Viably, the North American master distributor of Komptech equipment has introduced the Lacero horizontal grinder. This high-speed wood waste grinding machine is a significant addition to the company’s innovative product line and is engineered to address the stringent requirements of the North American waste and recycling industry.
DENVER, CO / ACCESSWIRE / January 31, 2024 / Viably (formerly Komptech Americas), a forward-thinking waste management solutions company, is proud to announce the launch of the Komptech Lacero high-speed, horizontal grinder. The Lacero is the newest addition to Viably’s product portfolio and was designed exclusively for the complex demands of the North American wood waste and organics recycling sector. The introduction of the Lacero reinforces Viably’s commitment to delivering advanced technologies and solutions that increase profitable resource recovery.
The Komptech Lacero horizontal Grinder processing wood waste.
Komptech Lacero: Engineered for Efficiency
The Komptech Lacero fulfills the specialized needs of wood waste recyclers, mulch producers, logging and land clearing, and organics recycling companies. It is a robust machine that is precision-engineered and boasts a 41-inch diameter downswing drum powered by a CAT® C18 diesel engine and PT Tech clutch, providing up to 812 horsepower.
This tracked machine also has an optional 3-axle dolly system that allows for seamless on-road transport, making it flexible and functional. An integrated control system provides real-time diagnostics and a wireless remote control with a comprehensive machine status display for efficient use. The expansive feed hopper and innovative "Smart Grind" program control assure continuous and efficient material feed.
"The Viably team takes pride in being at the vanguard of delivering innovation to North America waste recyclers, and the Komptech Lacero stands testament to our aspirations," states Brandon Lapsys, President of Viably. "Working with the Komptech factory engineers to craft this machine reflects our commitment to excellence and our insights into the real-world needs of our clients on this continent. The Lacero is not just a product; it’s a pivotal tool reshaping the waste processing landscape."
Customer-Centric Innovations
With over a decade of expertise in waste management solutions, Viably has developed a strong position in the North American waste and recycling market. Renowned for premium quality and revolutionary performance, Viably’s equipment portfolio is a beacon of operational efficiency and sustainability, trusted by industry leaders across the continent. Companies seeking to enhance efficiency and drive their productivity forward in wood waste and organics recycling will find the Komptech Lacero to be an indispensable ally in operational success.
Conclusion
Learn more about the Komptech Lacero by visiting Viably’s Lacero product page.
Contact Information
John Morgan Vice President of Marketing and Communications hello@thinkviably.com 720.890.9090
TAMPA, FL / ACCESSWIRE / January 31, 2024 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIP" or the "Company") issued 2,794,597 shares of its common stock in redemption of all 2,400,000 issued and outstanding shares of its Series A Preferred Stock (the "Redemption"). The shares of the Company’s common stock issued in the Redemption were issued to the sole former holder of the Company’s Series A Preferred Stock, Modiv Operating Partnership, L.P. ("Modiv OP"). The Company issued shares of its Series A Preferred Stock to Modiv OP in connection with its earlier disclosed portfolio acquisition from Modiv Industrial (NYSE:MDV) ("Modiv"). As previously announced by Modiv, on December 29, 2023, Modiv declared a stock distribution of the Company’s shares to be issued pursuant to the Redemption on the Modiv common stock and the Modiv OP Class C units issued and outstanding as of January 17, 2024, with an estimated distribution date of January 31, 2024.
"As a result of the distribution by Modiv, we are thrilled to welcome approximately 4,500 new Shareholders to GIPR and expand our investor base. I’d like to personally greet everyone that is now an owner of both Modiv Industrial and GIPR, and assure you that we are highly committed to being a valuable investment for you and your families. As our name suggests, we take our responsibility of carrying a generational outlook very seriously, and we look forward to continuing that legacy growth" said David Sobelman, CEO of GIPR.
About Generation Income Properties
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust focused on acquiring and managing income-producing retail, industrial and office properties net leased to high-quality tenants in densely populated submarkets throughout the United States. Additional information about Generation Income Properties, Inc. can be found at the Company’s corporate website: www.gipreit.com.
Forward-Looking Statements:
This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "intend," "expect," "plan," "estimate," "should," "will," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company’s expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company’s control and which could have a material adverse effect on the Company’s business, financial condition, and results of operations. These risks and uncertainties include the risk that the distribution of the Company’s shares issued pursuant to the Redemption will not occur when anticipated, or at all, as well as risks relating to general economic conditions, market conditions, interest rates, and other risks and uncertainties that are identified from time to in the Company’s SEC filings, including those identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition, and results of operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statement made by us herein speaks only as of the date on which it is made. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as may be required by law.
CAMBRIDGE, MA / ACCESSWIRE / January 31, 2024 / Moderna, Inc. (NASDAQ:MRNA) today announced it has been recognized on Fortune‘s World’s Most Admired Companies list as part of its "All-Star" top-50 companies. This annual list is considered one of the leading measures of corporate reputation among global organizations.
"We are honored to be recognized among the most admired companies in the world. This marks our first year on Fortune‘s esteemed list and builds on the recognition of our transformative platform technology," said Stéphane Bancel, Chief Executive Officer of Moderna. "We remain focused on being a company where people can do the best work of their lives as we advance our mission to deliver the greatest possible impact to people through mRNA medicines."
Moderna is committed to expanding the field of mRNA medicine into new frontiers, entering 2024 with 45 therapeutic and vaccine programs, nine of which are in late-stage development. This commitment is mirrored in its work to positively impact communities around the globe by promoting public health, access and equality. Moderna is consistently recognized for its investment in its people and innovation.
Since 1997, Fortune has collaborated with management consulting firm Korn Ferry to determine the 50 best-regarded companies, considering 1,500 candidates across 52 industries. This includessurveying more than 3,700 executives, directors and analysts, who are asked to rank enterprises in their own industry on nine criteria related to financial performance and corporate reputation, from investment value and quality of management and products to social responsibility and ability to attract talent.
Moderna is a leader in the creation of the field of mRNA medicine. Through the advancement of mRNA technology, Moderna is reimagining how medicines are made and transforming how we treat and prevent disease for everyone. By working at the intersection of science, technology and health for more than a decade, the company has developed medicines at unprecedented speed and efficiency, including one of the earliest and most effective COVID-19 vaccines.
Moderna’s mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. With a unique culture and a global team driven by the Moderna values and mindsets to responsibly change the future of human health, Moderna strives to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.
PHILADELPHIA, PA / ACCESSWIRE / January 31, 2024 / The abrdn U.S. Closed-End Funds (NYSE:ASGI)(NYSE American:THQ, THW), (the "Funds" or individually the "Fund"), today announced that the Funds paid the distributions noted in the table below on January 31, 2024, on a per share basis to all shareholders of record as of January 24, 2024 (ex-dividend date January 23, 2024).
Ticker
Exchange
Fund
Amount
ASGI
NYSE
abrdn Global Infrastructure Income Fund
$ 0.1600
THQ
NYSE American
abrdn Healthcare Opportunities Fund
$ 0.1125
THW
NYSE American
abrdn World Healthcare Fund
$ 0.1167
Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
Under applicable U.S. tax rules, the amount and character of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.
The Funds’ estimated sources of the current distribution paid this month and for its current fiscal year to date are as follows:
Estimated Amounts of Current Distribution per Share
Fund
Distribution Amount
Net Investment Income
Net Realized Short-Term Gains**
Net Realized Long-Term Gains
Return of Capital
ASGI
$0.1600
$0.0112
7%
–
–
$0.1152
72%
$0.0336
21%
THQ
$0.1125
–
–
–
–
$0.0023
2%
$0.1102
98%
THW
$0.1167
–
–
–
–
–
–
$0.1167
100%
Estimated Amounts of Fiscal Year* to Date Cumulative Distributions per Share
Fund
Distribution Amount
Net Investment Income
Net Realized Short-Term Gains **
Net Realized Long-Term Gains
Return of Capital
ASGI
$0.5200
$0.0364
7%
–
–
$0.3744
72%
$0.1092
21%
THQ
$0.4500
–
–
–
–
$0.0090
2%
$0.4410
98%
THW
$0.4668
–
–
–
–
–
–
$0.4668
100%
* ASGI, THQ and THW have a 9/30 fiscal year end.
**includes currency gains
Where the estimated amounts above show a portion of the distribution to be a "Return of Capital," it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.
The following table provides the Funds’ total return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution rates.
Fund Performance and Distribution Rate Information
Fund
Average Annual Total Return on NAV for the 5 Year Period Ending 12/31/2023¹
Current Fiscal Period’s Annualized Distribution Rate on NAV
Cumulative Total Return on NAV¹
Cumulative Distribution Rate on NAV²
ASGI³
8.81%3
6.84%
12.29%
1.71%
THQ
10.34%
6.37%
7.41%
1.59%
THW
9.00%
11.68%
5.44%
2.92%
1 Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.
2 Based on the Fund’s NAV as of December 31, 2023.
3 The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through December 31, 2023.
Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the "Distribution Policy").
While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.
The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund’s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.
Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.
TORONTO, ON / ACCESSWIRE / January 31, 2024 / Pelangio Exploration Inc. (TSXV:PX)(OTC PINK:PGXPF) ("Pelangio" or the "Company") is pleased to provide an update on 2023 activities and the outlook for 2024 for its projects in Ghana and Canada.
Highlights – 2023
Exploration resumed at Pelangio’s district scale Obuasi Project, adjacent to the giant high-grade Obuasi Mine
Pelangio’s Obuasi Project benefits from an agreement with TuNya Mineral Resources Ltd. ("TuNya") to provide both exploration expenditures and access to significant technical expertise
The recently completed Manfo Project drill program extended mineralization in both the Pokukrom East and West deposits, demonstrating resource growth potential with continued step-out drilling
Canada Nickel Company’s ("Canada Nickel") significant discovery on its Mann Northwest property enhances interest in Pelangio’s adjacent Mann property (2.2 km away)
Barrick Gold Inc. ("Barrick") began exploration on Hemlo Explorer’s Pic property, which surrounds Pelangio’s Seeley Lake property
First Mining Gold Corp ("First Mining") began exploration on Pelangio’s Birch Lake property which is adjacent to First Mining’s Springpole Gold Project
Outlook – 2024
Obuasi project continues with the TuNya-funded exploration program on the Obuasi Project and will focus on two large target areas in the southwest corner of the property closest to the Obuasi Mine property, the Obuasi and NGA target areas
TuNya’s exploration program will also cover the Tarkwaian geology which has been under-explored to date
Resource extension drilling and exploration drilling planned for the Manfo project
Record Gold is expected to complete $250,000 of exploration at Pelangio’s Grenfell property under the terms of the option agreement
First Mining will complete further exploration at Pelangio’s Birch Lake under the terms of the option agreement
Barrick is continuing exploration on Hemlo’s Pic Project including a 2,500 m drill program
Pelangio is considering strategic opportunities for Canadian properties which are prospective for silver, zinc, nickel, copper, cobalt, chromium, and platinum group elements (PGEs)
"2023 provided very positive developments for Pelangio in Ghana and Canada," comments Ingrid Hibbard, President and CEO of Pelangio. "We’re pleased to resume exploration at our Obuasi Project following settlement of outstanding litigation between vendors of two of the four concessions of the Obuasi property. We entered into an agreement with TuNya, which provides both exploration funding and access to a technical team with over 125 years of combined experience on the extremely prolific Ashanti gold belt, including significant experience at the Obuasi mine itself. We anticipate this additional knowledge to provide real value to the development of the next phase of exploration at Obuasi."
"In addition, our drill program at our Manfo Project on the Sefwi Belt in Ghana extended known mineralization at the southern ends of both the Pokukrom East and West deposits. Potential remains to establish additional extensions to the mineralization and to grow the Manfo resource with continued drilling at a number of the targets yet to be drilled around these deposits, plus exploration drill testing of multiple targets across the property.
"In Canada, several of our properties are benefitting from exploration completed by others. We anticipate exploration at both our Birch Lake and Grenfell properties to be completed by our option partners, First Mining and Record Gold, in 2024. Our Seeley property near Hemlo will benefit from exploration, including 2,500 m of drilling completed by Barrick on Hemlo Explorer’s Pic Project. Our Mann property has benefitted from new data provided by the significant discovery made by Canada Nickel on its adjacent Mann Northwest Project."
GHANA
Manfo Project
The 96 km² Manfo project, located in the Sefwi-Bibiani Belts 15 km southeast of Newmont’s Ahafo gold mine and 40 km north of Asante Gold’s Bibiani gold mine, has recently been Pelangio’s exploration focus in Ghana. Refer to Figure 1. In 2013, SRK Consulting estimated the project hosts a gold mineral resource of 195,000 oz (at 1.52 g/t Au) Indicated and 298,000 oz (at 0.96 g/t Au) Inferred with the bulk of the resource contained in the two Pokukrom deposits.¹
In 2021, Pelangio identified opportunities to grow the project through step-out drill testing of open-ended mineralization in the known deposits to demonstrate possible extensions that would be further drilled for potential resource addition, plus drill testing of multiple exploration targets along and near the 9 km of mineralized structures within the property. A multi-phase 3,700 m diamond drill program was planned of which 1,423 m has been drilled to date.
The 2023 drill program, detailed in Pelangio’s July 24, 2023 news release, tested for strike and down-dip extensions in select areas of both Pokukrom East and West deposits, in addition to a soil plus auger gold geochemical target sitting on the western flank of Pokukrom East. The drill hole south of Pokukrom West returned an intercept of 1.88 g/t Au over 13 m, including 4.01 g/t over 4 m. The shallow oxide mineralization is still open further to the south and the potential remains to expand the Pokukrom West resource with further drilling to the south. The down-dip drill test at the shallower southern end of Pokukrom East intercepted 0.71 g/t Au over 20 m plus 1.66 g/t Au over 7 m, including 1 m of 8.43 g/t Au. The mineralization remains open down-dip in this area and there is potential to expand the resource to depth here.
The 2023 program followed the 2021 program at Pokukrom West. The first hole of the 2021 program was drilled in the midst of previous drilling to gain a better understanding of the structural controls on the mineralization. It returned an intercept of 3.81 g/t Au over 15 m, including 5.65 g/t Au over 7 m – better than surrounding holes. The second hole tested for the down-plunge continuation of the Pokukrom West lode. It returned an encouraging intercept of 3.19 g/t Au over 12 m, including 6.85 g/t Au over 3 m, demonstrating that the Pokukrom West deposit does in fact continue down-plunge. Table 1 summarizes the significant drill intercepts at Pokukrom from the 2021 and 2023 programs, and Figure 2 illustrates the drill hole locations.
With a number of targets yet to be drilled in the planned resource step-out diamond drilling program around the Pokukrom deposits, potential remains to establish additional extensions to mineralization and potentially grow the resource with infill drilling. This would be followed with a resource estimation update for Manfo which, at a higher gold price than the US$1,450/oz used in the 2013 MRE, is expected to result in some addition to the Manfo project gold resource. In addition, a 7,000 m exploration air-core drilling program is planned to test up to 21 previously untested geological, geochemical, and structural targets along and near the 9 km long main structural corridor, which could yield satellite deposit discoveries that might also add significantly to the project. With a defined gold mineral resource and a number of opportunities remaining to add to it, Manfo continues to be Pelangio’s priority in Ghana.
The Manfo mineral resource estimation was conducted by SRK Consulting and published in June 2013. (Refer to the Mineral Resource Evaluation Technical Report, Manfo Gold Project, by SRK Consulting (Canada) Inc., released on June 21, 2013 and available on Pelangio’s website). The resource estimation was made in accordance with National Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects at the time of the mineral resource estimation in 2013. NI 43-101 standards for disclosure have been amended multiple times since 2013 and as a result, Pelangio’s 2013 resource estimate is no longer NI 43-101 compliant under the current standards.
Obuasi Project
Pelangio’s 100% owned Obuasi project covers 284 km² immediately adjacent to and on geological strike with AngloGold Ashanti’s 25 Moz Obuasi Mine. Refer to Figures 1 and 3. The Obuasi project is also immediately adjacent to TuNya’s property, which hosts the Kyereboso deposit. Obuasi was Pelangio’s flagship project in Ghana from 2007 to 2011. With the recent litigation settlement and a recently signed binding letter of intent ("LOI") to option a portion of the Obuasi property to TuNya Mineral Resources, Pelangio is turning new focus to the Obuasi project.
Early exploration activity plus subsequent and more recent data reanalysis, prospectivity and targeting exercises prioritized two large principal target areas for follow-up exploration situated in the southwestern corner of the property closest to the Obuasi Mine property. The Obuasi Targets area covers the strike extension of geological stratigraphy along which the Obuasi deposits lie. The NGA Targets area straddles the main Birimian-Tarkwaian metasedimentary contact and has seen minimal drill testing by Pelangio, although two drill holes returned high grades over narrow widths, including 24.50 g/t Au over 1 m and 11.28 g/t Au over 2 m. This high-grade prospect will likely be one of the first revisited after completion of the work by TuNya.
Ongoing work on the Obuasi project will continue the desktop target development and ranking exercise, augmented by fieldwork to include a comprehensive review of drill core, detailed field mapping and a structural study. This effort will be conducted largely by TuNya’s "Obuasi experts." Pelangio and TuNya’s LOI includes an option for TuNya to earn into an 80% interest on the southern portion of Pelangio’s Obuasi project covering principally Tarkwaian geology. For details, refer to Pelangio’s July 31, 2023 news release. This allows TuNya to explore the Tarkwaian for extensions and additions to their Kyereboso deposit that could result in a more robust project for them, while Pelangio maintains a 20% interest in ground that was unlikely to be explored by Pelangio over the near term. In exchange, TuNya will undertake a comprehensive review of Pelangio’s Obuasi property prospects, focusing on the Obuasi and NGA Target areas and utilizing their personnel who have considerable senior technical and management experience at the Obuasi Mine and elsewhere along the Ashanti Belt.
Working with TuNya and their new products, Pelangio expects to be able to develop a more informed ranked target list for ongoing Obuasi exploration. At the same time, Pelangio plans to enhance this with improved geochemical and geophysical datasets through targeted auger drilling programs plus a high resolution airborne aeromagnetic survey covering the western third of the Obuasi property. As has been done in the past at Obuasi, upon completion of these programs, an AI (artificial intelligence) prospectivity platform can be utilized to generate smarter exploration targets with better, more detailed datasets. This work will be guided by the Obuasi expertise of TuNya’s technical people, including a structural geologist, a geophysicist, and a GIS specialist. These efforts should ultimately delineate the very best targets for drill testing. Drill testing will initially be performed at shallow depths, followed by deeper probes as and where warranted.
Dankran Project
Pelangio entered into an option agreement to acquire the Dankran property adjacent to the Obuom mine and contiguous to the northeast corner of Pelangio’s Obuasi property in late 2020.Refer to Figure 3. The Dankran project, which is now 100% owned by Pelangio, has shown evidence of high-grade gold potential on the Obuasi-Obuom trend from limited, shallow (<70 m vertical) RC drill testing, which warrants follow up drilling. While currently a lower priority than Pelangio’s Manfo and Obuasi projects, the Dankran project represents an early-stage, high-grade gold exploration opportunity hosting 7 km of underexplored strike of the Ashanti Belt, 25 km away from the world-class Obuasi Mine.
CANADA
Birch Lake Project
Pelangio’s 100% owned Birch Lake Project is located within the Birch-Uchi Belt, 120 km northeast of Red Lake and contiguous with First Mining Gold’s claims covering the Springpole deposit, approximately 3 km from the proposed open pit. See Figure 4. First Mining has an initial option to earn a 51% interest in the project by paying Pelangio $220,000, issuing 2,100,000 shares and spending $1,500,000 in exploration over seven years, since the signing of their earn-in agreement in 2021. First Mining has an additional option to increase its interest to 80% by spending an additional $1,750,000 in exploration and paying $400,000 in cash or shares over two years.
During 2022-2023, First Mining conducted mapping and geochemical sampling and flew the Birch Lake property with an electromagnetic and magnetic survey as part of an extensive district-wide airborne survey. One target was drilled and additional drilling is anticipated in 2024, dependent on weather conditions and permitting.
Grenfell Project
Pelangio’s Grenfell property is located 10 km northwest of the Macassa Mine owned by Agnico-Eagle Mines Limited. In 2022, Pelangio granted Record Gold the option to acquire an 80% interest in the Grenfell property by paying Pelangio $60,000 and incurring $2,000,000 in exploration expenditures over five years. To maintain the option, Record Gold shall pay $60,000 and complete $250,000 of exploration expenditures by August 19, 2024.
Pelangio conducted two diamond drilling programs in 2020 and 2021 with notable drilling results of 1.32 g/t Au over 26.0m including 314 g/t Au over 1.74 m (uncut) and 10.95 g/t Au over 3.00 m including 23.40 g/t Au over 1.00 m.
Seeley Project
Pelangio’s 100% owned Seeley Project located near Hemlo, Ontario, is surrounded by the Pic Project owned by Hemlo Explorers. See Figure 5. Previous work on the project by Pelangio in 1997 and 2008 included gold results of 4.71 g Au/t over 1 m and 4.85 g Au/t over 2 m, associated with anomalous copper and zinc values, and indicated alteration and a geologic setting similar to that found with volcanic-associated massive sulfide (VMS) deposits, which are frequently sources of metals such as copper, lead, and zinc. In 2009 mapping, prospecting and soil sampling resulted in seven anomalies around previous Pelangio drilling. The geological mapping and whole rock analysis indicated potential for gold deposits and identified ultramafic rocks anomolous in nickel. Notably, Barrick is completing a 2,500 m drill program on Hemlo Explorer’s Pic project.
Mann Project
Pelangio’s 100% owned Mann project has come to the forefront with a recent nearby discovery by Canada Nickel Company. Canada Nickel is advancing their 2 billion tonne Crawford nickel project and aggressively exploring multiple properties in the district. The Mann Property is located in Mann Township, 50 km northeast of the City of Timmins, and covers an area of approximately 2 km². Pelangio’s patented claims (mining and surface rights) cover a portion of a large ultramafic intrusive complex that is prospective for nickel, copper, cobalt, chromium and PGEs close to where Canada Nickel has just reported assays from a significant new discovery on their Mann Northwest Property surrounding Pelangio’s patented claims (see Canada Nickel’s August 22, 2023 release). See Figure 6.
Canada Nickel drilled eight holes from May to July 2023, testing 2.7 km of strike. Each hole returned multi-hundred-meter-wide intersections of "strongly serpentinized peridotite, dunite and pyroxenite with fine mineralization throughout." Canada Nickel reported assays from five of the eight holes drilled which were all mineralized with significant nickel, platinum and palladium values returning up to 348.5 m of 0.23% Ni and 0.04 g/t Pt+Pd including 33 m of 0.31% Ni and 0.057 g/t Pt+Pd. This hole also ended with 28.9 m of 0.52 g/t Pt+Pd. Canada Nickel’s drill holes are located 2.2 km from Pelangio’s Mann property boundary. The Mann patents cover historical airborne electromagnetic anomalies that experienced limited shallow drill testing by Inco from 1948 to 1951 and returned significant nickel values over narrow widths. Given the very significant nearby discovery by Canada Nickel, Pelangio is currently considering exploration programs to evaluate the potential of the property.
Qualified Person
Mr. Kevin Thomson, P.Geo. (Ontario, #0191), is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Thomson approved the technical data disclosed in this release.
About Pelangio
Pelangio acquires and explores world-class land packages on strategic gold belts in Ghana, West Africa, and Canada. In Ghana, the Company is exploring its two 100% owned camp-sized properties: the 100 km2 Manfo property, the site of seven near-surface gold discoveries, and the 284 km2 Obuasi property, located 4 km on strike and adjacent to AngloGold Ashanti’s prolific high-grade Obuasi Mine, as well as its Dankran property located adjacent to its Obuasi property. In Canada, the company has several gold properties and two critical minerals properties. See www.pelangio.com for further details.
For additional information, please visit our website at www.pelangio.com, or contact:
Figure 1. Location of Pelangio’s Gold Projects in southwest Ghana
Table 1: Significant Results of the 2021 and 2023 Diamond Drilling Programs at Manfo
DHID
Prospect
AZIM(°)
DIP(°)
EOH(m)
FROM(m)
TO(m)
LENGTH(m)
AU(g/t)*
DD21-001
Poku W.
297
-50
121.5
110
125
15
3.81
including
112
119
7
5.65
DD21-002
Poku W.
297
-60
231.7
211
223
12
3.19
including
216
219
3
6.85
SPDD23-006
Poku W.
117
-45
74
2
15
13
1.88
including
11
15
4
4.01
35
37
2
0.71
SPDD23-007
Poku E.
117
-55
174
90
119
20
0.71
including
90
96
6
1.32
137
144
7
1.66
including
138
139
1
8.43
* Assay composites using a 0.4 g/t Au cut-off. Intervals of internal dilution do not exceed 2m < 0.4 g/t Au.
Figure 2. 2021 and 2023 Drilling on the Pokukrom Deposits, Manfo Project
Figure 3. Location of Pelangio’s Obuasi and Dankran Projects in Relation to AngloGold Ashanti’s Obuasi Mine
Figure 4. Pelangio Birch Lake Project
Figure 5. Pelangio’s Seeley Lake Project
Figure 6. Location of Pelangio’s Mann Property in Relation to Canada Nickel’s New Mann Northwest Discovery
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the Company’s strategy of acquiring large land packages in areas of sizeable gold mineralization, and the Company’s ability to complete the planned exploration programs. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including assumptions about the state of the equity markets. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the changes in equity markets, share price volatility, volatility of global and local economic climate, gold price volatility, political developments in Ghana and Canada, increases in costs, exchange rate fluctuations, speculative nature of gold exploration, including the risk that favourable exploration results may not be obtained, delays due to COVID-19 safety protocols, and other risks involved in the gold exploration industry. See the Company’s annual and quarterly financial statements and management’s discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward- looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / January, 31, 2024 / Kobrea Exploration Corp. (CSE:KBX)(FSE:F3I) ("Kobrea" or the "Company") is pleased to announce that the Company’s shares have been accepted for listing on the Frankfurt Stock Exchange (the "FSE") and commenced trading on January 23, 2024 under the symbol "F3I".
The Company’s common shares are now cross listed on the Canadian Securities Exchange and the FSE. The FSE is one of the world’s leading international stock exchanges by revenue, profitability, and market capitalization and is the largest of Germany’s stock exchanges.
"This listing on the Frankfurt Stock Exchange is an exciting milestone for our team. There is significant demand from investors in Europe and we are pleased that it will now be easier for those investors to participate in our future growth, particularly as we continue to expand our global shareholder base", commented James Hedalen, CEO.
About Kobrea Exploration Corp.
Kobrea Exploration Corp. is a mineral exploration & development company focused on the acquisition and exploration of base metal projects. The Company holds a 100% interest in the Upland Copper Project in British Columbia, Canada.
For more information, please consult the Company’s filings, available at www.sedarplus.ca.
This news release contains certain forward-looking statements that are "forward looking information" within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements respecting demand from investors in Europe, the Company’s future growth, and the expansion of the Company’s global shareholder base are "forward-looking information". These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Net Income of $29.5 million for the year ended December 31, 2023 represents an increase of $5.1 million, or 21.0%, as compared to $24.4 million for the year ended December 31, 2022
Net interest margin of 3.78% for the year ended December 31, 2023 represents an increase of 26 basis points, or 7.4%, versus the year ended December 31, 2022
Total Assets grew $198.1 million, or 8.7%, to $2.5 billion at December 31, 2023 as compared to the prior year end
Total Loans grew $177.6 million, or 11.3%, reaching $1.8 billion at December 31, 2023 versus prior year end
Total Deposits rose $64.4 million, or 3.3%, reaching $2.0 billion at December 31, 2023 as compared to prior year end
Book value per share increased $4.78, or 19.5%, reaching $29.26 at December 31, 2023 as compared to $24.48 at December 31, 2022
Trust and investment advisory income rose $1.0 million, or 11.2%, to $10.3 million, for the year ended December 31, 2023 from $9.3 million for the year ended December 31, 2022.
MIDDLETOWN, NY / ACCESSWIRE / January 31, 2024 / Orange County Bancorp, Inc. (the "Company" – Nasdaq:OBT), parent company of Orange Bank & Trust Co. (the "Bank") and Hudson Valley Investment Advisors, Inc. ("HVIA"), today announced net income of $29.5 million, or $5.24 per basic and diluted share, for the year ended December 31, 2023 as compared to $24.4 million for the year ended December 31, 2022. This represents an increase of 21.0%, or $5.1 million. The increase in full year earnings was the result of continued strong growth in net interest income, including interest income associated with loans and cash balances, as well as a reduction in expense related to provision for credit losses. For the quarter ended December 31, 2023, the Company earned $8.1 million, or $1.44 per basic and diluted share, as compared to $9.1 million, or $1.61 per basic and diluted share, for the quarter ended December 31, 2022. This decrease was primarily due to increased interest expense associated with the rising rate environment during 2023.
Book value per share rose $4.78, or 19.5%, from $24.48 at December 31, 2022 to $29.26 at December 31, 2023. Tangible book value per share also increased $4.84, or 20.8%, from $23.28 at December 31, 2022 to $28.12 at December 31, 2023 (see "Non-GAAP Financial Measure Reconciliation" below for additional detail). These increases were due primarily to earnings growth during the year coupled with a decrease in unrealized losses in the investment portfolio attributed to interest rate changes in the fourth quarter 2023.
"I am very pleased and excited to report record full year earnings for 2023," said Orange Bank President and CEO Michael Gilfeather. "It was an extremely challenging year for the banking sector, with the Federal Reserve’s inflation fighting efforts resulting in four interest rate increases through July, before turning less hawkish. Though economic activity in our operating markets remained strong throughout the year, loan demand was gradually tempered by the rising costs of lending. Throughout the year, we remained laser-focused on our low-cost deposit base, which is closely linked to our cash management services. This attention to account relationships has been a key driver of our business success and market leading net interest margin.
Our management team’s ability to execute on our "trusted advisor" strategy in response to these complex market dynamics laid the foundation for our success in 2023. The combination of experience and execution resulted in record earnings for the year, with net income up $5.1 million, or 21.0%, to $29.5 million primarily due to strong net interest margin and effectively managed growth of loans and deposits.
For the year, total loans grew $177.6 million, or 11.3%, to $1.8 billion at December 31, 2023. Though marginally slower than in prior periods, we intentionally managed loan growth lower in response to elevated market uncertainty. As a result, the average yield on our loan portfolio for full year 2023 rose 92 basis points, or 19.2%, to 5.72% versus 4.80% for the year ended December 31, 2022. As competitors backed away from loan origination, we still seized the opportunity to initiate and further build relationships with some of the region’s most established businesses, strengthening our foundation for long-term, high-quality growth. And with economic activity across our operating regions continuing to remain strong, we are optimistic additional opportunities will continue to present themselves.
On the funding side, total deposits rose $64.4 million, or 3.3%, to $2.0 billion at December 31, 2023 in comparison to year end 2022, despite the challenging rate environment. As a business-focused bank, we have managed liquidity needs and funding costs through FHLB borrowing and brokered deposits. This affords us the ability to better manage long-term funding costs and, in conjunction with our significant non-interest-bearing deposit base, is reflected in our consistently low cost of deposits. Average cost of deposits for the year ended December 31, 2023, stood at 94 basis points, up 73 basis points over 2022. Despite the challenges higher interest rates present in gathering new deposits, we believe our client-centric, business banking model enables us to lessen the impact of higher rates, grow core deposits, and reduce borrowing costs as markets and opportunities allow.
The combination of conservative, high-quality growth in our loan portfolio and higher, but managed deposit costs resulted in net interest margin increasing 26 basis points, or 7.4%, to 3.78% for the full year ended December 31, 2023. Though pleased with these results, we know our ability to increase net interest margin in the face of continued relative high interest rates will remain challenging. We believe, however, our consistently demonstrated ability to manage net interest margin pressure in 2023 reflects the quality and durable nature of our business model.
Our Wealth Management division also showed strong results for the quarter and year, providing the Bank with an additional stream of income ancillary to our core lending business. While outside the traditional bank model, wealth management has become an essential part of our service offering, providing businesses and high net worth individuals expertise that strengthens their relationship with the Bank. For the quarter and full year ended December 31, 2023, trust and investment advisory income rose $466 thousand, or 19.9%, to $2.8 million and $1.0 million, or 11.2%, to $10.3 million, respectively, versus the same quarter and full year ended December 31, 2022.
As previously mentioned, this past year has been one of the most challenging for the banking industry in recent history. This makes our strong quarterly and record full year results all the more impressive. It is the result of unwavering commitment to our clients, knowledge of the markets we serve, and diligent management focus on execution. These allowed us to respond to changing market dynamics, maintain margins and credit quality, and increase profitability. The true test of any business model isn’t just how well it performs in good times, but how well it performs when challenged. I am pleased to report ours performed admirably and again thank our employees for their outstanding efforts, our shareholders for their ongoing support, and our clients for their unwavering trust. Without all three, 2023 would have yielded lesser results."
Fourth Quarter and Full Year 2023 Financial Review
Net Income
Net income for the fourth quarter of 2023 was $8.1 million, a decrease of $948 thousand, or 10.5%, from net income of $9.1 million for the fourth quarter of 2022. This decrease represents a combination of lower net interest income and increased noninterest expenses versus the same quarter last year. Net income for the twelve months ended December 31, 2023 was $29.5 million as compared to $24.4 million for 2022.
Net Interest Income
For the three months ended December 31, 2023, net interest income fell $676 thousand, or 3.0%, to $22.2 million, versus $22.8 million during the same period last year. Although total interest income rose, the decrease was driven primarily by a $6.6 million increase in interest expense related to deposit and borrowing costs in the current period. For the year ended December 31, 2023, net interest income increased $10.3 million, or 13.2%, over the year ended December 31, 2022.
Total interest income rose $5.9 million, or 23.2%, to $31.6 million for the three months ended December 31, 2023, compared to $25.6 million for the three months ended December 31, 2022. The increase reflected 23.1% growth in interest and fees associated with loans, a 0.5% increase in income from taxable investment securities, and a 132.6% increase in income related to fed funds interest and balances held at correspondent banks. For the year ended December 31, 2023, total interest income rose $33.6 million, or 39.8%, to $117.8 million as compared to $84.2 million for the year ended December 31, 2022.
Total interest expense increased $6.6 million during the fourth quarter of 2023, to $9.4 million, as compared to $2.8 million in the fourth quarter of 2022. The increase represented the continued impact of rising interest rates and higher cost FHLB borrowings and brokered deposits as alternate sources of funding. Interest expense from FHLB advances during the current quarter totaled $2.6 million as compared to $599 thousand during the fourth quarter of 2022. Interest expense related to brokered deposits totaled $2.4 million during the fourth quarter of 2023 as compared to $108 thousand during the fourth quarter of 2022. Interest expense associated with savings and NOW accounts totaled $4.1 million during the fourth quarter of 2023 as compared to $1.8 million during the fourth quarter of 2022. During the year ended December 31, 2023, total interest expense rose $23.2 million, to $29.4 million, as compared to $6.1 million for last year.
Provision for Credit Losses
As of January 1, 2023, the Company adopted the current expected credit losses methodology ("CECL") accounting standard, which includes loans individually evaluated, as well as loans evaluated on a pooled basis to assess the adequacy of the allowance for credit losses. The Bank seeks to estimate lifetime losses in its loan and investment portfolio by using expected discounted cash flows and supplemental qualitative considerations, including relevant economic considerations, portfolio concentrations, and other external factors, as well as evaluating investment securities held by the Bank.
The Company recognized a provision for credit losses of $462 thousand for the three months ended December 31, 2023, as compared to $1.0 million for the three months ended December 31, 2022. This decrease reflects the impact of the methodology associated with estimated lifetime losses and types of loans closed during the quarter. The allowance for credit losses to total loans was 1.44% as of December 31, 2023 versus 1.39% as of December 31, 2022. For the year ended December 31, 2023, the provision for credit losses totaled $7.9 million, as compared to $9.5 million for the year ended December 31, 2022. The 2023 provision includes the effect of a $5 million reserve associated with the write-off of an investment in Signature Bank subordinated debt. No additional reserves for investment securities were recorded during 2023.
Non-Interest Income
Non-interest income rose $662 thousand, or 21.5%, to $3.7 million for the three months ended December 31, 2023 as compared to $3.1 million for the three months ended December 31, 2022. This growth was related to increased fee income within each of the Company’s fee income categories, including investment advisory, trust, and service charges on deposit accounts. For the year ended December 31, 2023, non-interest income increased approximately $1.4 million, to $13.4 million, as compared to $12.0 million for the year ended December 31, 2022.
Non-Interest Expense
Non-interest expense was $14.7 million for the fourth quarter of 2023, reflecting an increase of $1.4 million, or 10.1%, as compared to $13.4 million for the same period in 2022. The increase in non-interest expense for the current three-month period was the result of continued investment in Company growth. This investment consists primarily of increases in compensation, occupancy, information technology, and deposit insurance costs. Our efficiency ratio increased to 56.9% for the three months ended December 31, 2023, from 51.7% for the same period in 2022. For the year ended December 31, 2023, our efficiency ratio remained level at 55.8% as compared to year end 2022. Non-interest expense for the year ended December 31, 2023 reached $56.8 million, reflecting a $6.5 million increase over non-interest expense of $50.3 million for the year ended December 31, 2022.
Income Tax Expense
Provision for income taxes for the three months ended December 31, 2023 was $2.6 million, compared to $2.5 million for the same period in 2022. The increase was directly related to required provisions associated with the company’s earnings for the quarter. For the year ended December 31, 2023, the provision for income taxes was $7.7 million, as compared to $5.9 million for the year ended December 31, 2022. Our effective tax rate for the three-month period ended December 31, 2023 was 24.1%, as compared to 21.3% for the same period in 2022. Our effective tax rate for the year ended December 31, 2023 was 20.7%, as compared to 19.5% for 2022.
Financial Condition
Total consolidated assets increased $198.1 million, or 8.7%, from $2.3 billion at December 31, 2022 to $2.5 billion at December 31, 2023. The increase reflected continued growth in loans, deposits, and cash during the year.
Total cash and due from banks increased from $86.1 million at December 31, 2022, to $147.4 million at December 31, 2023, an increase of approximately $61.3 million, or 71.2%. This increase resulted primarily from increases in deposit balances and borrowings. The increase in borrowings reflected a strategic decision to bolster and maintain higher cash levels during 2023.
Total investment securities fell $38.6 million, or 7.1%, from $543.0 million at December 31, 2022 to $504.5 million at December 31, 2023. The decrease represented a combination of investment maturities and sales, changes in fair value, and a write-off associated with Signature Bank subordinated debt resulting from that bank’s failure during the first three months of 2023.
Total loans increased $177.6 million, or 11.3%, from $1.6 billion at December 31, 2022 to $1.8 billion at December 31, 2023. The increase was due primarily to $161.3 million of commercial real estate loan growth and $14.7 million of commercial and industrial loan growth. PPP loans decreased to $215 thousand at December 31, 2023 from $1.7 million at December 31, 2022.
Total deposits increased $64.4 million, to $2.0 billion at December 31, 2023 from approximately $2.0 billion at December 31, 2022. This increase was due primarily to $140.1 million of growth in time deposits associated with brokered deposits which the Bank utilized to increase cash balances and support loan growth during the year. Deposit composition at December 31, 2023 included 49.3% in demand deposit accounts (including NOW accounts). Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 37% of total deposits at December 31, 2023, as compared to 43% of total deposits at December 31, 2022.
Stockholders’ equity increased $27.2 million, or 19.7%, to $165.4 million at December 31, 2023 from $138.1 million at December 31, 2022. The increase was due primarily to $29.5 million of net income during 2023 and an approximately $4.1 million decrease in unrealized losses on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) ("AOCI"), net of taxes.
At December 31, 2023, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital-to-average-assets ratio was 9.42%, both common equity and Tier 1 capital-to-risk-weighted-assets were 12.91%, and total-capital-to-risk-weighted-assets was 14.16%.
Wealth Management
At December 31, 2023, our Wealth Management Division, which includes trust and investment advisory, totaled approximately $1.6 billion in assets under management or advisory as compared to approximately $1.3 billion at December 31, 2022, reflecting an increase of approximately 24.2%. Trust and investment advisory income for the year ended December 31, 2023 totaled $10.3 million and represented an increase of approximately 11.2%, or $1.0 million, as compared to $9.3 million for year ended December 31, 2022.
The breakdown of trust and investment advisory assets as of December 31, 2023 and December 31, 2022, respectively, is as follows:
Loan Quality
At December 31, 2023, the Bank had total non-performing loans of $4.4 million, or 0.25% of total loans. Total non-accrual loans represented approximately $4.4 million of loans at December 31, 2023, compared to $6.1 million at December 31, 2022.
Liquidity
Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $100,000, brokered deposits, FHLBNY advances, and other borrowings. As of December 31, 2023, the Bank’s cash and due from banks totaled $147.4 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of December 31, 2023, the Bank’s investment in securities available for sale was $490.0 million, of which $135.7 million was not pledged as collateral. Additionally as of December 31, 2023, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $613.6 million, of which $108.0 million was used to collateralize municipal deposits and $234.5 million was utilized for overnight and long term FHLBNY advances. As of December 31, 2023, the Bank’s unused borrowing capacity at the FHLBNY was $271.1 million. The Bank also maintains additional borrowing capacity of $25 million with other correspondent banks. Additional funding is available to the Bank through the Bank Term Funding Program ("BTFP") and discount window lending by the Federal Reserve. The Bank maintains approximately $102.2 million of collateral under the BTFP but did not utilize this funding source during 2023. The BTFP will expire in March 2024 and no longer be an additional source of funding.
The Bank also considers brokered deposits an element of its deposit strategy. As of December 31, 2023, the Bank had brokered deposit arrangements with various terms totaling $172.4 million.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.
Forward Looking Statements Certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, the continuing effects of the COVID-19 pandemic, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
For further information: Michael Lesler EVP & Chief Financial Officer mlesler@orangebanktrust.com Phone: (845) 341-5111
New webinarfeaturing ARIA Cybersecurity and former Pfizer security architect addresses OT cybersecurity risks faced by manufacturers
BOSTON, MA / ACCESSWIRE / January 31, 2024 /ARIA Cybersecurity Solutions, a CSPi business (NASDAQ:CSPI), has warned of the rapidly escalating cybersecurity risks facing companies with operational technology (OT) in the manufacturing sector. In a new webinar, "How to Safeguard Your OT Environment", Gary Southwell, chief executive of ARIA Cybersecurity is joined by Jim LaBonty, formerly Global Head of Automation Engineering at Pfizer Inc. They discuss how current passive and active cloud-based cybersecurity solutions are failing to guard against a new era of AI-enabled attacks-creating substantial financial, regulatory, and reputational risks in manufacturing sectors such as pharmaceuticals.
The webinar, which occurred on January 24, 2024, demonstrates how ARIA Cybersecurity’s breakthrough solution for protecting OT environments, AZT (ARIA ZERO TRUST) PROTECT, would stop the SolarWinds attack and other recent high-profile attacks on critical infrastructure where existing defences have failed.
"ARIA’s AZT PROTECT deploys quickly, requires no rebooting, and supports the legacy operating systems common in the pharma industry," notes Jim LaBonty. "It automatically protects their production applications and operating systems without the need for security patches."
The webinar covers:
Why today’s cybersecurity solutions need to be augmented in the OT world. Passive solutions are required but are unable to stop zero-day and sophisticated attacks, while cloud-based next-generation antivirus (NGAV) solutions, imported from the IT world, are proving insufficient to protect complex OT environments from the sophisticated attacks. This is leaving OT open to supply chain-based attacks, sophisticated intrusions, and application-level attacks.
Why constant patching is unsustainable and ineffective? Patching is the only current defense against application-level exploits , but patching disrupts production and only guards against known common vulnerabilities and exposures (CVEs). As patches are only available for less than half the known CVEs at any point in time, and cannot address unpublished exposures, this large unpatched surface is leaving OT production applications highly exposed.
Why the SolarWinds attack was a watershed moment. Existing IT/OT protections were powerless to stop the havoc caused across the SolarWinds supply chain in 2020. Software-based supply chain attacks of this nature have proliferated in the period since, now running at around 700 per year.
How "Dark AI" is being harnessed to exploit new vulnerabilities at great speed. Sophisticated attackers are using so-called "Dark AI" to rapidly iterate the indicators of compromise (IOCs) within their cyberattacks, allowing them to become polymorphic and able to bypass NGAV defenses.
Why OT cybersecurity defenses must prepare for the unknown. For example, security researchers recently highlighted a set of completely new process injection techniques targeting the Windows OS. These were found to be fully undetectable when tested against five of the leading cloud based NGAV solutions. By contrast, AZT PROTECT stops them all out-of-the box, without requiring updates.
Launched in July 2023, AZT PROTECT is being deployed in industrial settings that use OT to manage production infrastructure supporting functions such as energy, utilities, manufacturing, and distribution. A major Fortune-500 chemical manufacturer recently rolled out AZT PROTECT to protect its critical production applications. The solution is also being deployed by a western intelligence agency to protect its critical intelligence gathering and analysis operations from cyberattack.
Unlike leading NGAV and endpoint detection response (EDR) solutions, AZT PROTECT is custom-built for OT environments, offering protection against the most advanced zero-day and supply chain attacks, without the need for daily cloud updates and constant security patching. It reduces the risk of application vulnerability exploits to near zero by neutralizing attacks in real time before they cause harm, using a revolutionary AI-driven patented technique for analyzing executable code, scripts, and processes.
"Our latest webinar explores the challenges of securing OT environments such as the production floors of pharmaceuticals, which typically feature legacy OS equipment, limited computing capacity, and cannot be taken offline monthly," says Gary Southwell. "Existing solutions are proven to not fully protect these valuable OT assets from a new style of cyberattack, as well as being complex to deploy and update. AZT PROTECT is the perfect complement to these existing defenses; it is up and running within minutes, requires no staff training or expertise, and provides protection against all forms of cyberattack, both known and unknown."
ARIA Cybersecurity Solutions, a business of CSPi Inc., recognizes that better, stronger, more effective cybersecurity starts with a smarter approach. Our solutions provide new ways for organizations to protect their most critical assets-they can shield their critical applications from attack with our AZT solution, while monitoring internal traffic, device-level logs, and alert output with our ARIA ADR solution to substantially improve threat detection and surgically disrupt cyberattacks and data exfiltration. Customers in a range of industries rely on our solutions to accelerate incident response, automate breach detection, and protect their most critical assets and applications-no matter where they are stored, used, or accessed. Learn more at ARIACybersecurity.com
OTTAWA, ON / ACCESSWIRE /January 31, 2024 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSXV:BES) ("BESI" or the "Company") is pleased to provide the following updates on its operations and business activities:
Braille Battery Inc.
BESI’s subsidiary Braille Battery Inc. (Sarasota, FL) reports that significant technical and operational requirements for expansion activities into European markets were completed in 2023 and revenue activities in the European market are now expected to begin with the spring/summer 2024 performance racing season. In the last few months of 2023, Braille Battery developed two new industry-leading battery capacity products designed to meet the needs of the important and growing powersports market. These products, which will be available to consumers starting in February 2024, broaden Braille’s product offering in this space and complement its successful G30H product. As these new higher capacity products provide a solution that is not currently available with lithium batteries, Braille expects them to be met with widespread demand in the US market.
Meanwhile, Braille’s G30H product has been selected and utilized by the factory race team for the largest powersports manufacturing company in the US.
"2023 was a dynamic year for Braille Battery as it focused on investments in operations and targeted new verticals, including the powersports market, and partnerships with OEMs," said Lindsay Weatherdon, President and CEO of BESI. "In addition, the company is in discussions with a number of organizations to provide contract manufacturing lithium battery solutions."
Braille Energy
BESI’s ELECTRAFY RESIDENTIAL AND INDUSTRIAL BACK-UP POWER SYSTEM (Electrafy) is in the commercial selling phase, with active discussions taking place with key partners to bring Electrafy to the North American market. The company has achieved another milestone with its first test installation of an Electrafy System in a Canadian residence that was approved and certified by the local authorities.
"Having our first Electrafy System installed, operating, and approved by the authorities is a major accomplishment for our company and opens the door to expanding to other provincial jurisdictions and the US," said Mr. Weatherdon. "We are booking orders in Q1 ’24 for delivery in Q2 ’24."
Early Alerttm Lithium Battery Fire Detection System: Early Alert, formerly FireBulb, addresses the safety issues related to lithium battery fires that have caused widespread concern as the adoption of lithium battery technology grows. Early Alert is now in the final stages of its commercial development, and the Company plans to launch its first product focused on electric bikes and scooters by Fall 2024.
"Instances of E-bike and E-scooter lithium battery fires are well documented and, in some cases, have led to the destruction of property when stored and charged within homes and apartment buildings," said Mr. Weatherdon. "We are pleased that we will soon be able to offer a proven system that can detect potential fires related to these battery applications. We also plan to develop and launch additional versions of Early Alert for various other lithium battery applications, including industrial lithium battery applications, in the near future."
About Braille Energy Systems Inc.
Braille Energy Systems Inc. holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery-manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Braille Energy Systems (BESI) will expand its market penetration into a wider range of market segments that require lightweight, high-performing energy solutions, using the most scientifically advanced materials. For additional information about BESI and Braille Battery products, please visit our website at www.brailleenergy.com or www.braillebattery.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.
NEW YORK, NY / ACCESSWIRE / January 31, 2024 / Ares Capital Corporation ("Ares Capital" or the "Company") (NASDAQ:ARCC) announced today the tax treatment of the Company’s 2023 common stock distributions (CUSIP #: 04010L103).
Record Date
Payable Date
Total Paid Per Share
Ordinary Income Per Share
Long Term Capital Gains per Share (2)
Interest – Related Dividends (3)
Ordinary Rate
20% Rate (1)
3/15/2023
3/31/2023
$0.4800
$0.47257
$0.00743
$0.0000
76.8425%
6/15/2023
6/30/2023
$0.4800
$ 0.47257
$0. 00743
$0.0000
76.8425%
9/15/2023
9/29/2023
$0.4800
$0.47257
$0. 00743
$0.0000
76.8425%
12/15/2023
12/28/2023
$0.4800
$. 0.46847
$0. 00736
$0.00417
90.9876%
$1. 9200
$1.88618
$0.02965
$0.00417
% of Total Dividends Paid Per Share
100.0000%
98.238542%
1.544270%
.217188%
The Company hereby designates these distributions as amounts eligible for treatment as qualified dividend income in accordance with IRC section 854(b) as well as eligible for the dividends received deduction available to certain U.S. domestic corporations.
No portion of the Company’s distributions is designated as an amount eligible for treatment as a capital gain dividend in accordance with IRC sections 852(b)(3) and 854(a).
The Company hereby designates the above percentages of each of the total dividends by payment date as "interest-related dividends" within the meaning of IRC section 871(k).
This press release is not intended to constitute tax, legal, investment, or other professional advice. This is general information and should not be relied upon for tax purposes. Stockholders should consult their tax advisor for tax guidance pertinent to specific facts and circumstances.
ABOUT ARES CAPITAL CORPORATION
Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital’s objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which often leads to economic growth and employment. Ares Capital believes its loans and other investments in these companies can generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company ("BDC") and is the largest publicly traded BDC by market capitalization as of December 31, 2023. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE:ARES), a publicly traded, leading global alternativeinvestment manager. For more information about Ares Capital, visit www.arescapitalcorp.com.
FORWARD-LOOKING STATEMENTS
Statements included herein or on the webcast/conference call may constitute "forward-looking statements," which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the Securities and Exchange Commission. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.
CONTACT:
Ares Capital Corporation Carl G. Drake John Stilmar 888-818-5298
