ATLANTA, Jan. 30, 2025 (GLOBE NEWSWIRE) — IntelliTrans, a leading global multimodal transportation management software provider, enters 2025 with a renewed focus on innovation, customer success, and operational excellence. With decades of experience and a strong track record as the market leader in rail management software, IntelliTrans continues to set the standard for delivering value to bulk and break-bulk shippers.
“IntelliTrans has long been at the forefront of multimodal transportation management,” says Chad Raube, President and CEO of IntelliTrans. “Our success is built on a deep commitment to innovation, collaboratively understanding and serving the needs of our customers, and a relentless focus on helping them achieve their goals. As we look to 2025, we’re excited to build on this foundation with expanded capabilities. We will continue to provide consistent innovation and product excellence complemented by a world-class customer experience driven by our unparalleled industry expertise, customer insights and genuine engagements.”
2024: A Year of Strategic Growth In 2024, IntelliTrans engaged with customers to refine its strategy, ensuring that product development and service enhancements aligned with their needs. With over 1,200 years of combined industry expertise, the IntelliTrans team remains a trusted partner for its customers.
Key 2024 Strategic Milestones include:
Strengthened IntelliTrans’ position as the leading TMS provider for North American bulk and break-bulk shippers for rail and truck shipments.
Expanded the Conway office footprint for the operations team.
Conducted extensive surveys and user focus groups to deepen customer insights and strengthen relationships.
Delivered 500+ product enhancements designed to address customer needs.
New executive leadership added in 2024 include:
Jim Bell as Chief Technology Officer
Matt Everson as Senior Vice President of Sales and Marketing
Mayank Sharma as Chief Product Officer
This leadership expansion enhances IntelliTrans’ ability to deliver innovative solutions and provide unmatched value to its customers.
Industry Recognition
IntelliTrans was recognized by various media outlets and industry analyst organizations in 2024 with these achievements:
Niche Player in the 2024 Gartner® Magic Quadrant™ for Real-Time Transportation Visibility Platforms
Top 100 Logistics IT Providers by Inbound Logistics
Pros to Know Award for Brian Cupp in the Lifetime Achievement Category
Top Supply Chain Project for its Mobile Check-In/Out from Supply & Demand Chain Executive and Food Logistics magazines
IntelliTrans Rhonda Shults and June Lee Named Recipients of the 2024 Women in Supply Chain Award
Looking Ahead to 2025
As IntelliTrans enters 2025, the company remains focused on empowering bulk and break-bulk shippers through innovative TMS solutions, deeper customer relationships, and expanded capabilities. With plans to add over 80 new team members, IntelliTrans’ commitment to driving growth and expanding its product is at the forefront of its strategy. By enhancing its products and fostering deeper collaboration with customers, IntelliTrans is positioned to create even greater value and deliver more impactful results.
“Our commitment to innovation and customer success has never been stronger,” Raube added. “Our dedicated teams are excited to continue building on our legacy while understanding our customer needs and helping each of them achieve new levels of operational excellence in 2025 and beyond.”
In 2025, IntelliTrans will focus on their customer feedback from 2024 to grow key TMS capabilities, which include enhanced shipment tracking, seamless integration with carrier networks, and advanced analytics to drive smarter decision-making for customers. These advancements will ensure IntelliTrans continues to deliver the tools shippers need to streamline operations and maximize efficiency.
About IntelliTrans Multimodal Transportation Management Solutions
IntelliTrans, a Roper Technologies business (Nasdaq: ROP), empowers businesses to optimize their supply chains with seamless freight management and shipment execution across all modes of transportation, including rail, truck, ocean, and barge. IntelliTrans’ trusted transportation management solutions enable customers to solve complex business challenges and help achieve a holistic digital strategy by incorporating multimodal solutions backed by extensive industry knowledge. Recognized as a top transportation management provider, IntelliTrans has recently received the Inbound Logistics Top 100 Logistics IT Provider Award, the 2023 BIG Innovation Award, the Cloud Computing Product of the Year Award, and the Food Logistics/SDCE Top Software and Technology Award. Unlock hidden efficiencies in your supply chain. Visit our website to see how IntelliTrans can help.
Join us for our third SheTalks! Learn about our flagship study on Access to Finance for Caribbean Women Entrepreneurs, hear practical guidance from finance industry experts, and share your valuable insights on how the Hub can help women owned and led businesses to unlock capital and investment opportunities.
Join the SheTrades Caribbean Hub and Register for this event.
Under the theme Risky Business, this session takes a practical deep dive into access to finance facilitated by the SME Team of the JMMB Group Limited, one of the region’s innovative financiers. The JMMB’s team of Commercial Bankers will lead this conversation providing practical insights into their key considerations when designing and deploying financial solutions, services and products to women led businesses.
Source: The Conversation – UK – By Leonie Fleischmann, Senior Lecturer in International Politics, City St George’s, University of London
Days after taking office, as he issued executive order after executive order to change the political face of America, Donald Trump also turned his attention to the war in Gaza.
His proposal that Gaza should be cleared out and Palestinians should be relocated to other countries such as Egypt and Jordan has been met with outraged disbelief in many quarters. The Arab League has accused him of advocating ethnic cleansing.
But Trump’s statement has met with approval from far-right leaders in Israel. Influential politicians have been advocating for this “solution” for years. These include finance minister and leader of the Religious Zionist party, Bezalel Smotrich and his ideological ally Itamar Ben Gvir, leader of the Otzma Yehudit (Jewish Strength) party and former national security minister.
Smotrich responded to Trump’s utterance with the declaration that he aimed to turn the idea into an actionable policy. Ben Gvir, who resigned his ministerial position recently in response to the Israeli acceptance of the latest ceasefire deal, claimed that the evacuation of Gazans was the most “humanitarian answer” to the crisis and the only way to ensure peace and security for both Israelis and Palestinians.
The pair – and their followers in Israel – share an anti-Arab ideology and a messianic belief in the Jewish people’s right to what they call “Greater Israel”. This would be a Jewish state which would also include the West Bank, which they referred to as “Judea and Samaria”, as well as Gaza and part of Jordan, Lebanon, Egypt, Syria, Iraq and Saudi Arabia.
They have repeatedly called for Israel to use the war as an opportunity to reoccupy Gaza.
These leaders enjoy a degree of influence due to the amount of media attention they receive. But it would be a mistake to assume they represent the majority of Israelis.
Data collected in 2024 by the Pew Research Center found that 45% and 41% of Israelis expressed very unfavourable views of Ben-Gvir and Smotrich, respectively. In the 2022 elections, as the combined Religious Zionist party, they won just 10.84% of the vote.
Meanwhile, the Israel Democracy Institute found that a majority of Israelis (57.5%) support a comprehensive deal for the release of all the hostages in return for an end to the war in Gaza.
And yet Israel’s ultranationalists have been able to take advantage of the changing political landscape in Israel over the past few decades and the fragile multiparty system to wield disproportionate power over a government that has depended on their support to stay afloat.
Israel’s rightwards shift
During the 1990s, there was significant support in Israeli society for the Oslo peace process towards a two-state solution to the Israeli-Palestinian conflict. This culminated in the historic handshake between the then Israeli prime minister, Yitzhak Rabin, and the Palestine Liberation Organisation chairman, Yasser Arafat, on the White House lawn in 1993.
While support for the peace process reached a high of 72% in Israel in 1995 when Oslo II was signed, right-wing factions attempted to derail the agreements. Rabin was assassinated in November 1995 by Yigal Amir, an extremist Israeli Jew, who did not want to see the realisation of a Palestinian state.
The collapse of the Camp David talks in 2000, which then prime minister Ehud Barak blamed on Arafat, was followed in short order by the outbreak of the second intifada. The idea that there was “no partner for peace on the Palestinian side” became a mantra for Israeli voters, who looked to those who could guarantee their security.
Benjamin Netanyahu, who had been prime minister from 1996 to 1999, returned to power in 2009, with the image of “Mr Security”.
Netanyahu is now Israel’s longest serving prime minister. His masterful manipulation of the fragile political system in Israel has accounted for his longevity in power.
But it has also enabled a gradual shift towards the most right-wing coalition in Israel’s history. Part of that has been the Religious Zionist camp.
Biblical promise
The Religious Zionists originally formed a small minority of the broader Zionist movement in the years preceding the declaration of the State of Israel. Religious Zionists combine faith and nationalism. Their core belief is that the Jewish people have the God-given right to settle the whole of Greater Israel.
The West Bank in particular, but also the Gaza Strip, were the sites of many key events in biblical times and the home of a number of Israelite kingdoms. In the Bible, God promises this land to the descendants of Abraham – the Jewish people. Religious Zionists have chosen to take this literally.
Having failed to wield power through the parliament in the early days of statehood, the Religious Zionists sought to realise their ideology through extra-parliamentary activity. This meant establishing settlements with a view to change facts on the ground. In the aftermath of the 1967 war, the main focus of settlement building was national security, rather than religious nationalist ideology.
But ideology has always been a key factor for those who live in the settlements in the West Bank today – and those who vow to return to Gaza. The movement has been successful by establishing outposts and settlements in the West Bank and in getting “their people” into government.
The Religious Zionist camp is broad and heterogeneous, and according to recent polls now represents 22% of the Jewish population in Israel. The party’s position in holding the balance of power in the Israeli parliament, or Knesset, since the election in 2022, has enabled them to gradually wield greater influence on Israeli policy both in the West Bank and the war in Gaza.
Meanwhile many of their supporters have formed settler groups, who use violence to destabilise and displace Palestinian families living in the West Bank.
And now the US president has not only backed one of their dearest dreams, to clear Palestinians from Gaza, he has removed the Biden-era sanctions on several of the most aggressive settler groups. So the recent news that Netanyahu will be the first foreign leader to visit the White House next week feels particularly ominous for the fate of the Palestinian people.
Leonie Fleischmann does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By James Conroy, Professor of Religious and Philosophical Education and Vice Principal, Internationalisation, University of Glasgow
The recent decision by the Australian government to introduce a ban on social media for under-16s has been received with both praise and condemnation.
Those who approve of the proposal tend to consider that children are being exploited by egregious levels of exposure to this technology. Opponents of the ban argue that it is not proportionate to the potential harms of denying young people appropriate access to what have become integral features of everyday existence.
This somewhat adversarial situation falls prey to the twin perils of fatalism and
disasterism. It characterises the wider conversation about how we engage with the digital world. Here, fatalism signifies a weary resignation and disasterism suggests that we are all going to hell in a handcart. More specifically, these impulses impinge directly on school policy making and practice.
In our Economic and Social Research Council funded research project, Teaching for Digital Citizenship, my colleagues and I have sought to uncover more nuanced accounts of how young people engage with technology by collaborating with them.
The students in our study pointed us away from an adversarial framing of the issue and towards the need to foster more traditional forms of democratic thought. These practices draw on a robust tradition of what’s known as education for citizenship. That is, teaching students how to be active, thoughtful and informed citizens in a democratic society.
Such a robust notion of education for citizenship has been championed by a range of thinkers. Most notably, the British political theorist Bernard Crick in the 1990s and the educational thinker Lawrence Stenhouse in the 1970s. They both offered ideas about educational practices that rely not on the technology, nor on corporations, but on older “analogue” traditions of critical thought and engagement in subjects.
The students in our project expressed anxiety and sometimes guilt that they had spent too much time on their apps. By their own estimation, they were using apps for about eight hours a day. They told us that they were working on self discipline, but struggled to maintain these habits.
Proactively, the students’ response to their own growing awareness of the grip that their apps had over their time was to try to engage in more analogue study activities, such as reading books. But they were concerned to discover that their capacity for reading was limited. Some observed that they found it challenging to read more than five pages.
This is not to suggest that there are only downsides to being immersed in digital life. Many students suggested that there were also huge benefits. For example, they reported that gaming helped them acquire new skills and perspective.
These examples illustrate the ambiguities of social media apps and their effect on those of school age.
Ambiguous effects
In many countries, schools are required to provide remedies for a whole range of social ills – and often in a manner that is of questionable relevance to the purpose of education.
In his Ruskin Speech in 1976, former British prime minister James Callaghan asked whether education should be more aligned with the needs of industry, especially in providing the skills for employment. Since then, education in the UK, as elsewhere, has slowly moved away from how we should live, and towards how we are to make our living.
Today, educators accept that young people, along with the rest of us, will spend their lives entangled in a complex digital world. The task of education should therefore primarily be to act as a productive space in which students can critically reflect upon, and form judgments about that world.
Our research project engaged representatives from a variety of different sectors, including big tech companies, policymakers, teachers and ethicists. We also carried out an extensive survey, which highlighted that online safety and harm prevention should be prioritised within schools.
Our insights underscore the importance of recognising and reinforcing education as a way of reflecting on the way we live – and an opportunity for providing critical distance from the dilemmas of our everyday lives. The ban on social media in Australia, or indeed on any technology, therefore misses a key consideration about the purpose of education.
As has been seen under governments that have restricted the internet, banning technology rather than securing students’ safety may only serve to heighten the allure of that technology. Indeed, in our discussions with the students, they frequently reported their ability to deploy virtual private networks to circumvent their schools’ firewalls.
In November, Australian communications minister, Michelle Rowland, claimed that “there is wide acknowledgment that something must be done in the immediate term to help prevent young teens and children from being exposed to streams of content, unfiltered and infinite”.
I believe that this misunderstands both the problem and the solution. The actual problem is not that the content is “unfiltered and infinite”. It’s that it is highly curated to serve the profit-making objectives of tech corporations, and not the interests of children.
The solution, then, is not to banish the problem but to address it. Education in the digital age needs to be re-imagined as a vibrant way to reflect and critique the ways we live our lives.
James Conroy does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The law, passed in 2019 “to affirm the laicity of the State,” restricts certain public sector employees in Québec from wearing religious symbols “while exercising their functions.”
Those challenging Bill 21 have used a variety of legal tools to oppose a law they argue imposes discriminatory treatment, mainly on Muslim women.
Muslim women who wear hijabs, and other visibly religious minorities, have been living with the ongoing effects of the law for more than five years. This includes the inability to be employed as a public-school teacher, government lawyer or judge, despite their expertise and training. For those who were already working in the public service while wearing a religious symbol, the law prohibits them from receiving any promotions or transfers.
When a discriminatory law is enacted, it has implications beyond the legislated text. In Québec, it has promoted the rejection of those who live visibly religious lives through violence on the streets and an insistence that they do not belong to Canadian society.
The exclusionary power of this law has created a culture of discrimination such that Muslim women are prohibited from wearing the clothing of their choice in employment sectors even beyond the parameters of Bill 21.
Bill 21 was enacted with broad popular support in Québec. However, Canadian history is replete with examples of discriminatory laws, from the Indian Act to the Chinese Exclusion Act to the legal orders authorizing Japanese internment camps. Without strict guardrails around how Section 33 can be used, Canadian governments could gain great leeway to create legislation that infringes upon Charter rights.
Typically, a discriminatory law like Bill 21 would never withstand a constitutional challenge since the Canadian and Québec Charters protect religious freedom and the right to equality. However, because the Québec government invoked both override provisions pre-emptively — before a court could decide on the law’s constitutionality — challenging the law has become more difficult.
The Charter’s Section 33 is called the “notwithstanding clause” because it permits federal Parliament or provincial/territorial legislatures to make laws notwithstanding (in other words, despite) certain rights and freedoms guaranteed in the Charter. Essentially, it gives governments the power to override certain constitutional provisions. A Section 33 declaration is valid for five years, after which it ceases to have effect, unless it is renewed, as it was in the case of Bill 21.
Despite the predominant view among legal experts that Bill 21 is discriminatory, and a finding by the Québec Superior Court that it has a cruel and dehumanizing impact on Muslim women, the law continues to stand because courts have interpreted Section 33 to have no substantive limits.
Unwritten constitutional principles
With this case, the Supreme Court of Canada has a critical opportunity to set reasonable parameters around the use of Section 33 that will have important implications for human rights cases in the future.
The notwithstanding clause permits governments to override some of our most cherished Charter rights: religious freedom, equality, rights to life, liberty and security of the person, the right against unreasonable search and seizure, the right against arbitrary arrest and detention, and the right to legal counsel among other rights. Therefore, there must be constitutional constraints on its use.
Section 33 should not be viewed as a bottomless pit where rights and freedoms go to die.
The Canadian Constitution contains an irreducible minimum core of human rights embodied in unwritten constitutional principles that have been recognized multiple times by the Supreme Court of Canada.
The Supreme Court has defined unwritten constitutional principles as norms that “inform and sustain the constitutional text.” The unwritten constitutional principle most relevant to addressing Bill 21 is “respect for or protection of minorities.” The protection of minorities was a key consideration motivating the enactment of the Charter of Rights and Freedoms and it is a fundamental norm of justice so basic that it must inform the scope of Section 33’s use.
A CBC News report on the Supreme Court of Canada agreeing to hear arguments in a case about Québec’s Bill 21.
‘Blank cheque?’
The unwritten constitutional principle of “respect for minorities” provides a constitutional guardrail against abuse of Section 33, which has been interpreted by judges as a constitutional blank cheque, allowing governments to reduce rights to discretionary entitlements.
Since the notwithstanding clause lives within the Canadian Constitution itself, it must conform to the defining features of the constitutional structure. The use of Section 33 must be consistent with the fundamental “principles that define our society.” For rights to be real and meaningful — to be legal pillars that people can rely on — they must have enduring constitutional protection.
To achieve this, the Supreme Court of Canada needs to draw appropriate boundaries around the use of Section 33. If the notwithstanding clause continues to be viewed as an open licence for governments to pick and choose which rights they respect, one might reasonably question whether Charter rights exist at all.
Natasha Bakht has received funding from the Social Sciences and Humanities Research Council of Canada. She has also advised the National Council of Canadian Muslims and the Women’s Legal Education and Action Fund on their research/litigation regarding Bill 21.
Lynda Collins does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The Bank of Canada Museum is thrilled to announce the nationwide tour of its award-winning travelling exhibition, Money in 10 Questions: Kids Edition, kicking off at the Lloydminster Museum + Archives from January 31 to April 27, 2025.
This engaging, play-based exhibition, designed to inspire young minds and families, recently earned an Award of Excellence from Interpretation Canada.
In developing the exhibition, the Museum asked young Canadians a simple question: What do you want to know about money? More than 800 questions flooded in from across the country. The questions were thoughtful and complex, while some were just plain fun. The exhibition is built around 10 of these questions, such as “Why do you have to work for money?” and “Can money be dinosaur bones?” to help kids build a strong foundation for managing their financial futures.
Highlights of the exhibition experience include:
Can you save a million dollars? Learn about the magic of compound interest.
Discover some surprising forms of money. Touch them; some of them are furry.
Meet a kid entrepreneur and find ways to make your own money.
The Lloydminster Museum + Archives marks the first stop on a three-year journey that will bring Money in 10 Questions: Kids Edition to communities across Canada.
For more information on the exhibition or its tour schedule, visit the Travelling Exhibitions page.
I am delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.
Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let us remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.
The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future.
I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.
My thanks to HSBC (The Hongkong & Shanghai Banking Corporation) for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!
I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow.
Chief Executive John Lee gave these remarks at the 2025 Hong Kong Chinese New Year Fireworks Display on January 30.
At its meeting on Thursday, after discussing a document on international reserve management in 2024, the Bank Board of the Czech National Bank (CNB) approved a proposal to analyse the options for investing in additional asset classes.
The central bank has been increasingly diversifying its investments over the last two years as part of its reserve management strategy. At the proposal of Governor Aleš Michl, the CNB is to assess whether it would be appropriate in terms of diversification and return to include other asset classes in the reserves as well.
Based on the results of the analysis, the Bank Board will then decide how to proceed further. No changes will be implemented in this area until then. Any changes in the reserve portfolios will be disclosed in the quarterly information on the CNB’s international reserves and in the CNB’s annual report.
Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.
Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.
These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.
In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.
Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.
This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.
I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.
Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.
The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.
Understanding these influences might help the government to target policies.
Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.
Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.
Parenthood, family size and financial obligations
Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.
However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.
Religion and cultural norms
Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.
These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.
Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.
Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.
These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.
Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.
As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.
This would empower women and make waste collection a more inclusive and sustainable business.
Age and desire to be an entrepreneur
Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.
This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.
Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.
Economic and social factors
Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.
Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.
Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.
The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.
Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.
Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.
Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
South Africa has a new law to govern the expropriation (or compulsory acquisition) of private property by government for public purposes or in the public interest.
The act repeals the apartheid-era Expropriation Act 63 of 1975, and aims to align expropriation law with the constitution. It sets out the procedures, rules and regulations for expropriation. Besides setting out in quite a detailed fashion how expropriations are to take place, the act also provides an outline regarding how compensation is to be determined.
In South Africa’s colonial and apartheid past, land distribution was grossly unequal on the basis of race. The country is still suffering the effects of this. So expropriation of property is a potential tool to reduce land inequality. This has become a matter of increasing urgency. South Africans have expressed impatience with the slow pace of land reform.
Property rights and land reform
There is much debate in the country about the provisions of the new act. The debate is mostly about the extent to which it affects existing private property rights. Some argue the act is unconstitutional. Others welcome it as a necessary step in the right direction.
I’m a professor of law with a keen interest in this area of the law, and recently edited a book on land expropriation in South Africa by leading experts. My view is that an expropriation act that is aligned with the constitution should be welcomed, to enable land reform to work effectively.
Land reform also needs a capable and proactive state that implements the legal framework in such a manner that prioritises expropriation as a mechanism to ensure land reform.
So far, expropriation has not been used effectively to redistribute land more equitably, as part of land reform.
I am not convinced that the act, in its current form, is the silver bullet to effect large-scale land reform – at least not the type of radical land reform that South Africa urgently needs.
Understandably, the act will have a severe impact on property rights. But it still substantially protects landowners affected by expropriation. Only in very limited cases would they not be compensated.
Protections for land owners
The act says that property must not be expropriated arbitrarily or for a purpose other than a public purpose or in the public interest.
Public purpose means by or for the benefit of the public. For example, expropriating property to build roads, schools and hospitals. Public interest is broader and includes the nation’s commitment to land reform.
“Arbitrary” would usually mean without reason or justification.
The act further requires that an expropriating authority – an organ of state or person empowered by the act or any other legislation – must first try to reach an agreement with the owner to acquire the property on reasonable terms before considering expropriation.
This gives some power to a landowner, even though expropriation does not normally require consent. The act also says a specific expropriation must always be authorised by a law.
No compensation?
Section 12 of the act deals with compensation for expropriation. It is arguably the most controversial part of the new legislation. Section 12(1) does not appear to be problematic and is largely the same wording as section 25(3) of the constitution. This part of the property clause sets out what must be taken into account when compensation for expropriation is determined.
Section 12(3) of the act refers to “nil compensation” – when nil rand (monetary) compensation may be paid. There is no explicit reference to nil compensation in the current wording of section 25 of the constitution. It’s a new thing in the Expropriation Act.
However, courts have toyed with the idea that section 25 of the constitution already provides room for a reduction in compensation.
The circumstances in which nil compensation could be granted in terms of the new act are in fact very limited. Section 12(3) leaves the discretion to the expropriating authority to determine when it may be just and equitable to pay nil compensation. However, the act lacks guidelines on how such a discretion must be exercised.
The scope of section 12(3) is also limited in some respects. For one, it is restricted to land. Only where land is expropriated would nil compensation be an option. Therefore, not all forms of property can be expropriated without compensation. The notion of property under section 25(1) of the constitution is generally wide and includes various rights and interests, which are broader than just land. For instance, personal rights, mineral rights and licences are included under the section 25(1) notion of property.
This wide understanding of property is not applicable to section 12(3), which refers to “land” being expropriated.
Section 12(3) is also limited to the expropriation of land “in the public interest”. Nil compensation is therefore envisaged only in the context of expropriation of land undertaken in the public interest, and not also for a public purpose.
Three of the four categories listed in section 12(3), where nil compensation is envisaged, are linked to the way in which the property was being used prior to the expropriation. Land used in a productive manner is therefore not evidently envisaged under section 12(3).
Nil compensation is not necessarily limited to the instances listed. Still, the amount of compensation must – in all instances – be just and equitable.
Novel approach
The act forces South Africans to engage with the idea of nil compensation in a much more direct manner.
The presence of a clause dedicated to nil compensation provides new clarity on when this could apply.
It is hard to determine whether this act will pass constitutional muster without seeing how expropriation under it will work in practice. It remains to be seen whether it will have the far-reaching consequences that many fear, or call for.
Zsa-Zsa Temmers Boggenpoel does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Air pollution might protect against the most dangerous type of skin cancer, melanoma, a new study finds. However, it’s crucial to approach these results with caution and consider the broader context of air pollution’s effects on human health.
At first glance, the study’s conclusion is surprising. It showed that higher levels of particulate matter (PM), so-called PM10 and PM2.5 with the numbers 10 and 2.5 referring to the size of the actual air pollutant, may have a protective effect against melanoma.
The researchers found that increased exposure to these air pollutants was associated with a decreased risk of developing melanoma. It’s important, though, to understand the limitations of this study and why we shouldn’t rush to embrace air pollution as a potential shield against skin cancer.
One of the main issues with this study is its observational design which can only show associations, not prove causation. This means that while there might be a link between higher particulate matter levels and lower melanoma risk, we can’t say for certain that air pollution is directly causing this effect.
It was also undertaken in one area of Italy, and there weren’t many participants compared to other studies of this type. While it’s possible that higher PM levels might block out exposure to ultraviolet (UV) radiation, the primary environmental risk factor for melanoma, this doesn’t mean that air pollution is good for our health overall.
It’s crucial to emphasise that air pollution is extremely harmful to human health in numerous ways. Particulate matter, especially the fine particles (PM2.5), can penetrate deep into our lungs and even enter our bloodstream. This exposure has been linked to a wide range of serious health problems, including respiratory diseases.
Air pollution can cause or exacerbate conditions like asthma, chronic obstructive pulmonary disease (COPD) and lung cancer. Exposure to particulate matter increases the risk of heart attacks, strokes and other cardiovascular problems. Additionally, a lot of recent research has shown links between air pollution and cognitive decline, dementia, and other neurologicaldisorders.
The list is very long here and air pollution has even been associated with low birth weight, preterm birth and other adversepregnancyoutcomes. In fact, long-term exposure to air pollution is estimated to cause millions of premature deathsworldwide each year, even at lower amounts of PM.
While this study focused on melanoma, air pollution has been linked to increased risk of other types of skin problems, including premature ageing, hyperpigmentation (a skin condition that causes patches of skin to darken) and exacerbation of dermatological conditions like atopic dermatitis and psoriasis.
It’s also worth noting that the potential reduction in UV exposure due to air pollution doesn’t make it a safe or desirable alternative to proper sun protection. There are much healthier ways to protect ourselves from harmful UV radiation, such as using sunscreen, wearing protective clothing and seeking shade during peak sunlight hours. Prevention is, after all, better than treatment or a cure.
Risks far outweigh the benefits
Although this study provides an interesting perspective on the complex relationship between environmental factors and melanoma risk, it should not be interpreted as evidence that air pollution is beneficial for our health. To the researchers’ credit, they do mention some of the limitations and issues with their own work in the paper.
The potential slight reduction in melanoma risk, if confirmed by further research in larger studies and in other locations, would be far outweighed by the numerous and severe health risks associated with exposure to air.
It’s important that we all continue to advocate for cleaner air and support policies that reduce air pollution. The overall benefits of clean air for our health, the environment and quality of life are immense and well established. At the same time, we should maintain good sun protection habits to reduce our risk of skin cancer, including melanoma.
Future research may help us better understand the complex interactions between environmental factors and cancer risk, but for now, the message is clear: clean air is crucial for our health, and there are no shortcuts when it comes to protecting ourselves from both air pollution and UV radiation.
Justin Stebbing does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The nave of Winchester Cathedral in Hampshire is, until February 26 2025, home to three monumental ambassadors from the sea, sculpted by artist Tessa Campbell Fraser.
In Campbell Fraser’s immersive art installation, three sculpted sperm whales (the largest of the toothed whales), hang from the cathedral ceiling. Toothed whales have teeth instead of the keratinous baleen that blue whales and others use to feed on tiny animals, such as krill. Sperm whales, which feed mainly on squid, are the largest predators alive today.
Their ecology is strange, but impressive. They are socially sophisticated, massive-brained, far-wandering, deep-diving and loud. Sperm whale clicks are the loudest biologically produced sound ever recorded.
Whales use these strange vocalisations to echolocate as they hunt for prey and to communicate to each other. In this installation, Campbell Fraser has creatively employed sperm whale clicks to vibrate paint on the banners that hang alongside the whales in the cathedral, serving as a visual representation of sperm whale “codas”. These repetitive patterns of clicks, lasting a few seconds, have intrigued researchers since they were first recorded off North Carolina, US, in the 1950s.
We now know that groups of sperm whales are organised into “vocal clans” based on unique coda repertoires. These whale call signatures have probably been learned culturally, but scientists are yet to understand what they mean.
The three whale sculptures (which are between three and five metres long) are made, in part, from “ghost gear” – this is abandoned, lost, and discarded fishing gear, collected at sea by British charity Ghost Fishing UK. Floating ghost gear, which includes fishing nets, can kill or entangle marine life such as whales.
At the opening of the exhibition, Campbell Fraser recounted reports of stranded sperm whales whose stomachs were filled with plastic debris. One sperm whale that was found dead in Pas-de-Calais, France, had 25kg of debris, including nets and rope, in its stomach.
These three sperm whales are on exhibition until 26 February 2025. The University of Southampton., CC BY-NC-ND
Using netting in these sculptures represents, on one level, the increasing effects of humans on the ocean and whales. On another level, it hints at the long entanglement between human history and whales. Our spiritual, cultural and intellectual links with whales are represented through rich intersections of art and science.
One famous literary example is the 1851 novel Moby Dick by Herman Melville, which artfully weaved descriptions of whale biology with the human story of pre-industrial whaling. This theme is also explored by our colleague Philip Hoare in his book Leviathan (2009).
Unfortunately, people have negative effects on the oceans. The consequences of pollution, overfishing and climate change are widespread and increasing. Even in the furthest corners of the sea, whales may encounter humans or be affected by our influence, through climate change, noise and plastic pollution.
Our research has shown how whale foraging areas in the remote western Antarctic peninsula overlap with an increasing fishery for Antarctic krill which now requires urgent and careful management to ensure its sustainability for people and whales.
Through an unprecedented compilation of over 1,000 tracks from eight whale species globally, we have produced a world-first map of “whale superhighways” – the blue corridors whales use as they migrate across oceans. This map also highlights how these extensive migrations expose whales to a mosaic of threats at various scales. As a result, protecting whales requires coordinated effort at local and global scales.
The art of acoustics
Of course, scale is a key consideration in the design of cathedrals. Winchester is a particularly fine example – at 170m, it is the longest medieval cathedral in the world.
On February 6, four composer-performers from the University of Southampton’s department of music will perform a specially commissioned, site-specific piece called Echolocations. The music will approach this intersection of art and scientific research from another angle, in part by responding to the expansive acoustics of the cathedral.
Vocalist Liz Gre and pianist Ben Oliver, with live electronics performed by Pablo Galaz and Drew Crawford, will work with this acoustic to evoke the vast aquatic distances across which whales communicate. And inspired by the ghost netting in Fraser Campbell’s sculptures, the music will address the threat that ongoing human activities are having on marine ecosystems via noise pollution.
We are polluting the oceans with plastic and sonic garbage. It sometimes seems we will be incapable of action until whale song ends up a digitally rendered collective memory.
But this performance inspires the same qualities of imagination that enable us to conceive of building the gothic medieval wonder of the cathedral’s nave, conquer oceans to build global trade networks, mine the ocean floor and use machine learning to understand whale song. This level of imagination will be vital in creating a new set of sustainable relations with the rest of the planet.
Don’t have time to read about climate change as much as you’d like?
Ryan Reisinger receives funding from WWF and the UK Government through Darwin Plus.
Drew Crawford does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London
After six months of talking down the economy and warning of tough times ahead, the UK chancellor Rachel Reeves has changed her tune. She is now much more optimistic about Britain’s economic prospects and has announced a raft of measures including major pension reforms designed to unlock cash to boost growth and productivity.
But Labour’s political problem is that none of her plans will have an immediate impact on the UK’s anaemic growth rate – the economy has virtually flatlined for the last six months. From day one Reeves has put growth at the centre of her plans, and a lack of it will mean tough choices in the spring, when she must spell out government spending plans for the next three years.
The government is focusing on a wide range of “supply side” reforms, including unleashing pension funds to invest in Britain, as well as relaxing the planning system and building infrastructure – many of which have an uncanny resemblance to measures once proposed by former prime minister Liz Truss.
At the heart of these plans is a big increase in investment in infrastructure to boost productivity – things like roads, public transport and technology – where Britain lags behind its major rivals.
But there’s a big catch. The independent spending watchdog, the Office for Budget Responsibility (OBR), estimates that it will take years – or even decades – for infrastructure projects to transform the British economy, with only a 0.1% boost in growth in the near term for every additional 1% on public investment.
Without other measures that have a more immediate impact, the political risk to Labour is that its pledge to make everyone better off may feel hollow to voters.
The challenges are particularly acute for big transport projects, as the debacle of HS2 illustrates. Even with changes to the planning system, work on expanding Heathrow airport is unlikely to start before 2030. And major projects like the Lower Thames crossing between Kent and Essex and the Sizewell C nuclear reactor in Suffolk have been in the planning stage for nearly 20 years.
Electricity supply is another crucial area, with the need for more renewable energy and an expansion of the grid. This will now need to be financed largely by private capital as the government has scaled back its “green new deal”.
So how exactly will all these big plans be financed? The government is hoping to unleash additional investment from the UK pension fund industry, by changing the rules to allow defined benefit (sometimes called final salary) schemes with surpluses to invest more widely.
Although there is currently £160 billion available in these schemes, this could change if interest rates fall. It is also not clear how attractive such UK infrastructure investment would even be. Many projects, such as in privatised industries like water and electricity, will at least partly be funded by increased charges to consumers.
The government’s own spending plans to increase public investment are relatively modest. These plans bring government capital spending (which allows for borrowing under the fiscal rules) just slightly above the historic average.
Planning reform could also prove problematic. Although the government is changing some of the rules, especially in relation to housebuilding, planning decisions will be still made by local authorities. In many cases these will face strong local opposition, potentially delaying decisions.
This points to the larger political problem for the government. The changes will not eliminate the tension between the government’s growth and environmental objectives, with the latter potentially a crucial issue in many of the marginal seats won by Labour in the last election.
Heathrow expansion will put the government’s climate targets in serious jeopardy. Dinendra Haria/Shutterstock
Prime Minister Keir Starmer has described the need to pull out the “weeds” of regulation as vital to growth plans. He has already sacked the head of the key regulatory agency, the Competition and Markets Authority. But allowing more consolidation of British industry could create monopolies, which tend to raise prices, increase profits and neglect investment.
There are even greater concerns over possible deregulation of the financial sector, which could abolish many of the safeguards established after the global financial crisis in 2008.
What’s missing?
The government is much less clear on what it is going to do about the supply of skilled labour than the availability of capital. Shortages of skilled workers could limit progress on these big infrastructure projects if workers are also needed to build housing.
Government plans for boosting skills training, and the funding for further and higher education, are still works in progress. Meanwhile, limits on immigration will reduce the number of skilled construction workers. And the details of the government’s plan to boost the labour force by getting more people on disability benefit back to work have yet to be spelled out.
As Labour sets out its long-term growth plan, dark clouds are looming. In particular, in global terms the British economy is one of the most dependent on international trade and investment. But most of its trade is with its two largest trading partners – the EU and the USA.
Growing protectionism in the US, coupled with a lack of access to EU markets caused by Brexit, could have a significant effect on Britain’s growth. The UK economy is projected by the IMF to grow by just 1.6% this year, which is still weak by historic standards.
It may be of little consolation to the public if this is higher than in France and Germany. Reeves may well find that’s simply not enough to satisfy the expectations of voters.
Steve Schifferes does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA – By Susan Appe, Associate Professor of Public Administration and Policy, University at Albany, State University of New York
The U.S. Agency for International Development distributes a lot of foreign aid through local partners in other countries.J. David Ake/Getty Images
President Donald Trump suspended most U.S. foreign aid on Jan. 20, 2025, the day he took office for the second time. The next day, Secretary of State Marco Rubio issued a stop-work order that for 90 days halted foreign aid funding disbursements by agencies like USAID.
A week later, dozens of senior USAID officials were put on leave after the Trump administration reportedly accused them of trying to “circumvent” the aid freeze. The Office of Management and Budget is now pausing and evaluating all foreign aid to see whether it adheres to the Trump administration’s policies and priorities.
I’m a scholar of foreign aid who researches what happens to the U.S. government’s local partners in the countries receiving this assistance when funding flows are interrupted. Most of these partners are local nonprofits that build schools, vaccinate children, respond to emergencies and provide other key goods and services. These organizations often rely on foreign funding.
Nearly all of the other aid programs remained on hold as of Jan. 29, 2025.
Many development professionals criticized the freeze, highlighting the disruption it will cause in many countries. A senior USAID official issued an anonymous statement calling it “reckless.”
Of the $35 billion to $40 billion in aid that USAID distributes annually, $22 billion is delivered through grants and contracts with international organizations to implement programs. These can be further subcontracted to local partners in recipient countries.
When this aid is frozen, scaled back or cut off altogether, these local partners scramble to fill in the gaps.
The start of Marco Rubio’s tenure as U.S. secretary of state was marked by chaos and confusion regarding foreign aid flows. Kevin Dietsch/Getty Images
How local nonprofits respond and adapt
While sudden disruptions to foreign aid are always destabilizing, research shows that aid flows have fluctuated since 1960, growing more volatile over the years. My research partners and I have found that these disruptions harm local service providers, although many of them manage to carry on their work.
Over the years, I have conducted hundreds of interviews with international nongovernmental organizations and these nonprofits’ local partners across Latin America, Africa and Asia about their services and funding sources. I study the strategies those development and humanitarian assistance groups follow when aid gets halted. These four are the most common.
1. Shift to national or local government funding
In many cases, national and local governments end up supporting groups that previously relied on foreign aid, filling the void.
An educational program spearheaded by a local Ecuadorian nonprofit, Desarrollo y Autogestión, called Accelerated Basic Cycle is one example. This program targets young people who have been out of school for more than three years. It allows them to finish elementary school – known as the “basic cycle” in Ecuador – in one year to then enter high school. First supported in part by funding from foreign governments, it transitioned to being fully funded by Ecuador’s government and then became an official government program run by the country’s ministry of education.
2. Earn income
Local nonprofits can also earn income by charging fees for their services or selling goods, which allows them to fulfill their missions while generating some much-needed cash.
For example, SEND Ghana is a development organization that has promoted good governance and equality in Ghana since its founding in 1998. In 2009, SEND Ghana created a for-profit subsidiary called SENDFiNGO that administers microfinance programs and credit unions. That subsidiary now helps fund SEND Ghana’s work.
Still, complex tax systems and the lack of incentives for giving in many countries that receive foreign aid are persistent challenges. Some governments have stepped in. India’s corporate social responsibility law, enacted in 2014, boosted charitable incentives. For example, it requires 2% of corporate profits to go to social initiatives in India.
4. Obtain support from diaspora communities
Diasporas are people who live outside of their countries of origin, or where their families came from, but maintain strong ties to places they consider to be their homeland.
Local nonprofits around the globe are leveraging diaspora communities’ desire to contribute to economic development in their countries of origin. In Colombia, for example, Fundación Carla Cristina, a nongovernmental organization, runs nursery schools and provides meals to low-income children.
Trump’s stop-work order coincided with a resurgence of a localization push that’s currently influencing foreign aid from many countries.
With localization, nations providing foreign aid seek to increase the role of local authorities and organizations in development and humanitarian assistance. USAID has been a leading proponent of localization.
I believe that the abruptness of the stop-work order is likely to disrupt many development projects. These projects include support to Ukrainian aid groups that provide emergency humanitarian assistance and projects serving meals to children who don’t get enough to eat.
To be sure, sometimes there are good reasons for aid to be halted. But when that happens, sound and responsible donor exit strategies are essential to avoid the loss of important local services.
Susan Appe does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The national award-winning Derby City Lab will soon have a new home in the redeveloped Derby Market Hall, following an announcement made at Marketing Derby’s Annual Business Event.
The new move will see the City Lab continue its role as a hub for community engagement and innovation from the Market Hall which is due to open in spring this year after undergoing a major transformation.
Derby City Lab was created in 2022 and was based in St James’s St at the heart of the city’s regeneration frontline and in 2024, it moved to a new location in the Derbion shopping centre.
The Lab is a hub for engaging the community in better understanding the evolution of the city. Visitors can find out about how the city centre is changing, explore the City Living Room which showcases Derby’s 300-year history of innovation, and view a range of exhibitions focused on ideas to regenerate Derby, including the University of Derby’s futuristic Derby Urban Sustainable Transition (DUST) vision.
Nadine Peatfield, Leader of Derby City Council, said:
Derby City Lab has been integral in helping citizens and stakeholders to understand and shape the city centre’s transformation. I’m delighted to see that it will be moving into Derby Market Hall. It is central to our regeneration plans – reimagining our city centre with culture at its heart and making a better-connected, sustainable city for the future.
Derby City Lab will continue to provide a space where residents and visitors can learn more about the city centre’s ongoing regeneration and share their views on future plans. We are committed to engaging with residents in innovative ways and the Lab plays a big part in that. I am so excited for the opening of Derby Market Hall and am thrilled to welcome Derby City Lab to their new home.
John Forkin, Managing Director of Marketing Derby said:
The Derby City Lab is a unique innovation in the UK – a genuine attempt to engage local people in the shaping of their city. Last week, we welcomed our 15,000th visitor and are excited to become part of the rediscovery of the wonderful Derby Market Hall.
Derby Market Hall redevelopment is a £31.5m project part funded with £9.43m from the Government’s Future High Street Fund (FHSF). It is in the second phase of the transformation, focusing on refurbishing the interior and developing the public space outside at Osnabruck Square.
Located at the heart of the city centre, linking Derbion and St Peter’s Quarter with the Cathedral Quarter and Becketwell, the new Market Hall will play a key role in widening the diversity of the city centre and will generate £3.64m for the local economy every year.
Based on concepts in Shanghai and Amsterdam, the Derby City Lab is an initiative of Marketing Derby, the Queen’s Award-winning inward investment agency for Derby together with partners including Clowes Developments, the Derbion, Lathams, the University of Derby and Derby City Council. The Lab won the Estates Gazette award as the Best Public-Private Partnership in the UK.
WINNEBAGO, Ill., Jan. 30, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX:FGFH) reported net income $12.66 million for the year ended December 31, 2024, a $1.89 million decrease compared to the $14.55 million reported for 2023. Diluted Earnings per Share (EPS) decreased 12% to $3.59 compared to $4.08 the prior year. The results for 2024 produced a Return on Average Equity of 8.66% and Return on Average Assets (ROAA) of 0.79%. The net income in comparison to the prior year was largely the result of an increase in operating expenses.
Net income for the fourth quarter of 2024 equaled $2.49 million, a $4.24 million decrease from the $6.73 million reported in the fourth quarter of 2023. The decrease was primarily due to a $4.04 million increase in the provision for loans losses, reflecting a $3.37 million negative provision in the fourth quarter of 2023. Diluted earnings per share for the fourth quarter of 2024 was $0.69 compared to $1.83 for the fourth quarter of 2023.
Net interest income for the full year 2024 decreased by $283 thousand to $48.99 million as compared to $49.27 million the year before. The net interest margin on a fully taxable equivalent basis decreased nine basis points to 3.25% compared to 3.34% in 2023. The inverted yield curve, which persisted throughout 2024, continued to drive up deposit costs, with limited opportunities to increase yields on earning assets, which are typically priced off of longer-term points of the yield curve.
The provision for loan losses for 2024 of $1.05 million was $54 thousand less than the prior year provision of $1.10 million. Foresight’s asset quality remains strong. Non-performing assets of the Company as of December 31, 2024, was $28.41 million compared to $24.33 million the previous quarter and $16.05 million at the end of 2023.
Noninterest income for the full year 2024 was $7.25 million, a $393 thousand decrease from $7.64 million the year before. The decrease from 2023 was primarily the result of a $438 thousand negative fair value adjustment to the Company’s Originated Mortgage Servicing Rights, which are carried at fair value.
Operating expenses for 2024 totaled $38.96 million, a $2.27 million, or 6.2%, increase over $36.69 million in 2023. The increase in operating expenses was largely driven by an increase in salary and employee benefits related to the addition of the Rockford based banking team as announced earlier in 2024, additional staffing to support our expanded treasury management services initiative, data processing fees related to our digital platform conversion, as well as legal and consulting fees related to our charter consolidation project which is expected to be fully implemented by Q4 2025.
Foresight’s balance sheet experienced modest growth during 2024. Total loans grew by $31.57 million, or 3%, to $1.12 billion at December 31, 2024 compared to $1.08 billion at the end of the previous year. Total deposits increased by $43.15 million, or 3.2%, to $1.40 billion at the end of 2024 compared to $1.36 billion at the end of 2023.
Foresight CEO Peter Q. Morrison stated “2024 was a year of exciting changes for the organization including the addition of the Rockford banking team as well as the announcement of the charter consolidation initiative. We anticipate the legal consolidation to occur in the second quarter of 2025 followed by the conversions to a single data processing platform to be layered in between August and October of 2025. When fully implemented, the consolidation will provide significant savings via the reduction of duplicative operational expenses and well as efficiencies gained by operating under one functional banking platform rather than six, all of which are expected to be accretive to shareholder return.”
The closing price for the Company’s stock was $32.92, as of close of business January 27, 2025. Book value per share of the Company’s common stock increased by $2.51 to $42.59 as of December 31, 2024 compared to $40.08 as of December 31, 2023. The book value per share of common stock, excluding Accumulated Other Comprehensive Income was $51.83 at December 31, 2024 compared to $49.38 at the end of 2023.
About Foresight Financial
Foresight Financial is a multi-bank holding company located in Northern Illinois, its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, Foresight Bank in Pecatonica (fka German American State Bank), Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.
Forward-Looking Statements
When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.
BOSTON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced the acquisition of Comprehensive Benefits, Inc. and Gabrielson Insurance & Financial Services, both located in the Greater Detroit area. The joint acquisition preserves an established working relationship between the two partner companies, providing increased capabilities for the clients of two established specialists. Terms of the deal were not disclosed.
Founded in 1989 and based in Southfield, Michigan, Comprehensive Benefits offers a full range of employee benefits services for both fully insured and self-funded programs for organizations. Its offerings and capabilities include medical coverage, large group benefit planning, personal life insurance, and long-term care solutions.
“This acquisition represents a unique opportunity to bring in an existing business partnership and add real specialty talent to our practice,” said John Greenbaum, National Employee Benefits Practice Leader, Risk Strategies. “These are organizations that have built success based on deep, specialized expertise. I’m excited to welcome them to the team at Risk Strategies.”
Gabrielson Insurance & Financial Services has a complementary focus, offering services in its employee benefits work similar in scope to Comprehensive Benefits. Gabrielson Insurance client organizations are also similar in size, scope and industry to those of Comprehensive Benefits, and there are synergies among the players.
“Joining Risk Strategies is the right move for our organizations, our people, and our clients,” said Mike Embry, President, Comprehensive Benefits, Inc.
Embry is an industry veteran with over 35 years of specialty experience helping clients develop and manage employee benefits programs. He has held several industry leadership positions in Michigan, including President of the Michigan Association of Health Underwriters (AHU) and President of Metro Detroit AHU. In 2018, Embry also served as President of the National Association of Health Underwriters Board of Trustees.
“We saw this as a great opportunity to formally bring our organizations together under the umbrella of a specialty organization with the capabilities to open new possibilities for our clients and people,” added Phil Gabrielson, Founder, Gabrielson Insurance & Financial Services.
“It’s great to have Mike and Phil and their teams aboard as we build out our footprint and benefits expertise in Michigan and the upper Midwest,” said Steve Giannone, Central Region Leader, Risk Strategies. “In today’s employee benefits world, clients are demanding deep expertise to help them make effective choices that deliver for employees and business goals.”
In February of 2024, Risk Strategies grew its presence in Michigan with the purchase of the Ralph C. Wilson Agency Inc. With the addition of Comprehensive Benefits and Gabrielson, Risk Strategies creates new opportunities for clients of both acquired organizations to leverage 30 specialty practices, and broad expertise and capabilities, while preserving the personalized service on which they’ve come to rely.
Risk Strategies, part of Accession Risk Management Group, is a North American specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services, and financial & wealth solutions. The 9th largest U.S. privately held broker, we advise businesses and personal clients, have access to all major insurance markets, and 30+ specialty industry and product line practices and experts in 200+ offices – Atlanta, Boston, Charlotte, Chicago, Dallas, Grand Cayman, Kansas City, Los Angeles, Miami, Montreal, Nashville, New York City, Philadelphia, San Francisco, Toronto, and Washington, DC. RiskStrategies.com.
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 30 JANUARY 2025 AT 16.30 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE
The Board of Directors of Oma Savings Bank Plc has reorganised
On 30 January 2025, the Board of Directors of Oma Savings Bank Plc (OmaSp or the Company) has reorganised in terms of the Vice Chairperson and the Committees.
The Board of Directors has elected Carl Pettersson as Vice Chairman of the Board.
In addition to the Audit and Remuneration Committees, the Board of Directors decided to establish a Risk Committee. In appointing the members of the Committees, the Board has taken into account the expertise and experience required for the duties. The Board of Directors has elected the following members from among its members to the Committees:
Remuneration Committee Jaakko Ossa, Chairman Carl Pettersson Juhana Brotherus Aki Jaskari
Risk Committee Irma Gillberg-Hjelt, Chairman Aki Jaskari Juha Volotinen
Audit Committee Carl Pettersson, Chairman Kati Riikonen Jaana Sandström
Oma Savings Bank Plc
Additional information: Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi
DISTRIBUTION Nasdaq Helsinki Ltd Major media www.omasp.fi
OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
There are a lot of factors to consider when you’re trying to build a personal brand.
What are your strengths and weaknesses?
How will you market your brand and engage with your potential audience or customers?
How can you best position yourself for success?
For students who are just starting out on their entrepreneurial journey, connecting with mentors who have built their own personal brands – experiencing the ups and downs, the highs and lows – and who are excited to share what they’ve learned along the way can make all the difference.
But finding the right mentor isn’t always easy, and students often don’t quite know how to get started.
How do you initiate these kinds of conversations?
And what are the questions that you should ask?
‘Students Are Trying to Imagine Themselves After They Graduate’
Learning how to network is a skill, according to Julie Gehring, director of mentorship and student development at UConn’s Werth Institute for Entrepreneurship and Innovation, and that skill is part of what she teaches students who sign up for NetWerx – a signature program at the Werth Institute that pairs students with alumni mentors to help cultivate those essential networking and entrepreneurial skills.
“If you learn how to network first, then you can learn how to build a relationship with somebody that leads to mentorship,” says Gehring.
Since its inception more than five years ago, NetWerx has operated with the goal of helping interested students build an entrepreneurial mindset through skills like communication, self-reliance, and adaptability. The program has worked by recruiting both current undergraduate students – typically those in their first and second years – who apply to take part and then matching them with alumni volunteers who are less than 15 years out from their own time at UConn.
For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard — Heidi Bailey
“NetWerx welcomes any student interested in expanding their network and exploring ideas, even if they aren’t directly focused on starting a business,” Gehring explains. “We help students develop valuable entrepreneurial skills—like problem-solving, collaboration, and communication—that are essential for success in any field. Many of our alumni mentors, in fact, apply these skills within their organizations as ‘intrapreneurs.’”
“Students are trying to imagine themselves after they graduate,” says Heidi Bailey, an instructor-in-residence with the UConn School of Business who teaches courses on marketing and personal brand management. “NetWerx provides students with an incredible opportunity to build a relationship with a UConn alumnus who can share career tips, such as how they got started in their career, what success looks like in their field of interest, and who else they can work with in their industry.”
A Strategic Plan for Making an Impact
Alumni mentors come from a variety of backgrounds – everything from fintech to fashion, project management to health care, marketing to engineering – and commit to meet virtually with their mentees a least two to three times. They’re given orientation and training on how to be effective mentors before they’re paired with students an matching process that’s now bolstered by the use of PeopleGrove, a platform that helps students and alumni engage with each other.
It’s been an undeniable success. NetWerx has matched hundreds of UConn student mentees with alumni mentors who have engaged with its ecosystem, with many of those connections leading to lasting relationships and some even producing employment opportunities post-graduation.
Last year alone, more than 450 students took part in NetWerx, connecting with about 200 alumni mentors.
But with that success has come a need for the program itself to continue to innovate.
“The question for us was: How can we create even more of an impact?” Gehring explains. “So, we worked on a strategic plan.”
(Adobe Stock)
And part of that plan led to NetWerx’s latest initiative: Bringing mentorship directly to students in the classroom by partnering with faculty, like Bailey, who embrace an entrepreneurial mindset.
“Julie reached out to me, and told me about NetWerx, and I thought it would be a good program for this personal brand management class,” Bailey says. “Spring 2024 was the first time we taught it in Storrs. I made NetWerx part of the participation grade –the students just had to connect two times with their mentor once they got matched, and then write a reflection about what they got out of the experience.”
Bailey utilized NetWerx for the first time that spring, and then again this past fall. About 80 students – half business majors and half from a variety of other disciplines – took part over the two semesters.
Gehring and her team visited the classes twice each semester to help guide the students through developing questions for their mentoring sessions, teaching them how to make the most of their time before meeting their alumni mentors.
“NetWerx’s initial strategy focused on integrating with courses and learning communities that had a connection to entrepreneurship, either through direct curriculum ties or by emphasizing entrepreneurial skill development,” say Gehring. “This included courses, like Heidi’s personal branding class, and learning communities, like EcoHouse with Thomas Hayes, as well as first-year experience (FYE) courses, such as Next Gen with Heather Parker. By aligning with these programs, NetWerx is able to tap into existing student interest in related topics and seamlessly introduce the benefits of mentorship within a familiar academic context.”
Open Conversations About Hard Topics
The NetWerx PeopleGrove platform then enabled the students in the class to connect with a mentor who had similar interests, and allowed Gehring and Bailey to see how those connections were going.
The response from her students was largely positive, Bailey says.
Some reported having open conversations about sometimes difficult topics, like salaries and promotions. Some were encouraged by their mentors to streamline their personal goals, to build new creative content that they hadn’t considered before – or to change gears completely.
By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. — Julie Gehring
For example, one student who’d been interested in a career in the U.S. Foreign Service learned it might actually not be the right path for them after meeting with an alumni mentor who had taken the same path.
Gaining that real-world perspective is what mentoring in general, and what NetWerx specifically, is all about, says Gehring.
“If you’re a finance major, you can talk to somebody that’s in a finance background,” she says. “And maybe that student says, you know what? I’ve gotten some perspective, and that’s not where I want to be. And so, when they figure out what they don’t want, they can continue to use our platform to find out what they do want. Let’s go talk to somebody that’s in psychology, let’s go talk to somebody in engineering, because we’ve got so many mentors who are willing to help and to take those calls.”
Opportunities That Can Change Lives
NetWerx continues to also operate as a program open to any student of any discipline, regardless of their course selections, who is interested in expanding their network or exploring an idea. The Werth Institute is holding open office hours three days a week this spring where undergraduates can drop in, learn more, and sign up.
But the program is hoping to partner with more faculty to help reach students who might otherwise not know about or consider taking part in a program like NetWerx.
From a faculty perspective, Bailey notes, successfully incorporating NetWerx into a course means building it in as a core component of the class that the faculty themselves are invested in.
“NetWerx is actively seeking partnerships with faculty who embed entrepreneurial skills into their courses to connect first and second-year students with alumni mentors,” adds Gehring. “From a co-curricular standpoint, we understand the significant time commitment involved in curriculum planning and instruction, which is why NetWerx aims to simplify the integration of mentorship into the classroom. By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. This partnership eliminates the burden of managing the screening of mentors, the matching process, and ongoing support of the mentor-mentee relationship, allowing instructors to focus on teaching while providing students with valuable mentorship experiences and expanded networks.”
And making that successful integration into the classroom, Bailey says, can be “life-changing” for the students who take full advantage of the opportunity.
“For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard,” Bailey says. “You have to have people inside who can then connect you with others.
“For just about any class, there are enough alumni who are engaged in that discipline, who would be willing to connect either one-on-one or even come into the class and speak – I think it’s extremely valuable to get that inside perspective and to have the potential to stay in touch.”
January is National Mentoring Month – for more information, visitmentoring.org.
NetWerx is always recruiting – both student mentees and alumni mentors – and individuals interested in getting involved, as well as faculty interested in learning how NetWerx might fit in with their course design, are encouraged to contact Julie Gehring atjulie.gehring@uconn.eduor Ian Bender atian.bender@uconn.edu.
For more information about all of the entrepreneurial opportunities available through the Werth Institute, visitwerth.institute.uconn.edu.
The Business Launcher simplifies the entrepreneurial journey by offering a personalized, end-to-end solution that translates users’ skills and experiences into viable business ventures
NEW YORK –Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform globally1, today announced the launch of the Business Launcher, an AI-powered tool that helps users create new business initiatives from concept to execution. The tool guides users through various steps of starting a new business, offering personalized ideas, actionable plans, and essential tools to create a website and launch a business.
Users begin by answering a few questions about their background, or by uploading their resume. The AI-powered tool then builds a comprehensive profile, based on work experience, skills, education, and interests. Additionally, users are asked about their goals—whether they’re aiming for a side hustle, exploring a new career path, or planning a full-time business—creating a foundation for generating tailored business ideas. Business ideas are then presented to the user, with a full breakdown of each idea including how it aligns with the users’ skills, the market size, keywords for SEO and how to earn money.
Once a business idea is selected, users receive a comprehensive launch kit, which includes a custom business name, a personalized website, logo creation, domain name options, and marketing tools. They are then guided to create their website using Wix’s AI Website Builder. The final step in the process transitions users to their tailored site dashboard, complete with a personalized business name and relevant apps to help manage their business efficiently. The dashboard provides the necessary tools to get the business up and running, offering a seamless experience from ideation to execution.
“We designed the Business Launcher to function like a personal business assistant, guiding users from the initial spark of an idea all the way to full business execution,” said Yaya Aaronsohn, Head of Brand Maker and Business Launcher at Wix. “By combining users’ work experience and interests with Wix’s extensive market research, the Business Launcher offers personalized ideas supported by detailed market analysis, SEO strategies, and revenue planning. It equips users with everything they need, from a custom website to marketing tools, ensuring they can confidently launch their business.”
The Business Launcher is available in English, with free access and optional premium upgrades for features like domain names and logos. Learn more about the Business Launcher here.
About Wix.com Ltd.
Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.
For more about Wix, please visit our Press Room Media Relations Contact: PR@wix.com
1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.
DUNKIRK, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors of its parent mutual holding company, Lake Shore, MHC, has adopted a Plan of Conversion and Reorganization pursuant to which Lake Shore, MHC will undertake a “second step” conversion from the mutual holding company structure to the stock holding company structure. In connection with the second step conversion, the Bank intends to seek regulatory approval to convert its charter to a New York-chartered commercial bank.
Lake Shore, MHC currently owns approximately 63.4% of the outstanding shares of common stock of the Company which it acquired in connection with the reorganization of the Bank into the mutual holding company structure and the related initial public offering by the Company in 2006.
As a result of the proposed transaction, a new stock holding company for the Bank (the “New Bank Holding Company”), which will succeed the Company, and will offer for sale shares of its common stock, representing Lake Shore, MHC’s ownership interest in the Company, to depositors of the Bank in a subscription offering and, if necessary, a community offering and/or a syndicated community offering. Eligible account holders of the Bank as of the close of business on December 31, 2023 have first priority non-transferable subscription rights to subscribe for shares of common stock of the New Bank Holding Company. The total number of shares of common stock of the New Bank Holding Company to be issued in the proposed stock offering will be based on the aggregate pro forma market value of the common stock of the New Bank Holding Company, as determined by an independent appraisal. In addition, each share of common stock of the Company owned by persons other than Lake Shore, MHC (the “minority shareholders”) will be converted into and become the right to receive a number of shares of common stock of the New Bank Holding Company pursuant to an exchange ratio established at the completion of the proposed transaction. The exchange ratio is designed to preserve in the New Bank Holding Company the same aggregate percentage ownership interest that the minority shareholders will have in the Company immediately before the completion of the proposed transaction, exclusive of the purchase of any additional shares of common stock of the New Bank Holding Company by minority shareholders in the stock offering and the effect of cash received in lieu of issuance of fractional shares of common stock of the New Bank Holding Company, and adjusted to reflect certain assets held by Lake Shore, MHC.
The proposed transaction is expected to be completed in the third quarter of 2025, subject to regulatory approval, approval by the members of Lake Shore, MHC (i.e., depositors of the Bank), and approval by the shareholders of the Company, including by a separate vote of approval by the Company’s minority shareholders. Detailed information regarding the proposed transaction, including the stock offering, will be sent to shareholders of the Company and members of Lake Shore, MHC following regulatory approval.
About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.
Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required regulatory, shareholder and member approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all,compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.
Important Additional Information and Where to Find It
Lake Shore Bancorp, Inc. will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that will include a proxy statement of the Company and a prospectus of Lake Shore Bancorp, Inc., as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THESE DOCUMENTS BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Lake Shore Bancorp, Inc., 31 East Fourth Street, Dunkirk, New York 14048, Attention: Taylor M. Gilden, or by calling (716) 366-4070 ext. 1065.
Participants in the Solicitation
The Company and its directors and its executive officers may be deemed to be participants in the solicitation of proxies with respect of the proposed transaction. Information regarding the Company’s directors and executive officers is available in its definitive proxy statement for its 2024 Annual Meeting of Shareholders, filed with the SEC on April 11, 2024. Other information regarding the participants in the proxy solicitation will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.
This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.
Source: Lake Shore Bancorp, Inc. Category: Financial
Investor Relations/Media Contact Taylor M. Gilden Chief Financial Officer and Treasurer Lake Shore Bancorp, Inc. 31 East Fourth Street Dunkirk, New York 14048 (716) 366-4070 ext. 1065
HERNDON, Va., Jan. 30, 2025 (GLOBE NEWSWIRE) — SMX®, a leader in next-generation mission support, digital transformation, and IT solutions, announced today that it has been awarded the General Services Administration (GSA) One Acquisition Solution for Integrated Services+ (OASIS+) Unrestricted Indefinite Delivery, Indefinite Quantity (IDIQ) Contract. This Government-wide, multi-agency contract program is designed to provide innovative and flexible solutions for the most complex professional services requirements.
On track to be designed as a Best-in-Class (BIC) contract acquisition vehicle, OASIS+ spans eight domains, with SMX securing contracts in five to include: Enterprise Solutions, Technical & Engineering, Intel Services, Management & Advisory and Logistics. Notably, SMX is among only 29 companies to earn an award in the Enterprise Solutions Domain, demonstrating their ability to deliver integrated solutions to support Government agencies’ critical missions.
“This award underscores SMX’s expertise and commitment to continued delivery of tailored, mission-critical solutions,” said Laura Braksator, SMX Chief Growth Officer. “We are honored to be awarded a contract vehicle that empowers Government agencies with the flexibility to address their most complex professional services needs across a range of disciplines.”
The OASIS+ contract enables Government agencies to acquire total integrated solutions that span multiple disciplines, include ancillary support, and meet both commercial and non-commercial needs. With a variety of contracting options—ranging from fixed price to cost reimbursement and time and materials—this contract offers unparalleled adaptability to meet mission-specific requirements on a global scale.
About SMX
SMX is a leader in next-generation cloud, C6ISR, and advanced engineering and IT solutions operating in close proximity to clients across the U.S. and around the globe. SMX delivers scalable and secure solutions combined with the mission expertise needed to accelerate outcomes for the Department of Defense, Intelligence Community, Public Sector, Fortune 1000 and other public and private sector clients. For more information on our services, please visit https://www.smxtech.com/.
NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended December 31, 2024. Fourth quarter net income attributable to common shareholders was $4.99 million, or $1.74 per diluted share, compared to $4.23 million, or $1.46 per diluted share, for the same quarter in 2023.
For the year ended December 31, 2024, net income increased by 5% to $18.4 million from $17.5 million in 2023. For the year ended December 31, 2024, earnings per diluted share rose to $6.34 from $6.02, an increase of 5% from 2023.
“Truxton grew earnings again in 2024, despite the headwinds of mostly one-time expenses related to our technology and physical office upgrades,” said Truxton Chairman Tom Stumb. “Net Interest Income grew 7% and Wealth revenue increased 17% year-over-year, and we believe we are positioned well for 2025. Truxton continues to succeed as we drive successful outcomes for our clients through our dedication to service and sophisticated, sage advice.”
Key Highlights
Non-interest income was $5.7 million in the fourth quarter of 2024, which was $173 thousand higher than the third quarter of 2024 and $1.4 million over the fourth quarter of 2023. Excluding gains and losses on the sale of securities, Wealth revenue constituted 90% of non-interest income in the fourth quarter of 2024, compared to 95% for the third quarter of 2024 and to 94% for fourth quarter of 2023. Other non-interest income was elevated due to a large non-recurring payment from an SBIC fund in which we are invested.
Non-interest expense was $230 thousand lower in the fourth quarter of 2024 compared to the third, driven largely by the timing of certain expense accruals and a refund of some costs related to our bank technology upgrade recognized in the third quarter.
Loans increased 1% to $670 million at quarter end compared to $665 million at September 30, 2024, and were up 2% compared to $658 million at December 31, 2023.
Total deposits decreased by 3% from $889 million at September 30, 2024, to $866 million at December 31, 2024, and were 11% higher in comparison to $782 million at December 31, 2023. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology.
Asset quality remains sound at Truxton. The Bank had $11 thousand of non-performing assets at December 31, 2024. Truxton had $4 thousand in charge-offs in the fourth quarter of 2024, $9 thousand in the trailing quarter, and $8 thousand of recoveries in the fourth quarter of 2023.
Net interest margin for the fourth quarter of 2024 was 2.79%, an increase of 10 basis points from the 2.69% experienced in the quarter ended September 30, 2024, and an increase of 1 basis point from the 2.78% recorded in the quarter ended December 31, 2023. Cost of funds was 3.08% in the fourth quarter of 2024, down from 3.48% in the third quarter of 2024, and 3.15% in the fourth quarter of 2023.
Allowance for credit losses, excluding that for unfunded commitments, was $6.4 million at quarter end December 31, 2024, compared to $6.4 million at September 30, 2024, and $6.3 million at December 31, 2023. For those three periods, such allowance amounts were each 0.96% of gross loans outstanding at each period end. For the same three periods, the Bank’s allowance for unfunded commitments was $483 thousand, $409 thousand, and $412 thousand, respectively.
The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.63% at December 31, 2024, compared to 10.46% at September 30, 2024, and 10.53% at December 31, 2023. Book value per common share was $34.42, $33.30, and $30.31 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
During the twelve months ended December 31, 2024, Truxton Corporation paid dividends of $2.72 per common share, inclusive of a $1.00 special cash dividend, and repurchased 62,382 shares of its common stock for $4.2 million in the aggregate, or an average price of $66.97 per share.
About Truxton Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
Investor Relations
Media Relations
Austin Branstetter
Swan Burrus
615-250-0783
615-250-0773
austin.branstetter@truxtontrust.com
swan.burrus@truxtontrust.com
Truxton Corporation
Consolidated Balance Sheets
(000’s)
(Unaudited)
December 31, 2024*
September 30, 2024*
December 31, 2023*
ASSETS
Cash and due from financial institutions
$
4,225
$
5,499
$
4,272
Interest bearing deposits in other financial institutions
25,698
24,678
3,417
Federal funds sold
4,054
4,816
1,537
Cash and cash equivalents
33,977
34,993
9,226
Time deposits in other financial institutions
245
245
490
Securities available for sale
258,322
295,905
259,926
Gross loans, excluding Paycheck Protection Program
669,962
664,630
657,811
Allowance for credit losses
(6,433
)
(6,358
)
(6,304
)
Paycheck Protection Program Loans
20
27
29
Net loans
663,549
658,299
651,536
Bank owned life insurance
16,722
16,602
10,808
Restricted equity securities
2,272
2,261
1,858
Premises and equipment, net
3,293
3,328
189
Accrued interest receivable
4,567
4,954
4,388
Deferred tax asset, net
5,257
4,649
6,010
Other assets
15,577
14,017
10,839
Total assets
$
1,003,781
$
1,035,253
$
955,270
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Non-interest bearing
$
126,016
$
116,149
$
123,918
Interest bearing
$
740,406
$
772,612
$
658,061
Total deposits
866,422
888,761
781,979
Federal funds purchased
–
–
–
Swap counterparty cash collateral
4,230
1,890
4,060
Federal Home Loan Bank advances
8,250
13,250
4,500
Federal Reserve Bank Term Funding Program advances
–
10,000
53,800
Subordinated debt
14,426
14,401
14,327
Other liabilities
11,747
11,405
8,922
Total liabilities
905,075
939,707
867,588
SHAREHOLDERS’ EQUITY
Common stock, $0.10 par value
$
286
$
285
$
289
Additional paid-in capital
28,945
28,729
31,457
Retained earnings
61,316
62,548
51,679
Accumulated other comprehensive income (loss)
(10,252
)
(9,434
)
(13,279
)
Net Income
$
18,411
$
13,418
$
17,536
Total shareholders’ equity
98,706
95,546
87,682
Total liabilities and shareholders’ equity
$
1,003,781
$
1,035,253
$
955,270
*The information is preliminary, unaudited and based on company data available at the time of presentation.
Truxton Corporation
Consolidated Statements of Net Income
(000’s)
(Unaudited)
Three Months Ended
Year To Date
December 31, 2024*
September 30, 2024*
December 31, 2023*
December 31, 2024*
December 31, 2023*
Non-interest income
Wealth management services
$
5,242
$
5,267
$
4,435
$
20,597
$
17,657
Service charges on deposit accounts
85
92
111
360
461
Securities gains (losses), net
(122
)
0
(445
)
(335
)
(386
)
Bank owned life insurance income
124
90
56
333
216
Other
391
98
115
1,164
524
Total non-interest income
5,720
5,547
4,272
22,119
18,472
Interest income
Loans, including fees
$
10,354
$
10,654
$
10,495
$
41,721
$
37,804
Taxable securities
3,039
3,361
2,554
11,932
9,350
Tax-exempt securities
217
222
210
834
876
Interest bearing deposits
348
488
198
1,475
695
Federal funds sold
75
113
41
288
101
Total interest income
14,033
14,838
13,498
56,250
48,826
Interest expense
Deposits
6,798
7,667
6,048
27,854
20,881
Short-term borrowings
90
260
685
1,294
2,154
Long-term borrowings
85
51
23
164
490
Subordinated debentures
188
188
187
752
771
Total interest expense
7,161
8,166
6,943
30,064
24,296
Net interest income
6,872
6,672
6,555
26,186
24,530
Provision for credit losses
145
105
215
217
296
Net interest income after provision for loan losses
6,727
6,567
6,340
25,969
24,234
Total revenue, net
12,447
12,114
10,612
48,088
42,706
Non interest expense
Salaries and employee benefits
4,635
4,044
3,563
16,652
14,810
Occupancy
326
315
272
1,578
1,185
Furniture and equipment
107
115
24
300
76
Data processing
282
625
389
1,763
1,703
Wealth management processing fees
195
221
166
838
729
Advertising and public relations
96
27
109
206
248
Professional services
247
609
285
1,337
941
FDIC insurance assessments
33
80
225
423
460
Other
291
406
322
2,024
901
Total non interest expense
6,212
6,442
5,355
25,121
21,053
Income before income taxes
6,235
5,672
5,257
22,967
21,653
Income tax expense
1,242
1,102
1,028
4,556
4,117
Net income
$
4,993
$
4,570
$
4,229
$
18,411
$
17,536
Earnings per share:
Basic
$
1.74
$
1.58
$
1.46
$
6.35
$
6.04
Diluted
$
1.74
$
1.57
$
1.46
$
6.34
$
6.02
*The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.
Truxton Corporation
Selected Quarterly Financial data
At Or For The Three Months Ended
(000’s)
(Unaudited)
December 31, 2024*
September 30, 2024*
December 31, 2023*
Per Common Share Data
Net income attributable to common shareholders, per share
Basic
$1.74
$1.58
$1.46
Diluted
$1.74
$1.57
$1.46
Book value per common share
$34.42
$33.30
$30.31
Tangible book value per common share
$34.42
$33.30
$30.31
Basic weighted average common shares
2,787,805
2,819,035
2,821,846
Diluted weighted average common shares
2,792,363
2,823,728
2,828,274
Common shares outstanding at period end
2,867,850
2,869,015
2,893,064
Selected Balance Sheet Data
Tangible common equity (TCE) ratio
9.83%
9.23%
9.18%
Average Loans
$667,957
$652,624
$653,804
Average earning assets (1)
$998,861
$1,006,370
$956,793
Average total assets
$1,025,415
$1,029,802
$960,852
Average shareholders’ equity
$97,026
$94,225
$81,759
Selected Asset Quality Measures
Nonaccrual loans
$0
$0
$0
90+ days past due still accruing
$11
$11
$0
Total nonperforming loans
$11
$11
$0
Total nonperforming assets
$11
$11
$0
Net charge offs (recoveries)
$4
$9
($8)
Nonperforming loans to assets
0.00%
0.00%
0.00%
Nonperforming assets to total assets
0.00%
0.00%
0.00%
Nonperforming assets to total loans and other real estate
0.00%
0.00%
0.00%
Allowance for credit losses to total loans
0.96%
0.96%
0.96%
Net charge offs to average loans
0.00%
0.00%
0.00%
Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage
10.63%
10.46%
10.53%
Common equity tier 1
15.19%
15.17%
14.58%
Total risk-based capital
16.15%
16.11%
15.53%
Selected Performance Ratios
Efficiency ratio
48.45%
52.72%
47.07%
Return on average assets (ROA)
1.94%
1.77%
1.75%
Return on average shareholders’ equity (ROE)
20.47%
19.29%
20.52%
Return on average tangible common equity (ROTCE)
20.47%
19.29%
20.52%
Net interest margin
2.79%
2.69%
2.78%
*The information is preliminary, unaudited and based on company data available at the time of presentation.
(1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities.
Truxton Corporation
Yield Tables
For The Periods Indicated
(000’s)
(Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:
Three Months Ended
Three Months Ended
Three Months Ended
December 31, 2024*
September 30, 2024*
December 31, 2023*
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Earning Assets
Loans
$667,957
6.08
$10,215
$652,624
6.41
$10,520
$653,804
6.18
$10,183
Loan fees
$0
0.09
$146
$0
0.08
$134
$0
0.19
$312
Loans with fees
667,957
6.17
$10,361
652,624
6.49
$10,654
$653,804
6.37
$10,495
Mortgage loans held for sale
$0
0.00
$0
$0
0.00
$0
$0
0.00
$0
Federal funds sold
$6,232
4.71
$75
$8,367
5.28
$113
$2,985
5.41
$41
Deposits with banks
$28,570
4.85
$348
$35,784
5.43
$488
$14,240
5.51
$198
Investment securities – taxable
$260,605
4.66
$3,039
$273,488
4.92
$3,361
$248,778
4.11
$2,554
Investment securities – tax-exempt
$35,497
3.65
$217
$36,107
3.67
$222
$36,986
3.39
$210
Total Earning Assets
$998,861
5.64
$14,040
$1,006,370
5.92
$14,838
$956,793
5.65
$13,498
Non interest earning assets
Allowance for loan losses
(6,359)
(6,224)
(6,123)
Cash and due from banks
$5,985
$6,529
$5,402
Premises and equipment
$3,305
$3,370
$119
Accrued interest receivable
$3,721
$3,746
$3,575
Other real estate
$0
$0
$0
Other assets
$36,453
$34,150
$30,404
Unrealized gain (loss) on inv. securities
(16,551)
(18,139)
(29,318)
Total Assets
$1,025,415
$1,029,802
$960,852
Interest bearing liabilities
Interest bearing demand
$329,625
3.26
$2,703
$333,177
3.60
$3,018
$345,966
3.42
$2,984
Savings and money market
$200,257
2.83
$1,427
$195,751
3.60
$1,773
$138,244
2.95
$1,027
Time deposits – retail
$13,170
3.39
$112
$13,505
3.40
$115
$16,343
3.18
$131
Time deposits – wholesale
$228,144
4.46
$2,556
$226,673
4.85
$2,761
$165,756
4.56
$1,906
Total interest bearing deposits
$771,196
3.51
$6,798
$769,106
3.97
$7,667
$666,309
3.6
$6,048
Federal Home Loan Bank advances
$9,554
3.48
$85
$5,728
3.50
$51
$4,500
1.98
$23
Subordinated debt
$14,520
5.08
$188
$14,656
4.53
$188
$14,422
5.08
$187
Other borrowings
$12,369
4.04
$90
$24,011
4.22
$259
$60,859
4.39
$685
Total borrowed funds
$36,443
3.90
$363
$44,395
4.40
$499
$79,781
4.39
$895
Total interest bearing liabilities
$807,639
3.52
$7,161
$813,501
3.99
$8,166
$746,090
3.69
$6,943
Net interest rate spread
2.12
$6,879
1.93
$6,672
1.96
$6,555
Non-interest bearing deposits
$115,593
$118,216
$126,534
Other liabilities
$5,157
$3,860
$6,469
Shareholder’s equity
$97,026
$94,225
$81,759
Total Liabilities and Shareholder’s Equity
$1,025,415
$1,029,802
$960,852
Cost of funds
3.08
3.48
3.15
Net interest margin
2.79
2.69
2.78
*The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.
Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
Truxton Corporation
Yield Tables
For The Periods Indicated
(000’s)
(Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:
Twelve Months Ended
Twelve Months Ended
December 31, 2024*
December 31, 2023*
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Earning Assets
Loans
$658,226
6.28
$41,328
$635,059
5.85
$37,150
Loan fees
$0
0.08
$504
$0
0.10
$654
Loans with fees
$658,226
6.36
$41,832
$635,059
5.95
$37,804
Mortgage loans held for sale
$0
0.00
$0
$0
0.00
$0
Federal funds sold
$5,592
5.08
$289
$1,907
5.21
$101
Deposits with banks
$27,967
5.27
$1,475
$13,711
5.07
$695
Investment securities – taxable
$259,313
4.6
$11,931
$247,483
3.78
$9,350
Investment securities – tax-exempt
$34,867
3.57
$834
$38,410
3.40
$876
Total Earning Assets
$985,965
5.76
$56,361
$936,570
5.26
$48,826
Non interest earning assets
Allowance for loan losses
(6,299)
(6,087)
Cash and due from banks
$6,161
5,960
Premises and equipment
$2,662
$154
Accrued interest receivable
$3,730
$3,271
Other real estate
$0
$0
Other assets
$33,513
$29,175
Unrealized gain (loss) on inv. securities
(19,553)
(26,891)
Total Assets
$1,006,179
$942,152
Interest bearing liabilities
Interest bearing demand
$333,322
3.5
$11,681
$351,956
3.20
$11,247
Savings and Money Market
$183,557
3.33
$6,121
$134,518
2.50
$3,368
Time deposits – Retail
$14,275
3.41
$486
$17,168
2.53
$435
Time Deposits – Wholesale
$207,457
4.61
$9,566
$143,922
4.05
$5,832
Total interest bearing deposits
$738,611
3.77
$27,854
$647,564
3.22
$20,882
Federal home Loan Bank advances
$5,476
2.95
$164
$12,355
3.91
$490
Subordinated debt
$14,565
5.08
$752
$14,831
5.12
$771
Other borrowings
$31,032
4.41
$1,294
$47,985
4.42
$2,153
Total borrowed funds
$51,073
4.26
$2,210
$75,171
4.48
$3,414
Total interest bearing liabilities
$789,685
3.80
$30,064
$722,735
3.36
$24,296
Net interest rate spread
1.95
$26,297
1.90
$24,530
Non-interest bearing deposits
$119,150
$135,909
Other liabilities
$4,424
$4,810
Shareholder’s equity
$92,920
$78,619
Total Liabilities and Shareholder’s Equity
$1,006,179
$942,073
Cost of funds
3.30
2.82
Net interest margin
2.71
2.67
*The information is preliminary, unaudited and based on company data available at the time of presentation.
Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
LOS ALAMITOS, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the technology company behind MARKET.live and Go Fund Yourself!, is thrilled to announce that the highly anticipated premiere episode of Go Fund Yourself! airs tonight at 7 PM ET on Cheddar TV. Viewers can watch the episode live by visiting Cheddar.com or tuning in through Cheddar TV’s cable and streaming networks.
To mark this exciting milestone, VERB is hosting an exclusive, invite-only launch party for select industry leaders, investors, and media representatives. This private event will celebrate the show’s debut and the revolutionary impact Go Fund Yourself! is set to make in the crowdfunding and startup landscape.
Innovating Crowdfunding on Prime-Time Television
Airing in a prime-time weekly slot every Thursday at 7 PM ET, Go Fund Yourself! brings an innovative, interactive approach to startup funding. Entrepreneurs pitch their businesses to a panel of Titans, competing for investment and audience engagement. The show’s technology allows viewers to invest in featured companies in real-time by tapping, clicking, or scanning on-screen icons, creating an unprecedented bridge between startups and investors.
Titans Leading the Way
The Show’s expert panel includes:
David Meltzer – Chairman of the Napoleon Hill Institute and Former CEO of Leigh Steinberg Sports & Entertainment
Jayson Waller – Thought leader, CEO of multiple multi-million-dollar companies, and host of the popular Unleashed Podcast
Rory J. Cutaia – Founder and CEO of VERB Technology, creator of Go Fund Yourself!, and disruptor behind MARKET.live
Rotating celebrity guest Titans from the worlds of business, sports, and entertainment
Unmatched Visibility for Entrepreneurs
With Cheddar’s expansive digital and social reach, Go Fund Yourself! ensures startups receive unparalleled exposure. Each episode will be broadcast three times per week, with a season-ending marathon maximizing visibility for participating companies. The series will also be heavily promoted across Cheddar’s social and digital platforms to further amplify its reach.
“Tonight, we make history,” said Rory J. Cutaia, CEO of VERB and creator of Go Fund Yourself!. “This show is a total game-changer—not just for entrepreneurs, but for everyday people who now have direct access to investment opportunities traditionally reserved for insiders. We’re beyond excited to bring this groundbreaking format to millions of viewers on Cheddar TV.”
Apply to Be Featured on ‘Go Fund Yourself!’
Are you an entrepreneur or business owner looking to be featured on Go Fund Yourself!? Apply today and discover how the show can propel your funding journey to new heights.
Follow MARKET.live on social media for exclusive content:
Facebook
TikTok
Instagram
LinkedIn
YouTube
About Cheddar TV
Cheddar is a leading digital-first news and entertainment network known for its dynamic and engaging content targeting millennial and Gen Z audiences. Available across cable, streaming, and digital platforms, Cheddar offers unparalleled distribution opportunities for innovative programming like Go Fund Yourself!.
About VERB Technology Company
Verb Technology Company, Inc. (Nasdaq: VERB) is an industry leader in interactive video-based social commerce. Its flagship platform, MARKET.live, is a premier multi-vendor livestream shopping destination where brands, retailers, creators, and influencers engage customers across social media channels. Go Fund Yourself! combines a revolutionary interactive TV show with MARKET.live’s commerce-driven backend, enabling real-time investments and product sales via shoppable on-screen icons. VERB is headquartered in Las Vegas, NV, with full-service production studios in Los Alamitos, CA.
Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially. Readers should not place undue reliance on forward-looking statements. Please refer to VERB’s filings with the SEC for a complete discussion of risks and uncertainties.
PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media GroupNews Commentary – Due to the expanding consumption of illicit drugs & alcohol across the globe the Drug Screening market is poised to grow substantially in the coming years. Drug abuse and alcohol consumption are growing worldwide. According to the World Drug Report 2023, in 2021, 1 in every 17 people aged 15–64 in the world had used a drug in the past 12 months. The number of users grew from 240 million in 2011 to 296 million in 2021 or 5.8% of the global population aged 15-64. This is a 23% increase, partly due to population growth. Other drugs like Cannabis the second most used drug, with an estimated 219 million users i.e. 4.3% of the global adult population in 2021. In 2021, according to the US Department of Transportation, National Highway Traffic Safety Administration (NHTSA), 13,384 people died in alcohol-impaired driving crashes, i.e. a 14% rise from last year. A report from MarketsAndMarkets projected that: “The global drug screening market, valued at US$7.7 billion in 2023, is forecasted to grow at a robust CAGR of 16.6%, reaching US$9.1 billion in 2024 and an impressive US$19.5 billion by 2029.North America dominates the drug screening market. This market is projected to reach USD 9.3 billion by 2029, at a CAGR of 16.4% during the forecast period. The expanding consumption of illicit drugs & alcohol will advance raise the development of drug screening products & services on the road, thereby driving the overall market growth.” Active companies in news today include: Intelligent Bio Solutions Inc. (NASDAQ: INBS), Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO), bioAffinity Technologies, Inc. (NASDAQ: BIAF), Trinity Biotech plc (NASDAQ: TRIB), SOBR Safe, Inc. (NASDAQ: SOBR).
The MarketsAndMarkets report said: “The growth of the drug screening market is driven by the growing drug & alcohol consumption and the enforcement of stringent laws mandating drug & alcohol testing. Rising regulatory approvals for new product & service launches would offer lucrative growth opportunities for market players in the coming years. The APAC market is projected to register the highest growth in the forecast period due to growing illicit consumption of drugs, the developing healthcare infrastructure, and the rising adoption of stringent regulatory guidelines for drug testing.”
Intelligent Bio Solutions Inc. (NASDAQ: INBS)Adds Quantum TM to 400+ Account Portfolio Utilizing Breakthrough Fingerprint Drug Testing– Intelligent Bio Solutions Inc. (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, announced that Quantum Traffic Management (“Quantum TM”), a leading UK-based traffic management provider, has adopted INBS’ Intelligent Fingerprinting Drug Testing Solution across its 10 nationwide sites to increase workplace testing efficiency and safety.
With over 30 years of industry experience, Quantum TM operates across the utilities, highways, rail, local authority, and events sectors. Previously, Quantum TM relied on saliva and urine testing through external occupational health providers; however, the delays and inefficiencies associated with these methods prompted the company to explore a quicker and more hygienic alternative. INBS’ fingerprint sweat-based system enables Quantum TM to conduct on-the-spot drug screening in-house, facilitating rapid decision-making and improved operational efficiency.
“The Intelligent Fingerprinting Drug Testing Solution provides us with greater control when it comes to drug testing. Having previously faced delays with our former saliva and urine drug testing methods, we needed to find an effective solution that we could manage in-house and increase our testing productivity,” said Scott Powell, Managing Director at Quantum TM. “Intelligent Bio Solutions’ technology enables us to do this, and we have already improved our testing efficiency with rapid, non-invasive screening.” CONTINUED…Read this entire press release for INBS at:https://ibs.inc/news-and-media/
In Additional News This Week, Intelligent Bio Solutions Inc. (NASDAQ: INBS)Partners with IVY Diagnostics to Expand in Europe’s $3.6 Billion Drug Screening Market and in Middle Eastern Regions– Intelligent Bio Solutions Inc. also announced the strengthening of its foothold throughout Europe and the Middle East through its partnership with IVY Diagnostics Srl (“IVY Diagnostics”). As a key distributor, IVY Diagnostics is playing an integral role in expanding the adoption of INBS’ Intelligent Fingerprinting Drug Testing Solution across Europe and the Middle East, with a particular focus on drug rehabilitation and law enforcement applications.
According to Grand View Research, the European and Middle Eastern drug screening markets are projected to grow significantly by 2030, with Europe expected to reach $3.6 billion and the Middle East and Africa $432.7 million. This growing demand emphasizes the strategic importance of INBS’ partnership with IVY Diagnostics.
IVY Diagnostics, a well-known consulting and distribution company within the diagnostics, life sciences and pharmaceutical sectors, has collaborated with another Italian distributor to secure a tender to provide INBS’ drug screening technology for drug rehabilitation programs across Italy. The solution offers a non-invasive, rapid, and hygienic method for drug screening, which has been well received by rehabilitation centers aiming to enhance their testing protocols. In addition to its success in rehabilitation services, INBS’ drug screening system is currently undergoing a trial with the local police force in Turin. The trial aims to explore the effectiveness of fingerprint-based drug testing in roadside screening initiatives, offering a more efficient, less invasive alternative to the traditional methods currently used.
As the demand for drug screening solutions rises across Europe and the Middle East, INBS’ collaboration with IVY Diagnostics positions the Company to effectively capture new opportunities. IVY Diagnostics serves as INBS’ primary contact in Europe, leveraging its extensive network of distributors and expertise in identifying and vetting new partners across key regions, including Romania, Hungary, Slovakia, Austria, and Scandinavia. The collaboration extends to the Middle East, targeting markets such as the UAE, Saudi Arabia, and Qatar. CONTINUED…Read this entire press release for INBS at:https://ibs.inc/news-and-media/
In other developments in the markets of note:
Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO) recently announced that the Company’s PrecisionCHD and Epi+Gen CHD tests have received final pricing determinations from the Centers for Medicare & Medicaid Services (CMS). Following the preliminary pricing determination made by CMS in August 2024, CMS finalized the ‘gapfill’ pricing determination for both PrecisionCHD and Epi+Gen CHD. This decision will be effective for claims with dates of service on or after January 1, 2025, and will allow Medicare contractors to determine pricing for PrecisionCHD and Epi+Gen CHD based on actual cost data from Cardio Diagnostics. The Medicare contractors will report to CMS preliminary gapfill pricing for calendar year 2025 by April 1, 2025.
“Receiving this final determination is a crucial step for our innovative solutions to help improve the risk assessment, diagnosis, management and monitoring of coronary heart disease (CHD) for Medicare patients,” said Meesha Dogan, Ph.D., CEO and Co-Founder of Cardio Diagnostics. “This milestone brings us closer to addressing the significant unmet needs in cardiovascular care for the Medicare population, enabling clinicians to better personalize treatment strategies and ultimately improve patient outcomes.”
bioAffinity Technologies, Inc. (NASDAQ: BIAF) recently announced that the Australian Patent Office (IP Australia), has accepted bioAffinity’s patent application for the method of predicting the likelihood of lung cancer used by the CyPath® Lung diagnostic test for early-stage lung cancer.
The Australian patent application, titled “Detection of Early-Stage Lung Cancer in Sputum Using Automated Flow Cytometry and Machine Learning,” will be an important addition to bioAffinity Technologies’ patent portfolio, which includes 17 awarded U.S. and foreign patents and 38 pending patent applications related to its diagnostic platform and cancer treatment therapeutics. Once issued, the Australian patent will expire in 2042 and will be the second awarded for the CyPath® Lung flow cytometry test as a stand-alone assay for the detection of lung cancer.
Trinity Biotech plc (NASDAQ: TRIB) recently announced compelling results from its latest pre-pivotal clinical trial for its next-generation continuous glucose monitoring (CGM) system. The pre-pivotal clinical trial, which included 30 diabetic participants—primarily individuals with Type 1 diabetes—represents a significant milestone in Trinity’s mission to deliver affordable, high-performance CGM technology.
Trinity Biotech’s redesigned ergonomic modular device features a reusable applicator and a rechargeable wearable transmitter that eliminates costly disposable components while delivering a seamless user experience. By using more durable, reusable components, enabled by Trinity’s proprietary self-inserting sensor technology, the Trinity CGM is designed to deliver care at a significantly lower cost than today’s two largest manufacturers. By addressing affordability—a key barrier to adoption of this life changing technology —Trinity’s innovative approach has the potential to bring CGM technology to millions of individuals who have been priced out of the market. This disruptive design not only expands access but also redefines sustainability in the CGM space, further differentiating Trinity’s solution from current market leaders.
SOBR Safe, Inc. (NASDAQ: SOBR) recently announced the new release of SOBRsure™, a revolutionary wristband device designed to detect the presence of alcohol in individuals, supporting sobriety and empowering recovery. Available to purchase today, SOBRsure introduces an enhanced app experience and a new, sleekly-designed wristband that uses advanced transdermal technology to detect alcohol through the skin. This innovative device serves as a powerful monitoring and accountability tool for families, businesses and individuals alike.
“We believe that SOBRsure is not just a technological breakthrough; it’s a lifeline to those navigating alcohol use disorder (AUD) and the path to sobriety,” said David Gandini, CEO of SOBRsafe. “With SOBRsure, we provide an accountability tool that not only supports individuals on their sobriety journey but also offers peace of mind to their families and employers.”
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SAN DIEGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Point Predictive, the leader in artificial intelligence solutions for consumer lending, today announced that Neighbors Federal Credit Union has selected AutoPass to enhance their auto lending capabilities.
As auto lending fraud continues to evolve, with industry exposure reaching $8.1 billion in recent years, Neighbors Federal Credit Union is taking proactive steps to protect its members while making the lending process faster and more efficient.
The partnership comes at a crucial time in the lending landscape, where credit unions have emerged as leaders in auto loan originations. By implementing AutoPass, Neighbors Credit Union will be able to streamline low risk approved loans without requiring onerous documentation which will make it easier, faster, and safer for their members.
Point Predictive’s AutoPass delivers a comprehensive suite of fraud detection capabilities to Neighbors Federal Credit Union. This includes:
Insights that can reduce stipulation requests on up to 80% of approved loans.
A comprehensive risk score that helps prevent 40% to 60% of early pay defaults.
Over 120 alerts that identify fraud across all fraud types.
“The lending environment has fundamentally changed, with fraudsters becoming increasingly sophisticated in their approaches,” said Tim Grace, CEO of Point Predictive. “By partnering with Neighbors Federal Credit Union, we’re helping them stay ahead of these evolving threats while making the lending process remarkably easier for their members. Our data shows that most borrowers are truthful in their applications, and now Neighbors Federal can quickly understand which borrowers are truthful so they can fast-track these legitimate applications while focusing their verification efforts where they matter most.”
The integration leverages Point Predictive’s proprietary data repository, which includes more than 76 billion unique borrower insights not available anywhere else. This comprehensive data foundation enables Neighbors Federal to automate decisions on up to 80% of their credit-approved applications while maintaining robust fraud protection.
“Our members deserve a lending experience that’s both secure and seamless,” said Steve Webb, the President and CEO of Neighbors Federal Credit Union. “Point Predictive’s AutoPass solution allows us to deliver on both fronts. We can now offer our members faster loan decisions while maintaining the highest standards of security that they expect from us.”
The implementation is expected to deliver significant improvements in loan processing efficiency. Banks and credit unions that use AutoPass experience loan conversion rates that increase by up to 50% through the elimination of unnecessary documentation requirements, while simultaneously strengthening their defense against sophisticated fraud schemes.
Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paystubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.
About Neighbors Federal Credit Union
Founded in 1954, Neighbors Federal Credit Union is one of the largest community-chartered credit unions in Louisiana, serving over 76,000 members with assets exceeding $1 billion. Based in Baton Rouge, Neighbors Federal provides comprehensive financial services with a focus on member satisfaction and community service. For more information, please visit neighborsfcu.org.
Media Contact: Jill Robb jrobb@pointpredictive.com
NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, announced that its Board of Directors has approved a quarterly cash dividend of $0.50 per common share payable March 25, 2025, to shareholders of record as of March 11, 2025, representing a 16% increase over the 2024 regular quarterly dividend of $0.43. This represents the thirteenth consecutive year of increased regular dividends at Truxton Corporation. In addition, a special cash dividend of $1.00 per common share will be paid on March 25, 2025, to shareholders of record as of March 11, 2025.
The Board of Directors has also authorized a stock repurchase program under which the Corporation may acquire up to $5 million of its common shares during a period beginning after the release of fourth quarter earnings and extending for one year. The shares may be purchased in open-market or private transactions at the discretion of management, subject to the limitations of applicable securities laws.
The share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the Corporation’s discretion and does not commit the Corporation to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Corporation at its discretion and will depend on a number of factors, including the performance of the Corporation’s stock price, the Corporation’s ongoing capital planning considerations, general market and other conditions, applicable legal requirements and compliance with the terms of the Corporation’s outstanding indebtedness
About Truxton Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced the launch of its new Cultural Competence training, designed to empower employees and managers to navigate and thrive in diverse workplace environments.
In an increasingly global and interconnected business landscape, cultural competence has become more than just a soft skill — it’s a strategic advantage. Traliant’s training highlights how mastering cultural competence enhances collaboration, reduces costly miscommunications and fosters innovation by leveraging diverse perspectives. With practical strategies and real-world scenarios, the course equips employees to build stronger relationships, handle differences constructively and create an environment where diverse teams can excel.
“Organizations today are seeking measurable ways to boost productivity, retain top talent and drive innovation,” said Mike Dahir, CEO at Traliant. “Cultural competence training goes beyond inclusion; it directly impacts the bottom line by enhancing team dynamics, reducing turnover and positioning organizations to succeed in diverse markets.”
Toxic workplace cultures cost U.S. companies $223 billion. Traliant’s training addresses these challenges by reducing microaggressions, unconscious bias and communication barriers — helping organizations build trust, retain talent, and achieve better results.
Traliant also released new Cultural Competence in Healthcare training for clinicians, nurses, and other healthcare professionals designed to improve patient outcomes and align with state and federal standards. This specialized course provides healthcare professionals with actionable insights into understanding patients’ cultural contexts, enabling them to deliver improved patient outcomes through more effective and personalized care.
About Traliant Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.
Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, diversity training, code of conduct training, and many more.
Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.
RENO, Nev., Jan. 30, 2025 (GLOBE NEWSWIRE) — ITS Logistics released the January ITS Supply Chain Report, revealing the U.S. economy was relatively stable last month but faced several headwinds. The job market remained strong, and inflation cooled significantly, but concerns about core inflation, higher interest rates, tariffs, and potential economic slowdown loomed. The Federal Reserve’s cautious approach to monetary policy and the housing market’s ongoing challenges also continued to influence the overall economic outlook.
“As the U.S. entered December 2024, the economic outlook carried both positive and negative trends that could influence the trajectory of the economy in 2025 and beyond,” said Stan Kolev, Chief Financial Officer of ITS Logistics. “While many indicators suggest resilience, a number of challenges pose significant risks to continued growth.”
Key concerns that supply chain professionals should be privy to include:
Inflationary Pressure: If inflationary pressures persist or accelerate, it could erode consumer spending and confidence
Monetary Policy Uncertainty: The risk of inflation becoming entrenched could lead to more aggressive action from the Federal Reserve, with possible interest rate hikes impacting consumer borrowing and business investment
Global Economic Uncertainty: The global supply chain disruptions and rising geopolitical tensions could negatively impact US exports and supply chains, hurting sectors that rely on international trade
Consumer Confidence: If inflation and high borrowing costs weigh too heavily on households, it could lead to reduced discretionary spending, further slowing growth in key sectors like retail, travel, and housing
Tariffs: Per the recent incoming Trump Administration announcement, there is a potential for an increase in tariffs. Companies should prepare for the potential of a front-loading event similar to 2018, disrupting transpacific trade lanes from Asia into North America
“In December 2024, the U.S. labor market remained strong but showed some signs of slowing as the year came to a close,” continued Kolev. “The U.S. economy added about 200,000 to 250,000 jobs last month, continuing a solid pace of hiring. While lower than the stronger job growth observed in 2021 and 2022, it still represented a healthy expansion, especially given the higher interest rate environment. The unemployment rate remained steady at 3.5%, continuing near historic lows. This suggested a tight labor market, with many employers still struggling to find workers.”
Although job growth slowed compared to earlier in the recovery, demand for workers remained robust, particularly in healthcare, hospitality, and blue-collar industries. However, concerns about higher interest rates and a potential economic slowdown in 2025 could bring more caution to the labor market.
While the U.S. economy was not yet in recession in December 2024, the risks are heightened as we move into 2025. The key concerns include how inflationary pressures, high interest rates, and global uncertainties will impact growth, consumer confidence, and business investment in the year ahead.
ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.
The monthly ITS Supply Chain Report serves to inform ITS employees, partners, and customers of marketplace changes and updates. The information in the report combines data provided through DAT and various industry sources with insights from the ITS team. Visit here for a comprehensive copy of the report with expected industry insights and market updates.
About ITS Logistics ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.
TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the leader behind the world’s first Bitcoin ETF and Ether ETFs, is pleased to announce that it is further solidifying its preeminence in the digital asset space with the filing of a preliminary prospectus with Canadian securities regulators for the proposed launch of the Purpose Ripple ETF.
The Purpose Ripple ETF seeks to invest substantially all of its assets in long-term holdings of Ripple (“XRP”) and to provide holders of ETF Units with the opportunity for long-term capital appreciation.
“At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance,” said Som Seif, founder and CEO of Purpose Investments. “As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.”
“This launch represents another important step in our efforts to be the leading and most trusted partner for investors in harnessing the benefits of crypto and digital assets by enabling them to understand, access, and confidently invest these assets,” added Vlad Tasevski, Chief Innovation Officer. “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles.”
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.
A preliminary simplified prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy shares of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose or at www.purposeinvest.com.
Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.
