Category: Perks

Deals and discounts from popular businesses

Champion® Athleticwear rewards fans by letting them swap any hoodie for a new Champion hoodie … for free

Post author By Michelle Dryden
Post date November 15, 2022
No Comments on Champion® Athleticwear rewards fans by letting them swap any hoodie for a new Champion hoodie … for free

In the next chapter of its “Be Your Own” campaign, Champion’s National Hoodie Swap lets fans swap any pre-owned pretender hoodie for the OG on November 19th

WINSTON SALEM, N.C. — (BUSINESS WIRE) — Champion is rewarding fans this weekend with the launch of the inaugural nationwide “Hoodie Swap” on Nov. 19. Fans can “swap” any pre-owned pretender hoodie for a NEW Champion hoodie for FREE at participating Champion stores and outlet locations, just in time for the holiday gifting season.

As the inventor of the hoodie more than 80 years ago, Champion sets the standard for excellence in all hoodies, defining personal style from the sidelines to the streets.

“The Champion Hoodie Swap rewards our fans, letting everyone trade in any pre-owned pretender hoodie for a free Champion hoodie,” said John Shumate, Vice President of Global Marketing, Champion. “It’s our way of celebrating Champion’s role as a style icon.”

The Champion Hoodie Swap is available from 11:00 am to 2:00 pm or while supplies last. Limit one swap per customer.

To keep up the spirit of giving, Champion is donating all swapped hoodies to Refried Apparel, a sustainable lifestyle brand that will turn the hoodie materials into new, unique, handcrafted garments. Champion fans can feel good about doing good, while sporting the only real hoodie that exists today.

Champion’s first-ever Global Culture Consultant, Saweetie, will be the first to swap a pre-owned hoodie in her hometown of Los Angeles at the Champion Heritage Store, motivating fans to follow suit on November 19th.

“I’ve been a fan of Champion since high school when I fell in love with the comfort, style and fit of my first-ever Champion hoodie,” said Saweetie. “As a collector of hoodies, there’s nothing like the quality of a Reverse Weave. I’m excited to be a part of the brand’s Hoodie Swap to help outfit the nation in this iconic staple.”

*Participating Champion* store and Champion outlet Hoodie Swap Locations:**

California	Louisiana	New York
La Brea	Gonzales	Broadway
Citadel		Niagara Falls
Gilroy	Massachusetts	Riverhead
Livermore	Newbury	Waterloo
	Wrentham
Colorado	Lee	North Carolina
Thornton		Nags Head
	Maine	Smithfield
Delaware	Kittery Outlet	Winston-Salem
Rehoboth Beach Outlet
	Michigan	Pennsylvania
Florida	Auburn Hills	Hershey
Miami		Philadelphia
Orlando	Nevada
Sunrise	Las Vegas	South Carolina
	Las Vegas North	N Myrtle Beach
Illinois	Las Vegas South
Wicker Park		Texas
Aurora Il	New Hampshire	San Marcos
Rosemont	Tilton Outlet	Allen

Indiana	New Jersey	Virginia
Michigan City Outlet	Jackson	Leesburg
	Tinton Falls Outlet
		Washington
		Tulalip

To learn more about Champion hoodies, please visit Champion Hoodie HQ.

ABOUT CHAMPION® ATHLETICWEAR:

Since 1919, Champion has offered a full line of innovative athletic apparel for men and women, including activewear, sweats, tees, sports bras, team uniforms, footwear and accessories. Champion uses innovative design and state-of-the-art product testing to ensure uncompromised quality and innovative apparel for consumers and believes that Champions are defined by how they carry themselves in sports and beyond. Champion apparel can be purchased at department stores, sporting goods, specialty retailers, and at Champion.com. For more information, visit us at Facebook.com/Champion, follow us on Twitter @Championusa or on Instagram @Champion. Champion is a brand of HanesBrands (NYSE:HBI).

Contacts

Jamie Wallis

Hanesbrands

Jamie.Wallis@hanes.com

Stephanie Lett

Citizen Relations

Stephanie.lett@citizenrelations.com

Tags Business, New Jersey

Perks Science

American Water Charitable Foundation Awards $375,000 through Workforce Readiness grant program

Post author By Michelle Dryden
Post date November 14, 2022
No Comments on American Water Charitable Foundation Awards $375,000 through Workforce Readiness grant program

Recipients include 22 nonprofit organizations across the United States

CAMDEN, N.J. — (BUSINESS WIRE) — The American Water Charitable Foundation, a 501(c)(3) organization established by American Water, the largest publicly traded U.S. water and wastewater utility company, announced today it awarded a combined total of $375,000 to 22 organizations in 9 states across the U.S., supporting communities served by American Water through the 2022 Workforce Readiness grant program.

“The American Water Charitable Foundation is delighted to partner with organizations to provide equitable and accessible projects and programs focused on career preparation and readiness as well as financial and business literacy and other valuable workplace skills,” said Carrie Williams, president, American Water Charitable Foundation. “The Workforce Readiness grant program gives us the opportunity to help train and hone key skills for current and future leaders in the workplace across American Water’s national footprint.”

The Workforce Readiness grant is part of the Keep Communities Flowing Grant Program, which focuses on three pillars of giving: Water, People and Communities. The total award of $375,000 will support high-impact projects and initiatives that further American Water’s commitment to support ESG, as well as inclusion, diversity and equity.

Grant recipients positively impact local communities and directly align with American Water’s regulated state subsidiaries in California, Illinois, Indiana, Kentucky, Missouri, New Jersey, Pennsylvania, Tennessee, and West Virginia. Regional events to celebrate local efforts are being coordinated and will be announced at a later date.

The 2022 Workforces Readiness grant recipients are:

Habitat For Humanity of Greater Sacramento
North State Building Industry Foundation
East St Louis Wrestling Club
P-Town Car Club
St. Louis Community Foundation
Ivy Tech Foundation
Community Action Council
Beyond Housing
Youth In Need
STL Youth Jobs
Center For Family Services
Hispanic Family Center Southern New Jersey
Roots & Wings Foundation
Junior Achievement of New Jersey
Chester County Opportunities Industrialization Center
Big Brothers-Big Sisters of the Capital Region
Outreach Center for Community Resources
Project Return
Reflection Riding Arboretum and Nature Center
Lookout Mountain Conservancy
Building and Construction Workforce Center
Girl Scouts of Black Diamond Council

Due to the volume of grant applications received, each application was evaluated on a competitive basis, funding programs with a strong impacts and measurable outcomes that align with the Foundation’s funding priorities.

Learn more about the American Water Charitable Foundation and the 2022 Keep Communities Flowing Grant Program, including current grant opportunities focused on STEM Education here.

About American Water Charitable Foundation

The American Water Charitable Foundation is a 501(c)(3) nonprofit organization that provides a formal way to demonstrate the company’s ongoing commitment to be a good neighbor, citizen, and contributor to the communities where American Water and its employees live, work and operate. For more information, visit amwater.com/awcf and follow the American Water Charitable Foundation on Facebook.

About American Water

With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Media Contact

Alicia Barbieri

Manager, Corporate Communications

(856) 676-8103

alicia.barbieri@amwater.com

Tags Business, New Jersey

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Mercer Holiday Toy Drive under way

Post author By Editor
Post date November 12, 2022
No Comments on Mercer Holiday Toy Drive under way

The Mercer County Park Commission and Hughes Administration’s annual Holiday Toy Drive is underway, and County Exec. Hughes encourages community-wide participation.

“If you are able, please join me in bringing a smile to the face of a child whose family might be struggling this holiday season,” — Mr. Hughes

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AM Best affirms credit ratings of Tune Protect Re Ltd.

Post author By Michelle Dryden
Post date November 11, 2022
No Comments on AM Best affirms credit ratings of Tune Protect Re Ltd.

SINGAPORE — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Tune Protect Re Ltd. (TPR) (Malaysia). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect TPR’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

TPR’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation that is expected to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best views the company as having a moderate risk investment strategy with investment assets predominantly held in unit trust funds, whereby the underlying assets are mainly fixed-income securities with good credit quality. Partial offsetting balance sheet factors include the company’s modest-sized absolute capital base compared with peer reinsurers (USD 36 million at year-end 2021), which increases the susceptibility of capital adequacy to volatility under stressed scenarios. AM Best’s balance sheet strength analysis also incorporates a neutral holding company impact following an assessment of consolidated risk-adjusted capitalisation of TPR’s parent group, Tune Protect Group Berhad (TPG).

AM Best considers TPR’s operating performance to be adequate. Whilst TPR’s revenue and operating earnings were impacted adversely amid the COVID-19 pandemic, the company has been able to grow its premium base through geographical expansion and new business partners in recent periods. Prospectively, TPR is expected to achieve moderate revenue growth and robust operating earnings over the medium term, driven by the recovery of air travel and new product initiatives. However, the performance metrics remain sensitive to the company’s ability to develop and maintain profitable arrangements with distribution partners. TPR recorded a five-year average net investment yield of 2.9% (2017-2021).

AM Best assesses TPR’s business profile as limited given its position as a niche reinsurer with a focus on travel-related insurance products. TPR leverages TPG’s in-house technology platform to support and distribute policies in collaboration with corporate partners including airlines and travel agencies. Over the medium term, the company is expected to accelerate its diversification into new lines of business (including lifestyle and supplemental healthcare products) and new business partners.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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 specialising 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.

Contacts

Yi Ding
Senior Financial Analyst
+65 6303 5021
yi.ding@ambest.com

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

Michael Dunckley, CFA
Director, Analytics
+65 6303 5020
michael.dunckley@ambest.com

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

Tags Business, New Jersey

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B2C2 appoints Nicola White as Group CEO

Post author By Michelle Dryden
Post date November 11, 2022
No Comments on B2C2 appoints Nicola White as Group CEO

LONDON, TOKYO, & JERSEY CITY, N.J. — (BUSINESS WIRE) — B2C2, the institutional digital asset pioneer, today announces that it has appointed Nicola White as Group CEO. Having been instrumental to the acquisition of B2C2 by SBI, Phillip Gillespie will step down as Group CEO to focus on a ventures role with SBI. The appointment is effective as of November 4 and follows a planned transition over the past three months.

Nicola was previously CEO, USA for B2C2, during which time she led the effort to expand B2C2’s capabilities in electronic trading across spot and derivatives and has grown the US business to gain significant market share across institutional clients. Nicola joined B2C2 in 2021 from Citadel Securities, where she was global COO of fixed income. Prior to this, she was Global Head of Electronic Markets within the fixed income division at Morgan Stanley.

B2C2 also recently announced the appointment of Thomas Restout as EMEA CEO. Thomas joined B2C2 from Morgan Stanley, where he was latterly Global Head of Macro Electronic Trading. He has brought additional and complementary market knowledge, as well as risk management and product innovation expertise to B2C2.

Max Boonen, Co-Founder & Director of B2C2 said: “I knew we made a strong hire when Nicola joined the New Jersey office in 2021. Earlier this year I supported her promotion within B2C2’s leadership. The next twelve months in the crypto market will not be for the faint of heart and I am glad to have Nicola with us as we embark on an aggressive effort of market share expansion.”

Nicola White, Group CEO, B2C2 said: “I am honored and excited to be appointed to the role of Group CEO at this time of significant growth for the firm. We wish Philip success in his role with SBI. While we are experiencing volatile times in the crypto market, our firm has continued to provide critical, deep liquidity to our clients. B2C2’s role as a pioneer that creates a sustainable ecosystem, is to support our clients and the market as a whole, with dependable liquidity and robust risk management. Despite the current stresses the market is experiencing, in the future the crypto market will emerge stronger, and I’m looking forward to working with Thomas and my outstanding team as we drive the industry forward.”

ENDS

About B2C2

More than just a liquidity provider, B2C2 is a digital asset pioneer building the ecosystem of the future. The firm has unlocked institutional access to crypto by providing reliable liquidity across market conditions. B2C2’s success is built on crypto native technology and continuous product innovation, making it the partner of choice for diverse institutions globally. Founded in 2015 and majority owned by Japanese financial group, SBI, B2C2 Ltd is headquartered in the UK, with offices in the US and Japan.

B2C2 Ltd is registered in England and Wales under company number 07995888 with its registered office at 86-90 Paul Street, London, EC2A 4NE. B2C2 Ltd is the parent company of the B2C2 group of companies. Products may be provided by different members of the B2C2 group of companies, depending on the jurisdiction of the client and the regulatory status of the product and/or B2C2 group member. B2C2 is a registered trademark.

Contacts

Media Contacts:

B2C2@eternapartners.com
Serra Balls and Jenny Berlin

+ 44 (0)7775 763018

Tags Business, New Jersey

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Logistics Property Company closes $1.8 billion Venture Two industrial real estate fund

Post author By Michelle Dryden
Post date November 10, 2022
No Comments on Logistics Property Company closes $1.8 billion Venture Two industrial real estate fund

The vehicle targets development opportunities in key U.S. markets with strong demographics and significant in-place infrastructure

CHICAGO — (BUSINESS WIRE) — #commercial–Logistics Property Company, LLC (“LPC”) closed its second develop-to-core fund, LPC Logistics Venture Two LP, (“Venture II”) with total equity commitments of $1.8 billion from several global institutional investors and co-investment by LPC.

To date, 35 percent of the fund has been allocated to investments in Atlanta, Chicago, Dallas, Denver, Inland Empire, Pennsylvania, Phoenix, and Southern New Jersey, with significant capital to deploy for new development projects that deliver value to investors.

LPC launched its inaugural develop-to-core venture in August 2019, raising $1 billion of equity commitments from global institutional investors (“Venture I”) and LPC. LPC has fully allocated Venture I’s equity to projects representing more than 20 million square feet across the United States.

The successful capital raised for Venture II “speaks to the opportunistic industrial real estate market and the strong develop-to-core strategy offering investors the ability to own Class A industrial facilities in tier one locations at an attractive basis,” LPC’s CEO Jim Martell stated.

LPC appreciated the number of investors from Venture I who committed to Venture II and is proud to add several new major institutions to participate in Venture II. Similar to Venture I, Venture II’s execution strategy is to buy well-located property in U.S. markets, develop Class A industrial buildings to modern specifications, including key ESG considerations, stabilize the assets, and hold to assemble a geographically diverse portfolio.

In 2022, LPC announced the commencement on five new developments for Venture II totaling 2.3 million square feet. The respective developments include Covington Commerce Center in Georgia, First State Logistics Center in Delaware, 975 Algonquin, 2800 W. Diehl Road, and 4275 Ferry Road, all in Illinois.

A Venture II project scheduled to break ground before the end of 2022 calendar year includes Palm Gateway Logistics Center, which includes four buildings totaling 613,000 square feet, located in Mesa, Arizona.

Venture II also closed on the land for a new 341,000 square foot warehouse development in San Bernardino, CA, with construction slated to start second quarter of 2023.

MAM Real Estate, part of Macquarie Group and LPC’s majority shareholder, acted as the fund’s exclusive financial advisor and placement agent and partnered with the LPC management team in forming the platform. MAM Real Estate is part of Macquarie Asset Management, one of the world’s leading alternative asset managers.

About Logistics Property Co.

Logistics Property Company, LLC (LPC) is an industrial real estate company focused on the acquisition, development, and management of modern logistics properties. The group is led by a diverse management team that averages more than 25 years of experience and has developed more than 55.3 million square feet of logistics buildings since 1995. LPC is headquartered in Chicago with more than 70 employees strategically located across eight offices. Its portfolio currently comprises 52 buildings across 23 million square feet in key logistics markets across North America with an estimated end value of more than $3 billion. For further information, please visit logisticspropco.com and follow @logisticspropco.

Contacts

Jamie Jones

Vice President – Marketing
jjones@logisticspropco.com

Tags Business, New Jersey

Business Culture Perks

Beyond Fifteen Communications, Inc. makes internal promotion and adds three new employees

Post author By Michelle Dryden
Post date October 12, 2022
No Comments on Beyond Fifteen Communications, Inc. makes internal promotion and adds three new employees

Leading Orange County Marcom Firm Brings on Strategic New Hires and Announces Internal Promotion to Bolster Offerings and Better Serve its Growing Client Roster

IRVINE, Calif. — (BUSINESS WIRE) — #Agency—Beyond Fifteen Communications, Inc. (Beyond Fifteen), an Orange County-based full-service public relations (PR), digital marketing, social media and influencer marketing agency has hired three new employees located in Florida, Texas and New Jersey to widen its footprint and strengthen its U.S. service offerings.

In addition, after three years at the agency and countless high-profile earned media successes on behalf of some of the firm’s largest clients, eleven-year industry veteran, Jennifer Magaña, was promoted to senior account executive, PR division lead.

“Over the last year, more new brands have sought out our services to efficiently and effectively reach targeted audiences to grow brand awareness, support lead generation programs and bolster sales,” said Leslie Licano, Beyond Fifteen co-founder. “To complement the strengths of our current team and support growth, we have added three new hires that bring specific experience in social content creation, execution and measurement to help our clients reach their business goals. In addition, we are proud to re-invest in our PR division with the promotion of Jennifer to focus even more heavily on the strategic, systematic and ongoing improvement of our team’s proven public relations competency.”

Brianne Giordano brings four years of agency experience to her new role as digital advertising specialist. She has worked with dozens of entrepreneurs, executive teams and businesses to successfully market their products, services and brands and is skilled at developing creative strategies and innovative solutions to help level-up client results.

Brelyn Bashrum joined the team as an account coordinator following her graduation from Texas Tech University where she earned her bachelor’s degree in advertising with a minor in public relations. During her first few months with the firm, she has already contributed to the successes of both the digital and PR teams, and agency clients have benefitted from her strong writing skills and ability to develop messaging that resonates with their audiences.

Connor Emert brings both traditional and digital marketing prowess to his role at Beyond Fifteen. As a recent graduate of the University of Central Florida with a bachelor’s degree in advertising and public relations and a minor in writing and rhetoric, he has continued to stay current with industry trends and earned a certificate in Google Display Ads and SEO during his first months with the agency. He has also contributed to some of the firm’s strongest media wins including Men’s Health, MSN and Best Life Online, and has drafted top-performing digital content.

Since joining Beyond Fifteen in 2019, Jennifer Magaña has landed coverage for clients in leading publications, including Forbes, Good Day LA, Inc., MSN, USA Today, Yahoo! News and Business Insider, and has been a strong leader and mentor to junior staff. As the firm’s new media relations lead, she is responsible for the oversight and continual improvement of Beyond Fifteen’s earned media division as part of the organization’s senior leadership team.

Beyond Fifteen’s recent growth will support its roster of more than 24 client brands including publicly traded solar provider, Sunworks; B-Corporation financial institution, Beneficial State Bank; the father of modern infidelity counseling, Dr. Talal Alsaleem; and prosthetic limb innovator, Xtremity.

“Not only has Beyond Fifteen been able to add new clients, but we have grown existing client scopes of work enabling them to benefit from a full-funnel, omni-channel marketing approach,” notes Beyond Fifteen co-founder, Lauren Ellermeyer. “Thanks to its continued growth, our agency has been able to not only create new jobs, but also offer internal development opportunities and cross-functional training to ensure our team continues to learn new skills in order to further enhance the value we deliver to clients.”

To learn more about Beyond Fifteen, visit www.beyondfifteen.com.

ABOUT BEYOND FIFTEEN COMMUNICATIONS: Beyond Fifteen Communications, Inc., an Orange County, Calif.-based firm launched in 2009, is a progressive, full-service public relations, digital marketing, social media and influencer marketing agency dedicated to providing powerful, goal-driven communications solutions that exceed client expectations and deliver far more than 15 minutes of fame. Beyond Fifteen combines the talent, capability and reach of a mega-agency with the personal service and dedication of a boutique firm. It is laser-focused on achieving measurable results for every client it serves. Follow Beyond Fifteen on Facebook, Twitter, LinkedIn and Instagram. For more information, visit www.beyondfifteen.com.

Contacts

Leslie Licano, Beyond Fifteen Communications, Inc.

leslie@beyondfifteen.com | 949-733-8679 x 101

Tags Business, New Jersey

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Fabuwood introduces their new slim shaker cabinet – Luna

Post author By Michelle Dryden
Post date August 22, 2022
No Comments on Fabuwood introduces their new slim shaker cabinet – Luna

NEWARK, N.J. — (BUSINESS WIRE) — Fabuwood’s newest door style cut the edge of the traditional shaker cabinet to create a slim shaker design. This adaptation of a popular style is sleek and minimalistic, the perfect cabinet for the contemporary kitchen.

Luna is available in two finishes that complement each other beautifully, providing the perfect opportunity to create a two-toned kitchen. Dove is a bright white paint that brings an open, light, and fresh feel to any space. Kona is a deep cocoa-colored stain that accents the natural wooden grain of the cabinet door and adds a warm and rustic touch. Combined, they create a design that has the perfect amount of contrast while still being completely cohesive.

The design is not the only innovative aspect of Luna. Fabuwood’s latest cabinet design utilizes Blum’s new Compact Clip hinges with Blumotion soft-close and quick-release technology. This allows for easy and stress-free installation/removal of the door to/from the cabinet face frame.

Fabuwood leads the industry in quality semi-custom cabinets and innovative technology. With their newest release, the Luna door style, Fabuwood brought their company further into the future and once again redefined quality and style.

About Fabuwood Cabinetry:

Fabuwood is a top-of-the-line cabinetry company that is committed to redefining quality in the industry. They are innovative not only in the design and production of their products but also in their technology. EZ Pricing, a cutting-edge platform designed in-house by the Fabuwood team, was the first of its kind in the cabinet industry. With the fastest lead times on semi-custom cabinets, constant upgrades, frequent new releases, and dedication to staying on top in both quality and style, Fabuwood really is a leader in its industry.

Contacts

Moses Brach

Marketing@fabuwood.com

Tags Business, New Jersey

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Tel-Instrument Electronics Corp. reports net income of $1.3 million for FY 2022

Post author By Michelle Dryden
Post date June 17, 2022
No Comments on Tel-Instrument Electronics Corp. reports net income of $1.3 million for FY 2022

EAST RUTHERFORD, N.J. — (BUSINESS WIRE) — Tel-Instrument Electronics Corp. (“Tel-Instrument,” “TIC,” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported net income of $1,309,738 or $0.30 per basic share and $0.26 per diluted share on revenues of $12.9 million for the 2022 fiscal year ended March 31, 2022.

Highlights include:

Revenues for the fiscal year ended March 31, 2022, increased $1.4 million, or 12%, versus the prior fiscal year.
Gross margins for the 2022 fiscal year were 44.6%, or a 3.3 percentage point improvement over the prior fiscal year.
Operating expenses increased by $120K year-over-year, with the increase primarily due to profit sharing accruals.
Operating income increased to $937K as compared to 73K in the prior fiscal year.
Net Income improved to $1.3 million ($0.30 per basic share), compared to $600K in the prior fiscal year.
Cash balances improved to $7 million, compared to $5.5 million at the start of the fiscal year.
Working capital at fiscal year-end improved to $3.7 million versus $3.2 million in the prior fiscal year.
Net worth improved to $6.2 million compared to $5.2 million at the start of the fiscal year.

Mr. Jeffrey O’Hara, Tel-Instrument’s President and CEO commented, “Despite ongoing supply chain interruptions, TIC was able to improve revenues and profitably and substantially strengthen its balance sheet in the last fiscal year. The fourth quarter was adversely impacted by parts shortages due to vendor lead times doubling and tripling in some cases. This disruption has continued in the first quarter of fiscal year 2023. We have been ordering additional components from our vendors to mitigate the impact of extended lead times and we expect the supply disruptions to lessen in the second quarter of the current fiscal year. The positive news is that we are in a strong financial position to weather these supply chain issues. We are also excited by the positive initial reception we have seen from customers on the SDR/OMNI test set. We have scheduled product demonstrations with both Boeing and Airbus and our international distributors are starting to place orders for demo units. Initial SDR/OMNI production deliveries are expected to commence in the second quarter of this fiscal year. We believe that this will be a strong competitor in both commercial and military avionic and communication test set markets. The Lockheed Martin F-35 MADL development program had a successful Test Readiness Review (“TRR”) in May and the product is now in environmental and EMI/EMC qualification testing. This contract will generate non-recurring engineering (“NRE”) revenues over the next few quarters and is expected to generate ongoing production revenues in the $600K range. We are in final negotiations with the U.S. Navy on a “mid-life” update of our CRAFT test sets. This should entail NRE revenue over the next two years and significant production revenues starting 24 months after contract award.

With respect to the Aeroflex litigation, the status of the appeal has not changed even though employees have returned to the Kansas Judicial Center. Aeroflex filed a motion earlier this year with the Appeals Court to substantially increase the bond amount from the $2 million existing amount. We have filed a strong counter to this motion and expect it to be denied. Despite requests for a scheduling conference, no information has been received back from the court. The accrued interest on the judgment amount continues to be a drag on our financial results but we continue to believe that we have a strong case that justifies continuing the appeal process.”

About Tel-Instrument Electronics Corp.

Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.

This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

TEL-INSTRUMENT ELECTRONICS CORP. Consolidated Balance Sheets

ASSETS	March 31, 2022			March 31, 2021
Current assets:
Cash	$	4,949,690		$	3,485,275
Accounts receivable, net of allowance for doubtful accounts of $7,425 and $7,500, respectively		1,049,040			1,933,321
Inventories, net		2,820,497			3,437,989
Restricted cash to support appeal bond		2,011,050			2,011,050
Prepaid expenses and other current assets		244,040			263,067
Total current assets		11,074,317			11,130,702

Equipment and leasehold improvements, net		115,338			200,769
Operating lease right-of-use assets		1,720,921			1,922,805
Deferred tax asset, net		2,499,587			2,675,040
Other assets		35,109			35,110

Total assets	$	15,445,272		$	15,964,426

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Operating lease liabilities – current portion	$	194,370		$	201,883
Accounts payable		406,489			906,149
Deferred revenues – current portion		119,835			150,709
Accrued expenses – vacation pay, payroll and payroll withholdings		410,538			457,232
Accrued legal damages		6,097,273			5,889,023
Accrued expenses – other		174,145			365,975
Total current liabilities		7,402,650			7,970,971

Operating lease liabilities – long-term		1,526,551			1,720,921
Long term debt-PPP		–			722,577
Deferred revenues – long-term		289,071			332,428

Total liabilities		9,218,272			10,746,897

Commitments and contingencies

Stockholders’ equity
Preferred stock, 1,000,000 shares authorized, par value $0.10 per share
Preferred stock, 500,000 shares 8% Cumulative Series A Convertible Preferred issued and outstanding, par value $0.10 per share		3,695,998			3,695,998
Preferred stock, 166,667 shares 8% Cumulative Series B Convertible Preferred issued and outstanding, par value $0.10 per share		1,147,367			1,147,367
Common stock, 7,000,000 shares authorized, par value $.10 per share, 3,255,887 and 3,255,887 shares issued and outstanding, respectively		325,586			325,586
Additional paid-in capital		7,018,353			7,318,620
Accumulated deficit		(5,960,304	)		(7,270,042	)

Total stockholders’ equity		6,227,000			5,217,529

Total liabilities and stockholders’ equity	$	15,445,272		$	15,964,426

TEL-INSTRUMENT ELECTRONICS CORP. Consolidated Statements of Operations

	For the years ended March 31,
	2022			2021

Net sales	$	12,932,790		$	11,582,520

Cost of sales		7,167,450			6,800,021

Gross margin		5,765,340			4,782,499

Operating expenses:
Selling, general and administrative		2,250,576			2,165,190
Litigation expenses		29,479			248,004
Engineering, research, and development		2,548,626			2,295,901

Total operating expenses		4,828,681			4,709,095

Income from operations		936,659			73,404

Other income (expense):
Interest income		3,951			7,483
Forgiveness of PPP loan		722,577			722,577
Interest expense		–			(29,779	)
Interest expense – judgment		(208,250	)		(231,474	)
Other income, net		30,254			30,819

Total other income		548,532			499,626

Income before income taxes		1,485,191			573,030

Provision (benefit) for income taxes		175,453			(27,027	)

Net income		1,309,738			600,057

Preferred dividends		(320,000	)		(320,000	)

Net income attributable to common shareholders	$	989,738		$	280,057

Basic income per common share	$	0.30		$	0.09
Diluted income per common share	$	0.26		$	0.12

Weighted average number of shares outstanding
Basic		3,255,887			3,255,887
Diluted		5,095,665			5,073,165

Contacts

Pauline Romeo

Tel-Instrument Electronics Corp.

(201) 933-1600 (Ext 309)

Tags Business, New Jersey

Business News Now! Perks

New Jersey’s leading retail destination gives small businesses a leg up

Post author By Michelle Dryden
Post date April 29, 2022
No Comments on New Jersey’s leading retail destination gives small businesses a leg up

Westfield Garden State Plaza Partners with the NJ Small Business Development Center Bringing Main Street Proprietors to the Main Stage

PARAMUS, N.J. — (BUSINESS WIRE) — #smallbusiness — Westfield Garden State Plaza is launching an initiative that gives small, locally-owned businesses, especially minority- and women-owned businesses, the opportunity to showcase their goods and services alongside America’s most recognized brands. Well-known as a destination for uber-shoppers on both sides of the Hudson River, Garden State Plaza has joined forces with the NJ Small Business Development Center at Ramapo College to provide mom and pop retailers with something that until now was unattainable – retail space in one of the country’s busiest malls.

“Special leasing terms like a 3-month lease vs. the typical 10–15-years that larger retailers generally commit to are just some of big benefits for small business,” says Chris Neidhardt, Director of Leasing for Westfield Garden State Plaza. “Our goal for the program is to elevate awareness for mom and pop businesses and in addition, to shine a spotlight on women and minority-owned businesses. The way we see it, it’s like bringing main street to the main stage.”

The value of such an opportunity is multi-faceted with Garden State Plaza offering exposure to continuous foot traffic, ample parking, internal security and available inventory that is move- in ready.

According to Vincent Vicari, regional director of the New Jersey Small Business Development Center, based at Ramapo College, “We may be two separate entities, but our shared vision to see entrepreneurial businesses thrive and prosper is what’s led us to join forces. A key objective of the partnership is to mentor these businesses to a point where they’ll be able to sign longer leases as their viability and profitability allow.” Participants in the program will receive the valuable support that the NJ Small Business Development Center can provide including assistance with strategic marketing, development and execution of a sound business plan, and counseling regarding available funding resources.

Chic Sugars is currently open and is the first business to debut as a result of the program. Tonnie’s Minis will be opening in early May and several other leases are under review. Erika Oldham, proprietor of Chic Sugars, is known for her cake creations to the stars with celebrity clients like Jay-Z, Missy Elliott, and Nicki Minaj, to name a few. She recently appeared on Food Network’s “Winner Cake All” and had this to say as she anticipates her presence at the mall, “I’m looking forward to expanding my customer base beyond my storefront bakery in Englewood, while also diversifying my product offerings to more bite-sized items that mall shoppers can enjoy on-the-go.”

Tonnie Rozier is the proprietor of Tonnie’s Minis currently with locations in Newark and Edgewater. “This is a sign of positive growth for me and my brand as it not only signals a second location, but also an expanded demographic that will be exposed to my signature cupcakes.” Tonnie’s is known for its unique bakery concept, offering customers the opportunity to first select a cupcake flavor, then customize the final product by choosing from an array of icing and topping options. “It’s so rewarding to observe the customer satisfaction that comes from participating in the creation of your own personalized confection.” Tonnie’s Minis has been featured on Food Network’s Cupcake Wars and The Wendy Williams Show.

“For many small businesses, this is an opportunity to transform a lifelong dream into reality, by debuting a concept or expanding an existing one alongside the biggest names in retail,” said Tiffany Ramirez, marketing manager at Westfield Garden State Plaza. “We hope that this program can be successfully replicated at other Westfield centers around the country.” Unibail-Rodamco-Westfield currently operates 24 malls across the US.

About Westfield Garden State Plaza

Westfield Garden State Plaza (GSP) is the ultimate destination for fashion, dining and entertainment located just minutes from Manhattan. Anchored by Neiman Marcus, Nordstrom and Macy’s, the property features the Luxury Collection of Shops and premium fashion district alongside the best brands in every retail category and includes Louis Vuitton, Gucci, Tiffany & Co., Salvatore Ferragamo, Burberry, Versace, Tory Burch, BOSS, Design Within Reach, Tesla, ZARA, NARS, Fabletics, and Apple. Approximately 20 million shoppers per year enjoy an unparalleled shopping and dining experience, personalized services and amenities at GSP.

Contacts

Lisa Hermann

Senior Director of Marketing

201-843-2121

Lisa.Hermann@urw.com

Tiffany Ramirez

Marketing Manager

201-221-0414

Tiffany.Ramirez@urw.com

Tags Business, New Jersey