Categories
Business

Semperis appoints Rob Porell as Chief Financial Officer

Proven Financial Executive to Focus on Building Financial Strategy and Infrastructure to Support the Rapid Expansion of East Coast-Based Cybersecurity Leader

NEW YORK–(BUSINESS WIRE)–#accountingSemperis, the pioneer of identity-driven cyber resilience for enterprises, today announced the appointment of Rob Porell as its CFO. In this role, Porell will be responsible for building the financial strategy and infrastructure that will support Semperis’ continued expansion to capture market demand for threat mitigation and rapid response to directory attacks.


Porell is an industry veteran who brings more than 35 years of progressive experience in managing accounting, finance, and budgeting operations. Prior to joining Semperis, Porell was the CFO of Waltz, Inc., and played a major role in the sale of the software security startup to WeWork. As a former Partner and CFO at Gefinor Capital, he also has extensive background in overseeing investments in the software industry.

“Semperis is proud to be part of the next generation of cutting-edge cybersecurity companies coming out of the East Coast,” said Mickey Bresman, CEO of Semperis. “Cyberattacks are evolving fast, and Semperis is helping organizations stay ahead of the threats. As Semperis continues to see rapid market adoption, Rob Porell will play a key role in supporting our global expansion, advancing our positions in key markets, and driving even more value to customers and partners. Rob is a stellar business leader who has a proven track record of success scaling growth-stage tech companies, and we’re happy to welcome him to the team.”

Microsoft Active Directory (AD) remains a prime target for cyberattacks as an increasing number of malicious actors seek access to the directory service that is used by 90% of organizations worldwide. With the elevated risk ransomware and other data integrity attacks pose to AD, the need for organizations to elevate their focus on AD security and recovery has never been greater. Semperis empowers organizations with comprehensive protection for directory services on-premises and in the cloud, increasing their cyber preparedness, incident response, and disaster recovery capabilities.

“Semperis provides a unique suite of products to a client base of government agencies and Fortune 2000 companies, all with world-class security programs,” said Porell. “During a year of uncertainty for business everywhere, Semperis quickly adapted its operations to stay lean and agile while continuing to deliver excellence to its customers and drive high levels of growth, which is nothing short of impressive. Looking forward, I’m thrilled to join the amazing team at Semperis to lead the company’s financial strategy along with supporting the infrastructure to foster its success.”

Porell joins recent appointees Sharon Vardi, Chief Operating Officer, and Richard A. Weeks, Vice President of Global Channels and Alliances, during a period of rapid expansion for Semperis. The company was recognized on Deloitte’s Technology Fast 500™ as the fourth fastest-growing company in the Tri-State area and placed number 35 on the overall list. Earlier this year, Semperis also completed a $40 million Series B funding round after achieving six consecutive profitable quarters.

About Semperis

Semperis is the pioneer of identity-driven cyber resilience for cross-cloud and hybrid environments. The company provides cyber preparedness, incident response, and disaster recovery solutions for enterprise directory services—the keys to the kingdom. Semperis’ patented technology for Microsoft Active Directory protects over 40 million identities from cyberattacks, data breaches, and operational errors. Semperis is headquartered in New Jersey and operates internationally, with its research and development team distributed between San Francisco and Tel Aviv.

Semperis hosts the award-winning Hybrid Identity Protection conference (www.hipconf.com). The company has received the highest level of industry accolades; most recently being named “2021 Distinguished Vendor” by Tag Cyber.

Semperis is accredited by Microsoft and recognized by Gartner.

Twitter https://twitter.com/SemperisTech
LinkedIn https://www.linkedin.com/company/semperis
Facebook https://www.facebook.com/SemperisTech
YouTube https://www.youtube.com/channel/UCycrWXhxOTaUQ0sidlyN9SA

Contacts

Media Contact:
Katie Leonowitz

fama PR for Semperis

617-986-5028

semperis@famapr.com

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For Edit

‘Sign o’ the Times’: How Prince wrote and recorded a classic song

In the latest Diary of a Song, the Prince Estate and his closest collaborators offer an unprecedented peek into Prince’s creative process.

— NYT: Top Stories

Categories
Healthcare

Janssen submits application to U.S. FDA seeking approval of amivantamab for the treatment of patients with metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations

Expanded Access Program Established for Patients in the U.S. Who May Benefit from Investigational Therapy While Application is Under Review

RARITAN, N.J.–(BUSINESS WIRE)–The Janssen Pharmaceutical Companies of Johnson & Johnson announced today the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) seeking approval of amivantamab for the treatment of patients with metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations whose disease has progressed on or after platinum-based chemotherapy. The application marks the first-ever regulatory submission for the treatment of patients with NSCLC with EGFR exon 20 insertion mutations.1 The Company has also established an expanded access program (EAP) [NCT04599712]2 for patients in the U.S. who may be eligible to obtain access to amivantamab during review of the BLA. For information about Janssen’s pre-approval access program, visit https://www.janssen.com/compassionate-use-pre-approval-access.

Amivantamab is an investigational, fully-human EGFR and mesenchymal epithelial transition factor (MET) bispecific antibody with immune cell-directing activity that targets tumors with activating and resistance EGFR and MET mutations and amplifications.3,4,5,6 In March 2020, amivantamab received Breakthrough Therapy Designation from the FDA for this population.7

This submission marks an important step forward in our drive toward evolving the treatment landscape for patients with NSCLC who have EGFR exon 20 insertion mutations and for whom there are no FDA-approved targeted treatment options,” said Peter Lebowitz, M.D., Ph.D., Global Therapeutic Area Head, Oncology, Janssen Research & Development, LLC. “We are committed to the development of therapies like amivantamab that progress precision medicine and target specific pathways, and to providing access through expanded access programs.”

The BLA submission for amivantamab is based on data from the monotherapy arm of the Phase 1 CHRYSALIS study, a multi-center, open-label, multi-cohort study evaluating the safety and efficacy of amivantamab as a monotherapy and in combination with lazertinib*, a novel third-generation EGFR tyrosine kinase inhibitor (TKI)8, in adult patients with advanced NSCLC.9 In the study, investigators assessed efficacy using overall response rate per Response Evaluation Criteria in Solid Tumors Version 1.1** (RECIST v1.1), clinical benefit rate, and duration of response and progression-free survival, as well as the safety profile of amivantamab.8,10 Early data about amivantamab as a monotherapy treatment in patients with NSCLC with EGFR exon 20 insertion mutations were presented at the American Society of Clinical Oncology (ASCO) 2020 Virtual Scientific Program (Abstract #9512).10

Lung cancer remains the leading cause of cancer deaths worldwide. Given this significant unmet need, we at Johnson & Johnson are committed to improving outcomes for patients diagnosed with this complex, deadly disease. With today’s submission for amivantamab, we are one step closer to that goal,” said Mathai Mammen, M.D., Ph.D., Global Head, Janssen Research & Development, Johnson & Johnson. “We are steadfast in our focus to advance novel therapeutics and medicines that will transform the trajectory of some of the most challenging and deadly diseases of our time, including lung cancer.”

EGFR mutations, leading to uncontrolled cancer cell growth and division11, are some of the most common mutations in NSCLC.12 EGFR exon 20 insertion mutations are the third most prevalent primary EGFR mutation.13 However, EGFR exon 20 insertion mutations are also often undetected.13 Next Generation Sequencing (NGS) is effective at detecting EGFR exon 20 insertion mutations and broader use of NGS can help to detect these mutations.14 Cancer driven by EGFR exon 20 insertion mutations is generally insensitive to approved EGFR TKI treatments and, in addition, carries a worse prognosis compared with cancer driven by more common EGFR mutations, including exon 19 deletions/L858R substitutions.15 Patients with EGFR exon 20 insertion mutations have a median survival of less than 17 months16, which is much shorter than patients with EGFR exon 19 deletions or L858R mutations, who have a median survival of 32-39 months.17

*In 2018, Janssen entered into a license and collaboration agreement with Yuhan Corporation for the development of lazertinib.

**RECIST (version 1.1) refers to Response Evaluation Criteria in Solid Tumors, which is a standard way to measure how well solid tumors respond to treatment and is based on whether tumors shrink, stay the same, or get bigger.

About Amivantamab

Amivantamab is an investigational, fully-human EGFR-MET bispecific antibody with immune cell-directing activity that targets tumors with activating and resistance EGFR mutations and MET mutations and amplifications.3,4,5,6 Amivantamab is pending regulatory review as a potential treatment for patients with NSCLC with EGFR exon 20 insertion mutations whose tumors typically do not respond to current standard of care. Companion diagnostics to identify patients with EGFR exon 20 insertion mutations have been an integral part of the development program for amivantamab. The production and development of the antibody followed Janssen Biotech, Inc.’s licensing agreement with Genmab for use of its DuoBody® technology platform.

About the Amivantamab Expanded Access Program Protocol (EAP)

The amivantamab EAP is for U.S. patients 18 years of age or older who have histologically or cytologically confirmed unresectable or metastatic NSCLC with an EGFR exon 20 insertion mutations who are not amenable to curative therapy and whose disease has progressed during or after current standard of care platinum-based chemotherapy, who may benefit from treatment with amivantamab prior to its potential FDA approval.2 The EAP has specific inclusion and exclusion criteria for patients to be considered for enrollment in the program, and patients must not be eligible for another amivantamab study.2 Interested patients should contact their physician to discuss whether they may be a candidate for amivantamab through the EAP.2 Additional information about the expanded access protocol can be found on clinicaltrials.gov (NCT04599712) and at https://www.janssen.com/compassionate-use-pre-approval-access.

About Non-Small Cell Lung Cancer (NSCLC)

Worldwide, lung cancer is the most common cancer, and NSCLC makes up 80 to 85 percent of all lung cancers.18,19 The main subtypes of NSCLC are adenocarcinoma, squamous cell carcinoma and large cell carcinoma.19 Among the most common driver mutations in NSCLC are alterations in EGFR, which is a receptor tyrosine kinase supporting cell growth and division.11 EGFR mutations are present in 10 to 15 percent of patients with NSCLC and occur in 40 to 50 percent of Asian patients who have NSCLC adenocarcinoma.20 The five-year survival rate for all patients with metastatic NSCLC with EGFR mutations treated with EGFR TKIs is less than 20 percent.21,22 Estimated median overall survival for patients with NSCLC and EGFR exon 20 insertion mutations is shorter than in patients with common EGFR mutations.11

About the Janssen Pharmaceutical Companies of Johnson & Johnson

At Janssen, we’re creating a future where disease is a thing of the past. We’re the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular & Metabolism, Immunology, Infectious Diseases & Vaccines, Neuroscience, Oncology and Pulmonary Hypertension.

Learn more at www.janssen.com. Follow us at www.twitter.com/JanssenGlobal and www.twitter.com/JanssenUS. Janssen Research & Development, LLC and Janssen Biotech, Inc. are part of the Janssen Pharmaceutical Companies of Johnson & Johnson.

# # #

DuoBody® is a registered trademark of Genmab A/S.

Cautions Concerning Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding product development and the potential benefits and treatment impact of amivantamab. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Janssen Research & Development, LLC or any of the other Janssen Pharmaceutical Companies and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in the company’s most recently filed Quarterly Report on Form 10-Q, and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. None of the Janssen Pharmaceutical Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments.


1 Remon, J et al. EGFR exon 20 insertions in advanced non-small cell lung cancer: A new history begins. Cancer Treatment Reviews. 90 (2020).

2 ClinicalTrials.gov. Pre-Approval Access With Amivantamab (JNJ-61186372) in Participants With Metastatic Non-Small Cell Lung Cancer. Available at: https://clinicaltrials.gov/ct2/show/NCT04599712?term=amivantamab&draw=2&rank=2. Accessed December 2020.

3 Grugan et al. MAbs. 2017;9(1):114-126

4 Moores et al. Cancer Res. 2016;76(13)(suppl 27216193):3942-3953.

5 Yun et al. Cancer Discov. 2020;10(8):1194-1209.

6 Vijayaraghavan et al. Mol Cancer Ther. 2020;19(10):2044-2056.

7 Janssen Announces U.S. FDA Breakthrough Therapy Designation Granted for JNJ-6372 for the Treatment of Non-Small Cell Lung Cancer. https://www.jnj.com/janssen-announces-u-s-fda-breakthrough-therapy-designation-granted-for-jnj-6372-for-the-treatment-of-non-small-cell-lung-cancer. Accessed December 2020.

8 Ahn, J. et al. Lazertinib in patients with EGFR mutation-positive advanced non-small-cell lung cancer: results from the dose escalation and dose expansion parts of a first-in-human, open-label, multicentre, phase 1–2 study. Lancet Oncology. 2019. 20 (12): 1681-1690.

9 ClinicalTrials.gov. Study of JNJ-61186372, a Human Bispecific EGFR and cMet Antibody, in Participants With Advanced Non-Small Cell Lung Cancer. Available at: https://clinicaltrials.gov/ct2/show/NCT02609776. Accessed December 2020.

10 Park, K. et al. Amivantamab, an Anti-EGFR-MET Bispecific Antibody, in Patients with EGFR Exon 20 Insertion-Mutated NSCLC. https://meetinglibrary.asco.org/record/184802/abstract. Accessed December 2020.

11 Oxnard, JR et. al. Natural history and molecular characteristics of lung cancers harboring EGFR exon 20 insertions. J Thorac Oncol. 2013 Feb;8(2):179-84. doi: 10.1097/JTO.0b013e3182779d18.

12 Wong, W. et al. Prognostic value of EGFR 19-del and 21-L858R mutations in patients with non-small cell lung cancer. Oncol Lett. 2019 Oct; 18(4): 3887–3895.

13 Riess JW, Gandar DR, Frampton GM, et al.Diverse EGFR Exon 20 insertions and co-occurring molecular alterations identified by comprehensive genomic profiling of NSCLC. J Thorac Oncolo. 2018;13(10):1560-1568. 10.1016/j.jtho.2018.06.019.

14 Chen D, Song Z, Cheng G. Clinical efficacy of first-generation EGFR‑TKIs in patients with advanced non‑small‑cell lung cancer harboring EGFR exon 20 mutations. Onco Targets Ther. 2016;9:4181‑4186

15 Vyse, S., Huang, P.H. Targeting EGFR exon 20 insertion mutations in non-small cell lung cancer. Sig Transduct Target Ther 4, 5 (2019).

16 Dersarkissian M, Bhak R, Lin H, Li S, Cheng M, Lax A, et al. Real-World Treatment Patterns and Survival in Non-Small Cell Lung Cancer Patients with EGFR Exon 20 Insertion Mutations. Abstract presented at: World Conference on Lung Cancer; Sep 9, 2019; Barcelona, Spain.

17 Ramalingam SS, Vansteenkiste J, Planchard D, Cho BC, Gray JE, Ohe Y, et al. Overall Survival with Osimertinib in Untreated, EGFR-Mutated Advanced NSCLC. N Engl J Med. 2020 Jan 2;382(1):41-50.

18 The World Health Organization. Cancer. https://www.who.int/news-room/fact-sheets/detail/cancer. Accessed December 2020.

19 American Cancer Society. What is Lung Cancer? https://www.cancer.org/content/cancer/en/cancer/lung-cancer/about/what-is.html. Accessed December 2020.

20 Zhang et al 2016 (Oncotarget, Vol. 7, No. 48) study which estimated prevalence of EGFR mutations across various patient subgroups, including Asians.

21 Howlader N, Noone AM, Krapcho M, Miller D, Brest A, Yu M, Ruhl J, Tatalovich Z, Mariotto A, Lewis DR, Chen HS, Feuer EJ, Cronin KA (eds). SEER Cancer Statistics Review, 1975-2016, National Cancer Institute. Bethesda, MD, https://seer.cancer.gov/csr/1975_2016/, based on November 2018 SEER data submission, posted to the SEER web site

22 Lin JJ, Cardarella S, Lydon CA, Dahlberg SE, Jackman DM, Jänne PA, et al. Five-Year Survival in EGFR-Mutant Metastatic Lung Adenocarcinoma Treated with EGFR-TKIs. J Thorac Oncol. 2016 Apr;11(4):556-65.

Contacts

Media Contacts:
Brian Kenney

Phone: +1 215-620-0111

Suzanne Frost

Phone: +1 416-317-0304

Investor Relations:
Christopher DelOrefice

Phone: +1 732-524-2955

Jennifer McIntyre

Phone: +1 732-524-3922

U.S. Medical Inquiries:
+1 800-526-7736

Categories
For Edit

GOP objects to Biden nominees, a sign of what’s to come

Neera Tanden who President-elect Joe Biden nominated to serve as Director of the Office of Management and Budget, speaks at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. President-elect Joe Biden’s Cabinet picks are quickly running into the political reality of a narrowly controlled Senate. (AP Photo/Andrew Harnik)

 

WASHINGTON (AP) — President-elect Joe Biden’s Cabinet picks are quickly running into the political reality of a narrowly controlled Senate that will leave the new Democratic administration dependent on rival Republicans to get anything done.

Under leader Mitch McConnell, the Republican senators will hold great sway in confirming Biden’s nominees regardless of which party holds the majority after runoff elections in January. Biden will have little room to maneuver and few votes to spare.

As Biden rolled out his economic team Tuesday — after introducing his national security team last week — he asked the Senate to give his nominees prompt review, saying they “deserve and expect nothing less.”

But that seems unlikely. Republicans are swiftly signaling that they’re eager to set the terms of debate and exact a price for their votes. Biden’s choice for budget chief, Neera Tanden, was instantly rejected as “radioactive.” His secretary of state nominee, Antony Blinken, quickly ran into resistance from GOP senators blasting his record amid their own potential 2024 White House campaigns.

Even as most Republican senators still refuse to publicly acknowledge President Donald Trump’s defeat, they are launching new battles for the Biden era. The GOP is suspended between an outgoing president it needs to keep close — Trump can still make or break careers with a single tweet — and the new one they are unsure how to approach. Almost one month since the Nov. 3 election, McConnell and Biden have not yet spoken.

“The disagreement, disorientation and confusion among Republicans will make them inclined to unite in opposition,” said Ramesh Ponnuru, a visiting fellow at the American Enterprise Institute, during a Tuesday briefing.

“They don’t necessarily know what they’re for, but they can all agree they don’t like Neera Tanden.”

A new president often runs into trouble with at least a few Cabinet or administrative nominees, individuals who rub the Senate the wrong way and fail to win enough votes for confirmation or are forced to withdraw after grueling public hearings.

Trump’s nominees faced enormous resistance from Senate Democrats, who used their minority-party status to slow-walk confirmation for even lower-level positions. It’s been an escalation of the Senate’s procedural battles for at least a decade.

But the battles ahead are particularly sharp as Biden tries to stand up an administration during the COVID-19 crisis and economic freefall, rebuilding a government after Trump chased away many career professionals and appointed often-untested newcomers.

Senate Democratic leader Chuck Schumer praised the expertise Biden’s choices will bring to government. He scoffed at Republicans for complaining about Tanden’s penchant for sharp tweets after four years of Trump’s endless Twitter barbs that GOP senators often tried to ignore.

“After what all we went through over the past four years, I would expect that almost all of President-elect Biden’s nominees would be widely acceptable,” Schumer said from the Senate floor.

Instead, he warned, the “switch is starting to flip” into Republican opposition.

To be sure, some key Biden choices will have an easier path to confirmation. Janet Yellen, who would become the nation’s first female treasury secretary, drew few public complaints from Republicans. Many had voted to confirm her in 2014 as Federal Reserve chair.

Democrats have their own battles ahead. Biden faces the daunting task of keeping the party’s centrist and progressive factions from splintering as he tries to put his team in place.

Republicans now hold a 50-48 advantage in the Senate, but if Democrats win both Georgia seats in the Jan. 5 runoff elections, they would wrest control, since the vice president, which will be Kamala Harris, becomes a tie-breaker.

The nomination fights will serve as an early indicator of the approach Republicans take toward Biden as they find their political footing in a post-Trump environment.

Trump continues to wield great influence over the party as he is being eased out, and senators, in particular, need to keep him close for the Georgia runoff elections.

The president is planning to visit Georgia on Saturday, where two GOP senators, David Perdue and Kelly Loeffler, failed to clear the 50% threshold to win reelection in November. Perdue faces Democrat Jon Ossoff and Loeffler faces Democrat Raphael Warnock in a state that flipped to support Biden.

McConnell has said almost nothing about Biden’s nominees or next year’s agenda as he continues to give Trump the time and space to challenge election results in court cases that have delivered few victories.

Instead, he’s letting other Senate Republicans, particularly those seen as having White House ambitions, make names for themselves. GOP Sens. Tom Cotton, Marco Rubio and Josh Hawley, among others, have all hurled pointed complaints about Biden’s picks.

Despite Trump’s defeat, Republicans in Congress may have little incentive to work with Biden. They performed better than Trump, retaining many House and Senate seats they were expected to lose. One lesson Republicans learned from the November election may be to keep doing what they’ve been doing.

McConnell gave a nod toward what’s ahead after GOP senators met Tuesday by conference call, forced to abandon their traditional sit-down lunches as the COVID-19 crisis surges and threatens to further disrupt the Capitol.

McConnell talked about finishing the remaining few weeks of “this government” and “the new administration” to come.

 

— Associated Press

Categories
For Edit

The 80-million-vote man has a very fragile coalition

Biden soared among crucial suburban voters. Democrats? Not so much.

— NYT: Top Stories

Categories
For Edit

Our democracy’s near-death experience

Now is no time for complacency. The next Congress must shore up our institutions.

— NYT: Top Stories

Categories
Business

B&G Foods announces proposed credit agreement refinancing

PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) announced today that it intends to refinance existing revolving loans with additional tranche B term loans under its senior secured credit facility. The Company also plans to increase the revolver capacity and extend the maturity date of its revolving credit facility. The consummation of the refinancing is subject to completion of definitive agreements as well as customary closing conditions, and is subject to market conditions. There can be no assurance that the refinancing will occur, or, if it does, as to the terms of the refinancing.

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About B&G Foods, Inc.

Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including Back to Nature, B&G, B&M, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to the proposed refinancing and the Company’s plans with respect thereto. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “projects,” “intends,” “anticipates,” “assumes,” “could,” “should,” “estimates,” “potential,” “seek,” “predict,” “may,” “will,” or “plans” and similar references to future periods to be uncertain and forward-looking. Factors that may affect actual results include, without limitation: whether and when the Company will be able to realize the expected financial results and accretive effect of the recently completed Crisco acquisition, and how customers, competitors, suppliers and employees will react to the acquisition; the impact of the COVID-19 pandemic on the Company’s business, including, without limitation, the ability of the Company and its supply chain partners to continue to operate manufacturing facilities, distribution centers and other work locations without material disruption; the Company’s substantial leverage; the effects of rising costs for the Company’s raw materials, packaging and ingredients; crude oil prices and their impact on distribution, packaging and energy costs; the Company’s ability to successfully implement sales price increases and cost saving measures to offset any cost increases; intense competition, changes in consumer preferences, demand for the Company’s products and local economic and market conditions; the Company’s continued ability to promote brand equity successfully, to anticipate and respond to new consumer trends, to develop new products and markets, to broaden brand portfolios in order to compete effectively with lower priced products and in markets that are consolidating at the retail and manufacturing levels and to improve productivity; the risks associated with the expansion of the Company’s business; the Company’s possible inability to identify new acquisitions or to integrate recent or future acquisitions or the Company’s failure to realize anticipated revenue enhancements, cost savings or other synergies; tax reform and legislation, including the effects of the U.S. Tax Cuts and Jobs Act and the U.S. CARES Act; the Company’s ability to access the credit markets and the Company’s borrowing costs and credit ratings, which may be influenced by credit markets generally and the credit ratings of the Company’s competitors; unanticipated expenses, including, without limitation, litigation or legal settlement expenses; the effects of currency movements of the Canadian dollar and the Mexican peso as compared to the U.S. dollar; the effects of international trade disputes, tariffs, quotas, and other import or export restrictions on the Company’s international procurement, sales and operations; future impairments of the Company’s goodwill and intangible assets; the Company’s ability to successfully complete the implementation of additional modules and the integration and operation of a new enterprise resource planning (ERP) system; the Company’s ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption; the Company’s sustainability initiatives and changes to environmental laws and regulations; and other factors that affect the food industry generally. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in B&G Foods’ filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for fiscal 2019 filed on February 26, 2020 and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. B&G Foods undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

Categories
International & World

Aqua Comms launches AEC-2, its second Trans-Atlantic system

America Europe Connect-2 links North America to Europe directly from New Jersey, USA to Denmark

DUBLIN–(BUSINESS WIRE)–#AEC2Aqua Comms DAC (“Aqua Comms”), the operator of Ireland’s first dedicated subsea fibre-optic network interconnecting New York, Dublin and London, announces the successful launch of AEC-2 (America Europe Connect-2), the company’s second Trans-Atlantic subsea cable system. The new system perfectly complements Aqua Comms’ existing AEC-1 (America Europe Connect-1) cable which went Ready for Service in 2016.

AEC-2 connects New Jersey, USA to Denmark, and is a wholly diverse and resilient new Trans-Atlantic subsea route, doubling fibre connectivity between North America and Denmark making it the first new subsea system directly linking North America to Denmark and the Nordic region in twenty years.


AEC-2 leaves North America from NJFX, a carrier-neutral cable landing station and Tier 3 colocation facility in New Jersey, providing the option to bypass New York City and a route that offers complete diversity from existing Trans-Atlantic cables.

The new AEC-2 cable routes directly to Denmark offering complete diversity from traditional landing points in the United Kingdom. The AEC-2 subsea cable system delivers the latest technology and offers wavelength services ranging from 10G, 100G and 400G, to further support the burgeoning demand for data services on the world’s busiest trans-oceanic route.

AEC-2 was designed for complete redundancy and diversity to support key data centre connectivity routes across the North Atlantic. These include connecting key US locations such as Ashburn, VA and 165 Halsey Street in New Jersey to Copenhagen in Denmark and the wider Nordic region as well as critical existing locations throughout Europe including Amsterdam, Frankfurt and Hamburg.

“As part of Aqua Comms’ expansion in the North Atlantic and across the globe, we are delighted to launch our second Trans-Atlantic cable, AEC-2, providing a new and diverse route that supports the critical data centre markets in the US and Northern Europe,” comments Nigel Bayliff, Chief Executive Officer of Aqua Comms. “Data traffic continues to grow exponentially and we are looking forward to delivering industry-leading services to our customers over this new cable system.”

AEC-2 forms part of the North Atlantic Loop, that along with two new cables planned to go RFS in early 2021, will form a resilient, ring-based subsea infrastructure link between the East Coast of the United States, Ireland, the UK and the Nordics. To learn more about Aqua Comms, visit www.aquacomms.com.

About Aqua Comms DAC

Aqua Comms DAC is an Ireland-based Independent Carriers’ Carrier specializing in building and operating submarine cable systems and supplying fibre pairs, spectrum and capacity networking solutions to the global content, cloud and carrier markets. It is the owner/operator of America Europe Connect-1 (AEC-1), America Europe Connect-2 (AEC-2), and CeltixConnect-1 (CC-1). The company continues to build on its vision of efficient submarine infrastructure ownership with membership of the HAVFRUE consortium and development of CeltixConnect-2 and North Sea Connect, bridging the North Atlantic between North America and Northern Europe. To learn more about Aqua Comms and its portfolio of subsea cable systems visit www.aquacomms.com.

Contacts

Ilissa Miller

iMiller Public Relations

email: pr@imillerpr.com
Tel: 1.914.315.6424

Categories
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Nasdaq seeks mandatory board diversity for listed companies

FILE – In this March 16, 2020 file photo, a United States flag is reflected in the window of the Nasdaq studio, which displays indices and stocks down, in Times Square, New York. Nasdaq is looking to become more diverse, proposing new rules that would require all companies listed on its U.S. exchange to publicly disclose consistent, transparent diversity statistics about their board of directors. The listing rules would also require most Nasdaq-listed companies to have, or explain why they don’t have, at least two diverse directors. (AP Photo/Seth Wenig, File)

 

The Nasdaq stock exchange is seeking U.S. authority to require more diversity in the boardrooms of Nasdaq-listed companies, or to explain why they can not.

It is the first major exchange to pursue such a requirement.

The proposal filed with the U.S. Securities and Exchange Commission on Tuesday, if approved, would require all companies listed on the exchange to publicly disclose consistent, transparent diversity statistics about their board of directors.

It would require most Nasdaq-listed companies to have, or explain why they don’t have, at least two diverse directors. This includes having one board member who self-identifies as female and one who self-identifies as either an underrepresented minority or LGBTQ. Foreign companies and smaller reporting companies would have additional flexibility in satisfying this requirement with two female directors.

Corporate boards are overwhelmingly white and male.

According to the 2018 Board Diversity Census from the Alliance for Board Diversity and the consulting firm Deloitte, women held just 22% of Fortune 500 seats in 2018, compared to 20% a year earlier and 16 percent in 2010. White men held 66% of Fortune 500 board seats in 2018. Blacks held nearly 9% of seats in 2018, compared with nearly 8% in 2010.

“This proposal and partnership gives companies an opportunity to make progress toward increasing representation of women, underrepresented minorities and the LGBTQ+ community on their boards,” Nelson Griggs, president of the Nasdaq Stock Exchange, said in a prepared statement. “Corporate diversity, at all levels, opens up a clear path to innovation and growth. We are inspired by the support from our issuers and the financial community with this effort and look forward to working together with companies of all sizes to create stronger and more inclusive boards.”

The Nasdaq contains all of companies that trade on the exchange, more than 3,300 of them. It is dominated by technology companies, but there are a lot of financial, biotech and industrial companies as well.

Nasdaq said the proposal’s goal is to give stakeholders a better understanding of a company’s current board composition and to bolster investor confidence that all listed companies are considering diversity when the look for new board members.

The proposal would require all Nasdaq-listed companies to publicly disclose board-level diversity statistics through Nasdaq’s proposed disclosure framework within one year of the SEC’s approval of the listing rule.

All companies will be expected to have one diverse director within two years of the SEC’s approval of the listing rule. Companies listed on the Nasdaq Global Select Market and Nasdaq Global Market will be expected to have two diverse directors within four years of listing rule approval. Companies listed on the Nasdaq Capital Market will be expected to have two diverse directors within five years of the SEC’s approval.

Companies that can’t meet the board composition objectives within the required timeframes won’t be subject to delisting if they provide a public explanation of their reasons for not meeting the objectives.

Nasdaq began in 1971 with the world’s first electronic stock market. It currently has more than 4,000 company listings on its exchange. The Nasdaq has been a destination for many tech companies, including Apple, which launched its initial public offering on the exchange in 1980. Some other tech companies its drawn in include Microsoft, Cisco, Amazon and Google, which is now part of Alphabet.

Nasdaq named Adena Friedman as its CEO in 2016, the first woman to lead a major U.S. exchange.

 


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