Category: Lifestyle

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County Clerk shares news that Real ID requirement is delayed

TRENTON, N.J. — Mercer County Clerk Paula Sollami Covello would like to inform Mercer residents that the U.S. Department of Homeland Security has extended the deadline by two years for requiring citizens to have Real ID for domestic air travel and for entering federal buildings and facilities.

 

Starting May 7, 2025, you must have a Real ID-compliant driver license/ID to fly within the U.S. and regular driver’s licenses will no longer be accepted by the Transportation Security Administration (TSA) to fly domestically.  You still will be able to use a U.S. passport or passport card for identification.

 

It must be noted that until the deadline, a standard New Jersey driver’s license remains valid for air travel within the U.S. This extension will give state motor vehicle departments and travelers more time to prepare to meet the Real ID deadline.

 

Real ID complies with federal standards that impose stronger requirements to prove U.S. residency. Real ID is a more secure, federally mandated document that will be accepted at airports as identification and to enter federal buildings. The intent of Real ID is to ultimately reduce identity theft and fraud, and to enhance the nation’s security.

 

Passport books and passport cards will also remain as valid proof of identification for international travel and are Real ID compliant for domestic flights. The Mercer County Clerk’s Office offers both at its Trenton location and the County Connection site in Hamilton.

 

For the County Clerk’s passport office, please call 609-989-6473. Appointments can also be made at the Mercer County Connection, located at 957 N.J. Rt. 33, Hamilton. To schedule an appointment at County Connection, please contact the office at 609-890-9800. Or visit the County Clerk’s website at https://www.mercercounty.org/government/county-clerk. Please note that while our office also offers County ID Cards and Veteran ID cards, these are not useful to meet Real ID requirements.

 

For more information about Real ID and the requirements and documents needed to obtain one, you can visit https://www.state.nj.us/mvc/realid/. To apply for Real ID, appointments can be scheduled online at https://www.nj.gov/mvc/.

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Business Lifestyle

Best’s Special Report: U.S. insurers’ structured securities holdings continue to rise

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — Insurers continued to follow a years-long trend by increasing their structured securities investments in 2021, with 3% growth year over year to $1.14 trillion, according to a new AM Best special report. However, indications portray an uncertain picture for 2022 as issuances have dropped significantly.

The Best’s Special Report, “Insurers’ Structured Securities Holdings Continue to Rise,” also notes that despite the overall increase in holdings, insurers’ allocations to structured securities have shifted somewhat. Residential mortgage-backed securities still represent the largest allocation among structured securities despite insurers pulling back holdings by more than 30% since 2011. At the same time, commercial mortgage-backed securities have increased by 46% during the same timeframe and other asset-backed securities, which include collateralized loan obligations (CLO), have more than doubled.

 

According to the report, insurers have been investing more heavily in CLOs is the search for better yields on their portfolios, although the quality of CLOs is lower than that of the popular mortgage-backed securities, when viewed by NAIC ratings.

 

“In the past few years, other asset-backed securities, including CLOs, have made up a much greater proportion of other-than-temporary-impairments, rising to 27.3% in 2021 from 10.7% in 2019, and may continue to rise if concerns about pressure on the underlying collateral are realized,” said Helen Andersen, industry analyst, AM Best. “However, CLO issuance saw a drastic decline in 2021, and holdings are concentrated in larger insurers with the capacity for more rigorous due diligence and extensive research on the underlying collateral pool.”

 

As demand rises in the rising rate environment, the issuance of structured securities has seen a stark drop through October 2022, according to published reports, with credit cards being the only asset-backed security to see growth. The report adds that CLOs’ floating interest rates can be an advantage in a rising interest rate environment, although they also can increase risk on the underlying pool of borrowers.

 

Most structured securities are held by the life/annuity industry, at more than $800 billion in 2021. These securities have consistently made up a little less than a third of the bonds held by life/annuity companies the last decade. The property/casualty industry has been investing more heavily in structured securities the last few years, with its share of the industry’s bond holdings increasing to just under 30% in 2021. Health insurers hold the smallest dollar amount of structured securities, but the holdings represent the highest percentage of their total bonds. Structured securities can provide bond portfolio diversification, and AM Best views allocations to various types of structured securities as it would many other traditional asset classes.

 

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=327428.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Helen Andersen
Industry Analyst
+1 908 439 2200, ext. 5722
helen.andersen@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

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Business Lifestyle

AM Best to host analytical briefing on global reinsurance market conditions for 2023

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best will host an analytical briefing on Monday, Jan. 23, 2023 that will address the current global reinsurance market conditions and include a discussion of January 1 renewal season, changes in reinsurers’ risk appetites and evolving business models.

AM Best Managing Director Anthony Diodato will moderate the panel discussion, which is titled, “Roundtable Discussion on Renewals and What 2023 May Hold.” Panelists will include Carlos Wong-Fupuy, senior director, Global Re, AM Best, Somers Re CEO Liz Cunningham and Aditya Dutt, president of Aeolus Capital Management.

 

Additional topics of discussion will include the increased role of Delegated Underwriting Authority Enterprises (DUAEs), capacity in the retrocession and insurance-linked securities segments, and the market outlook for 2023. The hourlong event is scheduled to start at 10 a.m. EST.

 

To register for the complimentary briefing, please go to http://www.ambest.com/conferences/reinsurance2023/index.html.

 

Attendees can submit questions during registration or by emailing webinars@ambest.com. In addition, members of the news media will be presenting questions to the panel. 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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

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Business Entertainment News Lifestyle Perks

Parx Casino® launches cashless payment options

Sightline, Light & Wonder Partner to Deliver Cashless Gaming to Parx Guests

 

LAS VEGAS & BENSALEM, Pa. — (BUSINESS WIRE) — Parx Casino® today announced the launch of cashless gaming throughout the casino floor via a partnership between Sightline Payments and cross-platform global games leader Light & Wonder, Inc. (NASDAQ: LNW) (“Light & Wonder,” “L&W”). Sightline’s Play+ is the funding solution for the new Parx Wallet, enabling cashless play throughout the Parx Casino® floor. The Parx Wallet app connects into the Light & Wonder casino management system (CMS) deployed across the property.

Parx Casino® in Bensalem, Pennsylvania is a 260,000 square-foot gaming and entertainment destination. The property features more than 3,000 slot machines, nearly 200 table games, and a 50-table poker room, alongside restaurants, retail, and entertainment venues. In addition to being the leading casino in the Philadelphia market, Parx also operates betPARX, an online casino and mobile sports betting platform, which includes Parx Play+ payments solution.

 

“The Parx Wallet will provide tremendous benefits for our loyal customer base, enhancing their safety and security,” said Marc Oppenheimer, Chief Marketing Officer at Parx Casino®. “The ability to play cashless across our more than 3,000 slot machines with the Parx Wallet and Play+ will provide our customers with easy access to their funds both on and off property.”

 

Customers can download the Parx Wallet app, powered by Light & Wonder, on their smart phone. Once enrolled in Parx’s X-Club casino loyalty program, guests can set up a Parx Play+ account to fund their cashless gaming account through multiple sources, such as a debit card. Parx Play+ patrons will receive the Parx-branded Play+ Discover card in the mail, allowing them to spend their winnings wherever Discover is accepted.

 

Sightline is a leader in cashless payments technology and implements its proprietary, best-in-class security features in its solutions to protect a player’s funds.

 

“We’re thrilled to announce the launch of cashless at Parx Casino®,” said Mandi Hart, Chief Client Solutions Officer at Sightline. “Play+ has proven to be the most convenient, safe, and secure cashless solution on the market. We couldn’t be more ecstatic about what we’ve been able to accomplish alongside Parx and Light & Wonder to improve the customer experience and further the digital transformation of the gaming industry.”

 

“Light & Wonder is committed to exceeding player expectations,” said Jon Wolfe, Light & Wonder Senior Vice President, President of Global Systems & Service, Gaming. “Enabling new technologies by working with companies like Sightline is a way for us to provide the best possible digital experience and remain one of the industry’s leaders.”

 

This launch at Parx Casino® furthers the partnership between Light & Wonder and Sightline to deliver innovative cashless gaming technologies at casinos across North America.

 

© Light & Wonder, Inc. All rights reserved.

 

About Parx Casino®

Parx Casino® is owned and operated by Greenwood Racing Inc. and is the #1 revenue generating casino property in Pennsylvania. Parx Casino® is conveniently located 20 minutes north of center city Philadelphia on Street Road in Bensalem, Bucks County. Parx features over 180,000 square feet of gaming and sports wagering space with 3,000 slot machines, 148 live table games and 48 poker tables in a private room; live thoroughbred horse racing and simulcast action; Xcite Center, a 1,500 seat live entertainment venue; nine restaurants and bars; and complimentary parking for over 5,000 cars. In 2019, Parx Casino® launched sports betting with a $10 million world-class sportsbook and online sports betting. Greenwood Racing Inc. currently conducts online casino gaming and sports wagering operations in New Jersey and Michigan as well as in Pennsylvania under the betPARX brand.

 

About Sightline Payments

Sightline Payments is the U.S. sports betting and casino gaming market’s leading digital payments provider and mobile app developer. Sightline leverages cutting-edge technology to apply modern solutions to a traditionally cash-based industry projected to grow to more than $150 billion in the next few years. Sightline’s suite of mobile solutions gives consumers a safe, secure, and responsible way to fund their online and in-person gaming activities and enables casinos to offer cashless wagering and personalized loyalty options across the entire property. With more than 1.5 million Play+ accounts, 3 million mobile loyalty platform downloads, and 80+ partners across the sports betting, lottery, racing, and online and brick-and-mortar casino markets, Sightline is uniquely positioned to transform the traditional gaming landscape. Learn more at SightlinePayments.com.

 

About Light & Wonder, Inc.

Light & Wonder, Inc. (formerly known as Scientific Games Corporation), is the global leader in cross-platform games and entertainment. Light & Wonder brings together approximately 6,000 employees from six continents to connect content between land-based and digital channels with unmatched technology and distribution. Guided by a culture that values daring teamwork and creativity, Light & Wonder builds new worlds of play, developing game experiences loved by players around the globe. Its OPENGAMING™ platform powers the largest digital-gaming network in the industry. Light & Wonder is committed to the highest standards of integrity, from promoting player responsibility to implementing sustainable practices. To learn more, visit lnw.com.

Contacts

Press

Sightline

Caroline Ponseti

cponseti@theheraldgroup.com

Parx Casino

Carrie Nork Minelli

cnorkminelli@parxcasino.com

Light & Wonder

Media@lnw.com

Categories
Business Culture Lifestyle

Inflation will fuel more small business formation in 2023

Majority of Entrepreneurs Will Maintain Current Job While Starting a Side Hustle

 

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — Business formation continues to be at historically high levels, with concerns over cost of living and inflation motivating Americans to pursue a small business venture.

 

New research from Intuit QuickBooks shows this trend will continue in 2023 and of those survey respondents who say they plan to start a small business, two thirds (66%) indicate inflation and the need for additional income is behind their decision.

 

These findings and more are highlighted in the QuickBooks New Business Insights report, based on a recent survey of 15,200 U.S. adults commissioned by Intuit (NASDAQ: INTU), the global financial technology platform that makes QuickBooks, TurboTax, Mint, Credit Karma, and Mailchimp.

The report also uncovered several geographic trends related to business formation and where small business economic activity in the U.S. flourished in 2022 and is expected to increase in 2023:

 

  • Business formation continued to hover at a historically high level in 2022 with several states leading the pack: The states where the most residents reported starting a new business were Delaware (23%), Hawaii (22%), New Jersey (21%), Virginia (21%), and Maryland (20%).
  • These states are poised to lead the country in small business formation in 2023: The states with the highest number of residents who said they plan to start a business next year are New Jersey (42%), Florida (40%), Hawaii (40%), California (39%), Louisiana (38%), Maryland (38%), Georgia (37%), Nevada (37%), New York (37%), Delaware (37%), and South Carolina (37%).
  • While small business formation is at historically high levels, many of these new ventures will be side hustles: Creating a new small business as a side hustle is continuing to increase in popularity as people look to supplement their income amid inflation. Almost two-thirds (65%) of respondents indicated that they will continue to work for other employers at the same time as managing their new business ventures, suggesting that side hustles are increasing in popularity as people look for more income opportunities, particularly amid inflation.

 

“As we navigate the small business landscape post-pandemic, we’re seeing increased business formation as people look for new revenue sources and opportunities in a changing economy,” said Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Self-Employed Group.

 

“With an increase in small business creation, it’s imperative that we support them with the tools they need to successfully run and grow their business, especially as a majority of them lean into ecommerce, online lending solutions, and digital tools to gain customers and manage cash flow.”

 

Technology, and its ability to simplify many aspects of starting and running a business, continues to be a key driver of small business starts.

  • Technology has made it easier than ever to start a business: 45% of those surveyed indicated that the opportunities technology platforms enable is a key reason they decided to start a business.
  • E-commerce opportunities were identified as the strongest growth opportunities: 46% said that they would pursue an e-commerce business as their new business venture and 37% plan to pursue a job in the creator economy, driven by social media apps and services.
  • Accessing funding is top of mind for new business owners: While the majority of those surveyed (73%) indicated they’d use their own money or savings to start their businesses, roughly one in six (17%) said they will look to online lenders as an option, and more than one in five (23%) would consider a traditional bank.

 

This report and additional research and insights from Intuit QuickBooks are available here.

 

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

Source: Intuit Inc.

Contacts

Intuit QuickBooks:

Dan Mahoney

Dan_Mahoney@intuit.com

Jen Garcia

Jeng@accesstheagency.com

Categories
Culture Lifestyle Local News

Most Mercer County government offices to close for Christmas and New Year’s holidays

TRENTON, N.J. — Most Mercer County government offices and facilities will be closed Monday, Dec. 26, 2022, in observance of Christmas, and Monday, Jan. 2, 2023, for New Year’s observance.

 

 

The Mercer County Clerk’s Office in Trenton and the County Connection office in Hamilton will be closed on both Dec. 26 and Jan. 2. County Connection, which is normally open Saturdays, also will be closed Dec. 24 and 31.

 

All branches of the Mercer County Library System will close at 3 p.m. on Saturday, Dec. 24, and Saturday, Dec. 31, and will be closed on Dec. 25 and 26, and Jan. 1 and 2.

 

The following County offices and facilities will remain open: Trenton-Mercer Airport (except for administrative offices), Correction Center, Sheriff’s Office and the Emergency Services Communication Center.

 

Mercer County Park Commission facilities will have the following holiday hours:

 

  • TheTennis Center will be closed on Christmas Day but will be open Dec. 24 from 7:30 a.m. to noon, Dec. 31 from 7:30 a.m. to 6 p.m., and Jan. 1 from 7:30 a.m. to 7:30 p.m.
  • TheSkating Center will be closed Dec. 25 but will have public sessions Dec. 26 from 10 a.m. to noon, 1 to 3 p.m., 5 to 7 p.m. and 7:45 to 9:45 p.m., Jan. 1 from 10 a.m. to noon and 1 to 3:30 p.m., and Jan. 2 from 10 a.m. to 3 p.m.
  • All fivecounty golf courses will be closed Dec. 25 but will be open Dec. 26, and Jan. 1 and 2 from 8 a.m. to 2 p.m., weather permitting.
  • Mercer County Stableswill be open Dec. 24 from 7 a.m. to 3 p.m. and will be closed Dec. 25 and 26, and Jan. 1 and 2.
  • TheWildlife Center will be open, by appointment only, Dec. 25 and 26 between 10 a.m. and 3 p.m., and Jan. 1 and 2 between 10 a.m. and 3 p.m.

 

Howell Living History Farm is currently open Tuesday-Friday only, from 1 to 4 p.m., for gift shop sales and barnyard visits. (Milking demonstrations with Blizzard the cow will begin at 2 p.m.)

The farm will close for the season at 4 p.m. Friday, Dec. 23, and reopen Saturday, Jan. 28, 2023, for ice harvesting.

The Tulpehaking Nature Center and. Park Commission administrative offices will be closed Dec. 25 and 26, and Jan. 1 and 2. For more information on Park Commission facilities, visit www.mercercountyparks.org

Categories
Business Lifestyle

Cherry Hill Mortgage Investment Corporation announces common and preferred dividends for the fourth quarter 2022

FARMINGDALE, N.J. — (BUSINESS WIRE) — Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) today announced that on Dec. 15, 2022, its Board of Directors declared a dividend of $0.27 per share on the Company’s common stock for the fourth quarter of 2022. The dividend will be payable in cash on Jan. 31, 2023 to holders of the common stock of record as of the close of business on Dec. 30, 2022.

 

Additionally, Cherry Hill announced that its Board of Directors has declared a dividend of $0.5125 per share on the Company’s 8.20% Series A Cumulative Redeemable Preferred Stock and a dividend of $0.515625 per share on the Company’s 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the fourth quarter of 2022. The dividends will be payable in cash on Jan. 17, 2023 to holders of the applicable Series of Preferred Stock of record as of the close of business on Dec. 30, 2022.

 

About Cherry Hill Mortgage Investment Corporation

Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com.

 

Forward-Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, among others, statements relating to the Company’s long-term growth opportunities and strategies, expand its market opportunities and create its own Excess MSRs and its ability to generate sustainable and attractive risk-adjusted returns for stockholders. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2021, and other documents filed by the Company with the Securities and Exchange Commission.

Contacts

Investor Relations

(877) 870 – 7005

InvestorRelations@CHMIreit.com

Categories
Business Lifestyle

AM Best downgrades credit ratings of Wawanesa General Insurance Company (U.S.); affirms Credit Ratings of The Wawanesa Mutual Insurance Company and Wawanesa Life Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has downgraded the Financial Strength Rating (FSR) to B (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Good) from “a-” (Excellent) of Wawanesa General Insurance Company (Wawanesa General) (San Diego, CA). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications.

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of The Wawanesa Mutual Insurance Company (Wawanesa Mutual). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Wawanesa Life Insurance Company (Wawanesa Life). The outlook of these ratings is stable. All companies are headquartered in Winnipeg, Manitoba, Canada, unless otherwise specified.

 

The ratings of Wawanesa General reflect its balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The downgrade of the ratings of Wawanesa General reflects the significant decline in policyholder surplus during 2022, which accelerated in third-quarter 2022, resulting from a downturn in operating performance driven by an increase in loss costs due in part to the current inflationary environment. The weakened performance has been significantly impacted by the inability to secure adequate rate increases from California’s department of insurance. Results have also been negatively impacted by $54.1 million in adverse reserve development occurring on prior accident years through Sept. 30, 2022. The ratings will remain under review with negative implications pending further discussions with management as AM Best assesses the ongoing impact of the California automobile marketplace on Wawanesa General.

 

The ratings of Wawanesa Mutual reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The stable outlooks reflect the expectation that Wawanesa Mutual’s rating fundamentals will remain unchanged over the intermediate term. Risk-adjusted capitalization, as measured by BCAR, is expected to remain at the strongest level given the company’s conservative capital management. Although moderately volatile, operating performance is expected to remain adequate, supported by investment earnings that have generally offset underwriting losses and driven organic growth in policyholder surplus.

 

The ratings of Wawanesa Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. Wawanesa Life’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supports the company’s business, investment and insurance risks. In addition, the company maintains a robust Life Insurance Capital Adequacy Test (LICAT) ratio. The stable outlooks reflect the expectation that Wawanesa Life will maintain a balance sheet assessment at the very strong level over the intermediate term with adequate operating results contributing to surplus growth. In addition, the stable outlooks reflect AM Best’s expectations that Wawanesa Life will maintain its strategic importance to Wawanesa Mutual over the intermediate term.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Gordon McLean
Senior Financial Analyst
+1 908 439 2200, ext. 5304
gordon.mclean@ambest.com

Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Lifestyle Travel & Leisure

Cenntro Electric Group to unveil Logistar 300 at CES

Class 3 Truck Added to All Electric Commercial Line, to Launch in North America in Q3 2023

 

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV and Alternative Fuel technology company with advanced, market-validated electric commercial vehicles, today announced it will expand its lineup with the addition of a new all electric commercial van, the Logistar 300 (“LS300”), which will make its world premiere at the upcoming 2023 Consumer Electronics Show (CES), taking place January 5-8, 2023 in Las Vegas.


The LS 300 is a Class 3 vehicle and will be available in two variations: as a van and a truck. The range and capacity of the LS300 will make it a strong contender in the commercial EV market for last mile delivery and urban services. The LS300 is equipped with a 118kWh lithium iron phosphate (LFP) battery, a max speed of 75 mph and the range of 273 miles (440 km).

 

The van version features four doors for easy access and the truck variation can be upfitted with different configurations that can meet the needs for multiple applications.

 

Cenntro will assemble the LS300 at its Jacksonville, FL and Freehold, NJ assembly plants. The market demand for this type of vehicle is robust, particularly for last mile delivery markets. The LS300 will launch in North America with production and distribution expected in Q3 2023.

 

“The LS300 is well-positioned to meet the rapidly growing demand in the United States for commercial EVs,” said Peter Wang, Chairman and CEO of Cenntro. “The Logistar 300 is another strong addition to our commercial vehicle lineup, providing fleets and businesses with best-in-class EV technology that supports the most robust operating cycles. The vehicle joins our Logistar Series following the LS100, LS200, LS260, and LS400. Now, we have a full line of commercial EVs in multiple configurations for last mile delivery. We look forward to showcasing the LS300 along with our complete lineup at CES in January.”

 

The LS300 is one of five world premieres that Cenntro will unveil at Booth 5840 in the West Hall where Cenntro will display its complete All Electric Commercial product line. The exhibit will include the full Logistar line which features the versatile, compact cargo van, the LS100, the multi-purpose LS200 available in van or box truck configurations, the segment-defining LS260 van, and the Class 4 LS400 purpose-built for last mile delivery and urban services. Cenntro will also showcase its first hydrogen fuel cell vehicle, the Class 8 LMH864, at CES.

 

For more information or to request a booth meeting, please contact: ir@cenntroauto.com

 

About Cenntro Electric

Cenntro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro has committed to lead the transformation of commercial fleets to zero-emissions vehicles and develop a full line of zero-emission commercial vehicles through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro’s website at: www.cenntroauto.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the SEC, including the “Risk Factors” in Cenntro’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.

 

Contacts

Investor Relations Contact:

Chris Tyson

MZ North America

CENN@mzgroup.us
949-491-8235

Categories
Lifestyle Local News Science Travel & Leisure

Mercer reopens bridge on Lower Ferry Road in Ewing Township

EWING, N.J. — Mercer County Executive Brian M. Hughes and the Department of Transportation and Infrastructure today reopened the bridge carrying Lower Ferry Road (County Route 643) over Gold Run in Ewing Township, marking the occasion with a ceremonial ribbon-cutting.

Photo caption: County Executive Brian M. Hughes, center, cuts the ribbon on the new Lower Ferry Road bridge in Ewing Township. Joining him are, from left, Carlos DaSilva, CMS Construction Inc; Michael Drobny, French & Parrello Associates; Ewing Business Administrator Jim McManimon, Deputy County Administrator Aaron T. Watson, County Commissioner Terrance Stokes, County Engineer Basit “Sunny” Muzaffar, Assistant County Engineer Jason Mildenberg and County Supervising Engineer Joseph Vena.

 

Officially known as Bridge #415.2, the structure is located between State Route 29 and Sullivan Way. The bridge construction project was completed on schedule in 135 calendar days, County Executive Hughes said.

“This was a lengthy but necessary project and I thank our residents and businesses for their patience during the construction process,” the County Executive said. “We know that these types of projects cause a temporary inconvenience, but I am committed to ensuring that our roads and bridges meet the highest safety standards.”

 

During construction, the bridge was closed to vehicular traffic on a 24/7 basis. A detour was posted directing motorists to Route 29 to Sullivan Way then ending at Lower Ferry Road.

 

The old bridge carrying Lower Ferry Road over Gold Run was a reinforced concrete box culvert. The structure was considered structurally deficient due to a wide vertical crack in one of the sidewalls.

 

The replacement bridge is a single-span structure supported on a cast-in-place spread footing substructure. The superstructure consists of segmental precast rigid frames. There is a cast-in-place reinforced concrete deck on-top the structure and precast approach slabs protected by a 1-inch-thick polyester polymer concrete overlay. The new structure is designed to aesthetically match the old structure with a stone masonry façade and has been upgraded to current New Jersey Department of Transportation standards with a new sidewalk, open bridge railing and guide rail at all four corners.

 

The successful bidder for the project was CMS Construction Inc. of Plainfield, which submitted a bid price of $2,238,003. The contract was approved by the Mercer County Board of Commissioners on March 24, 2022.

 

In addition, Mercer County planted two dozen new trees and shrubs in the right-of-way as part of the project.