OLDWICK, N.J. — (BUSINESS WIRE) — Given the accounting differences for global insurance companies in different jurisdictions and compared with other industries, a new global minimum tax on certain multinational companies creates the potential for double taxation on such insurance companies, according to a new AM Best commentary.
An Organization for Economic Cooperation and Development (OECD) proposal includes a new minimum tax rate of 15% that would apply to companies, including insurers, with revenue above 750 million euros. In its Best’s Commentary, “OECD Announces Agreement Toward Global Minimum Tax,” AM Best states that the application of this new stipulation could be challenging for insurers with longer-duration coverages, as profits may not be realized at the point of sale, unlike other industries. The use of deferred tax balances by insurers allows for timing differences between accounting regimes. The insurance industry has sent comments to the OECD recommending that such deferred taxes be taken into account when determining the effective tax rate. Without such consideration, insurers could see double taxation and would not be treated on par with other industries.
The impact will depend on the final nature of the laws passed by respective governments, exemptions that some protective governments may seek to sustain their competitive advantage and accounting interpretations.
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.
WOODCLIFF LAKE, N.J. — (BUSINESS WIRE) — BMW of North America today reported Q3 2021 sales of 75,619 BMW vehicles in the U.S., an 8.7% increase compared to the same period last year. Year-to-date, BMW brand sales total 243,613 vehicles, an increase of 35.4% increase over the first three quarters of 2020.
The company also reported Q3 2021 sales of 6,445 MINI vehicles in the U.S., a 28.9% decrease compared to the time last period year. Year-to-date, MINI sales total 22,070, an increase of 12.7% over the first three quarters of 2020.
BMW’s U.S. manufacturing operations in Spartanburg, South Carolina continue to play a pivotal role in the company’s success through the first three quarters. The plant produces both the BMW X3 and BMW X5, the two best-selling BMW vehicles in the U.S., as well as the BMW X4, BMW X6 and BMW X7.
“It has been a challenging year, but our dealers have done an incredible job managing through it, and driving success for our business,” said Sebastian Mackensen, president and CEO, BMW of North America. “We anticipate strong consumer demand through the remainder of the year and are managing inventory levels closely to continue our positive sales momentum.”
Table 1: New Vehicle Sales BMW of North America, LLC, Q3 2021*
Q3 2021
Q3 2020
%
YTD Q3 2021
YTD Q3 2020
%
i3
426
616
-31.0%
1,277
868
47.0%
i8
2
48
-96.0%
12
163
-93.0%
2 Series
3,211
4,190
-23.4%
12,551
9,766
28.5%
3 Series
13,591
10,394
30.8%
37,367
28,720
30.1%
4 Series
3,772
1,676
125.1%
16,305
5,633
189.5%
5 Series
4,837
5,363
-9.8%
18,538
15,698
18.1%
6 Series
5
27
-81.5%
53
145
-63.4%
7 Series
2,072
1,369
51.4%
5,987
4,217
42.0%
8 Series
1,820
2,119
-14.1%
5,601
5,560
0.7%
Z4
833
720
15.7%
1,724
2,175
-20.7%
X1
3,513
3,643
-3.6%
13,535
10,083
34.2%
X2
1,506
1,752
-14.0%
4,873
5,806
-16.1%
BMW passenger cars
35,588
31,917
11.5%
117,823
88,834
32.6%
X3
17,720
16,326
8.5%
53,993
36,400
48.3%
X4
2,520
1,620
55.6%
6,871
4,781
43.7%
X5
12,536
12,830
-2.3%
41,780
31,985
30.6%
X6
2,063
1,995
3.4%
6,675
4,447
50.1%
X7
5,192
4,882
6.3%
16,471
13,535
21.7%
BMW light trucks
40,031
37,653
6.3%
125,790
91,148
38.0%
BMW brand
75,619
69,570
8.7%
243,613
179,982
35.4%
Cooper /S Hardtop 2 Door
1,690
2,721
-37.9%
5,926
5,630
5.3%
Cooper /S Hardtop 4 Door
979
1,608
-39.1%
3,725
3,524
5.7%
Cooper /S Convertible
646
818
-21.0%
2,680
2,163
23.9%
Cooper /S Clubman
677
907
-25.4%
1,935
1,942
-0.4%
Countryman
2,453
3,010
-18.5%
7,804
6,330
23.3%
MINI brand
6,445
9,064
-28.9%
22,070
19,589
12.7%
TOTAL BMW of North America, LLC
82,064
78,634
4.4%
265,683
199,571
33.1%
BMW Certified Pre-Owned Vehicles.
BMW reported Q3 2021 certified pre-owned vehicle sales of 26,048, an 8.7% decrease from the same quarter a year ago. Year-to-date, BMW certified pre-owned vehicle sales total 86,563, a 4.6% increase over the first three quarters of 2020.
MINI Certified Pre-Owned Vehicles.
MINI reported Q3 2021 certified pre-owned vehicle sales of 2,691, a decrease of 0.3% from the same quarter a year ago. Year-to-date, MINI certified pre-owned vehicle sales total 8,802, a 20.3% increase over the first three quarters of 2020.
# # #
*The sales reported in today’s figures are of BMW passenger cars and light trucks, as well as MINI passenger cars. Consistent with auto industry practice in the U.S., BMW of North America follows the U.S. Auto Industry Sales Release Schedule issued annually by Motor Intelligence for purposes of reporting sales of BMW passenger cars and light trucks and MINI passenger cars. As a result, the sales of BMW passenger cars and light trucks and MINI passenger cars reflected in today’s Q3 2021 figures occurred between July 1, 2021 and September 30, 2021.
# # #
About BMW Group in America
BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and the Rolls-Royce brand of Motor Cars; Designworks, a strategic design consultancy based in California; a technology office in Silicon Valley, and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is the BMW Group global center of competence for BMW X models and manufactures the X3, X4, X5, X6 and X7 Sports Activity Vehicles. The BMW Group sales organization is represented in the U.S. through networks of 350 BMW passenger car and BMW Sports Activity Vehicle centers, 143 BMW motorcycle retailers, 116 MINI passenger car dealers, and 38 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group’s sales headquarters for North America, is located in Woodcliff Lake, New Jersey.
XO World and XO Play Sculptures Aim to Promote Equality, Unity, Peace, and Love, and Ignite a Worldwide “Share the Love” Movement
NEW YORK — (BUSINESS WIRE) — XO World Project today announced it will display two monumental sculptures in New York City to celebrate World Peace Day on September 21, 2021. To promote equality, unity, peace, and love, artist Daniel Anderson created the XO World sculpture and its companion, the XO Play sculpture. Both represent new public artworks that will be located on the World Trade Center campus.
“As our society faces unprecedented challenges stemming from a global pandemic, economic recovery, racial inequity, and territorial conflicts, World Peace Day offers the perfect backdrop to unveil these two inspiring sculptures intended to bring people together,” said Anderson.
The XO World sculpture is 12 foot in height and 24 feet long. It is inspired by the game of jacks, which is played by many cultures worldwide and dates to approximately 2,000 years ago. The “X” is illustrated by the “Jack” with crossed arms attached to the spoke, representing LOVE in universal sign language. The “O” in the “XO” is represented by the globe. The XO World will be installed in front of One World Trade Center on the West Plaza at 285 Fulton Street.
The XO Play is a sculpture of multi-racial children engaged in the game of jacks. This is reminiscent of our childhood’s innocent and harmonious co-existence with friends and effortless ability to make new friends. XO Play will be installed in the Oculus at World Trade next to the 911 Memorial. By choosing New York City for its debut, the XO World Project aims to propel a message of hope, resilience, and inclusion.
“I am excited to showcase these sculptures in New York City, the epicenter of the world, and encourage people of all ages to share the love,” added Anderson. “My inspiration for these sculptures came from children and their open acceptance of others. A child’s mind and heart are free of prejudice regardless of race, gender, or religion, which is how we should all strive to emulate.”
The combination of the outdoor XO World and indoor XO Play sculptures are intended to ignite a global “Share the Love” movement embracing equality, unity, peace, and love. Anderson’s goal is to bring people together for future generations.
“We are proud to partner with XO World Project to bring public art back to the World Trade Center,” said Jonathan (Jody) Durst, President of The Durst Organization. “We hope Daniel Anderson’s message of unity and peace will inspire everyone who sees XO World.”
It is XO World Project’s unwavering belief that children have the power to change the course of the future through strong community, hope, peace for a better tomorrow. XO World Project has partnered with charitable organization Operation International Kids whose mission is to make difference in medical care for those in need. Additional support for the New York City launch includes The Port Authority of New York and New Jersey and The Durst Organization.
“Share the Love” Social Media Campaign
XO World Project is encouraging visitors to take a selfie in front of the XO World sculpture at One World Trade Center, posing with arms crossed over their chest to replicate the ‘X-O’ sculpture and post on social media using the hashtag #SharetheLove.
Ribbon Cutting Event
The XO World and indoor XO Play sculptures will be officially unveiled at a ribbon cutting ceremony on September 21 at 3:00 PM at One World Trade Center and 4:00 PM inside the Oculus World Trade (3-minute walk).
Future Installations
XO World Project plans to install the XO World and XO Play sculptures in Paris in 2022, and in London, Hong Kong, Moscow, and Dubai thereafter.
ABOUT XO World Project
In 2017, artist Daniel Anderson created XO World Project to encourage people to “Share the Love” through sculptures representing the innocence of children and their open acceptance of others. The XO World Project aims to inspire people worldwide to actively seek peace, love, and inclusion by engaging with the play principles of youth when all races, ages, genders, religions, and nationalities are welcomed. To learn more about XO World Project, visit: www.XOWorldProject.com. To learn more about Daniel Anderson, visit: https://www.danielandersonart.com.
Through its unique mobile application, Concreit is providing an alternative savings vehicle to simplify real estate investing by facilitating weekly earned payouts with on-demand customer withdrawals
SEATTLE — (BUSINESS WIRE) — #Danastalder—Concreit, the company opening diversified real estate investing to everyone, today announced that it has closed $6 million in seed funding in a round led by Matrix Partners. Hyphen Capital, as well as individual investors including Jon Stein, founder and CEO of Betterment; Andy Liu, partner at Unlock Venture Partners; and investor and advisor Ben Elowitz. Dana Stalder, general partner at Matrix, will join the Concreit board of directors.
Today also marks the official launch of the Concreit app, which enables anyone to invest in the global multi-trillion dollar private real estate market for as little as $1(1). Most investors can open a Concreit account and make their first investment in minutes on their mobile device. The platform facilitates weekly earned payouts, automated investments and on-demand withdrawals, while compounding earned payouts weekly(2). Concreit’s first private REIT fund(3), focused on passive income, consists of lower-risk fixed-income private market residential and commercial real estate first-lien mortgages, which has an annualized return of 5.47%(4). The fund is managed by a team of industry professionals with an aggregate of over $10B in asset management experience.
Many popular real estate (“RE”) platforms burden investors with choosing properties and deals—presenting the paradox of choice. Concreit simplifies and demystifies real estate by giving investors access to simplified passive income.
“We are democratizing the real estate investing process because everyone deserves equal access to the opportunities that can change their financial situation,” said Concreit CEO and founder Sean Hsieh. “When I made a bit of money in my last company, I wanted to invest it intelligently. I saw the opportunity to earn a great APR through private real estate investing, while gaining less correlation with traditional public stocks or bonds markets. But they were only for the already wealthy or required multi-year commitments of capital. Concreit gives everyone access to a real estate portfolio and the ability to have access to withdrawals when they need them.”
A Better Way to Invest
Real estate investing has fueled some of the world’s largest investment portfolios for years(5), but many traditional real estate funds require heavy upfront investments ranging from $10,000-$100,000. Investors also need investing experience to navigate complexities of the real estate market, preventing the majority of would-be investors from participating. Additionally, traditional private fund investors typically receive redemptions on a quarterly basis, at best. Concreit changes all of this by facilitating on-demand customer withdrawals.
The Concreit platform provides an innovative and flexible investing experience to anyone interested in capitalizing on the real estate market. It enables consumers to invest incrementally; they can add money when it’s convenient or financially feasible for them. They can also take advantage of auto-invest scheduling to help grow potential returns even faster due to the compounding attributes. Additionally, Concreit automatically reinvests dividends to help compounding seamlessly, but unlike investors in traditional real estate funds, Concreit investors can schedule withdrawals whenever they want access to their money, subject to availability and approval; dividends can be paid weekly.
Early investors have increased their overall contributions by an average of 5x over the lives of their accounts(6). Given this early traction, Concreit is now ready to formally launch and promote its platform so that more consumers can take advantage.
“Concreit is my perfect way to decouple from Wall Street’s public markets and gain the potential for meaningful weekly dividend payouts,” said Brandon T., a Concreit investor from New Jersey. “The automatic Instant Earn feature is not offered by other fintech companies. Concreit has been a fantastic complement to diversify and add to my overall portfolio.”(7)
Humble Beginnings
Concreit was founded by Hsieh and Jordan Levy, a pair of serial entrepreneurs who previously founded and bootstrapped the successful VoIP communications platform, Flowroute. Upon Flowroute’s acquisition in 2018, Hsieh and Levy wanted to build a company that could help everyday people become more financially secure. Hsieh, a second-generation immigrant, grew from humble beginnings working in his family’s restaurant, where they shared the dream of achieving financial freedom through real estate.
Similarly, Levy grew up watching his parents build a small construction business from scratch. He was intrigued by the idea of passive income through single family rental homes, but became disillusioned with the overhead, risk and hassle of managing one’s own single family rental investments. Drawing on these formative experiences, as well as their technology expertise, Hsieh and Levy set out to design a mobile-first offering that could enable small investors to benefit from real estate without the burden of making repairs at 2 a.m. on a Saturday. With Concreit, people gain the financial benefits of real estate investing without the complications.
“What Concreit has built is incredibly hard to do from both a technology and regulatory standpoint, but Sean and Jordan are absolutely driven to make it not just a viable platform for investing, but an outstanding and rewarding experience for even the most novice, passive investors,” said Matrix’s Dana Stalder. “The economics speak for themselves, and the flexibility Concreit allows should motivate anyone to jump into real estate investing.”
Available now, there are no fees to invest on the platform or mobile app. Download it from the App Store or Google Play and start your investment journey with Concreit today.
About Concreit
Concreit is opening the opaque world of private real estate investing to the masses. Its free mobile app allows consumers to invest as little as $1 into a fund managed by a team of investment professionals. Withdrawals can be requested at any time through the app and sent upon approval, empowering investors to achieve financial goals easier than ever before. Concreit is based in Seattle and backed by fintech experts and top technologists, including Matrix Partners, Hyphen Capital, Jon Stein, Andy Liu and Ben Elowitz.
Securities offered through Dalmore Group, LLC, member FINRA & SIPC.
Investing in real estate involves risks including the potential loss of principal. A real estate portfolio is subject to risks similar to those associated with the direct ownership of real estate and real estate debt, as the investments are sensitive to factors such as changes to real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer & borrowers. Portfolios concentrated in real estate assets may experience price volatility and other risks associated with non-diversification. US real estate investments may also be affected by tax and regulatory requirements. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there is no assurance that a portfolio will match or outperform any particular benchmark. There is no guarantee that investment objectives will be achieved, and past performance is not indicative of future results. Concreit is not a bank and does not provide accounts that are FDIC insured.
On-demand withdrawals mean that investors may request withdrawals at any time, subject to manager approval.
Concreit Fund 1 LLC is presently a private equity real estate fund that intends to elect for REIT status when it is eligible.
The annualized return was calculated from July 1, 2020 to July 1, 2021 of investments in the Concreit Fund I LLC, a private real estate fund.
Edward N. Wolff. National Bureau of Economic Research. “Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?” November 2017. https://www.nber.org/papers/w24085
This data was averaged from all investors that signed up from July 1, 2020 to August 31, 2020 and calculated until May 31, 2021.
The persons providing the testimonials on this website have experience in the services that Concreit provides. Their respective experience with Concreit may not be representative of all other Clients of Concreit. Testimonials are not paid for by Concreit. Testimonials do not constitute a guarantee of future performance or success related to any product, transaction or service.
New Credit Card Program Offers New Ways to Earn Rewards Across Pottery Barn, Williams Sonoma, West Elm And More, Plus Best-In-Class Rewards On Grocery And Dining
SAN FRANCISCO — (BUSINESS WIRE) — Williams-Sonoma, Inc. (NYSE: WSM), the world’s largest digital-first, design-led and sustainable home retailer, officially announced today the launch of The Key Rewards Credit Card Program with Capital One that will reward cardmembers on purchases made at Williams Sonoma, Inc. brands and everywhere the card is accepted. The new cards are designed to enhance and improve upon Williams-Sonoma, Inc.’s best-in-class rewards program, The Key Rewards.
The Key Rewards Credit Card Program
With The Key Rewards Credit Card Program, cardmembers can earn rewards on purchases across Williams-Sonoma, Inc. brands including Williams Sonoma, Williams Sonoma Home, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, Mark & Graham and West Elm – both online and in-store – for a simplified cross-brand shopping experience. The Visa card also rewards members with best-in-class rewards on grocery and dining.
The Key Rewards Credit Card Program offers unlimited:
10% rewards on purchases at Williams Sonoma, Pottery Barn, West Elm and Mark & Graham for the first 30 days, and 5% thereafter
OR 12-month promotional financing on purchases of $750 or more
With the co-brand Visa card, cardmembers will also earn:
4% rewards at grocery stores and restaurants; and
1% rewards everywhere else the card is accepted
“Our partnership with Capital One and the introduction of The Key Rewards Credit Card Program will provide enhanced opportunities to reward existing and new customers for shopping online and in our stores across all of our brands,” said Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc.
Even More Rewards for Cardmembers
In addition to earning valuable rewards towards purchases at the Williams-Sonoma, Inc. family of brands, cardmembers will also enjoy:
Free standard shipping at Williams Sonoma
$25 birthday reward
$0 annual fee
Early access to promotions
Sneak peeks of new collections
Cross-brand design services with Design Crew, including free consultation with design experts
Available in four designs, The Key Rewards Credit Card Program, iscomprised of:
Visa Signature Cards: Williams Sonoma Key Rewards Visa, Pottery Barn Key Rewards Visa, West Elm Key Rewards Visa, Key Rewards Visa
Private-label Credit Card: Williams Sonoma Key Rewards Card, Pottery Barn Key Rewards Card, West Elm Key Rewards Card, Key Rewards Card
Cardmembers can also take advantage of digital tools from Capital One that look out for customers and their money, including: real-time purchase notifications, security alerts, 0% fraud liability if the card is lost or stolen, and the ability to lock and unlock their card directly through the Capital One mobile app.
“Our mutual commitment to providing an enhanced customer experience is engrained throughout the new credit card program,” said Buck Stinson, SVP, Card Partnerships at Capital One. “The cross-brand approach, paired with rewarding cardmembers for exploring their complementary interests in the form of valuable benefits and enhanced rewards, was a top priority.”
Commitment to Sustainability
Both partners are bringing their commitment to sustainability to The Key Rewards Credit Card program by offering Capital One’s first co-brand recycled plastic credit card. The cards – which are made from 85.5% recycled materials – help to reduce the amount of plastic that will eventually make its way into landfills, and underscores both companies’ commitment to protecting the planet from mindful manufacturing to energy efficiency.
For more information about The Key Rewards Credit Card, please visit: www.thekeyrewards.com
Eligible Williams Sonoma, Pottery Barn, and West Elm cardholders from prior credit card programs have automatically migrated to the new program.
About Williams-Sonoma, Inc.
Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our loyalty and credit card program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. We are also proud to lead the industry with our ESG efforts. Our company is Good By Design — we’ve deeply engrained sustainability into our business. From our factories to your home, we’re united in a shared purpose to care for our people and our planet.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $310.3 billion in deposits and $425.2 billion in total assets as of March 31, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
Visit the Capital One newsroom for more Capital One news.
AeroFarms’ newest indoor vertical farm will be the largest of its kind dedicated to the latest in Research & Development
NEWARK, N.J. — (BUSINESS WIRE) — $SV–AeroFarms, a certified B Corporation and leader in indoor vertical farming, today announced that AeroFarms AgX LTD, its wholly owned subsidiary in the United Arab Emirates (“AeroFarms AgX”), has started construction in Abu Dhabi on the company’s state-of-the art Research Center focused on the latest developments for indoor vertical farming, innovation, and AgTech.
In partnership with the Abu Dhabi Investment Office (ADIO), which is focused on enabling investment opportunities in Abu Dhabi, AeroFarms AgX will bring innovative research and development to the UAE and the Middle East to advance sustainable controlled environment agriculture (CEA) and vertical farming and help address broader global agriculture supply chain issues.
Last year, ADIO announced that it is providing $150 million in incentives to bring global AgTech pioneers to Abu Dhabi, including its partnership with AeroFarms to build a vertical farming facility dedicated to developing next generation agriculture in arid and desert climates. The transformational R&D conducted at AeroFarms AgX is expected to enable new business lines, technologies, and growth of the AeroFarms platform, while serving as a hub for regional expansion. AeroFarms AgX is expected to be completed and operational in the first quarter of 2022.
H.E. Dr. Tariq Bin Hendi, Director General of ADIO, said: “This important milestone for AeroFarms AgX is another step in the realization of Abu Dhabi’s mission to ‘turn the desert green’. In line with this goal, ADIO is supporting innovative technology that has the potential to impact farming practices across the globe and improve the food production value chain worldwide. AeroFarms AgX will add to the growing capabilities of Abu Dhabi’s agriculture ecosystem while benefiting from the emirate’s plentiful land, natural heat, competitive energy prices, access to research universities, and skilled talent.”
At 54,000 square feet, AeroFarms AgX will be the largest indoor vertical farm of its kind for research and development in the world, leading the way in breakthrough innovation to solve some of the world’s most pressing agriculture challenges. AeroFarms AgX will employ a projected 60 highly skilled engineers, horticulturists and scientists and will have high-tech laboratories conducting organoleptic research and precision phenotyping, phytochemical analysis, advanced speed breeding, as well as next-generation machine vision, machine learning, robotics, and automation. AeroFarms AgX will also play a key role in Abu Dhabi’s AgTech ecosystem by working with local universities on research projects to tackle problems of agriculture within desert and arid climates.
David Rosenberg, Co-Founder and CEO of AeroFarms, commented: “This is an important development for AeroFarms as we expand globally and leverage our R&D and growing expertise. AeroFarms has been the global leader for controlled environment agriculture since 2004, and we will utilize this cutting-edge R&D Center to conduct the latest research in plant science, vertical farming and automation, accelerating innovation cycles and commercializing products. Our vision has always been to leverage our expertise in plant biology and build on our successful history of collaborating with government, universities, industry and major international companies. We are pleased to take this step forward and proud to be a catalyst for helping to establish the Emirate of Abu Dhabi as a global hub for AgTech innovation.”
About AeroFarms
Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation Company with global headquarters in Newark, New Jersey, United States. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides ever versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has grown over 550 varieties and has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.
On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol “ARFM”. Additional information about the transaction can be viewed here: https://aerofarms.com/investors/
No Offer or Solicitation
This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might,” “will,” “estimate,” “continue,” “contemplate,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this presentation, including those regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q, final prospectus dated November 25, 2020 and preliminary proxy statement/prospectus dated June 22, 2021 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
MONTCLAIR, N.J. — Like several U.S. public television stations, New Jersey Network, (NJN), struggled for funding, but lost in 2011 and is now New Jersey public Television, (NJTV), operating from college campuses.
Gov. Chris Christie of New Jersey decided he no longer wanted to be in the television business. Therefore, in June 2011, he stopped state funds to the 43-year-old NJN and closed the State-owned building in Trenton. This forced several employees out of work and left NJN to find a new business location, a different schedule, a smaller workforce, and a new name.
Photo by Michelle Dryden John Servidio, general manager of NJTV, sits in a conference room at Montclair State University in March, where he discusses the operations of the new television station. He said that NJTV is doing well, but it needs money to continue to operate as an improved public television station in New Jersey.
John Servidio, general manager of NJTV and a Montclair resident, said that, “NJN was financed primarily by the State of New Jersey when it was in operation. Gov. Christie’s administration decided that it wasn’t wise for the State to be financing a station with a new show on it that was covering Gov. Christie and the administration so they stopped funding for that reason and to save some money.”
NJN had a staff of about 130 employees and operated on a yearly budget of approximately $33 million. When Gov. Christie cut funds to NJN, nearly all these employees were laid off. The governor hoped to save the state about $11 million, reports Peggy McGlone of The Star Ledger.
New Jersey’s new public television station now broadcasts mainly from Montclair State University, (MSU). Effective July 1, 2011, NJTV came on the air as an independent public television station that has a five-year contract with New York’s WNET Channel 13. WNET oversees NJTV’s programming, making it New Jersey centric, and also cost saving to New Jersey’s taxpayers, McGlone writes.
However, when NJTV first debuted, the ratings were lower because there were some New Jersey residents who believed it was now a New York property. NJTV has worked diligently to dispel that myth, said Servidio. The new network also suffered a bit at first because it had fewer staff members and a smaller budget. They have been operating with only 26 full-time journalists and on a budget of only about $9 million for fiscal year 2013.
Servidio said when New Jersey’s governor closed NJN, several companies put bids out to help develop a new network and WNET’s bid won. He said, “We had about a week, week and a half to put the station together.” However, they managed to set up the station by July 1, but it was not as professional as they would like it to be. With much fewer staff and great improvisation, he said that over 20 months, the station has improved and continues to get better.
Photo by Michelle Dryden The DuMont Television Center at Montclair State University houses the NJTV studios since July 1, 2011, when NJN lost state funding and its state-owned building.
Corporation for Public Broadcasting, (CPB), and Public Broadcasting Services, (PBS), currently are the primary financial supporters of NJTV, Servidio said. NJTV is among several U.S. public television stations that are under-funded by their states even though their main purpose is to gather content to serve their local communities.
The Jan. 29, 2007, U.S. Accountability Office Report shows that there are about more than 300 public television stations in the United States that evolved from a handful in the 1950s, and in 1952 the Federal Communication Commission, (FCC), decided that they should serve their communities locally.
The U.S. Accountability Office Report states that, “CPB’s primary responsibility is distributing federally appropriated funds to benefit public television and radio.” On the other hand, PBS is a nonprofit membership organization made up of licenses of public television stations. Fees paid by its member licensees, underwriting, and grants from CPB and other federal sources, fund PBS, the report states.
Larger public television stations, such as WNET of New York and WGBH of Boston, supply smaller public television stations with their programming. CPB and PBS do not necessarily produce programming. However, according to the report, “PBS acquires children’s and prime-time programming and operates a satellite-based interconnection system to distribute this programming to member licensees.”
Photo by Michelle Dryden Debra Falk is the director of communications at NJTV at Montclair State University in Montclair, N.J. She talks about the status of the new public television station, mentioning that it offers a variety of programming and has a great online presence.
Therefore, many public television stations broadcast some PBS prime-time and children’s programming, but some like NJTV, also improvise with content bureaus on various New Jersey state college campuses to find other content such as local programs that include community events and history, arts and culture, public affairs and also non-broadcast services that help teachers, said Debra Falk, NJTV director of communications.
Even though NJTV gets grants from CPB and PBS, it also improvises for additional funds. NJTV rents its satellite tower at the MSU campus to other channels such as the Food Network to bring in needed funds. It also gets money from corporations, foundations, and from individual memberships, pledge programs and others, Servidio said.
It is very important that public television remains local serving its immediate constituencies, report authors, Amber M. K. Smallwood and Soo Jung Moon, who write an article titled, “Predictors of Localism in Public Television in the United States,” that appears in the 2011 Journal of Broadcasting & Electronic Media.
Smallwood and Moon’s article discusses “the goals and direction of broadcasters across the United States, especially public television stations.” They also note that, “in media regulation, localism was intended to distribute power among local communities to promote a healthy democracy.”
When the governor of New Jersey closed NJN, there were some locals who questioned the call and said they found it to be highly political and not democratic enough. Greg Tift, a local resident and State of New Jersey employee said, “It all depends on conservatism and liberalism.”
He claims the current governor is republican, who is considered conservative, and so he wants to control the messages that go out over the airwaves while he is in office and that is why he closed NJN, which was considered a liberal news outlet.
Photo by Michelle Dryden Jim Hooker stands in front of New Jersey statehouse recently as a former news anchorman of NJN, the previous public television station in New Jersey. He speaks about how he handled the demise of the former station and what he is doing for employment now.
Former NJN Anchorman, Jim Hooker, also said there was a school of thought that NJN was closed to appease a wealthy political family in the north. However, Hooker also said the family denied the rumor.
Like many of his colleagues, Hooker did not immediately find new employment. He said he worked for a local political website, and then briefly as a writer for CBS in New York, before coming back to New Jersey where he found a more stable position as a chief of staff employee for a senator.
The City of Trenton North Ward Councilwoman, Marge Caldwell-Wilson, expressed dismay that the governor put so many well-known people who had became an institution in the community, out of work and left a vacant building in her ward in the city.
Photo by Michelle Dryden Marge Caldwell-Wilson is a City of Trenton courncilwoman for the North Ward. She is active in the community; seen here on a recent Wednesday evening at a Mill Hill District community meeting. Caldwell-Wilson also had opinions about the closing of NJN.
“It was very upsetting to find that the governor was not going to fund public television anymore. Apart from the fact that I miss the regular scheduled programs that were on NJN; I think they did an amazing job, but I am concerned about that empty building that’s just sitting there,” Caldwell-Wilson said.
Public television is among other media forms like newspapers and magazines that have financial challenges. Three authors, David D. Kurpius, Emily T. Metzgar, and Karen M. Rowley, try to analyze this crisis in their article, “Sustaining Hyperlocal Media: In search of funding models,” that appears in the journal of Journalism Studies.
These authors believe traditional media are shrinking because it is typical of a mature industry. They argue it is a gradual decline and that we must meet the challenge by trying to find alternative ways to fund new media.
They also note that it is good news for public television because they can fill the niche of providing the local news that traditional media no longer seem to be reporting in detail. Recently, more people are going online and traditional print media are losing advertising revenues.
They also state the newspaper advertising revenues dropped an estimated 23 percent over the past two years since 2010, but newspapers are trying to embrace their online communities.
Kurpius, Metzgar, and Rowley contend that public television has the advantage to remain hyperlocal and fill the news gap with local content and they too can have an online presence.
The U.S. Accountability Office Report states that, “today there are 349 public television stations, owned and operated by 173 licensees, which reach 98 percent of the households that have televisions.”
With hopes that NJTV will gain wider viewership, Falk of NJTV said that they have tried to improve the new public television network by broadcasting in high definition (HD) and also by creating a much better and more robust online presence.
Servidio said he hopes the station will get much better as the economy and viewership improve. Hooker, NJN former anchorman, said he believes NJTV will pass “something of a taste test” and will survive beyond five years.
