Tag: New Jersey

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Business Science

MTF Biologics awards more than $1 million in 2021 research grants to support allograft research

Non-profit organization now accepting applications for 2022 grants to accelerate innovation in tissue transplantation

 

EDISON, N.J. — (BUSINESS WIRE) — #WeSaveAndHealLives–MTF Biologics, a global nonprofit organization that saves and heals lives by advancing tissue and organ donation, transplantation, and research, has awarded more than $1 million in funding to nine researchers across the nation through its 2021 Extramural Research Grants Program.

This year’s recipients are leading research in diverse areas including bone regeneration, machine learning, women’s health, orthopaedic infection, and the toll of spinal epidural abscesses.

 

“MTF Biologics’ Extramural Research Grants Program has fueled promising research for more than three decades,” said Joe Yaccarino, President and CEO of MTF Biologics. “We are pleased that we have been able to continue this program, which has advanced the field of tissue transplantation and helped to improve patient experiences and outcomes, in spite of the challenges of the ongoing pandemic. We congratulate all of this year’s recipients and look forward to seeing the results of their important work.”

 

“MTF Biologics continues to create opportunities to advance science and heal lives through support of pioneering allograft research,” added Marc Long, Ph.D., EVP, Research & Development of MTF Biologics. “We are proud to have provided nearly $60 million in grants to researchers across the nation since 1987. This commitment to research is an important reinvestment in our mission and helps to accelerate innovation that offers clinicians more ways to improve patient experience and outcomes.”

 

“We continue to be impressed by the quality of the grant proposals we receive,” said Jeffrey Cartmell, Ph.D., Director, Intellectual Property & Grants at MTF Biologics. “This year’s funded projects represent diverse research interests including musculoskeletal science as well as work focusing on a variety of innovative and translatable concepts of allograft transplantation.”

 

2021 MTF Biologics Research Grant Award recipients include:

 

MTF BIOLOGICS EXTRAMURAL RESEARCH GRANT – ESTABLISHED INVESTIGATOR:

  • Hani Awad, Ph.D., University of Rochester, “Engineering Stem Cell Sheets with Decellularized Wharton Jelly Matrix Membranes and Allografts for Bone Regeneration”
  • Warren Grayson, Ph.D., Johns Hopkins University, “A Bioresponsive Scaffolds for Craniofacial Bone Regeneration”
  • Ariella Shikanov, Ph.D., University of Michigan, “Ovarian Allograft for Restoration of Endocrine Function”
  • Ying Mei, Ph.D., Clemson University, “Developing Allograft Placental Matrix-based Hydrogels for Cell Mediated Regenerative Therapies”

MTF BIOLOGICS EXTRAMURAL RESEARCH GRANT– JUNIOR INVESTIGATOR:

  • Karina Nakayama, Ph.D., Oregon Health & Science University, “Repair of Composite Muscle-bone Injury Using Decellularized Muscle Allografts and Rehabilitative Exercise”
  • Rebekah Samsonraj, Ph.D., University of Arkansas, “Big Data & Machine Learning-driven Potency Establishment of Allogenic Tissue Derived Mesenchymal Stem Cells for Musculoskeletal Regenerative Medicine”

ORTHOPAEDIC RESEARCH & EDUCATION FOUNDATION – MTF BIOLOGICS CAREER DEVELOPMENT GRANT: (Administered by the Orthopaedic Research and Education Foundation)

  • Irvin Oh, M.D., Yale University, “Developing Biomarkers for Diagnosis and Prognosis of Orthopaedic Infection”

ORTHOPAEDIC RESEARCH & EDUCATION FOUNDATION – HERNDON RESIDENCY AWARD: (Administered by the Orthopaedic Research and Education Foundation)

  • Grace Xiong, M.D., Brigham & Women’s Hospital, “Quality of Life and Cost of Spinal Epidural Abscesses”
  • Vincentius Suhardi, M.D., Ph.D., Hospital for Special Surgery, “Role of Leptin Receptor Cells in Aseptic Loosening Membrane Formation”

Letters of Intent are now being accepted for the 2022 MTF Biologics Extramural Grant Program. The application deadline is March 15, 2022. Interested applicants can view the Request for Proposals and find out how to submit a grant proposal on the MTF Biologics website at https://www.mtfbiologics.org/grants.

 

About MTF Biologics

MTF Biologics is a global nonprofit organization that saves and heals lives by honoring donated gifts, serving patients and advancing science. It provides unmatched service, resources, and expertise to donors and their loved ones who give the gift of donation, people who depend on tissue and organ transplants, healthcare providers, and clinicians and scientists.

 

The International Institute for the Advancement of Medicine (IIAM), a Division of MTF Biologics, honors donors of non-transplantable organs by providing their gifts to the medical research community to combat and cure diseases. Statline, also a Division of MTF Biologics, provides specialized communications and technology expertise to organ, tissue, and eye procurement organizations, as well as the hospitals and patients they serve. MTF Biologics’ sister organization, Deutsches Institute for Zell-und Gewebeersatz – DIZG (The German Institute for Cell and Tissue Transplantation) expands its reach to patients across the globe. For more information, visit www.mtfbiologics.org.

Contacts

Max Winter, 703-980-9376 or max.winter@finnpartners.com

Categories
Environment News Now!

New Jersey water utilities start acting on groundbreaking lead service line legislation

RIDGEWOOD, N.J. — (BUSINESS WIRE) — New Jersey water utilities have taken the first steps towards identifying and removing the state’s lead-containing service lines, in accordance with New Jersey’s groundbreaking legislation aimed to reduce lead in drinking water to improve public health. As reported by the American Water Works Association New Jersey Section, within the next few weeks, certified letters will be sent to all customers who have a known lead-containing service line, informing them of their potential lead exposure and options for decreasing their exposure. Utilities will be offering to replace lead and galvanized steel service lines by 2031, including the portion owned by the utility and the portion owned by the private property-owner.

The State of New Jersey passed legislation in July 2021 mandating removal of all service lines made of lead or galvanized steel and all lead connectors within 10 years. With this groundbreaking legislation, New Jersey will be the first state in the United States to remove all of its lead and galvanized service lines. The letters are one of two steps outlined in the legislation that will affect New Jersey water customers this year. Utilities are also required to create and update water service line material inventories, made available to the public by January 22, 2022. For utilities serving over 3,300 customers, the inventories are hosted on the water utility’s or municipality’s website. Utilities will also be reaching out to customers with materials listed as “unknown” in the inventory to identify the materials on the utility-owned and privately-owned sides of the service line and update the inventory accordingly.

 

For more information about AWWA New Jersey Section, visit the website www.njawwa.org.

For more information on New Jersey’s Lead Service Line Legislation, visit this New Jersey.com article about the legislation.

For more information about lead in drinking water, watch this AWWA video “Getting the Lead Out”
For more information on how to mitigate the public health risk of lead service lines, visit the United States Environmental Protection Agency’s webpage on lead in drinking water.

For more information on how to identify if you have a lead or galvanized steel service line, visit NPR’s interactive tool.

Contacts

Sophia Heng, AWWA NJ Chair

chair@njawwa.org
866-436-1120

Categories
Business Sports & Gaming

Cleveland Cavaliers and Fubo Gaming announce Ohio Market access agreement

First U.S. Mobile Sportsbook to Integrate With Owned-and-Operated Live TV Streaming Platform Expected to Launch in Ohio Pending Regulatory Approvals

 

CLEVELAND & CHICAGO — (BUSINESS WIRE) — #Cavaliers–The Cleveland Cavaliers and Fubo Gaming, a subsidiary of fuboTV Inc. (NYSE: FUBO) today announced a market access agreement, making Fubo Sportsbook an Official Mobile Sports Betting Partner of the team when the sportsbook launches in Ohio, pending requisite regulatory approvals.


The announcement, which further advances the companies’ current marketing partnership formed in October 2021, comes on the heels of the legalization of sports gambling in the Buckeye State. Pending regulatory approvals, Fubo Sportsbook will launch its market-defining wagering platform in Ohio, offering Cavs fans even more personalized and immersive game-day experiences.

 

Fubo Gaming launched Fubo Sportsbook in the fourth quarter 2021 and is live in two states: Iowa and Arizona. Fubo Sportsbook is purpose-built to meet U.S. sports fans’ growing demand for interactivity through an industry-first integration of an owned-and-operated sports wagering platform with a live TV streaming experience.

 

The partnership will feature the opening of a 3,000 sq. ft. sports lounge inside Rocket Mortgage FieldHouse, which will serve as a game-day destination for fans with incentives and special bonus offers provided by Fubo Sportsbook. Additionally, fans will be able to watch NBA games and other sporting events from the comfort of the lounge.

 

“This is an exciting evolution of our continued partnership with Fubo Gaming,” said Len Komoroski, CEO, Cavaliers and Rocket Mortgage FieldHouse. “The Fubo Sportsbook mobile wagering platform provides leading technology, connectivity and entertainment that aligns perfectly with our commitment to innovation and engagement across every aspect of the fan experience. We look forward to the continued collaboration with Fubo as we work to establish a best-in-class sports betting marketplace to offer our fans in Cleveland and throughout the state of Ohio.”

 

“The opportunity to enter the Ohio sports betting market with the Cavaliers as our partner is a major step forward for Fubo,” said Scott Butera, president, Fubo Gaming. “Ohio has a passionate fan base who will enjoy Fubo’s uniquely integrated streaming and wagering sports betting experience. The Cavs are at the forefront of sports innovation and consistently create highly engaging fan experiences. This partnership provides Fubo instant access to a highly attractive customer base.”

 

Leading up to Fubo Sportsbook’s official launch in Ohio, the Cavaliers and Fubo Gaming will continue to promote their partnership through an integrated marketing campaign highlighted by co-branded high-impact broadcast-visible signage, a presence on team television and radio game programming, as well as other marketing assets.

 

Fubo Gaming expects to announce the launch of Fubo Sportsbook in additional markets in the coming months, subject to requisite regulatory approvals and, in certain jurisdictions, enactment of legislation. This marks Fubo Gaming’s seventh market access agreement, in addition to Arizona, Indiana, Iowa, New Jersey, Pennsylvania and Texas.

 

About Fubo Gaming

Launched in 2021, Fubo Gaming Inc. is a Chicago-based subsidiary of live TV streaming platform fuboTV Inc. (NYSE: FUBO), and developer and distributor of Fubo Sportsbook. Fubo Sportsbook is purpose-built to integrate with fuboTV, creating a personalized omniscreen experience that turns passive viewers into active and engaged participants. Fubo Sportsbook officially launched in November 2021 and is currently live in Iowa and Arizona. Fubo Gaming has also entered into market access agreements in Indiana and New Jersey via Caesars Entertainment, Inc., Ohio via the NBA Cleveland Cavaliers, Pennsylvania via The Cordish Companies, and Texas via The Houston Dynamo Football Club. The launch timeline of Fubo Sportsbook in each state is subject to obtaining requisite regulatory approvals and, in certain jurisdictions, enactment of legislation. For more information, visit fubosportsbook.com.

 

About Cleveland Cavaliers

The Cleveland Cavaliers won the NBA Championship in 2016 while also taking the Eastern Conference crown in 2007, 2015, 2016, 2017 and 2018. The team plays at, and also operates, the newly transformed, publicly-owned Rocket Mortgage FieldHouse in downtown Cleveland, Ohio. The Cavaliers and Rocket Mortgage FieldHouse are part of Rock Entertainment Group. The Group also includes the Cleveland Monsters of the AHL, the Cleveland Charge of the NBA G League, Cavs Legion of the NBA 2K League, Legion Lair Lit by TCP home of Cavs Legion in Cleveland, and Cleveland Clinic Courts – the Cavaliers’ training and development center in Independence, Ohio. The Cavaliers are regularly recognized for their extensive community support and engagement programs and contributions, workplace diversity and inclusion leadership, and an on-going economic impact that now registers in the billions of dollars locally. Dan Gilbert is Chairman of the Cleveland Cavaliers. Gilbert and his family of companies have now invested over $2.0 billion in Cleveland. Gilbert is also Founder and Chairman of Rocket Mortgage, the nation’s largest mortgage lender, and Founder and Chairman of Rock Ventures LLC, the umbrella entity for his portfolio of business and real estate investments. Len Komoroski is the Rock Entertainment Group CEO and Nic Barlage is the Rock Entertainment Group President and Chief Operating Officer. The Cavaliers team is led by General Manager Koby Altman and Head Coach J.B. Bickerstaff. The Cavaliers and Rocket Mortgage FieldHouse provide fans the best experience in the NBA with its extensive and stunning array of amenities and technology and signature, electrifying game presentation.

 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of fuboTV Inc. (“fuboTV”) that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our market opportunity, business strategy and plans, partnerships, the expected continued rollout of Fubo Sportsbook and the continued shift in consumer behavior towards sports wagering and streaming services and the expected launch of Fubo Sportsbook in additional markets. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that fuboTV makes due to a number of important factors, including but not limited to risks related to our pursuit and engagement in acquisitions; our actual operating results may differ significantly from our guidance; risks related to the Company’s access to capital and fundraising prospects to fund its ongoing operations and support its planned growth; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to our technology, as well as cybersecurity and data privacy-related risks; our ability to achieve or maintain profitability; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to attract and retain subscribers; we may not be able to license streaming content or other rights on acceptable terms; risks related to our ability to capitalize develop and market a sports wagering offering and the regulatory regime and related risks associated with such offering; risks related to the difficulty in measuring key metrics related to our business; risks related to the highly competitive nature of our industry; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 filed with the Securities and Exchange Commission (“SEC”) on August 11, 2021 and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this press release represent fuboTV’s views as of the date of this press release. fuboTV anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing fuboTV’s views as of any date subsequent to the date of this press release.

Contacts

Investor Contacts
Alison Sternberg, fuboTV

asternberg@fubo.tv

The Blueshirt Group for fuboTV

ir@fubo.tv

Media Contacts
Zack Yohman, Cleveland Cavaliers

zyohman@cavs.com

Deliah Mathieu, Fubo Gaming

dmathieu@fubo.tv

Lexi Panepinto, CTP for Fubo Gaming

lpanepinto@ctpboston.com

Categories
Business

Zoetis declares second quarter 2022 dividend

PARSIPPANY, N.J. — (BUSINESS WIRE) — $ZTS #dividend–The Board of Directors of Zoetis Inc. (NYSE:ZTS) has declared a dividend of $0.325 per share for the second quarter of 2022. The dividend will be paid on Wednesday, June 1, 2022, to all holders of record of the Company’s common stock as of the close of business on Thursday, April 21, 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 $6.7 billion in 2020 with approximately 11,300 employees. For more information, visit www.zoetis.com.

 

DISCLOSURE NOTICES

Forward-Looking Statements: This press release contains forward-looking statements, which reflect the current views of Zoetis with respect to business plans or prospects, future operating or financial performance, future use of cash and dividend payments, and other future events. These statements are not guarantees of future performance or actions. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Zoetis expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, including in the sections thereof captioned “Forward-Looking Statements and Factors That May Affect Future Results” and “Item 1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our Current Reports on Form 8-K. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on the global economy and our business. These filings and subsequent filings are available online at www.sec.gov, www.zoetis.com, or on request from Zoetis.

ZTS-COR

ZTS-IR

ZTS-FIN

Contacts

Media Contacts:

Bill Price

1-973-443-2742 (o)

william.price@zoetis.com

Kristen Seely

1-973-443-2777 (o)

kristen.seely@zoetis.com

Investor Contacts:

Steve Frank

1-973-822-7141 (o)

steve.frank@zoetis.com

Keith Gaub

1-973-822-7154 (o)

keith.gaub@zoetis.com

Categories
Business

NICE Partners with Etisalat Digital to bring the CXone Cloud platform to the United Arab Emirates

Alliance enables Etisalat Digital customers to drive digital transformation with a secure path to the cloud, rapidly innovate via the CXone platform and deliver frictionless, end-to-end digital and agent-assisted experiences

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #CXone—NICE (Nasdaq: NICE) today announced a partnership with Etisalat Digital to drive the availability of the CXone platform in the United Arab Emirates (UAE). The collaboration provides Etisalat customers with a clear, seamless path to the cloud with CXone while enabling frictionless digital self-service and agent-assisted customer experiences. With CXone, Etisalat Digital is uniquely positioned to advise and empower organizations to transform their business via effective, engaging customer communications now and into the future. NICE CEO, Barak Eilam, and Etisalat Enterprise Digital CEO, Salvador Anglada, were present at the signing ceremony held at the Etisalat Digital Hospitality Lounge at Expo 2020, Dubai.

Etisalat Digital chose to collaborate with NICE following a comprehensive review of Contact Center as a Service (CCaaS) providers that revealed CXone as the leading CX platform with a proven ability to drive digital transformation well into the future. Capabilities such as easy migration to the cloud, the ability to rapidly innovate and offer cutting-edge features, flexibility to scale as needed, easy management of remote agents working from any location as well as multiple contact centers drove the decision for the collaboration. As part of this alliance, Etisalat Digital will drive strategic investments in building managed services practice around NICE CXone – a first of its kind in the region.

 

Among the NICE solutions to be offered by Etisalat is the CXi, (Customer Experience Interactions) platform, a new framework delivered through a unified suite of applications on the CXone platform. CXi empowers organizations to intelligently meet their customers wherever their journey begins, enables resolution through AI and data driven self-service and prepares agents to resolve customer needs successfully. It enables a frictionless end-to-end service experience, combining digital entry points, journey orchestration, smart self-service, prepared agents and complete performance improvement, all embedded with purpose-built CX AI and based on a native open cloud foundation.

 

Salvador Anglada, CEO of Etisalat Enterprise Digital, said: “Etisalat Digital is committed to deliver the most advanced and efficient customer engagement solutions as a cornerstone in the digital transformation journey of businesses and governments. NICE and CXone are an ideal partner for our contact center practice that will deliver the most innovative solutions for an exceptional customer service experience.”

 

Barak Eilam, CEO, NICE, said “Our partnership with Etisalat Digital demonstrates NICE CXone’s accelerated international expansion, and we’re excited to work together to bring the benefits of the cloud to agents and customers in the UAE. CXone provides the essential technology businesses need to exceed today’s customers’ expectations in a unified cloud native platform, fast-tracking digital transformations and digital fluency for companies of all sizes across the globe.”

 

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com

 

About Etisalat Digital

Etisalat Digital is the business unit of Etisalat driving digital transformation by enabling enterprises and governments become smarter through the use of the latest technologies like Cloud, Cyber Security, Internet of Things (IoT), Omnichannel, Artificial Intelligence, and Big Data & Analytics. Etisalat Digital brings together the best industry digital experts, assets and platforms with a unique service and operating model. From its offices in UAE and KSA, Etisalat Digital provides end-to-end digital vertical propositions to enable smarter developments, education, healthcare, transportation and a smarter economy. It has a successful track-record in delivering large digital projects and solutions by providing comprehensive services in consultancy, business modeling, solutions design, program management, execution, delivery and post-implementation support and operation services. www.etisalatdigital.ae

 

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

 

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Eilam, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com

Categories
Business

AM Best revises outlooks to negative for SafePort Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of SafePort Insurance Company (SafePort) (Raleigh, NC).

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

 

The negative outlooks reflect the deterioration in operating performance in recent years, particularly in comparison with the current adequate assessment. The recent deterioration is driven primarily by elevated catastrophe losses from Hurricane Laura in 2020 and winter storm Uri and Hurricane Ida in 2021. While management has taken actions to stabilize results, the ultimate effectiveness in returning performance to historical norms is uncertain.

 

The negative outlooks also reflect the potential for pressure on the balance sheet strength assessment given new premium growth and the related statutory strain it creates. Until recently, SafePort was a relatively inactive Florida-based property-oriented insurer, supporting the limited business profile assessment. Beginning in 2019, SafePort experienced a significant increase in direct premium written attributed to a new homeowners program written in South Carolina and Texas through SageSure, an insuretech managing general agent focused on underserved markets. SageSure has an ownership in SafePort through an intermediate holding company, along with IAT Insurance Group, Inc. (IAT), which maintains control. Management has taken actions through SageSure and IAT to stabilize SafePort’s balance sheet, which includes de-risking its investment portfolio and a recent capital contribution.

 

AM Best will continue to monitor the execution of near-term plans as communicated by management and their impact on alleviating pressure on SafePort’s operating performance, as well as the company’s plan for potential growth in premiums.

 

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 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

Joni Cerbone, CPA
Senior Financial Analyst
+1 908 439 2200, ext. 5726
joni.cerbone@ambest.com

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

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

AM Best assigns credit ratings to Benchmark Specialty Insurance Company, a new member of Benchmark Insurance Group

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Benchmark Specialty Insurance Company (BSIC) (Little Rock, AR). The outlook assigned to these Credit Ratings (ratings) is stable. BSIC is a newly added member of Benchmark Insurance Group (BIG) and a wholly owned subsidiary of Benchmark Insurance Company, which is ultimately owned by Trean Insurance Group, Inc. [NASDAQ: TIG]. The company is being afforded the group’s ratings via a 100% quota share reinsurance contract with Benchmark Insurance Company. The ratings of the other members of the group are not affected by BSIC’s rating assignment.

BSIC has been made a member of BIG due to its strategic importance to the group. BSIC will not write workers’ compensation insurance. Instead, BSIC will write specialty/niche products through separate program partners, which will provide the group with expanded geographic diversification, rate flexibility and new product offerings on a non-admitted basis. The business focus of the general agents and program partners will be niche products and tougher-to-place risks that require the expertise to be underwritten profitably. BSIC is reinsured by its lead rating unit, Benchmark Insurance Company, and shares common executive management and operational capabilities.

 

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

 

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

Kevin Dorsey AIAF, ARe

Senior Financial Analyst
+1 908 439 2200, ext. 5401
kevin.dorsey@ambest.com

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

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Technology

Marotta Controls expands hypersonic device portfolio with new Dual Pressure Controller for rocket engines

Stratolaunch First to Deploy Standalone Device on Hypersonic Testbed Talon-A

 

MONTVILLE, N.J. — (BUSINESS WIRE) — #additivemanufacturing—Marotta Controls, a rapidly growing aerospace and defense supplier with a 65-year-plus heritage in spaceflight, announces the availability of its new Dual Pressure Controller (DPC) with embedded software for more efficient valve command and control. The universal controller can be used by any rocket engine operating within Earth’s atmosphere or outer space and is configured to withstand hypersonic vehicle internal environments. Marotta initially designed and developed the DPC for Stratolaunch’s Talon-A vehicle, a Mach 6-class vehicle designed to make hypersonic testing more routine.


“We relied on Marotta’s expertise to quickly create a pressure controller for the Talon-A propulsion system. The Marotta Controls development team was responsive and effective. The resulting DPC capabilities mitigate risk and simplify our vehicle management system,” said Brandon Wood, Hypersonics Program Director. “We look forward to continued ground tests and later flight tests of the DPC in our Talon-A hypersonic vehicles.”

 

The DPC is the first device of its kind developed by Marotta. Whereas similar incumbent solutions were typically built to individual vehicle specifications, Marotta’s design is applicable to any application requiring nuanced control of pressurized fuel and oxidizer delivery and can easily adjust to various customer requirements. The controller supports up to four CoRe® solenoid valves in a small, lightweight form factor.

 

“The DPC combines our legacy knowledge in flow control valves with our growing experience in the field of embedded electronic system development. Our collaboration with Stratolaunch was key to us successfully developing an optimized design,” said Max Wolfinger, Vice President, Space Systems, Marotta Controls. “There’s an increasing desire in the defense and aerospace industries to offload design and development of components that can be and, essentially, should be self-contained for safety and performance reasons. This practice speeds time to market for missile systems, aircraft, spacecraft, and other rocket-engine-based vehicles and is a driver behind Marotta Controls developing quality solutions suitable for mass production.”

 

The DPC’s key features and capabilities remove risk and variability from the pressure control function while simplifying hardware management, and include:

  • Easy, flexible pressure limit setting
  • Dynamic system pressure monitoring
  • Rapid fault handling
  • Quicker valve open/close
  • Low power consumption
  • Flight computer integration

 

Tested in house by Marotta for performance and reliability in hypersonic use cases, the device meets IPC-610 Class 3 standards for defense and space applications. Further, the company’s application support team is available to help customers ensure sufficient communication between the DPC and vehicle flight computers.

 

About Marotta Controls

Founded in 1943, Marotta Controls is a fully integrated solutions provider which designs, develops, qualifies and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for tactical systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.

Contacts

Heather Ailara

211 Communications

+1.973.567.6040

heather@211comms.com

Katee Glass

Marotta Controls, Inc.

kglass@marotta.com

Categories
Business Lifestyle

Global Rewards partners with The Bancorp to advance the offerings of its corporate spend platform

LAKEWOOD, N.J. — (BUSINESS WIRE) — #fintech–Global Rewards, a leading financial technology company serving businesses of all sizes, is pleased to announce a newly-formed partnership with The Bancorp, Inc. (NASDAQ:TBBK) and its subsidiary The Bancorp Bank. This collaboration allows Global Rewards to continue its mission to simplify corporate disbursement and employee spend and comes at a time when businesses are striving for more automation and better controls over their spending practices. By working with The Bancorp, clients of Global Rewards will have real time visibility into their spending activity, thereby strengthening the overall financial wellness of their business.

“Global Rewards has proven itself adept at providing compelling solutions for the business needs of its customers,” said Matt Carberry, Managing Director, Head of Partner Strategy, The Bancorp. “We are excited to support the growth of this organization as it continues its work of providing advantaged corporate payments.”

 

The Bancorp provides tailored solutions through its Fintech Solutions division and has become a top issuer of prepaid cards meeting a wide range of business needs. The company accounts for over $300 billion combined annual payments processing volume and over 150 million active cardholder accounts in U.S. distribution.

 

“At Global Rewards, we are committed to building an innovative platform that works towards solving industry specific needs. Ensuring that our banking partner can support the level of growth we continue to see, is key to our success. We look forward to our partnership with The Bancorp as we continue to innovate and build out the future of corporate spend,” said Isaac Itzkowitz, Founder and CEO of Global Rewards.

 

About Global Rewards

Global Rewards LLC, headquartered in NJ provides payment and technology services to businesses of all sizes to meet their unique payment methods, and spend patterns. Our solution encompasses all levels of a corporate entities’ spending, from their Corporate and T&E cards, to their AP spend solutions, bundling them all into an efficient and automated platform. With businesses continuously vying for better spend controls, our platform offers our clients real time visibility into managing and controlling their spend, ultimately benefiting their bottom line. For more information about Global Rewards, please visit https://globalrewardsusa.com

 

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine, and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.

 

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation. Forward-looking information is not a guarantee of future performance or results, since it involves risks and uncertainties. There is no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in forward-looking statements. Some of the factors on which the forward-looking statements are premised include (but are not limited to) the satisfaction or waiver of the conditions to the completion of the private placement, the receipt of the approval of the Canadian Securities Exchange, and the lack of material changes to general economic, market and business conditions. The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

Contacts

Media Relations
Zev Werner, Director of Marketing

Global Rewards

(732) 279-4192

zwerner@globalrewardsusa.com

Media Relations
Rachel Weiss, VP Communications Manager

The Bancorp

(302) 385-5410

rweiss@thebancorp.com

Investor Relations
Andres Viroslav, Director of Investor Relations

The Bancorp

(215) 861-7990

aviroslav@thebancorp.com

Categories
Business International & World Science

Teva reaches agreement with Texas to settle the State’s opioid-related claims

TEL AVIV, Israel & PARSIPPANY, N.J. — (BUSINESS WIRE) — Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) and its affiliates, has reached an agreement with the Attorney General (AG) of Texas that settles the state’s and its subdivisions opioid-related claims. Under the terms of the settlement, Teva will pay Texas $150 million over a 15-year time period and will provide the recently launched, lifesaving medicine generic Narcan® (naloxone hydrochloride nasal spray), valued at $75 million (wholesale acquisition cost) over 10 years.

“Expanding access to lifesaving medicines is at the core of Teva’s mission. The Texas Attorney General is taking steps to address the opioid epidemic in the State by negotiating a settlement that includes critical medicines as part of their solution,” said Kåre Schultz, Teva’s President and CEO. “While the settlement includes no admission of wrongdoing by Teva or its affiliates, it remains in the best interest of Teva to put these cases behind us and continue to focus on the patients we serve every day.”

 

Naloxone is a life-saving medication that can reverse an overdose from opioids.1 As of December 2021, Teva has made available the first generic version of this critical medicine and has included this product in the Company’s ongoing pursuit of a national or narrower settlement with individual states such as the deal announced today.

 

The Company will continue to defend itself in court in states where we have not reached terms of a settlement agreement. Teva believes that today’s settlement with the state of Texas is a critical step forward in getting life-saving treatments to people suffering from opioid addiction.

 

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.

 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to:

 

  • our ability to finalize the settlement with Texas, such that at least 96% of the population of subdivisions will formally release Teva as part of the settlement;
  • our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; consolidation of our customer base and commercial alliances among our customers; delays in launches of new generic products; the increase in the number of competitors targeting generic opportunities and seeking U.S. market exclusivity for generic versions of significant products; our ability to develop and commercialize biopharmaceutical products; competition for our specialty products, including AUSTEDO®, AJOVY® and COPAXONE®; our ability to achieve expected results from investments in our product pipeline; our ability to develop and commercialize additional pharmaceutical products; and the effectiveness of our patents and other measures to protect our intellectual property rights;
  • our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments, may result in a further downgrade of our credit ratings; and our inability to raise debt or borrow funds in amounts or on terms that are favorable to us;
  • our business and operations in general, including: uncertainty regarding the COVID-19 pandemic and its impact on our business, financial condition, operations, cash flows, and liquidity and on the economy in general; our ability to successfully execute and maintain the activities and efforts related to the measures we have taken or may take in response to the COVID-19 pandemic and associated costs therewith; effectiveness of our optimization efforts; our ability to attract, hire and retain highly skilled personnel; manufacturing or quality control problems; interruptions in our supply chain; disruptions of information technology systems; breaches of our data security; variations in intellectual property laws; challenges associated with conducting business globally, including political or economic instability, major hostilities or terrorism; costs and delays resulting from the extensive pharmaceutical regulation to which we are subject or delays in governmental processing time due to travel and work restrictions caused by the COVID-19 pandemic;
  • the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; significant sales to a limited number of customers; our ability to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and integrate acquisitions; and our prospects and opportunities for growth if we sell assets;
  • compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory environments; increased legal and regulatory action in connection with public concern over the abuse of opioid medications and our ability to reach a final resolution of the remaining opioid-related litigation; scrutiny from competition and pricing authorities around the world, including our ability to successfully defend against the U.S. Department of Justice criminal charges of Sherman Act violations; potential liability for patent infringement; product liability claims; failure to comply with complex Medicare and Medicaid reporting and payment obligations; compliance with anti-corruption sanctions and trade control laws; and environmental risks;
  • other financial and economic risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; potential impairments of our intangible assets; potential significant increases in tax liabilities (including as a result of potential tax reform in the United States); and the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits, or of a change in our business;

and other factors discussed in this press release, and in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned “Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

1 https://www.cdc.gov/stopoverdose/naloxone/index.html

Contacts

IR Contacts
United States

Ran Meir (267) 468-4475
Israel

Yael Ashman 972 (3) 914-8262

PR Contacts
United States
Kelley Dougherty (973) 658-0237

Yonatan Beker (973) 264 7378