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Great Lakes Dredge Dock (GLDD) – Move to Houston Triggers CFO Change

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Monday, October 04, 2021

Great Lakes Dredge & Dock (GLDD)
Move to Houston Triggers CFO Change

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    New CFO arrives. Scott Kornblau has joined as SVP and CFO. He was previously SVP and CFO of Diamond Offshore Drilling and has more than 20 years of industry and financial experience. He will report directly to CEO Lasse Petterson and serve on the executive team. His responsibilities include strategic planning and financial reporting, in addition to investor relations. There should no change in the current strategic direction or financial strategy.

    CFO change driven by relocation of HQ to Houston from Chicago.  Former CFO Mark Marinko left the company a short time ago to pursue opportunities in Chicago. We are not aware of any disagreements on financial reporting or other areas, including the planned entry into the offshore wind market. Mark played a major role in turning GLDD around and leaves the company on solid ground, as evidenced by the …



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. 

AB Vista and Avivagen Strike OxC-beta™ Supply Agreement in the United States, Brazil and Thailand

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AB Vista and Avivagen Strike OxC-beta™ Supply Agreement in the United States, Brazil and Thailand

 

  • Eight-year agreement expected to increase OxC-Beta™ access and adoption in the largest feed production markets worldwide
  • AB Vista to become exclusive distributor for use with poultry, swine, ruminants and aquaculture in United States, Brazil and Thailand
  • AB Vista and Avivagen to collaborate on development efforts

Ottawa, ON/Business Wire/ October 1, 2021/ Leading global animal nutrition technology company AB Vista and Avivagen Inc.  (TSXV:VIV, OTCQB:VIVXF) (“Avivagen”) today announced they have entered into a transformative supply agreement that is expected to expand the adoption and use of OxC-beta™ in a number of high-value feed production markets worldwide. The landmark eight-year deal will see AB Vista become the exclusive distribution partner for OxC-beta™ for poultry, swine, ruminants (dairy and beef) and aquaculture uses in the United States, Brazil and Thailand.

AB Vista is a global animal nutrition technology company supplying feed additives, nutrition expertise and analytical services to animal feed and protein producers.

“This is a truly transformative partnership for Avivagen, and one that stands to benefit not only us and AB Vista but feed and livestock producers in the Americas and Asia as well,” says Kym Anthony, Chief Executive Officer, Avivagen Inc. “We’ve had a lot of interest from potential partners for OxC-beta™, but AB Vista’s expertise and track record set it apart. With their industry-leading technical knowledge and know-how we are confident that this agreement will drive considerable adoption of OxC-beta™ and growth for Avivagen over the better part of the next decade.”

As a part of the agreement AB Vista and Avivagen will also collaborate on future development efforts, including advancing opportunities for OxC-beta™ use for aquaculture purposes (such as shrimp production). Aquaculture represents a new category for OxC-beta™ use, following considerable success with poultry, swine and ruminants in markets worldwide.

“We pride ourselves on bringing pioneering, high-value products and services to  the global animal feed market. We believe OxC-beta™ could be one of the next great innovations and advancements in animal nutrition, and we’re excited to be able to deliver this great product to our customers,” says Juan Ignacio Fernandez, Managing Director, AB Vista.

“Based on the extensive technical data supporting the role OxC-beta™ can have in reducing production reliance on antibiotics, we are confident our customers in the United States, Brazil and Thailand will have high demand for such a differentiated product.”

The United States and Brazil represent the world’s second and third largest feed production markets, accounting for nearly 300 million metric tonnes of feed produced in 2020[1]. More than one-quarter of 2021 international feed tonnage was produced in these two markets alone.

About AB Vista
AB Vista is a global feed additive business bringing pioneering products and technical services to the poultry, swine, ruminant and aquaculture sectors. Since its launch in 2005 the company has become a highly respected global player with top three market share positions in its core segments. The business uses its innovative product research, technical services and nutrition expertise to gather global insights that can be used to provide new ways of thinking to feed compounders, integrators and pre-mixers. With over 25 years’ experience in the NIR field and a global network of laboratories able to analyse feed samples, AB Vista provides the tools and expertise to allow its customer to better balance their ingredients. AB Vista is headquartered in the UK, with regional offices located in the USA, Brazil, Singapore, Spain, India, China, Germany and Finland.

About Avivagen
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance.  It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.

About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about ?-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta™ Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia.

Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.

Forward Looking Statements
This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions. Statements set out in this news release relating to the term of the agreement with AB Vista, expections as to expansion and adoption of products, Avivagen’s expectations as to future growth and results, the anticipated benefits of this agreement to Avivagen and others, future collaboration, future product development, Avivagen’s expectations as to growth in demand for Avivagen’s products,   the possibility for OxC-beta™ Livestock to replace antibiotics in livestock feeds as well as fill a critical need for health support in certain livestock applications where antibiotics are precluded and the size of market opportunities are all forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, the supply agreement could be terminated prior to 8 years for a number of reasons, Avivagen’s products may not be adopted at the rate anticipated, Avivagen may not benefit from the supply agreement as anticipated, future collaboration and product development may not occur or may not be successful in developing viable products, demand for Avivagen’s products may not continue to grow and could decline, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics in livestock feeds, in each case due to many factors, many of which are outside of Avivagen’s control.  Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

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

For more information:
Avivagen Inc.
Drew Basek
Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733
E-mail: d.basek@avivagen.com

Kym Anthony
Chief Executive Officer
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head Office Phone: 613-949-8164
Website: www.avivagen.com

AB Vista – a division of AB Agri Ltd
Lynsey Wickens
3 Woodstock Court, Blenheim Road, Marlborough Business Park,
Marlborough, Wiltshire, SN8 4AN
t +44 (0)1672 517662

e-mail: lynsey.wickens@abvista.com

[1] 2021 Alltech Global Feed Survey: https://www.petfoodindustry.com/articles/9973-th-annual-alltech-global-feed-survey-estimates-world-feed-production-increased-1

FAT Brands Inc. Completes $300 Million Acquisition of Twin Peaks Restaurant Chain

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FAT Brands Inc. Completes $300 Million Acquisition of Twin Peaks Restaurant Chain

 

Sports Lodge Marks the First Polished Casual Dining Chain to Join FAT Brands

LOS ANGELES, Oct. 01, 2021 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announced the completion of its pending acquisition of the Twin Peaks restaurant chain from Garnett Station Partners for $300 million. As a result of the acquisition, FAT Brands has entered a new restaurant category, polished casual dining. The transaction was funded with the proceeds of $250 million in principal amount of new securitization notes and the issuance to the sellers of shares of Series B preferred stock.

With the acquisition of Twin Peaks, FAT Brands will have more than 2,100 franchised and corporate-owned stores around the world with combined annual system-wide sales of approximately $1.8 billion. The addition of the sports lodge concept, including the new stores due to open and under development, is expected to increase the Company’s post-COVID-19 normalized EBITDA by approximately $25 to $30 million. The Twin Peaks transaction marks the third acquisition in the past twelve months for the rapidly growing global franchising company, including the acquisitions of Johnny Rockets in September 2020 and Global Franchise Group in July 2021.

“FAT Brands is committed to an aggressive growth strategy, which underlies our strong M&A activity over the last year. When assessing potential acquisitions, we look to identify brands that not only complement our existing portfolio, but also deliver high average unit volumes and a strong growth pipeline, said FAT Brands CEO Andy Wiederhorn. “Twin Peaks checks all of these boxes. This is a brand that we can grow globally at a fast pace, and we look forward to building upon the strong growth that was achieved under Garnett Station Partners.”

For more information on FAT Brands, visit www.fatbrands.com.

###

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns 14 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 2,000 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

About Twin Peaks

Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks now has 82 locations in 25 states. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business surrounded by scenic views and the latest in high-definition TVs. At every Twin Peaks, guests are immediately welcomed by a Twin Peaks team member and served up a menu made for MVPs. From its smashed and seared to order burgers to in-house smoked ribs and hand-breaded wings, guests can expect menu items capable of satisfying every appetite. To learn more about franchise opportunities, visit www.twinpeaksfranchise.com. For more information, visit www.twinpeaksrestaurant.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial performance and growth of FAT Brands following the acquisition of Twin Peaks, including estimates of annual EBITDA and annual revenues following the acquisition, the ability to open new Twin Peak’s stores under development, and the Company’s ability to conduct future accretive and successful acquisitions. Forward-looking statements reflect the Company’s expectations concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies including, but not limited to, the Company’s ability to successfully integrate and exploit the synergies of the acquisition of Twin Peaks, the Company’s ability to grow and expand revenues and earnings following the acquisition, and uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic. These risks, uncertainties and contingencies are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

About Non-GAAP Projected Financial Measures

This press release includes projections of future EBITDA, a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA is defined as net income (loss), before interest expense, income tax expense (benefit), depreciation and amortization expense. EBITDA is not a measurement of the Company’s financial performance under GAAP, and should not be considered in isolation or as an alternative to net income (loss) as a measure of financial performance, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes that EBITDA is an important supplemental measure of its operating performance because it eliminates the impact of expenses that do not relate to business performance. The Company also believes that this non-GAAP measure is useful to investors because it and similar measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry and provide additional information regarding growth rates on a more comparable basis than would be provided without such adjustments.

The Company prepared the information included in this press release based upon available information and assumptions and estimates that it believes are reasonable. The Company cannot assure you that its estimates and assumptions will prove to be accurate. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

MEDIA C ONTACT :
Erin Mandzik, JConnelly
emandzik@jconnelly.com
862-246-9911

INVESTOR RELATIONS:
Lynne Collier, ICR
IR-FATBrands@icrinc.com
646-430-2216

Source: FAT Brands Inc.

Opportunities in the Rapidly Growing Pain Management Sector

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Pain Management Market to Grow to $81.9 Billion by 2026

 

“No pain, no gain” is a motivational gym saying heard for years. Investors have found the saying also applies to portfolio gains.  The pain management industry is rapidly growing and now provides an even broader spectrum of publicly traded opportunities. Why? Reduced opioid use has opened a path for inventive new therapeutics to become the new go-to where an opioid would have been prescribed previously.  Estimates on the potential for the industry were just released in a report by Zion Market Research. The report demonstrates the pain management therapeutics industry is expected to amass earnings of about $81.9 billion by 2026. This is an increase of $16.3 billion over 2019 earnings.

Background:

Treatment of chronic pain has a large base as a major healthcare service. This base provides a solid footing for the business of pain management therapeutics.  Pain-relieving drugs such as opioids have provided help to patients with severe pain, but their usage should be short-term in duration or to treat pain in the terminally ill. New protocols based on this reality leave many sufferers that had relied on addictive pharmaceuticals needing new alternatives.

Primary pharmaceutical segments in Pain Management:

  • Anesthetics
  • NSAIDS
  • Anticonvulsants
  • Antidepressants
  • Anti-migraine agents
  • Non-narcotic analgesics

Major uses for which they are indicated include: 

  • Neuropathic Pain
  • Arthritic Pain
  • Cancer pain
  • Post-operative Pain
  • Chronic Back Pain
  • Fibromyalgia
  • A migraine


Market
Growth Dynamics

As the number of patients affected with chronic pain increases among an aging population, and opioid prescriptions come under more scrutiny, medical treatments, including non-pharmacologic therapies, and interventional pain treatments, have increased. The pain management therapeutics market is expected to continue its accelerated growth over the next couple of years. This is expected to translate into a $16.3 billion expansion of industry earnings over the next few years, according to the Zion report.  Additionally, they expect, growth in the number of surgeries along with an increase in automotive accidents and sports injuries. This will also serve to lift this market involved in helping sufferers.

Expansion
Prospects

The anticipated growth of pain management therapeutics within North American healthcare is expected to happen on several fronts. Players include the nimble, creative growth companies as well as the huge established names. Large companies involved in the segment include Novartis AG, Purdue Pharma L.P., AstraZeneca Plc., Mallinckrodt Pharmaceuticals, GlaxoSmithKline Plc., Teva Pharmaceutical Industries Ltd., Pfizer Inc., Depomed, Inc., Johnson & Johnson Services, Inc., Endo International Plc., Merck & Co., Inc., and Abbott Laboratories. These are big corporations where successful individual products aren’t as impactful to the bottom line or stock price movement.

The smaller more nimble prospects are worth learning about. There are a number of them that have developed solutions that are just now becoming adopted and substituted for old methods of treatment. Below is a list of six companies in this space that may be worth becoming familiar with:

NanoVibronix
Inc. (NAOV)  is engaged in manufacturing of noninvasive biological response-activating devices which target wound healing and pain therapy, without the assistance of medical professionals. The primary products of the company include WoundShield which is patch-based therapeutic ultrasound device to help regenerate tissue and healing by using ultrasound to increase local capillary perfusion and tissue oxygenation; PainShield which is a disposable patch-based therapeutic ultrasound technology to treat pain, muscle spasm and joint contractures; and UroShield which is an ultrasound-based product designed to prevent bacterial colonization and biofilm in urinary catheters, increase antibiotic efficacy and decrease pain. Most of the company’s revenue comes from the U.S. $NAOV is listed on the Nasdaq exchange.

Bioelectronics Corp. (BIEL) is an electroceutical company. It develops wearable, neuromodulation devices to safely mitigate neurological diseases. Its product line includes Actipatch Musculoskeletal Pain Therapy, Allay menstrual pain therapy, Smart insole heel pain therapy and Recovery RX post-operative and Chronic wounds therapy. The company sells its products to wholesale distributors, directly to hospitals and clinics, and consumers. $BIEL trades OTC.

 

 

Baudax Bio Inc.
(BXRX) is a Pharmaceutical company. The company develops and commercialize products for hospital and related acute care settings. Products in its pipeline include two novel neuromuscular blocking agents, or NMBAs, and a related proprietary chemical reversal agent and Dex-IN. $BXRX is listed on the Nasdaq exchange.

Virpax
Pharmaceuticals Inc. (VRPX) is a preclinical stage biopharmaceutical company. The company is focused on developing pharmaceutical product candidates for pain management. Its product portfolio includes Topical metered-dose spray, Liposomal in Hydrogel encapsulation, and Enkephalin Intranasal spray. $VRPX is listed on the Nasdaq exchange.

Heron
Therapeutics Inc. (HRTX) is a commercial-stage biotechnology company. It’s focused on improving the lives of patients by developing treatments that address some of the unmet patient needs. The company’s product portfolio consists of SUSTOL and CINVANTI. Its pipeline product is HTX-011. $HRTX is listed on the Nasdaq exchange.

Medx Health
Corp. (MDXHF) is engaged in the development, manufacturing, and marketing of skin-related screening tools and phototherapy devices for pain relief and tissue repair. Its two main product lines are; SIAscopy, a medical device technology that is used to scan skin for suspicious moles and lesions; and Phototherapeutic medical devices, which use light energy in lower-level laser and LED to provide effective treatment of pain and tissue damage in the rehabilitation market. It derives key revenue from the sale of Phototherapeutic lasers. Its product portfolio includes SIAscopy, MoleMate, SIMSYS, MedX Home System, Rehab Portable Laser, Debtal Laser Console System and others. The company sells its products internationally, of which prime revenue is generated in Canada and the US. $MDXHF trades OTC.

Take-Away

Heightened awareness of the risks associated with prescribing opioids coupled with an aging populous is providing opportunities for companies to develop new methods to minimize suffering; this includes medical devices to treat or assess causes, and novel medicines. Investors could benefit from growing their awareness of this therapeutic space and individual companies operating in the pain management sector.

There is usually no better way to understand a company than letting management explain the products and their uses. A virtual conference with management from the above six companies will take place on October 6. There is no cost to register or attend some or all of the sessions.

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 Sources:

https://www.zionmarketresearch.com/news/pain-management-therapeutics-market

https://channelchek.vercel.app/news-channel/New_Developments_in_Pain_Management___a_NobleCon_Online_Investor_Event___Presenting_Companies

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Great Lakes Dredge & Dock Corporation Appoints Scott Kornblau as Senior Vice President and Chief Financial Officer

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Great Lakes Dredge & Dock Corporation Appoints Scott Kornblau as Senior Vice President and Chief Financial Officer

 

HOUSTON, Oct. 01, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Co. (NASDAQ:GLDD), the nation’s largest provider of dredging servicers, has appointed Scott Kornblau as its Senior Vice President and Chief Financial Officer effective immediately.

In his role, Kornblau will be responsible for overseeing the company’s financial operations including investor relations and strategic and profitable growth opportunities, while managing various accounting functions and information technology. Based in Houston, he will serve on the company’s executive team and report to the President and Chief Executive Officer, Lasse Petterson. He succeeds Mark Marinko who has left the company to pursue other opportunities in the Chicago area.

“Scott brings more than two decades of both financial and industry experience to his role at GLDD and I’m pleased to welcome him to our leadership team,” said Petterson. “Our company has seen exponential growth over the last few years and I’m confident Scott’s multidisciplinary leadership will contribute to and elevate our strategic plan.”

Prior to joining GLDD, Kornblau held various finance and leadership positions at Diamond Offshore Drilling, Inc., and most recently served Senior Vice President and Chief Financial Officer.

“I’m grateful to further my career at GLDD and continue executing its strategic plan for accelerated growth and delivering value to stakeholders,” said Kornblau. “I look forward to working with the entire GLDD team to further the company’s momentum and proud history in the industry.”

Kornblau graduated from the University of Texas at Austin with a degree in accounting and is a licensed Certified Public Accountant in the State of Texas.

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

$350 Billion for These Renewable Initiatives

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	Image: Nat’l Renewable Lab Photostream (9/17/21)

Who Pays and Who Benefits from a Massive Expansion of Solar Power?

 

Electricity generation produces a quarter of U.S. greenhouse gas emissions that drive climate change. The electric grid is highly vulnerable to climate change effects, such as more frequent and severe droughts, hurricanes and other extreme weather events.

For both of these reasons, the power sector is central to the Biden administration’s climate policy.

 

This article was republished with permission from  The
Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of Felix Mormann Professor of Law, Texas A&M University

 

Reduced emissions and cleaner air help everyone, but who ultimately pays for public spending on this scale, and who will reap the economic benefits?

I have studied renewable energy for years, including the allocation of clean energy policies’ costs and benefits. My research focuses on direct economic benefits, such as government subsidies and tax breaks.

By proposing $350 billion in policy incentives, Biden is pushing solar further into the mainstream than ever before. Most of the costs and benefits of this massive solar play are distributed fairly, but I see room for improvement.

 

 

A Break for Lower-Income Households

Many clean energy policies, including renewable portfolio standards and net metering programs – strategies that dozens of states have adopted – pass their costs onto electricity customers. Renewable portfolio standards require utilities to source a certain share of their power sales from renewable sources. Net metering requires them to credit customers for generating electricity at home, typically from solar power, and feeding it back into the grid. In both cases, power companies bill their customers for associated costs.

It may seem sensible to ask electricity customers to pay for new resources, but rising electricity rates impose heavier burdens on lower-income households. Already, one-third of U.S. households struggle with energy poverty, spending disproportionately large shares of their income on basic energy needs. The Biden administration avoids such inequities by using tax dollars to fund its solar push.

Many low-income households contribute to federal tax revenue via payroll taxes, but most do not pay federal income tax. This largely leaves higher-income households to fill the federal tax coffers that finance solar incentives, which reduces the risk of widening the income and wealth gap.

A tenfold increase in solar power’s contribution to the U.S. electricity supply would require significant upgrades to the grid. But not all of these upgrades would be covered by incentives funded with tax dollars, so some would fall to ratepayers. To minimize burdens on lower-income households, the Clean Electricity Performance Program earmarks some of its incentives for electric utilities to help struggling electricity customers pay their power bills.

 

Direct Economic Benefits
are Less Widely Shared

While Biden’s proposed solar policies spread costs broadly across U.S. taxpayers, they allocate direct economic benefits more narrowly. The Clean Electricity Performance Program specifically targets electric utilities that sell power to homes, businesses and other end users.

Under the economic plan that Congress is now considering, utilities that grow the share of clean energy in their retail sales by a specified amount compared to the previous year would receive payments based on the amount of clean electricity they add. Utilities that fail to meet the growth target would pay penalties based on how far they fall short.

Electric utilities own many of the country’s existing, mostly fossil-fueled power plants. Most have been reluctant to promote solar, which would reduce demand for electricity from their own power plants.

But the Clean Electricity Performance Program does not cover another category of power company, called non-utility generators. Instead of selling power to end-use customers, these companies sell electricity to utilities, marketers or brokers. Non-utility generators provide over 40% of U.S. power and have driven much of the recent deployment in solar and other renewables.

 

 

Non-utility generators may benefit indirectly if utilities buy solar power from them to comply with the Clean Electricity Performance Program. But by focusing on utilities, the program threatens to alienate non-utility generators and stifle competition.

In contrast, tax credits for solar appear to offer economic benefits for a wide swath of taxpayers. In theory, anyone installing a new solar array on their rooftop or elsewhere earns tax credits for a portion of their investment. But I have found that, in practice, only those with higher tax bills can readily profit from these tax breaks.

Tax credits don’t normally have cash value – they merely reduce the amount you owe to Uncle Sam on April 15. A typical homeowner’s tax bill in the hundreds to low thousands of dollars is easily reduced to zero using part of the solar tax credit. But the remaining credit value will go unused, at least until subsequent tax years.

Since the tax code prohibits “selling” one’s tax credits, third-party financiers offer ways to structure solar projects so that the financier’s higher tax bill is used to monetize tax credits, passing part of the value onto homeowners. But such help comes at a price, diverting a significant portion of these tax incentives away from their intended use and beneficiaries.

 

 

How to Retarget Solar Policies

A large-scale expansion of solar power would be an important step toward a low-carbon economy with huge environmental benefits. A few tweaks could help make the Biden administration’s proposal more efficient and spread its benefits more widely.

As former President Barack Obama suggested in his 2016 budget proposal, solar tax credits should have a refundable cash value, like the child tax credit, that converts to cash if the recipients don’t owe enough taxes to use the credit. Lower-income households who install solar or buy into community solar projects could use this cash value to take immediate advantage of the credits, regardless of their tax bills.

Expanding the Clean Electricity Performance Program to bring non-utility generators into the fold would foster competition among power producers to help further reduce the cost of solar. Finally, since environmental justice is a central theme of Biden’s climate policy, it would make sense to add place-based incentives to the solar tax credit provisions that direct clean energy investment toward historically disadvantaged communities to make up for previous environmental injustices.

 

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Big Tech Doing Whatever it Takes to Demonstrate Commitment to Green Solutions

Has 28 Years of Jumpstarting Renewable Energy Been Effective?

 

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Voyager Digital Partners with Fundstrat to Provide Market-leading Crypto Research to Users

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Voyager Digital Partners with Fundstrat to Provide Market-leading Crypto Research to Users

 

Voyager makes strategic investment in Fundstrat, an independent research boutique

NEW YORK, Oct. 1, 2021 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, today announced a strategic investment and partnership with Fundstrat, a leading research boutique led by Wall Street strategist Thomas Lee and veteran Wall Street sales executive John Bai, to be Fundstrat‘s exclusive US partner and incorporate crypto research into the Voyager platform.

“We believe research is crucial for traders, which is why we’re bringing valuable market data and insights right into the Voyager platform,” said Steve Ehrlich, CEO and Co-founder of Voyager. “We want to make research more accessible for our customers, and also provide resources for new investors entering the crypto space. One of the key parts of the crypto journey is education as the industry is constantly evolving. There’s so much to learn and we want to make it easy and convenient for our users to do so.”

Fundstrat is an independent research boutique that provides market strategy and sector research, including digital asset research. Voyager’s partnership with Fundstrat allows the Company to deliver crypto market intelligence to Voyager’s customers. The research and content will be co-branded by the two companies and available on the Voyager platform.

“As one of the leading cryptocurrency platforms in the world, Voyager shares the same vision as we do in building a community and supporting them through education and insights,” said John Bai, Managing Partner at Fundstrat. “We’re thrilled to be partnering with Voyager to grow and achieve this goal.”

Voyager will be purchasing Units of Fundstrat, for an aggregate purchase price of approximately US$6,000,000 to be satisfied by the issuance of 601,504 common shares of Voyager.

About Voyager Digital Ltd.
Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) is a fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 60 different crypto assets, using its easy-to-use mobile application, and earn rewards up to 12 percent annually on more than 30 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

The TSX has not approved or disapproved of the information contained herein. The Transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange.

Press Contacts

Voyager Digital, Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

SOURCE Voyager Digital (Canada) Ltd.

Related Links

https://www.investvoyager.com/

Deflation Not Inflation is Risk Says Cathie Wood

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The Sources of Deflationary Pressure According to Cathie Wood

 

Cathie Wood, the founder and Chief Investment Officer of ARK Invest, says she leans more toward the thinking that the risk is deflation, not inflation which she believes “investors prematurely baked into the cake.”  Along this same line of thinking, she said, “anyone planning for it [inflation] is probably going to be making some mistakes.

In a televised interview with Bloomberg’s Sonali Basak on Thursday, Wood expressed that her biggest concern for the markets is a “deflationary boom.” She outlined her firm’s less mainstream position with the factors she believes are feeding deflation.

Deflation Pressures

High on her list of inputs that would cause downward pressure on prices are innovation and technology “We are in a period like we have never, never been. You’d have to go back to telephone, electricity, and automobile to see three major technologically enabled sources of innovation evolving at the same time. Today we have five.”  She said with conviction. She explained these are DNA sequencing, robotics, energy storage, artificial intelligence, and blockchain technology.  All of which, she explains, are extremely deflationary. As far as an additional deflationary input, she believes that there are many old-economy companies that have tried to satisfy shareholders short term wants by adding an extra few cents each quarter. By being short-sighted, not forward-looking, they have made miss-steps like taking on large amounts of debt. She believes that in order to service their debt, they’ll have to cut prices to move goods and services that will have fallen out of favor with consumers. Wood expects there to be a lot of confusion as this plays out. Many, she suspects, don’t keep their eye on the “innovation ball.” In her firm’s analysis, they conclude it’s innovation that will balance out the inflationary pressures not brought about by the supply chain issues we see now.

Stocks Not in Any Index

Her expectations also lead to the conclusion that we will begin to feel scarce growth and see very low GDP numbers at first. She further expressed that tomorrow’s companies aren’t in any index right now so a lot of public market investors aren’t exposed to them – and there will be many more opportunities to discover tomorrow’s leaders that are now excluded by many from consideration.

Job Displacement

She went on to describe the job displacement she believes the current state of technology sets up. Automation replacing workers has been a talked about fear since she began her firm in 2014. Some of that fear was brought on by an Oxford University piece that suggested that 47% of all jobs would be lost to automation by 2035. She said the University piece did not follow with what would happen next. In the interview, she “finishes the story” by explaining “automation and artificial intelligence productivity is going to go up dramatically. We think more than it ever has, certainly in modern times. And, with productivity increases comes more wealth creation.” Wood writes the chapter following where Oxford left off by saying that according to her firm’s estimates, in the year 2035, AI and automation would push GDP in the U.S. to $40 trillion. This contrasts with a $28 trillion forecast if you just calculated linear growth. Investors like herself are in the position where they need to figure out where the extra $12 trillion will come from.

Outside of investing, she believes it’s important to help parents decide how to educate their children, so they know what they should be prepared for.

Take-Away

The highly recognized, highly successful fund manager finished by saying, if you are on the “right side of change, there will be many exciting opportunities.” Markets are made by differing opinions. Cathie Wood is an outlier in her belief that any upward inflationary pressures will be more than offset by the supply side of the price equation. The supply, in her mind, will come from efficiencies created through technological innovation and as old industries firesale their products or services as they become less desirable. She also believes that there are many companies leading these changes; most are not currently in any index.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading:



Michael Burry’s Tweet and Delete

Why Michael Burry has Better Opportunity Than Cathie Wood





Index Funds Still May Fall Apart over Time

Canadian Bitcoin ETFs May Be Cathie Wood’s Solution

 

Sources:

https://www.youtube.com/watch?v=7MVxrtg28Eo

 

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Bassett Furniture (BSET) – Furniture Demand Remains Strong Reports 3Q21 Results

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Friday, October 01, 2021

Bassett Furniture (BSET)
Furniture Demand Remains Strong; Reports 3Q21 Results

Bassett Furniture Industries, Inc. is a leading manufacturer and marketer of high-quality home furnishings. With 96 company- and licensee-owned stores located throughout the United States, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett’s retail strategy includes stylish, custom-built furniture that features the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. The Company also has a traditional wholesale business with more than 700 accounts on the open market and a logistics business specializing in the transport and warehousing of home furnishings. In addition, Bassett sells its products through its website at www.bassettfurniture.com. With revenues in excess of $450 million, approximately 75% of its goods are manufactured, assembled and/or finished in factories located in Virginia, North Carolina and Alabama with the remainder primarily sourced from Asia. The Company was founded in 1902 and is based in Bassett, Virginia.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

    3Q21 Results. Revenue came in at $118.9 million, up 29.8% y-o-y and was up 8.7% compared to the non-COVID impacted 3Q19. Wholesale sales rose 32.1%, while Retail sales increased 10.5% and Logistics segment revenue was up 19.1%. Bassett reported net income of $3.0 million, or $0.31 per share, compared to net income of $2.2 million, or $0.22 per share, last year. We had forecast revenue of $120 million and EPS of $0.32.

    Backlog Continues to Climb.  Wholesale backlog hit $92.8 million at the end of the quarter, up from $87.7 million at the end of the second quarter, and up from $37.4 million a year ago. Backlog continued to grow in the fourth quarter on the back of strong Labor Day retail sales. Written sales increased 2.6% in the quarter …



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 – Voyager Digital Partners with Fundstrat to Provide Market-leading Crypto Research to Users

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Voyager Digital Partners with Fundstrat to Provide Market-leading Crypto Research to Users

 

Voyager makes strategic investment in Fundstrat, an independent research boutique

NEW YORK, Oct. 1, 2021 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, today announced a strategic investment and partnership with Fundstrat, a leading research boutique led by Wall Street strategist Thomas Lee and veteran Wall Street sales executive John Bai, to be Fundstrat‘s exclusive US partner and incorporate crypto research into the Voyager platform.

“We believe research is crucial for traders, which is why we’re bringing valuable market data and insights right into the Voyager platform,” said Steve Ehrlich, CEO and Co-founder of Voyager. “We want to make research more accessible for our customers, and also provide resources for new investors entering the crypto space. One of the key parts of the crypto journey is education as the industry is constantly evolving. There’s so much to learn and we want to make it easy and convenient for our users to do so.”

Fundstrat is an independent research boutique that provides market strategy and sector research, including digital asset research. Voyager’s partnership with Fundstrat allows the Company to deliver crypto market intelligence to Voyager’s customers. The research and content will be co-branded by the two companies and available on the Voyager platform.

“As one of the leading cryptocurrency platforms in the world, Voyager shares the same vision as we do in building a community and supporting them through education and insights,” said John Bai, Managing Partner at Fundstrat. “We’re thrilled to be partnering with Voyager to grow and achieve this goal.”

Voyager will be purchasing Units of Fundstrat, for an aggregate purchase price of approximately US$6,000,000 to be satisfied by the issuance of 601,504 common shares of Voyager.

About Voyager Digital Ltd.
Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) is a fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 60 different crypto assets, using its easy-to-use mobile application, and earn rewards up to 12 percent annually on more than 30 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

The TSX has not approved or disapproved of the information contained herein. The Transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange.

Press Contacts

Voyager Digital, Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

SOURCE Voyager Digital (Canada) Ltd.

Related Links

https://www.investvoyager.com/

Release – Great Lakes Dredge Dock Corporation Appoints Scott Kornblau as Senior Vice President and Chief Financial Officer

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Great Lakes Dredge & Dock Corporation Appoints Scott Kornblau as Senior Vice President and Chief Financial Officer

 

HOUSTON, Oct. 01, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Co. (NASDAQ:GLDD), the nation’s largest provider of dredging servicers, has appointed Scott Kornblau as its Senior Vice President and Chief Financial Officer effective immediately.

In his role, Kornblau will be responsible for overseeing the company’s financial operations including investor relations and strategic and profitable growth opportunities, while managing various accounting functions and information technology. Based in Houston, he will serve on the company’s executive team and report to the President and Chief Executive Officer, Lasse Petterson. He succeeds Mark Marinko who has left the company to pursue other opportunities in the Chicago area.

“Scott brings more than two decades of both financial and industry experience to his role at GLDD and I’m pleased to welcome him to our leadership team,” said Petterson. “Our company has seen exponential growth over the last few years and I’m confident Scott’s multidisciplinary leadership will contribute to and elevate our strategic plan.”

Prior to joining GLDD, Kornblau held various finance and leadership positions at Diamond Offshore Drilling, Inc., and most recently served Senior Vice President and Chief Financial Officer.

“I’m grateful to further my career at GLDD and continue executing its strategic plan for accelerated growth and delivering value to stakeholders,” said Kornblau. “I look forward to working with the entire GLDD team to further the company’s momentum and proud history in the industry.”

Kornblau graduated from the University of Texas at Austin with a degree in accounting and is a licensed Certified Public Accountant in the State of Texas.

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Release – FAT Brands Inc. Completes $300 Million Acquisition of Twin Peaks Restaurant Chain

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FAT Brands Inc. Completes $300 Million Acquisition of Twin Peaks Restaurant Chain

 

Sports Lodge Marks the First Polished Casual Dining Chain to Join FAT Brands

LOS ANGELES, Oct. 01, 2021 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announced the completion of its pending acquisition of the Twin Peaks restaurant chain from Garnett Station Partners for $300 million. As a result of the acquisition, FAT Brands has entered a new restaurant category, polished casual dining. The transaction was funded with the proceeds of $250 million in principal amount of new securitization notes and the issuance to the sellers of shares of Series B preferred stock.

With the acquisition of Twin Peaks, FAT Brands will have more than 2,100 franchised and corporate-owned stores around the world with combined annual system-wide sales of approximately $1.8 billion. The addition of the sports lodge concept, including the new stores due to open and under development, is expected to increase the Company’s post-COVID-19 normalized EBITDA by approximately $25 to $30 million. The Twin Peaks transaction marks the third acquisition in the past twelve months for the rapidly growing global franchising company, including the acquisitions of Johnny Rockets in September 2020 and Global Franchise Group in July 2021.

“FAT Brands is committed to an aggressive growth strategy, which underlies our strong M&A activity over the last year. When assessing potential acquisitions, we look to identify brands that not only complement our existing portfolio, but also deliver high average unit volumes and a strong growth pipeline, said FAT Brands CEO Andy Wiederhorn. “Twin Peaks checks all of these boxes. This is a brand that we can grow globally at a fast pace, and we look forward to building upon the strong growth that was achieved under Garnett Station Partners.”

For more information on FAT Brands, visit www.fatbrands.com.

###

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns 14 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 2,000 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

About Twin Peaks

Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks now has 82 locations in 25 states. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business surrounded by scenic views and the latest in high-definition TVs. At every Twin Peaks, guests are immediately welcomed by a Twin Peaks team member and served up a menu made for MVPs. From its smashed and seared to order burgers to in-house smoked ribs and hand-breaded wings, guests can expect menu items capable of satisfying every appetite. To learn more about franchise opportunities, visit www.twinpeaksfranchise.com. For more information, visit www.twinpeaksrestaurant.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial performance and growth of FAT Brands following the acquisition of Twin Peaks, including estimates of annual EBITDA and annual revenues following the acquisition, the ability to open new Twin Peak’s stores under development, and the Company’s ability to conduct future accretive and successful acquisitions. Forward-looking statements reflect the Company’s expectations concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies including, but not limited to, the Company’s ability to successfully integrate and exploit the synergies of the acquisition of Twin Peaks, the Company’s ability to grow and expand revenues and earnings following the acquisition, and uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic. These risks, uncertainties and contingencies are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

About Non-GAAP Projected Financial Measures

This press release includes projections of future EBITDA, a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA is defined as net income (loss), before interest expense, income tax expense (benefit), depreciation and amortization expense. EBITDA is not a measurement of the Company’s financial performance under GAAP, and should not be considered in isolation or as an alternative to net income (loss) as a measure of financial performance, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes that EBITDA is an important supplemental measure of its operating performance because it eliminates the impact of expenses that do not relate to business performance. The Company also believes that this non-GAAP measure is useful to investors because it and similar measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry and provide additional information regarding growth rates on a more comparable basis than would be provided without such adjustments.

The Company prepared the information included in this press release based upon available information and assumptions and estimates that it believes are reasonable. The Company cannot assure you that its estimates and assumptions will prove to be accurate. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

MEDIA C ONTACT :
Erin Mandzik, JConnelly
emandzik@jconnelly.com
862-246-9911

INVESTOR RELATIONS:
Lynne Collier, ICR
IR-FATBrands@icrinc.com
646-430-2216

Source: FAT Brands Inc.

Release – AB Vista and Avivagen Strike OxC-beta Supply Agreement in the United States Brazil and Thailand

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AB Vista and Avivagen Strike OxC-beta™ Supply Agreement in the United States, Brazil and Thailand

 

  • Eight-year agreement expected to increase OxC-Beta™ access and adoption in the largest feed production markets worldwide
  • AB Vista to become exclusive distributor for use with poultry, swine, ruminants and aquaculture in United States, Brazil and Thailand
  • AB Vista and Avivagen to collaborate on development efforts

Ottawa, ON/Business Wire/ October 1, 2021/ Leading global animal nutrition technology company AB Vista and Avivagen Inc.  (TSXV:VIV, OTCQB:VIVXF) (“Avivagen”) today announced they have entered into a transformative supply agreement that is expected to expand the adoption and use of OxC-beta™ in a number of high-value feed production markets worldwide. The landmark eight-year deal will see AB Vista become the exclusive distribution partner for OxC-beta™ for poultry, swine, ruminants (dairy and beef) and aquaculture uses in the United States, Brazil and Thailand.

AB Vista is a global animal nutrition technology company supplying feed additives, nutrition expertise and analytical services to animal feed and protein producers.

“This is a truly transformative partnership for Avivagen, and one that stands to benefit not only us and AB Vista but feed and livestock producers in the Americas and Asia as well,” says Kym Anthony, Chief Executive Officer, Avivagen Inc. “We’ve had a lot of interest from potential partners for OxC-beta™, but AB Vista’s expertise and track record set it apart. With their industry-leading technical knowledge and know-how we are confident that this agreement will drive considerable adoption of OxC-beta™ and growth for Avivagen over the better part of the next decade.”

As a part of the agreement AB Vista and Avivagen will also collaborate on future development efforts, including advancing opportunities for OxC-beta™ use for aquaculture purposes (such as shrimp production). Aquaculture represents a new category for OxC-beta™ use, following considerable success with poultry, swine and ruminants in markets worldwide.

“We pride ourselves on bringing pioneering, high-value products and services to  the global animal feed market. We believe OxC-beta™ could be one of the next great innovations and advancements in animal nutrition, and we’re excited to be able to deliver this great product to our customers,” says Juan Ignacio Fernandez, Managing Director, AB Vista.

“Based on the extensive technical data supporting the role OxC-beta™ can have in reducing production reliance on antibiotics, we are confident our customers in the United States, Brazil and Thailand will have high demand for such a differentiated product.”

The United States and Brazil represent the world’s second and third largest feed production markets, accounting for nearly 300 million metric tonnes of feed produced in 2020[1]. More than one-quarter of 2021 international feed tonnage was produced in these two markets alone.

About AB Vista
AB Vista is a global feed additive business bringing pioneering products and technical services to the poultry, swine, ruminant and aquaculture sectors. Since its launch in 2005 the company has become a highly respected global player with top three market share positions in its core segments. The business uses its innovative product research, technical services and nutrition expertise to gather global insights that can be used to provide new ways of thinking to feed compounders, integrators and pre-mixers. With over 25 years’ experience in the NIR field and a global network of laboratories able to analyse feed samples, AB Vista provides the tools and expertise to allow its customer to better balance their ingredients. AB Vista is headquartered in the UK, with regional offices located in the USA, Brazil, Singapore, Spain, India, China, Germany and Finland.

About Avivagen
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance.  It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.

About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about ?-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta™ Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia.

Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.

Forward Looking Statements
This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions. Statements set out in this news release relating to the term of the agreement with AB Vista, expections as to expansion and adoption of products, Avivagen’s expectations as to future growth and results, the anticipated benefits of this agreement to Avivagen and others, future collaboration, future product development, Avivagen’s expectations as to growth in demand for Avivagen’s products,   the possibility for OxC-beta™ Livestock to replace antibiotics in livestock feeds as well as fill a critical need for health support in certain livestock applications where antibiotics are precluded and the size of market opportunities are all forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, the supply agreement could be terminated prior to 8 years for a number of reasons, Avivagen’s products may not be adopted at the rate anticipated, Avivagen may not benefit from the supply agreement as anticipated, future collaboration and product development may not occur or may not be successful in developing viable products, demand for Avivagen’s products may not continue to grow and could decline, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics in livestock feeds, in each case due to many factors, many of which are outside of Avivagen’s control.  Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

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

For more information:
Avivagen Inc.
Drew Basek
Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733
E-mail: d.basek@avivagen.com

Kym Anthony
Chief Executive Officer
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head Office Phone: 613-949-8164
Website: www.avivagen.com

AB Vista – a division of AB Agri Ltd
Lynsey Wickens
3 Woodstock Court, Blenheim Road, Marlborough Business Park,
Marlborough, Wiltshire, SN8 4AN
t +44 (0)1672 517662

e-mail: lynsey.wickens@abvista.com

[1] 2021 Alltech Global Feed Survey: https://www.petfoodindustry.com/articles/9973-th-annual-alltech-global-feed-survey-estimates-world-feed-production-increased-1