Market Newsdesk

UNION, N.J., Nov. 12, 2020 /PRNewswire/ — Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced the completion of the sale of its Christmas Tree Shops retail banner, its institutional Linen Holdings business and a distribution center located in Florence, NJ.  Total cash proceeds from the three separate sale agreements were approximately $250 million.

Mark Tritton, President and Chief Executive Officer said, “The timely completion of these transactions represents another important milestone in our comprehensive plan to simplify our portfolio, unlock the potential of our business and extend our authority in the Home, Baby, Beauty and Wellness markets.  We will continue to optimize our portfolio, including the potential sale of additional non-core assets.  Since joining Bed Bath & Beyond a little over a year ago, our team has created greater financial flexibility and strategic focus through the divestiture of non-core assets and banners, generating over $750 million to re-invest in our digital-first, omni-always transformation and drive strong and sustainable total shareholder return.” 

Bed Bath & Beyond’s capital allocation principles include investing for growth and transformation, ensuring financial resilience and returning cash to shareholders.  The Company recently launched a $225 million accelerated share repurchase, as part of an authorized share repurchase program totaling up to $675 million over the next three years. 

Advisors to Bed Bath & Beyond on the Christmas Tree Shops and Linen Holdings transactions included B. Riley Securities Inc. and Bryan Cave Leighton Paisner; JLL advised the Company on the real estate transaction.

About the Company
 
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

Forward Looking Statements 
This press release contains forward-looking statements, including, but not limited to, the Company’s progress and anticipated progress towards its long-term objectives, plans with respect to potential asset sales, as well as more generally the status of its future liquidity and financial condition. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. The Company’s actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; risks associated with COVID-19 and the governmental responses to it, including its impacts across the Company’s businesses on demand and operations, as well as on the operations of the Company’s suppliers and other business partners, and the effectiveness of the Company’s actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments, including the Company’s strategic restructuring program; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, and other factors such as natural disasters, pandemics, including the COVID-19 pandemic, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company’s plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company’s development of its omnichannel capabilities; the ability to effectively and timely adjust the Company’s plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company’s common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company’s capital allocation strategy; risks associated with the ability to achieve a successful outcome for its business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other impairments; disruptions to the Company’s information technology systems including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company’s or a third party product or service supplier’s compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new, accounting standards; foreign currency exchange rate fluctuations; and the other factors summarized in the Company’s reports filed with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.

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SOURCE Bed Bath & Beyond Inc.

CARMEL, Ind., Nov. 12, 2020 /PRNewswire/ — KAR Auction Services, Inc., d/b/a/ KAR Global (NYSE: KAR) has completed the acquisition of BacklotCars, Inc. The addition of BacklotCars supplements the company’s suite of leading digital marketplaces, including TradeRev, ADESA.com and OPENLANE, North America’s largest private label platform for exclusive off-lease inventory. BacklotCars also deepens the company’s footprint in key strategic markets while anchoring continued expansion into new geographies to meet dealer demand.

“We are laser-focused on providing dealers with the most efficient, convenient and economically advantageous digital marketplaces to sell and source inventory,” said Peter Kelly, president of KAR Global. “BacklotCars is one of the fastest-growing dealer-to-dealer platforms in the country, and TradeRev’s growth continued to accelerate through the third quarter. Combine that strong momentum with the buyer-base, technology, analytic capabilities and expertise from ADESA and across the KAR platform, and I think you’ve got a pretty compelling solution for any dealer in any market.”

In recent months, KAR has evolved to a 100% digital model, and the addition of BacklotCars further advances the company’s digital transformation strategy. BacklotCars’ 24/7 “bid-ask” marketplace format complements the flexible buying and selling options already available at ADESA, including Simulcast+^SM, the industry’s first fully automated auction platform launched earlier this year. BacklotCars’ customers will also now benefit from ADESA’s network of 74 facilities where the company has invested heavily to streamline and digitize its storage, inspection, remarketing and reconditioning operations.

“There is so much energy and excitement around this combination with our employees and with our customers,” said Justin Davis, co-founder and president of BacklotCars. “I’m proud of what the BacklotCars team has built and the thousands of strong dealer partnerships we’ve developed over the past six years. And I can’t wait to introduce the innovation, power and fierce entrepreneurial spirit of KAR Global to our culture, our products and our customer base.”

Davis will report to Kelly, and as previously reported, BacklotCars co-founders Josh Parsons, Ryan Davis, and Fabricio Solanes will also remain with the company. Though the companies are actively integrating, there are no immediate changes to either company’s product offerings, pricing or customer agreements.

“We’re committed to a disruption-free integration for our customers and advancing BacklotCars’ vision of making wholesale easy so that dealers can be more successful,” said Kelly. “We are excited to be part of that vision and to bring the BacklotCars offering to more dealers across the United States.”

About KAR

KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.8 million units valued at approximately $40 billion through our auctions in 2019. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 80 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, U.K. and Europe. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.

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SOURCE KAR Global

TEL-AVIV, Israel, Nov. 12, 2020 /PRNewswire/ — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today announced that it will hold an extraordinary general meeting of shareholders (the “Meeting“) on Thursday, December 17, 2020, at 2:00 p.m., Israel time, and thereafter as it may be adjourned or postponed from time to time. As part of our precautions regarding the Coronavirus (COVID-19), we will enable participation and convening of the meeting via teleconference at the following dial-in numbers and code: Israel dial-in number: 03-9180699, US dial-in number: 1-866-457-3406 / 1-866-297-0242 – Conference code: 06114#.

The agenda of the Meeting will be as follows:

1. Election of Daniel Vaknin as a new external director for an initial three-year term;
2. Approval of terms of service of Mr. Daniel Vaknin, the external director nomine;
3. Approval of terms of service of Mr. Ehud Gil, a member of the Board of Directors.

Shareholders of record as of the close of business on November 17, 2020 will be entitled to vote at the Meeting or any adjournments or postponements thereof. The Company plans to mail a proxy statement that describes the proposals to be considered at the Meeting and a proxy card to record holders on or about November 18, 2020. The proxy statement and proxy card will also be furnished to the Securities and Exchange Commission on Form 6-K on or about November 12, 2020.

Each of the resolutions to be presented at the Meeting requires the affirmative vote of holders of at least a majority of the ordinary shares voted in person or by proxy at the Meeting on the matter presented for passage. In addition, the approval of the proposals under Items 1 and 3, and a portion of the proposal under Item 2, is required to comply with additional special “disinterested” voting requirements as set forth in the proxy statement.

Shareholders wishing to express their position on an agenda item for the Meeting may do so by submitting a written statement to the Company’s offices at the above address by December 7, 2020. Any position statement received will be furnished to the SEC on Form 6-K, which will be available to the public on the SEC’s website at http://www.sec.gov and on the websites of the Israel Securities Authority and Tel Aviv Stock Exchange at http://www.magna.isa.gov.il or http://maya.tase.co.il/, respectively. Eligible shareholders may present proper proposals for inclusion in the Meeting by submitting their proposals to the Company no later than November 19, 2020.

Shareholders may vote their ordinary shares by means of a deed of vote or proxy card, which are required to be received by the Company, along with the documentation set forth in the proxy statement, by 10:00 a.m., Israel time, on December 17, 2020 (four hours prior to the Meeting), to be counted for the Meeting.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

• Approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
• 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 860MW, representing about 6%-8% of Israel’s total current electricity consumption;
• 51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
• Groen Gas Goor B.V. and Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively;
• 75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel’s prominent businessmen and the former Chairman of Israel’s leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay’s dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay’s controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including the impact of COVID-19 virus on the Company’s operations and projects, including in connection with steps taken by authorities in countries in which the Company operates, regulatory changes, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company in addition to other risks and uncertainties associated with the Company’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Kalia Weintraub

CFO
Tel: +972 (3) 797-1111
Email: [email protected]

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SOURCE Ellomay Capital Ltd

GARDNER, Mass., Nov. 12, 2020 /PRNewswire/ — Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its first quarter fiscal year ended September 30, 2020.

First quarter fiscal 2021 highlights:

• Revenue for the quarter ended September 30, 2020 was $2.76 million compared to $2.51 million in the same quarter of the previous fiscal year, an increase of 10%; and up 23% sequentially compared to $2.24 million in the fourth quarter of the previous fiscal year.
• Gross margins for the quarter ended September 30, 2020 of 35% compared to 39% in the same quarter of the prior year; and compared to 29% for the quarter ended June 30, 2020.
• Net income of $763 during the quarter included $71,146 of stock-based compensation. This compared to a loss of $86,110 in the same quarter a year ago and loss of $323,085 in the fourth quarter of fiscal 2020.
• The Company’s cash position remains strong with an ending balance for the first quarter of $900,510.

Precision Optics’ CEO, Joseph Forkey, commented, “I am pleased with the operating performance during the first quarter which included a return to revenue growth.  Our revenues grew sequentially by 23%, and by 10% year over year, as we saw a recovery in shipments on orders that had been delayed due to issues surrounding COVID-19 over the past few quarters. This growth in revenue, coupled with sequential improvement in gross margins and continued efficient management of expenses, lead to slight net income profitability and positive adjusted EBITDA. Importantly, our balance sheet remained strong with more than $900,000 in cash.”

Dr. Forkey concluded, “Our team continues to maintain a safe overall workplace for our employees while meeting the expectations and demands of our customers. Production disruptions resulting from COVID-19 related precautions created a slightly elevated backlog going into the quarter, which we have largely now delivered.  Importantly, COVID-19 did not materially alter end-market programs and we are seeing the progression of numerous pipeline projects that have the ability to be significant contributors to revenue over the next few quarters and years. We are still not out of the woods as it relates to the near term impacts from COVID-19 as customers work through excess inventory and evaluate the velocity of sell through of their end products in the market. However, the increase we have seen in pipeline projects as well as requests for quotation gives me optimism.  We continue to have confidence that our existing production programs will ultimately return to pre-pandemic levels and combined with new programs that are building today, we expect to have a larger base of revenue.  Our business today is inherently growing nicely.” 

The following table summarizes the first quarter (unaudited) results for the periods ended September 30, 2020 and 2019:

Conference Call Details
The Company has scheduled a conference call to discuss the first quarter 2021 financial results for Thursday, November 12, 2020 at 5:00 p.m. ET.

Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or (412) 317-5705.

Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available at https://www.webcaster4.com/Webcast/Page/2109/38482. 

Replay: A teleconference replay of the call will be available until November 19, 2020 at (877) 344-7529 or (412) 317-0088, confirmation # 10149688. A webcast replay will be available at https://www.webcaster4.com/Webcast/Page/2109/38482.  

About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, Microprecision™ micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for a broad range of customers including some of the largest global medical device companies. The Company’s innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures. The Company’s website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.

About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by the Company’s management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company’s annual report on Form 10-K and in other documents that we file from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law.

Company Contact: 
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800

Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Phoenix | New York
Telephone: 602-889-9700
[email protected]

Following are the Company’s Consolidated Balance Sheets at September 30, 2020 and June 30, 2020, and Statements of Operations, for the three month periods ended September 30, 2020 and 2019:

 

 

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SOURCE Precision Optics Corporation

HOUSTON, Nov. 12, 2020 /PRNewswire/ — Houston American Energy Corp. (NYSE American: HUSA) today announced certain management changes.

James Schoonover, the company’s President and Chief Executive Officer, has advised the company that he would be stepping down from those positions, effective December 1, 2020.  Mr. Schoonover joined the company’s board in April 2018 and assumed the roles of Interim President and Chief Executive Officer in June 2018.  Mr. Schoonover will continue to serve as a director of the Company.

The company’s board of directors has selected John Terwilliger to resume his prior roles as President and Chief Executive Officer of the company, effective upon Mr. Schoonover’s resignation on December 1, 2020.  Mr. Terwilliger will also join the company’s board as a director effective December 1, 2020.

Steve Hartzell, Chairman of Houston American Energy, stated, “We are grateful for Jim’s stepping up to fill the interim CEO role and for his service beyond the period we initially anticipated.  Jim has been a steady hand and we are pleased that he will continue to provide valuable insights in his ongoing role on the board.

With John Terwilliger’s return to the CEO role, we gain a seasoned leader with many years of industry experience and a deep and unmatched understanding of our assets, operations and opportunities in our principal markets.”

About Houston American Energy Corp.

Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company’s business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia.

For additional information, view the company’s website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

 

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SOURCE Houston American Energy Corp.

CAMBRIDGE, Mass., Nov. 12, 2020 /PRNewswire/ — Cogent Biosciences, Inc. (Nasdaq: COGT), a biotechnology company focused on developing precision therapies for genetically defined diseases, today announced that Andrew Robbins, Chief Executive Officer and President, will present a corporate overview at the Jefferies 2020 Virtual London Healthcare Conference taking place November 17 – 19, 2020. 

A recording of the presentation will be available to view after the conference under the “Events” tab on the investor relations section of the Cogent Biosciences website at: https://investors.cogentbio.com/events.

About Cogent Biosciences, Inc. 
Cogent Biosciences is a biotechnology company focused on developing precision therapies for genetically defined diseases. The most advanced clinical program, PLX9486, is a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. KIT D816V is responsible for driving systemic mastocytosis, a serious disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (GIST), a type of cancer with strong dependence on oncogenic KIT signaling. Cogent Biosciences is headquartered in Cambridge, MA. Visit our website for more information at www.cogentbio.com. Follow Cogent Biosciences on social media: Twitter and LinkedIn.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, pertaining to the company’s planned participation at an investor conference, which may include discussion of the company’s business and operations; projected cash runways; future product development plans; upcoming results from clinical trials including from its lead program, PLX9486. The use of words such as, but not limited to, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption “Risk Factors” in Cogent Biosciences’ most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither we, nor our affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

 

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SOURCE Cogent Biosciences, Inc.

JERSEY CITY, N.J., Nov. 12, 2020 /PRNewswire/ — BetMGM, a leading sports betting and digital gaming entertainment company, today announced Andrew Hagopian will join BetMGM’s executive team as Chief Legal Officer. Hagopian will oversee the company’s legal and compliance departments and will report to BetMGM’s CEO, Adam Greenblatt.

Most recently, Hagopian was Chief Corporate Counsel of MGM Resorts International, where he was instrumental in the collaboration with GVC Holdings to establish BetMGM in 2018. At MGM Resorts, Hagopian led a team of attorneys and other professionals responsible for legal aspects of gaming regulatory matters, property operations, joint ventures, corporate transactions, sports and entertainment, development, intellectual property, data privacy, corporate governance, securities, finance and enterprise contracts.

“BetMGM resides at the intersection of technology and gaming,” said Hagopian. “This is an exciting opportunity to leverage my industry and transactional experience at a fast-moving company in a complex, regulated environment where a strong continued commitment to excellence in compliance will be essential to our success.” 

Adam Greenblatt, CEO, BetMGM said, “Andrew’s deep industry experience, and proven ability to build and lead a world-class legal team, will serve BetMGM well as we continue to grow rapidly in a dynamic industry.”

Prior to MGM Resorts, Hagopian was an attorney with Gibson Dunn, a top-tier international law firm representing many Fortune 100 companies. At the firm, he was a member of the corporate transactions and securities practice group, negotiated complex M&A transactions and advised public companies on governance and securities law matters.

Hagopian holds a J.D. from the Georgetown University Law Center and a B.S. in Business Administration from the University of Southern California Marshall School of Business.

For more information, follow @BetMGM on Twitter.

ABOUT BETMGM

BetMGM is a market leading sports betting and digital gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and GVC Holdings Plc (LSE: GVC), BetMGM has exclusive access to all of MGM’s U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing GVC’s US-licensed state of the art technology, BetMGM offers sports betting and online gaming via market leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. For more information, visit http://www.betmgminc.com/.

Statements in this release that are not historical facts are “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including BetMGM’s ability to grow in new or existing jurisdictions. Management has based forward-looking statements on current expectations and assumptions and not on historical facts. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the effects of economic and market conditions in the jurisdictions in which BetMGM operates, competition with other iGaming and sports betting platforms, the timing and costs of expanding in new jurisdictions as well as obtaining and maintaining the required permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MEDIA CONTACT


BetMGM

Elisa Richardson

[email protected]

 

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SOURCE MGM Resorts International

DENVER, Nov. 12, 2020 /PRNewswire/ — Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the “Fund”) announced the declaration of the Fund’s quarterly distribution of $0.102 per share to occur in January 2021.  This distribution is being paid as part of BIF’s managed distribution program under which BIF will make per share distributions of $0.102 per quarter, or approximately $0.408 per year.  As of market close on November 6, 2020, the distribution amounts to approximately 4.15% of market price and 3.35% of net asset value (“NAV”) on an annualized basis. 

Due to the current discount of the Fund’s market price to its per share NAV, and the fact that distributions are made in cash (i.e., at NAV), if Fund shares continue to trade at a discount at the time of this distribution, then it will be accretive to BIF’s market-price-based return.  The January 2021 quarterly distribution will be payable in cash to stockholders of record per the following critical dates:

As previously announced, the Board of Directors instituted a managed distribution program in accordance with its Section 19(b) exemptive order in November 2015.  In adopting the program, the Fund seeks to provide a regular quarterly distribution to its common stockholders which is not dependent on the amount of income earned or capital gains realized by the Fund.   

Investors should not make any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or the Fund’s distribution policy. With each distribution that does not consist solely of net investment income, the Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes.

_______________

The Fund

Boulder Growth & Income Fund, Inc. is a non-diversified closed-end investment company traded on the New York Stock Exchange under the trading symbol “BIF”. As of November 6, 2020, the Fund’s NAV was $12.18 per share and the closing market price was $9.82 (a 19.38% discount to NAV). For more information on the Fund, please visit the Fund’s webpage at www.bouldercef.com.

The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.

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About SS&C | ALPS Advisors

ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. With over $12 billion in assets under management as of September 30, 2020, the firm provides access to asset classes and boutique asset managers in real assets, alternatives, thematic/factor and fixed income through both ETF and open-end mutual fund structures. For more information, visit www.alpsfunds.com.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

Rocky Mountain Advisers, LLC

RMA is an investment adviser registered with the SEC based out of Kansas.  More information about RMA is available at www.bouldercef.com as well as the SEC’s investment adviser search website at www.adviserinfo.sec.gov.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member.                                                                                                            

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

 

 

                                                                                                                                               

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SOURCE Boulder Growth & Income Fund, Inc.