Author: Michelle Dryden

Categories
Art & Life Business Culture Economics Foodies/Tastylicious Lifestyle

B&G Foods reports financial results for fourth quarter and full year 2023

— Net Cash Provided by Operating Activities Increased by $241.8 Million for Full Year 2023 —

— Principal Amount of Long-Term Debt Decreased by $340.1 Million During Full Year 2023 —

 

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) today announced financial results for the fourth quarter and full year 2023.

 

Financial results for the fourth quarter and full year 2023 reflect the impact of the Back to Nature divestiture on the first day of fiscal 2023 and the Green Giant U.S. shelf‑stable divestiture during the fourth quarter of 2023.

 

Summary

Fourth Quarter of 2023

Fiscal Year 2023

(In millions, except per share data)

Change vs.

Change vs.

Amount

Q4 2022

Amount

FY 2022

Net Sales

$

578.1

(7.2

)

%

$

2,062.3

(4.7

)

%

Base Business Net Sales (1)

$

562.3

(2.3

)

%

$

1,997.2

(1.5

)

%

Diluted EPS

$

0.03

(91.2

)

%

$

(0.89

)

nm

%

Adj. Diluted EPS (1)

$

0.30

(25.0

)

%

$

0.99

(8.3

)

%

Net Income (Loss)

$

2.6

(89.4

)

%

$

(66.2

)

nm

%

Adj. Net Income (1)

$

23.5

(18.7

)

%

$

73.9

(3.1

)

%

Adj. EBITDA (1)

$

86.8

(7.3

)

%

$

318.0

5.7

%

 

 

Guidance for Full Year Fiscal 2024

  • Net sales range of $1.975 billion to $2.020 billion.
  • Adjusted EBITDA range of $305 million to $325 million.
  • Adjusted diluted earnings per share range of $0.80 to $1.00.

 

 

Commenting on the results, Casey Keller, President and Chief Executive Officer of B&G Foods, stated, “B&G Foods’ fourth quarter and fiscal 2023 results demonstrated strong progress, with improved margins, stabilizing volumes, stronger cash flows, and a reduction in leverage. We further completed the divestiture of Green Giant U.S. canned vegetables to focus and strengthen the future portfolio.”

 

Financial Results for the Fourth Quarter of 2023

Net sales for the fourth quarter of 2023 decreased $45.1 million, or 7.2%, to $578.1 million from $623.2 million for the fourth quarter of 2022. The decrease was primarily attributable to a decrease in unit volume due to the divestitures of the Green Giant U.S. shelf-stable product line and Back to Nature, a decrease in net pricing and the negative impact of foreign currency. Net sales of Back to Nature, which the Company divested on January 3, 2023, and therefore not part of the Company’s fiscal 2023 results, were $11.9 million during the fourth quarter of 2022(2). Net sales of the Green Giant U.S. shelf-stable product line, which the Company divested on November 8, 2023, were $19.9 million lower in the fourth quarter of 2023 compared to the fourth quarter of 2022, primarily as a result of the divestiture.

 

Base business net sales for the fourth quarter of 2023 decreased $13.3 million, or 2.3%, to $562.3 million from $575.6 million for the fourth quarter of 2022. The decrease in base business net sales was driven by a decrease in net pricing and the impact of product mix of $15.9 million, or 2.8% of base business net sales (largely driven by a decrease in the Company’s Crisco pricing consistent with the Company’s Crisco pricing model as the Company’s costs for oil declined), and the negative impact of foreign currency of $0.3 million, partially offset by an increase in unit volume of $2.9 million.

 

Net sales of Clabber Girl increased $8.2 million, or 26.3%; net sales of Maple Grove Farms increased $0.7 million, or 3.4%; and net sales of the Company’s spices & seasonings(3) increased $0.7 million, or 0.8%. Net sales of Crisco decreased $10.6 million, or 8.7%; net sales of Green Giant (including Le Sueur but excluding net sales of the Green Giant U.S. shelf-stable product line) decreased $5.2 million, or 4.4%; net sales of Cream of Wheat decreased $2.2 million, or 9.0%; and net sales of Ortega decreased $0.3 million, or 1.0%, for the fourth quarter of 2023, as compared to the fourth quarter of 2022. Base business net sales of all other brands in the aggregate decreased $4.6 million, or 3.5%, for the fourth quarter of 2023, as compared to the fourth quarter of 2022.

 

Gross profit was $125.2 million for the fourth quarter of 2023, or 21.7% of net sales. Adjusted gross profit(1), which excludes the negative impact of $1.6 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the fourth quarter of 2023, was $126.8 million, or 21.9% of net sales. Gross profit was $126.1 million for the fourth quarter of 2022, or 20.2% of net sales. Adjusted gross profit, which excludes the negative impact of $2.5 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the fourth quarter of 2022, was $128.6 million, or 20.6% of net sales.

 

The improvement in gross profit as a percentage of net sales was driven by an increase in net pricing relative to input costs as compared to the fourth quarter of 2022, the moderation of input cost inflation, lower transportation and warehousing costs, and lower depreciation expense. Beginning in the fourth quarter of 2022, the Company has realized the benefits of previously announced list price increases, which, together with additional list price increases in 2023, partially offset by certain list price decreases, contributed to the Company’s recovery in gross profit as a percentage of net sales during the fourth quarter of 2023.

 

Selling, general and administrative expenses increased $1.3 million, or 2.7%, to $53.2 million for the fourth quarter of 2023 from $51.9 million for the fourth quarter of 2022. The increase was composed of increases in general and administrative expenses of $5.8 million and consumer marketing expenses of $0.9 million, partially offset by decreases in warehousing expenses of $2.6 million, selling expenses of $2.3 million and acquisition/divestiture-related and non-recurring expenses of $0.5 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.9 percentage points to 9.2% for the fourth quarter of 2023, as compared to 8.3% for the fourth quarter of 2022.

 

In connection with the Company’s sale of assets relating to the Green Giant U.S. shelf-stable product line, which was completed during the fourth quarter of 2023, the Company recorded a loss on sale of assets of $137.7 million during fiscal 2023, of which $132.9 million was recorded during the third quarter and $4.8 million was recorded during the fourth quarter of 2023.

 

During the fourth quarter of 2023, the Company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker’s Joy, Molly McButter, Sugar Twin, and New York Flatbreads brands. The Company partially impaired the Baker’s Joy and Sugar Twin brands, and the Company fully impaired the Molly McButter and New York Flatbreads brands.

 

Net interest expense increased $3.9 million, or 10.8%, to $40.2 million for the fourth quarter of 2023 from $36.3 million for the fourth quarter of 2022. The increase was primarily attributable to higher interest rates on the Company’s long-term debt and a $0.5 million loss on extinguishment of debt, partially offset by a reduction in average long‑term debt outstanding as compared to the fourth quarter of 2022.

 

The Company’s net income was $2.6 million, or $0.03 per diluted share, for the fourth quarter of 2023, compared to net income of $24.3 million, or $0.34 per diluted share, for the fourth quarter of 2022. The decrease in net income and diluted earnings per share were primarily attributable to the Green Giant U.S. shelf-stable and Back to Nature divestitures, pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets and an increase in interest expense. Diluted earnings per share was also negatively impacted by an increase in diluted weighted average shares outstanding. The Company’s adjusted net income for the fourth quarter of 2023 was $23.5 million, or $0.30 per adjusted diluted share, compared to adjusted net income of $28.9 million, or $0.40 per adjusted diluted share, for the fourth quarter of 2022. The decrease in adjusted net income and adjusted diluted earnings per share were primarily attributable to the Green Giant U.S. shelf-stable and Back to Nature divestitures and an increase in interest expense. Adjusted diluted earnings per share was also negatively impacted by an increase in diluted weighted average shares outstanding.

 

For the fourth quarter of 2023, adjusted EBITDA was $86.8 million, a decrease of $6.8 million, or 7.3%, compared to $93.6 million for the fourth quarter of 2022. The decrease in adjusted EBITDA was primarily attributable to the Green Giant U.S. shelf-stable and Back to Nature divestitures. Adjusted EBITDA as a percentage of net sales was 15.0% for the fourth quarter of 2023, compared to 15.0% for the fourth quarter of 2022.

 

Financial Results for Full Year Fiscal 2023

Net sales for fiscal 2023 decreased $100.7 million, or 4.7%, to $2,062.3 million from $2,163.0 million for fiscal 2022. The decrease was primarily attributable to the Back to Nature divestiture, the Green Giant U.S. shelf‑stable divestiture, and a decrease in unit volume and the negative impact of foreign currency, which were partially offset by an increase in net pricing and the impact of product mix. Net sales of Back to Nature, which the Company divested on January 3, 2023, and therefore not part of the Company’s fiscal 2023 results, were $46.3 million during fiscal 2022(2). Net sales of the Green Giant U.S. shelf-stable product line, which the Company divested on November 8, 2023, were $24.6 million lower in fiscal 2023 compared to fiscal 2022, primarily due to the divestiture.

 

Base business net sales for fiscal 2023 decreased $30.0 million, or 1.5%, to $1,997.2 million from $2,027.2 million for fiscal 2022. The decrease in base business net sales was driven by a decrease in unit volume of $118.2 million and the negative impact of foreign currency of $5.1 million, partially offset by an increase in net pricing and the impact of product mix of $93.3 million, or 4.6% of base business net sales.

 

Net sales of Clabber Girl increased $31.1 million, or 32.1%; net sales of the Company’s spices & seasonings(3) increased $8.1 million, or 2.2%; and net sales of Maple Grove Farms increased $2.4 million, or 2.9%, in fiscal 2023 as compared to fiscal 2022. Net sales of Crisco decreased $38.2 million, or 10.3%; net sales of Green Giant (including Le Sueur and excluding net sales of the Green Giant U.S. shelf-stable product line) decreased $28.7 million, or 6.6%; net sales of Ortega decreased $6.4 million, or 4.1%; and net sales of Cream of Wheat decreased $2.9 million, or 3.6%, in fiscal 2023, as compared to fiscal 2022. Base business net sales of all other brands in the aggregate increased $4.6 million, or 1.0%, for fiscal 2023, as compared to fiscal 2022.

 

Gross profit was $455.5 million for fiscal 2023, or 22.1% of net sales. Adjusted gross profit(1), which excludes the negative impact of $2.9 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during fiscal 2023, was $458.4 million, or 22.2% of net sales. Gross profit was $409.6 million for fiscal 2022, or 18.9% of net sales. Adjusted gross profit, which excludes the negative impact of $9.1 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during fiscal 2022, was $418.7 million, or 19.4% of net sales.

 

The improvements in gross profit and gross profit as a percentage of net sales were driven by an increase in net pricing relative to input costs as compared to fiscal 2022, the moderation of input cost inflation, lower transportation and warehousing costs, and lower depreciation expense. Beginning in the fourth quarter of 2022, the Company has realized the benefits of previously announced list price increases, which, together with additional list price increases in 2023, partially offset by certain list price decreases, contributed to the Company’s recovery in gross profit and gross profit as a percentage of net sales during fiscal 2023.

 

Selling, general and administrative expenses increased $5.6 million, or 3.0%, to $196.0 million for fiscal 2023 from $190.4 million for fiscal 2022. The increase was composed of increases in general and administrative expenses of $14.1 million and consumer marketing expenses of $3.1 million, partially offset by decreases in warehousing expenses of $5.3 million, selling expenses of $3.2 million and acquisition/divestiture-related and non-recurring expenses of $3.1 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.7 percentage points to 9.5% for fiscal 2023, as compared to 8.8% for fiscal 2022.

 

In connection with the Company’s sale of assets relating to the Green Giant U.S. shelf-stable product line, which was completed during the fourth quarter of 2023, the Company recorded a loss on sale of assets of $137.7 million during fiscal 2023, of which $132.9 million was recorded during the third quarter and $4.8 million was recorded during the fourth quarter of 2023.

 

During the fourth quarter of 2023, the Company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker’s Joy, Molly McButter, Sugar Twin, and New York Flatbreads brands. The Company partially impaired the Baker’s Joy and Sugar Twin brands, and the Company fully impaired the Molly McButter and New York Flatbreads brands.

 

Net interest expense increased $26.4 million, or 21.1%, to $151.3 million for fiscal 2023 from $124.9 million for fiscal 2022. The increase was primarily attributable to higher interest rates on the Company’s long-term debt, the accelerated amortization of deferred debt financing costs relating to long-term debt prepayments and a $0.5 million loss on extinguishment of debt during the fourth quarter of 2023, partially offset by a reduction in average long-term debt outstanding, a $0.8 million gain on extinguishment of debt during the second quarter of 2023 and a $0.6 million gain on extinguishment of debt during the third quarter of 2023.

 

The Company had a net loss of $66.2 million, or $0.89 per diluted share, for fiscal 2023, compared to a net loss of $11.4 million, or $0.16 per diluted share, for fiscal 2022. The Company’s net loss for fiscal 2023 was primarily attributable to the pre-tax, non-cash impairment charges during the third quarter of 2023, the loss on sale during the fourth quarter of 2023 in connection with the sale of assets relating to the Company’s Green Giant U.S. shelf-stable product line, the pre-tax, non-cash impairment charges recorded during the fourth quarter of 2023 related to intangible trademark assets, and the net negative impact on income taxes resulting from the Back to Nature divestiture. The Company’s net loss for fiscal 2022 was primarily attributable to non‑cash charges for the impairment of assets held for sale in connection with the Back to Nature divestiture. The Company’s adjusted net income for fiscal 2023 was $73.9 million, or $0.99 per adjusted diluted share, compared to adjusted net income of $76.2 million, or $1.08 per adjusted diluted share, for fiscal 2022.

 

For fiscal 2023, adjusted EBITDA was $318.0 million, an increase of $17.0 million, or 5.7%, compared to $301.0 million for fiscal 2022. The increase in adjusted EBITDA was primarily attributable to the improvement in gross profit described above, partially offset by the impact of the Green Giant U.S. shelf-stable and Back to Nature divestitures. Adjusted EBITDA as a percentage of net sales was 15.4% for fiscal 2023, compared to 13.9% for fiscal 2022.

 

Full Year Fiscal 2024 Guidance

For fiscal 2024, net sales are expected to be $1.975 billion to $2.020 billion, adjusted EBITDA is expected to be $305 million to $325 million, and adjusted diluted earnings per share are expected to be $0.80 to $1.00.

 

B&G Foods provides earnings guidance only on a non-GAAP basis and does not provide a reconciliation of the Company’s forward-looking adjusted EBITDA and adjusted diluted earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for deferred taxes; acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on the sale of certain assets); gains and losses on extinguishment of debt; impairment of assets held for sale; impairment of intangible assets; non-recurring expenses, gains and losses; and other charges reflected in the Company’s reconciliation of historic non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding B&G Foods’ non-GAAP financial measures, see “About Non-GAAP Financial Measures and Items Affecting Comparability” below.

 

Conference Call

B&G Foods will hold a conference call at 4:30 p.m. ET today, February 27, 2024 to discuss fourth quarter and full year 2023 financial results. The live audio webcast of the conference call can be accessed at www.bgfoods.com/investor-relations. A replay of the webcast will be available following the conference call through the same link.

 

About Non-GAAP Financial Measures and Items Affecting Comparability

“Adjusted net income” (net income (loss) adjusted for certain items that affect comparability), “adjusted diluted earnings per share” (diluted earnings (loss) per share adjusted for certain items that affect comparability), “base business net sales” (net sales without the impact of acquisitions until the acquisitions are included in both comparable periods and without the impact of discontinued or divested brands), “EBITDA” (net income (loss) before net interest expense, income taxes, and depreciation and amortization), “adjusted EBITDA” (EBITDA as adjusted for cash and non-cash acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on the sale of certain assets), gains and losses on extinguishment of debt, impairment of assets held for sale, and non-recurring expenses, gains and losses), “adjusted gross profit” (gross profit adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold) and “adjusted gross profit percentage” (gross profit as a percentage of net sales adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold) are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP) in B&G Foods’ consolidated balance sheets and related consolidated statements of operations, comprehensive (loss) income, changes in stockholders’ equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. The Company’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

 

The Company uses non-GAAP financial measures to adjust for certain items that affect comparability. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items that affect comparability, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources.

 

Additional information regarding EBITDA and adjusted EBITDA and a reconciliation of EBITDA and adjusted EBITDA to net income (loss) and to net cash provided by operating activities, is included below for the fourth quarter and full year 2023 and 2022, along with the components of EBITDA and adjusted EBITDA. Also included below are reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share and base business net sales to the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive (loss) income, changes in stockholders’ equity and cash flows.

 

End Notes

(1)

Please see “About Non-GAAP Financial Measures and Items Affecting Comparability” below for the definition of the non-GAAP financial measures “base business net sales,” “adjusted diluted earnings per share,” “adjusted net income ,” “EBITDA,” “adjusted EBITDA,” “adjusted gross profit” and “adjusted gross profit percentage,” as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms to the most comparable GAAP financial measures.

(2)

Excludes net sales of certain Back to Nature products not part of the divestiture that the Company will soon transition to another brand name.

(3)

Includes the spices & seasoning brands acquired in the fourth quarter of 2016, as well as the Company’s legacy spices & seasonings brands, such as Dash and Ac’cent, and spices & seasonings products launched by the Company and sold under license.

nm

–

Not meaningful.

 

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 B&G, B&M, Bear Creek, 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 B&G Foods’ expectations regarding net sales, adjusted EBITDA and adjusted diluted earnings per share, and the Company’s overall expectations for fiscal 2024 and beyond. 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.

Contacts

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

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Categories
Business Lifestyle Perspectives Regulations & Security

AM Best upgrades Credit Ratings of Independence Life and Annuity; affirms Credit Ratings of Sun Life Financial and most of its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Independence Life and Annuity Company (Independence) (Wilmington, DE). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

 

Additionally, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) of Sun Life Assurance Company of Canada (Ontario, Canada) and Sun Life and Health Insurance Company (U.S.) (Lansing, MI).

 

These companies are the core insurance subsidiaries of Sun Life Financial Inc. (SLF) (Ontario, Canada) [NYSE: SLF] (collectively referred to as Sun Life Group). Concurrently, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of SLF. (Please see below for a detailed listing of the Long-Term IRs.) Lastly, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Professional Insurance Company (Dallas, TX), an SLF runoff subsidiary. The outlook of these ratings is stable.

The ratings of Independence reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile, very strong enterprise risk management (ERM) and support from its parent organization. The rating upgrades of this entity are driven by its growth within the stop-loss insurance market beginning in 2020 after being in runoff prior to a strategic change. While premium growth remains moderate on an absolute basis, the company has seen meaningful growth on a percentage basis over the past several years.

 

The ratings of Sun Life Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and very strong ERM. The group has maintained a favorable risk-adjusted capital level over the long term, partly due to the extensive array of stress and scenario testing conducted on capital, earnings, liquidity and other key metrics. The company continues to produce strong operating earnings from a diverse mix of business lines leading to dominant market positions in several products.

 

Finally, the ratings of Professional Insurance Company reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, very limited business profile and very strong ERM. The company continues to manage the runoff of its remaining liabilities profitably.

 

The following Long-Term IRs have been affirmed with stable outlooks:

Sun Life Financial Inc.—

— “a-” (Excellent) on CAD 750 million 2.38% subordinated debentures, due 2029

— “a-” (Excellent) on CAD 1 billion 2.58% subordinated debentures, due 2032

— “a-” (Excellent) on CAD 750 million 2.06% subordinated debentures, due 2035

— “a-” (Excellent) on CAD 400 million 5.40% subordinated debentures, due 2042

— “bbb+” (Good) on CAD 250 million 4.45% Class A non-cumulative preferred stock, Series 3

— “bbb+” (Good) on CAD 300 million 4.45% Class A non-cumulative preferred stock, Series 4

— “bbb+” (Good) on CAD 250 million 4.50% Class A non-cumulative preferred stock, Series 5

— “bbb+” (Good) on CAD 155 million 1.825% Class A non-cumulative preferred stock, Series 8R

— “bbb+” (Good) on CAD 125 million floating rate Class A non-cumulative preferred stock, Series 9QR

— “bbb+” (Good) on CAD 171 million 2.967% Class A non-cumulative preferred stock, Series 10R

— “bbb+” (Good) on CAD 29 million floating rate Class A non-cumulative preferred shares, Series 11QR

The following Long-Term IRs have been affirmed with stable outlooks:

Sun Life Assurance Company of Canada—

— “a+” (Excellent) on CAD 150 million 6.30% subordinated debentures, Series 2, due 2028 (originally issued by Clarica Life Insurance Company)

Sun Life Capital Trust—

— “a” (Excellent) on CAD 200 million 7.093% non-cumulative Sun Life ExchangEable Capital Securities, call date 2032

The following indicative Long-Term IRs have been affirmed with stable outlooks:

Sun Life Financial Inc.—

— “a” (Excellent) on senior unsecured debt

— “a-” (Excellent) on subordinated debt

— “bbb+” (Good) on preferred stock

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Kevin Varvaro

Senior Financial Analyst
+1 908 882 2410
kevin.varvaro@ambest.com

Michael Adams
Associate Director
+1 908 882 1592
michael.adams@ambest.com

Christopher Sharkey

Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Categories
Business Energy Environment Lifestyle Technology

AT&T and L&T Technology Services collaborate to accelerate solutions to address climate change

Pioneering solutions that pair connectivity with engineering expertise to reduce emissions

 

EDISON, N.J. — (BUSINESS WIRE) — $LTTS #ConnectedClimateInitiative — L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a prominent global digital engineering and R&D services company, and AT&T, one of the largest telecommunications companies worldwide, Friday announced a strategic alliance aimed at curbing global emissions.

 

This groundbreaking collaboration will utilize the combined resources and expertise of both companies to develop advanced solutions that can significantly reduce environmental impact.

As part of this collaboration, LTTS will participate in AT&T’s Connected Climate Initiative (CCI), a collaborative effort that works on connectivity-based solutions to reduce greenhouse emissions by 1 gigaton by 2035. The effort brings together a diverse group of organizations to unleash the power of connectivity solutions, including the Internet of Things (IoT), fiber, 5G, and edge computing, to reach this goal. As a participant in the CCI, LTTS will collaborate with AT&T to work toward the collective emissions reduction commitment and help enable companies to make sustainable business decisions.

 

“Armed with AT&T’s formidable telecommunications infrastructure and our own deep-seated expertise in engineering DNA, we are poised to make substantial strides towards a future less dependent on carbon,” said Alind Saxena, President, Sales and Executive Director at L&T Technology Services (LTTS).

 

“This collaboration is a pledge to the planet. We’re not just developing technologies – we’re crafting a sustainable legacy, one that significantly reduces our environmental footprint.”

 

For L&T Technology Services (LTTS), sustainability transcends the realm of mere commitment; it forms an integral part of the organizational ethos, deeply embedded in all their actions. The company offers an extensive suite of sustainability services that encompasses a wide range of solutions, all meticulously designed to mitigate environmental impact and drive positive change.

 

LTTS’ offerings span from green engineering solutions and energy management strategies to waste reduction initiatives and community engagement programs. These solutions empower organizations to integrate sustainability into every facet of their operations. With a keen focus on innovation and collaboration, LTTS guides its global customers through the complexities of sustainability, equipping them to attain their environmental and social objectives while ensuring business success.

 

LTTS will work with AT&T to deliver a suite of cutting-edge services designed to leverage AT&T connectivity to help companies achieve emissions reduction targets. Examples of this collaboration include:

  • Developing engineering and connectivity solutions that are geared towards driving digital transformation for a greener future across various industries
  • gEdge, a scalable, ready-for-implementation immersive data center-in-a-box solution
  • i-BEMS, an energy-efficient building automation framework
  • Design and engineering for renewable energy utilizing connectivity to enhance reliability and efficiency of energy supply to the network grid
  • Engineering and connectivity solutions focused on accelerating cleaner, sustainable energy such as green hydrogen
  • Carbon sequestration technology and connectivity-enabled measurement and verification platforms

 

“As we work towards achieving the Gigaton goal, we know that it’s collaborations like this one, combining our respective resources and expertise, that will help us get there,” said Shannon Carroll, AVP of Global Environmental Sustainability at AT&T. “Together with LTTS, we’re committed to create a more sustainable tomorrow.”

 

About AT&T

We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

 

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. We also have more than 100 labs dedicated to R&D and Engineering, 20 + labs specifically for Sustainability and Innovation. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 23,200 employees spread across 22 global design centers, 28 global sales offices and 105 innovation labs as of Dec. 31, 2023.

 

For more information, please visit https://www.LTTS.com/

Contacts

Media Contact:
Aniruddha Basu

L&T Technology Services Limited

E: Aniruddha.Basu@Ltts.com

Anindita Sarkar

L&T Technology Services Limited

E: Anindita.Sarkar@Ltts.com

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Business Lifestyle Perspectives

AM Best revises Issuer Credit Rating outlook to negative for PEMCO Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of PEMCO Mutual Insurance Company (PEMCO) (Seattle, WA). The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect PEMCO’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.

 

The negative outlook on the Long-Term ICR reflects the company’s limitations in its business profile, which has created capital and operating performance challenges in recent periods leading to declines in its risk-adjusted capitalization. Although risk-adjusted capitalization remains within the strongest range, as measured by Best’s Capital Adequacy Ratio (BCAR), the cushion materially eroded from prior periods and capital erosion also resulted in higher underwriting leverage metrics. Surplus declined in 2021 and 2022, as well as through the first 9 months of 2023, totaling 21% ($75 million) from the five-year high mark in 2020. Underwriting loss severity increased in consecutive periods reflecting pressure brought by the company’s concentrated risk profile that focused on personal lines coverage within the state of Washington. Weather and wildfire losses also impacted results in recent periods. Furthermore, material unfavorable loss reserve development was reported in third-quarter 2023, reflecting pressures brought on by the escalation in PEMCO ‘s loss costs amid inflation and supply chain pressures. Management is addressing volatility with material rate increases, more stringent new business qualifications and targeted de-risking; however, these actions have yet to gain material traction.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Draghi

Director
+1 908 882 1749
chris.draghi@ambest.com

Richard Attanasio
Senior Director
+1 908 882 1638
richard.attanasio@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Categories
Business Digital - AI & Apps Energy Lifestyle Local News Science

Universal Display Corporation increases quarterly cash dividend to $0.40 per share

EWING, N.J. — (BUSINESS WIRE) — $OLED#OLED — Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that its Board of Directors approved an increased cash dividend of $0.40 per share on the Company’s common stock for the first quarter of 2024, up from the previous quarter’s dividend of $0.35 per share.

 

The dividend is payable on March 29, 2024, to shareholders of record on March 15, 2024. The dividend reflects our expected continued cash flow generation, and commitment to return capital to our shareholders. Future dividends will be subject to Board approval.

 

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide.

 

Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

 

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.

 

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

 

Follow Universal Display Corporation

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Contacts

Universal Display:
Darice Liu

investor@oled.com
media@oled.com
+1 609-964-5123

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Business Entertainment News Environment Lifestyle Science Travel & Leisure

Luxurious new Savannah Sunset Resort and Spa to welcome guests this spring

The new luxury safari overnight experience at Six Flags Great Adventure Resort is now accepting reservations

 

JACKSON, N.J. — (BUSINESS WIRE) — Six Flags Great Adventure Resort is thrilled to announce the grand opening of Savannah Sunset Resort and Spa, welcoming guests beginning June 14.

 

Reservations are now being accepted for the new luxury glamping experience nestled in the heart of the 350-acre Six Flags Wild Safari, home to over 1,200 animals. The exclusive resort promises an unforgettable, first-class experience for those seeking an indulgent retreat.

 

Guests will be immersed in a one-of-a-kind resort destination where every detail has been meticulously crafted to create a haven of serenity and adventure. From the moment guests arrive, they will be greeted with warm hospitality and personalized care, with no detail overlooked.

 

Key Features of the Savannah Sunset Resort and Spa:

  1. Luxurious accommodations: The resort offers 20 glamping suites that vary in size, sleeping two to six guests. Each suite is thoughtfully designed to provide the utmost comfort and style with world-class amenities.
  2. Unmatched views and VIP experiences: During their stay, guests can choose their own adventure. Whether relaxing with sweeping views from their suite, participating in close-up animal encounters or exploring the local watering holes of the Six Flags Great Adventure theme park or Hurricane Harbor water park, guests will have opportunities to create memories to last a lifetime.
  3. Included benefits: With a two-night minimum stay, guests will enjoy a giraffe feeding, daily breakfast, multi-park passes giving access to all 3 Six Flags Great Adventure Resort parks, and more.
  4. VIP dining: Guests will embark on an indulgent culinary journey with featured items curated to enhance the glamping experience.
  5. Spa services: Guests can rejuvenate their senses at the Savannah Sunset Spa which features holistic treatments with expert therapists to promote relaxation and wellness.
  6. Event spaces: Ideal for small gatherings from weddings to corporate retreats, Savannah Sunset Resort and Spa offers a versatile event space with stunning views and top-notch service to make every celebration unforgettable.

 

“We are excited to welcome guests this spring to the Savannah Sunset Resort and Spa, where opulence meets the open savannah in the heart of New Jersey,” said Park President Brian Bacica. “Our team is planning every detail to create a luxury experience welcoming guests to enjoy the beauty and uniqueness of our resort. Whether you seek relaxation, a family adventure, or a romantic getaway, Savannah Sunset Resort and Spa promises to exceed your expectations.”

 

Savannah Sunset Resort and Spa is part of one of the largest investments at Six Flags Great Adventure Resort in nearly two decades. In celebration of the destination’s 50-year history, Six Flags Great Adventure Resort is also debuting its 15th roller coaster this summer. THE FLASH: Vertical Velocity, the first coaster of its kind in North America, joins the highly-anticipated return of the Safari Off Road Adventure, and modern updates to the nostalgic Log Flume and Big Wheel rides. In addition, Six Flags Hurricane Harbor will open Splash Island, a new family-centric area giving guests of all ages an opportunity for some interactive fun in the sun.

 

Visit https://www.sixflags.com/savannahsunset to reserve your spot for this one-of-kind luxurious safari overnight experience right here in the United States.

 

Six Flags Great Adventure will open for the 2024 season on March 16. Enjoy all season long with a Season Pass starting as low as $13/month after initial payment. In preparation for their 50th anniversary season, the destination is hiring for a variety of positions with great hourly pay, exciting perks and valuable benefits. Apply today at sixflagsjobs.com or text FUN to 732-307-6688 to begin the hiring process.

 

About Six Flags Great Adventure Resort

Six Flags Great Adventure Resort boasts 4 world-class attractions including, Six Flags Great Adventure theme park, Hurricane Harbor water park, the Wild Safari, and new, luxury Savanah Sunset Resort and Spa. The resort destination is home to the World’s Ultimate Thrill Park with award-winning rides like Kingda Ka, Nitro, El Toro and Jersey Devil Coaster. The theme park offers two areas created just for young guests, family rides the whole family can enjoy together, live entertainment, shopping and a wide variety of dining options. Six Flags Hurricane Harbor is one of the Northeast’s largest water parks with more than 25 refreshing attractions for the whole family. The Wild Safari is one of the largest safaris outside of Africa where guests get up-close experiences with more than 1,200 animals from around the globe. www.sixflags.com/greatadventure

 

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation (NYSE: SIX) is the world’s largest regional theme park company with 27 parks across the United States, Mexico and Canada. For 63 years, Six Flags has entertained hundreds of millions of guests with world-class coasters, themed rides, thrilling water parks and unique attractions. Six Flags is committed to creating an inclusive environment that fully embraces the diversity of our team members and guests. For more information, visit www.sixflags.com.

 

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Contacts

Staci Wheeler, anwheeler@sftp.com

Categories
Business Energy Environment Perspectives Science

American Water ranks no. 1 in utilities industry on Forbes America’s Best Large Employers 2024 list

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today that it has been ranked number 1 in the utilities industry on Forbes America’s Best Large Employers 2024 list. The ranking is based on an independent survey of employees.

 

“American Water is honored to receive recognition on Forbes America’s Best Large Employers 2024 list,” said M. Susan Hardwick, President and Chief Executive Officer, American Water. “We are extremely fortunate to have such an engaged, talented and diverse workforce, focused on building a better workplace where our people can thrive.”

 

Forbes partnered with market research firm Statista to survey more than 170,000 U.S.-based employees at companies with at least 1,000 employees. Companies with more than 5,000 employees were eligible for the category of large employers. Survey respondents were asked if they would recommend their employer to others and given the chance to rate other employers in their respective industries. All survey responses were tallied and weighted to produce a score for each company.

 

View the full list of Forbes America’s Best Large Employers 2024 here.

 

About American Water

American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.

 

For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.

Contacts

Media Contact:

Alicia Barbieri

Director, Communications and External Affairs

American Water

(856) 676-8103

alicia.barbieri@amwater.com

Categories
Art & Life Business Culture Foodies/Tastylicious Lifestyle Perks

Campbell names Anthony Kyles Chief Customer Officer of Meals & Beverages

CAMDEN, N.J. — (BUSINESS WIRE) — Campbell Soup Company (NYSE: CPB) today announced the appointment of Anthony Kyles as Chief Customer Officer, Meals & Beverages, effective March 4, 2024.

 

Kyles will lead the U.S. retail sales team for Campbell’s soups, meals, sauces and beverages, driving growth across the Meals & Beverages division with the company’s retail customers. He will be responsible for profitably growing an iconic portfolio of brands, including Campbell’s, Chunky, Pacific Foods, V8, Prego, Pace, Swanson and SpaghettiOs. He will join the Campbell Leadership Team and will report to Mick Beekhuizen, Campbell’s Executive Vice President and President, Meals & Beverages.

 

“The Meals & Beverages division is focused on driving growth with our retail customers and transforming our categories through our portfolio of iconic and distinctive brands, while providing value for our consumers,” said Beekhuizen. “Anthony is a results-oriented leader, and I’m confident his extensive industry experience will help us set the standard for accelerating profitable growth.”

 

Kyles joins Campbell from PepsiCo, where he most recently served as the Vice President of National Accounts for Frito-Lay. Since joining PepsiCo in 2007, Kyles has held multiple roles with increasing leadership responsibilities overseeing category growth strategies across various channels. These experiences enabled him to build cross-functional and divisional experiences in operations, marketing, sales, shopper insights and manufacturing. Previously, he worked at IBM as a systems engineer for several years, before transitioning to sales as a senior executive and leading sales and engineering teams in the banking and automotive industry. He earned his B.A. degree in Industrial Marketing and Finance from Western Michigan University.

 

About Campbell

For more than 150 years, Campbell (NYSE:CPB) has been connecting people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, the company generated fiscal 2023 net sales of $9.4 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com.

Contacts

Investor Contact:
Rebecca Gardy

(856) 342-6081

Rebecca_Gardy@campbells.com

Media Contact:
Dervela Paul

(856) 536-0523

Dervela_Paul@campbells.com

Categories
Business Culture International & World Lifestyle Technology

INVIDI Technologies and Tata Play revolutionize television advertising landscape in India with launch of data-driven addressable advertising

PRINCETON, N.J. & CHENNAI, India — (BUSINESS WIRE) — #AddressableTV—INVIDI Technologies, the global leader in advanced TV advertising solutions, has joined forces with Tata Play, India’s leading content distribution and Pay TV platform, to introduce targeted advertising on linear TV channels.

 

The collaboration leverages INVIDI’s innovative addressable advertising technology, empowering Tata Play to deliver personalized ads to over twenty million connections across Tata Play’s footprint. This marks a significant milestone in the evolution of television advertising in India.

 

Addressable advertising opens doors to a new realm of possibilities in India, where advertisers can now deliver ads tailored to each identified region or audience cohort, ensuring that every household receives content aligned with their interests. This not only maximizes the impact of advertising campaigns but also increases the value of Tata Play’s advertising inventory.

 

“Addressable advertising is a game-changer for advertisers. The technology will not only boost advertising effectiveness but also create an opportunity for small and regional brands to reach viewers of national TV,” said Harit Nagpal, Managing Director and Chief Executive Officer of Tata Play.

 

“INVIDI Technologies is proud to join forces with Tata Play to introduce cutting-edge addressable advertising solutions to the Indian television landscape. This collaboration marks a significant stride toward a future where advertising is optimally relevant, with minimal wasted reach. Through personalized and targeted content delivery, we aim to redefine the viewer’s relationship with advertising, creating a more engaging and meaningful experience. Our advanced technology is poised to elevate the standard of television advertising in India, and we are thrilled to be at the forefront of this transformative journey with Tata Play,” said Prasad Sanagavarapu, Managing Director of India and EMEA for INVIDI Technologies.

 

The partnership between INVIDI and Tata Play represents a significant leap forward in the evolution of television advertising in India. By adopting addressable advertising, the industry is not just embracing innovative technology, it is putting viewers at the center of the advertising experience.

 

The launch of addressable advertising solutions by INVIDI and Tata Play is poised to reshape the television advertising landscape in India. This move aligns with the global trend towards more targeted and data-driven advertising, bringing India to the forefront of innovation in the industry.

 

About INVIDI Technologies

INVIDI Technologies’ patented advanced advertising technologies unlock the maximum value of premium video by uniting distributors, programmers, and data providers to ensure advertisers reach the right audiences when, where, and however they are watching. INVIDI launched the first broadly deployed addressable advertising system in the world and its products enable cross-platform campaign execution to provide maximum reach and optimal viewer experience management. Our partners use INVIDI’s software to produce billions of dollars in advertising revenue and relevant messaging, while protecting viewer privacy. INVIDI’s Emmy® Award-winning technical excellence, industry-leading experience, and innovative linear and digital precision-based solutions are deployed in the United States and around the world. INVIDI is co-owned by AT&T, DISH Network L.L.C., and WPP. Learn more at www.invidi.com.

 

About Tata Play

Incorporated in 2001 and with services launched since 2006, Tata Play is India’s leading content distribution platform providing Pay TV and OTT services. Its objective is to connect to leading content in the world on any budget, any screen, anytime and anywhere.

 

Staying true to its commitment of making tomorrow better than today, Tata Play’s growth over the years has been cemented by many innovations and enhancements. The company has invested in advanced digital infrastructure, partnered with global leaders to provide superior technology and set up high-end 24×7 call centers in 12 languages across the country manned by multi-lingual customer service associates to offer professional and efficient customer service. Tata Play has footprints pan India with 23 million connections.

Contacts

INVIDI Technologies:
media@invidi.com

Tata Play:
Atrayee Chandra

Atrayee.chandra@tataplay.com

Categories
Business Economics Healthcare Lifestyle Programs & Events Science

Cell therapy company Tevogen Bio Holdings Inc. (Nasdaq: TVGN) rings opening bell at Nasdaq Exchange on Feb. 15, begins public trading on the open market

WARREN, N.J. — (BUSINESS WIRE) — Tevogen Bio Holdings Inc. (‘Tevogen Bio’) (Nasdaq: TVGN) celebrated commencement of its public trading by ringing the opening bell at the Nasdaq Stock Exchange in Times Square, New York, on Feb. 15, 2024.

 

This major milestone underscored the company’s commitment to its valued shareholders and its mission to develop commercially attractive, affordable, genetically unmodified off-the-shelf T cell therapies for large patient populations in virology, oncology, and neurology.

“We are deeply honored to become part of the Nasdaq family, a significant milestone that highlighted the commitment and dedication of our team,” remarked Ryan Saadi, MD, MPH, Chief Executive Officer of Tevogen Bio.

 

“This event not only reconfirmed company’s growth strategy but also reinforced our commitment to our mission. As we embark on this new chapter, we look forward to contributing to the market’s vibrancy and delivering value to our shareholders and patients.”

 

About Tevogen Bio

Tevogen Bio is a clinical-stage specialty immunotherapy company harnessing one of nature’s most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen Leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements. These assets include three granted patents and twelve pending patents, two of which are related to artificial intelligence.

 

Tevogen Bio is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen Bio’s leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.

 

Forward-Looking Statements

This press release contains certain statements that are not historical facts and are forward-looking statements within the meaning of the federal securities laws, including without limitation statements regarding the anticipated benefits of the recent business combination with Semper Paratus Acquisition Corporation (the “Business Combination”), the future financial condition and performance of Tevogen Bio, and the product candidates, products, markets, and expected future performance and market opportunities of Tevogen Bio. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

 

Factors that could cause actual future events to differ materially from the forward-looking statements in this communication include without limitation: (i) the effect of the announcement of the Business Combination on Tevogen Bio’s business relationships, operating results, and business generally; (ii) the outcome of any legal proceedings that may be instituted against Tevogen Bio related to the Merger Agreement or the Business Combination ; (iii) changes in the markets in which Tevogen Bio competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (iv) changes in domestic and global general economic conditions; (v) risk that Tevogen Bio may not be able to execute its growth strategies or may experience difficulties in managing its growth and expanding operations; (vi) risk that Tevogen Bio may not be able to develop and maintain effective internal controls; (vii) costs related to the Business Combination and the failure to realize anticipated benefits of the Business Combination or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions; (viii) the failure to recognize the anticipated benefits of the Business Combination and to achieve Tevogen Bio’s commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of Tevogen Bio to grow and manage growth economically and hire and retain key employees; (ix) the risk that Tevogen Bio may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; (x) the ability to develop, license or acquire new therapeutics; (xi) the risk that Tevogen Bio will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xii) the risk of product liability or regulatory lawsuits or proceedings relating to Tevogen Bio’s business; (xiii) uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, and approval and commercial development; (xiv) risks associated with intellectual property protection; (xv) Tevogen Bio’s limited operating history; and (xvi) those factors discussed in Tevogen Bio’s filings with the SEC and that that are contained in the Proxy Statement/Prospectus relating to the Business Combination.

 

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Proxy Statement/Prospectus and other documents to be filed by Tevogen Bio from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Tevogen Bio may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contacts

Tevogen Communications

T: 1 877 TEVOGEN, Ext 701

communications@Tevogen.com