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Cash App Announces Definitive Agreement to Acquire Credit Karma Tax

Cash App will provide millions of Americans with the ability to electronically file their taxes

SAN FRANCISCO–(BUSINESS WIRE)–
Square, Inc. (NYSE: SQ) has entered into a definitive agreement with Credit Karma to acquire its tax business, Credit Karma Tax, on behalf of Cash App, the financial services app that allows individuals to spend, send, store and invest money. Square will pay $50 million in cash for Credit Karma Tax, which provides a free, do-it-yourself tax filing service for consumers.

Consistent with Square’s purpose of economic empowerment, Cash App plans to offer the free tax filing service to millions of Americans. The acquisition provides an opportunity to further digitize and simplify the tax filing process in the United States, expanding access to the one in three households which are unbanked or underbanked. The tax product will expand Cash App’s diverse ecosystem of financial tools — which currently includes peer-to-peer payments, Cash Card, direct deposit, as well as fractional investing in traditional stocks and bitcoin — giving customers another way to manage their finances from their pocket.

“We created Cash App to provide more access to the masses of people left out of the financial system and are constantly looking for ways to redefine our customers’ relationship with money by making it more relatable, instantly available, and universally accessible,” said Brian Grassadonia, Cash App Lead. “That’s why we’re thrilled to bring this easy-to-use tax product to customers as we continue to build out the suite of tools Cash App offers. With this acquisition, we believe Cash App will be able to ease customers’ burden of preparing taxes every year.”

“Filing taxes is critical and challenging for all Americans, and in recent years we’ve seen more customers shift to filing taxes themselves. Credit Karma Tax provides a seamless, mobile-first solution for individuals to file their taxes at no cost,” said Patrick Fink, Director of Engineering, Credit Karma Tax. “We’re excited to be joining an entrepreneurial team and continue to build simple, innovative tools for Cash App customers.”

The number of taxpayers who self prepare and e-File their own tax returns has continued to grow in recent years. According to the IRS, in the 2020 tax filing season, approximately one in two tax filers or 80 million taxpayers prepared and electronically filed their federal tax returns themselves, with an average refund of more than $2,000. Credit Karma Tax helped more than two million filers process their tax returns in the latest filing season.

Cash App launched in 2013 as a peer-to-peer money transfer service. Today, Cash App customers have access to a multitude of services and an integrated ecosystem of relevant financial services for spending, sending, storing, and investing money. In the third quarter of 2020, Cash App generated $385 million in gross profit, or more than $1.5 billion on an annualized basis, and as of June 2020 had more than 30 million monthly active customers.

The completion of this transaction is subject to customary closing conditions. The parties expect to close the transaction before the end of 2020, and until close the two companies will continue to operate independently. Square was advised by Fenwick & West LLP and Cleary Gottlieb Steen & Hamilton LLP as legal advisors and Credit Karma was advised by Goldman Sachs & Co. LLC as financial advisor, with Skadden, Arps, Slate, Meagher & Flom LLP and Wilson Sonsini Goodrich & Rosati serving as legal advisors.

About Square, Inc.

Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing. Individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding the proposed acquisition of Credit Karma Tax by Square (the “Company”), the future performance and expected financial results for future periods of the Company, the Company’s ability to integrate Credit Karma Tax’s products into its Cash App ecosystem, and the Company’s expectations regarding scale, economics, and the demand for or benefits from its current and future products, product features, and services. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from results expressed or implied in this press release, and reported results should not be considered as an indication of future performance. Investors are cautioned not to place undue reliance on these statements.

Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the possibility that the transaction will not close or that the closing may be delayed; the ability to secure required regulatory approvals or otherwise satisfy other closing conditions in a timely manner, or at all; the possibility that the proposed transaction may not advance the parties’ business strategies; the ability of Cash App to retain the customers of Credit Karma Tax; the ability to realize the expected benefits from the transaction in the expected time period, or at all; disruptions from the transaction on ongoing operations; inability to retain key personnel; potentially incurring significant transaction costs; and unknown, underestimated, or undisclosed commitments or liabilities, as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the SEC), including the Company’s most recently filed Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which is on file with the SEC and available on the Investor Relations page of the Company’s website. All forward-looking statements are based on information and estimates available to the Company at the time of this press release and are not guarantees of future performance. Except as required by law, the Company assumes no obligation to update any of the statements in this press release.

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Posted on November 25, 2020 9:48 am

Cosmos Holdings Begins Trading on the OTCQX® Best Market

CHICAGO, Nov. 25, 2020 (GLOBE NEWSWIRE) — Cosmos Holdings, Inc. (“the company”) (OTCQX: COSM), a vertically integrated international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and an extensive, established EU distribution network, today announced it has qualified to trade on the OTCQX® Best Market; the company has upgraded to OTCQX from the OTCQB® Venture Market and begins trading today on OTCQX under the symbol “COSM.” U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

“Trading on the OTCQX is a key step in our growth plan to make Cosmos Holdings, Inc. a truly global company,” said Greg Siokas, CEO of Cosmos Holdings, Inc. “We believe the OTCQX Market will enhance our visibility to U.S. investors. We are confident that trading on OTCQX will help us expand our shareholder base, broaden our exposure and increase our liquidity. This is a terrific day for the company, and I’m proud of our team for making this happen.”

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Cosmos Holdings, Inc. sells and distributes its pharmaceuticals, generics and OTC products through its wholly owned subsidiary, CosmoFarm, which turns its inventory between 12 and 18 times per year. The company has exclusive distribution rights for 47+ generic licenses, all owned and manufactured by a related company, DOC Pharma S.A., and for “Sky Premium Life” high-end nutraceuticals, a full portfolio of fast-moving and specialty formula products (60+ SKUs).

The company has direct access to Europe’s primary sales channels for pharmaceuticals and nutraceuticals and maintains relationships with 160+ pharmaceutical wholesale distributors in Europe’s largest markets. Cosmos Holdings, Inc. sells directly to 1,500 pharmacies, with access to more than 40,000 pharmacies. More information is available at www.cosmosholdingsinc.com.

On November 17, 2020, Cosmos Holdings, Inc. announced record Third Quarter and Nine-Month results for the period ended September 30, 2020. Operating revenue rose 48 percent to $14.35 million from $9.68 million for the three months ended September 30, 2019; for the nine months, revenue increased 40 percent to $39.10 million from $27.88 million for the prior-year period.

On November 2, 2020, Cosmos Holdings, Inc. announced seasoned entrepreneur David Lowenstein, 58, has agreed to join its board of directors, and that the company has also entered into an advisory agreement with Mr. Lowenstein’s consulting business, Hyper Enterprises, an Ontario corporation to advise and assist with mergers, acquisitions, capital markets and strategy.

On October 16, 2020, Cosmos Holdings, Inc. announced it had entered into an advisory agreement with PGS Ventures B.V. (PGS) to advise the company on senior exchange listing strategies. Peter Goldstein, the Director and Principal of PGS, was appointed as Executive Director to the Cosmos Holdings, Inc. Board of Directors.

About Cosmos Holdings, Inc.

Cosmos Holdings Inc. is an international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices and an extensive, established EU distribution network. The company identifies, acquires, develops and commercializes products that improve patients’ lives and outcomes. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece and Harlow, UK.

Press Release Disclaimer

Cosmos Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

Forward-Looking Statements

With the exception of the historical information contained in this news release, the matters described herein may contain 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. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations

Michael J. Porter, President
Porter, LeVay & Rose, Inc.
T: (973) 865-9357
E: [email protected]
LinkedIn
@PlRinvest

Cosmos Holdings
+1 312 536 3102
[email protected] 
141 West Jackson Blvd., Suite 4236
Chicago, IL 60604

Posted on November 25, 2020 9:48 am

Lt. General (Retired) Bruce Crawford Joins Jacobs’ Critical Mission Solutions Leadership Team as Senior Vice President, Strategic Development

PR Newswire

DALLAS, Nov. 25, 2020 /PRNewswire/ — Jacobs (NYSE:J) welcomes former Army Chief Information Officer (CIO) and recently retired Army Lieutenant General Bruce T. Crawford to the company’s Critical Mission Solutions (CMS) line of business as Senior Vice President, Strategic Development. Crawford will provide strategic leadership, vision and focus to support growth and continued development and deployment of innovative solutions across an ever-expanding client base within CMS.

“Lieutenant General Crawford is an inspiring thought leader that brings a depth of strong leadership experience to our Critical Mission Solutions business strategy,” said Jacobs Executive Vice President and COO of Critical Mission Solutions Dawne Hickton. “Together, we now have the industry’s foremost expertise to deliver even more innovative solutions for our clients and our communities around the world.”

Crawford brings more than 34 years of executive management in national security, enterprise information technology (IT) and cybersecurity. Most recently he served as the principal enterprise IT and cybersecurity policy advisor to the Secretary of the Army and the Army Chief of Staff, and has held a variety of operational and strategic leadership positions in every major theater of operations including North America, Europe, the Pacific and Southwest Asia.

Crawford holds a Bachelor of Science degree in Electrical Engineering and Master of Science degrees in both Administration and National Resource Strategy. A decorated combat veteran, Crawford was also named 2020 Black Engineer of the Year by the Black Engineer of the Year Association (BEYA).

At Jacobs, we’re challenging today to reinvent tomorrow by solving the world’s most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $14 billion in revenue and a talent force of more than 55,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.

Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic and the related reaction of governments on global and regional market conditions and the company’s business. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see our Annual Report on Form 10-K for the year ended October 2, 2020, and in particular the discussions contained under Item 1 – Business; Item 1A – Risk Factors; Item 3 – Legal Proceedings; and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as the company’s other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
Kerrie Sparks
214.583.8433

 

 

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SOURCE Jacobs

Posted on November 25, 2020 9:45 am

Alfa Laval’s Capital Markets Day – the growth journey ahead

PR Newswire

LUND, Sweden, Nov. 25, 2020 /PRNewswire/ — Alfa Laval today hosted its 2020 Capital Markets Day. Presenters Tom Erixon, President and CEO, and Jan Allde, CFO, focused on the group transformation and growth journey, with a particular emphasis on long-term growth driven by global mega trends such as energy efficiency, water scarcity and sustainability.

The presentation by Jan Allde started by taking a deep-dive into Alfa Laval’s three divisions. He elaborated on specific growth areas within each division and how Alfa Laval is well positioned to capture the opportunities ahead both from an industry and technological perspective.

Tom Erixon laid out Alfa Laval’s strategic positioning to capture the long-term growth opportunities driven by a number of global mega trends. Alfa Laval is today the market leader in its core technologies and the innovative strength was showcased by several important product launches and the ambition to further improve the share of sales deriving from products launched in the last five years. Furthermore, Tom Erixon presented how Alfa Laval is addressing the need for more environmentally friendly and energy efficient solutions and how the company is taking action to get closer to zero emission.

The day was concluded by an open Q&A session with Tom Erixon and Jan Allde.

A replay of the event will be available on Alfa Laval – Publications. You will also find a copy of both Tom Erixon and Jan Allde presentations.

This is Alfa Laval 

Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress – always going the extra mile to support customers in achieving their business goals and sustainability targets.

Alfa Laval’s innovative technologies are dedicated to purifying, refining, and reusing materials, promoting more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating success for its customers, but also for people and the planet. Making the world better, every day. It’s all about Advancing better™.

Alfa Laval has 17,500 employees. Annual sales in 2019 were SEK 46.5 billion (approx. EUR 4.4 billion). The company is listed on Nasdaq OMX.

www.alfalaval.com

For more information please contact:
Johan Lundin
Head of Investor Relations
Alfa Laval
Email: [email protected] 
Tel+46 46 36 65 10
Mobile: +46-730-463-090

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/alfa-laval/r/alfa-laval-s-capital-markets-day—the-growth-journey-ahead,c3243395

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