Schwazze Adds President of New Mexico Division Appoints Key Leaders from Former R. Greenleaf Ownership Group

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DENVER, Feb. 9, 2022 /CNW/ – Super-regional, cannabis growth operator Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”) announces the appointment of three key leaders to support the company’s significant expansion in its New Mexico operations.

Steve Pear joins Schwazze as its New Mexico Division President. He comes from Vancouver-based Happy Gut Brands, Inc, where he recently served as CEO. Pear is a graduate of the University of Georgia, spending a significant portion of his career in the Southeast and Midwest working for Coca-Cola Enterprises before moving into national sales roles working for formidable beverage companies. At Coors and Miller-Coors, he served as Vice President, National Sales and later, moved onto Odwalla where he eventually became President, General Manager after working in both sales and operations. Following his time at Odwalla, Pear served as CEO for Cheribundi for over five years building a high-performance culture overseeing: sales, operations, marketing, supply chain, manufacturing, finance and human resources.

Two additional key leaders – Alex Falter-Hahn and Jacob White – have joined Schwazze’s New Mexico operating team, transitioning from R. Greenleaf and Associates, LLC (“RGA”). 

Falter-Hahn joins Schwazze as Vice President, Operational Excellence.  She is a proud New Mexican who has spent the last eight years working as the Chief Financial Officer of RGA.  She has overseen financial development, human resources, compliance, and operations.  Falter-Hahn is a graduate of the University of New Mexico’s Anderson School of Management and has spent her career working for various accounting firms, while focusing on local business development. 

White joins Schwazze as Vice President Cultivation and Product Development.  He has called New Mexico home for the last 12 years while working in the New Mexican medical cannabis industry. White started his career in cannabis in 2009 on the retail side where he opened Albuquerque’s first medical dispensary. In 2011, Jacob joined R. Greenleaf Organics focusing on cultivation, setting the standard for quality cannabis flower and obtaining the highest quarterly yields in the state.

“These three key additions to our New Mexico senior leadership team are critical to our expansion across Colorado borders.  Pear, Falter-Hahn and White bring cross functional leadership to our New Mexico operations, and we are fortunate to have them on our team,” said Nirup Krishnamurthy, Chief Operating Officer of Schwazze. “We are excited to be part of New Mexico’s transition to the cannabis recreational market and to leverage our deep experience in the Colorado market to bring the best variety of quality products with great service to our customers in New Mexico.“

“I’m extremely excited to be joining Schwazze and leading the division in New Mexico.  We have a solid foundation that we look to build upon in preparation for the adult use launch on April 1, 2022,” said Steve Pear, President of Schwazze’s New Mexico division.

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

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

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

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

SOURCE Schwazze

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

Research, News, and Market Data on Bowlero

 

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

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

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

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

Forward Looking Statements

Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: the impact of COVID-19 or other adverse public health developments on our business; our ability to grow and manage growth profitably, maintain relationships with customers, compete within our industry and retain our key employees; changes in consumer preferences and buying patterns; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; the risk that the market for our entertainment offerings may not develop on the timeframe or in the manner that we currently anticipate; general economic conditions and uncertainties affecting markets in which we operate and economic volatility that could adversely impact our business, including the COVID-19 pandemic and other factors described under the section titled “Risk Factors” in the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company, as well as other filings that the Company will make, or has made, with the SEC, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts:

For Media:
Jillian Laufer
JLaufer@BowleroCorp.com

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

Ashley DeSimone
Ashley.desimone@icrinc.com 

Source: Bowlero Corp

Schwazze Closes New Mexico Acquisition

Research, News, and Market Data on Schwazze

 

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

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

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

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

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

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

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

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

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

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

SOURCE Schwazze

Schwazze Closes New Mexico Acquisition

Research, News, and Market Data on Schwazze

 

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

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

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

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

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

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

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

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

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

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

SOURCE Schwazze

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

Research, News, and Market Data on Bowlero

 

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

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

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

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

Forward Looking Statements

Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: the impact of COVID-19 or other adverse public health developments on our business; our ability to grow and manage growth profitably, maintain relationships with customers, compete within our industry and retain our key employees; changes in consumer preferences and buying patterns; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; the risk that the market for our entertainment offerings may not develop on the timeframe or in the manner that we currently anticipate; general economic conditions and uncertainties affecting markets in which we operate and economic volatility that could adversely impact our business, including the COVID-19 pandemic and other factors described under the section titled “Risk Factors” in the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company, as well as other filings that the Company will make, or has made, with the SEC, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts:

For Media:
Jillian Laufer
JLaufer@BowleroCorp.com

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

Ashley DeSimone
Ashley.desimone@icrinc.com 

Source: Bowlero Corp

Motorsport Games Announces rFactor 2 Content Update And User Interface Refresh

Research, News, and Market Data on Motorsport Games

 

THIS IS THE FIRST OF FOUR QUARTERLY UPDATES PLANNED FOR THE SIMULATION DURING THE 2022 CALENDAR YEAR

MIAMI, Feb. 07, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announces today the release of the first rFactor 2 content update and user interface refresh of 2022. This content drop, set to continue quarterly, includes the addition of brand new tracks and car chassis from the world of motorsport. The refreshed UI provides users an easy-to-navigate interface that contains all of the optionality necessary for players to create the most authentic driving experience. To view the release trailer, please click here.

The quarterly content and UI updates within rFactor 2 will breathe new life into the simulation platform on a regular basis, consistently providing players with the most robust offering for their virtual racing needs. Motorsport Games expects the updates to revamp and improve both the rFactor 2 platform and user experience. The team has already implemented rFactor 2 into its portfolio of live esports events, such as the 24 Hours of Le Mans Virtual Series and the recently-announced, inaugural INDYCAR-Motorsport Games Pro Challenge (kicking off February 9, 2022). Motorsport Games’ commitment to continuously upgrading and improving the overall experience within rFactor 2 will allow the simulation to remain as the top offering available to virtual SIM racers around the world.

“Acquiring rFactor 2 was a massive enhancement to our product offerings, as we believe that it is truly the best-in-class simulation platform on the market today,” said Zach Griffin, Director of Technology at Motorsport Games. “For the past year, we have not only sought to maintain rFactor 2’s customary level of excellence, but iterate and push it further forward in content, user interface and overall capability. We give thanks to the Studio397 team for developing such a robust product and we look forward to releasing future highly requested quarterly content and UI updates for our racers.”

“I have used rFactor 2 a tremendous amount to properly prepare for my real life races, as no other simulation provides the same level of authenticity and feel,” said Fernando Alonso, current Alpine Formula One driver, 2-time F1 World Drivers’ Champion, 2-time 24 Hours of Le Mans Champion and former Karting World Champion. “It is of the utmost importance that drivers feel ready to take on challenging circuits and the demands of specific cars and rFactor 2 gives me the tools to be completely comfortable behind the wheel at any track. It has and will continue to be an invaluable resource during my career.”

Content additions include the INDYCAR IR-18, the BMW M4 for the GT3 class, the Ligier JS P320 for the LMP3 roster and the iconic Daytona International Speedway, both the oval and road courses. INDYCAR’s IR-18 addition to rFactor 2 is the latest in a line of additions to replicate as many forms of motorsport as possible within the platform, with the INDYCAR-Motorsport Games Pro Challenge providing a showcase event. These cars will give users three highly requested and immensely popular options to race in. Lastly, the implementation of the Daytona International Speedway brings to life the premium endurance racing circuit in the U.S. to rFactor 2, allowing racers to achieve glory at one of the most historic venues in the entire world of motorsport. The track is entirely laser scanned to include as much detail as possible and the IR-18 features both Push to Pass and Weight Jacker.

“In my first year competing in INDYCAR, I learned quite quickly how demanding and tough the cars, competition and circuits are,” said Romain Grosjean, current Andretti Autosport driver in the NTT INDYCAR Series and former Haas and Lotus Formula One driver. “Having come directly from Formula One, where there are no oval circuits and the cars are quite different, without the time I spent training with rFactor 2, I would not have been able to achieve the level of success or familiarity I did last season. With another full year of racing coming up and new goals in sight, I cannot wait to test myself on rFactor 2 and be ahead of the competition as a result of its many offerings that are applicable to our real world racing experiences.”

“I have always been a massive fan of rFactor 2 and I am thrilled with the additions the team continues to make to ensure it stays as the pinnacle of racing simulations,” said Juan Pablo Montoya, current DragonSpeed driver in the IMSA WeatherTech SportsCar Championship and former winner of prestigious races such as the Monaco Grand Prix, Indianapolis 500 and 24 Hours of Daytona. “As someone who has competed in so many different series of motorsport throughout my career, it’s incredible to see each form authentically replicated within the virtual world. rFactor 2 and its team of developers continue to outdo themselves.”

All content additions and user interface upgrades are currently live within rFactor 2 starting today. Players can find a full breakdown of features here. The quarterly release cycle will proceed with content and build updates throughout 2022, with tentative release dates set for May, August and November of 2022.

To keep up with the latest Motorsport Game news, please visit www.motorsportgames.com and follow on Twitter, Instagram, Facebook and LinkedIn.

About Motorsport Games:
Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others.

Forward-Looking Statements:
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: (i) the expected benefits, content and features from rFactor 2 updates and user interfaces and from the rFactor 2 platform; and (ii) the Company’s expected timing of releasing future updates and user interfaces to rFactor 2, including, without limitation, the Company’s plans to release quarterly updates in the future. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to the Company experiencing difficulties and/or delays in releasing future rFactor 2 updates and interfaces and/or enhancing the quality of its product offerings that could negatively impact its future development plans, such as due to higher than anticipated costs incurred in developing, launching and continuing to enhance and improve such products and/or less than anticipated consumer acceptance of the Company’s products and/or difficulties, delays in or unanticipated events that may impact the timing and scope of new updates and user interfaces, such as due to delays and higher than anticipated expenses related to the ongoing and prolonged COVID-19 pandemic and related economic lockdowns and government mandates; unanticipated operating costs, transaction costs and actual or contingent liabilities; adverse effects of increased competition; and unanticipated changes in consumer behavior, including as a result of general economic factors, such as increased inflation. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the SEC, which may be found at www.sec.gov and at ir.motorsportgames.com, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q filed with the SEC during 2021, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.

Website and Social Media Disclosure:

Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:
Ashley DeSimone
Ashley.Desimone@icrinc.com

Press:
ASTRSK PR
motorsportgames@astrskpr.com

Motorsport Games Announces rFactor 2 Content Update And User Interface Refresh

Research, News, and Market Data on Motorsport Games

 

THIS IS THE FIRST OF FOUR QUARTERLY UPDATES PLANNED FOR THE SIMULATION DURING THE 2022 CALENDAR YEAR

MIAMI, Feb. 07, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announces today the release of the first rFactor 2 content update and user interface refresh of 2022. This content drop, set to continue quarterly, includes the addition of brand new tracks and car chassis from the world of motorsport. The refreshed UI provides users an easy-to-navigate interface that contains all of the optionality necessary for players to create the most authentic driving experience. To view the release trailer, please click here.

The quarterly content and UI updates within rFactor 2 will breathe new life into the simulation platform on a regular basis, consistently providing players with the most robust offering for their virtual racing needs. Motorsport Games expects the updates to revamp and improve both the rFactor 2 platform and user experience. The team has already implemented rFactor 2 into its portfolio of live esports events, such as the 24 Hours of Le Mans Virtual Series and the recently-announced, inaugural INDYCAR-Motorsport Games Pro Challenge (kicking off February 9, 2022). Motorsport Games’ commitment to continuously upgrading and improving the overall experience within rFactor 2 will allow the simulation to remain as the top offering available to virtual SIM racers around the world.

“Acquiring rFactor 2 was a massive enhancement to our product offerings, as we believe that it is truly the best-in-class simulation platform on the market today,” said Zach Griffin, Director of Technology at Motorsport Games. “For the past year, we have not only sought to maintain rFactor 2’s customary level of excellence, but iterate and push it further forward in content, user interface and overall capability. We give thanks to the Studio397 team for developing such a robust product and we look forward to releasing future highly requested quarterly content and UI updates for our racers.”

“I have used rFactor 2 a tremendous amount to properly prepare for my real life races, as no other simulation provides the same level of authenticity and feel,” said Fernando Alonso, current Alpine Formula One driver, 2-time F1 World Drivers’ Champion, 2-time 24 Hours of Le Mans Champion and former Karting World Champion. “It is of the utmost importance that drivers feel ready to take on challenging circuits and the demands of specific cars and rFactor 2 gives me the tools to be completely comfortable behind the wheel at any track. It has and will continue to be an invaluable resource during my career.”

Content additions include the INDYCAR IR-18, the BMW M4 for the GT3 class, the Ligier JS P320 for the LMP3 roster and the iconic Daytona International Speedway, both the oval and road courses. INDYCAR’s IR-18 addition to rFactor 2 is the latest in a line of additions to replicate as many forms of motorsport as possible within the platform, with the INDYCAR-Motorsport Games Pro Challenge providing a showcase event. These cars will give users three highly requested and immensely popular options to race in. Lastly, the implementation of the Daytona International Speedway brings to life the premium endurance racing circuit in the U.S. to rFactor 2, allowing racers to achieve glory at one of the most historic venues in the entire world of motorsport. The track is entirely laser scanned to include as much detail as possible and the IR-18 features both Push to Pass and Weight Jacker.

“In my first year competing in INDYCAR, I learned quite quickly how demanding and tough the cars, competition and circuits are,” said Romain Grosjean, current Andretti Autosport driver in the NTT INDYCAR Series and former Haas and Lotus Formula One driver. “Having come directly from Formula One, where there are no oval circuits and the cars are quite different, without the time I spent training with rFactor 2, I would not have been able to achieve the level of success or familiarity I did last season. With another full year of racing coming up and new goals in sight, I cannot wait to test myself on rFactor 2 and be ahead of the competition as a result of its many offerings that are applicable to our real world racing experiences.”

“I have always been a massive fan of rFactor 2 and I am thrilled with the additions the team continues to make to ensure it stays as the pinnacle of racing simulations,” said Juan Pablo Montoya, current DragonSpeed driver in the IMSA WeatherTech SportsCar Championship and former winner of prestigious races such as the Monaco Grand Prix, Indianapolis 500 and 24 Hours of Daytona. “As someone who has competed in so many different series of motorsport throughout my career, it’s incredible to see each form authentically replicated within the virtual world. rFactor 2 and its team of developers continue to outdo themselves.”

All content additions and user interface upgrades are currently live within rFactor 2 starting today. Players can find a full breakdown of features here. The quarterly release cycle will proceed with content and build updates throughout 2022, with tentative release dates set for May, August and November of 2022.

To keep up with the latest Motorsport Game news, please visit www.motorsportgames.com and follow on Twitter, Instagram, Facebook and LinkedIn.

About Motorsport Games:
Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others.

Forward-Looking Statements:
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: (i) the expected benefits, content and features from rFactor 2 updates and user interfaces and from the rFactor 2 platform; and (ii) the Company’s expected timing of releasing future updates and user interfaces to rFactor 2, including, without limitation, the Company’s plans to release quarterly updates in the future. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to the Company experiencing difficulties and/or delays in releasing future rFactor 2 updates and interfaces and/or enhancing the quality of its product offerings that could negatively impact its future development plans, such as due to higher than anticipated costs incurred in developing, launching and continuing to enhance and improve such products and/or less than anticipated consumer acceptance of the Company’s products and/or difficulties, delays in or unanticipated events that may impact the timing and scope of new updates and user interfaces, such as due to delays and higher than anticipated expenses related to the ongoing and prolonged COVID-19 pandemic and related economic lockdowns and government mandates; unanticipated operating costs, transaction costs and actual or contingent liabilities; adverse effects of increased competition; and unanticipated changes in consumer behavior, including as a result of general economic factors, such as increased inflation. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the SEC, which may be found at www.sec.gov and at ir.motorsportgames.com, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q filed with the SEC during 2021, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.

Website and Social Media Disclosure:

Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:
Ashley DeSimone
Ashley.Desimone@icrinc.com

Press:
ASTRSK PR
motorsportgames@astrskpr.com

  Image: ACS Laboratories

Can Marijuana Businesses Benefit from NFTs?

 

Non-fungible tokens (NFT) are developing a growing role in cannabis businesses. While cryptocurrency may still be used to carry out transactions without involving a bank, NFTs are being adopted to create interest in brands and to verify they are tested and are bonafide by validating the Certificate of Authenticity (COA).

Branding

As a business, cannabis sales are like many others. First, produce a product people want, then build followers of the product. Many large popular companies have adopted the use of NFTs to build their brand and reach different consumer types. One example of this is the Under Armour Curry Flow Sneaker. In December, when brand ambassador Stephen Curry broke the NBA’s three-point record, Under Armour (NYSE: UAA) celebrated by releasing a collection of nonfungible tokens (NFTs) related to the shoe.

Gary Vaynerchuk, motivational influencer and founder of The Wine Library recently announced he will open a restaurant where patrons must purchase NFTs to gain membership.

Adidas and the Bored Ape Yacht Club have partnered to offer NFTs that allow owners exclusive access to buy real-world physical products.  Another shoe company, Nike (NYSE:NKE) bought RTFKT, which makes NFTs and shoes only used within the metaverse. In this way users who are seen at home just doing it in their Nikes can portray themselves similarly in the metaverse.

As for Cannabis companies, It’s easy to understand how the attention received by NFTs can be used to help stand out among competitors. Within the metaverse, consumers see the same brands that exist in the physical world; added recognition can make the products more desirable in both. Jeffrey Welsh, an intellectual and entertainment lawyer for Denver-based law firm Vicente Sederberg, said the “low-hanging fruit” for marijuana businesses is to build memberships around NFTs that are associated with cool or unique digital assets that, in turn, are connected to products such as popular or exotic strains.” Sederberg concedes, “We haven’t yet seen the power for NFTs in cannabis.”

Crypto-Hesitancy

As with anything new, despite mainstream companies embracing NFTs and using them within their marketing and brand recognition strategies, there are skeptics of tokens. The primary argument against the use is that the market is new so assessing value is difficult. It is possible for owners to wind up with something down the road of little or no value. That would not be a positive for customer relations.

Verifying COAs With NFTs

ACS Laboratory is a large marijuana and hemp test lab in Boca Raton, Florida. In November, the lab launched a certificate of analysis (COA) on a cannabis strain as an NFT during the Art Basel Miami Beach annual fair.

A COA includes all details of a product or artwork to help verify its origin. Within the context of cannabis products, an NFT of the COA can prove ownership and verify chemical makeup.

ACS created the NFT by partnering with Blockticity, which describes itself as a “leader in guaranteed certificates of authenticity for the most valuable of possessions.” With this, last December, the first-ever COA for marijuana was encrypted forever on the blockchain as an NFT for a COA. “The blockchain is the future for cannabis and hemp to secure the integrity of the analytical results and the COA, determine permissions and eventually to include payments,” said Roger Brown, president of ACS Laboratories.

Brown said he first thought, “Who is going to buy a digital picture?” He said he later understood that the NFT could help authenticate his companies authentification. ACS now gets calls regularly with questions about the validity of test results.

How it Works

 Using recent innovations, a business or individual can scan a QR code that brings up an NFT of the COA they are interested in. There they have the ability to understand everything about the product. ACS doesn’t think of NFT creation as a revenue stream. The NFT serves to improve consumer confidence of one brand over another as consumers or wholesalers make purchasing decisions

There is now a team at ACS whose job it is to get COAs on blockchain via token technology.

Take-Away

Two very young businesses are finding they may be able to help each other. The Cannabis industry which once only benefitted from the blockchain by using digital currency now is seeing the benefits of non-fungible tokens.  The NFTs are being adopted for brand awareness and recognition as sellers’ marketing departments understand the power of building communities. The industry can also benefit from being able to prove authenticity on everything about the products. This is particularly important for some with ingested, smoked, or vaped consumables. Perhaps other consumable products will also begin using blockchain verification.

Suggested Reading

The Cannabis Path to Legalization and its Implications for Psychedelics

Clarence Thomas’ Statement on Half-in, Half-out Marijuana Laws

NFTs are Being Used to Unlock Revenue in Old Industries

NFTs Explained, What They Are, Why the Excitement

 

Sources

https://mjbizdaily.com/are-nfts-a-scam-or-a-smart-play-for-marijuana-companies/?utm_medium=email&utm_source=newsletter&utm_campaign=MJD_20220202_NEWS_Daily

https://artbasel.com/stories/art-market-report-2021

https://www.marketingdive.com/news/under-armours-wearable-nfts-honor-steph-curry-shattering-3-point-record/616472/

https://www.voguebusiness.com/technology/adidas-reveals-new-nft-project-with-bored-ape-yacht-club

https://www.entrepreneur.com/article/415203

https://www.theverge.com/22833369/nike-rtfkt-nft-sneaker-shoe-metaverse-company

https://www.cnbc.com/2022/01/12/kim-kardashian-and-floyd-mayweather-sued-over-alleged-crypto-scam.html

https://app.poap.xyz/r/token/2227842

https://www.tappancollective.com/pages/about-our-nft-coa

https://www.prnewswire.com/news-releases/acs-laboratory-launches-first-national-hemp-client-coa-nft-301433872.html

https://www.forbes.com/sites/chrisroberts/2021/03/01/would-you-buy-digital-marijuana-blockchain-based-nfts-arrive-in-cannabis/?sh=73b4ed030a3e

 

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Wednesday, February 02, 2022

Bassett Furniture (BSET)
What Does the Sale of Zenith Portend? Reports 4Q21 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.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

4Q21 Results. Revenue was $129.9 million, up 9.7% y-o-y and up 14.3% compared to the non-COVID impacted 4Q19. Backlog fell modestly sequentially to $90.1 million. Bassett reported net income of $5.0 million, or $0.52 per share, compared to net income of $6.5 million, or $0.65 per share, in the prior year. We had forecast revenue of $122 million and EPS of $0.54.


Zenith Sale.  Bassett announced a proposed sale of its logistics arm, Zenith Freight Lines to J.B. Hunt for $87 million, or an estimated $65 million after taxes. Bassett will work closely with J.B. Hunt to build out a nationwide network of regional fulfillment centers with a goal of delivering goods faster and at reduced cost …

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. 

Tuesday, February 01, 2022

RCI Hospitality (RICK)
Follow the Cash Flow; Initiation on RCI Hospitality Holdings

RCI Hospitality Holdings, Inc. through its subsidiaries owns and operates establishments that offer live adult entertainment, restaurant, and/or bar operations. The company also owns and operates a communication company serving the adult nightclubs industry. RCI’s operating business segments includes Nightclubs and Bombshells restaurants and bars. It operates nightclubs through the following brands: Rick’s Cabaret, Vivid Cabaret, Tootsie’s Cabaret, Club Onyx, and Jaguars Club. In the restaurants segment, the company is building a chain of Bombshells Restaurants and Sports Bars in Dallas, Austin, and Houston, Texas.

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

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Initiation. We are initiating research coverage on RCI Hospitality Holdings, Inc. RCI is the only publicly traded Gentlemen’s club operator with a fast growing military themed sports bar and restaurant chain. We believe the unique combination, with significant inorganic and organic growth opportunities, presents investors with a favorable risk/reward opportunity.


A Cash Flow Focus.  Management employs a disciplined cash flow focus, seeking 25-33% cash-on-cash returns for both the Gentlemen’s clubs and Bombshells business, with stock repurchases employed when FCF yield exceeds 10%. The goal is to drive 10-15% compound annual FCF per share growth …

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. 

Schwazze Adds Key Hires To Senior Leadership Team

Research, News, and Market Data on Schwazze

 

Ramps Up for Growth, Expanding Manufacturing, Information Technology and Cultivation Expertise

DENVER, Feb. 1, 2022 /CNW/ – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), is pleased to announce the addition of key roles to support the Company’s significant expansion within manufacturing, cultivation, and information technology.

As Vice President of Manufacturing and Supply Chain, David Kaufman joined the leadership team from Carlex Glass where he was responsible for global operations. Kaufman is a seasoned executive with experience identifying and yielding multimillion-dollar improvements in operations and supply chain through LEAN manufacturing, procurement, and distribution strategies. He had full P&L responsibility for the European business segment where he led a significant turnaround in operating performance and financial improvement. Kaufman holds a distinguished certificate in general management from the Darden School of Business at the University of Virginia, MBA from the University of St. Francis, and BS in Chemistry from Purdue University.

Steven Liedtke joins Schwazze as Vice President, Information Services. Liedtke is an experienced Information Technology Executive with more than 25 years of leadership experience across industry sectors such as: CPG, Food & Beverage, Retail, and High Technology industries, including The Hain Celestial Group, The Whitewave Foods Company and Maines Group. Technology is a key pillar in Schwazze’s growth strategy to help drive digital transformation, operational efficiencies, and synergies. With his M&A systems integration experience, Liedtke brings the expertise Schwazze needs in this period of significant organic and new acquisition growth. 

The third key addition to the leadership team is in cannabis cultivation. Robert Piziali joins Schwazze as Vice President, Cultivation, overseeing its grow operations. Piziali was formerly the President of FarmPerfect, a cannabis farm management company based in Mendocino County, CA. He has 20 years of experience in operations management and, prior to cannabis, comes from the wine industry where he was involved in all aspects – from the vineyard to the cellar, to tasting rooms and retail operations. He was also the Co-Founder and President of FLO Wine, which he launched nationally in chains including Wal-Mart, Costco, Target, Jewel-Osco, and Albertsons. Piziali has an MBA from University of North Carolina, Chapel Hill and a BA in Psychology from Rollins College.

“We are excited about the key additions to our operational leadership team. Kaufman, Piziali and Liedtke bring a wealth of knowledge and experience in their respective areas which are both critical to Schwazze’s growth strategy in manufacturing, grow operations, distribution and digital commerce,” said Nirup Krishnamurthy, Chief Operating Officer. “We continue to be proud of what we’ve built in Colorado since 2019 and look forward to our continued expansion.”

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

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

Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “estimates”, “predicts,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the actual revenues derived from the Company’s Star Buds assets, * the Company’s actual revenue and adjusted EBITDA for 2021, (xi) the Company’s ability to generate positive cash flow for the rest of 2021 (xii) the ongoing COVID-19 pandemic, (xiii) the timing and extent of governmental stimulus programs, and (xiv) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

SOURCE Schwazze

Schwazze Adds Key Hires To Senior Leadership Team

Research, News, and Market Data on Schwazze

 

Ramps Up for Growth, Expanding Manufacturing, Information Technology and Cultivation Expertise

DENVER, Feb. 1, 2022 /CNW/ – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), is pleased to announce the addition of key roles to support the Company’s significant expansion within manufacturing, cultivation, and information technology.

As Vice President of Manufacturing and Supply Chain, David Kaufman joined the leadership team from Carlex Glass where he was responsible for global operations. Kaufman is a seasoned executive with experience identifying and yielding multimillion-dollar improvements in operations and supply chain through LEAN manufacturing, procurement, and distribution strategies. He had full P&L responsibility for the European business segment where he led a significant turnaround in operating performance and financial improvement. Kaufman holds a distinguished certificate in general management from the Darden School of Business at the University of Virginia, MBA from the University of St. Francis, and BS in Chemistry from Purdue University.

Steven Liedtke joins Schwazze as Vice President, Information Services. Liedtke is an experienced Information Technology Executive with more than 25 years of leadership experience across industry sectors such as: CPG, Food & Beverage, Retail, and High Technology industries, including The Hain Celestial Group, The Whitewave Foods Company and Maines Group. Technology is a key pillar in Schwazze’s growth strategy to help drive digital transformation, operational efficiencies, and synergies. With his M&A systems integration experience, Liedtke brings the expertise Schwazze needs in this period of significant organic and new acquisition growth. 

The third key addition to the leadership team is in cannabis cultivation. Robert Piziali joins Schwazze as Vice President, Cultivation, overseeing its grow operations. Piziali was formerly the President of FarmPerfect, a cannabis farm management company based in Mendocino County, CA. He has 20 years of experience in operations management and, prior to cannabis, comes from the wine industry where he was involved in all aspects – from the vineyard to the cellar, to tasting rooms and retail operations. He was also the Co-Founder and President of FLO Wine, which he launched nationally in chains including Wal-Mart, Costco, Target, Jewel-Osco, and Albertsons. Piziali has an MBA from University of North Carolina, Chapel Hill and a BA in Psychology from Rollins College.

“We are excited about the key additions to our operational leadership team. Kaufman, Piziali and Liedtke bring a wealth of knowledge and experience in their respective areas which are both critical to Schwazze’s growth strategy in manufacturing, grow operations, distribution and digital commerce,” said Nirup Krishnamurthy, Chief Operating Officer. “We continue to be proud of what we’ve built in Colorado since 2019 and look forward to our continued expansion.”

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

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

Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “estimates”, “predicts,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the actual revenues derived from the Company’s Star Buds assets, * the Company’s actual revenue and adjusted EBITDA for 2021, (xi) the Company’s ability to generate positive cash flow for the rest of 2021 (xii) the ongoing COVID-19 pandemic, (xiii) the timing and extent of governmental stimulus programs, and (xiv) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

SOURCE Schwazze

Tuesday, February 01, 2022

RCI Hospitality (RICK)
Follow the Cash Flow; Initiation on RCI Hospitality Holdings

RCI Hospitality Holdings, Inc. through its subsidiaries owns and operates establishments that offer live adult entertainment, restaurant, and/or bar operations. The company also owns and operates a communication company serving the adult nightclubs industry. RCI’s operating business segments includes Nightclubs and Bombshells restaurants and bars. It operates nightclubs through the following brands: Rick’s Cabaret, Vivid Cabaret, Tootsie’s Cabaret, Club Onyx, and Jaguars Club. In the restaurants segment, the company is building a chain of Bombshells Restaurants and Sports Bars in Dallas, Austin, and Houston, Texas.

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

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Initiation. We are initiating research coverage on RCI Hospitality Holdings, Inc. RCI is the only publicly traded Gentlemen’s club operator with a fast growing military themed sports bar and restaurant chain. We believe the unique combination, with significant inorganic and organic growth opportunities, presents investors with a favorable risk/reward opportunity.


A Cash Flow Focus.  Management employs a disciplined cash flow focus, seeking 25-33% cash-on-cash returns for both the Gentlemen’s clubs and Bombshells business, with stock repurchases employed when FCF yield exceeds 10%. The goal is to drive 10-15% compound annual FCF per share growth …

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.