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How Lovers Spend Money on Valentine’s Day

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  Image Credit: Parag Deshmuk


How Much is Spent Saying ‘I Love You’ on Valentine’s?

 

While the gift-giving season may be in full bloom between Thanksgiving and Christmas, gifts of the blooming variety are often given on Valentine’s Day. Many businesses rely on their piece of the $22 billion that will be spent for the most romantic of holidays. Gifts include everything from jewelry to dinner, Valentine’s Day cards, and stuffed animals. Below are some staggering statistics from the Nat’l Retail Federation and 1(800)FLOWERS.com (FLWS) that show the heart-thumping magnitude of February 14th.

Last February 14th, which was as much virus-times as it was Valentine’s, Americans spent about $21.8 billion showing they care.  That’s around

 508,000 Bitcoins!  

Spending is expected to be close to the same for 2022.

The highest dollar category of Valentine’s Day commerce is jewelry. Last year $4.1 billion was spent on jewelry. While gold has fluctuated from up 5.50% to down 7% since then, the current price per ounce is in line with last year’s price.

In 2021, men were figured to spend approximately $230 each, while women were believed to have parted with close to $100. 

Sweets are the most popular Valentine’s Day gift. A survey showed 54% of participants plan to give candy. This adds to around $2 billion in spending.  Americans will buy 58 million pounds of chocolate (give or take) for Valentine’s Day!

Approximately 150 million cards are expected to be presented which may be why V-Day is considered a “Hallmark Holiday.”

Valentine’s Day Facts on flowers

For many men, Valentine’s Day starts with checking the price of a dozen roses.  According to CNBC, the price may have increased by 22% over last year. This is approximately the same level of inflation experienced at Dollar Tree (DLTR).

More than a third, or 36% of people anticipate buying flowers. The total spent on those flowers will be about $2 billion.

Men are far more likely to buy flowers than women — 56% versus 18%.

Younger people purchase more Valentine’s Day flowers than their elders. 48% of those 18-24 years old plan to

buy flowers, compared to only 28% of those 65 and over.

Roses are the most popular Valentine’s Day flower, with over 250 million produced exclusively for the holiday each year.

Take-Away

While many retailers wait all year for the period of Black Friday through the Christmas season. Many earn a sizeable portion of their annual revenue from the tens of billions spent on Mother’s and Father’s Day, and of course, Valentine’s.

 

Suggested Reading



“The Biggest Valentine’s Day in its History”

The Big Challenges for Supply Chains in 2022





Online Media is Within an Hour of Becoming Main-Stream Media

What is the Future of Entertainment Consumption?

 

Sources

https://www.1800flowers.com/blog/flower-facts/valentines-day-fun-facts/

https://nrf.com/media-center/press-releases/valentines-day-spending-total-218-billion

https://www.cnbc.com/2022/02/04/inflation-means-price-jumps-for-dinner-and-roses-this-valentines-day.html

 

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Neovasc Announces German Reimbursement Renewal and Commercial Progress

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Neovasc Announces German Reimbursement Renewal and Commercial Progress

Research, News, and Market Data on Neovasc

 

VANCOUVER and MINNEAPOLIS – ( NewMediaWire ) – February 08, 2022 –  Neovasc, Inc. (Neovasc or the Company) ( NASDAQ , TSX : NVCN) today announced the German Institute for the Hospital Remuneration System (“InEK”) has awarded the Neovasc Reducer™ (“Reducer”), a CE-Marked medical device for the treatment of refractory angina, NUB Status 1 designation yet again for 2022. Additionally, the Company announced the 500th patient has been treated in Germany.

New examination and treatment methods (NUBs) are comprised of novel and innovative medicines, medical products and procedures that can be utilized by hospitals before reaching full reimbursement eligibility. The NUB process opens the path for negotiations between hospitals and health insurers for the reimbursement of new medical treatments in the German healthcare system. InEK is responsible for prioritizing new therapies in Germany through the NUB process.

Reducer has been granted Status 1 the highest priority designation available. The NUB decision is valid for one year and can be renewed annually. For 2022, 256 German hospitals applied for the Reducer NUB, and they can now negotiate full reimbursement coverage for the Reducer therapy.

“Our team has been focused on securing broad reimbursement coverage for Reducer so more patients can benefit from the therapy,” commented Fred Colen, Chief Executive Officer of Neovasc. “Obtaining NUB Status 1 for 2022 from the German reimbursement authorities is a vital component of our overall strategy. In the past several quarters, we have had significant reimbursement wins in Germany, France, the U.K., and the United States. These reimbursement expansions are a testament to the profound impact that the Reducer can have on patients.”

500th patient treated with the Reducer in Germany

The Cardiology team at Helios-Kliniken, Schwerin, Germany recently completed the 500th implant of the Reducer in Germany. The procedure marks another meaningful step as the Company continues to expand adoption of the procedure. Prof. Alexander Staudt, Director of Cardiology, and Dr. Philipp Hammer performed the procedure.

“We are extremely grateful to be able to offer this treatment for our patients with chronic refractory angina,” commented Prof. Staudt. “Prior to the availability of the Reducer, we struggled to treat these patients. Now, we have a reliable treatment option that offers them hope.”

About Reducer

The Reducer is CE-marked in the European Union for the treatment of refractory angina, a painful and debilitating condition that occurs when the coronary arteries deliver an inadequate supply of blood to the heart muscle, despite treatment with standard revascularization or cardiac drug therapies. Reducer is investigational in the United States in the COSIRA-II clinical trial. Refractory angina, resulting in continued symptoms despite maximal medical therapy and without revascularization options, affects millions of patients worldwide, who typically lead severely restricted lives because of their disabling symptoms. The Reducer is designed to alter blood flow within the myocardium of the heart and increase the perfusion of oxygenated blood to ischemic areas of the heart muscle, which may provide relief of angina symptoms.

About Neovasc Inc.

Neovasc is a specialty medical device company that develops, manufactures, and markets products for the rapidly growing cardiovascular marketplace. Its products include Reducer, for the treatment of refractory angina, which is under clinical investigation in the United States and has been commercially available in Europe since 2015, and Tiara™ for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. For more information, visit: www.neovasc.com.

Contacts

Investors:
Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email: Mike.Cavanaugh@westwicke.com

Media:
Sean Leous
ICR Westwicke
Phone: +1.646.866.4012
Email: Sean.Leous@westwicke.com

Forward-Looking Statement Disclaimer

Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact. When used herein, the words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend,” “believe”, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements may involve, but are not limited to, the Company’s focus on securing broad reimbursement coverage for Reducer, the impact that the Reducer can have on patients, the growing incidence of refractory angina and the growing cardiovascular marketplace. Forward-looking statements are based on estimates and assumptions made by the Company considering its experience and its perception of historical trends, current conditions and expected future developments, market, and other conditions as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company’s actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the “Risk Factors” section of the Company’s Annual Information Form and in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2021 (copies of which may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Release – Schwazze Closes New Mexico Acquisition

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Schwazze Closes New Mexico Acquisition

Research, News, and Market Data on Schwazze

 

Achieves Regional Operator Status with Acquisition of: Reynold Greenleaf & Associates, R. Greenleaf Organics, Medzen Services, Elemental Kitchen & Laboratories 

DENVER, Feb. 8, 2022 /CNW/ – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), one of the largest vertically integrated cannabis operators in Colorado, is pleased to announced that it has closed the transaction to acquire substantially all the operating assets of Reynold Greenleaf & Associates, LLC, and the equity of Elemental Kitchen & Laboratories, LLC. As part of the transaction, the Company will also have a right to purchase or acquire cannabis licenses held by Medzen Services, Inc., (“Medzen”) and R. Greenleaf Organics, Inc. (“RGO”), not-for-profit organizations that hold medical cannabis licenses in New Mexico (the assets and licenses described herein are referenced collectively as “Greenleaf”).

Total consideration for the acquisition was $42 million (subject to potential working capital adjustments) with a potential performance based earnout. The consideration consists of $25 million in cash paid at closing and $17 million in a 3-year seller note at 5% interest.

Greenleaf is a licensed medical cannabis provider with ten dispensaries, four cultivation facilities – three operating and one in development – and one manufacturing location. The dispensaries are located in Albuquerque, Santa Fe, Roswell, Las Cruces, Grants and Las Vegas, New Mexico.  Greenleaf’s approximately 70,000 square feet of cultivation as well as 6,000 square feet of manufacturing space are located in Albuquerque.  The State of New Mexico currently allows medical cannabis and has approved adult use recreational cannabis sales which by law begin no later than April 2022.  The New Mexico market is expected to grow approximately 300% in the next 5 years. (1)

With this acquisition, Schwazze is now a multi-state operator (“MSO”) with a total of 32 announced and acquired dispensaries, seven cultivation facilities and two manufacturing operations located in either Colorado or New Mexico. (see Figure #1)

“With our regional expansion into New Mexico now complete, we have firmly graduated to the MSO category but with a differentiated regional focus which we and our stakeholders believe will be successful as we continue to position the Company for rapid expansion as the market opens for adult use consumption.  We welcome the Greenleaf team to Schwazze, particularly Willie Ford who joins us in an advisory capacity, and are excited about our future together,” stated Justin Dye, CEO & Chairman.

Willie Ford, Managing Director and Founder of Greenleaf added; “We are very excited to work with Schwazze given the depth of the team, their strong experience in retail and cannabis and their commitment to regional growth.  This will be critical for us as New Mexico makes the move into legalization of cannabis for recreational use in April of this year.“

Figure #1 (CNW Group/Schwazze)

About Schwazze
Schwazze (OTCQX: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position.  Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.  The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition.  Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes.  The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.  Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.  Medicine Man Technologies, Inc. was Schwazze’s former operating trade name.  The corporate entity continues to be named Medicine Man Technologies, Inc.

Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.

Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “plan,” “will,” “may,”, “predicts,” or similar words. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to consummate the acquisition described in this press release or to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, * the timing and extent of governmental stimulus programs, (xi) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws, and * out ability to satisfy the closing conditions for the private finding described in this press release. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

SOURCE Schwazze

Cocrystal Pharma Inc. (COCP) – Drugs For COVID-19 Advance As The Pandemic Wont Go Away

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Tuesday, February 08, 2022

Cocrystal Pharma Inc. (COCP)
Drugs For COVID-19 Advance As The Pandemic Won’t Go Away

Cocrystal Pharma Inc is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication machinery of influenza viruses, hepatitis C viruses, and noroviruses. The company employs structure-based technologies and Nobel Prize-winning expertise to create first-and best-in-class antiviral drugs. It is developing CC-31244, an investigational, oral, broad-spectrum replication inhibitor called a non-nucleoside inhibitor (NNI). CC-31244 is currently being evaluated in a Phase 2a study for the treatment of hepatitis C as part of a cocktail for ultra-short therapy of 4 to 6 weeks.

Robert LeBoyer, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Cocrystal Makes Progress Against SARS-CoV-2.  In November 2021, the SARS-CoV-2 Omicron variant was identified as a new, highly contagious strain. Although less virulent than other strains, its genetic variations allowed it to evade immune protection from current vaccines. Since then, variants have been identified with genetic sequences showing emergence after the Omicron strain. We believe this highlights the need for new drugs with different mechanisms of action and long-term efficacy.

    Cocrystal Has Developed Drugs That Block Viral Reproduction.  Cocrystal has been developing drugs that block the RNA protease enzyme needed for viral replication. These are highly conserved proteins that do not vary between strains and can be effective against new variants. This contrasts with the current COVID-19 vaccines that stimulate an immune response against a viral surface marker which can …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Release – Neovasc Announces German Reimbursement Renewal and Commercial Progress

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Neovasc Announces German Reimbursement Renewal and Commercial Progress

Research, News, and Market Data on Neovasc

 

VANCOUVER and MINNEAPOLIS – ( NewMediaWire ) – February 08, 2022 –  Neovasc, Inc. (Neovasc or the Company) ( NASDAQ , TSX : NVCN) today announced the German Institute for the Hospital Remuneration System (“InEK”) has awarded the Neovasc Reducer™ (“Reducer”), a CE-Marked medical device for the treatment of refractory angina, NUB Status 1 designation yet again for 2022. Additionally, the Company announced the 500th patient has been treated in Germany.

New examination and treatment methods (NUBs) are comprised of novel and innovative medicines, medical products and procedures that can be utilized by hospitals before reaching full reimbursement eligibility. The NUB process opens the path for negotiations between hospitals and health insurers for the reimbursement of new medical treatments in the German healthcare system. InEK is responsible for prioritizing new therapies in Germany through the NUB process.

Reducer has been granted Status 1 the highest priority designation available. The NUB decision is valid for one year and can be renewed annually. For 2022, 256 German hospitals applied for the Reducer NUB, and they can now negotiate full reimbursement coverage for the Reducer therapy.

“Our team has been focused on securing broad reimbursement coverage for Reducer so more patients can benefit from the therapy,” commented Fred Colen, Chief Executive Officer of Neovasc. “Obtaining NUB Status 1 for 2022 from the German reimbursement authorities is a vital component of our overall strategy. In the past several quarters, we have had significant reimbursement wins in Germany, France, the U.K., and the United States. These reimbursement expansions are a testament to the profound impact that the Reducer can have on patients.”

500th patient treated with the Reducer in Germany

The Cardiology team at Helios-Kliniken, Schwerin, Germany recently completed the 500th implant of the Reducer in Germany. The procedure marks another meaningful step as the Company continues to expand adoption of the procedure. Prof. Alexander Staudt, Director of Cardiology, and Dr. Philipp Hammer performed the procedure.

“We are extremely grateful to be able to offer this treatment for our patients with chronic refractory angina,” commented Prof. Staudt. “Prior to the availability of the Reducer, we struggled to treat these patients. Now, we have a reliable treatment option that offers them hope.”

About Reducer

The Reducer is CE-marked in the European Union for the treatment of refractory angina, a painful and debilitating condition that occurs when the coronary arteries deliver an inadequate supply of blood to the heart muscle, despite treatment with standard revascularization or cardiac drug therapies. Reducer is investigational in the United States in the COSIRA-II clinical trial. Refractory angina, resulting in continued symptoms despite maximal medical therapy and without revascularization options, affects millions of patients worldwide, who typically lead severely restricted lives because of their disabling symptoms. The Reducer is designed to alter blood flow within the myocardium of the heart and increase the perfusion of oxygenated blood to ischemic areas of the heart muscle, which may provide relief of angina symptoms.

About Neovasc Inc.

Neovasc is a specialty medical device company that develops, manufactures, and markets products for the rapidly growing cardiovascular marketplace. Its products include Reducer, for the treatment of refractory angina, which is under clinical investigation in the United States and has been commercially available in Europe since 2015, and Tiara™ for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. For more information, visit: www.neovasc.com.

Contacts

Investors:
Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email: Mike.Cavanaugh@westwicke.com

Media:
Sean Leous
ICR Westwicke
Phone: +1.646.866.4012
Email: Sean.Leous@westwicke.com

Forward-Looking Statement Disclaimer

Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact. When used herein, the words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend,” “believe”, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements may involve, but are not limited to, the Company’s focus on securing broad reimbursement coverage for Reducer, the impact that the Reducer can have on patients, the growing incidence of refractory angina and the growing cardiovascular marketplace. Forward-looking statements are based on estimates and assumptions made by the Company considering its experience and its perception of historical trends, current conditions and expected future developments, market, and other conditions as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company’s actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the “Risk Factors” section of the Company’s Annual Information Form and in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2021 (copies of which may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Release – Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

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Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

Research, News, and Market Data on Vectrus

 

COLORADO SPRINGS, Colo., Feb. 8, 2022 /PRNewswire/ — Vectrus, Inc., (NYSE: VEC), a leading global government services company, announced that it was awarded a new five-year cost-plus-fixed-fee task order valued at $250 million to provide logistics support services to the U.S. Army at Fort Benning, Georgia. The task order, which was awarded under the Enhanced Army Global Logistics Enterprise (EAGLE) contract extends through December 2026, including all option periods.

“We are pleased to have been selected to provide logistical support services under this important task order,” said Chuck Prow, president and chief executive officer of Vectrus. “I would like to thank our Army client for their continued confidence in Vectrus.” 

About Vectrus:
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, converged environment solutions, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair, and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 9,200 employees spanning 206 locations in 27 countries. In 2020, Vectrus generated sales of $1.4 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Contact Information

Mike Smith, CFA
michael.smith@vectrus.com
(719) 637-5773

SOURCE Vectrus, Inc.

Schwazze Closes New Mexico Acquisition

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Schwazze Closes New Mexico Acquisition

Research, News, and Market Data on Schwazze

 

Achieves Regional Operator Status with Acquisition of: Reynold Greenleaf & Associates, R. Greenleaf Organics, Medzen Services, Elemental Kitchen & Laboratories 

DENVER, Feb. 8, 2022 /CNW/ – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), one of the largest vertically integrated cannabis operators in Colorado, is pleased to announced that it has closed the transaction to acquire substantially all the operating assets of Reynold Greenleaf & Associates, LLC, and the equity of Elemental Kitchen & Laboratories, LLC. As part of the transaction, the Company will also have a right to purchase or acquire cannabis licenses held by Medzen Services, Inc., (“Medzen”) and R. Greenleaf Organics, Inc. (“RGO”), not-for-profit organizations that hold medical cannabis licenses in New Mexico (the assets and licenses described herein are referenced collectively as “Greenleaf”).

Total consideration for the acquisition was $42 million (subject to potential working capital adjustments) with a potential performance based earnout. The consideration consists of $25 million in cash paid at closing and $17 million in a 3-year seller note at 5% interest.

Greenleaf is a licensed medical cannabis provider with ten dispensaries, four cultivation facilities – three operating and one in development – and one manufacturing location. The dispensaries are located in Albuquerque, Santa Fe, Roswell, Las Cruces, Grants and Las Vegas, New Mexico.  Greenleaf’s approximately 70,000 square feet of cultivation as well as 6,000 square feet of manufacturing space are located in Albuquerque.  The State of New Mexico currently allows medical cannabis and has approved adult use recreational cannabis sales which by law begin no later than April 2022.  The New Mexico market is expected to grow approximately 300% in the next 5 years. (1)

With this acquisition, Schwazze is now a multi-state operator (“MSO”) with a total of 32 announced and acquired dispensaries, seven cultivation facilities and two manufacturing operations located in either Colorado or New Mexico. (see Figure #1)

“With our regional expansion into New Mexico now complete, we have firmly graduated to the MSO category but with a differentiated regional focus which we and our stakeholders believe will be successful as we continue to position the Company for rapid expansion as the market opens for adult use consumption.  We welcome the Greenleaf team to Schwazze, particularly Willie Ford who joins us in an advisory capacity, and are excited about our future together,” stated Justin Dye, CEO & Chairman.

Willie Ford, Managing Director and Founder of Greenleaf added; “We are very excited to work with Schwazze given the depth of the team, their strong experience in retail and cannabis and their commitment to regional growth.  This will be critical for us as New Mexico makes the move into legalization of cannabis for recreational use in April of this year.“

Figure #1 (CNW Group/Schwazze)

About Schwazze
Schwazze (OTCQX: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position.  Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.  The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition.  Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes.  The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.  Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.  Medicine Man Technologies, Inc. was Schwazze’s former operating trade name.  The corporate entity continues to be named Medicine Man Technologies, Inc.

Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.

Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “plan,” “will,” “may,”, “predicts,” or similar words. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to consummate the acquisition described in this press release or to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, * the timing and extent of governmental stimulus programs, (xi) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws, and * out ability to satisfy the closing conditions for the private finding described in this press release. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

SOURCE Schwazze

Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

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Vectrus Awarded Logistics Support Services Task Order Valued at $250 Million

Research, News, and Market Data on Vectrus

 

COLORADO SPRINGS, Colo., Feb. 8, 2022 /PRNewswire/ — Vectrus, Inc., (NYSE: VEC), a leading global government services company, announced that it was awarded a new five-year cost-plus-fixed-fee task order valued at $250 million to provide logistics support services to the U.S. Army at Fort Benning, Georgia. The task order, which was awarded under the Enhanced Army Global Logistics Enterprise (EAGLE) contract extends through December 2026, including all option periods.

“We are pleased to have been selected to provide logistical support services under this important task order,” said Chuck Prow, president and chief executive officer of Vectrus. “I would like to thank our Army client for their continued confidence in Vectrus.” 

About Vectrus:
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, converged environment solutions, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair, and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 9,200 employees spanning 206 locations in 27 countries. In 2020, Vectrus generated sales of $1.4 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Contact Information

Mike Smith, CFA
michael.smith@vectrus.com
(719) 637-5773

SOURCE Vectrus, Inc.

Release – Bowlero Corp Announces $200 Million Share And Warrant Repurchase Program

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Bowlero Corp. Announces $200 Million Share And Warrant Repurchase Program

Research, News, and Market Data on Bowlero

 

RICHMOND, Va., Feb. 07, 2022 (GLOBE NEWSWIRE) — Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, today announced that its board of directors has approved a repurchase program for up to $200 million of its outstanding shares of Class A common stock and warrants through February 3, 2024. Bowlero plans to repurchase its shares or warrants either in the open market or through privately negotiated transactions.

“The authorization to buy back up to $200 million of its shares of Class A common stock and warrants provides the Company with another mechanism to maximize long-term value for our shareholders,” said Tom Shannon, Bowlero Corp’s Chairman and CEO. “We remain confident in our strategy and believe that our current stock price represents a significant discount to the intrinsic value of the Company. We plan to continue to invest in the acquisition, building and converting of bowling centers, and the repurchase program announced today provides us with additional flexibility to create long-term value for investors. We remain committed to a disciplined capital allocation strategy, including investments in our strategic priorities and return of capital to our shareholders.”

Share and warrant repurchases and the timing thereof will depend upon market conditions, corporate liquidity requirements and priorities, debt agreement limitations and other factors as may be considered in the Company’s sole discretion. The share repurchase program does not obligate the Company to repurchase any particular amount of Class A common stock or warrants and may be suspended or discontinued at any time without notice.

About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, which it acquired in 2019 and which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Forward Looking Statements

Some of the statements contained in this press release are 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. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: the impact of COVID-19 or other adverse public health developments on our business; our ability to grow and manage growth profitably, maintain relationships with customers, compete within our industry and retain our key employees; changes in consumer preferences and buying patterns; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; the risk that the market for our entertainment offerings may not develop on the timeframe or in the manner that we currently anticipate; general economic conditions and uncertainties affecting markets in which we operate and economic volatility that could adversely impact our business, including the COVID-19 pandemic and other factors described under the section titled “Risk Factors” in the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company, as well as other filings that the Company will make, or has made, with the SEC, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts:

For Media:
Jillian Laufer
JLaufer@BowleroCorp.com

For Investors:
ICR, Inc.
Ryan Lawrence
Ryan.Lawrence@icrinc.com

Ashley DeSimone
Ashley.desimone@icrinc.com 

Source: Bowlero Corp

Release – Digerati Closes Acquisition of NextLevel Internet

Posted on by Admin




Digerati Closes Acquisition of NextLevel Internet

Research, News, and Market Data on Digerati Technologies

 

– Expands Reach of Digerati’s Cloud Communications and Broadband Solutions To Include Strong West Coast Presence, Specifically California –
– Expected to be Accretive to Earnings and Add Over $13 Million in Annual Revenue, Increasing Digerati’s Consolidated Annualized Revenue to $31.5 Million –
– Derek M. Gietzen, President of NextLevel Internet, Joins
the Digerati Executive Management Team –

SAN ANTONIO, TX (GlobeNewswire) – February 8, 2022 – Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to announce the completion of the acquisition of San Diego-based NextLevel Internet, Inc. (“NextLevel”), a leading provider of cloud communication and broadband solutions tailored for the SMB market.

The acquisition of NextLevel expands the Company’s growing nationwide footprint and adds a strong West Coast presence with nearly 1,000 SMB clients in California. On a consolidated basis and as a result of this acquisition, Digerati’s operating subsidiaries will now serve over 4,000 business customers and approximately 45,000 users. With the acquisition of NextLevel and based upon annualized results for the quarter ending October 31, 2021, the Company expects its operating subsidiaries in the aggregate will generate approximately $31.5 million in annual revenue. In addition, the NextLevel acquisition is expected to have a positive impact on the consolidated EBITDA and operating income of the Company during FY2022.

“We’re excited about the NextLevel transaction, our largest acquisition to-date, that delivers scale as we continue working towards our corporate goal of uplisting to Nasdaq or NYSE American,” said Arthur L. Smith, Chief Executive Officer of Digerati. “By uniting our companies’ shared vision of providing exceptional client experiences and an amazing corporate culture, we will be well positioned to continue executing on our growth strategy.  We particularly like the success and expertise that NextLevel brings in the area of broadband services and the delivery of digital oxygen to the business market.”

Derek Gietzen, President of NextLevel, stated, “We could not have found a better partner than the Digerati Team. We are excited about the synergies that exist across the operating subsidiaries and all of the future opportunities this business combination provides for the NextLevel Team.”

Digerati also announced that Derek M. Gietzen, current President of NextLevel, will remain in that role with the Company and join the Digerati Executive Management Team. Mr. Gietzen is an experienced 20-year telecommunications executive with a track record of managing successful high-growth companies. In addition to achieving consistent double-digit growth at NextLevel, Mr. Gietzen’s passion for creating amazing corporate cultures led NextLevel to being recognized as a certified ‘Great Place to Work in the U.S.’ for each of the last three years.

Mr. Smith commented about the addition of Mr. Gietzen to the Executive Management Team, “Derek is an inspirational leader who is perfectly aligned with our core values and brings the added skills necessary for us to successfully execute on our business plan and on-going M&A strategy. We are confident his contribution will enhance our ability to deliver on our corporate goals and assist us with creating long-term shareholder value.” 

QAdvisors, a TMT global investment banking boutique, acted as the financial advisor to NextLevel.

About NextLevel Internet, Inc.

NextLevel Internet is a leading provider of cloud-based Unified Communications and Collaboration (“UC&C”), Contact Center, and Managed Connectivity services. Founded in 1999 and headquartered in San Diego, California, NextLevel offers a full suite of UCaaS services nationwide and operates a high-capacity broadband network with extensive reach and a multi-carrier infrastructure. NextLevel is known for providing amazing client experiences with its managed installation process, backed by a team of experienced engineers and project managers, and its high-touch Client Support and in-house, live-answer tech support representatives.

About Digerati Technologies, Inc.

Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its operating subsidiaries T3 Communications (T3com.com), Nexogy (Nexogy.com), SkyNet Telecom (Skynettelecom.net) and NextLevel Internet (nextlevelinternet.com), the Company is meeting the global needs of small businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions including cloud PBX, cloud telephony, cloud WAN, cloud call center, cloud mobile, and the delivery of digital oxygen on its broadband network. The Company has developed a robust integration platform to fuel mergers and acquisitions in a highly fragmented market as it delivers business solutions on its carrier-grade network and Only in the Cloud™.

Forward-Looking Statements

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements, including but not limited to, total customers, annual revenue and EBITDA, uplisting to Nasdaq or NYSE American, and expected positive impact on the consolidated EBITDA and operating income of the Company during FY2022 are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause results to differ include, but are not limited to, execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Facebook: Digerati Technologies, Inc.
Twitter: @DIGERATI_IR
LinkedIn: Digerati Technologies, Inc.

Investors

The Eversull Group
Jack Eversull
jack@theeversullgroup.com
(972) 571-1624

ClearThink
Brian Loper
bloper@clearthink.capital
(347) 413-4234

Release – Allegiant Announces Amendment Of Bolo Option Agreement

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Allegiant Announces Amendment Of Bolo Option Agreement

Research, News, and Market Data on Allegiant Gold

 

Reno, Nevada /February 8, 2022 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce the continuation of the option agreement at its 100%-owned Bolo Project with New Placer Dome Gold Corp (“New Placer Dome”).

New Placer Dome can earn an initial 50.01% interest in Bolo by making share payments to Allegiant totaling US$1 million and completing US$4 million in exploration expenditures. New Placer Dome made a share payment of US$250,000 in December 2021 to complete the aggregate US$1 million share payment required under the agreement. Furthermore, New Placer Dome had commenced drilling and an IP/resistivity geophysical survey in 2021 but was unable to fulfill the entire exploration expenditure requirements for the year. The parties agreed to amend the Bolo option agreement leading to an additional US$400,000 payment to Allegiant through a combination of US$250,000 in cash and US$150,000 in shares of New Placer Dome. New Placer Dome will have to spend US$1.5 million in the calendar year of 2022 in order to meet the remaining exploration expenditure requirement to earn into an initial 50.01% interest.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have successfully resolved and amended the Bolo Option Agreement with New Placer Dome. This new amendment will allow for an aggressive drilling program at Bolo by New Placer Dome thereby advancing the project even further. Equally important, the amendment provided Allegiant with US$650,000 in share and cash payments in the month of December validating our business model of funding the Company with our option agreements while we continue to advance and develop Eastside, our flagship gold project near the town of Tonopah, NV.”

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Four of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD

Peter Gianulis
CEO

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements.Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold exploration properties, the drill program at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside project, Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Digerati Closes Acquisition of NextLevel Internet

Posted on by Admin




Digerati Closes Acquisition of NextLevel Internet

Research, News, and Market Data on Digerati Technologies

 

– Expands Reach of Digerati’s Cloud Communications and Broadband Solutions To Include Strong West Coast Presence, Specifically California –
– Expected to be Accretive to Earnings and Add Over $13 Million in Annual Revenue, Increasing Digerati’s Consolidated Annualized Revenue to $31.5 Million –
– Derek M. Gietzen, President of NextLevel Internet, Joins
the Digerati Executive Management Team –

SAN ANTONIO, TX (GlobeNewswire) – February 8, 2022 – Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to announce the completion of the acquisition of San Diego-based NextLevel Internet, Inc. (“NextLevel”), a leading provider of cloud communication and broadband solutions tailored for the SMB market.

The acquisition of NextLevel expands the Company’s growing nationwide footprint and adds a strong West Coast presence with nearly 1,000 SMB clients in California. On a consolidated basis and as a result of this acquisition, Digerati’s operating subsidiaries will now serve over 4,000 business customers and approximately 45,000 users. With the acquisition of NextLevel and based upon annualized results for the quarter ending October 31, 2021, the Company expects its operating subsidiaries in the aggregate will generate approximately $31.5 million in annual revenue. In addition, the NextLevel acquisition is expected to have a positive impact on the consolidated EBITDA and operating income of the Company during FY2022.

“We’re excited about the NextLevel transaction, our largest acquisition to-date, that delivers scale as we continue working towards our corporate goal of uplisting to Nasdaq or NYSE American,” said Arthur L. Smith, Chief Executive Officer of Digerati. “By uniting our companies’ shared vision of providing exceptional client experiences and an amazing corporate culture, we will be well positioned to continue executing on our growth strategy.  We particularly like the success and expertise that NextLevel brings in the area of broadband services and the delivery of digital oxygen to the business market.”

Derek Gietzen, President of NextLevel, stated, “We could not have found a better partner than the Digerati Team. We are excited about the synergies that exist across the operating subsidiaries and all of the future opportunities this business combination provides for the NextLevel Team.”

Digerati also announced that Derek M. Gietzen, current President of NextLevel, will remain in that role with the Company and join the Digerati Executive Management Team. Mr. Gietzen is an experienced 20-year telecommunications executive with a track record of managing successful high-growth companies. In addition to achieving consistent double-digit growth at NextLevel, Mr. Gietzen’s passion for creating amazing corporate cultures led NextLevel to being recognized as a certified ‘Great Place to Work in the U.S.’ for each of the last three years.

Mr. Smith commented about the addition of Mr. Gietzen to the Executive Management Team, “Derek is an inspirational leader who is perfectly aligned with our core values and brings the added skills necessary for us to successfully execute on our business plan and on-going M&A strategy. We are confident his contribution will enhance our ability to deliver on our corporate goals and assist us with creating long-term shareholder value.” 

QAdvisors, a TMT global investment banking boutique, acted as the financial advisor to NextLevel.

About NextLevel Internet, Inc.

NextLevel Internet is a leading provider of cloud-based Unified Communications and Collaboration (“UC&C”), Contact Center, and Managed Connectivity services. Founded in 1999 and headquartered in San Diego, California, NextLevel offers a full suite of UCaaS services nationwide and operates a high-capacity broadband network with extensive reach and a multi-carrier infrastructure. NextLevel is known for providing amazing client experiences with its managed installation process, backed by a team of experienced engineers and project managers, and its high-touch Client Support and in-house, live-answer tech support representatives.

About Digerati Technologies, Inc.

Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its operating subsidiaries T3 Communications (T3com.com), Nexogy (Nexogy.com), SkyNet Telecom (Skynettelecom.net) and NextLevel Internet (nextlevelinternet.com), the Company is meeting the global needs of small businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions including cloud PBX, cloud telephony, cloud WAN, cloud call center, cloud mobile, and the delivery of digital oxygen on its broadband network. The Company has developed a robust integration platform to fuel mergers and acquisitions in a highly fragmented market as it delivers business solutions on its carrier-grade network and Only in the Cloud™.

Forward-Looking Statements

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements, including but not limited to, total customers, annual revenue and EBITDA, uplisting to Nasdaq or NYSE American, and expected positive impact on the consolidated EBITDA and operating income of the Company during FY2022 are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause results to differ include, but are not limited to, execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Facebook: Digerati Technologies, Inc.
Twitter: @DIGERATI_IR
LinkedIn: Digerati Technologies, Inc.

Investors

The Eversull Group
Jack Eversull
jack@theeversullgroup.com
(972) 571-1624

ClearThink
Brian Loper
bloper@clearthink.capital
(347) 413-4234

About Cathie Wood’s SEC Filing for a Private Equity Fund

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Ark Invest Has Filed for a Closed-End Fund that Invests in Private Equity

 

Ark Invest’s Cathie Wood, known for her investments in publicly traded disruptive and innovative companies, is branching out and creating a fund that invests in private equity. ARK filed documents for the fund with the Securities and Exchange Commission (SEC) late last week. The ARK Venture Fund (The Fund) will invest in disruptive, innovative companies that Ark CIO and ARK analysts believe should grow exponentially. The reasons for investing in these private companies is similar to the public securities held in ETFs managed by Ark, but The Fund will not be an ETF. Instead, The Fund will be registered as a closed-end fund that won’t focus on public securities. Other primary differences include the participant’s long holding period. And, unlike Ark’s other funds, not all that can invest in The Fund could otherwise copycat Ark’s investments by acquiring like holdings; this is because of restrictions placed on who can participate in private offerings.

 

THE FUND

 

The Fund is a non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund is structured as an “interval fund” and continuously offers its Shares. The Fund was organized as a Delaware statutory trust on January 11, 2022. The principal office of the Fund is located at 200 Central Ave., St. Petersburg, Florida 33701 and its telephone number is 212-426-7040.

 

The Fund’s investment objective is to seek long-term growth of capital.

The Fund invests primarily in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation. The Adviser defines “disruptive innovation” as the introduction of a technologically enabled new product or service that potentially changes the way the world works. Under normal circumstances, substantially all of the Fund’s assets will be invested in equity securities, including common stocks, partnership interests, business trust shares, other equity investments or ownership interests in business enterprises and Private Funds. The Fund’s investments will include micro-, small-, medium- and large-capitalization companies. The Fund’s investments in foreign equity securities will be in both developed and emerging markets. The Fund may invest in foreign securities (including investments in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)) and securities listed on local foreign exchanges.

          From: SEC Reg. File 811-23778 (February 3, 2022)

 

Fund Details

Unlike open-end mutual funds and ETFs, a closed-end fund can’t create or redeem shares as investors decide to invest or redeem shares. Ark doesn’t plan to list its new Venture Fund on a stock exchange for public trading. Investors may cash out each quarter as The Fund purchases 5% of the outstanding shares, according to the SEC filing. This makes the new fund fall into the category of an “interval fund” because it has scheduled redemption periods. In addition to the restricted sell periods, investors may not be able to liquidate all of their holdings if many other investors are also looking to redeem shares since the amount of shares to be repurchased will only be 5%.

The nature of the underlying investments and the investor restrictions are more closely aligned than other ARK funds. This is because disruptive and innovative investments usually take time to play out, and tend to be volatile in the shorter term. It also reduces the need for The Fund to maintain a larger than desired cash (liquid) position. As it is not a fund to be actively traded, the managers can focus more on performance without having to cater to redemptions at inopportune times.

Preventing investors from selling their shares whenever they want reduces pressure on the fund to keep low earning cash available, or to sell
its holdings when prices are low. The fund is designed primarily for long-term investors and not as a trading vehicle, according to the filing. The more known cash flow will also make it easier for the fund manager to invest in illiquid or less liquid securities, such as those of private companies. According to the filing, the Fund also allows the manager to use leverage to help boost returns.

 

Twitter@CathieDWood January 18,2022

 

Purpose

Wood has noted she has seen that innovative companies have been given much higher valuations in the private market than in the public markets, where the risk of volatility is reduced. She believes there is an enormous opportunity to be found within the valuation differences.

The Fund allows participation for most retail investors and carries a minimum investment of $1,000. Private equity deals are often only shown to institutional investors and accredited
individuals. Most retail investors don’t check to see if they qualify to participate in these deals.

Take-Away

The ARK family of funds is growing to include a closed-end fund with restrictions on redemptions. The known redemption periods with maximum aggregate amounts investors may cash out could allow for management to better fine-tune their holdings. Alleviating the need to be liquid when the markets are down, or invest inflows when markets are up, could benefit fund performance. 

ARK expects the Venture Fund will be open to investors two quarters after it is launched. The redemptions will be paid at net asset value, according to the filing.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Why Michael Burry has Better Opportunity Than Cathie Wood

Who Gets to Participate in Private Offerings





Understanding Family Offices

Alternative Investments and 401(k) plans

 

Sources

https://www.sec.gov/Archives/edgar/data/1905088/000110465922011382/tm225314d1_n2.htm

https://www.thestreet.com/investing/cathie-wood-ark-etfs-continue-to-lose-ground

https://www.schwab.com/resource/interval-funds-the-facts-and-the-risks.

https://twitter.com/CathieDWood/status/1483742793432547328

 

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