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ST. PETERSBURG, Fla., Aug. 23, 2023 (GLOBE NEWSWIRE) — Raymond James released the results of its recent survey of investors with half a million dollars or more in investible assets, revealing their priorities and concerns around transferring wealth to the next generation. Some estimates predict that up to $84 trillion in assets will exchange hands over the next 20 years – dubbed the Great Wealth Transfer – prior to which it’s essential to identify potential gaps and opportunities for investors to execute a successful transition, according to Joe Weaver, President of Raymond James Trust.

Key findings:

• 71% of respondents said proactive communication of wealth transfer plans would be important to them if they were receiving an inheritance, while 45% report being “extremely transparent” with their own heirs.
• 91% of respondents said that tax efficiency is “extremely” or “somewhat” important, but 37% answered “no” or “not sure” when asked if their wealth transfer plan includes tax efficient strategies.

• 54% of respondents agree that having a positive philanthropic impact is “extremely” or “somewhat” important to their intergenerational wealth transfer plan.

• 84% of respondents who work with a financial advisor have a documented intergenerational wealth transfer plan in place, compared to 66% who do not work with an advisor.

“The most important factor in executing a smooth transfer of wealth is having a documented plan in place and to regularly revisit that plan over the years to make sure it’s properly representing your current wishes,” said Weaver. “The most common reasons for a break down in a client’s plan are, first, the absence of preparation and taking the time to put appropriate documents in place. Second is not thoroughly communicating their intentions to those impacted.”

Communication with Heirs

Maintaining family harmony sits high on the list of priorities for investors, 87% of respondents said it’s important to them (60% “extremely”, 26% “somewhat”). This level of harmony is mainly achieved through proactive communication (7 in 10 say it’s important) and transparency. 89% indicated that, if they were inheritors, having clear and transparent expectations for who would receive what would be important.

However, understanding the value of communication is not the same as taking steps to start a conversation around wealth. More than half of American adults don’t talk about their finances and 23% would even rather talk about death, according to research from Empower.

“For many, an ideal scenario would be to take a set dollar amount and divide it equally among heirs, but that’s rarely the case. With illiquid assets to consider such as property, collectibles, businesses, heirlooms and so on, the task of dividing assets equitably becomes more complex,” said Weaver. “This is where discord in the family can begin if a client’s intentions aren’t clearly communicated.” 

Investors with $500,000 or more in assets appear to be more comfortable discussing wealth than average, with 81% asserting that they have been at least “somewhat” transparent with heirs (45% say they have been “extremely” transparent). Consistent communication might start small with discussions about monthly budgets or annual donations and build on that foundation of financial values to help heirs feel empowered to address changing circumstances, continued Weaver.

Tax Efficient Estate Planning

Taxes are another top-of-mind issue among those passing on wealth. 9 in 10 respondents said tax efficiency is a somewhat-to-extremely important part of their wealth transfer planning. However a significant number of investors (37%) either do not, or do not know whether they have an estate plan that includes tax-efficient strategies.

Given the complexities of tax code and the regularity of rule changes, taxes may feel like a moving target to investors and require the help of a professional. But only 26% of those surveyed have consulted tax professionals as part of their planning. For wealthy grantors, more complex vehicles such as trusts, specialized insurance and structured giving may be necessary to maximize their legacy, according to Weaver.

Imparting Charitable Values

More than half (54%) of respondents said having a positive philanthropic impact is an important part of passing their legacy successfully from one generation to the next. They aren’t alone in the sentiment, with many of the world’s wealthiest pledging to give away most of their significant wealth. While the majority of investors take a more moderate approach, 1 in 10 respondents plan to leave 25% or more of their wealth to charity.

If they were receiving an inheritance, 60% of respondents said it would be important (24% “extremely,” 46% “somewhat”) to hear impactful stories that shaped their grantor’s values and personal character. This presents an opportunity for investors to share the beliefs and philanthropic vision behind an inheritance with their heirs.

“It’s difficult to memorialize your values and wishes in a legal document, so one solution that’s becoming more prevalent is the inclusion of a legacy letter. A client can sit down and write about the lessons and stories that they want to be sure reach the next generation. Then the letter is either attached to the planning documents, or more often, read and recorded over video to be passed on,” said Weaver.

Weaver also suggests that grantors may choose to create a personal or family mission statement or develop a philanthropy “board” amongst heirs to convey their goals. To maximize impact, they might explore less-common gifts like appreciated stock or life insurance and specialized vehicles like donor advised funds or charitable trusts.

Guidance from a Team of Professionals

Given the complex and personal nature of wealth transfer planning, professional guides are often enlisted to help. The three most frequently tapped professionals for survey respondents’ teams are financial advisors, estate planning attorneys and accountants. Some also include family members or even spiritual advisors in their planning.

To set themselves up for success, investors should take a critical look at their professional team over the years and adjust based on changing needs, says Weaver. For example, planning to transfer assets beyond money such as art collections, luxury vehicles or rare collectibles often requires specialized knowledge.

Respondents who work with a financial advisor in particular were more likely to have a documented wealth transfer plan in place (84%) compared to those who don’t work with an advisor (66%). Seeking guidance helped respondents address top concerns like taxes, with 68% of those working with an advisor reporting that they had tax-efficient strategies included in their wealth transfer plan, versus 50% of those who don’t work with an advisor.

Overall, 93% of respondents working with financial advisors said they feel prepared (52% “extremely,” 41% “somewhat”) in regard to their wealth transfer planning. With preparation comes peace of mind, as 82% report that working with a financial advisor increased their confidence in their plans, and just over half (54%) say it increased their confidence significantly. 

“Financial advisors are in a unique position to guide the wealth transfer process, from recommending the appropriate professionals to walking a client through next steps,” said Weaver. “The advisor often has an established relationship with the client and their family and can lean on that experience to help build a custom communication plan that will work best for the family’s personal dynamics and expectations.”

Survey Methodology

This survey was conducted by Raymond James in partnership with Morning Consult between November 18 and November 24, 2022. Responses were collected online from a sample of 1,000 U.S. investors with $500,000 or more in investible assets. Results from the full survey have a margin of error of plus or minus three percentage points.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.28 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Lauren Drobisch
Raymond James
727.567.2824

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  Migrating to optimal capital structure in support of growth
  
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  Proceeds targeted at reduction in debt
  
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  Targets Net Debt Leverage Ratio below 2.0x
  
  

LOUISVILLE, Ky., Aug. 23, 2023 (GLOBE NEWSWIRE) — Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW), a leading provider of digital signage and media solutions, successfully closed its previously announced public common stock offering on August 21, 2023, and is pleased to provide information about the offering.

On August 17, 2023, the Company announced a public offering of $6 million in common stock, with no warrant coverage, to institutional and retail investors with use of the net proceeds for general corporate purposes, which may include repayment of principal on the Company’s indebtedness, capital expenditures and funding working capital.

Creative Realities CEO Rick Mills commented “The Company experienced unprecedented revenue growth in 2022 and is poised for further revenue and profitability enhancements moving forward.” Mr. Mills continued, “The completion of this offering will significantly reduce our leverage ratio – the net offering proceeds are earmarked to repay principal on the Company’s amortizing notes – and supports continued conversion of the tremendous growth in opportunities we are experiencing in the marketplace through enhanced working capital. By addressing our capital structure, we have fundamentally reduced the risk profile of the Company and provided sufficient runway to realize value creation for investors as we expect to demonstrate performance against our plan.”

Mr. Mills stated, “Through the public offering, we have brought on valuable new institutional investors vested in supporting our value creation plan and who we believe are positioned to continue to support the Company as we scale.” Mr. Mills concluded, “Let me be clear, the value that we have created is unimpacted. On the contrary, this transaction provides fuel to aggressively advance available opportunities for the benefit of all our shareholders, with significant focus on continuing the growth in our $15 million-plus SaaS-based annual recurring revenue base.”

The Company repaid approximately $3.2 million in short-term, amortizing debt principal in 2023 through August 21, 2023. The Company anticipates using the net proceeds of the offering to service the Company’s short-term amortizing debt, reducing the balance to approximately $3.8 million by March 2024, and prospectively reducing the 2024 exit net debt leverage ratio to a projected 2.0x by the end of 2024.

Net debt leverage ratio is a key financial measure used by management to assess the borrowing capacity of the Company. The Company has defined its net debt leverage ratio as net debt (total principal debt outstanding less unrestricted cash) divided by Adjusted EBITDA for the trailing twelve-month period.

About Creative Realities, Inc.

Creative Realities helps clients use place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. The Company designs, develops and deploys digital signage experiences for enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues.

With its recent acquisition of Reflect Systems, Inc. (“Reflect”), a leading provider of digital signage software platforms, the Company is poised to extend its product and service offering and accelerate growth in SaaS revenue. While Reflect provided a broad range of digital signage solutions, Reflect’s flagship products are the market-leading ReflectView digital signage platform and Reflect AdLogic ad management platform. ReflectView is the industry’s most comprehensive, scalable, enterprise-grade digital signage platform, powering enterprise customer networks. Meanwhile, Reflect AdLogic has become the benchmark for digital signage powered ad networks, delivering nearly 50 million ads daily. The acquisition of Reflect also brought to the Company a media sales division with the expertise and relationships to help any digital signage venue owner develop and execute a monetization plan for their network.

Use of Non-GAAP Measures

Creative Realities, Inc. prepares its consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding “EBITDA” and “Adjusted EBITDA.” CRI defines “EBITDA” as earnings before interest, income taxes, depreciation and amortization of intangibles. CRI defines “Adjusted EBITDA” as EBITDA excluding stock-based compensation, fair value adjustments and both cash and non-cash non-recurring gains and charges. EBITDA and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, EBITDA and Adjusted EBITDA are used internally in planning and evaluating the Company’s operating performance. Accordingly, management believes that disclosure of these metrics offers investors, bankers and other stakeholders an additional view of the Company’s operations that, when coupled with the GAAP results, provides a more complete understanding of the Company’s financial results.

EBITDA and Adjusted EBITDA should not be considered as an alternative to net income/(loss) or to net cash used in operating activities as measures of operating results or liquidity. Our calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies, and the measures exclude financial information that some may consider important in evaluating the Company’s performance. A reconciliation of GAAP net income/(loss) to EBITDA and Adjusted EBITDA is included in the accompanying financial schedules.

For further information, please refer to Creative Realities, Inc.’s filings available online at www.sec.gov, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2023.

Cautionary Note on Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and includes, among other things, discussions of our business strategies, product releases, future operations and capital resources. Words such as “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance, conditions or results. They are based on the opinions, estimates and beliefs of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors, many of which are outside of our control, that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some of these risks are discussed in the “Risk Factors” section contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022 and in our Quarterly Report on Form 10-Q for the period ended June 30, 2023, and the Company’s subsequent filings with the U.S. Securities and Exchange Commission. Important factors, among others, that may affect actual results or outcomes include: our ability to effectively integrate Reflect’s business operations, our strategy for customer retention, growth, product development, market position, financial results and reserves, our ability to execute on our business plan, our ability to retain key personnel, our ability to remain listed on the Nasdaq Capital Market, our ability to realize the revenues included in our future guidance and backlog reports, the ability of the Company to continue as a going concern, potential litigation, supply chain shortages, and general economic and market conditions impacting demand for our products and services, including those as a result of the COVID-19 pandemic. Readers should not place undue reliance upon any forward-looking statements. We assume no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact

Christina Davies
[email protected]

Investor Relations:
[email protected]

https://investors.cri.com/

ATHENS, Greece, Aug. 23, 2023 (GLOBE NEWSWIRE) — Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that the US dividend tax treatment forms for the 4 quarters of 2022 (showing that a portion of dividends received by US taxpayers represent return of capital for US taxpayers) are now available and can be found on the Company’s website at http://www.starbulk.com.

About Star Bulk

Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore and Germany. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of August 3, 2023 and as adjusted for the delivery of agreed to be sold vessels to their new owner as discussed above, Star Bulk operates a fleet of 120 vessels, with an aggregate capacity of 13.3 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 40 Kamsarmax, 2 Panamax, 20 Ultramax and 12 Supramax vessels with carrying capacities between 52,425 dwt and 209,529 dwt.

Forward-Looking Statements

Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,”“would,” “could,” “should,” “may,” “forecasts,” “potential,” “continue,” “possible” and similar expressions or phrases may identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by our management of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in currencies, interest rates and foreign exchange rates, and the impact of the discontinuance of the London Interbank Offered Rate for US Dollars, or LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the interest rate; business disruptions due to natural disasters or other disasters outside our control, such as the ongoing novel coronavirus (“COVID-19”) pandemic (and variants that may emerge); the length and severity of epidemics and pandemics, including COVID-19 and its impact on the demand for seaborne transportation in the dry bulk sector; changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction; the potential for technological innovation in the sector in which we operate and any corresponding reduction in the value of our vessels or the charter income derived therefrom; changes in our expenses, including bunker prices, dry docking, crewing and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (“ESG”) practices; our ability to carry out our ESG initiatives and thereby meet our ESG goals and targets; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or regional/national level imposed by regional authorities such as the European Union or individual countries; potential cyber-attacks which may disrupt our business operations; general domestic and international political conditions or events, including “trade wars” and the ongoing conflict between Russia and Ukraine; the impact on our common shares and reputation if our vessels were to call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments; potential physical disruption of shipping routes due to accidents, climate-related reasons (acute and chronic), political events, public health threats, international hostilities and instability, piracy or acts by terrorists; the availability of financing and refinancing; the failure of our contract counterparties to meet their obligations; our ability to meet requirements for additional capital and financing to grow our business; the impact of our indebtedness and the compliance with the covenants included in our debt agreements; vessel breakdowns and instances of off‐hire; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management and our ability to complete acquisition transactions as and when planned and upon the expected terms and the impact of port or canal congestion or disruptions. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.

Contacts
Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Email:[email protected] www.starbulk.com	Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661‐7566 E‐mail: [email protected] www.capitallink.com