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Release – ZyVersa Therapeutics Announces Changes to ZyVersa’s Board of Directors

Posted on May 22, 2023May 22, 2023 by aweinsoff@channelchek.com

May 19, 2023

WESTON, Fla., May 19, 2023 (GLOBE NEWSWIRE) — ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa”), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for the treatment of renal and inflammatory diseases with high unmet medical needs, announces that two members of the Board of Directors have stepped down due to obligations associated with recent executive opportunities: Katrin Rupalla, PhD and Daniel O’Connor. Dr. Rupalla resigned from ZyVersa’s Board of Directors to pursue an opportunity that precludes her ability to serve on any board of directors. Mr. O’Connor, the former CEO of Larkspur which merged with ZyVersa in December of 2022, has recently taken on the CEO role at Ambrx Biopharma and has resigned to focus on growth of his new company.

“On behalf of the Board of Directors and the team at ZyVersa, I would like to thank Dr. Rupalla and Mr. O’Connor for their impactful leadership during their tenure as Board members at ZyVersa,” said Stephen C. Glover, Co-founder, Chairman, Chief Executive Officer, and President of ZyVersa. “As biopharmaceutical leaders with impeccable credentials and a proven track record of success, their knowledge and perspectives have been invaluable as we progress development of our company and our lead renal and anti-inflammatory assets.”

About ZyVersa Therapeutics, Inc.

ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop first-in-class drugs for patients with renal and inflammatory diseases who have significant unmet medical needs. The Company is currently advancing a therapeutic development pipeline with multiple programs built around its two proprietary technologies – Cholesterol Efflux Mediator™ VAR 200 developed to ameliorate renal lipid accumulation that damages the kidneys’ filtration system in patients with glomerular kidney diseases, and Inflammasome ASC Inhibitor IC 100, targeting damaging inflammation associated with numerous CNS and other inflammatory diseases. For more information, please visit www.zyversa.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions. Such forward-looking statements are based on ZyVersa’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including ZyVersa’s plans to develop and commercialize its product candidates, the timing of initiation of ZyVersa’s planned preclinical and clinical trials; the timing of the availability of data from ZyVersa’s preclinical and clinical trials; the timing of any planned investigational new drug application or new drug application; ZyVersa’s plans to research, develop, and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of ZyVersa’s product candidates; ZyVersa’s commercialization, marketing and manufacturing capabilities and strategy; ZyVersa’s ability to protect its intellectual property position; and ZyVersa’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time-to-time, and it is not possible for ZyVersa to predict all such factors, nor can ZyVersa assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to ZyVersa as of the date of this press release. ZyVersa disclaims any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Corporate and IR Contact:
Karen Cashmere
Chief Commercial Officer
kcashmere@zyversa.com
786-251-9641

Media Contacts
Tiberend Strategic Advisors, Inc.
Casey McDonald
cmcdonald@tiberend.com
646-577-8520

Dave Schemelia
dschemelia@tiberend.com
609-468-9325

Baudax Bio (BXRX) – Nasdaq Delist Determination Letter Received; Plan To Be Presented To Regain Compliance

Posted on May 22, 2023May 22, 2023 by cpereira@noblefcm.com

Monday, May 22, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Out of compliance with minimum stockholders’ equity requirement. Baudax Bio received notice on November 18, 2022 that the minimum $2.5 million requirement, under Listing Rule 5550(b), was not met for continued Nasdaq listing. The Company was granted an extension until May 15, 2023 to comply.

Delist determination letter. On May 17, 2023, the Company received a delist determination letter from Nasdaq that the extension terms were not met. Specifically, proposed transactions were not completed, and evidence of compliance was not received by the May 15, 2023 deadline. From the letter, Nasdaq indicated the Company’s securities would be suspended from Nasdaq trading at the open of business May 26, 2023.

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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.

Cathie Wood’s Non-Mainstream Inflation Concern Could Unfold as Feared

Posted on May 22, 2023May 22, 2023 by phoffman@channelchek.com

Image: An Artificial Intelligence Rendering of Tech Investor Cathie Wood

Cathie Wood’s Deflationary Expectations May Become Reality

Before Fed Chair Powell realized inflation might not be transitory, during the Fall of 2021, Cathie Wood sounded alarm bells about the risks of great deflationary pressures not being far off. The renowned hedge fund manager and founder of ARK Funds stood far apart from her peers with this forecast. Since then, the disruptive technologies investment expert has indicated the Federal Reserve should stop raising interest rates because the economy is poised for deflation rather than inflation. As most of the world has come to accept the notion that inflation may be a problem for years to come, her thoughts have been dismissed by most economists as wishful thinking.

Wood has not budged on her position, and it may serve her and her customers well. Investment success often comes with pointing yourself in a different direction than the loud narrative is pointing you. But, in the end, you have to eventually be right, and others then have to change their tune to match the once contrarian view – after all, you will need late-comers to buy your position from you.

I have to confess, as a lifelong Fedwatcher, market analyst, and cynic, I didn’t think there was a chance in the world that she could be right. Since her October of 2021 comments, not a long period of time, We’ve all witnessed a dramatic leap in technology that reduces costs, is easy to adopt, and is progressing at an exponential rate.

Cathie Wood may not be as wrong as most people thought, perhaps she is even right. Here are just some examples of when she spoke out about her deflationary outlook:

2022-10-10: Wood wrote an open letter to the Federal Reserve accusing it of stoking ‘deflation’ and looking at the wrong economic indicators.

2023-02-02: Wood gave a speech at the Sohn Investment Conference where she said that she believes deflation is a bigger threat to the US economy than inflation.

2023-03-08: Wood appeared on CNBC’s Squawk Box where she said that she believes deflation is “the biggest risk” to the global economy.

Cathie Wood has been quoted as saying:

“Deflation is the biggest risk to the global economy.”

“The rise of artificial intelligence is leading to a productivity boom, which is driving down prices.”

Less related to disruptive technologies providing businesses a more efficient means, Wood has also argued:

“The decline of globalization is leading to a decline in demand for goods and services.”

“The aging population is leading to a decline in consumption.”

“Deflation is not a bad thing. It can lead to a more sustainable economy, with lower interest rates and less debt.”

In November of 2022, ChatGPT was unveiled by OpenAI. Most everyone paying attention, including those in related tech businesses, were stunned at how far along the technology is and the potential for quickly advancing AI platforms. Currently, ChatGPT is trained on a dataset large enough that it can generate text, translate languages, write different kinds of creative content, and answer your questions in an informative way.

In 2023, ChatGPT was released to the broader public, it broke records for sign-ups and it has continued to grow in popularity. It is now used by a wide range of people, including students, writers, and businesses. This is still a beta version they are using and getting excellent results.

While generative AI for text is only one next-generation technology, example; this still under development tool alone is world-changing powerful. And it has the potential to dramatically alter the way we interact with computers – all of which can lead to dramatic gains in efficiency and productivity. Efficiency and productivity are ingredients that can stave off inflation, they can even bring prices lower – we know this because we experienced it for decades following the tech revolution.

ChatGPT and other OpenAI products are still beta tests of a text program from one institution. I understand OpenAI products can also write computer code, create graphics, and carry on a conversation. Where will OpenAI take their products next, how will the products take part in machine learning and then serve to better themselves, and how many other companies are dreaming up and developing new sources to enrich out lives at lower expense?

While Artificial Intelligence may or may not be able to lower the price of a dozen eggs, it can increase output across many industries or reduce expensive labor needs. I see examples of this in the office and at home where a search using ChatGPT can more precisely provide a response to a query than a Google internet search.

Take Away

Investors are often hurt by their ego, preventing them from rethinking and reevaluating. When exposed to new information, it’s good to take the time to reevaluate the probability of being incorrect or correct in one’s outlook.

It’s too early to know if Cathie Wood will turn out to be correct in her inflation forecasts. She lives and breathes high tech and I’m sure gets early behind-the-scenes glimpses of what has yet to come. For me, it is now easier to see how new business solutions could possibly unfold to a point where deflation becomes an issue in the world economies. I’m not sold on the idea, but I am not dismissing it as impossible either.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://ark-funds.com/articles/commentary/q3-2022-commentary-from-arks-cio/

https://www.cnbc.com/2023/03/09/cnbc-transcript-ark-invest-ceo-cio-cathie-wood-speaks-with-cnbcs-brian-sullivan-on-last-call-today.html

We May Soon Know if Yellen’s “Extraordinary Measures” are Extraordinary Enough

Posted on May 22, 2023May 22, 2023 by phoffman@channelchek.com

The Pace of the U.S. Treasury Burn Rate Toward a $0.00 Balance

The US Treasury Department is nearing its last ounce of blood as it has been bleeding operating funds. All parties know that the debt ceiling has to be raised if the country is to avoid a financial catastrophe. Still, an impasse on debt ceiling negotiations continues. While the House of Representatives has passed a borrowing cap plan, it is not expected that the Senate would agree on the spending reductions, and President Biden made clear he would not sign it.

The markets, of course, have been paying attention, but for the most part, they have chosen to ignore the drama. Anyone that has been involved in the markets for a few years knows that in the past, there have been stop-gap measures or 11^th hour decisions that have avoided a US debt default.

It is Getting Close

The US Treasury reported last Thursday that it had $57.3 billion in cash on hand. As with any ongoing entity, each week, it receives revenue and pays expenses. So the daily balance runoff fluctuates by different amounts each day. A snapshot is reported each Thursday along with other US financial data. The current pace, while not a precise rate to gauge the net burn rate, is useful.

The operating balance used to pay our bills as a nation has declined from $238.5 billion at the start of May, when tax collections helped boost balances. That’s a $181.2 billion decline over 18 days, or $10 billion per day. If the pace holds, the United States balance sheet reaches zero before the June 1 date previously estimated by US Treasury Secretary Janet Yellen.

How are Officials Reacting?

The US reached its Congressionally imposed borrowing cap in January. Since then, there has been a cutting back on spending, as had been announced in January by Janet Yellen. The Treasury has since been operating under an “Extraordinary Measures” plan, reducing less than critical spending to pay obligations that can not be ignored without great consequence. This bandaid approach will go on and, at this point, can only be “fixed” if the debt ceiling is raised once again by Congress.

Treasury Secretary Janet Yellen has been clear in warning lawmakers that the Treasury’s ability to avoid default could end as soon as June 1. The nation has to increase its ability to legally borrow to make its payments while its obligations exceed its revenue.

Averting a June Crisis Without Congress

While most US citizens are aware of the mid-April individual tax date, corporate tax dates are quarterly. The next time most corporations pay their estimated taxes is June 15^th. If Secretary Yellen can squeeze the Treasury balances until June 15^th, she will no longer be driving on fumes – instead, she will have added a little more gas, not enough to get her to the next corporate tax date.

Another thought depends on one’s interpretation of the 14^th Amendment. This amendment of the US Constitution contains several provisions, one of which is Section 4. This section states that “the validity of the public debt of the United States, authorized by law… shall not be questioned.” While the exact interpretation of this provision is a matter of legal debate, it has been suggested that it could potentially provide a legal basis for the government to continue meeting its financial obligations, even if the debt ceiling is reached.

Some argue that the 14th Amendment could empower the President to bypass the debt ceiling and ensure that the government continues to pay its debts on time, based on the principle that the United States must honor its financial obligations.

Stalled Talks

Although the date of $zero balance is not far off if the President and Senate doesn’t agree to the House plan, or if the House is inflexible, negotiations have moved in fits and starts with Congressional leaders meeting on and off with each other and with the Executive branch.

If the nation does default, it will unleash global economic and financial upheaval. The full consequences are not known since it’s never happened before. Those likely to see funds come to a crawl or be turned off are:

Interest on the debt: While the debt itself would continue to be serviced, a stringent austerity plan could potentially result in reduced payments towards interest on the national debt.
Government programs and agencies: Funding for discretionary programs, such as infrastructure projects, education initiatives, environmental programs, or research grants, could be reduced or eliminated.

Social welfare programs: Payments for social welfare programs, such as unemployment benefits, food assistance, housing subsidies, or healthcare subsidies, may be reduced or scaled back.

Defense spending: Military expenditures and defense contracts may face cuts, impacting payments to defense contractors and the procurement of military equipment and services.

Government salaries and benefits: Austerity measures could involve salary freezes, reductions, or furloughs for government employees, including civil servants, military personnel, or elected officials.

Infrastructure projects: Funding for infrastructure development and maintenance, including transportation systems, highways, bridges, and public facilities, may face reductions or delays.

Grants to states and local governments: Payments to states and local governments for various programs, such as education, healthcare, or community development, could be reduced.

The above are not set in stone, it’s important to note that the specific impacts of an austerity plan would depend on the policies and priorities set by the government, and different austerity measures are also a matter of negotiation.

While Yellen, the Congressional Budget Office, and multiple other forecasters think the $Zero date is likely during the first two weeks of June, it’s possible that the Treasury will have enough funds to carry it through the middle of the month, which would add more time.

However, as it looks now, the US Government is running on fumes; in the past, it has not allowed itself to completely run out of gas. If today’s situation follows past history, the markets will get scared a few more times before the US leaders agree and the country is back to business as usual.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/operating-cash-balance

https://home.treasury.gov/news/press-releases/jy1483

The Week Ahead – FOMC Minutes, M2, and Early Close

Posted on May 22, 2023May 22, 2023 by phoffman@channelchek.com

The Market Hurdles Before the Holiday

The FOMC minutes on Wednesday detailing the debate at the Federal Reserve’s May 2-3 meeting could be an eye-opener for investors. Expectations for many had been that the Fed would pause tightening. The Fed has publicly insisted that the interest rate moves are data dependent and there isn’t a scheduled plan extending through the rest of the year. If the minutes suggest pausing, markets shouldn’t react severely, if instead, the minutes suggest the Fed is panicking at the pace of the economy and persistence of inflation, the stock market may itself pause the recent bullish moves. Inflation data in the form of the PCE report Friday is not expected to show much improvement.

Friday is one of the bigger days for economic reports as Consumer Sentiment is released in the morning. On Friday afternoon, SIFMA recommends an early close before the Memorial Day weekend.

Monday 5/22

8:30 AM ET, James Bullard will be speaking. Bullard is the President and CEO of the Federal Reserve Bank of St. Louis. Bullard is an FOMC member and has been very vocal in his support for higher interest rates.
10:50 AM ET, Thoms Barkin will be speaking. Barkin is the President and CEO of the Federal Reserve Bank of Richmond. He is a member of the FOMC Committee.
11:05 AM ET, Mary Daly will be speaking. Daly is the President and CEO of the Federal Reserve Bank of San Francisco. She is a member of the Federal Open Market Committee (FOMC).

Tuesday 5/23

9:00 AM ET, Lorie Logan, CEO of the Federal Reserve Bank of Dallas will be speaking. She represents her district on the FOMC.
9:45 AM ET, The Purchasing Managers Report (PMI) has been signaling higher output for the last three releases. A number above 50 indicates an increase; the consensus for May is 52.6 versus April’s 55.9.
10:00 AM ET, New Home Sales, after a decent jump to a 683,000 annualized rate in March, new home sales in April are expected to have declined to 670,000.
1:00 PM ET, Money Supply numbers will be released. M2 is expected to have declined by 257.3 billion to a level of $20,818 billion.

Wednesday 5/24

10:30 AM ET, The Energy Information Administration (EIA) will be providing its scheduled weekly information on petr
oleum inventories, whether produced in the US or abroad. The level of inventories helps determine prices for petroleum products.
2:00 PM ET, The Minutes of the FOMC meeting held on May2-3 will be released. The minutes detail the issues, discussions, and positions among policymakers; the Federal Open Market Committee issues minutes of its latest meeting three weeks after the meeting.

Thursday 5/25

8:30 AM ET, Jobless claims for the week May 20, are expected to rise 6,000 to 248,000 following a 22,000 swing lower to 242,000 in the prior week.
8:30 AM ET, Corporate Profits are pulled from the national income and product accounts (NIPA) and are presented in different forms.
10:00 AM ET, Pending Home Sales data from April are expected to have risen 1.1%.
10:30 AM ET, Susan Collins is the President and CEO of the Federal Reserve Bank of Boston.

Friday 5/26

8:30 AM ET, Durable Goods Orders are expected to have fallen 1.1% in April following March’s 3.2% rise. Ex-transportation orders are seen down 0.1 percent.

8:30 AM ET, Personal Income and Outlays. Personal Income is expected to have increased 0.4% in April with consumption expenditures also expected to increase 0.4%. These would compare with March’s 0.3 percent for income and no change for consumption.

8:30 AM ET, Retail Inventories are expected to have risen by .73%.

8:30 AM ET, Wholesale Inventories are expected to have been flat in April risen by.

8:30 AM ET, International Trade numbers are expected to show the US goods deficit is expected to widen marginally to $85.6 billion in May after narrowing by $6.5 billion in April to $85.5 billion.

10:00 AM ET, Consumer Sentiment is expected to end May at 58.0, nearly 6 points below April but shigher by .30% from May’s mid-month 57.7 flash.International Trade numbers are expected to show the US goods deficit is expected to widen marginally to $85.6 billion in May after narrowing by $6.5 billion in April to $85.5 billion.

2:00 PM ET, SIFMA Recommends an Early Market Close on May 26 (2PM) and a Full Market Close on May 29 in the US in Observance of the Memorial Day Holiday.

What Else

Investment roadshows on company’s you own or have an interest in can lead to insights you’d never get anyplace else.

A stock that has the distinction of being Michael Burry’s longest held position (a long position) is a company named GEO Group (GEO).

On May 23^rd and May 24^th you may be able to attend a roadshow in South Florida presented by Senior Management of Geo Group.

Paul Hoffman

Managing Editor, Channelchek

Sources:

https://us.econoday.com/byweek.asp?cust=us

What Else

Investment roadshows on company’s you own or have an interest in can lead to insights you’d never get anyplace else.

A stock that has the distinction of being Michael Burry’s longest held position (a long position) is a company named GEO Group (GEO).

On May 23^rd and May 24^th you may be able to attend a roadshow in South Florida presented by Senior Management of Geo Group.

Paul Hoffman

Managing Editor, Channelchek

Sources:

https://us.econoday.com/byweek.asp?cust=us

Release – Bowlero Corp. Completes First Acquisition in Tennessee

Posted on May 19, 2023May 19, 2023 by aweinsoff@channelchek.com

Research News and Market Data on BOWL

05/19/2023

RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today that it has completed the acquisition of Andy B’s, marking the Company’s first center in the state of Tennessee. Andy B’s will be open to the public on May 19^th, under the Bowlero name.

Andy B’s, opening as Bowlero Bartlett, is located in Bartlett, TN, 13 miles outside of Memphis. This 44-lane center is made up of 32 traditional lanes and 12 private lanes featuring state-of-the-art audio and lighting with 50 feet of video displays. Andy B’s is also home to an interactive arcade, a snack bar and grill, and a full-service bar.

“We are pleased with our continued growth, officially expanding our national footprint in 34 states with the acquisition of Andy B’s,” stated Thomas Shannon, Founder and CEO of Bowleo Corp. “This acquisition echos our focus on expansion in new markets, giving us the opportunity to provide new guests with the unique Bowlero experience. We are looking forward to this next chapter while looking ahead to new growth opportunities throughout the year.”

About Bowlero Corp

Bowlero Corp. is the global leader in bowling entertainment, media, and events. With more than 325 bowling centers across North America, Bowlero Corp. serves more than 30 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com

For Media:
PR@BowleroCorp.com

For Investors:
IRSupport@BowleroCorp.com

Source: Bowlero Corp.

Release – Kelly Elects Board of Directors at Annual Shareholders Meeting, Announces Board Leadership Succession

Posted on May 19, 2023May 19, 2023 by aweinsoff@channelchek.com

Research News and Market Data on KELYA

May 19, 2023

TROY, Mich., May 19, 2023 /PRNewswire/ — Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced that at its 2023 Annual Shareholders Meeting held on May 17, 2023, Kelly shareholders elected nine individuals to serve one-year terms on its board of directors.

The newly elected directors are Gerald S. Adolph, retired senior partner, strategy and M&A, Booz & Co.; George S. Corona, retired president and chief executive officer, Kelly; Robert S. Cubbin, retired president and chief executive officer, Meadowbrook Insurance Group, Inc.; Amala Duggirala, executive vice president and chief information officer, United Services Automobile Association (USAA); InaMarie Felix Johnson, former chief people and diversity officer, Zendesk, Inc.; Terrence B. Larkin, retired executive vice president, business development, general counsel and corporate secretary, Lear Corporation; Leslie A. Murphy, CPA, president and chief executive officer, Murphy Consulting, Inc.; Donald R. Parfet, managing director, Apjohn Group, LLC; and Peter W. Quigley, president and chief executive officer, Kelly.

Following the election of the board of directors, the board appointed Mr. Larkin to the position of chairman of the board, effective immediately. An attorney with 28 years of experience in business law, Mr. Larkin has served as an independent director on Kelly’s board since 2010 and brings a valuable combination of complex problem-solving skills, legal and governance expertise, and global experience. He succeeds Mr. Parfet, who has elected to step down as chairman of the board, a position in which he has served since 2018. Mr. Parfet will continue his service on Kelly’s board as an independent director.

“On behalf of the entire board of directors, I would like to thank Don for his distinguished leadership during the last five years. Kelly has benefited immensely from his guidance and insights as the Company has executed its specialty strategy and transformed its portfolio,” said Mr. Larkin. “I am grateful for the opportunity to serve as Kelly’s next chairman, and I look forward to continuing to work with Don and the rest of the board to carry out our responsibility to Kelly’s shareholders as the Company embarks on the next phase of its growth journey.”

About Kelly®

Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 450,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2022 was $5.0 billion. Learn more at kellyservices.com.

KLYA-FIN

ANALYST CONTACT:	MEDIA CONTACT:
James Polehna	Jane Stehney
(248) 244-4586	(248) 765-6864
james.polehna@kellyservices.com	stehnja@kellyservices.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/kelly-elects-board-of-directors-at-annual-shareholders-meeting-announces-board-leadership-succession-301829189.html

SOURCE Kelly Services, Inc.

Release – GameSquare Holdings Reports Standalone First Quarter 2023 Results for GameSquare Esports and Provides First Quarter Pro-Forma Income Statement

Posted on May 19, 2023May 19, 2023 by aweinsoff@channelchek.com

Research News and Market Data on GAME

05/18/2023

Record pipeline and recent contract wins expected to accelerate revenue growth in second half of 2023

Merger integration underway with $8 million of annualized cost savings expected in 2023

Company initiates 2023 guidance reflecting pro-forma sales of $75 to $80 million, and annual gross margins of 30% – 35%

TORONTO, ON / ACCESSWIRE / May 18, 2023 / GameSquare Holdings, Inc. (“GameSquare“, or the “Company“) (NASDAQ:GAME)(TSXV:GAME) announced that GameSquare Esports, Inc. has filed its standalone financial results for its first quarter ended March 31, 2023. As a result of the April 11, 2023 merger of GameSquare Esports and Engine Gaming and Media, Inc. (“Engine Gaming”), GameSquare provided a pro-forma income statement for the 2023 first quarter. The Company expects to file its second quarter 2023 consolidated financial statements for the combined entity, in August of 2023. The Company also provided 2023 guidance as a consolidated company.

“With the merger now behind us, our business momentum is accelerating, driven by a record pipeline, increasing ad spend, and the benefits of the merger. In addition, we believe advertising partners are already recognizing the value of our combined company’s assets. We recently have signed several significant brand deals across numerous verticals, including healthcare, automotive, and CPG, with average expected contract values north of seven figures. We believe that our record pipeline and recent wins indicate that global brands see the value of GameSquare’s leading end-to-end media platform and our success helping companies connect with gaming and youth audiences. As a result of the merger, GameSquare now serves approximately 350 brands, 1,500 creators, and has an aggregate audience reach over 500 million,” said Justin Kenna, CEO of GameSquare.

“Since our inception in late 2020, we have invested heavily in our business to build industry leading capabilities, create new and innovative revenue opportunities, complete a transformational merger, and assemble a team of experienced, motivated, and passionate leaders, talent, and influencers. With a solid foundation, we are focused on successfully integrating the merger, scaling our business, and pursuing a path to profitability. As we look forward, we believe pro-forma annual sales of the combined company in 2023 will be between $75 and $80 million. In addition, we have identified approximately $8 million of annualized cost savings and other opportunities to streamline and optimize the combined company. We expect annual gross margin in 2023 will range between 30% and 35%. As a result, we believe we will see significant improving trends towards profitability starting in the second half of 2023,” continued Mr. Kenna.

“I am encouraged by the growing momentum underway, as we focus over the near-term on integrating the merger, growing sales, and accelerating our path to profitability. I am excited by the direction we are headed, and I look forward to updating you on the progress we are making as we convert our growing pipeline into profitable sales,” concluded Mr. Kenna.

First Quarter 2023 GameSquare Esports Standalone Highlights (Comparisons are to Prior Year Period)

Revenue of $5,050,713, compared to $5,040,074
Gross margin increased to 40.2%, compared to 32.6%
Net loss of $4,258,273, compared to a net loss of $3,993,629
Adjusted EBITDA loss of $2,255,835, compared to a loss of $2,742,172

First Quarter 2023 Pro-Forma Highlights

Revenue of $13,843,347, compared to $12,897,929 in the prior year period
Gross margin of $4,267,983 or 30.8% in Q1 23
Net loss of $12,150,604 in Q1 23
Adjusted EBITDA loss of $5,045,947, compared to loss of $7,333,281 in the prior year period

Conference Call Details

Justin Kenna, CEO, Lou Schwartz, President, Paul Bozoki, former CFO of GameSquare Esports, and Mike Munoz CFO of GameSquare Holdings, are scheduled to host a conference call with the investment community. Analysts and interested investors can join the call via the details below:

Date: Thursday, May 18, 2023
Time: 5:00 pm ET
Webcast: http://services.choruscall.ca/links/gamesquare2023q1.html

Media and Investor Relations

Andrew Berger
Phone: (216) 464-6400
Email: IR@gamesquare.com

About GameSquare Holdings, Inc.

GameSquare Holdings, Inc. (NASDAQ:GAME | TSXV:GAME) is a vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. GameSquare’s end-to-end platform includes GCN, a digital media company focused on gaming and esports audiences, Cut+Sew (Zoned), a gaming and lifestyle marketing agency, USA, Code Red Esports Ltd., a UK based esports talent agency, Complexity Gaming, a leading esports organization, Fourth Frame Studios, a creative production studio, Mission Supply, a merchandise and consumer products business, Frankly Media, programmatic advertising, Stream Hatchet, live streaming analytics, and Sideqik a social influencer marketing platform. www.gamesquare.com

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company’s future performance and revenue; continued growth and profitability; the Company’s ability to execute its business plan; and the proposed use of net proceeds of the Offering. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as a guarantee, assurance or definitive statement of fact or probability. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company being able to grow its business and being able to execute on its business plan, the Company being able to complete and successfully integrate acquisitions, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company’s ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company’s portfolio across entertainment and media platforms, dependence on the Company’s key personnel and general business, economic, competitive, political and social uncertainties including impact of the COVID-19 pandemic and any variants. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company’s most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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.

SOURCE: GameSquare Holdings, Inc.

View source version on accesswire.com:
https://www.accesswire.com/755906/GameSquare-Holdings-Reports-Standalone-First-Quarter-2023-Results-for-GameSquare-Esports-and-Provides-First-Quarter-Pro-Forma-Income-Statement

Seanergy Maritime (SHIP) – Earnings Preview

Posted on May 19, 2023May 19, 2023 by cpereira@noblefcm.com

Friday, May 19, 2023

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Seanergy Maritimes will report first quarter results next week. We expect results to continue a pattern of declining cash flow and earnings in response to lower shipping rates. That said, rates should be higher than the $10,191 average TCE guidance given in March 14th as shipping rates bottomed out in February. In addition, operating days will be up with more than 17 ships (Goodship and Tradership sold during the quarter as company modernizes the fleet).

We are adjusting our estimates to remove a one-time gain of $8 million on the sale of a ship. We now expect the company to report an adjusted loss of $12.4 million or $0.69 per share. Including the gain and non-cash G&A expenses, we look for the company to report a loss of $4.9 million or $0.27 per share. Our adjusted EBITDA forecast is for a loss of $8.4 million (a reported loss of $0.9 million).

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

Maple Gold Mines (MGMLF) – Leaving No Stones Unturned

Posted on May 19, 2023May 19, 2023 by cpereira@noblefcm.com

Friday, May 19, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Volcanogenic massive sulfide (VMS) targets. Maple Gold Mines Ltd. revealed plans for a summer field program at the Douay and Joutel Gold Projects to explore volcanogenic massive sulfide (VMS) targets. Maple Gold is also planning VMS exploration work at its 100%-owned Morris Project approximately 30 kilometers east of the town of Matagami in Morris Township, Quebec. Morris is located approximately 30 kilometers east of the Matagami VMS mining camp and hosts the Watson Lake rhyolite unit which forms the footwall of all the VMS mines at Matagami.

Multiple styles of mineralization. Maple Gold’s 400 square kilometer land package is highly prospective for multiple styles of mineralization and the company has added technical expertise to its board and technical advisory committee to ensure the land package is fully explored for all sources of potential world class deposits. For example, the joint venture recently hired Dr. Marina Schofield, an expert in volcanology, structural geology, and VMS systems, to lead the company’s VMS exploration efforts.

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

Eskay Mining Corp. (ESKYF) – 2023 Exploration Program Informed by Robust Geophysical Analysis

Posted on May 19, 2023May 19, 2023 by cpereira@noblefcm.com

Friday, May 19, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Focus on geophysics. In March, Mr. Riaz Mirza was appointed as a Geophysical Advisor to Eskay Mining’s exploration team. Mr. Mirza is the founder of Simcoe Geoscience Limited, a global geophysical service provider, and has significant experience exploring a variety of deposit types including volcanogenic massive sulfide (VMS) deposits. Mr. Mirza and Simcoe Geoscience Limited were engaged to review Eskay Mining’s geophysical data from its Consolidated Eskay Project area with the goal of drawing direct comparisons to the original Eskay Creek precious metal-rich VMS deposit which is considered among the world’s most precious metal-rich volcanogenic massive sulfide deposits.

Cut from the same cloth. The Eskay Mining and Simcoe teams quickly identified compelling similarities. The same distinct magnetic signatures observed at the Eskay Creek deposit are visible at numerous locations across the Consolidated Eskay Property.

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

Bowlero (BOWL) – Still On A Good Roll

Posted on May 19, 2023May 19, 2023 by cpereira@noblefcm.com

Friday, May 19, 2023

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. 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. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Strong Q3 results. The company reported solid Q3 revenue of $315.7 million, up 22.5% from the prior year period, beating our estimate of $298 million by 5.9%. Adj. EBITDA in the quarter increased 17.7% to $127.6 million, beating our estimate of $116.3 million by 9.7%.

Favorable margins. Bowling center adj. gross profit margins were a strong 68% and adj. Center EBITDA margins were 48%, a record high. The company posted impressive total company Adj. EBITDA margins of 40.4% for Q3. The total company adj. EBITDA margins were 60 basis points better than our estimate.

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

Federal Reserve Chairman Powell Reaffirms Commitment to Bring Inflation Down

Posted on May 19, 2023May 22, 2023 by phoffman@channelchek.com

Ben and Jerry Discuss Interest Rates, Jobs and Inflation

Federal Reserve Chair Jerome Powell reiterated today that the Fed is committed to bringing inflation down to its 2% target. Speaking at the “Perspectives on Monetary Policy” panel at the Thomas Laubach Research Conference, Powell said that the Fed will continue to raise interest rates until inflation is under control. The current Fed Chair shared the stage with former Fed Chair Ben Bernanke; the two more or less agreed, with Bernanke seeming a bit less optimistic.

The Panel Discussion

Powell acknowledged that the Fed’s actions to raise interest rates will likely slow economic growth. However, he said that the Fed is confident that it can bring inflation down without causing a recession.

“We understand that high inflation imposes significant hardship, especially on those least able to afford the higher costs of essentials like food, housing, and transportation,” Powell said and then emphasized, “we are strongly committed to returning inflation to our 2% objective.”

Powell reassured that the Fed is closely monitoring the labor market. The event is attended by experts in the field of monetary policy, including economists, central bankers, and other policymakers. It provides an opportunity for experts to share their views on the current state of the economy and the challenges facing central banks. Powell told the attendees that the Fed is committed to keeping the labor market strong but that it will not hesitate to take further action if needed to bring inflation down.

“The labor market is very strong, and we want to see that continue,” Powell said. “But we will take the necessary steps to bring inflation down,” he cautioned.

Ben Bernanke, the former Chair of the Federal Reserve, also spoke at the conference warning that the Fed is facing a difficult challenge in trying to bring inflation down without causing a recession. Bernanke said that the Fed will need to be very careful.

“The Fed is in a difficult spot,” Bernanke said. “It needs to bring inflation down, but it also doesn’t want to cause a recession. It will need to be very careful in its actions.”

Bernanke said that the Federal Reserve is facing a “new normal” in terms of inflation. He said that the Fed will need to be more aggressive in its use of monetary policy to bring down the pace of price increases. The former Fed chair said, “The Fed is going to have to be more aggressive in its use of monetary policy than it has been in the past,” He cautioned. “It’s going to need to raise interest rates more than once this year.”

Bernanke explained to listeners, “the Fed is not trying to cause a recession. But it is willing to risk a recession if it is necessary to bring inflation down.”

The comments from Powell and Bernanke took away any question whether the Fed is committed to bringing inflation down. Most listeners came away from this feeling the Fed is likely to continue to raise interest rates and to shrink its balance sheet in an effort to cool the economy and bring inflation down. However, attendees were also assured the Fed is keenly aware of the risks of a recession and is trying to avoid it.

What Does This Mean for the Economy?

The comments from Ben Bernanke and Jerome Powell suggest that the Fed is prepared to take aggressive action to bring inflation down. This could lead to higher interest rates and slower economic growth. However, the Fed is acting in a way it hopes leads to bringing down inflation without negative growth or a recession.

The bond markets had been pricing in an easing late in the year. US Treasury rates rose as the panel discussion got underway; this suggests that the tenor of some of the comments were unexpected. It is still too early to say what the impact of the Fed’s actions will be on the economy. However, it is clear that the Fed is taking inflation seriously and is willing to take steps to bring it down.

The next Federal Open Market Committee (FOMC) meeting will be held on June 13-14, 2023. The FOMC is the policymaking body of the Federal Reserve System. It meets every six weeks to discuss and set monetary policy, including the target for Fed Funds.

The next FOMC meeting is expected to be a critical one, as the committee will be making its decisions in the midst of sticky inflation, a troubled banking sector, and a slowing economy.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.c-span.org/video/?528202-1/federal-reserve-chair-participates-monetary-policy-conference