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Breach Inlet Capital Sends Public Letter to Board of Great Canadian Gaming

DALLAS–(BUSINESS WIRE)–
Breach Inlet Capital, an investment firm focused on underfollowed and misunderstood small cap equities, delivered a letter to the Board of Directors of Great Canadian Gaming (TSE: GC) today. Breach Inlet Capital outlines the reasons it plans to vote “AGAINST” Apollo’s offer of $39 per share.

The full text of the letter follows:

Members of the Board of Directors	December 8, 2020
Great Canadian Gaming Corporation
39 Wynford Drive
North York, ON M3C 3K5

Dear Members of the Board:

Breach Inlet Capital, LP (“BIC”) is a long-time shareholder in Great Canadian Gaming Corporation (the “Company” or “GC”). We own more shares than all of the independent members of GC’s Board of Directors (the “Board”) combined. We also have a history of helping public companies enhance their leadership teams. As a recent example, we were part of a shareholder group that called a Special Meeting at Aimia Inc. that led to replacing 7 of 8 directors as well as the CEO¹. For the reasons set forth below, we will vote “AGAINST” Apollo’s proposed acquisition of GC for only $39 per share².

1. We believe $39 per share vastly undervalues GC.

GC effectively has a monopoly of the casino market in the Greater Toronto Area (“GTA”), which is the third largest and fastest growing city in the US and Canada³. Furthermore, the GTA gaming market appears very underpenetrated implying immense untapped potential. For reference, we estimate the Greater Vancouver Area (“GVA”) generated > $500 of Gross Gaming Revenue (“GGR”) per capita in 2019⁴, while we estimate the GTA garnered only ~$200 of GGR per capita⁵. GC recently completed its new Durham Live casino and is substantially expanding its Woodbine casino. These world-class casino resorts should arguably attract higher GGR per capita than any casino in the GVA.

In addition, GC has dominant market share in British Columbia (“BC”). Gateway Casinos is GC’s key competitor in both BC and Ontario. Gateway recently received a $200mm loan from the Canadian government⁶. While this loan may help Gateway bridge any potential liquidity issues, it also adds to Gateway’s already-large debt burden. Therefore, GC could have the opportunity to: 1) capture market share from Gateway in both BC and Ontario and 2) purchase Gateway’s assets at distressed prices if those come for sale.

Lastly from a qualitative perspective, GC should benefit from the potential legalization of single-game sports betting and iGaming next year⁷ given GC’s significant market share and long-term government relationships. Score Media and Gaming estimates these markets could generate up to an additional $5.4b of GGR⁸.

From a quantitative perspective, Apollo’s offer values GC for only ~8x 2019 EBITDA⁹. Importantly, GC’s 2019 EBITDA includes little of the benefit that GC will derive from the ~$650mm of CapEx spent from 1Q19 to 3Q20. This CapEx was primarily spent on building the new Durham Live casino (which has not yet opened) and expanding existing Toronto-area casinos. From 2011 to 2017 (which was prior to GC being awarded the GTA and West GTA (“WGTA”) bundles), we estimate GC generated a pre-tax return on invested capital of ~25%¹⁰. Assuming GC produces a 25% pre-tax return on ~$650mm of CapEx and retains ~60% of profits¹¹, this implies incremental EBITDA of ~$100mm. If accurate, Apollo’s offer values GC for < 6.5x our estimated pro forma 2019 EBITDA¹². Meanwhile, US regional casino companies trade for an average of ~12.5x 2019 EBITDA¹³. We believe GC should trade at a premium to US regionals because of its monopoly in and growth potential from Toronto. Nonetheless, 12.5x our estimated pro forma 2019 EBITDA implies GC is worth > $85 per share, significantly more than the $39 per share Apollo is offering.

Stated differently, we estimate Apollo’s offer values GC for only ~10x 2019 cash EPS¹⁴. Again assuming incremental EBITDA of $100mm as outlined above, this equates to an estimated pro forma 2019 cash EPS of ~$5.00¹⁵. This also implies Apollo’s offer values GC for < 8x our estimated pro forma 2019 cash EPS.

More importantly, we forecast 2019 cash EPS will rise ~85% to ~$7.00 by 2022¹⁶. As articulated above, we think GC can earn a 25% pre-tax return on its GTA/WGTA CapEx. We estimate that GC plans to spend ~$1.7b from 2019 to 2022¹⁷. If GC earns 25% on this CapEx, GC will have earned < 40% pre-tax return on its entire GTA/WGTA investment¹⁸. For reference, we estimate GC earned > 40% pre-tax return on the East bundle¹⁹. Applying 20x to our estimated 2022 cash EPS of ~$7.00 implies GC could be worth ~$140 per share by 2022. Our 2022 estimate could prove conservative because we do not include any benefit from share repurchases, iGaming legalization, sports betting legalization, or growth from 2019 in GC’s remaining casinos.

Simplistically, we believe Apollo’s offer undervalues GC because $39 per share is below the price where GC repurchased substantial stock. In 2018 and 2019, GC bought back ~$350mm of stock and paid up to $51 per share. Then in February 2020, GC announced a $500mm tender at up to $46 per share. We think it is highly unlikely that COVID or any other factors have materially impacted GC’s long-term earnings power. Supporting this notion, several US regional casinos grew 3Q20 EBITDA between 5% and 19% year-over-year²⁰.

GC’s “Shareholder Update” presentation²¹ appears to be an attempt to scare shareholders into accepting Apollo’s lowball offer by conveniently now claiming that costs in Toronto will rise faster than revenue and specifically pointing to the escalating revenue thresholds. We do not know the thresholds, but we know that: 1) GC’s Board wanted GC to repurchase ~20% of its shares at up to $46 per share just this February indicating they thought GC was materially undervalued, 2) US casinos are quickly recovering from COVID implying the same will happen to GC’s casinos, and 3) GC’s GTA/WGTA agreements were amended “to compensate the Company for its services over the duration of the Pandemic and a period of subsequent ramp up of operations as the business returns to historical levels” by providing “an additional variable component fee”²². In fact, GC receives this “additional” compensation during the 50-guest maximum restriction plus an additional three years.

Digging further into the thresholds, CEO Rod Baker stated on the 3Q18 earnings call: “I am pleased to report that our current GGR run rate already exceeds our peak threshold level that will occur in 4 years from now”. We estimate GTA run-rate GGR was ~$1.3b in 3Q18 implying the 2022 GTA threshold is < $1.3b. As outlined above, we estimate GTA GGR would need to grow > 150% to be equivalent to GVA GGR on a per capita basis. If so, then this implies GTA GGR would need to rise to ~$3.3b. GC/Brookfield receive a fixed fee of ~$75mm plus 70% of GGR above the threshold. Coupled with non-gaming revenue growing from 1% of GGR to our estimate of 20% and assuming 40% EBITDA margin, then this would lead to the GTA producing > $800mm of gross EBITDA²³. That would equate to an even larger pre-tax return on capital than the 25% we had assumed above. Either way, we believe the thresholds will not be an issue and GC will rapidly increase profits in the GTA (and WGTA).

2. We think GC’s undisturbed share price could have been above Apollo’s offer already.

GC’s share price closed at $30.25 on August 12, 2020. Later that evening, GC reported +$32mm of Adjusted EBITDA and +$5mm of operating cash flow for 2Q20. These results were remarkably impressive given that all of GC’s casinos were closed in 2Q20. GC’s 2Q20 EBITDA easily beat consensus’ expectations of NEGATIVE $12mm and likely pleasantly surprised most shareholders. Yet, GC’s CEO Rod Baker seemed to intentionally express a dire tone during the 2Q20 earnings call. In fact, he used the word “challenging” on seven different occasions. In turn, GC’s share price declined and never returned to its August 12^th price until after announcing Apollo’s offer. Meanwhile, share prices of US regional peers have increased by ~50% on average since August 12^th. If GC’s share price had risen 50% like the US regional casinos, then GC could currently be trading for ~$45 per share.

3. We are concerned by the troubling process that appears to have led to GC’s Board agreeing to Apollo’s offer.

First, GC would effectively be selling “at the bottom” given depressed earnings this year yet recently renewed optimism about an earnings recovery in 2021+. Second, GC’s Board seemed to rush the process with Apollo, as it took less than 11 weeks from Apollo’s initial offer of $38-41 per share to signing a definitive merger agreement. Third and inexcusably, GC’s Board did not conduct a sales process or seem to contact any other potential bidders after receiving Apollo’s initial offer. Most specifically and during the 3Q20 earnings call, CEO Baker indicated that Brookfield was not contacted about submitting a bid. Given that Brookfield is GC’s 50/50 partner in the GTA, we would be surprised if Brookfield did not have an interest in acquiring GC. Instead of seeking to maximize shareholder value, GC’s Board appears to have rushed to take the first offer on the table.

4. We believe GC’s Board and senior management’s interests are not aligned with shareholders.

Even when including DSUs gifted to them, GC’s Board (excluding CEO Baker) have only a 0.3% economic interest in the Company. Far more troubling, GC’s Board recently issued “long-term” cash incentive awards to CEO Baker and President Terrance Doyle of $6mm and $3mm, respectively²⁴. As if Baker and Doyle were not earning enough with their combined $26mm+ in change of control payments, they will now receive an additional $9mm combined. Given this, we could understand why GC’s Board and senior management support Apollo’s offer and the prospect of immediate payouts on what were supposed to be long-term incentives. Unfortunately, their personal gains appear to come at the expense of shareholders’ best interest.

5. We think the Management Information Circular lacked critical details to support Apollo’s offer.

This is the first merger proxy that we have seen that fails to include a forecast, trading comps, or transaction comps. We believe these details may have been intentionally omitted because their inclusion would highlight that Apollo’s offer significantly undervalues GC. Further, a multiple of EBITDA is the casino industry’s standard method of valuation. Yet bizarrely, even the word “EBITDA” was only referenced in the definitions section and to describe the decline in GC’s EBITDA in 2020.

In summary, we plan to vote “AGAINST” Apollo’s offer of $39 per share and would likely vote against any offer that is not materially higherfor the reasons outlined above. We do not appear alone in opposing Apollo’s offer. A ~14% shareholder said “this is a terrible and ridiculous deal” during the 3Q20 earnings call. Another ~4% shareholder followed that comment by saying “I think this transaction materially undervalues the Company, and we have no intention of voting for it”. Several weeks later, news outlets reported that a ~10% shareholder submitted a private letter to GC’s Board outlining its reasons to vote “AGAINST” Apollo’s offer²⁵. Lastly, an ~18% shareholder also reportedly plans to vote against Apollo’s offer²⁶. Based on our analysis above, we agree with the conclusions independently reached by these large shareholders.

With sound execution and an improved macroeconomic backdrop, we believe GC could be worth ~$140 per share within two years. We are unlikely to vote “FOR” a transaction until GC’s long-term intrinsic value is more accurately reflected in the price offered by Apollo or another potential suitor.

Best Regards,

Chris Colvin, CFA

Founder and Portfolio Manager

Breach Inlet Capital, LP

____________________________________________________

¹ Sources: Aimia Reconstitutes Board; Aimia Announces Transformation

² All $ amounts displayed in CAD

³ Sources: Toronto Fastest Growing; Toronto 3rd Largest

⁴ Source: BCLC 2019/20 Report

~$1.9b 2019 Adjusted BC GGR = ~$1.8b Reported + $75mm impact of COVID (pg. 10 of BCLC report)

~$1.3b 2019 GVA Revenue = ~$1.9b 2019 Adjusted BC GGR x 70% (BIC estimate)

~$515 GGR per Capita = ~$1.3b 2019 GVA Revenue / ~2.6mm GVA population

⁵ ~$200 of GGR per Capita = ~$1.3b GTA GGR (BIC estimate) / ~6.2mm GTA population

⁶ Source: Gateway Loan

⁷ Source: Sports Betting & iGaming Legalization

⁸ Source: theScore Estimate

⁹ ~$350mm 2019 EBITDA = Reported Adjusted EBITDA – Lease Payments – Minority Interest EBITDA + estimated Minority Interest Lease Payments

~$2.8b Enterprise Value = $39 per share x 56.4mm shares + ~$640mm net debt (excludes an estimated 30% of Ontario Cash and 50% of GTA Debt because controlled by Brookfield)

¹⁰ ~25% PT Return 2011-2017 = ~$80mm growth in EBITDA / ~$310mm capital deployed (CapEx + acquisitions)

¹¹ Brookfield Business Partners (“Brookfield”) retains 50% of GTA profits, so we estimate this implies Brookfield receives ~40% of GTA + WGTA profits.

¹² ~$450mm Pro Forma EBITDA = ~$350mm 2019 EBITDA + ~$100mm Incremental EBITDA to GC

~6.2x Pro Forma EBITDA = ~$2.8b EV / ~$450mm

¹³ Tickers for US Regional Casinos: CHDN, CNTY, CZR, FLL, GDEN, MCRI, PENN, RRR

¹⁴ ~$3.80 2019 Cash EPS = (2019 EBITDA – Stock-Based Compensation – Cash Interest Expense (excluding Minority Interest portion) – Taxes – estimated Maintenance CapEx (3.2% of Revenue & excluding Minority Interest portion)) / 56.4mm diluted shares

¹⁵ $5.00 2019 Cash EPS = (~$100mm Incremental EBITDA x (1 – 27% tax rate))/56.4mm shares + 2019 cash EPS

¹⁶ ~$250mm Incremental EBITDA = ~$1.7b CapEx x 25% ROI x 60% (BIC estimate of GC’s portion)

~$600mm 2022 EBITDA = ~$350mm 2019 EBITDA + ~$250mm Incremental EBITDA

~$7.00 Cash EPS = (~$600mm 2022 EBITDA – ~$60mm CapEx (10% of EBITDA) – ~$30mm Int Exp (CapEx funded w/FCF) – ~$110m taxes (27% rate & ~$160mm D&A)) / 56.4mm shares

¹⁷ GC disclosed plans to spend: 1) $360mm of CapEx in WGTA in the 3Q18 MD&A and 2) $1.48b at GTA on pg. 74 of Merger Proxy. We estimate GC spent ~$160mm of CapEx on GTA/WGTA in 2018 implying $1.7b to spend from 2019-2022.

¹⁸ ~$2b Total Invested Capital = ~$90mm GTA purchase + ~$100mm WGTA purchase + estimated ~$160mm 2018 GTA/WGTA + estimated $1.7b 2019-2022 GTA/WGTA CapEx

~$760mm Gross GTA/WGTA 2022 EBITDA = ~$340mm 2019 Gross GTA/WGTA EBITDA (BIC estimate) + ~$420 incremental Gross GTA/WGTA EBITDA (~25% x ~$1.7b)

~38% pre-tax return = ~$760mm Gross EBITDA / ~$2b Invested Capital

¹⁹ 42% PT Return on East Bundle = (~$40mm purchase price + ~$80mm CapEx) / ~$50mm 2019 EBITDA

²⁰ 3Q20 EBITDA grew y/y at CZR, GDEN, MCRI, PENN by 10%, 5%, 19%, and 10%, respectively

²¹ Source: GC’s Shareholder Update

²² Source: pg. 10 of 3Q20 MD&A

²³ Non-Gaming Revenue was > 15% of GGR at River Rock in the GVA and we think the GTA should be higher because of the amenities being constructed around the GTA casinos. Ontario EBITDA margin was 45% in 2019.

²⁴ Source: Pg. 52 of Merger Proxy

²⁵ Source: 10% Shareholder Opposition

²⁶ Source: 18% Shareholder Opposition

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006124/en/

Breach Inlet Capital, LP

Chris Colvin, CFA

Founder and Portfolio Manager

[email protected]

KEYWORDS: United States North America Canada Texas

INDUSTRY KEYWORDS: Other Professional Services Professional Services Finance

MEDIA:

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Phreesia Announces Planned CFO Transition in 2021: Chief Financial Officer Tom Altier to Retire, Randy Rasmussen Named New CFO

NEW YORK–(BUSINESS WIRE)–
Phreesia, Inc. (NYSE: PHR) today announced that Tom Altier, its Chief Financial Officer, will retire in April 2021. Randy Rasmussen, the company’s Chief Accounting Officer, will succeed Altier as CFO, effective May 1, 2021. Altier, who joined Phreesia in 2012, will continue in his current role through the end of April 2021 and the filing of Phreesia’s Annual Report on Form 10-K, and thereafter will continue to support the company in an advisory role.

“Tom’s leadership has played a critical role in the success of our finance organization and of Phreesia as a whole, including during our transition to a public company,” said Phreesia CEO Chaim Indig. “We deeply appreciate the work he has done to help further our mission and the indelible impact he has left on our team. Randy is bringing tremendous value to Phreesia and we’re so pleased that he will be our new CFO.”

Altier’s career spans more than 40 years in finance, including as CFO at Perspective Pixel, which was acquired by Microsoft in 2012, and other financial leadership roles. He began his career at Price Waterhouse (now PwC). Altier is a Certified Public Accountant and holds a BA and an MBA from Columbia University.

“It has been a privilege to work alongside our fantastic leadership team, board of directors and employees during my tenure at Phreesia,” said Altier. “Randy is doing an excellent job leading our accounting organization and I am confident that with his deep expertise, the company will be well-positioned for continued growth.”

Rasmussen joined Phreesia as CAO in November 2019. He has more than 25 years of finance and accounting experience, including multiple leadership roles at public companies of various sizes and stages of growth and evolution. Most recently, he was a Senior Vice President and Controller with Medidata Solutions, Inc. (NASDAQ: MDSO) where he managed global accounting operations, including SEC reporting and global financial planning and analysis. Prior to his role with Medidata, he spent over a decade in finance and accounting leadership roles with SAP SE (NYSE: SAP). Rasmussen began his career with Coopers & Lybrand (now PwC) after receiving his bachelor’s degree in Accounting and Finance from the University of Colorado at Boulder. He is also a Certified Public Accountant.

ABOUT PHREESIA

Phreesia gives healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients and provides a modern, convenient experience, while enabling our clients to optimize their staffing, boost profitability and enhance clinical care. To learn more, visit phreesia.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006123/en/

Phreesia

Maureen McKinney

212-457-0257

[email protected]

KEYWORDS: North Carolina United States North America

INDUSTRY KEYWORDS: Software Finance General Health Health Data Management Professional Services Technology Other Health

MEDIA:

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U.S. Bancorp announces quarterly dividends

MINNEAPOLIS–(BUSINESS WIRE)–
The Board of Directors of U.S. Bancorp (NYSE: USB) has declared a regular quarterly dividend of $0.42 per common share, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020. At this quarterly dividend rate, the annual dividend is equivalent to $1.68 per common share.

The Board of Directors also declared the following:

• A regular quarterly dividend of $894.444 per share (equivalent to $8.94444 per depositary share) on the Series A Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

• A regular quarterly dividend of $223.61 per share (equivalent to $0.22361 per depositary share) on the Series B Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

• A regular quarterly dividend of $406.25 per share (equivalent to $0.40625 per depositary share) on the Series F Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

• A regular quarterly dividend of $321.88 per share (equivalent to $0.32188 per depositary share) on the Series H Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

• A regular quarterly dividend of $343.75 per share (equivalent to $0.34375 per depositary share) on the Series K Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

• A regular semi-annual dividend of $640.625 per share (equivalent to $25.625 per depositary share) on the Series I Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

• A regular quarterly dividend of $203.13 per share (equivalent $0.20313 per depositary share) on the Series L Non-Cumulative Perpetual Preferred Stock of U.S. Bancorp, payable January 15, 2021, to stockholders of record at the close of business on December 31, 2020.

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $540 billion in assets as of September 30, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201208006122/en/

Investor contact: Jennifer Thompson, U.S. Bancorp Investor Relations

[email protected], 612.303.0778, @usbank_news

Media contact: Jeff Shelman, U.S. Bancorp Public Affairs and Communications

[email protected], 612.422.1423, @usbank_news

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Banking Professional Services Finance

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CORRECTING and REPLACINGSave The Music Honors Producer/Songwriter Philip Lawrence and Raises Funds During #musicsaves Los Angeles Virtual Event

–(BUSINESS WIRE)–
Please replace the release (issued on December 7, 2020) with the following corrected version due to multiple revisions to the “About Chloe Flower” section of the release.

The updated release reads:

SAVE THE MUSIC HONORS PRODUCER/SONGWRITER PHILIP LAWRENCE AND RAISES FUNDS DURING #MUSICSAVES LOS ANGELES VIRTUAL EVENT

MTV Entertainment Group (Save The Music):

PHOTOS: HERE

WHAT: Virtual event hosted by Save The Music (STM) celebrating eight-time GRAMMY® winner, Philip Lawrence, and raising funds to ensure that every student has the ability to make music in school from wherever they are learning during this challenging time.

This one-hour virtual event will be filled with exciting performances featuring nationally recognized artists, songwriters and producers. Attendees and viewers will also hear from teachers and students impacted by Save The Music programs. Proceeds from the evening will help STM develop music programs in underserved schools in the Los Angeles Unified School District. The benefit is sponsored by Gibson Gives, the charitable arm of Gibson guitars, United Talent Agency (UTA) and Victrola.

WHO:Philip Lawrence (honoree), Matt Pinfield (host), Tyler Posey, Why Don’t We, Kirk Douglas of The Roots, Chloe Flower, Andrew Watt, Marisha Wallace and more!

WHEN: December 8^th at 8pm EST/5pm PST

WHERE: Live Streamed Event – to request the viewing link, please contact [email protected].

WHY: In light of COVID-19, we are working with urgency to navigate through this period to provide access to quality music education for students in historically-marginalized communities. Without support, we face the very real risk of the pandemic widening the already unacceptable opportunity gap for students with the most need.

VISUALS: The evening will be filled with exciting performances and interviews from talent, as well as a discussion on the importance of music education. Students and teachers who have received Save The Music grants will sing and share how having a music program in school has impacted them. Finally, the award will be presented to Philip Lawrence who will deliver an acceptance speech and close out the show with a song.

About Philip Lawrence:

An 8-time GRAMMY® winning songwriter, producer, performer, personality and comedian in his own right, Phil is best known for his more than decade collaboration with Bruno Mars. Bruno puts it best when he says, “Every song that you’ve heard me sing, every song [that] they said that I produced, I produced with Philip Lawrence, I’ve written with Philip Lawrence. He is my writing partner. My right hand man!” (Phil also performs on stage with Bruno). These collaborations include, “That’s What I Like,” “Uptown Funk,” “Just the Way You Are,” “Grenade,” “When I Was Your Man,” “Treasure,” and “Locked Out of Heaven” just to name a few. He’s also credited on Adele’s “All I Ask,” CeeLo Green’s “F* You,” B.O.B.’s “Nothing on You” and Travie McCoy’s “Billionaire.” Philip also voiced the character Felipe and wrote/performed the song “It’s A Jungle Out Here,” in the 20th Century Fox animated feature film Rio 2. Philip was the lead songwriter and co-music producer of Netflix’s first original movie musical entitled “Jingle Jangle,” starring Forest Whitaker, Phylicia Rashad and Keegan-Michael Key, released in November 2020. Lawrence is building a multimedia venture that combines music, film, television and theater production in one space. Most recently he formed CMNTY CULTURE, a record label whose first debut artist RMR is already one of the hottest acts of 2020. Philip is the owner and CEO of legendary Record Plant Studios in Hollywood, CA which he acquired in 2016.

About Chloe Flower:

Continuing her mission of bringing classical music to the masses, pianist, producer and activist Chloe Flower appeared as the centerpiece at this year’s Roots X BOY MEETS GIRL New York Fashion Week event and at the 2019 CFDA/Vogue Fashion Fund Finalist and Runner-Up, Danielle Frankel’s runway show with Vogue stating Chloe’s performance was a “funky, energetic spectacle.” She performed alongside Cardi B at the 2019 GRAMMY Awards, which exploded on social media and garnered over 9 million impressions and unanimous media praise. Chloe’s high-energy and high-fashion performance style has garnered attention of everyone from Pitchfork to Harper’s Bazaar with Cosmopolitan stating “Chloe Flower will smash whatever you think you know about classical music, and look fire doing it.” The superstar pianist also has received praise from The FADER, Entertainment Tonight, People, TIME and countless others. Chloe’s latest single “Carol of the Bells” is available now.

Tyler Posey:

Tyler Posey is an actor and musician. He’s best known for starring on the MTV series Teen Wolf, playing high school student — and werewolf — Scott McCall. Prior to the show, he appeared in Maid in Manhattan, Without a Trace and Lincoln Heights. He is also a member of the band Lost in Kostko.

# # #

About Save The Music:

The Save The Music Foundation is a 501(c)(3) nonprofit that helps students, schools, and communities reach their full potential through the power of making music. Founded in 1997, Save The Music partners with school districts and raises funds to restore music programs in public schools. Since inception, the organization has donated over $60 million worth of new musical instruments, equipment, and technology to 2,201 schools in 277 school districts around the country–impacting the lives of hundreds of thousands of students. Learn more about Save The Music and its efforts at www.savethemusic.org.

About Gibson Gives:

For over 126 years, Gibson has been shaping sound across generations and genres through their guitars. Gibson,and its charitable arm Gibson Gives believe in the power of music,and that getting instruments into the hands of those with a desire to make music is a truly life-changing event. Gibson Gives–a 501(c)(3) committed to introduce, inspire, and amplify the power of music through guitars–believes that now more than ever we must band together to support programs for music students. Gibson Gives is committed to making the world a better place through music by creating, developing, supporting programs, and working with other non-profit organizations, in their efforts to advance youth-focused and healing music initiatives. 100% of all donations to and from Gibson Gives go towards giving the gift of music. Since inception, Gibson Gives has provided thousands of guitars and related value-in-kind of more than $30 million. In mid-2019, Gibson Gives committed to donating 1,000 guitars over the next 1000 days and is ahead, having donated over 750 guitars in less than a year’s time. Gibson Gives believes investing in music education will yield better people, better leaders, and a better world. Gibson Gives is changing lives…one guitar at a time. For more information, visit: www.gibsongives.org.

About Gibson:

Gibson, the world’s most iconic guitar brand, has shaped the sounds of generations of musicians and music lovers across genres for more than 100 years. Founded in 1894 and headquartered in Nashville, TN, with a premiere acoustic facility in Bozeman, MT, Gibson Brands has a legacy of world-class craftsmanship, legendary music partnerships, and progressive product evolution that is unrivaled among musical instrument companies. The Gibson Brands portfolio includes Gibson, the number one guitar brand, as well as many of the most beloved and recognizable music brands, including Epiphone, Kramer, Steinberger, and the Gibson Pro Audio Division, KRK Systems. Gibson Brands is dedicated to quality, innovation, and sound excellence so that music lovers for generations to come will continue to experience music shaped by Gibson Brands. Learn more at Gibson.com and follow us on Twitter, Facebook, Gibson TV, and Instagram.

About UTA:

Leading global talent and entertainment company UTA represents many of the most acclaimed figures across film, television, news, music, sports, speakers, theater, fine art, literature, video games, podcasts and other social and digital content. A passionate advocate for artists, creators and innovators, the company also is recognized in the areas of film finance and packaging, branding, licensing and endorsements. UTA is known for its dedicated digital media group helping clients—from A-list talent to Fortune 500 companies—capitalize on a rapidly changing entertainment, media and business landscape. The agency’s worldwide presence includes its Los Angeles headquarters and offices in New York, London, Nashville, Miami and Malmö, Sweden. Information about UTA can also be found by following the company on social media on Instagram, Twitter, Facebook and LinkedIn.

About Victrola:

Victrola, much like music, has transcended time and endured the evolution of technology. Our audio products offer the vintage look and feel that’s reminiscent of bygone memories – combined with unparalleled sound quality and exquisite craftsmanship that will provide you with the ultimate listening experience for years to come. Sleek and modern, sophisticated and timeless or bold and retro, we believe a Victrola is more than just a method of listening to music, but a statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201207005978/en/

Chanel Secreto, MTV Entertainment Group (Save The Music) | [email protected]

Libby Coffey, PRIME PR GROUP, INC. (Gibson) | [email protected]

Lindsay Dale, United Talent Agency (UTA) | [email protected]

Scott Goldberg, Victrola | [email protected]

KEYWORDS:

INDUSTRY KEYWORDS: Other Philanthropy TV and Radio Music General Entertainment Philanthropy Fund Raising Foundation Entertainment

MEDIA:

Posted on December 8, 2020 4:19 pm

NAK INVESTOR FRAUD ALERT: Hagens Berman, National Trial Attorneys, Encourages Northern Dynasty Minerals (NAK) Investors to Contact Its Attorneys Now, Securities Fraud Case Filed

SAN FRANCISCO, Dec. 08, 2020 (GLOBE NEWSWIRE) — Hagens Berman urges Northern Dynasty Minerals Ltd. (NYSE: NAK) investors to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims.

Class Period: Dec. 21, 2017 – Nov. 25, 2020
Lead Plaintiff Deadline: Feb. 2, 2021
Visit : www.hbsslaw.com/investor-fraud/NAK
Contact An Attorney Now :	[email protected]
	844-916 – 0895

Northern Dynasty Minerals Ltd.
(
NAK
)
Securities Fraud Class Action:

The lawsuit alleges Northern Dynasty and senior executives misled investors about the viability of the company’s proposed Pebble Project, a large mining project in Alaska.

In past quarters, Northern Dynasty repeatedly touted its progress in obtaining the necessary permitting for the Pebble Project. The company and senior management also repeatedly assured investors that the Pebble Project design included a substantially reduced development footprint and meaningful new environmental safeguards and, as a result, would likely receive necessary permits from federal, state and local regulatory agencies.

Investors began to learn the truth through a series of partial disclosures beginning on Aug. 24, 2020, when the U.S. Army announced the Pebble Project would significantly degrade the environment, result in significant adverse effects on the aquatic system or human environment, and as proposed “cannot be permitted.” This news sent the price of Northern Dynasty shares crashing lower.

On Sept. 21, 2020, the Environmental Investigation Agency released recordings of conversations between Northern Dynasty senior executives and EIA investigators revealing the company’s plans to expand the Pebble Project mine operations from 20 years to 180 – 200 years and to expand it geographically.

Finally, on Nov. 25, 2020, Northern Dynasty announced the U.S. Army Corps. of Engineers rejected its Pebble Project permit application under the Clean Water Act, finding the project “is not in the public interest.” This news drove the price of Northern Dynasty lower again.

“We’re focused on, among other things, investor losses and proving that Northern Dynasty and its senior management intentionally misled investors and manipulated the permitting process to achieve personal compensation for having done so,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Northern Dynasty investor, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Northern Dynasty should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844–916–0895 or email [email protected].

About Hagens Berman


Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895