Tag: New Jersey

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Art & Life Business Healthcare

Summit Health and CityMD unveil new logo designs, distinctively connecting primary, specialty, and urgent care

NEW YORK & BERKELEY HEIGHTS, N.J. — (BUSINESS WIRE) — Reinforcing a shared commitment to deliver high-quality, patient-centered care, Summit Health and CityMD today unveiled new brand logo designs that uniquely feature a shared pictorial mark, symbolizing a beacon of care to support patients at every step of their care journey.

The modern new design mark, made up of four intersecting arrows, represents Summit Health and CityMD’s joint commitment to paving the way for a new kind of health care that puts patients in the center. In a category that can often feel complex and difficult, the brands strive to guide patients to access high-quality, connected care. A campaign landing page, including a brand video, can be viewed at this link.

 

“Since first merging in 2019, Summit Health and CityMD have both evolved greatly – from playing a central role in pandemic care to expanding in new places and new providers – while increasingly working effectively as a single, connected care team,” said CEO Jeff Alter. “We want to showcase how we’ve grown to serve our patients — and the strong connection between Summit Health and CityMD. Our patients should know that no matter where they come to see us, they will find high-quality care for all their needs, from everyday primary care to specialized and urgent care.”

 

The brand refresh is part of a continued investment in building and growing the two brands to serve patients in distinct but connected ways. To deliver a more simplified experience for patients going forward, all primary and specialty care will live under the Summit Health brand, and urgent care under CityMD. As the company grows, it will continue to consolidate its portfolio under these two brands.

 

“Summit Health is our primary and specialty care brand, and CityMD is our urgent care brand. Together, we support patients at every step of their care journey, connecting the dots to make it easy for them to access high-quality care and a better experience. From care right now to care for a lifetime, we’re here for our patients,” said Matt Gove, Chief Marketing Officer.

 

Developed in partnership with the consultancy firm Lippincott, the new logos, visual systems, and brand voices emphasize the unique part that each brand plays in care delivery and in the lives of patients, with the aim to introduce patients to a full spectrum of care offerings across one connected care team.

 

Over the course of the next 24 months, the new brand identities will come to life across over 370 physical locations in the New York metropolitan area and Oregon, digital platforms, and a multichannel marketing campaign.

 

About Summit Health

Summit Health helps patients with all of their primary and specialty care needs. Whether it’s getting annual checkups, raising a family, or prioritizing healthy aging, Summit Health works as a team to deliver care that helps patients make the right choices and stay a step ahead of any issues. Exceptional doctors are committed to providing the best care and supporting patients over a lifetime. And if patients ever need urgent care, they can walk right in to CityMD, whose providers are part of our connected care team. Together, Summit Health and CityMD have over 2,800 providers across 370+ locations in New York, New Jersey, Connecticut, Pennsylvania, and Central Oregon. To learn more, visit summithealth.com.

 

About CityMD

CityMD is the go-to neighborhood urgent care for whenever life happens. Sometimes great care can’t wait, so CityMD has convenient locations that are open 7 days a week, 365 days a year. From visits with our board-certified doctors to rapid lab tests, patients can always expect quick and quality care. And if patients need a follow-up for primary or specialty care, CityMD can refer them to the exceptional doctors at Summit Health, whose providers are part of our connected care team, or to providers in their community. CityMD has 150+ locations in the New York metropolitan area. To learn more, check out citymd.com.

Contacts

Joy Lee Calio

jleecalio@summithealth.com
(908)977-9502

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Business Culture Lifestyle

CoreLogic: US mortgage delinquencies decline for 16th consecutive month year over year in July

Foreclosures rose slightly from July 2021 in about two-thirds of metro areas, but the national rate remains near an all-time low

 

IRVINE, Calif. — (BUSINESS WIRE) — #Foreclosure–CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2022.


For the month of July, 3% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.2 percentage point decrease compared to 4.2% in July 2021.

 

To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In July 2022, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:

 

  • Early-Stage Delinquencies (30 to 59 days past due): 1.3%, up from 1.1% in July 2021.
  • Adverse Delinquency (60 to 89 days past due): 0.4%, up from 0.3% in July 2021.
  • Serious Delinquency (90 days or more past due, including loans in foreclosure): 1.3%, down from 2.8% in July 2021 and a high of 4.3% in August 2020.
  • Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, up from 0.2% in July 2021.
  • Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.7%, up from 0.6% in July 2021.

 

Although overall U.S. mortgage delinquencies crept up again in July from earlier in 2022, they declined for the 16th straight month year over year and remained near historic lows. The national foreclosure rate has held steady at 0.3% since March but rose by 0.1 percentage point from July 2021. This slight bump mirrors metro-level trends, with almost two-thirds of areas that CoreLogic tracks posting small annual foreclosure gains. The minor uptick in foreclosures may be due to mortgage forbearance periods and moratoriums ending for some homeowners, while the increase in delinquencies could indicate that inflation is negatively impacting others’ abilities to make monthly payments.

 

“Early-stage delinquencies are showing a small but clear increasing trend on a month-over-month and year-over-year basis,” said Molly Boesel, principal economist at CoreLogic. “While the share of mortgages that are 30 to 89 days past due remains below the pre-pandemic level, the slight increase is occurring in most areas of the country and could indicate that more borrowers are having trouble making their monthly payments.”

 

State and Metro Takeaways:

  • In July, all states posted annual declines in their overall delinquency rates. The states with the largest declines were Hawaii and Nevada (both down 2.3 percentage points), New Jersey (down 2.1 percentage points) and New York (down 2.0 percentage points), the third consecutive month that these states have led the country for delinquency declines. The remaining states, including the District of Columbia, registered annual delinquency rate drops between 1.9 percentage points and 0.2 percentage points.
  • All but eight U.S. metro areas posted at least a small annual decrease in overall delinquency rates, with increases in those metros ranging from 0.1 percentage points to 0.4 percentage points.
  • All U.S. metro areas posted at least a small annual decrease in serious delinquency rates, with Odessa, Texas (down 4.7 percentage points), Laredo, Texas (down 3.7 percentage points) and Kahului-Wailuku-Lahaina, Hawaii (down 3.6 percentage points) posting the largest decreases.

 

The next CoreLogic Loan Performance Insights Report will be released on October 27, 2022, featuring data for August 2022. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

 

Methodology

The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through July 2022. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

 

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at newsmedia@corelogic.com. For sales inquiries, contact sales@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

 

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

 

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Contacts

Robin Wachner

CoreLogic

newsmedia@corelogic.com

Categories
Business Technology

Zoetis to host webcast and conference call on third quarter 2022 financial results

PARSIPPANY, N.J. — (BUSINESS WIRE) — $ZTS #fortune500—Zoetis Inc. (NYSE:ZTS) will host a webcast and conference call at 8:30 a.m. (ET) on Thursday, Nov. 3, 2022. Chief Executive Officer Kristin Peck and Executive Vice President and Chief Financial Officer Wetteny Joseph will review third quarter 2022 financial results and respond to questions from financial analysts during the call.

Investors and the public may access the live webcast by visiting the Zoetis website at http://investor.zoetis.com/events-presentations. Information on accessing and pre-registering for the webcast is available beginning today. A replay of the webcast will be made available on Nov. 3, 2022.

 

About Zoetis

As the world’s leading animal health company, Zoetis is driven by a singular purpose: to nurture our world and humankind by advancing care for animals. After 70 years innovating ways to predict, prevent, detect, and treat animal illness, Zoetis continues to stand by those raising and caring for animals worldwide – from livestock farmers to veterinarians and pet owners. The company’s leading portfolio and pipeline of medicines, vaccines, diagnostics, and technologies make a difference in over 100 countries. A Fortune 500 company, Zoetis generated revenue of $7.8 billion in 2021 with approximately 12,100 employees. For more, visit www.zoetis.com.

ZTS-COR

ZTS-IR

Contacts

Media:

Bill Price

1-973-443-2742 (o)

william.price@zoetis.com

Kristen Seely

1-973-443-2777 (o)

kristen.seely@zoetis.com

Investors:

Steve Frank

1-973-822-7141 (o)

steve.frank@zoetis.com

Nick Soonthornchai

1-973-443-2792 (o)

nick.soonthornchai@zoetis.com

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Business Culture

Lev Peker joins the PARTS iD, Inc. board of directors

CRANBURY, N.J. — (BUSINESS WIRE) — PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “the Company”) the owner and operator of, among other verticals, “CARiD.com,” a leading digital commerce platform for the automotive aftermarket, today announced the appointment of Lev Peker to its board of directors effective September 28, 2022.

 

“Lev’s experience building and bringing to profitability disruptive online businesses, particularly in the automotive and automotive parts industry, makes him a valuable addition to our board,” said Prashant Pathak, Chairman of PARTS iD. “We’re pleased to welcome Lev and know that the Company and its shareholders will benefit from his industry expertise and track record of value creation.”

 

Mr. Peker served as Chief Executive Officer of CarParts.com, an e-commerce provider of automotive parts and accessories from 2019 to 2022. During his tenure, he returned the business to growth and delivered the highest annual profitability in the history of CarParts.com. In April 2022, Mr. Peker was appointed Chief Executive Officer of Carlotz, Inc., a leading consignment-to-retail used vehicle marketplace. Earlier in his career, he served as Chief Marketing Officer at Adorama, a leading electronics retailer and also held senior positions at Sears Holdings Corporation and US Auto Parts.

 

“I’ve long admired PARTS iD’s differentiated, technology driven business model and the opportunity it presents for transforming the $400 billion automotive aftermarket industry,” said Peker. “It’s an honor to join the board and I look forward to contributing to the strategy and direction of the company as we progress on delivering profitable growth and increasing long-term shareholder value.”

 

Mr. Peker, who will serve as chairperson of the audit committee, replaces Ann Schwister who stepped down from the board for personal reasons.

 

Pathak continued, “Ann was a key member of our Board and her contributions are truly appreciated. We wish her the very best as she steps down to take time to attend to her personal matters”

 

About PARTS iD, Inc.

PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, we believe that PARTS iD has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.

Contacts

Investors:

Brendon Frey

ICR

ir@partsidinc.com

Media:
Erin Hadden

FischTank PR

partsid@fischtankpr.com

Categories
Business

AM Best upgrades Credit Ratings of Delta Dental of Iowa

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Delta Dental of Iowa (DDIA) (Johnston, IA). The outlook of these Credit Ratings (ratings) is stable.

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

 

The driver of the upgraded ratings is DDIA’s diversified business profile. DDIA generates its premiums/revenues from multiple payers that include employer groups, including administrative services only, as well as individual and Medicaid, all of which aids in offsetting the organization’s focus on dental products in Iowa. Furthermore, DDIA maintains a significant share of the dental market in Iowa, enhanced by brand recognition as a member of the Delta Dental Plans Association.

 

DDIA maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Investment portfolio risk for DDIA is moderately elevated, but the organization’s significant capitalization level is deemed sufficient to absorb the impact of adverse investment market conditions. The organization has shown the ability to grow capital and surplus regularly, driven by consistently favorable net earnings.

 

While underwriting metrics have been positive, there has been a modest level of volatility, which has been offset partially by stable net investment income. Additionally, underwriting income grew significantly in 2020 and 2021, driven in part by a lower claims trend stemming from the COVID-19 pandemic. However, AM Best expects underwriting income to temper in the near to medium term as utilization patterns return to normal levels.

 

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

Timothy Willey
Financial Analyst
+1 908 439 2200, ext.5473
timothy.willey@ambest.com

Sally Rosen
Senior Director
+1 908 439 2200, ext.5280
sally.rosen@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

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

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Business Entertainment News Sports & Gaming

HCLTech to supercharge New York Giants and New York Jets fan experiences as new Cornerstone Partner of MetLife Stadium

$11.8 billion tech services company named the official digital transformation partner of MetLife Stadium, Jets and Giants

 

NOIDA, India & NEW YORK — (BUSINESS WIRE) — HCLTech, a leading global technology company, today announced it has been named an Official Cornerstone Partner of MetLife Stadium and the official digital transformation partner of the New York Giants, New York Jets and MetLife Stadium – enriching what it means to be a fan in the digital age. This supports the company’s focus and new brand positioning: Supercharging ProgressTM, which was unveiled today.


The agreement with HCLTech is built on a shared vision to make MetLife Stadium the most technologically advanced venue in the U.S. while providing enhanced guest experiences from the sidelines to the stands. Through this partnership, MetLife Stadium, the Giants and Jets can benefit from HCLTech’s deep experience in platform-driven business transformation, supported by market-leading capabilities to supercharge adoption of best-in-class technology advancements year-round. The new partnership will elevate and unify seamless experiences for guests both inside and outside the stadium, building deeper connections and memorable brand moments before, during and after game days through immersive, real-time digital engagement.

 

“Fostering digital transformation and advancement is a critical component of our mission to supercharge progress,” said C Vijayakumar, CEO & Managing Director, HCLTech. “Our partnership with MetLife Stadium, alongside the Jets and Giants, represents an incredible opportunity for HCLTech to help them reimagine fan engagement and create digital experiences on a massive scale. Taking on the role of official digital transformation partner for MetLife Stadium, we are excited to enable MetLife Stadium to execute on their mission and look forward to driving a sports and entertainment experience for the digital age.”

 

“Creating a memorable, positive experience for everyone who comes to MetLife Stadium is a critical part of our mission,” said Ron VanDeVeen, President and CEO of MetLife Stadium. “HCLTech brings a deep level of knowledge and understanding when it comes to building an effective digital experience. In selecting a technology partner, HCLTech was a clear choice for us to help MetLife Stadium stand out as a leader in fan experience well into the future.”

 

“We are excited to welcome HCLTech as an Official Cornerstone Partner of MetLife Stadium,” said John Mara, President and CEO of the New York Giants. “Enhancing the fan experience is a top priority. Our partnership with HCLTech will allow us to further develop and leverage innovative engagement opportunities at every event.”

 

“MetLife Stadium has been a leader in its use of technology since opening in 2010,” said Hymie Elhai, President of the New York Jets. “Partnering with HCLTech affords us the opportunity to tap into the company’s vast technological expertise and recreate what it means to be a fan at MetLife Stadium as we navigate through the digital age.”

 

The sports and entertainment sectors are representative of the modern digital experience economy: multi-sensory, context-aware and with the most omnichannel-engaged and diverse consumers. Since its first sports partnership in 2015, HCLTech has driven the digital transformation for iconic brands in soccer, ocean sailing and cricket – keeping fans at the center and bringing millions closer to the sporting organizations they love.

 

The U.S. contributes more than 60% to HCLTech’s global revenue of $11.8 billion. This partnership will allow the company to further demonstrate its commitment to the U.S. market as a technology services and products leader with a large base of Fortune 500 companies — and as an employer of choice, with more than 22,000 employees across the U.S.

 

Excel Sports Management’s properties division oversaw the sponsorship search for the New York Giants, New York Jets, and MetLife Stadium.

 

About MetLife Stadium

MetLife Stadium, located in East Rutherford, NJ, is the home of the New York Jets and New York Giants and is one of the largest stadiums in the NFL with a capacity of 82,500. MetLife Stadium will serve as a host venue for FIFA World Cup 2026. Since opening in 2010, the venue has hosted over 500 major events and 2,500 special events. Event highlights include the first outdoor, cold-weather Super Bowl XLVIII, WrestleMania 29 and 35, the Copa America Centenario Final, the 2021 Army-Navy Game, and many concerts, college football games, and international soccer matches.

 

MetLife Stadium has been named “Highest Grossing Stadium of the Year” 9 times by Billboard and “2017 Venue of the Year” by StadiumBusiness. In 2021, MetLife Stadium became the first NFL Stadium to join the UN Framework Convention on Climate Change’s Sports for Climate Action Framework, which aims to achieve global greenhouse gas (GHG) emissions reductions goals. For more information, visit metlifestadium.com.

 

About the New York Football Giants

A cornerstone franchise of the National Football League, the New York Football Giants began play in 1925. The Giants have won eight championships: 1927, 1934, 1938, 1956, 1986, 1990, 2007 and 2011. After twice winning two titles in five years, the Giants are the only NFL franchise with Super Bowl victories in four consecutive decades. Headquartered at the Quest Diagnostics Training Center in East Rutherford, N.J., the Giants enter their 98th season of play this fall. For more information, visit giants.com.

 

About the New York Jets

The New York Jets were founded in 1959 as the New York Titans, an original member of the American Football League (AFL). The Jets won Super Bowl III, defeating the NFL’s Baltimore Colts in 1969 – a victory many believe led to the 1970 merger of the AFL and NFL that set the foundation for today’s league. The organization takes great pride in a long-standing, year-round commitment to their community by implementing impactful programs that will positively influence the lives of young men and women in the tri-state area, particularly in disadvantaged communities. New York Jets play in MetLife Stadium, which opened in 2010, and are headquartered at the Atlantic Health Jets Training Center in Florham Park, New Jersey. For more information, visit newyorkjets.com.

 

About HCLTech

HCLTech is a global technology company, home to 211,000+ people across 52 countries, delivering industry-leading capabilities centered around digital, engineering and cloud, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending June 2022 totaled $11.8 billion. To learn how we can supercharge progress for you, visit hcltech.com.

 

Forward–looking Statement

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words ‘planned’, ‘expects’, ‘believes’, ‘strategy’, ‘opportunity’, ‘anticipates’, ‘hopes’ or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrated assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company or any other person that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Contacts

For additional details, please contact:

HCL Technologies
Michelle Rico michelle.rico@hcl.com

MetLife Stadium
Helen Strus 201.559.1735

hstrus@metlifestadium.com

Categories
Business Lifestyle

inTEST expands funding for greater financial flexibility

MT. LAUREL, N.J. — (BUSINESS WIRE) — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, security, and semiconductor, announced today that it has executed an amendment to its loan agreement with M&T Bank to expand the existing non-revolving delayed draw term loan facility by $25.5 million to $50.5 million. After borrowings of $20.5 million in the fourth quarter of 2021, this amendment raises the remaining available funding under the term loan facility to $30 million. The maturity date for draws under the expanded term loan facility has been extended to September 2027. This extension also applies to the existing $10 million line of credit, which has no borrowings.

Duncan Gilmour, Chief Financial Officer and Treasurer, commented, “The expanded term loan facility provides greater financial flexibility to execute our organic and inorganic growth initiatives that are an integral part of our 5-Point Strategy.”

 

inTEST expects to use the term loan facility to fund its acquisition and growth strategy. Interest rates under the term loan facility are based on SOFR or a bank-defined base rate plus an applicable margin, depending on leverage. Currently, this equates to a rate of approximately 5.1%.

 

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit www.intest.com.

 

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or our future performance or goals, that are based upon management’s current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “plans,” “projects,” “forecasts,” “outlook,” “anticipates,” “targets,” “estimates,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

 

Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to execute on its 5-Point Strategy, realize the potential benefits of acquisitions and successfully integrate any acquired operations, grow the Company’s presence in the life sciences, security, industrial and international markets, manage supply chain challenges, convert backlog to sales and to ship product in a timely manner; the success of the Company’s strategy to diversify its markets; the impact of inflation on the Company’s business and financial condition; the impact of the COVID-19 pandemic on the Company’s business, liquidity, financial condition and results of operations; indications of a change in the market cycles in the semi market or other markets served; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors; the ability to borrow funds or raise capital to finance potential acquisitions or for working capital; changes in the rates and timing of capital expenditures by the Company’s customers; and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

Contacts

inTEST Corporation
Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Investors:
Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com
Tel: (716) 843-3908

Categories
Business Local News

Enterra Solutions celebrates recognition in Promotion Optimization Institute Awards

PRINCETON, N.J. & CAMBRIDGE, Mass. — (BUSINESS WIRE) — Enterra Solutions, the pioneer in Autonomous Decision Science™ (ADS™) technology, today announced it received five Best-in-Class (BIC) award distinctions in the Promotion Optimization Institute’s (POI) Enterprise Planning (EPx) Vendor Panorama.


POI annually awards solutions vendors that achieve excellence in the fields of end-to-end enterprise planning, analytics, modeling, and growth management. Enterra Solutions was named Best-In-Class in the following five functionality distinctions:

 

  • Strategic War-Gaming – Utilizes new frontier modeling to run what-if scenarios to the multi-dimensions of: category, competition, consumer, manufacturer, and retailer considerations to enable enterprise, brand, and retailer strategies and gain a competitive advantage
  • RGM Suite – RGM process, analytics, and services enable the cross-functional practice of revenue growth management; advancing the 5 pillars of RGM–specifically in the areas of pricing strategy and analysis, promotion strategy and effectiveness, trade architecture-pay for performance, mix management and assortment
  • RGM-Supply Chain Connectivity – RGM capabilities specifically designed from a product deployment and supply chain perspective; with capabilities such as ensuring supply is available for promotion
  • Next Frontier – Advanced Modeling – Next frontier modeling utilizes highest level math and can handle highly nonlinear mapping and a high degree of interdependencies
  • Enterprise Planning IBP/S&OP Capabilities – Sales volume planning inputs that flow into the demand planning/ forecast/ Integrated Business Planning (IBP) process

 

“In an increasing dynamic and uncertain world that is experiencing the highest inflation in forty years, geo-political risk, supply chain disruptions, and the lingering effects of COVID-19, Enterra’s strategic war gaming and other integrated end-to-end optimization solutions have been able to successfully assist clients in driving enterprise competitiveness and resiliency. In this environment, retailers and manufacturers continue to struggle to keep up with efficient and effective revenue growth optimization, channel shifts and commodity price increases,” Stephen DeAngelis, Founder and CEO of Enterra Solutions said. “Enterra’s recognition by POI in multiple distinctions demonstrates our commitment to helping our customers navigate these volatile times and advance revenue growth and enterprise planning opportunities.”

 

“Trade promotion and revenue growth management are more relevant today than ever before,” said Pam Brown, Chief Commercial Officer at POI. “We are impressed with the advancements vendors like Enterra are making to support manufacturer and retailer collaboration, help teams respond with agility, and grow profitably in challenging times.”

 

POI analyzed 19 leading vendors across 22 functional areas (including Revenue Growth Management, Optimization, Data, Artificial Intelligence, IBP/S&OP, Headquarter Planning, Trade Promotion Management, Food Service, Advanced Analytics and more) that are helping retailers and consumer goods executives manage enterprise planning and trade promotions effectively.

 

To learn more about how Enterra’s end-to-end value chain optimization and decision-making solutions are realizing outsized value for clients, click here.

 

The full POI EPx Vendor Panorama is available as a gated report through their membership portal: https://poinstitute.com/membership.

 

ABOUT ENTERRA SOLUTIONS:

Enterra Solutions is the leading Autonomous Decision Science™ company providing data-enabled prescriptive and anticipatory analytics and insights for companies across a broad range of industries. Enterra automates a new way of problem-solving and decision-making, going beyond advanced analytics to answer queries, generate insights, and make decisions at the speed of the market. This powerful capability allows clients to uncover and understand the inter-relationships that lead to innovative new product development and innovation, heightened consumer understanding and targeted marketing, revenue growth tactics, and intelligent demand and supply-chain planning. Enterra’s analytics and insights help the world’s leading brands and organizations operate smarter by finding higher meaning in their data. For more information visit: www.enterrasolutions.com

 

ABOUT POI:

POI brings together manufacturers, retailers, solution providers, analysts, academics, and other industry leaders. Members of the POI share cross-functional best practices in both structured and informal settings. Additionally, members benefit through our industry alliances, the Certified Collaborative Marketer (CCM) curriculum and certification, industry leadership virtual events, POI advisory, and the Promotional Collaborative Capability Matrix (PCCM). POI aims to instill a financial metrics and research-based discipline not typically found with other trade groups.

Contacts

Press:
Emma Gielata

Enterrapr@matternow.com
Matter on behalf of Enterra Solutions

Theresa Smith

1-818-704-8481

Categories
Business Environment

American Water participates in American Water Works Association’s Second Annual Source Water Protection Week

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, today announced its participation in American Water Works Association’s (“AWWA”) Second Annual Source Water Protection Week (September 25 – October 1).

“Protecting the nation’s drinking water sources is a community effort—from utilities, local organizations and customers—to share information and take action to protect our shared and essential resource,” said Lynda DiMenna, vice president and Chief Environmental and Safety Officer. “During Source Water Protection Week, American Water will continue to educate employees and customers across our national footprint about the ongoing steps we take to provide safe, clean, affordable and reliable water services to our customers.”

 

American Water is committed to delivering high quality drinking water service. To that end, we also remain vigilant in meeting the challenges of source water protection. This includes:

  • Nearly 1 million tests and measurements conducted each year at American Water’s state-of-the-art research laboratories
  • Application of the most advanced technology, equipment, and filtration processes. To date, American Water has examined more than 600 technologies and is actively pursuing a dozen partnerships to create better efficiencies
  • Constant collaborative work with the U.S. Environmental Protection Agency (EPA) and other state and local agencies to meet or surpass water quality standards and address emerging contaminants so that potential impacts to water quality are minimized.

 

Additionally, we encourage individuals to take the following actions during Source Water Protection Week, then work to put that action into year-round practice:

  1. Be conscious of daily water use and take the necessary steps in the home to use water wisely and help preserve this essential natural resource, which can also have an impact on reducing monthly bills.
  2. Be sure that leaking pipes and faucets—indoor and outdoor—are repaired.
  3. Take care when using garden, lawn, garage and other home products, so they do not inadvertently find their way into water sources.
  4. Dispose of chemicals, unused medicines or other potentially harmful products in a legal and proper manner. Do not put them directly into home drains, the sewer, street drains or the lawn.

 

Learn more about American Water and Source Water Protection here.

 

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

Alicia Barbieri

Manager, Corporate Communications

American Water

(856) 676-8103

alicia.barbieri@amwater.com

Categories
Business

AM Best assigns Credit Ratings to Jet Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Jet Insurance Company (Jet) (Charlotte, NC). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Jet’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.

 

The ratings also reflect Jet’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), seasoned team of insurance professionals and targeted business plan to write nearly all transactional commercial surety bond types, with a limited appetite for certain classes of business within the contract, probate and fidelity segments.

 

AM Best assesses the company’s operating performance as adequate based on Jet’s historical results since inception and well-defined business plan. Jet was formed in 2018 as a property/casualty insurance company specialized in writing surety and fidelity bonds. The company will seek to build a geographically diverse book of business sourced through its affiliated wholesale insurance agency and Jet’s direct-to-principal distribution capability, which was launched in March 2022. The company’s affiliated agency has effectively utilized its online surety platform and proprietary database to achieve consistent growth in carrier partner premiums over the past ten years. There is some potential execution risk associated with the company’s plan to transfer its existing surety book of business to Jet, and in growing the direct-to-principal platform. While balance sheet and operating performance measures are expected to be in line with company provided projections, the scaling of operations could present challenges in achieving planned operating results and will likely reduce the company’s level of risk-adjusted capitalization over the near term. As is customary, AM Best will monitor Jet’s actual results relative to its plan.

 

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

Billiah Moturi
Financial Analyst
+1 908 439 2200, ext. 5509
billiah.moturi@ambest.com

Robert Valenta, CPCU
Senior Financial Analyst
+1 908 439 2200, ext. 5291
robert.valenta@ambest.com

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

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