Category: Business

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Business

AIG to relocate Global Headquarters in New York City

Will Optimize and Modernize New York City Area Real Estate Footprint as Part of AIG 200

NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that it will relocate its global headquarters in New York City to 1271 Avenue of the Americas, where it will occupy 8 floors and 325,000 square feet. The Company will also consolidate its remaining New York City area footprint into approximately 450,000 square feet divided between two new locations at 28 Liberty Street in Manhattan and 30 Hudson Street in Jersey City, New Jersey. The Company plans to move into the three new offices in 2021.

“New York City has played an important part in AIG’s history and we are proud to be headquartered in this unique and resilient city,” said Brian Duperreault, AIG’s Chief Executive Officer. “Our new midtown headquarters building is in close proximity to many of our clients, distribution partners and other stakeholders. We take pride in our role as a responsible corporate citizen and remain committed to doing our part to help strengthen our New York City and Jersey City communities.”

“By optimizing and modernizing our New York City area real estate footprint, we will align our workplaces with the objectives of AIG 200, our global, multi-year effort to position AIG for the future,” said Peter Zaffino, AIG’s President and Global Chief Operating Officer. “We are designing offices in these three class A buildings that will allow our teams to work more effectively and collaboratively with high-quality infrastructure. Our people are our most important asset, and we remain committed to providing a safe and productive work environment while incorporating key learnings that have emerged while working remotely.”

1271 Avenue of the Americas is a premier, fully redeveloped 48-story office building located in Rockefeller Center. The 28 Liberty Street building is an iconic 60-story landmarked office building situated in the center of Lower Manhattan. 30 Hudson Street is a 40-story office tower located on the waterfront of Jersey City.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Contacts

Sabra Purtill (Investors): sabra.purtill@aig.com
Shelley Singh (Investors): shelley.singh@aig.com
Claire Talcott (Media): claire.talcott@aig.com

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Business

Tegra118’s RetireUp adds Protective Life Insurance Company to growing roster of insurance carriers

Builds momentum in solving for retirement and lifetime income needs by continuing to add products from top-tier insurance carriers on its comprehensive platform

WARREN, N.J.–(BUSINESS WIRE)–Tegra118, a top provider of wealth and asset management technology solutions, announced that its recently acquired RetireUp business has added Protective® Income Builder indexed annuity from Protective Life Insurance Company to its extensive lineup of modeled products available on its RetireUp Pro platform.

Tegra118’s leading RetireUp Pro platform allows financial professionals to transform complex concepts into simple numbers engaging visuals and real-life “what if” scenarios. With its ability to model insurance products at the actuarial level directly within the client’s portfolio, Tegra118’s RetireUp Pro enables financial professionals to easily demonstrate the potential benefits of incorporating annuities into a retirement plan for a holistic and personalized approach to the overall financial planning process.

“Tegra118’s RetireUp Pro is a vital tool to help engage clients in the financial planning process, simplify retirement income planning and provide a more personalized approach,” said Jim Wagner, Senior Vice President and Chief Distribution Office, Protective Life. “Including our products on a dynamic platform that enables financial professionals to look at the interconnectivity of risk and retirement to better advise their clients aligns well with our mission of helping people protect their tomorrow so they can embrace today.”

“Protective’s alliance with Tegra118’s RetireUp helps elevate the advisor-client conversation by providing a best-in-class income product,” said Michael Roth, the new Head of Retirement at Tegra118. “Solving for lifetime income in retirement is a complex problem that is unique to each retiree and our technology solves this by continuously adding innovative retirement solutions and modelling them through a user interface that is easy to understand.”

“We’re excited to work with Protective and bring their high-quality income and annuity products on our platform,” said Cheryl Nash, Chief Executive Officer, Tegra118. “One of the ways we demonstrate value to our clients is by working with the highest-rated insurance companies to give financial professionals even greater options in creating personalized, customized income solutions. Protective’s products meet that criteria and help demonstrate the benefits of adding annuities to a financial plan.”

RetireUp’s nimble and efficient software and simulations make it easy for financial professionals to assess a client’s needs for specific lifetime income products by translating complex financial concepts into easy-to-understand “big-picture” visuals, enabling them to help investors become active participants in their own financial futures.

About Protective Life Corporation

Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. Protective’s administrative office is located in Birmingham, Alabama, and its 3,000+ employees are located in offices across the United States. As of December 31, 2019, Protective had assets of approximately $120 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.

About Tegra118

Tegra118 is an industry leading provider of software solutions to the wealth and asset management industry with a vast network of broker-dealers, asset managers, and custodians and trading interfaces. Its technology platform provides portfolio management, trading, accounting, rebalancing and reporting for managed accounts. Tegra118 also provides modular, goals-based financial planning, performance reporting and fee billing software for financial advisors and asset managers using modern API-based open technology. Tegra118 is committed to delivering powerful solutions that set a new standard for how people interact with, manage, and grow their wealth.

Tegra118 is a Motive Partners company, a specialist private equity firm with offices in New York City and London, focused on technology-enabled business and financial services companies. For more information, please visit www.tegra118.com.

Contacts

Media Relations:
Tricia Viola

Vice President, Marketing

Tegra118

201 253 3389

tricia.viola@fiserv.com

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Business

ALERT: Rowley Law PLLC is investigating proposed acquisition of Majesco

NEW YORK–(BUSINESS WIRE)–Rowley Law PLLC is investigating potential securities law violations by Majesco (NASDAQ: MJCO) and its board of directors concerning the proposed acquisition of the company by Thoma Bravo, L.P. Stockholders will receive $13.10 in cash for each share of Majesco stock that they hold. The transaction is valued at approximately $594 million and is expected to close before the end of 2020.

If you are a stockholder of Majesco and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/majesco. You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at info@rowleylawpllc.com, or by telephone at 914-400-1920 or 844-400-4643 (toll-free).

Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contacts

Shane Rowley, Esq.

Rowley Law PLLC

50 Main Street Suite 1000

White Plains, NY 10606

info@rowleylawpllc.com
914-400-1920 or 844-400-4643 (toll-free)

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Business

American Water’s Melanie Kennedy to participate at NARUC Summer Policy Summit

CAMDEN, N.J.–(BUSINESS WIRE)–American Water (NYSE: AWK), the nation’s largest publicly traded water and wastewater utility company, announced today that Melanie Kennedy, senior vice president, Human Resources, will be participating in the NARUC Summer Policy Summit – Subcommittee on Supplier and Workforce Diversity – Rekindling a Dynamic, Diverse, and Resilient Energy Workforce. The webinar will take place today, July 20 at 2:00 p.m. EDT.

Kennedy will discuss how the health emergency has impacted the water industry, and changes that have been seen in the recruitment process and employee retention industry. In addition, she will discuss what supplier services American Water has seen increased as a result of the health emergency along with the importance of maintaining communications with regulators, employees and customers.

Additional topics to be discussed during the webinar include:

  • What have we learned about how this health emergency has affected “essential workers”?
  • Actions to create inclusion and diversity at every level and address areas of bias, inequality, and intolerance

For more information, please visit: https://www.naruc.org/meetings-and-events/naruc-summer-policy-summits/2020-summer-policy-summit/agenda/

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,800 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Media Contact:
Joseph Szafran

External Affairs Manager

856-955-4304

Joseph.Szafran@amwater.com

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Business

AM Best to host webinar on the state of the cyber insurance market

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best will host a complimentary webinar on Monday, July 27, 2020, at 11:00 a.m. EDT, which will explore the state of the cyber insurance market. During the event, AM Best analysts and market experts will review an upcoming Best’s Market Segment Report that examines developments in the cyber insurance market, including the companies most active in the line of coverage; issues in the wake of the COVID-19 pandemic; and how the insurance industry is positioned to keep abreast of a fast-emerging risk landscape. Register now: www.ambest.com/webinars/cyber20.

Panelists include:

  • Kara Owens, managing director, Global Cyber Underwriting Executive, Markel Corporation;
  • Catherine Mulligan, global head of cyber, Reinsurance Solutions, AON;
  • Sridhar Manyem, director, Industry Research, Credit Rating Criteria Research & Analytics, AM Best; and
  • Fred Eslami, associate director, AM Best.

Attendees can submit questions during registration or by emailing webinars@ambest.com. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED

Contacts

James Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

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Business

A boss idea: New Jersey-based team launches ShoreHaven Wealth Partners with Dynasty Financial Partners

Team Previously Managed $420 Million in Client Assets

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–Leading wealth advisor Lawrence Durso, his son Michael Durso and advisor Michael Lombardi today announced the launch of their new firm, ShoreHaven Wealth Partners, an independent wealth management firm based in Red Bank, New Jersey. The team had previously worked together at Durso Wealth Management Group at Morgan Stanley where they managed $420 million in client assets.

ShoreHaven Wealth Partners is an independent wealth management firm working with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Joining ShoreHaven Wealth from Morgan Stanley are the following professionals:

  • Lawrence Durso, a veteran wealth advisor. Mr. Durso has worked in the financial services industry since 1978;
  • his son, Michael Durso, CFA, an investment specialist. He has worked in financial services since 2006;
  • Michael Lombardi, CFP, also has experience working in financial services since 2006, and
  • Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

ShoreHaven Wealth Partners has joined the Dynasty Financial Partners network. Through Dynasty, the firm has access, on their clients’ behalf, to a full array of capital markets and investment banking capabilities, as well as a vast range of investment research and consulting, advanced technology, proprietary analytical tools, and an online research center. They have also selected Fidelity Institutional as the custodian for their clients’ assets. ShoreHaven Wealth has chosen Black Diamond for performance reporting.

“We are excited to launch ShoreHaven Wealth Partners as an independent firm. We believe there are great opportunities to create a customized planning process for our clients as well as create our own brand. And, in the future, we anticipate adding like-minded advisors to our firm,” said Mr. Larry Durso.

“The ShoreHaven team is a group of seasoned financial advisors and experts and they are well-positioned to flourish in the independent space. Because of the relationship between Larry and his son Mike, the team brings a particularly insightful perspective to their clients in understanding the impact of family dynamics on the management of wealth across generations,” said Shirl Penney, CEO of Dynasty Financial Partners. “The movement to independence is continuing – even during the lockdown – and we are pleased that an increasing number of RIAs are choosing Dynasty as their platform services partner to help them scale, grow, expand margins, operate more efficiently, and better care for their clients. We are thrilled to welcome ShoreHaven Wealth to the Dynasty Network!”

BIOS

Lawrence Durso, Founding Partner, CEO

Larry Durso founded ShoreHaven Wealth Partners in 2020 with his son Michael and Michael Lombardi. Most recently he had led the Durso Wealth Management Group at Morgan Stanley, where he was a Managing Director- Wealth Management.

Lawrence Durso has worked in the financial services industry since 1978. He has primarily focused on creating solutions for unique problems typically associated with high net worth clients and their families. Additionally, he holds multiple securities registrations and life and health insurance licenses.

He holds a Bachelor’s Degree (summa cum laude) from St. John’s University and a Master’s Degree from Columbia University.

Mr. Durso is active in several charitable organizations, including St. John’s University (past President of the SJU Staten Island Alumni Association) and the Daughters of Saint Paul. He is currently Chairman of the Board of Directors for the Lt. Dennis W. Zilinski II Memorial Fund, also a member of the Algonquin Arts Theatre Board of Trustees and an active Supporter of the Society for the Prevention of Teen Suicide.

Michael Durso, CFA®, Founding Partner, Chief Investment Officer

Michael Durso is a co-founder and Chief Investment Office (CIO) of ShoreHaven Wealth Partners. As CIO, he is responsible for oversight of ShoreHaven’s asset allocation, manager selection, and investment strategy.

He has over a decade of experience in the financial services industry and has worked with clientele ranging from pensions, foundations, endowments, home offices and financial advisors to successful professionals and their families.

He began his career at AllianceBernstein in 2006, where he worked with financial advisors as a Senior Regional Consultant. In 2009, he joined BlackRock, where he was a Vice President within the iShares ETF business. Prior to joining Morgan Stanley in 2016, he worked at SKY Harbor Capital Management, where he was responsible for relationship management in the Americas.

He earned his BBA degree in Finance with a minor in Marketing from James Madison University in 2006. While at James Madison, he was a varsity member of the Track and Cross Country program and 2003 IC4A Men’s Cross Country Championship team. He was also a member of Phi Sigma Pi National Honors Fraternity.

Michael a CFA® Charter Holder and member of the New York Society of Securities Analysts (NYSSA).

Michael Lombardi, CFP®, Founding Partner, Chief Planning Officer

Prior to co-founding ShoreHaven Wealth Partners, he worked with Lawrence Durso in the Durso Wealth Management Group at Morgan Stanley since 2012. Mr. Lombardi began his career as a financial advisor at Wachovia Securities in 2006, shortly after earning his B.S. in finance from The College of New Jersey. He completed the Certified Financial Planning Program at Boston University and, in 2013, was awarded the CFP® certification.

Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

Sheryl Iannuzzelli runs the day-to-day operations of the team. She joined the Durso Wealth Management Group at Morgan Stanley in 1995. Ms. Iannuzzelli holds a bachelor’s degree from Seton Hall University.

About ShoreHaven Wealth Partners

ShoreHaven Wealth Partners is an independent wealth management firm based in Red Bank, New Jersey that works with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Their objective is to help clients enjoy what’s important in their lives, through the benefit of financial prosperity. For more information, please visit: www.ShoreHavenWealth.com and on Twitter: @ShoreHavenWP

About Dynasty Financial Partners

Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open architecture platform, enabling advisors to address their clients’ needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business. Dynasty’s core principle is “objectivity without compromise,” and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients. ​

For more information, please visit www.dynastyfinancialpartners.com.

Also visit Dynasty on social media:

LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners
Twitter: @DynastyFP
Youtube: http://bit.ly/1MKXhC8

Contacts

Media
Sally Cates

sallycates@dynastyfinancialpartners.com
212-373-1000

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Business

Hudson announces earnings call to discuss second quarter 2020 results

EAST RUTHERFORD, N.J.–(BUSINESS WIRE)–Hudson (NYSE: HUD) (“Hudson” or the “Company”), a North American travel experience leader with more than 1,000 stores in airports, commuter hubs, landmarks and tourist destinations, today announced that it will release its results for the second quarter ended June 30, 2020 before the market opens on Monday, August 3, 2020. The Company will hold a conference call and webcast on Monday, August 3, 2020 at 10:00 am ET to discuss its results.

We encourage participants to pre-register for the conference call using the following link: http://dpregister.com/10145976

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

A live, listen-only webcast of the call will be available at the following link: https://services.choruscall.com/links/hson200803.html

Those without internet access or unable to pre-register may dial in by calling:

PARTICIPANT DIAL IN (TOLL FREE): 1-833-255-2832

PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-6725

The webcast will be archived for three months on our investor relations website at https://investors.hudsongroup.com.

About Hudson

Hudson, a Dufry Company, is a travel experience company turning the world of travel into a world of opportunity by being the Traveler’s Best Friend in more than 1,000 stores in airport, commuter hub, landmark, and tourist locations. Our team members care for travelers as friends at our travel convenience, specialty retail, duty free and food and beverage destinations. At the intersection of travel and retail, we partner with landlords and vendors, and take innovative, commercial approaches to deliver exceptional value. To learn more about how we can make your location a travel destination, please visit us at www.hudsongroup.com.

Contacts

Investors/Media
Cindi Buckwalter

VP of Investor Relations & Corporate Communications

investorrelations@hudsongroup.com
communications@hudsongroup.com

Categories
Business

TD Ameritrade Institutional names 2020 RIA NextGen Scholarship & Grant winners

Ten-Year, $5M Initiative Seeks to Help attract a New, More Diverse Generation of RIAs and Expand Ranks of University Financial Planning Degree Programs

JERSEY CITY, N.J.–(BUSINESS WIRE)–$AMTD #RIA—TD Ameritrade Institutional1, a champion of registered investment advisors (RIAs) seeking to help the industry attract a new, more diverse generation of talent, today named the recipients of its 2020 RIA NextGen Scholarship and Grants. Now in its eighth year, the program aims to expand the pipeline of future financial planners joining the RIA industry and support the long-term sustainability of the financial planning profession.

TD Ameritrade Institutional has awarded 12 talented and deserving students with scholarships of $5,000 each, as well as grants of $15,000 each to six universities. These awards are designed to help alleviate a looming shortage of advisors, as more than 100,000 RIAs prepare to retire2, and develop a more robust, more diverse pipeline of talent.

To foster diversity in financial planning, four scholarships were awarded to students from under-represented demographic groups, including women, Blacks, Latinx, Native American and Asians. The 2020 TD Ameritrade Institutional RIA NextGen Scholarship winners are:

Abigail Adams

Utah Valley University

Valerie Carpenter

Texas Tech University

Claire Covey

Liberty University

Brad Curtis

Utah Valley University

Claire Herrmann

Kansas State University

Natalie Laggy-Coyle

University of Alabama

Garrett Leet

Western Kentucky University

Nelson Robinson

Prairie View A&M University

Anabelle Sanko

Kansas State University

Olivia Stingo

Kansas State University

Logan Sullivan

University of Missouri

Ellen Whall

Utah Valley University

TD Ameritrade Institutional also named its 2020 RIA NextGen Grant winners, schools that have demonstrated a commitment to educate and train the future financial planners. For the first time, the number of grants was expanded to six schools, each receiving a $15,000 grant, increasing the number of schools with new or enhanced degree programs.

And as part of TD Ameritrade’s commitment to fostering diversity, a grant for the first time was earmarked to support the development of financial planning programs at a Historically Black College and University, Hispanic-Serving Institution or Minority-Serving Institution. The grant winners are:

Central Washington University

Ellensburg, Wash.

Charleston Southern University

Charleston, S.C.

Franklin University

Columbus, Ohio

Rutgers University

New Brunswick, N.J.

University of Illinois at Urbana-Champaign

Urbana, Ill.

William Paterson University

Paterson, N.J.

“We’re pleased to offer scholarships to students who embody the bright future of our profession. Our industry together must do more to attract new talent to financial planning, a promising career path that’s never been more essential,” said Kate Healy, Managing Director of Generation Next at TD Ameritrade Institutional. “It’s equally important that firms offer opportunity to deserving candidates from outside traditional talent networks. With Black and Latinx planners representing less than 4 percent of CFPs,3 we have much more to do around raising awareness and building programs that can attract, support and develop professionals of color.”

Since 2013, TD Ameritrade Institutional has awarded 94 scholarships totaling nearly $500,000, as well as $1.2 million in grants to 21 universities. The RIA NextGen Scholarships and Grants program is part of a 10-year, $5 million commitment by TD Ameritrade Institutional to help RIAs attract a new generation by raising awareness of the career opportunities within financial services and helping future advisors fund their studies.

And to help the next generation secure job opportunities in the industry, TD Ameritrade Institutional in June launched RIAConnect® NextGen, an online tool that connects advisors seeking next gen talent with undergraduates and recent graduates interested in joining an advisory firm. Young professionals can create, at no charge, a profile for themselves and learn more about firms that expressed an interest in making hires.

About TD Ameritrade Institutional

TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., member FINRA / SIPC, a brokerage subsidiary of TD Ameritrade Holding Corp.

About TD Ameritrade Holding Corporation

TD Ameritrade provides investing services and education to more than 12 million client accounts totaling approximately $1.2 trillion in assets, and custodial services to more than 7,000 registered investment advisors. We are a leader in U.S. retail trading, executing an average of approximately 2 million trades per day for our clients, more than a quarter of which come from mobile devices. We have a proud history of innovation, dating back to our start in 1975, and today our team of 10,000-strong is committed to carrying it forward. Together, we are leveraging the latest in cutting-edge technologies and one-on-one client care to transform lives, and investing, for the better. Learn more by visiting TD Ameritrade’s newsroom at www.amtd.com.

Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) / SIPC (www.SIPC.org)

1 TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation.

2 Cerulli Associates, U.S. Advisor Metrics: The Next Generation of Planning, 2019

3 CFP Board Center for Financial Planning, Racial Diversity in Financial Planning, October 2018

Source: TD Ameritrade Holding Corporation

BI#1379211

Contacts

Media Contact
Joseph A. Giannone

Communications + Public Affairs

T: 201-369-8705

joseph.giannone@tdameritrade.com

Categories
Business

Columbia Care raises approximately $14 million of non-dilutive capital through second sale leaseback

The Transaction Includes the Company’s New Jersey Cultivation and Manufacturing Facility and Dispensary; Additional Sale Leaseback Financings Expected in 2H 2020

NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) announced the close of its sale leaseback transaction with Innovative Industrial Properties (NYSE:IIPR) (“IIP”) valued at approximately $14 million. The transaction includes the Company’s dispensary, cultivation and manufacturing facilities in Vineland, New Jersey, totaling approximately 54,000 square feet.

Upon closing, Columbia Care entered into a long-term, triple-net lease agreement with IIP and will continue to develop, operate, and manage the properties. The Company’s New Jersey dispensary commenced sales operations in June, while its cultivation facility recently completed its first harvest and is expected to sell finished, packaged products into both the wholesale and retail markets. Columbia Care expects to continue expanding its cultivation, manufacturing and packaging capabilities over the next 12 months, in addition to adding two more dispensaries and introducing home delivery throughout the state. New Jersey is a rapidly growing market that is expected to transition from medical-only to adult use in 1Q 2021. There are currently 78,000 registered patients and only 11 operating dispensaries in the state.

“Coupled with our other recent financing announcements, this incremental non-dilutive capital will bolster our already strong balance sheet and enable us to continue to execute against our growth and profitability initiatives across the United States,” said Nicholas Vita, CEO of Columbia Care. “With the adult use cannabis measure likely to be passed by New Jersey voters in November, we remain well-positioned to be one of the market leaders in the Garden State. Columbia Care is thrilled to partner with IIP as we capitalize on the positive tailwinds across our various markets and achieve adjusted EBITDA profitability later this year.”

IIP President and CEO Paul Smithers commented: “We are excited to partner with the team at Columbia Care as we believe the cannabis market in New Jersey is poised for strong growth in the coming years. We look forward to enabling Columbia Care to further its position as a leading operator in the state.”

About Columbia Care Inc.

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions1 and the EU. Columbia Care has completed more than 1.8 million sales transactions since inception and working in collaboration with renowned and innovative teaching hospitals and medical centers globally, continues to be a patient-centered health and wellness company setting the standard for compassion, professionalism, quality, care and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.

Caution Concerning Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. The Company has made assumptions with respect to its New Jersey operations including adult use legalization passage, home delivery, its ability to find suitable additional dispensary locations as well as its ability to negotiate additional lease arrangements satisfactory to the Company; complete all planned construction in a timely manner and attract qualified staff. Columbia Care has also made certain general industry assumptions in the preparation of such forward-looking statements including projections that may be impacted by macroeconomic factors and other factors not controllable by the Company. While Management believes its assumptions and forward-looking statements to be reasonable at the time of preparation, there can be no assurance that actual results will be consistent with such forward-looking statements. Investors are also advised to review other risk factors discussed under “Risk Factors” in Columbia Care’s Annual Information Form dated March 31, 2020, filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com and described from time to time in documents filed by the Company with Canadian securities regulatory authorities.

1 Includes Colorado, subject to successful completion of the acquisition of The Green Solution and W. Virginia industrial hemp cultivation license.

Contacts

Investor Contact:
Gary F. Santo, Jr.

Investor Relations

+1.212.271.0915

ir@col-care.com

Media Contact:
Gabriella Velez

5WPR

columbiacare@5wpr.com

Categories
Business

Innovative Industrial Properties acquires properties in New Jersey and enters into long-term leases with Columbia Care

SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on sale-leaseback transactions with subsidiaries of Columbia Care Inc. (Columbia Care) for two properties in New Jersey, an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.

The purchase prices for the properties were approximately $12.4 million in total (excluding transaction costs). Concurrent with the closings of the purchases, IIP entered into a long-term, triple-net lease agreement for each property with a subsidiary of Columbia Care, which intends to continue to operate the retail property as a regulated medical-use cannabis dispensary and the industrial property as a regulated medical-use cannabis cultivation and processing facility. Columbia Care is expected to complete additional tenant improvements for the industrial property, for which IIP has agreed to provide reimbursement of up to $1.6 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the two properties will be approximately $14.0 million.

Columbia Care (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult-use cannabis products and related services with licenses in 18 jurisdictions in the United States and the European Union. Columbia Care has completed more than 1.8 million sales transactions since inception and working in collaboration with renowned and innovative teaching hospitals and medical centers globally, continues to be a patient-centered health and wellness company setting the standard for compassion, professionalism, quality, care and innovation in the cannabis industry.

As the pioneering real estate investment trust (REIT) for the medical-use cannabis industry, IIP partners with experienced medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.

“Columbia Care is one of the preeminent cannabis operators in the United States, and we are thrilled to introduce them as a new tenant partner,” said Paul Smithers, President and Chief Executive Officer of Innovative Industrial Properties, Inc. “As one of the largest cannabis operators, Columbia Care is dedicated to providing the highest quality products and services to patients and customers, and we look forward to supporting them as a long-term real estate capital partner in New Jersey, including providing the additional real estate capital for further enhancements to their cultivation and processing facility.”

Added Nicholas Vita, CEO of Columbia Care: “Partnering with IIP provides Columbia Care with access to nondilutive capital that offers flexibility and provides us with the ability to continue to build and expand our cultivation, manufacturing, and retail capabilities in the markets that matter most.”

Last month, Columbia Care announced the opening of the dispensary location, as one of only three operators licensed to dispense medical cannabis in the southern region of New Jersey, and produced its first harvest this month at its cultivation and processing facility. Similar to other states, New Jersey authorities classified medical cannabis dispensaries as “essential,” allowing them to remain open during the coronavirus pandemic, while implementing additional safety and social distancing protocols to protect the health of patient customers and employees. Last month, the New Jersey Department of Health also enacted a waiver that allows licensed operators to provide home delivery of medical cannabis products to patients.

As of July 20, 2020, IIP owned 61 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Nevada, North Dakota, Ohio, Pennsylvania and Virginia, totaling approximately 4.5 million rentable square feet (including approximately 1.5 million rentable square feet under development/redevelopment), which were 99.2% leased (based on square footage) with a weighted-average remaining lease term of approximately 16.1 years. As of July 20, 2020, IIP had invested approximately $820.4 million in the aggregate (excluding transaction costs) and had committed an additional approximately $213.3 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at IIP’s properties. These statistics do not include up to approximately $7.0 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Illinois properties, or approximately $17.1 million that may be funded in the future pursuant to IIP’s lease with a tenant at one of IIP’s Massachusetts properties, as the tenants at those properties may not elect to have IIP disburse those funds to them and pay IIP the corresponding base rent on those funds. These statistics also treat IIP’s Los Angeles, California property as not leased, due to the tenant being in receivership and its ongoing default in its obligation to pay rent at that location.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

Innovative Industrial Properties Forward-Looking Statements

This press release contains statements that IIP believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the leases of the properties, Columbia Care and the New Jersey regulated cannabis market, are forward-looking statements. When used in this press release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Catherine Hastings

Chief Financial Officer, Chief Accounting Officer and Treasurer

Innovative Industrial Properties, Inc.

(858) 997-3332