Market Newsdesk

WASHINGTON and SAN FRANCISCO, Nov. 12, 2020 /PRNewswire/ — Opportunity Finance Network (OFN) and Twitter (NYSE: TWTR) today announced the launch of the Finance Justice Fund, a new socially responsible investment that aims to bring $1 billion in capital from corporate and philanthropic partners to the most underserved individuals and communities in America. As the first corporate investor in the Fund, Twitter is committing $100 million to the Fund for long-term, below market rate loans, making a $1 million grant and ongoing contributions to support the fund and the disbursement of loans. 

The Finance Justice Fund will operate through the nation’s network of community development financial institutions (CDFIs). CDFIs are lenders with a mission to serve low-wealth rural, urban, and Native communities. There are more than 1,100 CDFIs nationwide managing more than $222 billion and creating thriving small businesses, affordable homes, critical community services, quality jobs, and economic opportunity for all. In 2018, customers of OFN member CDFIs were 85 percent low-income, 58 percent people of color, 48 percent women, and 26 percent rural populations. CDFIs have worked in these markets, which are often considered high-risk by mainstream lenders, for more than 40 years.

“The Finance Justice Fund will help to address long-standing issues of disinvestment, the racial wealth gap, and persistent poverty in our country,” said Lisa Mensah, President and CEO of OFN. “I commend Twitter for stepping up as the first corporate investor, for investing substantial capital, and for making a large grant to a fund that will deliver loans through CDFIs to underserved people and places across the country. I invite more corporate and philanthropic partners to invest in this unique opportunity to advance justice.”

Twitter also announced a new partnership with Operation HOPE, a non-profit organization that provides financial literacy and economic inclusion for underserved communities. Twitter will reinvest some of its returns from the below market rate loans made to CDFIs to fund five Operation HOPE Inside centers that provide financial coaching and tools to clients of Black banks, minority-serving financial institutions or institutions serving underserved communities across the U.S.  

“Twitter is proud to partner with OFN and Operation HOPE to bring more support to Black, Latinx, Indigenous, and rural borrowers,” said Ned Segal, Chief Financial Officer of Twitter. “By allocating a portion of our cash to the new Finance Justice Fund, Twitter will provide access to capital through loans to invest in underserved communities. Interest income from Twitter’s investment in the Finance Justice Fund will then be used to support Operation HOPE’s financial coaching initiatives. This is renewable, durable corporate philanthropy that creates a blueprint for other companies to join us in this critical work.”

OFN will begin accepting applications in December from qualifying OFN member CDFIs to the Finance Justice Fund. Prospective CDFI borrowers who lack access to traditional capital and meet other lending criteria can contact OFN member CDFIs to qualify for loans from this fund.

OFN’s member CDFIs will use the fund’s flexible and patient capital as they work on the ground to expertly identify lending opportunities and provide technical assistance to create the maximum impact for individuals and neighborhoods.

About OFN

Opportunity Finance Network (OFN), the national network of community development financial institutions (CDFIs), strives to ensure low-income and other under-resourced communities have access to affordable, responsible financial products and services. Members of OFN are CDFIs that deliver responsible lending to help low-income communities join the economic mainstream. Through 2018, OFN’s network originated $74.2 billion in financing in rural, urban, and Native communities. This financing has helped to create or maintain more than 1,560,000 jobs, start or expand more than 419,177 businesses and microenterprises, and support the development or rehabilitation of 2.1 million housing units and more than 11,500 community facility projects.

About Twitter, Inc. (NYSE: TWTR)

Twitter is what’s happening in the world and what people are talking about right now. From breaking news and entertainment to sports, politics, and everyday interests, see every side of the story. Join the open conversation. Watch live-streaming events. Available in more than 40 languages around the world, the service can be accessed via twitter.com, an array of mobile devices, and SMS. For more information, please visit about.twitter.com, follow @Twitter, and download both the Twitter and Periscope apps at twitter.com/download and periscope.tv

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SOURCE Opportunity Finance Network

SAN DIEGO, Nov. 12, 2020 /PRNewswire/ — Green energy technology company Nuvve Corporation (“Nuvve”), the global leader in vehicle-to-grid (V2G) technology, and Newborn Acquisition Corp. (“Newborn”) (NASDAQ:NBAC, NBACU, NBACR, NBACW) a publicly traded special purpose acquisition company with approximately $57.5 million of cash in trust, today announced the signing of a definitive merger agreement to take Nuvve public. The companies today also announced the signing of definitive purchase agreements with institutional investors for the investment of approximately $18 million in the combined company through a PIPE and bridge financing. Upon closing of the business combination, the combined company will be named Nuvve Holding Corp. (“Nuvve Holding”) and is expected to remain listed on Nasdaq under the ticker symbol “NVVE”.

Nuvve’s proprietary V2G technology enables it to link multiple electric vehicle (EV) batteries into a virtual power plant (VPP) to provide bi-directional services to the electrical grid in a qualified and secure manner. The VPP can generate revenue by selling excess power to utility companies or utilizing the saved power to reduce building energy peak consumption.

Gregory Poilasne, CEO and Chairman of Nuvve Corporation, stated, “Since our founding in 2010, Nuvve has successfully delivered its patented and proprietary vehicle-to-grid technology and services to fleet customers, grid operators, electric utilities and other stakeholders around the world. We have likewise partnered and integrated with multiple automotive manufacturers and electric utilities worldwide to enable adoption of V2G technology. To date, Nuvve is the only company in the world qualified with several system operators to commercially provide V2G grid flexibility services to electric utilities and system operators from batteries of electric vehicles.”

Nuvve holds a global portfolio of key V2G technology patents covering bi-directional capabilities and grid services with aggregated electric vehicles and has continued to build on its intellectual property portfolio by advancing V2G technology with commercial EV fleet deployments with both light-duty and heavy-duty vehicles.

Nuvve’s most established commercial operation is in Denmark, where it has provided V2G services for more than 4 years with daily bidding on energy markets. Following recent announcements with leading OEMs in the North American electric school bus segment, Nuvve is further developing its offerings by combining its turnkey V2G solutions with finance packages to customers, including equipment financing, V2G services, infrastructure and maintenance operations. Independent industry analysts have projected the global V2G technology market to be worth over $17 billion by 2027.

Mr. Poilasne added, “The rapid adoption of EV is driving the need for vehicle-grid integration, which are your more common one-way electric charging stations. While Nuvve is able to manage this one-way vehicle-grid integration, we believe that the integration of bi-directional vehicle-to-grid capabilities will help to stabilize the grid and reduce the overall cost of EV ownership, which will be critical to long-term EV adoption. The Nuvve system has successfully lowered the cost of electric vehicle ownership, while supporting the integration of renewable energy for a scalable and sustainable green society. We look forward to leveraging this business combination to accelerate the commercialization of Nuvve’s technology.”

The combined company will be led by Nuvve’s experienced management team, headed by Co-Founder and CEO Gregory Poilasne. Mr. Poilasne will remain on the combined company’s Board of Directors along with current Nuvve COO, Ted Smith.

Transaction Overview

Newborn is combining with Nuvve at a transaction value of approximately $102 million, subject to closing adjustments. As consideration for the business combination, 10.17 million shares will be issued or reserved for issuance to existing Nuvve stockholders and option holders, based on a value of $10.00 per share.

In connection with the business combination, Newborn has signed definitive agreements for the sale of approximately $14 million in equity to institutional investors in a PIPE. The PIPE investors will acquire Nuvve Holding shares at $10.00 per share. For each share bought, the PIPE investors will receive 1.9 warrants; each whole warrant is exercisable for ½ of a Nuvve Holding share. The warrants are exercisable at $11.50 per whole share and have terms identical to the warrants that were sold as part of Newborn’s IPO. Nuvve also completed a $4 million bridge financing with an institutional investor in connection with the business combination. The investor in the bridge financing received a senior secured convertible debenture that will convert into equity immediately prior to the closing of the business combination.

Upon the closing of the transactions, assuming no redemptions by Newborn shareholders, the resulting pro forma equity value of the combined company will be approximately $202 million. Pro forma net cash available to Nuvve at closing after estimated fees and expenses is expected to be approximately $70 million, made up of approximately $57.5 million in Newborn’s trust account (assuming no redemptions), net proceeds of $18 million PIPE and bridge financing, and cash on Nuvve’s balance sheet. Assuming no debt outstanding, the combined company’s pro forma enterprise value is expected to be approximately $132 million. Proceeds from the transaction will be used for general working capital, growth purposes and retirement of 0.6 million shares from legacy Nuvve shareholders.   

Existing Nuvve stockholders have agreed to a one-year lock-up from merger close, subject to a partial release if after the 6 month anniversary of the merger close the VWAP of the Nuvve Holding shares is at or above $12.50 for 20 out of any 30 consecutive trading days. Existing Nuvve stockholders will also be entitled to receive an earnout of 4 million newly issued Nuvve Holding shares if Nuvve’s 2021 revenue exceeds $30 million as reported in its 2021 audited financial statements.

In connection with the business combination, Newborn will reincorporate to Delaware from the Cayman Islands.

The boards of directors of both Newborn and Nuvve have unanimously approved the proposed business combination. The closing is subject to the approval of the stockholders of both Newborn and Nuvve and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. It is currently anticipated that the business combination will close in the first quarter of 2021.

Additional information about the proposed business combination, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Newborn today, November 12^th, 2020, with the Securities and Exchange Commission and available at www.sec.gov. The investor presentation can also be found on Nuvve’s investor website at https://nuvve.com/investors/.

Advisors

Craig-Hallum Capital Group is acting as sole placement agent and M&A advisor on the transactions. Roth Capital Partners is acting as capital markets advisor to Newborn. Graubard Miller is serving as legal counsel for Nuvve. Loeb & Loeb LLP is serving as legal advisor to Newborn.

Conference call information

Nuvve and Newborn will hold a joint investor conference call to discuss the proposed transactions on Thursday, November 12, 2020 at 9:00am ET. To listen to the call via conference call dial 877-270-2148 for domestic callers and 412-902-6510 for international callers.

The investor conference call may also be accessed via a live webcast. To view the webcast, please follow this link. During the call, the presenters will be reviewing an investor presentation, which will be available on Nuvve’s website and filed with the SEC as an exhibit to Newborn’s Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov.  

About Nuvve Corporation

Nuvve Corporation is a San Diego-based green energy technology company whose mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. Its proprietary vehicle-to-grid (V2G) technology – Nuvve’s Grid Integrated Vehicle (GIVe™) platform – is refuelling the next generation of electric vehicle fleets through cutting-edge, bidirectional charging solutions. Since its founding in 2010, Nuvve has been responsible for successful V2G projects on five continents and is deploying commercial services worldwide. For more information please visit www.nuvve.com.

About Newborn Acquisition Corp.

Newborn Acquisition Corp. is a blank check company, holding approximately $57.5 million in its trust account, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding the proposed business combination between Newborn and Nuvve, Newborn and Nuvve’s ability to consummate the transactions, the benefits of the transactions and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Newborn and Nuvve disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Newborn and Nuvve caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Newborn or Nuvve. In addition, Newborn cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Newborn or Nuvve following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of Newborn, or other conditions to closing in the merger agreement; (iv) the risk that the proposed business combination disrupts Nuvve’s current plans and operations as a result of the announcement of the transactions; (v) Nuvve’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Nuvve to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) risks related to the rollout of Nuvve’s business and the timing of expected business milestones; (viii) Nuvve’s dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (ix) Nuvve’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve’s accounting staffing levels; (x) Nuvve’s current dependence on sales of charging stations for most of its revenues; (xi) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (xii) potential adverse effects on Nuvve’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (xiii) the effects of competition on Nuvve’s future business; (xiv) risks related to Nuvve’s dependence on its intellectual property and the risk that Nuvve’s technology could have undetected defects or errors; (xv) changes in applicable laws or regulations; (xvi) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xvii) risks related to disruption of management time from ongoing business operations due to the proposed business combination; (xvii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; and (xix) the possibility that Nuvve may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Newborn has filed and will file from time to time with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Newborn’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Important Information and Where to Find it

In connection with the proposed business combination, Nuvve Holdings, as the successor to Newborn, will file a registration statement on Form S-4 (the “Form S-4”) with the SEC. The Form S-4 will include a preliminary proxy statement/prospectus of Newborn and Nuvve Holdings, which Newborn will file with the SEC as a proxy statement on Schedule 14A, for the solicitation of proxies from Newborn’s shareholders and for the offering of Nuvve Holdings’ securities to the security holders of Newborn and Nuvve in the business combination. Additionally, Newborn and Nuvve Holdings will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. The definitive proxy statement/prospectus will be mailed to Newborn shareholders as of a record date to be established for voting on the proposed business combination. Investors and security holders of Newborn are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Newborn and its directors and officers may be deemed participants in the solicitation of proxies of Newborn’s shareholders in connection with the proposed business combination. Nuvve and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Newborn’s executive officers and directors in the solicitation by reading Newborn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Newborn’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

Nuvve Press Contact:

Marc Trahand, EVP Marketing
[email protected] 
+1 858 250 9740

Nuvve Investor Relations:

Lytham Partners, LLC
602-889-9700
[email protected]

 

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SOURCE Newborn Acquisition Corp.; Nuvve Corporation

DEARBORN, Mich., Nov. 12, 2020 /PRNewswire/ — American Axle & Manufacturing was recognized as a top-performing global supplier at the 22nd annual Ford World Excellence Awards. AAM was announced as a Silver winner during Ford Motor Company’s virtual event.

“AAM’s No. 1 objective is to manufacture the highest quality and most innovative Driveline and Metal Forming technologies,” said David C. Dauch, AAM Chairman and Chief Executive Officer. “This award is the ultimate recognition of that work and we thank Ford for their support of AAM.”

“Ford’s annual World Excellence Awards recognize our top-performing suppliers for their contributions to our success,” said Hau Thai-Tang, chief product platform and operations officer. “Congratulations to AAM for being a recipient of this coveted award. Thank you for all that you do in support of Ford Motor Company.”

AAM was recognized with a Silver award for quality at its Valencia, Spain, Manufacturing Facility, which specializes in the production of components including powder metal connecting rods.

Honorees were recognized for achieving the highest levels of global excellence in categories, including:

• Gold and silver for supplier manufacturing sites demonstrating superior quality, delivery and cost performance throughout the year
• Primary brand pillar awards in winning portfolio, propulsion choices, autonomous technology and connected services categories
• Fitness awards for suppliers that most exemplify the framework’s principles, with an emphasis on quality, value and innovation
• Special recognition for suppliers that deliver results exceeding expectations
• Diverse supplier of the year and supplier diversity development corporation of the year for suppliers that excel in integrating diversity into their organization and business process
• Sustainability supplier of the year for a supplier that improves the business environment

About AAM
AAM (NYSE: AXL) delivers POWER that moves the world. As a leading global Tier 1 automotive supplier, AAM designs, engineers and manufactures driveline and metal forming technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. Headquartered in Detroit, AAM has approximately 20,000 associates operating at nearly 80 facilities in 17 countries to support our customers on global and regional platforms with a focus on quality, operational excellence and technology leadership. To learn more, visit aam.com.

Andrea Knapp

[email protected]

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SOURCE American Axle & Manufacturing Holdings, Inc.

NORTH CHICAGO, Ill., Nov. 12, 2020 /PRNewswire/ — AbbVie (NYSE: ABBV) will participate in the Wolfe Research Healthcare Conference on Thursday, November 19, 2020. Michael Severino, M.D., vice chairman and president, and Robert A. Michael, executive vice president and chief financial officer, will present at 11:35 a.m. Central time.

A live audio webcast of the presentation will be accessible through AbbVie’s Investor Relations website at investors.abbvie.com. An archived edition of the session will be available later that day.

About AbbVie
AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project” and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to realize the expected benefits from AbbVie’s acquisition of Allergan plc (“Allergan”), failure to promptly and effectively integrate Allergan’s businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry and the impact of public health outbreaks, epidemics or pandemics, such as COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” of AbbVie’s 2019 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

 

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SOURCE AbbVie

Stericycle recognized for its critical role in mitigating the spread of COVID-19 by safely managing the transportation, treatment and disposal of potentially infectious items

BANNOCKBURN, Ill., Nov. 12, 2020 /PRNewswire/ – Stericycle, Inc. (Nasdaq: SRCL), the largest medical waste provider in the United States, today announced it has been recognized as a 2020 Enterprise Company of the Year by the Business Intelligence Group Awards for Business (BIG Awards) for its efforts to mitigate the spread of COVID-19. The annual BIG Awards for Business rewards companies, its products and people that are leading their respective industries. 

Medical waste management is an essential part of stopping the spread of COVID-19, and Stericycle plays a critical role by safely managing the transportation, treatment and disposal of potentially infectious items. To help the healthcare industry navigate challenges brought on by COVID-19, Stericycle worked closely with federal and state regulatory agencies to determine the best course of action for properly managing COVID-19 waste and quickly adjusted services to support medical waste disposal in some of the hardest-hit areas in North America. Stericycle worked seamlessly behind the scenes to safely dispose of medical waste generated from treating patients and serving over 2,000+ COVID-19 testing sites.

“Protecting what matters is at the heart of our core purpose, and we are honored to be recognized as a 2020 Enterprise Company of the Year for the role we have played in creating safer communities by mitigating the spread of COVID-19,” said Cindy Miller, chief executive officer at Stericycle. “Our operational footprint, industry expertise and ability to scale capacity enable us to serve during times of extreme crises. As the pandemic continues to unfold, we’ll be there to support healthcare workers with the safe transportation, treatment and disposal of potentially infectious items so they can continue to focus on patient care.”

With over 30 years of experience, Stericycle has handled waste and protected team members, healthcare workers, patients and communities through past outbreaks and natural disasters as well as the spread of infectious diseases and other states of emergency like Ebola, H1N1 and Hurricane Katrina.

“We are so proud to reward Stericycle for their outstanding 2020 achievements,” said Maria Jimenez, chief nomination officer of the Business Intelligence Group. “This year’s group of winners are clearly leading by example in the global business community.”

About Stericycle
Stericycle, Inc., (Nasdaq: SRCL) is a U.S. based business-to-business services company and leading provider of compliance-based solutions that protects people and brands, promotes health and safeguards the environment. Stericycle serves customers in the U.S. and 17 countries worldwide with solutions for regulated medical waste management, secure information destruction, compliance, customer contact and brand protection.  For more information about Stericycle, please visit www.stericycle.com.

About Business Intelligence Group
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, business executives—those with experience and knowledge—judge the programs. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.

Media Contacts:

Maria Gallagher

SHIFT Communications for Stericycle, Inc.
[email protected]

Maria Jimenez

Business Intelligence Group
[email protected]

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SOURCE Stericycle, Inc.

MELVILLE, N.Y., Nov. 12, 2020 /PRNewswire/ — P&F Industries, Inc. (NASDAQ: PFIN) today announced its results from operations for the three and nine-month periods ended September 30, 2020. The Company is reporting net revenue of $12,406,000 and $37,276,000 for the three and nine-month periods ended September 30, 2020, compared to $14,776,000 and $43,896,000 for the same periods in 2019.  The Company stated that there were several factors that negatively impacted its fiscal third quarter 2020 results, key among them were the ongoing global COVID-19 pandemic, continued weakness in the aerospace sector, and a greatly depressed oil and gas market.  As such, for the three and nine-month periods ended September 30, 2020, the Company is reporting net losses before income taxes of $1,193,000 and $5,651,000, respectively, compared to net income before income taxes of $128,000 and $7,881,000, respectively, for the same periods a year ago. The Company noted it recorded a gain on the sale of real property of approximately $7,800,000 during the second quarter of 2019. The Company is reporting net loss after-taxes of $857,000 and $3,996,000, respectively, for the three and nine-month periods ended September 30, 2020, compared to net income after taxes of $136,000 and $5,798,000, respectively for the same periods in 2019.

Richard Horowitz, the Company’s Chairman of the Board, Chief Executive Officer and President commented, “The decline in revenue this quarter, compared to the same period a year ago, was driven by the ongoing effects of the COVID-19 global pandemic, the downturn in global oil and gas exploration and production activity and weakness in the  aerospace sector.  Many of our lines of business continue to encounter year over year declines, which we believe are being driven primarily by the pandemic.  Additionally, the Boeing Company’s decision to continue to severely limit all production of its 737 MAX aircraft, as well as reduced production of military and other commercial aircraft throughout the industry, is the primary factor for the decline in our aerospace revenue. These and other factors resulted in poor overhead absorption at our manufacturing facilities which, in turn, severely affected our overall gross margin.”    

Mr. Horowitz continued, “On a more positive note, we are currently beginning to see modest signs of improvement. Our Retail and Automotive orders have begun to rebound and have increased significantly from the lows reached during the height of the pandemic. Overall, revenue company-wide was up approximately 8% in the third quarter of 2020 as compared to the second quarter of 2020. Further, third quarter 2020 losses before income taxes declined approximately $2,000,000 compared to the second quarter of 2020, although $1,600,000 of such decline in losses was due to a second quarter 2020 impairment charge which did not repeat in the third quarter. Our selling, general and administrative expenses declined $535,000 or 10.3% this quarter compared to the third quarter of 2019.  Further, with respect to the gear businesses acquired in the fourth quarter of 2019, which have been combined with Hy-Tech’s Quality Gear line and are  now collectively referred to as Power Transmission Group, or PTG,  orders and sales have been relatively steady.  Unfortunately, our legacy Quality Gear business has struggled as a significant portion of  this product line has traditionally been sold to the oil and gas and mining industries.  Despite that news, PTG revenue this quarter was $1,027,000, an increase of more than $700,000, compared to the same period in 2019.  This is in spite of very limited ability to visit customers. We are therefore very optimistic that there are many additional opportunities for growth in our PTG product line, once customer visits are again permitted.  Lastly, we are also very encouraged  about the opportunities relating to a number of military and commercial aerospace projects that have been under development throughout the pandemic.  Tool samples for these projects are ready for testing at potential customers in the United States and Europe. We expect product testing and evaluations to begin once potential customers are more fully staffed, which we hope will be sometime this year. However, very recent closures in certain European countries may once again delay these prospects.”

Mr. Horowitz concluded his remarks with, “While the COVID-19 global pandemic remains, and our results from operations will be challenged, we plan to continue to serve our customer’s needs, while also ensuring the  health and safety of our employees.  Product development continues across the Company’s businesses.  In addition, we expect to further expand our Engineered Solutions business and PTG, through the pursuit of new applications, customers, and markets, both in the United States and Europe. We are confident that when this pandemic subsides, we will be well positioned to take advantage of the economic recovery. We remain focused on being a key provider and developer of power hand tools and accessories.    Despite the recent losses, we believe we have access to ample capital under our credit facility, as we ride out the downturn caused by the pandemic. Further, as part of the business incentives offered in the Coronavirus Aid, Relief, and Economic Security Act, on April 20, 2020, we received a $2.9 million Payroll Protection Program (“PPP”) loan from the United States Small Business Administration, which we were able to use to help fund our payroll and other permitted business expenses. We plan to submit our application for forgiveness of the loan shortly. We believe we have met all criteria necessary to have most,  if not all, of the PPP loan forgiven, however, this determination is subject to review by our PPP lender bank and the Small Business Administration.  Finally, I wish to thank and recognize the incredible work our employees have done to navigate through these unprecedented times.”

The Company will be reporting the following:

OVERVIEW

Key factors or events impacting our third quarter 2020 results of operations were:

• Ongoing negative impact of the COVID-19 pandemic on revenue and income;
• Ongoing production slow-down by Boeing of its 737 MAX aircraft, as well as significant reductions in activity at other commercial and military manufacturing facilities;
• Continued weakness in oil and gas exploration.

TRENDS AND UNCERTAINTIES

COVID-19 PANDEMIC

On March 11, 2020, the World Health Organization designated the recent novel coronavirus, or COVID-19, as a global pandemic. COVID-19 was first detected in Wuhan City, Hubei Province, China and continued to spread, significantly impacting various markets around the world, including the United States. Various policies and initiatives have been implemented to reduce the global transmission of COVID-19.

The impact of the COVID-19 virus on the global economy, particularly within the U.S., has had a material impact on our results during the three and nine-month periods ended September 30, 2020. In March 2020, nearly all of the United States, United Kingdom and much of Europe, had ordered non-essential businesses to stop physical operations and ordered its residents to remain home or “shelter-in-place”, in order to attempt to control the impact of this pandemic. While we are currently able to continue operations at all of our locations, the COVID-19 pandemic has, for most of the nine-month period ended September 30, 2020, significantly impacted orders and revenue. Further, we believe this pandemic could continue to negatively affect our businesses in the future. However, our manufacturing facilities are currently open. Staffing levels remain reduced at all of our locations across the country and in the United Kingdom as we continue to monitor the latest COVID-19 related public health and government guidance. We believe we have taken all reasonably practical measures to protect the safety of our employees and communities. For example, among other things, throughout the organization we have greatly limited international and domestic travel, taken a variety of steps to ensure social distancing in our facilities, including working remotely where available, and have increased our cleaning and sanitizing procedures in our facilities.

BOEING/AEROSPACE

The ongoing grounding by the Federal Aviation Administration of Boeing’s 737 MAX aircraft, and the dramatic reduction in staffing levels across all of Boeing’s facilities due to the COVID pandemic have greatly reduced production activity at Boeing. As long as the 737 MAX is grounded, it will likely continue to have an adverse effect on our revenue. In addition, production of military and other commercial aircraft throughout the industry has slowed as well due to the ongoing global COVID-19 pandemic. However, we believe when all other commercial and military production lines throughout the United States come back online, an increase in our revenue should follow.

TARIFFS

Based on arrangements with our overseas suppliers and The Home Depot (“THD”), which is our largest customer that is currently affected by the tariffs imposed since July 2018, we have been able to avoid much of the impact of such tariffs. However, there is no guarantee that we will be able to avoid some or all of any new, or additional tariffs. Should we be unable to avoid such additional costs, our gross margin on these products likely would be severely impacted. This could cause us to terminate or alter certain customer/supplier relationships.

TECHNOLOGIES

We believe that over time, several newer technologies and features may have a greater impact on the market for our traditional pneumatic tool offerings than currently exists. The impact of this evolution has been felt initially by the advent of advanced cordless, or battery-powered hand tools, particularly in the automotive aftermarket or in the retail sector. We continue to perform a cost-benefit analysis of developing or incorporating more advanced technologies in our tool platforms.

RESULTS OF OPERATIONS

REVENUE

During the third quarter of 2020, many of our product lines were adversely affected by the global COVID-19 pandemic, which continues to result in greatly reduced orders and revenue for the three and nine-month periods ended September 30, 2020.

The tables below provide an analysis of our net revenue for the three and nine-month periods ended September 30, 2020 and 2019:

Consolidated

Florida Pneumatic

Florida Pneumatic markets its air tool products to four primary sectors within the pneumatic tool market; Automotive, Retail, Aerospace and Industrial. It also generates revenue from its Berkley products line, as well as a line of air filters and other OEM parts (“Other”).

Revenue from our Aerospace line incurred the largest decline this quarter compared to the same period a year ago. The continued grounding and minimal production of Boeing’s 737 MAX aircraft and reduced production of other Boeing aircraft was the major factor driving this decline. Additionally, we believe that the COVID-19 pandemic has forced many of our other aircraft customers, both commercial and military, to greatly reduce production. It is unclear when the Federal Aviation Administration will permit the 737 MAX aircraft to begin flights in the United States. Until such time, it is likely that Boeing will continue its production halt of this aircraft.  Again, driven by the business interruption caused by COVID-19, which has, among other things, effectively eliminated business travel, our Industrial revenue declined. Also contributing to the decline this quarter compared to the same three-month period in 2019, has been the ongoing sluggishness in the oil and gas sector. Partially offsetting the above revenue declines were increases in our Retail and Automotive product lines. Specifically, Retail revenue this quarter, compared to the same period in 2019, increased 14.8%. This improvement was driven by increased sales of our pneumatic spray guns to The Home Depot, and to a lesser degree increased sales of various other pneumatic hand tools. Automotive revenue also improved this quarter, as sales of the AIRCAT brand increased, in turn offsetting the loss of a major distributor earlier this year and a slight decline in sales at our United Kingdom (“U.K.”) operations.

The decline in Florida Pneumatic’s fiscal 2020 year-to-date revenue of 11.9%, compared to the same period in 2019, is due to similar factors that drove Florida Pneumatic’s third quarter’s results. Specifically, the year-to-date decline in Aerospace revenue was due to Boeing being forced to ground its 737 MAX aircraft, which in turn has  caused them to halt production, compounded by sluggishness in production throughout the aircraft markets, which we believe to be the result of the pandemic. Our Industrial product line has also been adversely affected by the business interruptions caused by COVID-19. Minimal travel permitted during the nine-month period ended September 30, 2020, has resulted in little to no direct interaction with current or prospective customers. Automotive revenue for the first nine months of 2020 has been mixed. The first nine months saw lower sales in 2020, compared to the same period in 2019, due primarily to the loss of a major distributor and weak second quarter 2020 sales for our U.K. operations.  After an increase in Retail revenue during the first quarter of 2020, the pandemic adversely affected revenue during the second quarter, then improved again during the third quarter, as the need for spray guns (used to apply anti-viral and anti-bacterial solution)  and other pneumatic tools grew. Orders from Boeing, a major Jiffy customer and other aircraft industry customers began to slow in late first quarter and has continued to date. The issues at Boeing relating to the 737 MAX and other civilian aircraft, are the cause for decline. However, we believe that to the extent that production of the 737 MAX resumes order levels should improve.

Hy-Tech

Hy-Tech designs, manufactures and sells a wide range of industrial products under the brands ATP and ATSCO which are categorized as ATP for reporting purposes. In addition to Engineered Solutions, products and components manufactured for other companies under their brands are included in the OEM category in the table below. Power Transmission Group (“PTG”) revenue is comprised of products manufactured and sold by the gear businesses that were acquired in October 2019, products sold through Hy-Tech’s legacy gear manufacturing division and products sold to a certain customer whose revenue was included in OEM in 2019. NUMATX, Thaxton and other peripheral product lines, such as general machining, are reported as Other.

In addition to the negative impact on all lines of business at P&F caused by the global COVID-19 pandemic, our OEM revenue was adversely affected by significant declines in orders during the third quarter of 2020, compared to the same period in 2019, from a major customer that services the aerospace market, which as discussed earlier, has encountered weak demand for new aircraft.  Additionally, two major customers, who in turn sell product to the oil and gas and general industrial sectors, placed little to no new orders during the third quarter 2020. The oil and gas sector in the United States has been hindered for several months by the downward pricing pressure caused by among other things, excess supply and ripple effects from the pandemic.  This is evidenced by the significant decline in drilling rigs, which is a metric that we monitor. According to Baker Hughes Inc. the number of rotary rigs running were 261 at September 25, 2020, compared to 860 at September 27, 2019. As a result, our ATP revenue continues to struggle.  Until such time when the market price of oil attains levels where it is profitable for oil and gas producing companies to substantially resume operations, we believe the market will remain depressed.

The growth in PTG revenue was driven by the gear businesses acquired in fourth quarter of 2019. 

The decline in Hy-Tech’s total net revenue for the nine-month period ended September 30, 2020, compared to the same period in 2019, was primarily due to among other factors, the global COVID-19 pandemic, the severe downturn of the oil and gas market, and certain key customers currently in over-stock positions that are hesitant to expand their inventory levels. Additionally, during the first quarter of 2020, as the market for our ATP lines began to encounter the effects of the decline in demand in the oil and gas exploration sector, we made a decision to focus a greater portion of our marketing and product development efforts to our Engineered Solutions products offering. We believe the development of the Engineered Solutions offering will continue to provide Hy-Tech an opportunity to generate additional sources of revenue in the future. Further, the transition and relocation from Illinois to our facilities in Pennsylvania of the gears businesses acquired in late October 2019 continued through April 2020, resulting in lower than projected PTG revenue and profits during the first third of this year. The process of relocating the equipment and the set-up of general operations was completed during the second quarter. As such, we believe that as travel and other restrictions are removed, PTG revenue should grow.

GROSS MARGIN/PROFIT

Factors contributing to the 6.5 percentage point decline in Florida Pneumatic’s gross margin this quarter, compared to the same three-month period ended September 30, 2019, was driven primarily by the decline in higher gross margin Aerospace and Industrial sales. In addition, the reduction in Jiffy revenue, as discussed above, caused a reduction in production, which in turn caused manufacturing absorption of fixed overhead to decline, further eroding average margins. While Retail revenue improved, these sales generate gross margins lower than other product lines. Thus, while gross profit increased, Florida Pneumatic’s gross margins decreased. Lastly, Florida Pneumatics’ operations in the U.K. encountered lower gross margin this quarter, due primarily lower volume and product mix. The decline in Hy-Tech’s gross margin was driven by the decline in manufacturing overhead absorption. When comparing the three-month periods ended September 30, 2020 and 2019, total machine hours declined by approximately 55%. This weak  activity was caused primarily by the COVID-19 global pandemic. Additionally, Hy-Tech’s total gross margins were impacted by the general mix of products sold during the quarter.

Significant factors causing the 3.0 percentage point decline in Florida Pneumatic’s gross margin are: i)  lower sales of its higher gross margin Aerospace and Industrial products lines, discussed above; ii) weaker manufacturing overhead absorption at Jiffy, and iii) improved Retail revenue, which tends to generate lower gross margin.  With respect to the change in Hy-Tech’s year-to-date gross margin in 2020, compared to the same period in 2019, in addition to the factors discussed above, during the first two quarters of fiscal 2020 Hy-Tech’s gross margin was impacted by lower than expected gross margin on the sale of PTG products due primarily to start-up issues in the new facility during the first two quarters of 2020, increased duty charged on certain imported parts, increases in costs incurred from outside vendors for certain manufacturing processes, an unfavorable physical inventory adjustment recorded in the second quarter; and an increase in charges relating to obsolete, slow moving inventory (“OSMI”) also during the second quarter.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses (“SG&A”) include salaries and related costs, commissions, travel, administrative facilities, communications costs and promotional expenses for our direct sales and marketing staff, administrative and executive salaries and related benefits, legal, accounting and other professional fees as well as general corporate overhead and certain engineering expenses.

During the third quarter of 2020, our SG&A was $4,673,000, compared to $5,208,000 incurred during the third quarter of 2019. A significant factor contributing to the decrease was a reduction of approximately $329,000 of compensation expenses, which is comprised of base salaries and wages, accrued performance-based bonus incentives and associated payroll taxes and employee benefits. A reduction in accrued performance-based bonus incentives was the bulk of the savings. Additionally, we reduced our variable expenses $113,000. Variable expenses include among other things, commissions, freight out, travel, advertising, shipping supplies and warranty costs. Lastly, professional services declined $55,000.

SG&A for the nine-month period ended September 30, 2020 declined $947,000 to $14,983,000 from $15,930,000. Significant items driving this net decrease were  a reduction of $752,000 in compensation expenses, due to lower accrued performance bonus and staffing reductions, and variable expenses declined $722,000, driven by lower sales volume, which in turn created lower commissions, freight out, warranty costs and travel.  The above being partially offset by increased costs of approximately $477,000 incurred during the first six months of 2020 in connection with the relocation and transition to our new Punxsutawney, PA facility of the gear businesses that we acquired in late 2019. 

GOODWILL AND INTANGIBLE ASSETS IMPAIRMENT

During the second quarter of 2020, we recorded goodwill and intangible asset impairment charges totaling $1,612,000, with $284,000 related to goodwill and $1,328,000 related to customer relationships, patents and trade name. There was no impairment of intangible assets during the third quarter of 2020.

OTHER INCOME

Other income for the current quarter and year to date consists of a grant received at our United Kingdom operation from Her Majesty’s Government, which is not required to be repaid.

INTEREST

The Applicable Margin, as defined in our Credit Agreement was the same during the three-month periods ended September 30, 2020 and 2019.

The average balance of short-term borrowings during the three and nine-month periods ended September 30, 2020, were $2,261,000 and $4,615,000, compared to $1,195,000 and $3,774,000, during the same periods in the prior year.

In late April 2020, we borrowed approximately $2.9 million from BNB Bank as provided under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The PPP Loan accrues interest at a rate of 1.0% per annum. Pursuant to the Flexibility Act, interest on any unforgiven amount is deferred until the forgiveness determination is made by the SBA.

During the six-month period ended June 30, 2019, a term loan existed. This term loan was fully paid off in June 2019. Debt issue costs incurred in connection with recent bank amendments are being amortized through February 2024, were lower than the costs associated with the previous amendments.

INCOME TAXES

On March 27, 2020 the CARES Act was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitation and technical corrections to tax depreciation methods for qualified improvement property.

At the end of each interim reporting period, the Company estimates its effective tax rate expected to be applied for the full year. This estimate is used to determine the income tax provision or benefit on a year-to-date basis and may change in subsequent interim periods. Accordingly, our effective tax rate for the three and nine-month periods ended September 30, 2020 were a tax benefit of 28.2% and 29.3%, respectively, compared to tax benefit of 6.3% and a tax expense of 26.4% for the three and nine-month periods ended September 30, 2019, respectively. Included in the nine-month period ended September 30, 2020 is also consideration for net operating loss carrybacks under the CARES Act. The effective tax rates for all periods presented were impacted primarily by state taxes, and non-deductible expenses.

LIQUIDITY AND CAPITAL RESOURCES

We monitor such metrics as days’ sales outstanding, inventory requirements, inventory turns, estimated future purchasing requirements and capital expenditures to project liquidity needs, as well as evaluate return on assets. Our primary sources of funds are operating cash flows, existing working capital and our Revolver Loan (“Revolver”) with our Bank.

We gauge our liquidity and financial stability by various measurements, some of which are shown in the following table:

Credit facility

Our Credit Facility will be discussed in our Form 10-Q for the three-months period ended September 30, 2020, which we expect to file on a timely basis with the Securities and Exchange Commission.

Payroll Protection Program Loan

On April 20, 2020, we received a $2.9 million PPP Loan, as provided pursuant to the CARES Act. This loan obtained from BNB Bank is unsecured and is guaranteed by the SBA.

Cash flows

During the nine-month period ended September 30, 2020; our net cash increased to $908,000 from $380,000 at December 31, 2019. Our total bank debt, which includes borrowings under the CARES Act, at September 30, 2020 was $5,262,000 compared to $5,648,000 at December 31, 2019. The total debt to total book capitalization (total debt divided by total debt plus equity); at September 30, 2020 was 11.0% compared to 10.8% at December 31, 2019.

At September 30, 2020, our short-term or Revolver borrowing was $2,333,000 compared to $5,648,000, at December 31, 2019. Additionally, at September 30, 2020 and December 31, 2019, there was approximately $11,800,000 and $9,200,000, respectively, available to us under its Revolver arrangement.

During the nine-month period ended September 30, 2020, we used $956,000 for capital expenditures, compared to $1,240,000 during the same period in the prior year. Capital expenditures for the balance of 2020 is expected to be approximately $100,000, some of which may be financed through our credit facilities with Capital One Bank or financed through independent third-party financial institutions. The remaining 2020 capital expenditures will likely be for machinery and equipment, tooling, and computer hardware and software.

Customer concentration

At September 30, 2020 and December 31, 2019, accounts receivable from The Home Depot was 39.2% and 27.2%, respectively, of our total accounts receivable. Additionally, revenue from The Home Depot during the three and nine-month periods ended September 30, 2020 and 2019 were 30.0% and 25.7%, and 21.8% and 20.8%, respectively, of our total revenue. There was no other customer that accounted for more than 10% of our consolidated revenue during the three and nine-month periods ended September 30, 2020 and 2019.

OTHER INFORMATION

P&F Industries Inc. has scheduled a conference call for November  12, 2020, at 11:00 A.M., Eastern Time, to discuss its third quarter of 2020’s results and financial condition.  Investors and other interested parties who wish to listen to or participate can call 1-800-353-6461. It is suggested you call at least 10 minutes prior to the call commencement.  For those who cannot listen to the live broadcast, a replay of the call will also be available on the Company’s website beginning on or about November 13, 2020.

FORWARD LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 (the “Reform Act”) provides a safe harbor for forward-looking statements made by or on behalf of P&F Industries, Inc. and subsidiaries (“P&F”, or the “Company”). P&F and its representatives may, from time to time, make written or verbal forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and in its reports to shareholders. Generally, the inclusion of the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “may,” “would,” “could,” “should” and their opposites and similar expressions identify statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and that are intended to come within the safe harbor protection provided by those sections. Any forward-looking statements contained herein, including those related to the Company’s future performance, are based upon the Company’s historical performance and on current plans, estimates and expectations. All forward-looking statements involve risks and uncertainties. These risks and uncertainties could cause the Company’s actual results for all or part the 2020 fiscal year and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company for a number of reasons including, but not limited to:

• Risks related to the global outbreak of COVID-19 and other public health crises;
• Exposure to fluctuations in energy prices;
• Debt and debt service requirements;
• Borrowing and compliance with covenants under our credit facility;
• Disruption in the global capital and credit markets;
• The strength of the retail economy in the United States and abroad;
• Risks associated with sourcing from overseas;
• Importation delays;
• Risks associated with Brexit;
• Customer concentration;
• Adverse changes in currency exchange rates;
• Impairment of long-lived assets and goodwill;
• Unforeseen inventory adjustments or changes in purchasing patterns;
• Market acceptance of products;
• Competition;
• Price reductions;
• Interest rates;
• Litigation and insurance;
• Retention of key personnel;
• Acquisition of businesses;
• Regulatory environment;
• The threat of terrorism and related political instability and economic uncertainty, and
• Information technology system failures and attacks,

and those other risks and uncertainties described in the Company’s most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other reports and statements filed by the Company with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. The Company cautions you against relying on any of these forward-looking statements.

www.pfina.com

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE P&F Industries, Inc.

CHARLOTTE, N.C., Nov. 12, 2020 /PRNewswire-PRWeb/ — cbdMD, Inc. (NYSE American: YCBD, YCBD PR A) (the “Company”), one of the leading, and most highly trusted and recognized cannabidiol (CBD) brands, announced today an expansion of its topical product line with the launch of ‘Premium Relieve’, a product that combines the pain-fighting power of Lidocaine with Superior Broad Spectrum CBD extracts – leading to total wellness in one unique topical formula.

Available in a roll-on applicator or spray, Premium Relieve combines the proven powers of Lidocaine (4%) with cbdMD’s Superior Broad Spectrum formula, providing temporary relief from minor muscle aches and pains.

Premium Relieve joins a diverse offering of topical products featuring high profile over-the-counter (OTC) pain relief ingredients fused with cbdMD’s unique hemp extract blend, including:

Premium Freeze Pain Relieving Formula (‘2020 Product of the Year’ Winner: CBD Topical) – cbdMD’s award-winning Freeze gel offers the proven pain-relief properties of menthol, blended with the power of domestically sourced CBD, to provide temporary pain relief while working to ease aching muscles and joints.

Premium Recover Pain Relieving Formula – cbdMD’s Recover combines pain-relieving agent Histamine Dihydrochloride (0.05%) with the whole-body benefits of cbdMD’s Superior Broad Spectrum CBD formula into a unique, richly moisturizing cream that’s great for temporary relief of pain and muscle aches, without any of the smell.

cbdMD’s release of Premium Relieve marks an advancement in the topical market as it is one of the few CBD topicals available in aerosol spray form, utilizing a unique Bag-on-Valve Technology that allows for spraying at any angle and covering difficult-to-reach areas. In addition, Premium Relieve contains the most abundant CBD content of any Lidocaine-infused topical currently on the market.

“Topicals have never been more popular for consumers, with more and more products adding CBD to their formulas these days,” said Ken Cohn, Chief Marketing Officer at cbdMD. “At cbdMD, we’re revolutionizing the topical market by introducing innovative products that continue to lead in each category. With ‘Premium Relieve’, we are proud to now offer an expanded topicals line that is well-rounded and balanced, with broad appeal to not only health-minded individuals, but anyone seeking to enhance their personal wellness.”

To learn more about cbdMD and their comprehensive line of U.S. grown, non-THC1 CBD oil products, please visit: http://www.cbdmd.com.

About cbdMD, Inc.
cbdMD, Inc. is one of the leading, most highly trusted, and most recognized cannabidiol (CBD) brands, whose current products include CBD tinctures, CBD capsules, CBD gummies, CBD topicals, CBD bath bombs and CBD pet products. cbdMD is also a proud partner of Bellator MMA and Life Time, Inc., and has one of the largest rosters of professional sports athletes who are part of “Team cbdMD.” To learn more about cbdMD and our comprehensive line of over 100 SKUs of U.S. produced, Non-THC[1] CBD products, please visit http://www.cbdMD.com, follow cbdMD on Instagram and Facebook, or visit one of the 6,000 retail outlets that carry cbdMD products.

Forward-Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to the expansion of the consumer market for CBD products and our ability to increase our market share, our limited operating history, our ability to expand our business and significantly increase our revenues, our ability to effectively leverage our brand partnerships and sponsorships, our ability to effectively compete in our market, our ability to achieve our net sales guidance, and our ability to report profitable operations in the future. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in cbdMD, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 as filed with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.

1 Non-THC is defined as below the level of detection using validated scientific analytical tools.

Contact:

PR:

cbdMD, Inc.
Lauren Greene
Communications Specialist
[email protected]
(843) 743-9999

Investors:

cbdMD, Inc.
John Weston
Director of Investor Relations
[email protected]
(704) 249-9515

Media Contact

Lauren Greene (PR), cbdMD, (843) 743-9999, [email protected]

John Weston (Investors), cbdMD, (704) 249-9515, [email protected]

 

SOURCE cbdMD

SEATTLE, Nov. 12, 2020 /PRNewswire/ — In more evidence that persistent buyer demand is pushing a strong housing market deeper into the year than usual, a new Zillow® analysis finds the share of homes sold above list continues to rise, blowing past the typical mid-summer peak. That is great news for prospective sellers who want to maximize their return from a potential home sale. 

In September, 22.4% of homes purchased in the U.S. were sold for more than their initial list price, up from 20.2% in August and well above the roughly 15% of homes that did so during September 2018 and 2019. It is highly unusual for the share of homes sold above list to continue rising this late in the year. In both 2018 and 2019, the share peaked in July during the height of the typical home shopping season before steadily declining as the market cooled in the fall and winter months. This year, the share has increased each month.

Buyer demand has been intense and persistent
 since the market picked up speed in April after a dramatic slowdown in the early days of the coronavirus pandemic. Potential buyers may be feeling urgency to lock in low mortgage rates now, especially if they sense prices will slip further from reach in coming years. Many others may be taking advantage of new freedom to telecommute from an area where they can more easily afford a home. 

Whatever the reason, strong demand is helping to keep a lid on inventory as homes are being snatched up faster than sellers are listing them. Inventory has continued to fall compared to last year — down 37.4% year over year at the end of October — even as new listings have returned near last year’s level, an indication of heavy sales volume. Homes were typically selling after only 12 days, a full 17 days faster than the same time last year[i]. Those market dynamics are likely pushing buyers to make offers above list price as they expect quick sales and competition from other buyers while choices are limited. 

“The housing market is taking us all back to Economics 101 and teaching lessons about supply and demand,” said Zillow senior economist Chris Glynn. “A persistent interest in buying and moving is creating an imbalance that is driving prices higher than we typically see at this time of year. In many cases, buyers in this market should be realistic about the chance of bidding wars and leave themselves financial flexibility by looking at homes listed for less than their maximum price point.  With tight inventory, low interest rates, and robust demand from households re-evaluating their housing needs, a strong, competitive market with many transactions is likely here to stay into 2021.” 

Bidding wars have been most common for homes priced just above and below the typical U.S. home value of $259,906. Homes priced in the second quintile of all U.S. home listings — between $192,001 and $264,000 — sold above list in 28.2% of September sales. Homes in this price range are also selling incredibly quickly — a recent Zillow analysis of time on market found similarly priced homes typically sold faster than any other price tier in September. 

Homes priced in the most-expensive tier — above $487,000 — sold above list 15.7% of the time, the lowest of the five price bands tracked in Zillow’s study. Still, this is the highest share sold above list in this price range in any month since at least January 2018, the earliest month included in the analysis.

Perhaps unsurprisingly, homes that sold in the shortest amount of time — indicative of more-intense competition for these properties — were more likely to sell above list. Of homes that have sold in 10 days or less since 2018, 28.5% sold above list. The longer homes stayed on the market, the less likely they were to sell above list. Even still, about 10.4% of homes during that time that stayed on the market for 60 days or longer before selling went for higher than their list price. 

The share of homes sold above list is up from last month and higher than a year ago in each of the 50 largest U.S. metros, and has more than doubled in five of the top 50: Phoenix, San Diego, Denver, Virginia Beach and Riverside. 

In today’s competitive housing market, rushing into a home that’s not the best fit and paying more than they can afford are two of the biggest risks that buyers face. Zillow experts recommend making a list of top criteria and trade-offs they’re willing to make, using virtual or 3D Home tours to narrow down your options more quickly than waiting for a showing, and shopping for homes below a buyer’s maximum price point to leave flexibility in case of a bidding war. A trusted local agent can help discuss trade-offs that may be necessary in a given market and help buyers understand what makes a winning offer in their area. 

*Table ordered by market size 

About
 Zillow Group

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. 

As the most-visited real estate website in the U.S., Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions. 

Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). 

[i] Zillow Weekly Market Report, Nov. 5, 2020: https://www.zillow.com/research/zillow-weekly-market-report-27151/

 

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SOURCE Zillow

AIRPORT CITY, Israel, Nov. 12, 2020 /PRNewswire/ — My Size, Inc. (the “Company” or “My Size”) (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today provided a business update for the third quarter ended September 30, 2020. A copy of the Company’s quarterly report on Form 10-Q for the third quarter ended September 30, 2020 has been filed with the Securities and Exchange Commission and posted on the Company’s website at https://ir.mysizeid.com.

Recent Highlights

• Revenue for the third quarter of 2020 increased to $88,000 versus $6,000 for the same period last year.
• Integrated and launched MySizeID widget for NOCTURNE, a European women’s apparel brand that designs, manufactures, distributes, and sells ready to wear apparel
• Integrated MysizeID into e-Commerce platform of Tricorp, a leading European workwear supplier
• Launched custom clothing made-to-measure feature for MySizeID

Ronen Luzon, CEO of My Size, Inc., stated, “We are pleased to report an increase in revenue for the third quarter ended September 30, 2020, compared to the same period last year. The increase in revenues during the third quarter was due in part to increased retailer adoption of MySizeID, our turnkey solution that helps consumers choose their appropriate size and fit while shopping online, which, in turn, reduces the retailers’ returns and improves their bottom line.”

“One of our global retailers, Penti, is a great use case example for the value proposition that MySizeID is currently offering to retailers:

• Penti reported apparel sales among customers using MySizeID were 3X higher that those customers that did not utilize MySizeID over a three-month period from March to May 2020
• Penti also reported returns were reduced by approximately 50% for customers using MySizeID during the same three-month period

We believe these results further validate our technology and its effectiveness in reducing returns and increasing revenue for retailers.”

“During the quarter, we integrated the MySizeID widget for NOCTURNE, a European women’s apparel brand that designs, manufactures, distributes, and sells ready to wear apparel, as well as TriCorp, a leading European workwear supplier. Both retailers view MySizeID as a significant value proposition, as MySizeID improves retailers’ revenues, lowers their operating costs, while improving the consumer’s shopping experience and enhancing sustainability. We also announced that we launched a Made-to-Measure (M2M) feature, which allows retailers to receive customers’ body measurements instead of a size, in order to make custom-made clothing. We believe the future of the retail industry is headed towards made-to-measure fashion and our goal is to be at the forefront of innovation. Our initial pilots using the M2M feature with several retailers has been encouraging and we look forward to rolling out this feature with additional retailers.”

“We are operating in a challenging environment as the heavily hit retail industry is reeling from the effects of COVID-19 and despite our progress over the past year, this has slowed our market penetration. Based on current estimates, we believe that we will reach at least 10 million size recommendations over the course of 2020.  Nevertheless, we believe these impacts are temporary, and we remain optimistic about our growth strategy for next year, as we build our sales pipeline, add leading retailers and pursue new international markets for both MySizeID and BoxSize.”

For the latest news coverage, please follow the Company on Facebook, LinkedIn, Instagram and Twitter.

About My Size, Inc.

My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries. This proprietary measurement technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Please click here for a demonstration of how MySizeID provides a full sizing solution for the retail industry.

Own a fashion store and want to increase sales as well? Click here

Please click here to download MySizeID for iOS.

Please click here to download MySizeID for Android.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

U.S. Press Contact:
Strauss Communications
[email protected]
www.strausscomms.com

IR Contact:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: [email protected]

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SOURCE My Size Inc.

WASHINGTON, Nov. 12, 2020 /PRNewswire/ — UATP today announced a new strategic partnership with Fly Now Pay Later (FNPL) to give travelers the opportunity to purchase travel via installment plans. The UATP-FNPL partnership allows travelers to instantly spread the cost of their travel plans over time, making those once distant-thought travel plans, now a reality.

“The ‘Buy Now Pay Later’ concept is revolutionizing travel planning as a simpler alternative to financing pricier flights. Our platform benefits the traveler that is eager to get away, and collaborating with UATP will allow for a more seamless implementation,” Jasper Dykes, founder and CEO, Fly Now Pay Later. “Using travel and credit data, we provide leading airlines with a world class customer experience by offering an instant financing solution from as little as 0% APR.”

A recent poll with Airline Information showed that 38% of travelers have installment payments on their roadmap. Additionally, the Worldpay 2020 Global Payments Report stated that this payment method consisted of 8% of all eCommerce transactions in 2019 and is forecasted to double that that growth by 2023. The global partnership between UATP and Fly Now Pay Later, focusing on leisure travelers in Europe, will allow travelers to capitalize on the benefits of installment payment solutions and help remove the basket anxiety associated with upfront costs. Additionally, there are no hidden fees, compounded interest, or early settlement costs. Travelers receive full protection when purchasing through this process and will have access to a coordinated payment schedule to use as a budgeting tool.

“The UATP-FNPL partnership brings yet another option to travelers, and fulfills the demand the marketplace is asking for,” Ralph Kaiser, president and CEO, UATP. “Airlines will receive the full price of the booking upfront while not taking on any of the risk. The structured installment payments can also lead to increased ancillary revenue and help to ensure maximum conversion at checkout.”

For more information, visit UATP.com.

ABOUT UATP

UATP is a global payment network owned and operated by the world’s airlines and accepted by thousands of merchants for air, rail and travel agency payments. UATP connects airlines to Alternative Forms of Payment which can expand reach and generate incremental sales globally. UATP offers easy-to-use data tools, DataStream^® and DataMine^®, which provide comprehensive account details to Issuers and corporate travel buyers for accurate travel management.

Accepted as a form of payment for corporate business travel worldwide by airlines, travel agencies and Amtrak^®; UATP accounts are issued by: Aeromexico; Air Canada (TSE:AC); Air China; Air New Zealand (ANZFF.PK); Air Niugini; Air Serbia; American Airlines (NASDAQ: AAL); APG Airlines; Austrian Airlines; BCD Travel; China Eastern Airlines (NYSE: CEA); Delta Air Lines (NYSE: DAL); EL AL Israel Airlines; Etihad Airways; Fareportal; Frontier Airlines; GOL Linhas aereas inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4); Hahn Air; High Point; Japan Airlines (9201:JP); JetBlue Airways; Qantas Airways (QUBSF.PK); Shandong Airlines;  Sichuan Airlines; Southwest Airlines; Sun Country Airlines; TUIfly GmbH; Turkish Airlines (ISE:THYAO); United Airlines (NYSE: UAL) and WestJet.

AirPlus International issues the UATP-based Company Account for Lufthansa German Airlines.

ABOUT FLY NOW PAY LATER

Fly Now Pay Later is an alternative payment provider specializing solely on the travel industry.
Fly Now Pay Later mission is to help global travel businesses increase their sales by enabling them to offer their customers financial flexibility at checkout.
With a bespoke payment solution, travel providers can now help their customers split the cost of their holiday in flexible monthly installments from 0% APR. 

Contact:

UATP Corporate Communications
Wendy Ward, [email protected]  
+1 202 250 4665

 

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SOURCE UATP