

Noninterest expenses, adjusted for nonrecurring expenses

13,984

11,338

51,926

45,616

Efficiency ratio, as reported

204.36

%

61.29

%

110.85

%

56.96

%

Efficiency ratio, as adjusted

83.00

%

61.29

%

78.88

%

56.96

%


For the three months
ended December 31,


For the year ended
December 31,


2024


2023


2024


2023


Net interest spread (FTE)

Yield on earning assets (GAAP)

6.45

%

6.83

%

6.70

%

6.70

%

Yield on earning assets (FTE) (non-GAAP)

6.46

%

6.84

%

6.71

%

6.71

%

Yield on interest-bearing liabilities (GAAP)

4.47

%

4.45

%

4.70

%

3.66

%

Net interest spread (GAAP)

1.98

%

2.38

%

1.99

%

3.04

%

Net interest spread (FTE) (non-GAAP)

1.99

%

2.39

%

2.01

%

3.05

%


As of December 31,


As of December 31,


2024


2023


2024


2023


Tangible common stockholders’ equity

Total stockholders equity (GAAP)

$

207,991

$

221,517

$

207,991

$

221,517

Less: intangible assets

(14,657)

(14,657)

Tangible stockholders’ equity (non-GAAP)

207,991

206,860

207,991

206,860

Less: preferred stock

(27,263)

(27,263)

(27,263)

(27,263)

Tangible common stockholders’ equity (non-GAAP)

180,728

179,597

180,728

179,597

Common shares outstanding

7,603,765

7,527,415

7,603,765

7,527,415

Tangible book value per common share (non-GAAP)

$

23.77

$

23.86

$

23.77

$

23.86


As of December 31,


As of December 31,


2024


2023


2024


2023


Stockholders equity, adjusted

Total stockholders equity (GAAP)

$

207,991

$

221,517

$

207,991

$

221,517

Less: intangible assets

(14,657)

(14,657)

Total tangible stockholders equity (non-GAAP)

207,991

206,860

207,991

206,860


As of December 31,


As of December 31,


2024


2023


2024


2023


Total tangible assets

Total assets (GAAP)

$

2,228,098

$

2,035,432

$

2,228,098

$

2,035,432

Less: intangible assets

(14,657)

(14,657)

Total tangible assets (non-GAAP)

2,228,098

2,020,775

2,228,098

2,020,775


For the three months
ended December 31,


For the year ended
December 31,


2024


2023


2024


2023


Average tangible stockholders’ equity

Total average stockholders’ equity (GAAP)

$

227,542

$

216,669

$

224,631

$

209,921

Less: average intangible assets

(18,327)

(13,929)

(16,989)

(11,996)

Total average tangible stockholders’ equity (non-GAAP)

209,215

202,740

207,642

197,925


For the three months
ended December 31,


For the year ended
December 31,


2024


2023


2024


2023


Average tangible assets

Total average assets (GAAP)

$

2,290,644

$

1,998,196

$

2,136,586

$

1,931,805

Less: average intangible assets

(18,327)

(13,929)

(16,989)

(11,996)

Total average tangible assets (non-GAAP)

2,272,317

1,984,267

2,119,597

1,919,809

 

Contact: Billy Freesmeier
Chief of Staff
Desk (703) 481-4579

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mainstreet-bancshares-inc-reports-2024-results-302360749.html

SOURCE MainStreet Bancshares, Inc.

NEWTON GOLF Company Provides Preliminary Financial Results for Fourth Quarter 2024 and Full Year 2024

CAMARILLO, CA, Jan. 27, 2025 (GLOBE NEWSWIRE) —

NEWTON GOLF Company
 (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the fourth quarter of 2024 (three months ended December 31, 2024) and full year of 2024 ahead of its quarterly filing.


Financial Highlights

  • Revenue is expected to be between $1.1 million – $1.3 million in 4Q24, an increase of 882% at the midpoint of the range from revenue of $117,000 in 4Q23
  • Gross margin is expected to increase from 36% in 4Q23 to 72-74% in 4Q24, driven by increased sales and efficiencies in the manufacturing process in calendar 2024
  • Full year 2024 revenue is expected to increase from $349,000 in fiscal 2023 to $3.4 million – $3.6 million, representing almost 10-fold growth
  • Full year 2024 gross margin is expected to increase from 35% in fiscal 2023 to 65-67%, driven by increased volume in manufacturing in calendar 2024


2024 Corporate Highlights

  • Announced a complete rebranding of the Company to NEWTON GOLF Company
  • Launched the Newton Fairway Motion shafts
  • Launched the new Newton Gravity premium putter line through the introduction of five new putter models
  • Expanded the Company’s global presence with the launch of the Newton Motion shafts in 50 of Japan’s largest golf retail locations
  • Increased the number of golf professionals using the Newton Motion Shafts on the PGA TOUR Champions from less than five at the beginning of 2024 to 34 at the end of 2024
  • Executed successful digital campaigns with high return on ad spending that were instrumental in the Company’s revenue growth
  • Closed on $9.1 million in financings to support the Company’s strategic growth
  • Introduced new advanced performance shafts for higher swing speeds in January 2025

NEWTON GOLF Executive Chairman Greg Campbell commented, “Our expected improved results in 4Q24 and full year 2024 is reflective of the growing acceptance of our unique technology and design elements in our putters and replacement shafts. We recognized significantly increased sales of our NEWTON Motion replacement shafts throughout 2024 from both professional and recreational golfers, and we expect that momentum to continue in 2025. Despite it being generally off season for golf, we were pleased with our Black Friday and Cyber Monday sales, and we look forward to improved gross margin performance as we scale production and bring down unit cost.”

This press release contains preliminary estimated financial results for the quarter and fiscal year ended December 31, 2024, and the financial results may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

About NEWTON GOLF: A Sacks Parente Company

NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

Investor Contact for NEWTON GOLF

CORE IR
516-222-2560
[email protected]



FERC Reinstates Certificate for Transco’s Regional Energy Access Expansion

FERC Reinstates Certificate for Transco’s Regional Energy Access Expansion

TULSA, Okla.–(BUSINESS WIRE)–
Williams (NYSE: WMB) announced today that the Federal Energy Regulatory Commission (FERC) issued an Order on Remand Reinstating Certificate and Abandonment Authorization to Transco for the Regional Energy Access Expansion (REA) late Friday, Jan. 24, 2025. The Order reinstates the certificate for REA as issued in its original certificate order and will take effect immediately upon the issuance of the mandate by the D.C. Circuit Court of Appeals.

“Williams appreciates FERC’s swift action at a time when natural gas infrastructure is being called on to reliably deliver at record volumes. The recent bitter cold conditions across the Northeast are an important reminder of the vital role transmission pipelines play in delivering the natural gas necessary to keep millions of Americans warm, safe and secure,” said Alan Armstrong, president and chief executive officer of Williams.

The REA project provides critical access to gas supplies, easing supply constraints, and delivering reliable service to customers in New Jersey, New York, Pennsylvania, and Maryland, with the capacity to provide enough natural gas to serve approximately 4.4 million homes annually. Recently, natural gas volumes on Transco have surged due to frigid temperatures, in addition to normal demand in the power and industrial sectors. This led Transco to achieve another all-time peak day on Jan. 23, 2025, with a total volume of 19.17 Bcf/d.

About Williams

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably, and responsibly meeting growing energy demand. We use our 33,000-mile pipeline infrastructure to move a third of the nation’s natural gas to where it’s needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future – by powering the global economy while delivering immediate emissions reductions within our natural gas network and investing in new energy technologies. Learn more at www.williams.com.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.

MEDIA:

[email protected]

(800) 945-8723

INVESTOR CONTACT:

Danilo Juvane

(918) 573-5075

Caroline Sardella

(918) 230-9992

KEYWORDS: United States North America Oklahoma

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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FrieslandCampina Selects Wipro to Transform their IT Operations

FrieslandCampina Selects Wipro to Transform their IT Operations

AMERSFOORT, Netherlands & BENGALURU, India–(BUSINESS WIRE)–
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, today announced that it has been selected by FrieslandCampina, a global dairy company with over 150 years of heritage, as their trusted strategic partner to deliver business outcomes aligned with FrieslandCampina’s strategic ambition.

During the five-and-a-half-year engagement, Wipro will be managing the company’s Core IT Services and will provide FrieslandCampina with support in key areas including end-to-end Service Management, Infrastructure & Cybersecurity Services as well as Enterprise Application Management Services.

This engagement will also encompass overarching digital transformation programs, HR and employee services to ensure leading operational excellence, end-user experience, and business continuity.

Graziella Neuvéglise, Regional Head and Managing Director – Benelux, Nordics and Southern Europe, Wipro Limited, said “We are excited to work with FrieslandCampina on this comprehensive partnership. Leveraging our wide-ranging technology expertise, we will support FrieslandCampina’s strategic objectives of enhancing profitability and sustainable growth; with IT services designed to improve business outcomes and drive innovation.”

Holger Janßen, Global Director Enterprise Technology Services, FrieslandCampina, said “Our strategic partnership with Wipro is a pivotal element to achieve our long-term vision. Leveraging Wipro’s extensive expertise in IT delivery and transformation will be instrumental in continuously elevating our efficiency and ability to innovate fast.”

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations, and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

Wipro Media Contact:

Wipro Media Relations

[email protected]

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Meet the Faces of Zen: Elanco’s Zenrelia™ (ilunocitinib tablets) Helps Allergic Dogs Get Back to Normal

PR Newswire

  • Hunter, Trooper, Scrappy and Buckaroo find zen by using Zenrelia
  • Newly published study in a leading peer-reviewed, international journal, Veterinary Dermatology, compares clinical outcomes between Zenrelia and Apoquel® (oclacitinib tablet)

GREENFIELD, Ind., Jan. 27, 2025 /PRNewswire/ — Scratching, rubbing, chewing, licking. All signs of an irritated, itchy dog. With approximately 17 million U.S. dogs suffering from allergic skin disease, including atopic dermatitis, food allergies or flea sensitivity,i,ii these are the sounds too many pet parents and veterinarians hear. Today, Elanco Animal Health Incorporated (NYSE: ELAN), is introducing some of the first allergic dogs who have found zen and gotten back to normal by using Zenrelia. Zenrelia, which was approved by the U.S. Food and Drug Administration (FDA) and launched in September 2024, is a highly effective, convenient and safe once-daily oral JAK inhibitor for control of pruritus (itching) associated with allergic dermatitis and control of atopic dermatitis in dogs at least 12 months of age.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/elanco/9235451-en-elanco-zenrelia-canine-dermatology

“Our research shows that when pet owners see their dog at their worst levels of itch, they’re concerned, stressed, frustrated and anxious,iii” said Bobby Modi, Executive Vice President, U.S. Pet Health and Global Digital Transformation. “Pet owners shouldn’t allow allergic itch to disrupt zen for them or their pups. Zenrelia is designed to begin working from the very first doseiv and help get dogs back to normal.”v

In fact, a newly published study in a leading peer-reviewed, international journal, Veterinary Dermatology, described the findings of a randomized, clinical trial which compared Zenrelia to the leading JAK inhibitor, Apoquel, in over 300 allergic dogs. The full study findings can be found at: https://doi.org/10.1111/vde.13319.   

The Zenrelia label includes a boxed warning related to concurrent vaccine administration based on the results of a vaccine response study. It’s important for veterinarians to read the entire package insert, including the Boxed Warning, before prescribing Zenrelia.

Meet Some of the Faces of Zen
According to a survey of pet owners, itchy dog owners are eager to get back to a normal life with their dogs, with 82% agreeing they dream of the day their itchy dog becomes normal again and they understand that effective treatment is part of that solution.ii With Zenrelia now widely available, Zenrelia has expanded beyond the clinical trial to helping dogs across the country—and their pet owners—find zen. These real-world results give hope to millions of pet parents whose pets suffer from itch.


Hunter from Ohio

, found his zen with Zenrelia. This eight-year-old Chocolate lab suffered with dermatitis most of his life and as he got older, his symptoms—especially licking at his feet and lower legs got worse. His pet parent, Cristy, a receptionist at a vet clinic, tried everything her veterinarian had recommended to bring Hunter relief. Hunter had an extensive regimen of injections every 3-4 weeks, medicated shampoos and wipes, antihistamines, and during parts of the year when he was worse, he was on steroids. Even with this intensive routine his symptoms were never fully controlled—until Hunter took Zenrelia.

“His back feet were pretty much naked up until his first joint and his front feet would be scabby and scaly from the constant licking,” Cristy said. “It was really discouraging as his dog mom that I couldn’t do anything to help him. He’s so much more comfortable since being on Zenrelia. It’s such a relief that he has relief.”

According to Cristy, “It’s worth talking to your veterinarian to see if it’s something that your dog would benefit from.” Individual results may vary and dogs should be up to date on vaccinations prior to starting Zenrelia.


Trooper
, a four-year-old Yorkshire Terrier, from Arizona, first got back to normal levels of itch when he participated in the Zenrelia clinical trial. When the trial concluded, the itch returned. His owner, Robin, was excited to get him back on the treatment now that Zenrelia is widely available.

“Allergies are something he’s going to have to suffer with his whole life,” said Trooper’s pet parent, Robin. “Having a solution for his allergies is such a relief. It makes my heart happy that I will be able to afford it and give him the relief he deserves.”

Lisa, pet mom to 9-year-old Yorkshire Terrier-Chihuahua mix Scrappy said she “tried everything under the sun” to help bring Scrappy relief. Scrappy’s itching reached the point he lost a significant amount of fur, he didn’t want to play or go on walks and no one was getting a good night’s rest. Lisa tried numerous treatment options and felt depleted knowing his itch was never fully controlled, until she tried Zenrelia. After two days on Zenrelia, his itch level improved and after eight weeks on Zenrelia, Lisa is happy and relieved to see Scrappy back to a normal dog. According to Lisa, his hair has re-grown, he’s taking long walks and he’s a happy boy.  

“I was excited to get Trooper, Scrappy and some other patients started on Zenrelia as soon as it was available to order,” said Dr. Tom Lewis, veterinary dermatologist and founder of Dermatology for Animals, a group of veterinary dermatology clinics committed to caring for pets with allergies. “Seeing these dogs get back to normal levels of itch and seeing the bond restored between the dog and pet parents is incredibly rewarding. Pet owners should contact their veterinarian and ask if Zenrelia is right for their dog.”

Buckaroo, an eight-year-old mixed breed from Texas, tried numerous treatment options without relief, including steroids and immunotherapy–until his veterinarian recommended Zenrelia. The photos show Buckaroo’s skin before Zenrelia, after three weeks of treatment, and after eight weeks of treatment. His owner noted, “he’s now the happiest boy in the world and his energy levels have increased dramatically.”

“I’ve had the opportunity to use Zenrelia in my practice and it’s helped several of my patients get back to normal levels of itch,” said Dr. Brittany Lancellotti, a veterinary dermatologist at Veterinary Skin and Ear in Los Angeles, California. “In the fight against allergic dermatitis, I’ve found that every dog is different – it’s great to have another effective treatment option in my toolbox.”

“I work with dermatologists around the country through the American College of Veterinary Dermatology,” said Dr. Andrew Rosenberg, dermatologist, and director of medical operations at Animal Dermatology Clinic in New York and President of the American College of Veterinary Dermatology (ACVD). “It’ great to have another tool in the toolbox especially for both new and severe cases.”

Veterinarians in the U.S. can learn more and place orders for Zenrelia now at ZenreliaForVets.com.

ABOUT ELANCO

Elanco Animal Health Incorporated (NYSE: ELAN) is a global leader in animal health dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets, creating value for farmers, pet owners, veterinarians, stakeholders and society as a whole. With 70 years of animal health heritage, we are committed to breaking boundaries and going beyond to help our customers improve the health of animals in their care, while also making a meaningful impact on our local and global communities. At Elanco, we are driven by our vision of Food and Companionship Enriching Life and our Elanco Healthy Purpose™ sustainability pillars – all to advance the health of animals, people, the planet and our enterprise. Learn more at www.elanco.com

INDICATIONS

Zenrelia is a prescription medication used to control itching and inflammation associated with skin allergies for dogs over 12 months of age. 


IMPORTANT SAFETY INFORMATION


See package insert including the Boxed Warning. For full prescribing information speak with your veterinarian, call 1 888 545 5973 or visit www.elancolabels.com/us/zenrelia

WARNING: VACCINE-INDUCED DISEASE AND INADEQUATE IMMUNE RESPONSE TO VACCINES. Based on results of the vaccine response study, dogs receiving Zenrelia are at risk of fatal vaccine-induced disease and inadequate immune response to vaccines. Dogs should not take Zenrelia for a time period before and after vaccination. Discuss your dog’s vaccine schedule with your veterinarian. Dogs should be up to date on vaccinations prior to starting Zenrelia. Do not use in dogs less than 12 months old or dogs with a serious infection. Dogs should be monitored for the development of infections because Zenrelia may increase the chances of developing an infection. Neoplastic conditions (benign and malignant) were observed during clinical studies. The most common side effects were vomiting, diarrhea and tiredness. Zenrelia has not been tested in dogs used for breeding, pregnant, or lactating dogs and has not been evaluated in combination with glucocorticoids, cyclosporine, or other immune suppressive drugs.  

Zenrelia, Elanco and the diagonal bar logo are trademarks of Elanco or its affiliates. Apoquel is a trademark of Zoetis Services, LLC. © 2025 Elanco or its affiliates.


i AVMA Pet Ownership and Demographic Sourcebook 2022.

ii Elanco Animal Health. Data on File.

iii Elanco and FleishmanHillard TRUE Global Intelligence Survey.

iv Elanco Animal Health. Data on File. 

v Elanco Animal Health. Data on File.

Meet the Faces of Zen: Elanco’s Zenrelia™ (ilunocitinib tablets) Helps Allergic Dogs Get Back to Normal

 

Elanco_Logo

Investor Contact: Tiffany Kanaga (765) 740-0314 [email protected]

Media Contact: Season Solorio (765) 316-0233 [email protected]  

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SOURCE Elanco Animal Health

Boost Mobile Recognized as the #1 Mobile Network in New York City

PR Newswire

Boost Mobile leads in network performance and reliability across NYC – ahead of AT&T, T-Mobile and Verizon – according to independent third-party industry expert umlaut in their recently published NYC Audit Report.


LITTLETON, Colo.
, Jan. 27, 2025 /PRNewswire/ — Boost Mobile is the best and most reliable network in New York City (NYC), according to umlaut’s latest NYC Audit Report.[i] Based on data collected from real network users, Boost Mobile ranked first in several categories, including network performance, reliability and data.

The report, which measured the performance of all major mobile networks in New York City, crowned the Boost Mobile Network as the leader in the following categories:

  • #1 Network in NYC: Boost Mobile achieved the highest overall score in mobile network performance, beating the closest competitor by 26 points.
  • #1 Network for Reliability in NYC: Boost Mobile was rated the most reliable network with more consistent connectivity than any other network competitor.
  • #1 in Data Performance and Reliability in NYC: Boost Mobile leads in data performance and reliability, delivering faster speeds and more dependable internet access across the city than competing networks.

“Boost Mobile is proud to be recognized by umlaut as the best and most reliable mobile network in New York City,” said Eben Albertyn, EVP and Chief Technology Officer, Boost Mobile. “Today Boost Mobile operates America’s newest and only 5G standalone Open RAN network that features American vendors and infrastructure. We built a modern network in just three short years that already rivals legacy networks in NYC.”

“With the best network in New York City and unlimited 5G plans at a fraction of the cost compared to competitors, there’s never been a better time to switch to Boost Mobile,” added Albertyn.

Lightning-Fast and Reliable 5G
Customers can enjoy 5G speeds on the latest devices, including iPhone 16 and Samsung Galaxy S25 series, as well as affordable 5G smartphones like the Summit 5G and Celero5G+, available exclusively from Boost Mobile. Whether streaming your favorite HD content, using generative AI to enhance productivity, making video calls or gaming with friends, Boost Mobile’s 5G network delivers fast connectivity wherever you go.

“At Boost Mobile, we’re focused on delivering customers real value, in contrast to other carriers that are overcharging consumers for 5G wireless and putting restrictions around how they purchase,” said Sean Lee, SVP of Consumer Product and Marketing, Boost Mobile. “With our brand new nationwide 5G network and affordable plans, we’re making it easier than ever for people to switch to Boost Mobile and save hundreds of dollars annually compared to other major carriers – all without requiring a contract or trade-in.”

Plus, new and existing customers can receive a free year of service on Boost Mobile’s Unlimited $25/month plan when they purchase an eligible 5G phone, including the latest Apple and Samsung devices, on BoostMobile.com.[ii]

With Boost Mobile now officially the best and most reliable network in New York City—and fast 5G speeds nationwide—it’s a no-brainer! Switch to Boost Mobile today.

Visit BoostMobile.com to explore the latest offers and start saving.

About Boost Mobile
Boost Mobile offers the best value in wireless with simple, flexible and transparent plans starting at $25/mo. for unlimited 5G. Boost Mobile’s nationwide cloud-native O-RAN 5G network delivers lightning-fast speeds, reliability, and coverage on the latest 5G devices. Customers enjoy no annual service contracts and the freedom to upgrade their devices anytime without a trade-in. Experience Boost Mobile’s risk-free 30-day money-back guarantee and learn more about our services on Facebook, Instagram and YouTube. Boost Mobile is the nation’s newest nationwide mobile carrier in the U.S. and a brand under EchoStar Corporation (NASDAQ: SATS).


[i]
 Independent third-party umlaut conducted a network audit of New York City including drive and walk tests from Oct. 2024.
[ii] Must purchase an eligible phone outright to receive a free year of service. Taxes and fees extra.

 

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SOURCE EchoStar Corporation

Yankee Candle® Unveils New ‘Hello, Italy!’ Collection – A Celebration of Mediterranean Fragrances and Beauty

PR Newswire

New Fragrances Capture the Essence of Italy’sOlive Groves, Lemon Zest and Costal Breezes 


SOUTH DEERFIELD, Mass.
, Jan. 27, 2025 /PRNewswire/ — The Yankee Candle Company, Inc., a leader in home fragrance and part of the Newell Brands portfolio, announces the launch the Hello, Italy! Collection. The captivating, new spring line is inspired by the charm, vibrancy, and breathtaking beauty of Italy, bringing the spirit of the Mediterranean into homes around the world.

From the sun-kissed beaches of Capri to Tuscany’s lush landscapes, the Hello, Italy! Collection brings the magic of Italy’s iconic destinations to life. Each fragrance immerses you in the country’s rich traditions, culinary delights, and unforgettable scenery.

Italy has always been top dream vacation destination; the food, the views, and the culture can’t be beaten – so we wanted to bring those fragrances to life to be enjoyed every day, no matter where you are.” said Nick Virginio, Senior Director of Yankee Candle. “With the Hello, Italy! collection, we’ve blended the fragrances of Italy’s natural wonders and culinary heritage to bring a taste of its magic to our customers’ homes. Hello, Italy! is an invitation to savor life’s beautiful moments through the essence of Italy.”

A Journey Through Fragrance
The Hello, Italy! collection combines earthy, citrusy, and sweet fragrance notes to evoke the joy of Italian gatherings, indulgent feasts, and picturesque adventures. Each candle’s design is adorned with elements of mystic-inspired prints, pictorial patchwork, and ceramic-inspired textures that reflect the beauty of Italian art and architecture.

The collection features five new fragrances, available for a limited time only:

  • Capri Glow: Bask in the summer glow of Capri’s sandy beaches with scents of sun-kissed amber, frangipani blossoms, and a splash of citrus zest.
  • Azure Sky: Aromas of fresh mango, sweet coconut cream, and solar tuberose waft through the air, washing over you like a gentle wave on the Positano coastline.
  • Lemon Gelato: Cool down your Sicilian summer afternoon with a delicious frozen dessert, complete with scents of icy lemon, sweet gelato, and fizzy citrus.
  • Olive & Cypress: Stroll through Tuscany’s magnificent forests, surrounded by the captivating fragrances of olive trees, rosemary, and lush cypress.
  • Pistachio Latte: Grab a quick pick-me-up at a Roman coffee bar, where notes of pistachio, creamy coconut milk, and sugared vanilla swirl together in a sumptuous concoction.

Sizing and Availability
The Hello, Italy! collection is available for purchase now on YankeeCandle.com, at Yankee Candle retail locations, and through leading retailers including Target, Meijer and Kohl’s. Sizes range from 1.3 ounces for the mini filled votives to 22 ounces for the large apothecary jar. Select fragrances are also available in ScentPlug® refills, wax melts, small tumblers, medium pillars, 3-wick candles, and melt cups.

To explore the full range of Yankee Candle fragrances, please visit www.YankeeCandle.com and follow us on Instagram (@YankeeCandle), Facebook (@YankeeCandle) and Pinterest (@YankeeCandle).


About Yankee Candle

The Yankee Candle Company, Inc. is an American company with a unique 50-year history of creating evocative, mood-setting, and long-lasting fragrance for the home. The company offers a wide range of distinctive products, from the brand’s iconic candles to home & car air fresheners, gifts and more. The Yankee Candle Company, Inc., is a wholly owned subsidiary of Newell Brands Inc. and is sold through mass and specialty retailers, online and in Yankee Candle retail stores. Outside of North America, the Company sells its products primarily through its subsidiary, Yankee Candle Company (Europe) Ltd., which has an international wholesale customer network. 


About Newell Brands

Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie®, Graco®, Coleman®, Rubbermaid Commercial Products®, Yankee Candle®, Paper Mate®, FoodSaver®, Dymo®, EXPO®, Elmer’s®, Oster®, NUK®, Spontex® and Campingaz®. Newell Brands is focused on delighting consumers by lighting up everyday moments.

This press release and additional information about Newell Brands are available on the company’s website, www.newellbrands.com.

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SOURCE Newell Brands

Mainz Biomed N.V. Regains Compliance with Nasdaq Capital Market Listing Requirements

BERKELEY, Calif. and MAINZ, Germany, Jan. 27, 2025 (GLOBE NEWSWIRE) — Mainz Biomed NV (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a molecular genetics diagnostic company specializing in the early detection of cancer, announced today that on January 23, 2025, the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) confirming that it has regained compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market set forth in Listing Rule 5550(b)(1). Mainz Biomed had previously received confirmation that it had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Mainz Biomed is now in full compliance with all Nasdaq continued listing requirements and will continue to be listed and traded on The Nasdaq Capital Market.


Please visit Mainz Biomed’s official website for investors at mainzbiomed.com/investors/ for more information

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About Mainz Biomed NV

Mainz Biomed develops market-ready molecular genetic diagnostic solutions for life-threatening conditions. The Company’s flagship product is ColoAlert®, an accurate, non-invasive and easy-to-use, early-detection diagnostic test for colorectal cancer. ColoAlert® is marketed across Europe and the United Arab Emirates. The Company is currently running a pivotal FDA clinical study for US regulatory approval. Mainz Biomed’s product candidate portfolio also includes PancAlert, an early-stage pancreatic cancer screening test based on real-time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples. To learn more, visit mainzbiomed.com or follow us on LinkedIn, Twitter and Facebook.

For media inquiries

MC Services AG
Anne Hennecke/ Simone Neeten
+49 211 529252 20
[email protected]
For investor inquiries, please contact [email protected]

Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and related targets; (ii) changes in applicable laws or regulations; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in its initial filings with the SEC, including its annual report on Form 20-F filed on April 9, 2024. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Mainz Biomed and speaks only as of the date on which it is made. Mainz Biomed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.



ImmunoPrecise Antibodies (IPA) Announces Completion of At-the-Market Equity Offering and Full Conversion of Yorkville Debenture

ImmunoPrecise Antibodies (IPA) Announces Completion of At-the-Market Equity Offering and Full Conversion of Yorkville Debenture

IPA Successfully Executes Strategic Capital Initiatives, Strengthening Financial Position for Growth

AUSTIN, Texas–(BUSINESS WIRE)–
ImmunoPrecise Antibodies Ltd. (“IPA” or the “Company”) (NASDAQ: IPA), a leader in AI-driven antibody discovery and development, today announced the successful completion of its previously disclosed USD $8.8 million “at-the-market” equity offering program (the “ATM Program”) alongside the full conversion of its outstanding debenture with Yorkville Advisors, significantly enhancing the Company’s capital structure.

Strategic ATM Offering Raises USD $7.0 Million

Utilizing their ATM program, the Company generated approximately USD $7.0 million in gross proceeds. The Company utilized the ATM strategically, enabling them to dramatically reduce the cost of capital while reinforcing their financial position.

“The successful execution of our ATM Program underscores investor confidence in IPA’s vision and technology,” said Dr. Jennifer Bath, CEO of ImmunoPrecise Antibodies. “By deploying this program strategically, we optimized our financing approach, reducing our cost of capital while maintaining the flexibility needed to accelerate innovation in AI-driven antibody discovery.”

Yorkville Debenture Fully Converted

In addition to the ATM Program completion, IPA has now fully satisfied its outstanding obligations with Yorkville Advisors, as Yorkville has converted all principal amounts under the debenture agreement into common shares. This marks a significant milestone in eliminating near-term debt obligations, further strengthening IPA’s balance sheet.

“We greatly appreciate the partnership and flexibility provided by Yorkville Advisors throughout this process,” added Dr. Bath. “Their structured investment approach has been instrumental in allowing us to execute on key strategic initiatives while maintaining operational momentum.”

With the completion of the ATM Program and Yorkville’s full conversion, IPA is in a stronger financial position, allowing the Company to continue executing its growth strategy and advancing its AI-powered therapeutic discovery platform, LENSai.

About ImmunoPrecise Antibodies Ltd.

ImmunoPrecise Antibodies Ltd. is a biotechnology company that leverages multi-omics modeling and complex artificial intelligence through a series of proprietary and patented technologies. The Company owns an integrated end-to-end suite of capabilities to support the development of therapeutic antibodies and are known for solving very complex industry challenges. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the “IPA Family”).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements often include words such as “expects,” “intends,” “anticipates,” “believes,” or variations thereof, or state that certain actions, events, or results “may,” “will,” “could,” or “might” occur. These statements relate to, among other things, the anticipated benefits of the Company’s capital structure optimization, the potential impact of the ATM proceeds and Yorkville conversion on financial flexibility, and the Company’s ability to execute its growth strategy and advance its AI-driven antibody discovery platform.

Although the Company believes it has a reasonable basis for these forward-looking statements, they are based on current expectations, assumptions, and projections about future events that involve risks and uncertainties. Actual results may differ materially from those expressed or implied due to factors largely beyond the Company’s control, including but not limited to market conditions, investor sentiment, regulatory requirements, financial and operational risks, and competitive dynamics.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied herein. Additional information on risks and uncertainties can be found in the Company’s Annual Report on Form 20-F, as amended, for the year ended April 30, 2024 (available on the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov/edgar). Should any of these risks materialize, actual results could vary significantly.

Readers are cautioned not to place undue reliance on forward-looking statements, which reflect the Company’s expectations only as of the date of this release. The Company assumes no obligation to update or revise these statements, except as required by law.

Investor Relations Contact

[email protected]

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INDUSTRY KEYWORDS: Technology Research Infectious Diseases Software Biotechnology Health Other Science Science Artificial Intelligence

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