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Educational Development Corporation Announces Record Fiscal 2021 Third Quarter and Year to Date Results

TULSA, Okla., Jan. 11, 2021 (GLOBE NEWSWIRE) — Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record net revenues and earnings per share results for the third quarter and year to date ended November 30, 2020.

Randall White, CEO of Educational Development Corporation, announced that for the third quarter ended November 30, 2020, the Company reports net revenues of $66,750,300, an increase of $25,925,700, or 63.5%, when compared to $40,824,600 for the third quarter ended November 30, 2019. Net earnings totaled $4,269,600 for the quarter ended November 30, 2020, compared to $2,735,800 for the quarter ended November 30, 2019, an increase of 56.1%.  Earnings per share for the quarter were $0.51, compared to $0.33 for the same quarter the previous year, an increase of 54.5% on a fully diluted basis.

Mr. White further announced that year to date net revenues through the first nine months of fiscal 2021 totaled $164,292,100, compared to $92,850,000 for the first nine months of fiscal 2020, an increase of $71,442,100, or 76.9%. Net earnings totaled $10,455,700 for the nine months ended November 30, 2020, an increase of 104.7% over $5,107,000 in net earnings reported during the same period last year. Earnings per share for the first nine months of fiscal 2021 were $1.25, compared to $0.61 reported for the first nine months of fiscal 2020, an increase of $0.64, or 104.9% on a fully diluted basis.

Per Mr. White, “The net revenues of our direct sales division, Usborne Books and More (“UBAM”) totaled $64,169,700 during the quarter ended November 30, 2020, an increase of 68.4% from $38,100,400 for the quarter ended November 30, 2019. While initially this division received a boost in sales last spring from parents at home with children needing educational materials, our sales growth is now driven by our increased number of active sales consultants. During the third quarter we continued to grow our number of active consultants, beginning in September with 50,300 active consultants and ending in November with 60,500 active consultants.  Our growth in active UBAM consultants continued to drive our growth in sales during the quarter and we expect this increase in sales consultants will continue to grow revenues in our fiscal fourth quarter and into fiscal 2022.

Mr. White continued, “Our UBAM division, which celebrated it’s 30th year anniversary in 2019, has developed into the Company’s primary sales growth channel. This division has been operating under the same company standards and practices that have been audited by independent firms for more than 32 years.”

Per Mr. White, “Our retail divisions net revenues decreased 5.3%, to $2,580,600 in the third quarter of fiscal 2021, from $2,724,200 for the same quarter a year ago. Retail Sales continue to be impacted by the Covid-19 pandemic, which forced several of our customer’s stores to temporarily close during this fiscal year. We expect sales to increase in this division during the upcoming quarters as customers are able to reopen stores.

Mr. White concluded, “Our sales growth during the first nine months of fiscal 2021 generated significant earnings growth and significant positive cashflows from operations.  We ended the quarter with more than $31.4 million of cash on our balance sheet. We expect to use the majority of this cash flow generated to invest in additional inventory to support our increased sales volumes, to pay down debt and return excess cash to our shareholders in the form of dividends. Our Board has again approved a quarterly cash dividend of $0.10 per share. The fourth quarter dividend of $0.10 will be paid on or around March 11, 2021 to shareholders of record on February 23, 2021. As I have continued to say for years, Educational Development Corporation is a great company to work for and a great company to own.”

EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED)
 

Three Months Ended November 30,

   Nine Months Ended November 30,
    2020     2019     2020     2019
           
NET REVENUES   66,750,300     40,824,600     164,292,100     92,850,000
           
EARNINGS BEFORE INCOME TAXES   5,774,300     3,835,700     14,217,700     7,048,900
           
INCOME TAXES   1,504,700               1,099,900                  3,762,000                 1,941,900
NET EARNINGS $ 4,269,600   $ 2,735,800   $ 10,455,700   $ 5,107,000
           
BASIC AND DILUTED EARNINGS          
PER SHARE:          
Basic $ 0.51   $ 0.33   $ 1.25   $ 0.62
Diluted $ 0.51   $ 0.33   $ 1.25   $ 0.61
           
           
DIVIDENDS PER SHARE $ 0.10   $ 0.05   $ 0.22   $ 0.15
                    
WEIGHTED AVERAGE NUMBER OF          
COMMON AND EQUIVALENT SHARES          
OUTSTANDING:          
Basic   8,355,831     8,406,709     8,354,156     8,301,209
Diluted   8,355,831     8,412,638     8,354,156     8,307,496
           

EDC will host its third quarter fiscal 2021 Earnings Call, including a live Q&A webcast, on Thursday, January 14, 2021 at 3:00 PM CT (4:00 PM ET). Randall White, the Company’s Chief Executive Officer and President, Craig White, Chief Operating Officer, Heather Cobb, Chief Sales and Marketing Officer and Dan O’Keefe, Chief Financial Officer and Secretary, will present the third quarter results and be available for questions following the presentation. Phone lines for participants will be available at (855) 639-3876. The conference ID is 1285771.

Audio replays will be available following the event at www.edcpub.com/investors.aspx.

About Educational Development Corporation (EDC)

EDC is a publishing company specializing in books for children.  EDC is the exclusive United States trade co-publisher of the line of educational children’s books produced in the United Kingdom by Usborne Publishing Limited (“Usborne”) and we also exclusively publish books through our ownership of Kane Miller Book Publisher (“Kane Miller”); both international award-winning publishers of children’s books.  EDC’s current catalog contains over 2,000 titles, with new additions semi-annually.  Both Usborne and Kane Miller products are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, through social media, book fairs with school and public libraries, direct and internet sales. 

Contact:
Educational Development Corporation
Randall White, (918) 622-4522

Cautionary Statement for the Purpose of the “Safe Harbor” Provision of the Private Securities Litigation Reform Act of 1995.

    
The information discussed in this Press Release includes “forward-looking statements.” These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, the COVID-19 pandemic, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 29, 2020, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 29, 2020 and speak only as of the date of this Press Release. Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.



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Kirby Corporation Announces Date for 2020 Fourth Quarter and Full Year Earnings Release and Earnings Webcast

HOUSTON, Jan. 11, 2021 (GLOBE NEWSWIRE) — Kirby Corporation (“Kirby”) (NYSE: KEX) will announce its 2020 fourth quarter and full year results at 6:00 a.m. Central Standard Time (“CST”) on Thursday, January 28, 2021. This announcement will be followed by an earnings conference call webcast at 7:30 a.m. CST.

To listen to the webcast, please visit the Investor Relations section of Kirby’s website at https://kirbycorp.com. For listeners who wish to participate in the question and answer session of the webcast, you may access the call by dialing 866-691-5839 within the U.S. and Canada or +1 409-216-0840 internationally. The conference ID for the call is 5269699. A replay of the webcast will be available for a period of one year by visiting the Investor Relations section of Kirby’s website.

The financial and other information to be discussed in the conference call will be available in the 2020 fourth quarter and full year press release and in a Form 8-K to be posted prior to the call on Kirby’s website at https://kirbycorp.com.

Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market service and parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, industrial compressors, railcar movers, and high capacity lift trucks for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers.

 



Contact: Eric Holcomb
713-435-1545

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Albuquerque Economic Development: New Mexico is Home to Some of the Lowest Renewable Energy Costs in the U.S.

Albuquerque, NM, Jan. 11, 2021 (GLOBE NEWSWIRE) — As businesses explore options for expansion in the new year, one important factor keeps rising to the top of the list – low-cost renewable energy. Hundreds of companies have already committed to an aggressive shift to utilize only renewable energy; others are quickly following suit. According to the RE100’s 2020 annual report, 75 percent of member companies are looking to go 100 percent renewable by 2030. For many others, they are looking for renewable energy options that are both good for business and the environment.

In 2019, New Mexico signed off on the landmark Energy Transition Act, which increases the state’s overall Renewable Portfolio Standard (RPS) target to 100 percent of electricity sales from carbon-free generation by 2045, up from the previous target of 20 percent renewable generation by 2020. Concurrently with that passage, the Public Service Company of New Mexico (PNM), the largest electrical utility provider in the state, committed to holding a zero-carbon portfolio by 2040.

A key economic development strategy for PNM is to offer new large-scale customers a unique “build-your-own approach” to its energy costs and programs. Green Energy Rider No. 47 tariff is of greatest interest to companies like those in the RE100 which minimizes the exposure to volatility of wholesale market pricing by developing a predictable pricing structure that accurately forecasts costs. It’s a green tariff that offers predictable costs based upon the company’s needs. This green tariff is one of the reasons why Facebook chose to open a data center in Los Lunas, NM. Facebook was looking for a site that could be supported by 100 percent renewable energy.

A recent study commissioned by Albuquerque-based public affairs firm Agenda and funded by one of New Mexico’s leading solar and energy construction firms, Affordable Solar, supports the argument that the state is well positioned to leverage renewables as an economic development tool.

Dale Dekker, Founding Partner of Dekker Perich Sabatini—the region’s largest architecture firm—is seeing the benefit of renewable energies in his work. “In our region, many of our clients see the value of utilizing on-site renewable energy as a way to reduce their operating costs and provide sustainable eco-friendly facilities,” said Dekker.

The focused efforts of state legislation and partnership with the local electrical utilities is paying dividends now. According to the National Renewable Energy Laboratory’s (NREL) reporting, New Mexico has the lowest cost of renewable electricity in the U.S. at the grid intersection point and is 19.8 percent below the national average. In addition to ranking first in 50/50 mix of solar and wind generation, New Mexico ranked fourth when considering weighted average of current generation capacity, at 16.78 percent below national average.

The U.S. Energy Information Administration (EIA) states New Mexico’s climate is one of the top three in the nation with the best energy resources. And the state has the nation’s sixth-largest geothermal potential.

Additionally, land acquisition costs are substantially lower in New Mexico than other Rocky Mountain region states. The average pasture per acre in New Mexico is $4.17 compared with neighboring states’ average of $6.83.

Companies such as Kairos Power, which develops advanced reactor technologies for use in the energy sector, have expanded in New Mexico to take advantage of such cost savings, as well as join the vibrant renewable energy ecosystem of Albuquerque’s 12,700 acre master-planned community, Mesa del Sol. “Mesa del Sol, true to its name, has abundant sunshine all year long, with equally abundant locations for generating solar power,” said Mesa Del Sol, LLC CEO David S. Campbell. Mesa del Sol was the state’s first foray into smart grid technology and efficient energy systems through the partnership of Japan’s NEDO organization and Los Alamos National Labs.

“Some of the most productive wind farms in the nation are located in New Mexico,” said Danielle Casey, President/CEO of Albuquerque Economic Development. “This source of power is more affordable than fossil fuels, and our growing transmission infrastructure allows New Mexico to take advantage of this renewable energy resource.”          

Albuquerque and New Mexico boast more than 310 days a year of sunshine – making solar options some of the most efficient and powerful in the country. The NREL annual averages show that New Mexico gets between 5 and 5.75 kW/m2 of sunlight per day.

As for wind capacity, the American Wind Energy Association places New Mexico in the top ten with 1,953 megawatts of wind energy installed and 1,447 megawatts in construction or development. In 2019, wind energy provided about 19.6 percent of New Mexico’s in-state electricity production, ranking the state seventh in the country.

“When you add to the equation a motivated workforce and low cost of living, Albuquerque and New Mexico will rise to the top of the list for site selectors looking for a location that has it all,” Casey added.

About AED

AED is a private, nonprofit organization whose mission is to recruit business and industry, help local companies grow and generate quality job opportunities throughout the Albuquerque metro area. AED provides confidential assistance to businesses considering the area for expansion and new investment. Since its creation in 1960, AED has recruited more than 250 companies and more than 35,000 jobs to the Albuquerque metro area. AED also provides retention and expansion assistance to existing industry. For more information about AED, visit www.abq.org.



Danielle Casey
Albuquerque Economic Development
505-705-3785
[email protected]

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Waste Management Sets Date for Fourth Quarter and Full-Year Earnings Release Conference Call

Waste Management Sets Date for Fourth Quarter and Full-Year Earnings Release Conference Call

HOUSTON–(BUSINESS WIRE)–
Waste Management, Inc. (NYSE: WM) announced that it will release fourth quarter and full-year 2020 financial results before the opening of the market on Thursday, February 18, 2021. Following the release, Waste Management will host its investor conference call at 10 a.m. ET.

A live audio webcast of the conference call can be accessed by visiting investors.wm.com and selecting “Events & Presentations” from the website menu. Alternatively, listeners may access the call by dialing 877-710-6139 (US/Canada) or 706-643-7398 (International) and entering passcode 1965816.

A replay of the call will be available through March 4. To hear a replay of the call over the internet, access the “Events & Presentations” section on investors.wm.com. To hear a telephonic replay of the call, dial 855-859-2056 or 404-537-3406, and enter passcode 1965816.

The Company participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at investors.wm.com by selecting “Events & Presentations.”

ABOUT WASTE MANAGEMENT

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The Company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com.

Waste Management

Web site:

www.wm.com

Analysts:

Ed Egl

713.265.1656

[email protected]

Media:

Janette Micelli

602.579.6152

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Alternative Energy Energy Other Energy Utilities

MEDIA:

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Adit EdTech Acquisition Corp. Announces the Pricing of Upsized $240 Million Initial Public Offering

Adit EdTech Acquisition Corp. Announces the Pricing of Upsized $240 Million Initial Public Offering

NEW YORK–(BUSINESS WIRE)–
Adit EdTech Acquisition Corp. (the “Company”) today announced the pricing of its upsized initial public offering of 24,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol “ADEX.U” beginning January 12, 2021. Each unit consists of one share of the Company’s common stock and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company’s shares of common stock and warrants are expected to be listed on the New York Stock Exchange under the symbols “ADEX” and “ADEX.WS,” respectively.

The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination in any industry, the Company intends to focus its search for a business that would benefit from the founders’ and management team’s experience and ability to identify, acquire and manage a business in the education, training and education technology sectors.

EarlyBirdCapital, Inc. is acting as sole book-running manager for the offering and Maxim Group LLC and U.S. Capital Advisors are acting as co-managers. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from EarlyBirdCapital, Inc., 8th Floor, 366 Madison Avenue, New York, NY 10017, Attn: Syndicate Department, 212-661-0200.

A registration statement relating to the securities became effective on January 11, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is expected to close on January 14, 2021, subject to customary closing conditions.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

John J. D’Agostino

Chief Financial Officer

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Education Professional Services Other Education Finance

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Stellus Capital Investment Corporation Prices Offering Of $100 Million Of 4.875% Notes Due 2026

PR Newswire

HOUSTON, Jan. 11, 2021 /PRNewswire/ — Stellus Capital Investment Corporation (NYSE: SCM) (“Stellus” or “the Company”) today announced that it priced a public offering of $100 million aggregate principal amount of 4.875% notes due 2026 (the “Notes”) on January 11, 2021. The Notes will mature on March 30, 2026, and may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole” premium, if applicable. The Notes will bear interest at a rate of 4.875% per year payable semi-annually on March 30 and September 30 of each year, beginning September 30, 2021.

Raymond James & Associates, Inc. is acting as sole book-running manager for this offering.

The closing of the transaction is subject to customary closing conditions and the Notes are expected to be delivered on or about January 14, 2021.

The Company intends to use the net proceeds from this offering to redeem all of its outstanding 5.75% notes due 2022 and to repay a portion of the amount outstanding under its credit facility. However, the Company may re-borrow under its credit facility and use such borrowings to invest in lower middle-market companies in accordance with its investment objective and strategies and for working capital and general corporate purposes. As of January 8, 2021, the Company had $171.0 million in outstanding indebtedness under its credit facility.

Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement dated January 11, 2021 and the accompanying prospectus dated June 21, 2019, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain a description of these matters and other important information about the Company and should be read carefully before investing.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the Notes referred to in this press release, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement (File No. 333-231111) relating to the Notes was filed and has been declared effective by the SEC.

This offering is being made solely by means of a written prospectus forming part of the effective registration statement and a related preliminary prospectus supplement, which may be obtained for free by visiting the SEC’s website at www.sec.gov or from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, email: [email protected] or by calling 800-248-8863.

About Stellus Capital Investment Corporation

The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien, second lien, unitranche and mezzanine debt financing, and corresponding equity investments. The Company’s investment activities are managed by its investment adviser, Stellus Capital Management. To learn more about Stellus Capital Investment Corporation, visit www.stelluscapital.com under the “Public Investors” link.

FORWARD-LOOKING STATEMENTS

Statements included herein may contain “forward-looking statements” which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the SEC including the final prospectus that will be filed with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts
Stellus Capital Investment Corporation
W. Todd Huskinson, (713) 292-5414
Chief Financial Officer
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/stellus-capital-investment-corporation-prices-offering-of-100-million-of-4-875-notes-due-2026–301205700.html

SOURCE Stellus Capital Investment Corporation

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Blackstone Hires Joe Dowling as Global Co-Head of Blackstone Alternative Asset Management (BAAM)

Blackstone Hires Joe Dowling as Global Co-Head of Blackstone Alternative Asset Management (BAAM)

NEW YORK–(BUSINESS WIRE)–
Blackstone (NYSE:BX) today announced that Joe Dowling, the former Chief Executive Officer of Brown University’s Investment Office, has joined the firm as Global Co-Head of Blackstone Alternative Asset Management (BAAM) alongside John McCormick. Joe will oversee BAAM’s investment activities going forward, while John will oversee BAAM’s business and investor functions.

BAAM invests in primarily liquid and semi-liquid investment strategies for institutional and retail investors seeking attractive risk-adjusted returns. BAAM manages $78 billion of AUM and is the global market leader in allocating to hedge funds. It has also diversified into newer businesses including special situations, GP stakes, liquid alternatives, and equity capital markets.

Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder, said: “Joe’s experience in investing in hedge funds, public equity (particularly in faster growing sectors), commodities and currencies make him an excellent addition to our team. Our ability to attract a world-class investor to co-head BAAM is a testament to the strength of the platform and is wonderful news for our investors.”

Jon Gray, Blackstone President & COO, said: “We are quite excited to have attracted such a phenomenal investor to Blackstone. Joe has a leading track record in allocating capital, investing directly, and building tremendous teams. John has done an exceptional job of growing the BAAM business with new platforms and strong results. We believe that the combination of Joe and John will enable us to expand into new areas and deliver even better returns for our investors, while maintaining our focus on downside risk, a hallmark of BAAM’s business.”

John McCormick, Blackstone Global Co-Head and Chief Investment Officer of BAAM, said: “I am delighted to welcome Joe to BAAM. His knowledge of hedge funds, experience managing multi-asset allocations, and background in direct investing make him a perfect fit as my partner. I am proud of the momentum in BAAM’s business and am excited to see how Joe and I can deliver more for our clients.”

Joe Dowling, Blackstone Global Co-Head and Chief Investment Officer of BAAM, said: “Blackstone is the leader in the hedge fund allocation space. The firm has a reputation for being innovative and at the forefront of new investing opportunities. I look forward to working alongside John and the talented team at BAAM.”

Prior to his appointment as Chief Executive Officer overseeing Brown University’s endowment in 2018, Mr. Dowling served as the University’s Chief Investment Officer since June 2013. Under his leadership, Brown led the Ivy League’s and other peer institutions in performance over 1,3, 5 and 7 years. Mr. Dowling also served as interim Chief Financial Officer of the University from May 2019 until January 27, 2020, leading all finance and treasury functions and cash and debt management. Before joining Brown, he was the founder and chief executive officer of Narragansett Asset Management, where he managed funds for institutions, pension funds and endowments. Mr. Dowling has also worked for First Boston, Tudor Investments and Oracle Partners. He has a bachelor’s degree and a master’s in business administration from Harvard University.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Paula Chirhart

+1-347-463-5453

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Takeda Provides Pipeline Update and Shares Goal to Increase Revenue 50% by FY2030 at the 39th Annual J.P. Morgan Healthcare Conference

Takeda Provides Pipeline Update and Shares Goal to Increase Revenue 50% by FY2030 at the 39th Annual J.P. Morgan Healthcare Conference

− Goal to Reach JPY5 Trillion ($47 Billion) Revenue by FY20301, Representing 50% Growth from FY2019

− Wave 1 Pipeline Portfolio Includes 12 New Molecular Entities Targeted for Launch by FY2024 Representing Best-in-Class/First-in-Class Therapies with Significant Market Potential

− Rapid Deleveraging On Track to Achieve Target of 2x Net Debt / adjusted EBITDA within Fiscal Years 2021 to 2023

OSAKA, Japan & CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Takeda Pharmaceutical Company Limited(TSE:4502/NYSE:TAK) (“Takeda”) provided an update on the progress of its continued transformation and growth today at the virtual 39th Annual J.P. Morgan Healthcare Conference. President and Chief Executive Officer, Christophe Weber, shared details on Takeda’s portfolio and pipeline strategy and financial outlook, including key programs expected to contribute to the company’s revenue growth over the next decade.

“In 2020, Takeda demonstrated the resilience of our business model, the depth of our portfolio and the commitment of our employees as we continued to serve patients and communities globally while overcoming challenges posed by the COVID-19 pandemic,” said Christophe Weber, Takeda president and chief executive officer. “As a values-based and R&D-driven biopharmaceutical company celebrating 240 years in 2021, we remain focused on bringing life-transforming treatments to patients worldwide by delivering on our highly innovative pipeline and our continued commitment to patients, our people and the planet.”

Highly Innovative Pipeline Supports Sustained Growth

Takeda has built a world-class, state-of-the-art, externally-facing R&D engine and has generated an innovative and modality diverse pipeline of approximately 40 clinical-stage new molecular entities (NMEs). Takeda’s pipeline portfolio has the potential to contribute significantly to revenue growth and the company has a goal to reach JPY5 trillion ($47 billion) revenue by FY20301, representing 50% growth from FY2019.

The majority of revenue growth is expected to come from the company’s Wave 1 pipeline, which includes 12 unique NMEs, representing potential best-in-class/first-in-class therapies and its existing 14 global brands.

Takeda’s Wave 1 programs include five that have received a Breakthrough Therapy designation and three that were granted fast track designation by the U.S. Food and Drug Administration (FDA). In addition, one program was designated under the SAKIGAKE Designation System by the Japanese Ministry of Health, Labour and Welfare and another program was the first breakthrough designation granted by the Chinese Food and Drug Administration to a multinational biopharmaceutical company. Twelve pivotal milestones, including five pivotal data readouts, are expected through fiscal year 2022 with additional near-term development milestones expected across all Wave 1 programs.

Beyond the Wave 1 pipeline, Takeda’s research engine, which comprises internal research capabilities and more than 200 active partnerships, is rapidly advancing a steady stream of next-generation therapies in Wave 2 of our pipeline that will provide sustained growth in FY2025 and beyond. These Wave 2 early-clinical and preclinical programs are designed to provide transformative or curative potential for targeted populations with high unmet need across core therapeutic areas. They are based on targets with strong human validation, represent diverse modalities and leverage new platform capabilities in cell therapy, gene therapy and data sciences.

Key Wave 1 Pipeline Assets Have Significant Market Potential

TAK-003

Takeda’s tetravalent dengue vaccine candidate (TAK-003) has the potential to help address the massive global burden of dengue including key priorities for dengue control such as protection of seronegative individuals (persons not previously exposed to dengue) and prevention of hospitalization. TAK-003 is based on a live-attenuated dengue serotype 2 virus, which provides the genetic “backbone” for all four vaccine viruses. The TAK-003 development program includes the pivotal Phase 3 Tetravalent Immunization against Dengue Efficacy Study (TIDES), a double-blind, randomized, placebo-controlled trial evaluating the safety and efficacy of two doses of TAK-003 in the prevention of laboratory-confirmed symptomatic dengue fever of any severity and due to any of the four dengue virus serotypes in children and adolescents. The TIDES trial is continuing, and safety and efficacy will be assessed over a total of four and a half years. Dengue is the fastest spreading mosquito-borne viral disease and was recognized by WHO to be one of the top ten threats to global health in 2019. Approximately half of the world’s population now lives under the threat of dengue, which is estimated to cause 390 million infections each year.

TAK-755

Takeda’s TAK-755 has the potential to be a transformative therapy for thrombotic thrombocytopenic purpura (TTP), a rare and life-threatening clotting disorder defined by low or absent circulating ADAMTS13 activity (an enzyme essential for regulation of normal blood clotting). There is very high unmet need for new therapies for both congenital and immune-mediated TTP, and TAK-755 is the first and only ADAMTS13 replacement therapy currently in development for both types of TTP. If approved, TAK-755 could be the only replacement therapy to rapidly and completely correct ADAMTS13 levels, and positively impact morbidity and mortality. If approved, TAK-755 has the potential to be first-in-class and the therapeutic choice for prophylaxis in congenital TTP, and a best-in-class therapy for the treatment of immune-mediated TTP. TAK-755 could simplify treatment, avoid adverse events related to plasma-derived therapy and plasma exchange, and provide the potential for at-home therapy. Data readouts are currently expected in 2021 for a phase 2 trial in immune-mediated TTP and in 2022 for a pivotal Phase 3 trial in congenital TTP.

TAK-007

Developed in collaboration with the University of Texas MD Anderson Cancer Center, Takeda’s TAK-007 is a chimeric antigen receptor (CAR) natural killer (NK) cell therapy ‘armored’ with IL-15 targeting CD19 positive B-cell malignancies. The vision is for TAK-007 to be an allogeneic therapy, meaning the NK cells are taken from a non-related healthy donor rather than the patient themselves. As a result, TAK-007 has the potential to be manufactured in advance and stored for off-the-shelf-use. MD Anderson’s CAR-NK CD19 is being studied in a phase 1/2 trial in patients with relapsed or refractory non-Hodgkin’s lymphoma (NHL) and chronic lymphocytic leukemia (CLL). In the ongoing phase 1/2 trial, CAR-NK therapy has not been associated with the severe cytokine release syndrome (CRS) or neurotoxicity observed with existing CAR-T cell therapies and has the potential to be administered in an outpatient setting. A TAK-007 pivotal study is expected to begin enrolling patients with relapsed or refractory B-cell malignancies in 2021. There are currently no approved CAR NK therapies and no allogeneic cell therapies approved to treat cancer.

TAK-994 & TAK-925

TAK-994 is the first oral selective orexin 2 receptor agonist to enter clinical development for the treatment of narcolepsy type 1 (NT1), a rare neurologic condition characterized by excessive daytime sleepiness, cataplexy (signs and symptoms of the disease) and is due to a loss of orexin producing neurons. TAK-994 is currently being evaluated in an ongoing Phase 2 clinical trial in narcolepsy (SPARKLE-1501). If approved, TAK-994 may be the first treatment to address the underlying biology of the disease. TAK-925 (IV formulation) has published proof-of-concept data in NT1, narcolepsy type 2 (NT2), and shift work sleep disorder. Data for idiopathic hypersomnia and obstructive sleep apnea will be disclosed in the future.

Financial Strength

Takeda is committed to maintaining investment grade credit ratings and remains on track towards its medium-term target of 2x Net Debt/adjusted EBITDA ratio within the fiscal years 2021 to 2023, with rapid de-leveraging driven by strong cash flow and proceeds from non-core asset divestitures. In the first half of FY2020, Takeda exceeded its $10B non-core asset divestiture target with 11 deals and up to ~$11.6 billion of non-core disposals announced since January 2019, while further de-leveraging in H1 FY2020 led to a 3.7x net debt/adjusted EBITDA ratio at the end of the period.

Takeda has solid growth momentum and potential for accelerated underlying growth over the medium term. Takeda is also on track to achieve our targeted annual run rate of $2.3 billion in cost synergies by the end of FY2021, further supporting margin performance to meet its medium-term underlying core operating profit margin target in the mid-30s. Takeda remains committed to shareholder returns with a well-established dividend policy of 180 yen per share annually.

Slides from the J.P. Morgan Healthcare Conference presentation and a link to the audio webcast can be accessed on Takeda’s website at: https://www.takeda.com/investors/ir-events/.

About Takeda Pharmaceutical Company Limited

Takeda Pharmaceutical Company Limited (TSE: 4502/NYSE: TAK) is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to discover and deliver life-transforming treatments, guided by our commitment to patients, our people and the planet. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Genetic and Hematology, Neuroscience, and Gastroenterology (GI). We also make targeted R&D investments in Plasma-Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people’s lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries. For more information, visit https://www.takeda.com.

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could” “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda’s operations and the timing of any such divestment(s); and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/ reports/sec-filings/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Certain Non-IFRS Financial Measures

This press release and materials distributed in connection with this press release include certain IFRS financial measures not presented in accordance with International Financial Reporting Standards (“IFRS”), such as Underlying Revenue, Core Operating Profit, Underlying Core Operating Profit, Core Net Profit, Underlying Core EPS, Net Debt, EBITDA, Adjusted EBITDA and Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this press release. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS measures, management intends to provide investors with additional information to further analyze Takeda’s performance, core results and underlying trends. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measures.

Further information on certain of Takeda’s Non-IFRS measures, including reconciliations to the most comparable measures presented under IFRS, is posted on Takeda’s investor relations website at https://www.takeda.com/investors/reports/quarterly-announcements/

Medical information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

1 Includes incremental revenues on a non-PTS (probability of technical success) basis (i.e., figures represent best case scenarios, including technical success that Takeda does not currently consider probable to occur and should not be seen as a forecast or target figure). On a PTS-adjusted basis, Takeda expects revenue CAGR to be in the low single digits between FY2019 and FY2030. Does not include any potential impacts imposed by the Most Favored Nation Model interim final rule issued by the U.S. Centers for Medicare & Medicaid Services (CMS) on November 20, 2020, which are currently being assessed.

Media Contacts:

Japanese Media

Kazumi Kobayashi

[email protected]

+81 (0) 3-3278-2095

Media Outside Japan

Holly Campbell

[email protected]

+1 617-588-9013

Investor Relations:

Christopher O’Reilly

[email protected]

+81 (0) 3-3278-2543

KEYWORDS: Massachusetts United States Japan North America Asia Pacific

INDUSTRY KEYWORDS: Oncology Health Genetics General Health Clinical Trials Pharmaceutical Biotechnology

MEDIA:

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Putnam Investments Announces 19(a) Notices for Closed-End Municipal Funds

Putnam Investments Announces 19(a) Notices for

Closed-End Municipal Funds

BOSTON–(BUSINESS WIRE)–
The 19(a) monthly distribution notices for Putnam Managed Municipal Income Trust (NYSE:PMM) and Putnam Municipal Opportunities Trust (NYSE:PMO) are now available. These informational notices provide further details on the sources of the funds’ monthly distributions and follows the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund’s current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.

Estimated sources & percentages of distributions
Ticker Time period Per share
distribution
(Jan)		 Net
investment
income		 Short-
term
capital
gains		 Long-
term
capital
gains		 Return of
capital		   Net
investment
income		 Short-
term
capital
gains		 Long-
term
capital
gains		 Return
of
capital
PMM (FYE 10/31) Current month

$

0.0320

$

0.0274

$

–

$

–

$

0.0046

 

85.6

%

0.0

%

0.0

%

14.4

%

Fiscal YTD

$

0.0960

$

0.0823

$

–

$

–

$

0.0137

 

85.7

%

0.0

%

0.0

%

14.3

%

PMO (FYE 4/30) Current month

$

0.0531

$

0.0531

$

–

$

–

$

–

 

100.0

%

0.0

%

0.0

%

0.0

%

Fiscal YTD

$

0.6110

$

0.5056

$

0.0175

$

0.0879

$

–

 

82.7

%

2.9

%

14.4

%

0.0

%

The table below provides information regarding distributions and total return performance for various periods.

Data as of 12/31/2020
Annualized Cumulative
5-year Current Fiscal Fiscal YTD
return distribution YTD distribution
Ticker at NAV rate at NAV* return at NAV rate at NAV**
PMM (FYE 10/31)

5.56%

4.68%

4.48%

4.68%

PMO (FYE 4/30)

5.93%

6.98%

15.84%

4.89%

Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.

*Most recent distribution annualized and divided by NAV at the end of the period, which includes an extra taxable income distribution in December of $0.0277 for PMO.

**Total fiscal period distributions annualized and divided by NAV at the end of the period, which includes an extra taxable income distribution in December of $0.0277 for PMO.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

The amounts and sources of distributions reported in this 19(a) Notice 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 on the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The funds periodically provide fund-related information on their websites. The following information will be available for each fund at putnam.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8th business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.

PUTNAM SHAREHOLDERS CONTACT:

1-800-225-1581

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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AMENDED PRESS RELEASE: PyroGenesis’ CEO to Present at the Sidoti Winter 2021 Virtual Conference on January 13

MONTREAL, Jan. 11, 2021 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://www.pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, announces that, further to its press release disseminated earlier today, the Company has been advised by Sidoti & Company LLC’s marketing team that Mr. P. Peter Pascali, CEO and Chair of PyroGenesis, is scheduled to present at the Sidoti Winter 2021 Virtual Conference on Wednesday, January 13th, 2021 at 2:30 PM Eastern Time instead of on Thursday, January 14th, 2021.

To access the live presentation, please use the following information:

Sidoti Winter 2021 Virtual Conference

Date: Wednesday, January 13th, 2021
Time: 2:30 PM Eastern Time (11:30 AM Pacific Time)
Webcast: https://sidoti.zoom.us/webinar/register/WN_qCf2QWYEQwC79n6-di9USg

If you would like to book 1×1 investor meetings with Mr. Pascali, and/or to watch the Company’s presentation, please make sure you are registered for the virtual event here: https://www.meetmax.com/sched/event_68483/investor_reg_new.html?attendee_role_id=SIDOTI_INVESTOR.

1×1 meetings will be scheduled on January 13th and 14th and conducted via a private, secure, video conference through the conference event platform provided.

For investors unable to attend the live presentation, all company presentations/webcasts will be available for a period of 90 days after the event on the conference event platform.

About Sidoti & Company LLC

For over two decades, Sidoti has been a premier provider of independent securities research focused specifically on small- and micro-cap companies and the institutions that invest their securities, with most of their coverage in the $50 million – $3 billion market cap range. Their approach affords companies and institutional clients a combination of high-quality research, a small- and micro-cap focused nationwide sales effort, broad access to corporate management teams, and extensive trading support. They serve 500+ institutional clients in the U.S., Canada and the U.K., including many leading managers of portfolios with $200 million to $2 billion of AUM. Sidoti promotes meaningful interaction between issuers and investors in the small- and micro-cap space through their conferences www.sidoticonference.com and the hundreds of non-deal roadshows they host each year.

About PyroGenesis Canada
Inc.

PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found at

www.sedar.com,

or at


www.otcmarkets.com



.

Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PyroGenesis Canada Inc.

For further information please contact:

Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
Phone: (514) 937-0002, E-mail: [email protected]

RELATED LINK: http://www.pyrogenesis.com/