Jefferson Security Bank Announces an Increase in the Semi-Annual Dividend

SHEPHERDSTOWN, W. Va.–()–President and CEO of Jefferson Security Bank (OTCQB: JFWV), Cindy Kitner, announced the Board of Directors approval of a semi-annual dividend at their August 15, 2018 meeting in the amount of $0.75 per share, payable on September 14, 2018 to shareholders of record on August 31, 2018. This increase results in a total dividend of $1.45 per share in 2018, representing an increase of 26% from the total dividend in 2017 of $1.15 per share.

“We are pleased to deliver an increased dividend to our shareholders. This increase is a reflection of our improved performance and financial results, as well as a representation of our commitment to drive value for our shareholders,” said Cindy Kitner, President and CEO.

Jefferson Security Bank, founded in 1869, is a community bank engaged in the general banking business in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland.

This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.

           
Offices: 105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)
 

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Lobster Industry Innovator Passes Away

NORTHBRIDGE, Mass.–()–Riverdale Mills Corporation announces with great sadness the passing of company founder, owner, and retired CEO James Knott, Sr. Mr. Knott was 88.

An inventor, entrepreneur, industrialist and philanthropist, Knott established Riverdale Mills Corporation in 1980 – transforming it from a startup with a single wire mesh product into a manufacturing giant with more than 3,500 different wire mesh product configurations for customers around the globe.

Great innovators make their mark by challenging the status quo and finding new ways to do things better. James Knott, Sr. unequivocally fit this category as a profoundly influential innovator, whose products help millions of people.

Knott’s Aquamesh® revolutionizes lobster industry
From spending summers in Gloucester, MA, Knott saw firsthand how much time and money lobster fishermen spent fixing their wooden traps. He was convinced there had to be a better way.

Knott set out to build a more durable lobster trap to keep fishermen on the water making a living, instead of regularly onshore repairing their traps or building new ones. He invented and began manufacturing Aquamesh®, the first-of-its-kind marine-grade coated wire mesh.

His innovative wire mesh lobster trap fished better and lasted far longer than wooden traps – benefits that eventually won over skeptical North Atlantic and Canadian Maritime fisherman. Today 85 percent of all lobster traps in North America are made with Aquamesh.

Dr. Bob Bayer, executive director of the University of Maine Lobster Institute said: “Jim Knott was a well-respected visionary and an ardent supporter of the lobster industry. His impact cannot be understated. The technical changes he introduced to lobster fishing in Maine and throughout North America were profoundly significant. He singlehandedly changed and bettered the way of life for so many people.”

Knott was awarded an honorary Doctor of Science by the University of Maine for his commitment to the future of the lobster industry, innovative spirit, perseverance and positive leadership, willingness to share his knowledge and ideas, and his outstanding support of the university’s Lobster Institute.

Riverdale Mills – legacy of leadership in manufacturing
James Knott, Sr. founded Riverdale Mills Corp. in an old abandoned mill on the banks of the Blackstone River in Northbridge, MA. There, he worked with his sons to restore the facility and property, while beginning mass production of Aquamesh. An integral part of the science leading to Knott’s innovative wire mesh product was his proprietary galvanized after-welding and PVC coating processes.

Following the overwhelming success of Aquamesh in the lobster industry, Knott set out to expand and diversify the Riverdale Mills product line for other industrial, commercial and business applications.

His virtually impossible-to-climb-or-cut WireWall® high security fencing is installed worldwide at embassies, transit centers, ports, borders, military bases, manufacturing and power plants, and other sensitive locations where perimeter security is a critical safety and deterrent need.

His welded wire mesh is also used extensively by professionals in the horticulture, agriculture, aquaculture, construction, and water treatment industries.

After nearly 40 years in the wire mesh business, James Knott, Sr. touched the lives of millions of people –starting with his customers and including all the people who unbeknownst to them benefited from his products with abundant lobster, perfectly cultured oysters, and protection from security breaches. He had a special place in his heart for his dedicated employees, many of whom have been with Riverdale Mills for decades and admired and respected his leadership and humanity.

Personal, Professional and Community Life
Knott’s vision and creativity are evident in many aspects of his remarkable life and inspiring career. He earned an economics degree from Harvard College, studied mechanical engineering at Northeastern University, and served two years as a lieutenant in the Army. Before starting his own company, he was CEO of Coatings Engineering Corporation, the world’s largest custom plastic coater. He was also a long-time Director of the Gilbert & Bennett Manufacturing Company of Georgetown, CT.

Knott was resourceful and an early adopter of recycling. To build some of his manufacturing machinery, he repurposed parts from a printing press the previous tenant of the mill had left behind. When asked once by a journalist how his company had thrived when so many other U.S. manufacturers had faltered, Knott responded pointedly, “We keep our costs low.”

He also modernized the mill with efficiency in mind, restored the natural habitat, tapped the river for hydropower, and instituted recycling of all the steel from the manufacturing process.

Knott was an ardent supporter of the lobster industry, funding scholarships and research. He was also active in the communities of the local Blackstone Valley and the fishing mecca of Gloucester.

“With the passing of Jim Knott, the lobster and shellfishing industry has lost one of its most prolific supporters,” said Beth Casoni, Executive Director of the Massachusetts Lobstermen’s Association. “Jim believed in sustainable fishing and supported our efforts to ensure the viability of the industry and conservation of fish species. On behalf of the entire industry, we acknowledge his contributions, are grateful for his involvement, and will miss him tremendously.”

Predeceased by his cherished wife Betty, who died in February after 67 years of marriage, Knott is survived by four children, including James Knott, Jr., the CEO of Riverdale Mills since 2015, and four grandchildren. Arrangements are forthcoming.

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EOS Alliance lançada com mandato para “Capacitar EOS para todos”

HONG KONG–()–Um grupo global de membros da comunidade de blockchain EOS e Block Producers lançou hoje a EOS Alliance. Esse novo grupo de coordenação vai lançar todo o potencial da EOS, a blockchain governada mais rápida do mundo, fornecendo uma plataforma para tomada de decisão e compartilhamento de informações transparente e colaborativa dentro da comunidade de EOS.

A EOS Alliance, estabelecida como entidade sem fins lucrativos, atenderá à comunidade EOS racionalizando e facilitando a comunicação e a educação, que afeta os detentores de tokens EOS, Block Producers, criadores de aplicativos e outros interessados.

A ação foi endossada por dezenas de interessados influentes da comunidade EOS distribuída, incluindo mais de três dezenas de EOS Block Producers.

Mandato da EOS Alliance

A EOS Alliance vai servir de acordo com a visão orientadora de Capacitar EOS para todos para supervisionar e coordenar várias iniciativas existentes na comunidade EOS. A Alliance vai:

  • Conduzir conversas em várias línguas (inicialmente em inglês, coreano e chinês) e instrução sobre questões essenciais do ecossistema, debates e desenvolvimentos.
  • De acordo com seus estatutos (em processo de elaboração), vai abster-se de ganhar poder executivo nas estruturas de governança da EOS.
  • Facilitar a discussão e ajudar os grupos de trabalho a esclarecer as recomendações.

Como seu primeiro ato, a EOS Alliance já começou a formar uma série de grupos de trabalho com participação diversificada da comunidade para informar e orientar sobre os tópicos mais desafiadores do ecossistema.

Liderança da EOS Alliance

A EOS Alliance vai ser lançada inicialmente com um conselho de sete (7) membros, expandindo conforme necessário em um processo que ainda está sendo elaborado.

Dentro de doze meses, a EOS Alliance pretende ter um conselho inteiramente eleito para incluir membros de diversas origens e regiões geográficas, representando vários interessados e várias perspectivas da comunidade EOS.

Os membros do conselho inicial devem ser:

  1. Um assento reservado para indicação especial, mantido provisoriamente pela Lightning Clearwater III, servindo também como diretor jurídico da Alliance.
  2. Brock Pierce, presidente do conselho da Bitcoin Foundation e antigo sócio da Block.one
  3. Galia Benartzi, cofundador da Bancor and LiquidEOS
  4. Peter Li, fundador da EOS Gravity, líder comunitário e Block Producer
  5. Hai Feng, da EOS Store, um EOS Block Producer
  6. Nix Nolledo, bilionário filipino, fundador da ODX, startup de blockchain.
  7. AKON, artista do cenário musical, ganhador de vários prêmios platina, e entusiasta de blockchain.

Além disso, dois assentos de observadores foram criados para representantes a serem selecionados pelos Block Producers pagos, através de um mecanismo a ser decidido por eles.

A equipe incluirá inicialmente o diretor executivo interino, Thomas Cox, ex-vice-presidente de produção da Block.one (onde dirigiu o trabalho sobre mecanismos de governança da EOS), Myra Wang (Dan Wang), diretor executivo adjunto, anteriormente da influente comunidade chinesa EOS Gravity, e Kevin Wilcox, diretor de Comunicações, cofundador da EOS Go.

O conselho e a equipe estão nos estágios avançados da formação de uma fundação jurídica como entidade de benefícios públicos sem fins lucrativos, em uma jurisdição avançada.

Suporte e sustentabilidade da EOS Alliance

Promessas de financiamento foram garantidas para os primeiros noventa dias de operação, e os membros do conselho estão incumbidos de obter financiamento para a Alliance. Adicionalmente, a Alliance será financiada por doações privadas, a serem feitas em tokens EOS, de forma que todas as transações serão públicas e transparentes sobre o blockchain EOS. Nos seis primeiros meses, a Alliance vai criar um plano de sustentabilidade, começando com doações, eventos, participações, conteúdo, treinamento e mais. A EOS Alliance está inicialmente limitando seu orçamento em US$ 1 milhão por ano. Todas as informações financeiras da EOS Alliance estarão disponíveis para o público.

Grupos de trabalho da EOS Alliance

Inicialmente, serão formados grupos de trabalho para esboçar e facilitar as conversas sobre os seguinte tópicos:

  • Arbitragem e resolução de disputas
  • Comunicações
  • Gestão de código (GitHub)
  • Intercâmbios
  • Esboço e adoção de constituição
    • Missão: supervisionar um processo aberto, garantindo ampla participação da comunidade para elaborar, discutir, revisar e publicar, no mínimo, duas minutas de constituição para consideração por referendo.
    • Este grupo pretende fazer sessões de trabalho semanais em vídeo em inglês, mandarim e coreano (incialmente) para reunir input.

Todos os grupos de trabalho da EOS Alliance serão obrigados por sua constituição a operar de forma inclusiva e transparente.

A formação da EOS Alliance está sendo lançada com apoio de mais de quatro dezenas de Block Producers e outras entidades, entre elas:

AcroEOS         EOS Vietnam
EOS Authority EOS Village
Blockmatrix EOS42
BlockSmith eosAfrica
EOS Canada EOSCafe
CryptoLions EOSDAC
EOS Add EOSeco
EOS Arabia EOSeoul
EOS Asia EOSfishRocks
EOS Beijing EOShenzhen
EOS Bixin EOSKH
EOS Cannon EOSPH
EOS Costa Rica EOSphere
EOS Dublin EOSRIO
EOS Germany EOSYS
EOS Gravity GenerEOS
EOS Meso HelloEOS
EOS Nairobi HKEOS
EOS Nation LibertyBlock
EOS New York LiquidEOS
EOS Ono Meet.One
EOS Pacific Node one
EOS Pay OracleChain
EOS Silicon Valley Saltblock
EOS Store shEOS
EOS Sw/eden StartEOS
EOS Tribe Worbli
EOSunion
 

Para obter outras informações e atualizações mais recentes, acesse https://eosalliance.io/, junte-se ao nosso grupo Telegram aqui e siga-nos no Twitter.

O texto no idioma original deste anúncio é a versão oficial autorizada. As traduções são fornecidas apenas como uma facilidade e devem se referir ao texto no idioma original, que é a única versão do texto que tem efeito legal.

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Walmart and Flipkart Announce Completion of Walmart Investment in Flipkart, India’s Leading Marketplace eCommerce Platform

BENTONVILLE, Ark. & BENGALURU, India–()–Walmart Inc. (NYSE: WMT) and Flipkart Group (“Flipkart”) today announced the closing of the agreements for Walmart to become the largest shareholder in the Flipkart Group.

“Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “Our investment will benefit India by providing quality, affordable goods for customers, while creating new skilled jobs and opportunities for suppliers. As a company, we are transforming globally to make life even easier for customers, and we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in world.”

“We are poised and ready to deliver the full value of this partnership for India,” said Binny Bansal, Flipkart’s co-founder and group chief executive officer. “By combining Walmart’s omni-channel retail expertise, supply-chain knowledge and financial strength with Flipkart’s talent, technology and local insights, we are confident that together we can drive the next wave of retail in India.”

The Flipkart investment transforms Walmart’s position in a country with more than 1.3 billion people, strong GDP growth, a growing middle class and significant runway for smartphone, internet and eCommerce penetration. As Walmart scales in India, the company will continue to partner to create sustained economic growth across agriculture, food and retail. Future investments by Walmart will support national initiatives and will bring sustainable benefits in jobs creation, supporting small businesses, supporting farmers and supply chain development and reducing food waste.

Structure and Financial Details

Flipkart’s existing management team will continue to lead the business. Tencent Holdings Limited and Tiger Global Management LLC will remain represented on the Flipkart board, in addition to independent board members, and will be joined by new members from Walmart. The board will work to maintain Flipkart’s core values and entrepreneurial spirit, while ensuring it has strategic and competitive advantages.

With the completion of the investment, Walmart now holds approximately 77 percent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp. Moving forward, Flipkart’s financials will be reported as part of Walmart’s International business segment.

Walmart’s investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their unique brands and operating structures in India.

Guidance

At the time the company disclosed the transaction, the estimated impact to FY19 EPS was a negative $0.25-$0.30 assuming the transaction closed mid-year. Consistent with guidance at the time of its second quarter earnings report, the company anticipates this level of EPS impact, prorated for today’s close date.

In FY20, as we look to accelerate growth in this important market, Walmart continues to anticipate a headwind to EPS of around $0.60.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 265 million customers and members visit our more than 11,200 stores under 55 banners in 27 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs approximately 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmartand on Twitter at http://twitter.com/walmart.

About Flipkart

The Flipkart Group is one of India’s largest e-commerce marketplace and includes group companies Flipkart, Myntra, Jabong, and PhonePe.

Launched in 2007, Flipkart has enabled millions of customers, sellers, merchants, and small businesses to be a part of India’s e-commerce revolution, offering over 80 million products across 80+ categories. Flipkart is known for pioneering industry-first innovations such as Cash on Delivery, No Cost EMI and easy returns – customer-centric services that have made online shopping more accessible and affordable for millions of customers. Together with Myntra and Jabong, which hold prominent positions in the online fashion market, and PhonePe, India’s first UPI based payment app, the Flipkart Group has steered the transformation of commerce in India.

Forward Looking Statements

The statements in this press release regarding the impact of this investment, including management’s guidance regarding the earnings per share impact of this investment for the fiscal year ending January 31, 2019, and the subsequent fiscal year and as to the future operations of Flipkart and Walmart in India, are believed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act. Walmart’s actual results may differ materially from the guidance provided as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and other factors, including: the level of Walmart’s investment in Flipkart from time to time; currency exchange rate fluctuations; competitive pressures and other economic, geo-political, capital markets and business conditions, trends and events in India; changes in existing rules and regulations regarding foreign direct investment in the retail business in India; other changes in existing tax, labor or other law or regulations in India; and other risks, uncertainties and factors relating to Walmart’s operations and financial performance discussed in its filings with the SEC. You should read this press release in conjunction with our Annual Report on Form 10-K for the year ended January 31, 2018, and our subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should consider all of the risks, uncertainties and other factors identified in those SEC reports carefully when evaluating the forward-looking statements in this press release. Walmart cannot assure you that the future results reflected in or implied by any such forward-looking statement will be realized or, even if substantially realized, will have the forecasted or expected consequences and effects for or on our operations or financial performance. Such forward-looking statements are made as of the date of this release, and Walmart undertakes no obligation to update such statements to reflect subsequent events or circumstances.

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Insulet to Showcase Its Omnipod DASH™ Insulin Management System at the American Association of Diabetes Educators Annual Conference

BILLERICA, Mass.–()–Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® Insulin Management System (Omnipod System), today announced it will showcase its recently FDA cleared Omnipod DASH™ Insulin Management System (Omnipod DASH System), during the American Association of Diabetes Educators meeting at the Baltimore Convention Center in Baltimore, Maryland on August 17-20, 2018.

Insulet will feature its new, innovative Omnipod DASH System in a variety of hands-on, interactive product demonstrations at its exhibit booth (#611). The Company will also host a panel discussion and product theater, the details for which are below.

Technology and Time in Range: The DASH Towards a Solution Panel Discussion:

  • Thursday, August 16th, 7 – 9PM
  • Harbor Tower, Cook Commons Room, 100 International Drive, Baltimore, MD
  • Moderator: Dr. Trang Ly, MBBS, FRACP, PhD, Senior Vice President and Medical Director, Insulet
  • Panelists: Cari Berget, RN, MPH, CDE, Clinical Research Team Manager, University of Colorado Denver School of Medicine, Department of Pediatrics, Barbara Davis Center for Diabetes; Donna L. Jornsay, MS, BSN, RN, CPNP, CDE, CDTC, BC-ADM, Diabetes Educator and Nurse Consultant; Christel Aprigliano, CEO The Diabetes Collective and Vice President of DPAC; Caroline Hill, Podder, Pre-Med Student at Louisiana Tech University, College Diabetes Network Chapter President, Diabetes Blogger

The Omnipod DASH System: Simplifying Insulin Delivery for Your Patients and Your Practice Product Theater:

  • Friday, August 17th, 12:15 – 1PM
  • Baltimore Convention Center, Exhibit Hall, Product Theater A
  • Presenter: Dr. Trang Ly, MBBS, FRACP, PhD, Senior Vice President and Medical Director, Insulet

“We are excited for the opportunity to introduce Omnipod DASH to the diabetes educators, many of whom provided incredibly helpful input on DASH’s functionality and design at last year’s AADE,” said Bret Christensen, Chief Commercial Officer. “We are committed to delivering innovative products to the diabetes community to reduce the burden of diabetes for both patients and clinicians. We are thrilled to present DASH to the diabetes educator community so they can see firsthand how our innovative product will help make diabetes a smaller part of their patients’ lives.”

About Insulet Corporation:

Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is an innovative medical device company dedicated to making the lives of people with diabetes and other conditions easier through the use of its Omnipod product platform. The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle. Insulet also leverages the unique design of its Pod, by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across multiple therapeutic areas. Founded in 2000, more than 140,000 users across the globe rely on Insulet’s Omnipod Insulin Management System to bring simplicity and freedom to their lives. For more information, please visit: www.insulet.com and www.myomnipod.com.

*On July 1, 2018, Insulet assumed direct operations of its Omnipod Insulin Management System product line in Europe, including sales, marketing, training and customer support activities. This allows Insulet to be closer to the diabetes community and identify opportunities to support European customer needs over the long-term, as Insulet does in the United States and Canada.

Forward-Looking Statement:

This press release may contain forward-looking statements concerning Insulet’s expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on its current expectations and beliefs concerning future developments and their potential effects on Insulet. There can be no assurance that future developments affecting Insulet will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on February 22, 2018 in the section entitled “Risk Factors,” and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Insulet undertakes no obligation to publicly update or revise any forward-looking statements.

© 2018 Insulet Corporation. DASH, Omnipod and the Omnipod logo are trademarks or registered trademarks of Insulet Corporation. All rights reserved.

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Ladenburg Launches New Succession, Continuity & Acquisitions Platform to Support Business Strategies of Financial Advisors

MIAMI–()–Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA, LTSF) (“Ladenburg”), a publicly-traded, diversified financial services company, today announced the launch of a new Succession, Continuity & Acquisitions (SCA) platform. The new suite of service offerings and tools will assist advisors across Ladenburg’s independent advisory and brokerage (IAB) subsidiaries in achieving their long-term strategic business goals through practice acquisitions to accelerate growth or liquidity events that are part of a planned retirement from the industry, in addition to helping them develop continuity plans.

Ladenburg Practice Management – which provides growth strategies, coaching and other business resources to financial advisors – spearheaded the launch of the SCA platform. The move is part of Ladenburg Practice Management’s ongoing broader efforts to build industry-leading solutions that directly support the long-term growth and success of advisors across Ladenburg’s five IAB subsidiary firms: Securities America, Triad Advisors, KMS Financial Services, Investacorp and Securities Service Network (SSN).

Adam Malamed, Executive Vice President and Chief Operating Officer of Ladenburg, said, “Recent shifts in business lending, technology and practice management have collectively generated accelerated change in the area of succession planning for independent advisors across the country. Our new Succession, Continuity and Acquisitions platform positions our financial advisors to capture new opportunities that have been created over the past year with succession planning-based transactions. The offerings that comprise this new platform are part of the comprehensive succession planning solutions we intend to roll out, and provide another powerful example of Ladenburg’s ability to leverage its scale and resources to meet the needs of our firms and advisors, empower their growth and drive a superior level of value-add and opportunity capture.”

The SCA platform is supported by two dedicated succession planning and acquisitions coaches, with another four experienced business coaches providing additional support for succession planning-related efforts. These coaches serve as a resource to independent advisors through the process of developing and executing succession plans and related practice acquisitions and sales according to a streamlined process that provides value-added structure, resources and tools across five key inter-related functions: Education and Planning, Advisor Matching, Transaction Structuring, Valuation and Practice Transitions.

  • Education and Planning Consultation. The SCA team consults with advisors affiliated with Ladenburg subsidiaries on succession planning, continuity and acquisition issues on a direct basis, as well as conducting in-depth consulting on these topics at each IAB firm’s respective national conferences.
  • Advisor Matching. Advisors have access to the Ladenburg Advisory Practice Listing website, which enables potential buyers and sellers to list their practices for review by prospective transaction partners within the network. The site features robust screening capabilities to help advisors identify the best potential transaction partners for their businesses.
  • Deal Structure. The SCA group also leverages its extensive experience across a broad range of transaction structures to provide sample deal terms to advisors and their counsel.
  • Valuation. Ladenburg’s proprietary estimated practice valuation model, which factors in a broad range of drivers to generate estimates of a business’ value, is available for illustrative purposes to financial advisors.
  • Practice Transitions. The group works with advisors and their legal, accounting and valuation teams to guide them through the business transition process, with a particular focus on client accounts, compensation flows and license transfers.

Ladenburg Practice Management’s new SCA platform will also deliver access to financing options through a newly-formed transaction financing platform that leverages Ladenburg’s strategic partnerships with banks, lending institutions and other third-party industry funding sources.

Kirk Hulett, Senior Vice President for Organizational & Practice Development for Ladenburg, said, “By combining the expertise of our dedicated coaches with technology-enabled matching resources, sophisticated valuation tools and access to transaction financing partners, we’re giving advisors and their teams a blueprint to execute effectively on a sale or purchase of an independent practice. From a planned exit out of the industry, to growth through strategic acquisitions and continuity preparedness, our newly-launched platform cuts through the noise related to succession planning-based transactions to support advisors toward the outcomes they desire. Equally important, this new platform maintains a vital human element, ensuring that our advisors have access to experienced coaches as they navigate these complicated, yet crucial processes.”

About Ladenburg

Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA, LTSF) is a publicly-traded diversified financial services company based in Miami, Florida. Ladenburg’s subsidiaries include industry-leading independent advisory and brokerage (IAB) firms Securities America, Triad Advisors, Securities Service Network, Investacorp and KMS Financial Services, as well as Premier Trust, Ladenburg Thalmann Asset Management, Highland Capital Brokerage, a leading independent life insurance brokerage company, Ladenburg Thalmann Annuity Insurance Services, a full-service annuity processing and marketing company, and Ladenburg Thalmann & Co. Inc., an investment bank which has been a member of the New York Stock Exchange for over 135 years. The company is committed to investing in the growth of its subsidiaries while respecting and maintaining their individual business identities, cultures, and leadership. For more information, please visit www.ladenburg.com.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future growth, growth of our independent advisory and brokerage business, future enhancements to success planning resources and future technology. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Ages in economic, business, competitive and/or regulatory factors, including the SEC’s proposed rules and interpretations concerning the standards of conduct for broker dealers and investment advisers when dealing with retail investors, future cash flows, a change in the Company’s dividend policy by the Company’s Board of Directors (which has the ability in its sole discretion to increase, decrease or eliminate entirely the Company’s dividend at any time) and other risks and uncertainties affecting the operation of the Company’s business. These risks, uncertainties and contingencies include those set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017 and other factors detailed from time to time in its other filings with the SEC. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company’s quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, the Company’s revenue and profits in any particular quarter may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.

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Powering Online Wealth: TradeIt Integrates with IBM Cloud for Financial Services [CT1] to bring portfolio and order management tools to developers

NEW YORK–()–TradeIt, an integrated application programming interface (API) platform linking investors to online brokers, is working with IBM to help developers bring portfolio and order management tools to their end users. Understanding that consumers are increasingly using apps and social networks to propel their business and manage personal finances, TradeIt’s integration into the IBM Cloud for Financial Services will allow app developers to access the best in class API solution for apps that are safe and secure for the end-user.

“APIs are the answer to the growing problem of ensuring the privacy of consumers’ financial data, particularly due to screen-scraping,” said Nathan Richardson, TradeIt Co-Founder and CEO. “Not only do APIs offer a more tailored solution where you essentially get only what you need, they create a huge potential for innovation. Our partnerships with companies like IBM and top brokers allow developers secure integration for both mobile and web platforms, in-turn giving all stakeholders the necessary peace of mind.”

TradeIt provides a simple and concise interface to join app developers and financial institutions with stakeholders’ diverse retail portfolios. Investors can initiate a trade from any given quote page or finance destinations such as Yahoo! Finance, and then be taken to their select broker screen to sign-in, view their synced account, and execute the order in a secure manner.

The IBM Cloud for Financial Services is an API marketplace that brings together FinTech and financial services institutions to rapidly build the finance apps of the future. Built on the IBM Cloud™, developers can share innovative applications, APIs, data and content on a secure, cloud platform designed for banks, financial market institutions, and insurance companies. More than 100,000 individual and enterprise developers from the financial services industry already turn to IBM monthly for insight and support.

Developers using TradeIt through IBM Cloud for Financial Services are able to use the TradingTicket and PortfolioView products to synchronize data and trading with almost all U.S. brokers, within minutes in a protected manner. Supporting all order types and asset classes, stakeholders are able to access a truly revolutionary method for online wealth management with the ability to complete multi-brokerage orders while safeguarding materially sensitive information.

For more information on TradeIt’s, please visit https://www.trade.it/.

About TradeIt
TradeIt is an API infrastructure that links retail investors and app developers with top financial institutions. Created with a dedication to helping people stay in control and connected to their investments, our focus is on providing an intuitive, relevant and strategic platform for stakeholders to engage with all their portfolios–regardless of brokerage. By partnering with finance destinations such as Yahoo! Finance, customers are able to get a truly 360 degree approach to trading.

About IBM Watson Financial Services
IBM is working with organizations across the financial services industry to use IBM Cloud, cognitive, regtech and blockchain technology to address their business challenges. Banking, wealth management and insurance are some of the areas poised for dramatic change by using cognitive and AI capabilities provided by IBM Watson Financial Services.

For more information about IBM Watson Financial Services, visit https://www.ibm.com/watson/financial-services/.

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Despegar.com Announces 2Q18 Year-over-Year Growth of 18% in Transactions and 12% in Gross Bookings

BUENOS AIRES, Argentina–()–Despegar.com, Corp. (NYSE: DESP), (“Despegar” or the “Company”) a leading online travel company in Latin America, today announced unaudited results for the three- and six-month periods ended June 30, 2018. Financial results are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles.

Second Quarter 2018 Key Highlights

  • Transactions up 18% year-over-year
  • Gross bookings up 12% year-over-year
  • Revenue up 4% year-over-year
  • Packages, Hotels and Other Travel Products accounted for 59% of total revenue in 2Q18, up 704 basis points from second quarter 2017
  • Mobile transactions up 37% year-over-year, accounting for 33% of total transactions in 2Q18
  • Over 43 million cumulative mobile application downloads as of June 30, 2018, up 32% year-over-year
  • Adjusted EBITDA decreased 9% year-over-year
  • Operating cash flow of $0.3 million in 2Q18, compared to $7.3 million in 2Q17

Message from CEO

Commenting on the Company’s results, Damian Scokin, CEO stated, “Against a challenging macro backdrop, we reported solid second quarter 2018 results, with gross bookings up 12% year-on-year. Although a good performance, currency volatility in Latin America hurt overall industry demand, and caused a mix-shift from international to domestic travel and impacted FX translation on gross bookings. In this context, we took advantage of our leading market position and financial strength, including lowest cost operating structure, to gain market share at an accelerated pace compared with past quarters. We also grew twice as fast as our main competitors in some markets. Additionally, we continued investing in enhancing customer satisfaction and in technology to provide new products and services for our customers. In the near-term, these actions put pressure on margins, but will drive benefits in the future, further differentiating us from the competition and expanding our market share.”

Mr. Scokin further commented, “With over two decades experience operating in the region, we have the expertise and resources to navigate through various economic cycles and a business model that provides flexibility. We are already well positioned with a large and stable customer base as we continue to see consumers shift their travel expenditures online and to mobile and believe we will be generating improved margins when macro conditions improve. We remain focused on our long-term strategic priorities. To that end, we have made significant progress as higher margin Packages, Hotels and Other Travel Products now account for 59% of revenue, over one-third of transactions are now via mobile and NPS after trip experience scores have improved 400 basis points year over year”.

               
Operating and Financial Metrics Highlights
(In millions, except as noted)
    2Q18   Pro Forma 2Q17   Adj.   2Q17   % Chg

1H18

 

Pro Forma
1H17

  % Chg
Operating metrics

 

Number of transactions     2.6       2.2           2.2     18 %   5.1       4.3     18 %
Gross bookings   $ 1,184.4     $ 1,061.0         $ 1,061.0     12 % $ 2,415.9     $ 2,080.1     16 %
Mix of mobile transactions     33 %     28 %         28 %       32 %     27 %    
Financial metrics                              
Revenues   $ 128.3     $ 123.4     ($0.1 )   $ 123.5     4 % $ 276.8     $ 245.1     13 %
Air     53.2       59.9     (1.1 )     60.9     (11 %) $ 114.1       116.6     (2 %)
Packages, Hotels & Other Travel Products     75.1       63.6     1.0       62.6     18 % $ 162.8       128.4     27 %
Net income     1.2       2.9     (0.5 )     3.4     (57 %)   17.6       15.0     17 %
Adjusted EBITDA     12.0       13.1     (0.1 )     13.2     (9 %)   39.3       37.8     4 %

Note: For comparison purposes, the Company has presented Pro-forma 2Q17 figures which include the adjustments required under the new
revenue recognition standards adopted since the start of 2018. The YoY % change calculated against the adjusted figures.

 

Overview of Second Quarter 2018 Results

Operating Metrics

Transactions rose 18% to 2.6 million in 2Q18 from 2.2 million in the year-ago period, while gross bookings increased 12% to $1,184.4 million in 2Q18, from $1,061.0 million in the second quarter of 2017. Across key markets in which it operates, particularly Argentina, Despegar faced slower travel market growth and currency depreciation. Against this backdrop, the Company was focused on leveraging its strong competitive position and lowest cost operating structure to accelerate market share gains at a faster pace than historical, in the $100 billion Latin American travel market, and improve customer satisfaction levels, which contributed to higher transaction growth.

The Company’s business is organized into two segments: (1) Air, which consists of the sale of airline tickets, and (2) Packages, Hotels and Other Travel Products, which consists of travel packages (the bundling of two or more products together which can include airline tickets and hotel rooms), as well as stand-alone sales of accommodations (including hotels and vacation rentals), car rentals, bus tickets, cruise tickets, travel insurance and destination services.

Despegar’s focus on driving growth in the higher-margin Packages, Hotels and Other Travel Products segment maintains momentum, reaching 42% of transactions up from 40% in 2Q17. The average selling price (“ASP”) in 2Q18 decreased 5% year-over-year to $454 per transaction, mainly reflecting a mix-shift from international to domestic travel in Argentina impacted by the challenging economic environment, along with the effect from overall local currency depreciation, specifically, 30% in Argentina and 15% in Brazil. This more than offset the continued mix-shift to higher ASP packages and higher supplier local currency price increases within similar product segments.

Brazil remains the largest market by transactions for Despegar, accounting for 42% of total transactions and grew 21% year-over-year in 2Q18. Transactions increased 11% year-over-year in Argentina and 15% year-over-year in Mexico in the second quarter of 2018.

Despegar continues to make solid progress in driving mobile transaction growth. During 2Q18, the number of transactions via mobile rose 37% year-over-year, with 33% of all transactions completed on the mobile platform, up from 28% in 2Q17.

         
Key Operating Metrics
(In millions, except as noted)
2Q18 2Q17 % Chg
    $   % of total   $   % of total  
Gross Bookings   $ 1,184.4       $ 1,061.0       12 %
Average selling price (ASP) (in $)   $ 454       $ 480       (5 %)
Number of Transactions by Segment & Total                    
Air     1.5   58 %     1.3   60 %   14 %
Packages, Hotels & Other Travel Products     1.1   42 %     0.9   40 %   23 %
Total Number of Transactions     2.6   100 %     2.2   100 %   18 %
 

Revenue

Total revenue increased 4% to $128.3 million in 2Q18, from pro forma $123.4 million in the year-ago period, reflecting solid growth in Packages, Hotels & Other Travel Products. Total revenue margin declined 80 basis points year-on-year, to 10.8% in 2Q18, due to reductions in customer fees and discounts in package transactions to gain market share during the current weaker demand environment and mix-shift from international to lower-margin domestic destinations.

  • Air segment revenue was $53.2 million in 2Q18, decreasing 11% year-over-year from pro forma $59.9 million in the year-ago period. Transactions were up 14% year-on-year resulting in market share gains despite increased competition, particularly from the supplier direct channel, and slower overall market growth. Higher volumes were offset by a 22% decrease in average revenue per transaction resulting from the Company’s strategy of lowering air customer fees in several markets to drive market share gains and provide additional cross-selling opportunities, along with a mix-shift from international to lower-margin domestic travel driven by local currency depreciation, particularly in Argentina.
  • Packages, Hotels & Other Travel Products segment revenue rose 18% in the second quarter of 2018 in 2Q18 to $75.1 million, from pro forma $63.6 million in 2Q17, driven by a 23% increase in the number of transactions, partially offset by a 4% decline in revenue per transaction resulting mainly from the slower macro backdrop and currency depreciation along with price discounts. The Packages, Hotels and Other Travel Products segment accounted for 59% of total revenue in 2Q18, up from 52% in the same period of the prior year.
               
Revenue Breakdown1
 
2Q18 Pro Forma 2Q17 Adj. 2Q17 % Chg2
    $   % of total   $   % of total   $   $   % of total  
Revenue by business segment (in $Ms)                                
Air     53.2     41 %     59.9     48 %   (1.1 )     60.9     49 %   (11 %)
Packages, Hotels & Other Travel Products     75.1     59 %     63.6     52 %   1.0       62.6     51 %   18 %

Total revenue

$ 128.3 100 % $ 123.4 100 % ($0.1 ) $ 123.5 100 % 4 %
Revenue per transaction (in $)                                
Air     35.1           45.2         (0.8 )     46.0         (22 %)
Packages, Hotels & Other Travel Products     68.6           71.7         1.1       70.6         (4 %)
Total revenue per transaction   $ 49.2         $ 55.8         ($0.0 )   $ 55.9         (12 %)
 
Total revenue margin     10.8 %         11.6 %             11.6 %       (80) bps
1. Net of sales tax

2. For comparison purposes, the Company has presented Pro-forma 2Q17 figures which include the adjustments required under the new revenue recognition
standards adopted since the start of 2018. The YoY % change calculated against the adjusted figures.

 

Cost of Revenue and Gross Profit

Cost of revenue, which mainly consists of credit card processing fees, bank fees related to customer financing installment plans offered and fulfillment center expenses, was $42.1 million in 2Q18 compared to $35.1 million in 2Q17, an increase of 20%. As a percentage of revenue, cost of revenue rose by 438 basis points to 32.8% from 28.4% in the comparable period a year ago. The increase in cost of revenue was primarily driven by a higher mix of transactions completed on an installment plan, a marketing tool the Company uses to drive conversion, along with higher installment plan costs from the sharp interest rate hike primarily in Argentina. Incremental costs to operate the fulfillment center reflecting the Company’s increased focus on customer service also contributed to higher cost of revenues, partially offset by continued reduction in fraud and efficiency improvements in the fulfillment center.

Additionally, credit card merchant fee expense increased reflecting a higher mix of transactions where the Company was the credit card merchant of record rather than airline suppliers which allowed Despegar to offer more attractive customer financing options.

Gross Profit decreased 2% year-on-year to $86.2 million in 2Q18, reflecting lower revenue margins as a result of the Company’s initiatives to accelerate market share growth and investments in support of improving customer satisfaction levels.

         
Cost of Revenue and Gross Profit
(In millions, except as noted)
    2Q18  

Pro Forma
2Q17

  Adj.   2Q17   % Chg1
Revenue   $ 128.3     $ 123.4     ($0.1 )   $ 123.5     4 %
Cost of Revenue   $ 42.1     $ 35.1         $ 35.1     20 %
% of revenues     32.8 %     28.4 %         28.4 %   +438 bps
Gross Profit     86.2       88.3     (0.1 )     88.4     (2 %)
Gross Profit Margin     67.2 %     71.6 %         71.6 %   (438) bps

1. For comparison purposes, the Company has presented Pro-forma 2Q17 figures which include the adjustments required under the new revenue
recognition standards adopted since the start of 2018. The YoY % change calculated against the adjusted figures.

 

Operating Expenses

Total operating expenses in 2Q18 decreased 0.5% to $79.2 million, from $79.6 million in 2Q17 mainly benefiting from the regional currency depreciation, principally in Argentina which accounts for approximately half of total operating expenses. As a percentage of revenue, total operating expenses declined 274 basis points to 61.7%, from 64.5% in the comparable period a year ago. Year-over-year declines of 120 basis points in selling and marketing as a percentage of revenue and 184 basis points in general and administrative, more than offset a 31 basis point increase in technology and product development expenses.

  • Selling and marketing expenses of $43.5 million were basically flat as compared to 2Q17. As a percentage of revenue, selling and marketing expenses in 2Q18 decreased to 33.9% from 35.1% in 2Q17, benefiting from the regional currency depreciation, a lower level of marketing investment and improving efficiencies.
  • General and administrative (G&A) expenses declined 9% year-over-year to $17.0 million, from $18.6 million in the second quarter of 2017, driven by currency depreciation in Argentina during the period and reduced bonus expense. Consequently, G&A as a percentage of revenues declined 184 basis points to 13.2% in 2Q18 from 15.1% in 2Q17.
  • Technology and product development expenses increased 6% year-over-year to $18.7 million in 2Q18, compared to $17.6 million in 2Q17 reflecting increased technology headcount partially offset by lower expenses from currency depreciation in Argentina where the majority of headcount is based. As a percentage of revenue, technology and product expenses increased by 31 basis points year-over-year to 14.6% as the Company continues to invest in its technology and product development platform.
       
Operating Expenses
(In millions, except as noted)
    2Q18  

Pro Forma
2Q17

  2Q17   % Chg1
Selling and marketing   $ 43.5     $ 43.3     $ 43.3    

0.4

%

% of revenues     33.9 %     35.1 %     35.1 %   -120 bps
General and administrative   $ 17.0     $ 18.6     $ 18.6     (9 %)
% of revenues     13.2 %     15.1 %     15.1 %   (184) bps
Technology and product development   $ 18.7     $ 17.6     $ 17.6     6 %
% of revenues     14.6 %     14.3 %     14.3 %   +31 bps
Total operating expenses   $ 79.2     $ 79.6     $ 79.6    

(0.5

%)

Total operating expenses as a % of revenues     61.7 %     64.5 %     64.4 %   (274) bps

1. For comparison purposes, the Company has presented Pro-forma 2Q17 figures which include the adjustments required under the new revenue
recognition standards adopted since the start of 2018. The YoY % change calculated against the adjusted figures.

 

Financial Income/Expenses

In 2Q18, the Company reported a net financial expense of $5.3 million compared to a net financial expense of $1.6 million in 2Q17. The increase was mainly due to higher foreign exchange losses from currency fluctuations across the region and higher credit card receivable factoring expenses in Brazil as a result of the increase in gross bookings. This was partially offset by higher interest income from invested cash balances.

Income Taxes

The Company reported an income tax expense of $0.5 million in 2Q18, compared to $3.8 million in 2Q17. The effective tax rate in 2Q18 was 28%, compared to 59% in 2Q17. The lower rate in 2Q18 is primarily driven by the full recognition of deferred tax assets in certain subsidiaries that were reduced by a valuation allowance in previous years.

Adjusted EBITDA & Margin

Adjusted EBITDA was $12.0 million in 2Q18 compared to pro-forma $13.1 million in the comparable year-ago period, with the margin contracting 128 basis points to 9.3% from 10.6% in the prior year period. The reduction in margin is primarily related to lower customer fees in air and price discounts in packages, together with higher installment expense to support top line growth.

       
Adjusted EBITDA Reconciliation & Adjusted EBITDA Margin
(In millions, except as noted)  
    2Q18  

Pro Forma
2Q17

  Adj.   2Q17   % Chg1
Net income/ (loss)   $ 1.2     $ 2.9     ($0.5 )   $ 3.4     (57 %)
Add (deduct):                    
Financial expense, net     5.3       1.6           1.6     228 %
Income tax expense     0.5       4.3     0.4       3.8     (89 %)
Depreciation expense     1.5       1.4           1.4     8 %
Amortization of intangible assets     2.2       2.0           2.0     9 %
Share-based compensation expense     1.3       0.9           0.9     36 %
Adjusted EBITDA $ 12.0 $ 13.1 ($0.1 ) $ 13.2 (9 %)
Adjusted EBITDA Margin     9.3 %     10.6 %         10.7 %   (128) bps

1. For comparison purposes, the Company has presented Pro-forma 2Q17 figures which include the adjustments required under the new revenue
recognition standards adopted since the start of 2018. The YoY % change calculated against the adjusted figures.

 

Balance Sheet and Cash Flow

Unrestricted cash and cash equivalents at June 30, 2018 was $390.7 million, compared to $371.0 million at December 31, 2017, reflecting cash flow generated during the six-months ended June 30, 2018.

Despegar generated positive cash flow from operating activities of $0.3 million compared to $7.3 million in 2Q17. This reduction was mainly due to an increase in VAT credits, other tax credits related to a technology incentive program and a reduction in travel supplier payables.

During 2Q18, the Company’s capital expenditures were $7.8 million compared to $5.4 million during 2Q17. Funds were primarily used for technology hardware and office expansion.

Subsequent Events

Board of Directors Approves Share Repurchase Program

On August 9, 2018, the Company’s board of directors approved a share repurchase program that enables the Company to repurchase up to $75 million of its shares effective immediately and expiring in one year. Share repurchases may be made through a variety of methods, including in the open market, a 10b5-1 program and through privately negotiated transactions. The timing and number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.

The Company is not obligated to acquire any specific number of shares and the repurchase program may be suspended, terminated or modified at any time for any reason.

Files Registration Statement

We expect to file this week a registration statement with the Securities and Exchange Commission to register shares held by affiliates of Tiger Global. The primary purpose of this registration statement is to enable Tiger Global to distribute its shares to its limited partners as one of its funds nears its end of life. We expect a majority of the shares being registered will be distributed to Tiger’s LPs.

Argentina Considered Hyperinflationary Market

As of July 1, 2018, as a result of a three-year cumulative inflation rate greater than 100% and following the guidance of ASC 830 the U.S. dollar became the functional currency of the Company’s Argentine subsidiary. This change in functional currency is to be recognized prospectively in the financial statements. As a result, the impact of any change in currency exchange rate on the Company’s balance sheet accounts will be reported in the Net financial income/(expense) line of the income statement instead of Other comprehensive income.

2Q18 Earnings Conference Call

 
When: 8:00 a.m. Eastern time, August 16, 2018
 
Who: Mr. Damián Scokin, Chief Executive Officer
Mr. Michael Doyle, Chief Financial Officer
Mr. Javier Kelly, Investor Relations
 
Dial-in: 1-866-270-1533 (U.S. domestic); 1-412-317-0797 (international)
 
Webcast:

CLICK HERE

 

Use of Non-GAAP Financial Measures

This announcement includes certain references to Adjusted EBITDA and non-GAAP financial measures. The Company defines:

Adjusted EBITDA is defined as net income/(loss) exclusive of financial income/(expense), income tax, depreciation, amortization and share-based compensation expense.

Free cash flow is defined as cash flow from operating activities less capital expenditures including capitalized software.

Adjusted EBITDA and Free cash flow are not measures recognized under U.S. GAAP. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies, including its competitors. Adjusted EBITDA margin refers to Adjusted EBITDA as defined above divided by revenue.

Definitions and concepts

Average Selling Price (ASP): reflects gross bookings divided by the total number of transactions.

Gross Bookings: Gross bookings is an operating measure that represents the aggregate purchase price of all travel products booked by the Company’s customers through its platform during a given period. The Company generates substantially all of its revenue from commissions and other incentive payments paid by its suppliers and service fees paid by its customers for transactions through its platform, and, as a result, it monitors gross bookings as an important indicator of its ability to generate revenue.

Number of Transactions: The number of transactions for a period is an operating measure that represents the total number of customer orders completed on our platform in such period. The number of transactions is an important metric because it is an indicator of the level of engagement with the Company’s customers and the scale of its business from period to period but, unlike gross bookings, the number of transactions is independent of the average selling price of each transaction, which can be influenced by fluctuations in currency exchange rates among other factors.

Revenue: The Company reports its revenue on a net basis, deducting cancellations and amounts that it collects as sales taxes. Despegar derives substantially all of its revenue from commissions and other incentive payments paid by its suppliers and service fees paid by its customers for transactions through its platform. To a lesser extent, Despegar also derives revenue from the sale of third-party advertisements on its websites and from certain suppliers when their brands appears in the Company advertisements in mass media.

Revenue Margin: calculated as revenue divided by gross bookings.

Seasonality: Despegar’s financial results experience fluctuations due to seasonal variations in demand for travel services. Bookings for vacation and leisure travel are generally higher during the fourth quarter, although to date and prior to the revenue recognition change beginning in the second quarter of 2018, the Company has recognized more revenue associated with those bookings in the second quarter of each year. Latin American travelers, particularly leisure travelers, who are Despegar’s primary customers, tend to travel most frequently at the end of the fourth quarter and during the second quarter of each year.

About Despegar.com

Despegar is the leading online travel company in Latin America. Operating across 20 countries, Despegar provides a broad suite of travel products, including airline tickets, travel packages, hotel bookings and other travel products to over 17 million customers. With a mission “to make travel possible”, the Company’s one-stop marketplace enables millions of users to find, compare, plan and easily purchase travel services and products. Through Despegar’s websites and leading mobile apps, it offers products from over 300 airlines, more than 450,000 accommodation options, as well as approximately 1,000 car rental agencies and approximately 240 destination services suppliers with more than 7,700 activities throughout Latin America. The Company owns and operates two well-recognized brands, Despegar, its global brand, and Decolar, its Brazilian brand. Despegar is traded on the New York Stock Exchange (NYSE: DESP). For more information, please visit www.despegar.com.

Forward-Looking Statements

This press release may include forward-looking statements. We base these forward-looking statements on our current beliefs, expectations and projections about future events and financial trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements.

— Financial Tables Follow —

               

Unaudited Consolidated Statements of Operations for the three and six – month periods ended June
30, 2018 (in thousands U.S. dollars, except as noted)

 
    2Q18  

Pro Forma
2Q17

  Adj.   2Q17   % Chg2 1H18  

Pro Forma
1H17

  % Chg
Revenue   $ 128,259     $ 123,403     ($59 )   $ 123,462     4 % $ 276,852     $ 245,082     13 %
Cost of revenue     42,088       35,087           35,087     20 %   85,734       66,227     29 %
Gross profit     86,171       88,316     (59 )     88,375     (2 %)   191,118       178,855     7 %
Operating expenses
Selling and marketing     43,450       43,289           43,289     0 %   89,860       78,835     14 %
General and administrative     16,986       18,618           18,618     (9 %)   32,874       37,487     (12 %)
Technology and product development     18,732       17,644           17,644     6 %   37,957       33,052     15 %
Total operating expenses 79,168 79,551 79,551 (0 %) 160,691 149,374 8 %
                               
Operating income     7,003       8,765     (59 )     8,824     (20 %)   30,427       29,481     3 %
Net financial income (expense)     (5,292 )     (1,611 )         (1,611 )   228 %   (8,123 )     (7,767 )   5 %
Net income before income taxes     1,711       7,154     (59 )     7,213     (76 %)   22,304       21,714     3 %
Income tax expense     471       4,254     448       3,806     (89 %)   4,706       6,672     (29 %)
Net income     1,240       2,900     (507 )     3,407     (57 %)   17,598       15,041     17 %
 
Basic EPS (in $)     0.02       0.05           0.06     (64 %)   0.25       0.26     (1 %)
Diluted EPS (in $)     0.02       0.05           0.06     (64 %)   0.25       0.26     (1 %)
 
Basic shares weighted average1     69,179       58,518           58,518         69,142       58,518      
Diluted shares weighted average1     69,189       58,609           58,609         69,152       58,609      
As a % of Revenues                              
Cost of revenue     32.8 %     28.4 %         28.4 %   +438 bps   31.0 %     27.0 %   +395 bps
Gross profit     67.2 %     71.6 %         71.6 %   (438) bps   69.0 %     73.0 %   (395) bps
Operating expenses                              
Selling and marketing     33.9 %     35.1 %         35.1 %   (120) bps   32.5 %     32.2 %   +29 bps
General and administrative     13.2 %     15.1 %         15.1 %   (184) bps   11.9 %     15.3 %   (342) bps
Technology and product development     14.6 %     14.3 %         14.3 %   +31 bps   13.7 %     13.5 %   +22 bps
Total operating expenses     61.7 %     64.5 %         64.4 %   (274) bps   58.0 %     60.9 %   (291) bps
Operating income     5.5 %     7.1 %         7.1 %   (164) bps   11.0 %     12.0 %   (104) bps
Net income before income taxes     1.3 %     5.8 %         5.8 %   (446) bps   8.1 %     8.9 %   (80) bps
Net income     1.0 %     2.4 %         2.8 %   (138) bps   6.4 %     6.1 %   +22 bps
1. In thousands

2. For comparison purposes, the Company has presented Pro-forma 2Q17 figures which include the adjustments required under the new revenue recognition
standards adopted since the start of 2018. The YoY % change calculated against the adjusted figures.

 
 

Key Financial & Operating Trended Metrics (in thousands U.S. dollars, except as noted)

 

  Pro Forma    
    1Q17   2Q17   3Q17   4Q17 1Q18   2Q18
FINANCIAL RESULTS      
Revenue   $ 124,999     $ 123,462     $ 131,468     $ 144,011   $ 148,593     $ 128,259  
Revenue Recognition Adjustment     ($3,321 )     ($59 )   $ 1,310     $ 7,578        
Cost of revenue     31,140       35,087       37,869       38,383     43,646       42,088  
Gross profit 90,538 88,316 94,909 113,206 104,947 86,171
Operating expenses
Selling and marketing     35,546       43,289       41,097       46,356     46,410       43,450  
General and administrative     18,869       18,618       15,318       19,821     15,888       16,986  
Technology and product development     15,408       17,644       18,907       19,349     19,225       18,732  
Total operating expenses     69,823       79,551       75,322       85,526     81,523       79,168  
 
Operating income     20,715       8,765       19,587       27,680       23,424       7,003  
Net financial income (expense)     (6,156 )     (1,611 )     (2,880 )     (6,232 )   (2,831 )     (5,292 )
Net income before income taxes     14,559       7,154       16,707       21,448     20,593       1,711  
Adj. Net Income tax expense     2,418       4,254       4,373       2,617     4,235       471  
Income tax expense     2,486       3,806       4,190       1,512     4,235       471  
Adjustment   $ 68       ($448 )     ($183 )     ($1,105 )      
Net income /(loss)     12,141       2,900       12,334       18,831     16,358       1,240  
 
KEY METRICS
Operational
Gross bookings   $ 1,019,102     $ 1,061,026     $ 1,116,022     $ 1,258,398   $ 1,231,497     $ 1,184,355  
– YoY growth     54 %     40 %     32 %     26 %   21 %     12 %
Number of transactions     2,129       2,210       2,298       2,419     2,514       2,607  
– YoY growth     30 %     30 %     25 %     19 %   18 %     18 %
Air     1,246       1,324       1,328       1,386     1,362       1,513  
– YoY growth     34 %     31 %     22 %     13 %   9 %     14 %
Packages, Hotels & Other Travel Products     883       886       970       1,033     1,152       1,094  
– YoY growth     25 %     27 %     29 %     28 %   30 %     23 %
Revenue per transaction   $ 57.2     $ 55.8     $ 57.8     $ 62.7   $ 59.1     $ 49.2  
– YoY growth                   3 %     (12 %)
Air   $ 45.6     $ 45.2     $ 44.3     $ 47.7   $ 44.7     $ 35.1  
– YoY growth                   (2 %)     (22 %)
Packages, Hotels & Other Travel Products   $ 73.5     $ 71.7     $ 76.2     $ 82.7   $ 76.2     $ 68.6  
– YoY growth                   4 %     (4 %)
ASPs   $ 479     $ 480     $ 486     $ 520   $ 490     $ 454  
– YoY growth     18 %     8 %     6 %     6 %   2 %     (5 %)
 
                       
Net income/ (loss)   $ 12,141     $ 2,900     $ 12,334     $ 18,831   $ 16,358     $ 1,240  
Add (deduct):                      
Financial expense, net     6,156       1,611       2,880       6,232     2,831       5,292  
Income tax expense     2,418       4,254       4,373       2,617     4,235       471  
Depreciation expense     1,343       1,362       1,337       1,033     859       1,475  
Amortization of intangible assets     1,517       2,039       2,454       2,741     2,018       2,228  
Share-based compensation expense     1,176       930       959       1,224     983       1,266  
Adjusted EBITDA   $ 24,751     $ 13,096     $ 24,337     $ 32,678   $ 27,284     $ 11,972  
 
 

Unaudited Consolidated Balance Sheets as of June 30, 2018

(in thousands U.S. dollars, except as noted)
 

 

 

 

As of June 30, 2018 As of December 31, 2017
ASSETS      
Current assets      
Cash and cash equivalents   $ 390,716   $ 371,013  
Restricted cash and cash equivalents   $ 12,790   $ 29,764  
Accounts receivable, net of allowances   $ 195,472   $ 198,273  
Related party receivable     6,004     5,253  
Other current assets and prepaid expenses     42,739     29,405  
Total current assets     647,721     633,708  
Non-current assets      
Other Assets     4,789     4,658  
Restricted cash and cash equivalents     10,000     10,000  
Property and equipment net     17,221     16,171  
Intangible assets, net     37,261     35,424  
Goodwill     36,108     38,733  
Total non-current assets     105,379     104,986  
TOTAL ASSETS     753,100     738,694  
LIABILITIES AND SHAREHOLDERS’ DEFICIT      
Current liabilities      
Accounts payable and accrued expenses     45,549     45,609  
Travel suppliers payable     153,961     174,817  
Related party payable     94,022     84,364  
Loans and other financial liabilities     23,479     8,220  
Deferred Revenue     1,178     30,113  
Other liabilities     33,336     39,751  
Contingent liabilities     4,061     4,732  
Total current liabilities     355,586     387,606  
Non-current liabilities      
Other liabilities     2,045     1,015  
Contingent liabilities     2,704     7,115  
Related party liability     125,000     125,000  
Total non-current liabilities     129,749     133,130  
TOTAL LIABILITIES     485,335     520,736  
 
SHAREHOLDERS’ EQUITY (DEFICIT)      
Common stock     253,535     253,535  
Additional paid-in capital     318,693     316,444  
Other reserves     (728 )   (728 )
Accumulated other comprehensive income     3,681     16,323  
Accumulated losses     (307,416 )   (367,616 )
Total Shareholders’ Equity Attributable / (Deficit) to Despegar.com Corp     267,765     217,958  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY     753,100     738,694  
 
 

 

Unaudited Statements of Cash Flows for the three and six-month period ended June 30, 2018 and 2017

(in thousands U.S. dollars, except as noted)
       
3 months ended June 30, 6 months ended June 30,
    2018

2017

  2018 2017
Cash flows from operating activities                
Net income   $ 1,240     $ 3,407     $ 17,598     $ 18,801  
Adjustments to reconcile net income to net cash flow from operating activities                
Unrealized foreign currency translation losses     861       28       1,228       686  
Depreciation expense     1,475       1,362       2,334       2,705  
Amortization of intangible assets     2,228       2,039       4,246       3,556  
Stock based compensation expense     1,266       930       2,249       2,106  
Interest and penalties     (257 )     4             454  
Income taxes     142       1,623       3,007       2,795  
Allowance for doubtful accounts     (330 )     175       313       743  
Provision / (recovery) for contingencies     609       302       1,124       779  
Changes in assets and liabilities, net of non-cash transactions                
(Increase) / Decrease in accounts receivable, net of allowances     179       (27,399 )     (17,588 )     (40,544 )
(Increase) / Decrease in related party receivables     68       (122 )     (757 )     (1,386 )
(Increase) / Decrease in other assets and prepaid expenses     (16,871 )     (2,143 )     (27,191 )     430  
Increase / (Decrease) in accounts payable and accrued expenses     (1,970 )   5,523       7,627       13,621  
Increase / (Decrease) in travel suppliers payable     5,427       20,482       9,461       14,251  
Increase / (Decrease) in other liabilities     7,134       3,534       2,507       2,528  
Increase / (Decrease) in contingencies     (3,780 )     (152 )     (4,383 )     (637 )
Increase / (Decrease) in related party liabilities     3,688     (1,864 )     14,230       10,208  
Increase / (Decrease) in deferred revenue     (818 )     (434 )     (1,480 )     (5,815 )
Net cash flows provided by / (used in) operating activities     291       7,295       14,525       25,281  
Cash flows from investing activities                
Payments for short-term investments           (238 )           (238 )
Acquisition of property and equipment     (3,851 )     (1,970 )     (7,264 )     (4,122 )

Increase of intangible assets including internal-use software and
website development

    (3,987 )     (3,381 )     (6,632 )     (6,157 )
Net cash (used in) /provided by investing activities     (7,838 )     (5,589 )     (13,896 )     (10,517 )
Cash flows from financing activities                
Increase / (Decrease) in loans and other financial liabilities     9,357       5,318       16,376       6,676  
Net cash (used in) / provided by financing activities     9,357       5,318       16,376       6,676  

Effect of exchange rate changes on cash, cash equivalents and
restricted cash

    (13,653 )     (556 )     (14,276 )     689  

Net increase / (decrease) in cash, cash equivalents
and restricted cash

    (11,843 )     6,468       2,729       22,129  

Cash, cash equivalents and restricted cash as of beginning of the
period

    425,349       134,826       410,777       119,165  
Cash, cash equivalents and restricted cash as of end of the period     413,506       141,294       413,506       141,294  
 

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GEICO Asks: Were Florida Drivers REALLY Prepared for Hurricane Irma Last Year?

LAKELAND, Fla.–()–Every year, the National Oceanic and Atmospheric Administration tracks over a dozen hurricanes nearing the U.S., but if you live on the coast, it only takes one to disrupt your life.

The 2018 hurricane season seems benign so far, but GEICO – after handling over 20,000 Florida auto loss claims from Hurricane Irma last year – thinks residents in Florida can never be too prepared.

Remember this? Last year Florida issued evacuation orders for 5.6 million residents because of Hurricane Irma; roughly four in 10 gas stations ran out of fuel; and about 65 percent of the state lost power.

With that in mind, here are some recommendations from GEICO:

1. Keep your gas tank filled – If you need to evacuate, you want enough gas to get out of town.

2. Park your vehicle on higher ground – Avoid any low lying areas if you can.

3. Protect your car in a garage or parking shelter.

4. Build a disaster kit– Include three days of water, medications, toiletries, cash and charging cables. Add food if and when needed. Don’t forget pet supplies.

5. Have an evacuation plan – Identify shelters and discuss how you will communicate with your family if you are separated.

For a complete hurricane preparation checklist, log onto GEICOMore.com and additional tips. Should you need to evacuate, please click on safe driving in the heavy rain and getting your home Flood-Ready.

If you have a loss, please report it as quickly as possible. To speed up your claims process use GEICO Mobile, log in at GEICO.com or call (800) 841-3000 24 hours a day.

GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually.

Using GEICO’s online service center, policyholders can purchase policies, on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency, Inc. Commercial auto insurance and personal umbrella protection are also available. make policy changes, report claims and print insurance ID cards.

http://www.businesswire.com/news/home/20180818005010/en/GEICO-Asks-Florida-Drivers-Prepared-Hurricane-Irma/?feedref=JjAwJuNHiystnCoBq_hl-bV7DTIYheT0D-1vT4_bKFzt_EW40VMdK6eG-WLfRGUE1fJraLPL1g6AeUGJlCTYs7Oafol48Kkc8KJgZoTHgMu0w8LYSbRdYOj2VdwnuKwa

MedMen Releases Preliminary Fourth Quarter 2018 Systemwide Retail Revenue Results

LOS ANGELES–()–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQB: MMNFF) (FSE: A2JM6N) announced today unaudited systemwide retail revenue for its fiscal 2018 fourth quarter ended June 30, 2018. Across the Company’s operations in California, Nevada and New York, systemwide retail revenue was US$19.2 million (CA$25.2 million). The Company is expected to post its audited fiscal 2018 full year results in October.

Strong systemwide retail revenue for the quarter is primarily attributable to MedMen’s stores in Southern California’s recreational market. Excluding its Abbot Kinney store, which opened in early June of this year, the Company’s other 7 retail locations reported a combined US$17.4 million in revenue (CA$22.8 million), with an average retail markup over wholesale of 90%. These 7 locations saw 94,000 new customers and nearly 130,000 returning customers, with an average spend per transaction of US$77.76 (CA$102.09), operating at an annualized per square foot revenue of US$6,541 (CA$8,470). By comparison, according to CoStar, the average sales per square foot for an Apple store is approximately US$5,546 (CA$7,282) and approximately US$2,951 (CA$3,875) for Tiffany & Co stores.1

MedMen continued to expand its operations in Nevada, successfully opening its first branded store in downtown Las Vegas in July and recently won approval to operate a second location near the Hard Rock Hotel, the Thomas and Mack Center and McCarran International Airport, set to open in October.

Retail is the key to the fast-evolving cannabis industry. It is where brands are built and where the margins can be maintained,” said Adam Bierman, MedMen chief executive officer and co-founder. “The rapid revenue growth in our California stores, only six months into recreational sales, is a solid reflection of our continued execution of our business thesis. We will remain focused on our strategy and the kind of growth that generates long-term value for our shareholders.”

In conjunction with its growing retail footprint, MedMen’s strategy is to complement its operations in every market with robust vertical integration with the objective of better margins and overall control of the supply chain. During the fourth quarter, the Company opened its Project Mustang, a 45,000-square-foot, state-of-the-art cultivation and manufacturing facility in northern Nevada. The same factory design is currently being built in Desert Hot Springs, California, with completion scheduled for early 2019. The Company plans to build the same factories in New York, where it currently holds one of 10 medical marijuana licenses, and, if it closes its proposed acquisition, near Orlando, Florida. MedMen announced in July that it had entered into a definitive agreement to purchase a Florida license holder with a cultivation facility and rights to open 25 stores in that state.

ABOUT MEDMEN:

MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws. Visit http://www.medmen.com.

USD/CAD of $1.3130 as of August 13, 2018.

1 https://www.prnewswire.com/news-releases/retails-most-profitable-square-footage-636947493.html

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only MedMen’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of MedMen’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning plans for and the timing of new cultivation and manufacturing facilities, including in Florida, and the results of the Company’s strategy of vertical integration and expectations that MedMen’s proposed Florida acquisition will be completed.

By identifying such information and statements in this manner, MedMen is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedMen to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, MedMen has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: failure to obtain all necessary approvals with respect to MedMen’s proposed Florida acquisition, delays in opening new cultivation and manufacturing facilities, higher than expected costs to construct and operate cultivation and manufacturing facilities, adverse changes in the public perception of cannabis; changes in consumer demand for cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets in which the Company operates; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; risks related to licensing, including the ability to obtain the requisite licenses or renew existing licenses for the Company’s proposed operations; dependence upon third party service providers skilled labor and key inputs for purposes for example facility design and construction activities; risks inherent in the agricultural business; intellectual property risks; risks related to litigation; dependence upon senior management. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Although MedMen believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Key assumption used herein are that the revenue for the fourth quarter could be achieved in further quarterly periods over an annual period such that annualizing is reasonable; that vertical integration can be used to achieve cost efficiencies; that the Company has the requisite capabilities to execute on a vertical integration strategy; and that construction of new facilities will be on budget and not delayed. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and MedMen does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to MedMen or persons acting on its behalf is expressly qualified in its entirety by this notice.

Source: MedMen Enterprises

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The Cybersecurity Market in Latin America – Outlook to 2023 – ResearchAndMarkets.com

DUBLIN–()–The “Latin America Cybersecurity Market (2018-2023)” report has been added to ResearchAndMarkets.com‘s offering.

With increased internet penetration, cyberattacks are becoming more powerful, allowing hackers greater access to new technology. One such example is the production a malware called ‘Flame’.

The Latin America cybersecurity market is anticipated to grow at an overall compound annual growth rate (CAGR) of 12.3% and will be worth of USD 20.65 Bn by 2023.

For the majority of the security software providers, Latin America is an important market owing to its currently fragile cybersecurity infrastructure. In 2016, Latin America generated only 7.9% of the global revenue in the cybersecurity market.

By countries, Brazil is one the largest economies in the Latin America region. The country is undergoing a digital revolution-over 50% of the population has internet access. It had also faced severe cyberttacks during the summer Olympic game in 2016 that brought the country disrepute. About 8.6% of the cyberattacks were initiated from within Brazil. Brazil ended up providing a massive opportunity to cybersecurity vendors to advance their business.

By solution, Identified and access management dominates the market. The Brazilian e-government services are facing problems with regard to ID entity management because they do not have National Strategy for digital identity management. This is driving the adoption of IAM to achieve these goals.

Key Growth Factors

  • The growth of the digital economy in Latin America is making it necessary for countries to update their cybersecurity policies and take essential technical measures to safeguard privacy.
  • Cities across Latin America are making extensive use of IoT to ease day-to-day transactions. This creates huge opportunities for cybersecurity solution providers to improve their products and provide highly secured solutions.

Key Topics Covered

Chapter 1. Executive Summary

Chapter 2. Latin America Cybersecurity Market

Chapter 3. Latin America Cybersecurity Market – by Industries

Chapter 4. Latin America Cybersecurity Market – by Solution

Chapter 5. Latin America Cybersecurity Market- by Countries

Chapter 6. Key Player Company Profiles

  • Symantec
  • Avast
  • McAfee
  • CA Technologies
  • Kaspersky Lab
  • Trustwave

Chapter 7. Conclusion

For more information about this report visit https://www.researchandmarkets.com/research/svg7m8/the_cybersecurity?w=4

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Latin America Surgical Staplers Market (2018-2023) – ResearchAndMarkets.com

DUBLIN–()–The “Latin America Surgical Staplers Market (2018-2023)” report has been added to ResearchAndMarkets.com‘s offering.

The Latin America surgical staplers market is expected to grow at a CAGR of 6.7%, leading to a revenue of USD 0.21 Bn by 2023.

Most countries in Latin America are experiencing epidemiologic and nutrition transitions. The epidemiologic transition is characterised by a shift from highly infectious diseases and mortality to increase of non-communicable diseases. The nutrition transition is due to a shift from high prevalence of malnutrition to predominance of diet-related non-communicable diseases like obesity. Obesity increases the probability of having heart problems due to rise in cholesterol level, etc., thereby raising the possibility of requiring cardiac surgeries as well as bariatric surgeries for stomach fat reduction.

The ageing of Mexico’s population and an increase in chronic diseases such as cancer and diabetes (at 56 percent and 219 percent, respectively, between 1980 and 2011), are driving up demand for surgeries in Latin America. Also, there is a surge in health insurance penetration in the region of late. In 2016, AON announced a deal to acquire Admix to build its position in the growing private health insurance market in Latin America. All the above factors are driving the growth of the surgical staplers market in the region.

The Latin America surgical staplers market is segmented by product into manual and powered surgical staplers and by type into reusable and disposable surgical staplers. The manual surgical staplers dominated the market share in 2017 while the reusable surgical is expected to grow at a higher CAGR during the forecast period (2018-2023).

The Latin America surgical staplers market is further segmented based on its applications – abdominal surgery, cardiac surgery, orthopaedic surgery, general surgery and other surgeries. In 2017, the general surgeries segment held the biggest share of the market.

Companies Featured

  • Johnson & Johnson
  • B Braun
  • 3M
  • Dextera Surgical
  • Intuitive Surgical
  • Medtronic
  • Grena Ltd.

Key Topics Covered

Chapter 1. Executive Summary

Chapter 2. Introduction

Chapter 3. Latin America Surgical Staplers Market Overview

Chapter 4. Latin America Surgical Staplers Market Segmentation – by Product

Chapter 5. Latin America Surgical Staplers Market Segmentation – by Type

Chapter 6. Latin America Surgical Staplers Market Segmentation – by Application

Chapter 7. Latin America Surgical Staplers Market – Major Segments Overview by Countries

Chapter 8. Competitive Landscape

Chapter 9. Conclusion

For more information about this report visit https://www.researchandmarkets.com/research/v6pckl/latin_america?w=4

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Maxion Wheels va exposer des roues légères pour véhicules commerciaux leader sur le marché au salon REIFEN 2018

KÖNIGSWINTER, Allemagne–()–Maxion Wheels, le plus grand producteur de roues au monde, a annoncé aujourd’hui sa participation à REIFEN, l’évènement majeur de l’industrie des pneus et des roues en Europe, du 11 au 15 septembre 2018, dans le Hall 12.1 / Stand D24. Pour la toute première fois, REIFEN se tiendra en parallèle avec Automechanika Frankfurt au Messe Frankfurt.

« REIFEN est l’évènement de premier plan des fabricants et des revendeurs européens de pneus et de roues qui nous rassemble pour nous donner l’occasion de nous rencontrer et de collaborer sur les thèmes importants de l’innovation, du service et de la livraison sur le marché secondaire », a déclaré Mark Gerardts, vice-président chargé du marketing et des ventes mondiales chez Maxion Wheels. « Après un lancement extrêmement populaire auprès des équipementiers de camions et de remorques en 2017, nous sommes ravis de fournir la roue en acier de production en série la plus légère de l’industrie à nos distributeurs du marché secondaire. Cette roue, et plusieurs autres, y compris la nouvelle roue pour véhicules blindés industrielle tubeless et tube type à large base 10,00W-20 sont d’excellents exemples de nos efforts continus visant à fournir nos innovations multi-application d’équipement d’origine au marché des revendeurs. »

À PROPOS DE MAXION WHEELS

Maxion Wheels, une division d’IOCHPE-MAXION S.A., est un important fabricant de roues pour voitures particulières, camions légers, bus, poids lourds et remorques. La société fabrique également des roues destinées aux véhicules militaires et agricoles, ainsi qu’à d’autres applications hors route. Avec une expérience de plus de 100 ans dans la fabrication de roues et un effectif de 10 000 employés à travers le monde, Maxion est le plus important fabricant international de roues, produisant près de 56 millions de roues par an. La société dessert ses clients fabricants d’équipements d’origine, à l’échelle mondiale, depuis ses 28 sites d’activité, basés dans 15 pays sur cinq continents, et elle dispose de centres techniques de pointe dans les Amériques, en Europe et en Asie. Pour en savoir plus, consultez le site Web de Maxion Wheels à l’adresse www.maxionwheels.com.

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Maxion Wheels präsentiert auf der REIFEN 2018 marktführende Räder für leichte Nutzfahrzeuge

KÖNIGSWINTER, Deutschland–()–Maxion Wheels, der weltweit größte Hersteller von Rädern, kündigte heute seine Teilnahme an der REIFEN, die wichtigste Veranstaltung der Reifen- und Räderindustrie in Europa, an, wo das Unternehmen vom 11. bis 15. September 2018 in Halle 12.1 an Stand D24 zu finden sein wird. Die REIFEN findet erstmals gemeinsam mit der Automechanika Frankfurt auf dem Messegelände Frankfurt statt.

„Die REIFEN ist die führende Veranstaltung für europäische Reifen- und Radhersteller sowie ihre Vertriebspartner. Hier können wir unter einem Dach zusammenkommen und gemeinsam wichtige Aftermarket-Themen wie Innovation, Service und Lieferung besprechen“, so Mark Gerardts, Vice President für Global Sales und Marketing bei Maxion Wheels. „Im Anschluss an die sehr erfolgreiche Markteinführung für Erstausrüster von Lkws und Anhängern im Jahr 2017 freuen wir uns nun, das branchenweit leichteste massenproduzierte Stahlrad auch unseren Aftermarket-Händlern zugänglich zu machen. Dieses Rad ist neben anderen, einschließlich unseres neuen 10.00W-20 Breitschlauchreifens und schlauchlosen Schwerlastrads für gepanzerte Fahrzeuge, ein hervorragendes Beispiel für unsere anhaltenden Bemühungen, unsere OE-Mehrzweckinnovationen auf den Reseller-Markt zu bringen.“

ÜBER MAXION WHEELS

Maxion Wheels ist Teil der Gruppe IOCHPE-MAXION S.A. und führender Hersteller von Rädern für Personenkraftwagen, Leichtlastkraftwagen, Busse, gewerbliche Lastwagen und Anhänger. Das Unternehmen produziert auch Räder für Landwirtschafts- und Militärfahrzeuge, sowie sonstige Off-Highway-Anwendungen. Mit über 100 Jahren Erfahrung in der Produktion von Rädern und insgesamt 10.000 Beschäftigten weltweit ist Maxion der größte Radhersteller mit einer Jahresproduktion von 56 Millionen Rädern. Das Unternehmen beliefert seine Erstausrüster-Kundschaft ausgehend von 28 Standorten in 15 Ländern auf fünf Kontinenten und verfügt über modernste Technikzentren in Nord- und Südamerika, Europa und Asien. Weitere Informationen zu Maxion Wheels erhalten Sie auf der Webseite des Unternehmens, unter www.maxionwheels.com.

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Polytetrafluoroethylene (PTFE) Market Estimates & Forecasts 2016-2024 – Global Strategic Business Report 2018 With Focus on the US Industry – ResearchAndMarkets.com

DUBLIN–()–The “Polytetrafluoroethylene (PTFE) – Global Strategic Business Report” report has been added to ResearchAndMarkets.com‘s offering.

The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, China, Asia-Pacific, Latin America and Rest of World. Annual estimates and forecasts are provided for the period 2016 through 2024. Also, a five-year historic analysis is provided for these markets.

This report analyzes the worldwide markets for Polytetrafluoroethylene (PTFE) in Tons by the following End-Use Industries:

  • Automotive & Transportation
  • Chemical Processing
  • Electrical & Electronics
  • Mechanical & Industrial
  • Consumer Appliances
  • Others

The US market is further analyzed by the following End-Use Applications:

  • Coatings & Liners
  • Films
  • Mechanical Parts & Components
  • Others

The report profiles 25 companies including many key and niche players such as:

  • 3M (USA)
  • Asahi Glass Company Limited (Japan)
  • AGC Chemicals Americas, Inc. (USA)
  • Chenguang Research Institute of Chemical Industry (China)
  • Daikin Industries Ltd. (Japan)
  • Daikin America, Inc. (USA)
  • Dongyue Group Limited (China)
  • Gujarat Fluorochemicals Limited (India)
  • HaloPolymer, OJSC (Russia)
  • Juhua Group Corporation (China)
  • Saint-Gobain Performance Plastics Corporation (USA)
  • Shanghai 3F New Material Co., Ltd. (China)
  • Solvay (Belgium)
  • The Chemours Company (USA)

Key Topics Covered:

1. Introduction, Methodology & Product Definitions

2. Industry Overview

3. Growth Drivers, Trends & Issues

4. Fluoropolymers Market – A Review

5. Product Overview

6. Competitive Landscape

7. Global Market Perspective

8. Regional Market Perspective

9. Company Profiles

  • Total Companies Profiled: 25 (including Divisions/Subsidiaries – 28)
  • The United States (10)
  • Japan (2)
  • Europe (6)
    • France (1)
    • The United Kingdom (1)
    • Rest of Europe (4)
  • Asia-Pacific (Excluding Japan) (10)

For more information about this report visit https://www.researchandmarkets.com/research/fjnn3z/polytetrafluoroeth?w=4

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Symantec Confirms Receipt of Director Nominations

MOUNTAIN VIEW, Calif.–()–Symantec Corp. (NASDAQ: SYMC) today issued the following statement in response to the submission by Starboard Value (“Starboard”), of five nominees to stand for election to the Symantec Board of Directors at Symantec’s 2018 Annual Meeting of Stockholders (“2018 Annual Meeting”).

Symantec maintains open communications with its stockholders and values constructive input that advances the goal of creating value for all stockholders. Over the last several weeks, we have had a dialogue with Starboard and we plan to continue these discussions.

The Nominating and Governance Committee of the Symantec Board (the “Committee”) is responsible for identifying individuals qualified to become members of the Symantec Board and recommending to the Board the director nominees to be put before stockholders at each annual meeting. To that end, the Committee is evaluating the nominations put forth by Starboard consistent with established policies.

The Company’s 2018 Annual Meeting has not yet been scheduled. As previously disclosed, the Audit Committee of the Company’s Board of Directors is conducting an internal investigation. The Company intends to finalize and file its financial statements with the U.S. Securities and Exchange Commission (“SEC”) following completion of the investigation and subsequent procedures by the Company’s independent public accounting firm, at which point Symantec will schedule its 2018 Annual Meeting and file its proxy materials with the SEC. The Company’s Board of Directors will present its formal recommendation to stockholders regarding director nominations in the Company’s proxy statement. Stockholders do not need to take any action at this time.

Goldman Sachs & Co. LLC is serving as financial advisor and Fenwick & West LLP is serving as legal advisor to Symantec.

About Symantec

Symantec Corporation (NASDAQ: SYMC), the world’s leading cybersecurity company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook, Twitter, and LinkedIn.

Forward-Looking Statements

This press release contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws, including the statements regarding the outcome of ongoing discussions with Starboard, the future composition of Symantec’s Board of Directors, the timing and outcome of the ongoing Audit Committee investigation, and the filing of Symantec’s periodic reports and proxy statement with the SEC. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, risks relating to the uncertainties regarding future actions that may be taken by Starboard in furtherance of its stated intention to nominate director candidates for election at the 2018 Annual Meeting, the effects on the Company of Board and management engagement with Starboard, the risk that the Audit Committee investigation may take longer to complete than expected, the risk that the Audit Committee investigation identifies errors, which may be material or which impact the timing of Company filings, and the risks associated with legal proceedings or government investigations relating to the subject matter of the Audit Committee investigation or related matters. Additional information, including other risk factors, is contained in the Risk Factors sections of Symantec’s most recent reports filed with the SEC on Form 10-K and Form 10-Q. Symantec assumes no obligation, and does not intend, to update these forward-looking statements as a result of future events or developments.

Important Additional Information and Where to Find It

Symantec plans to file with the SEC and mail to its stockholders a proxy statement and accompanying solicitation materials in connection with the 2018 Annual Meeting. The proxy statement will contain important information about Symantec, the 2018 Annual Meeting and related matters. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THE ACCOMPANYING SOLICITATION MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION.

Symantec, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the matters to be considered at the 2018 Annual Meeting. Information regarding the names of the Company’s directors, nominees and executive officers and their respective interests in Symantec will be set forth in the proxy statement and accompanying solicitation materials and in their respective Section 16 filings made after the date of the proxy statement. These documents (when they become available), and any and all documents filed by Symantec with the SEC, may be obtained by investors and stockholders free of charge on the SEC’s website at www.sec.gov. Copies will also be available at no charge on the Symantec’s website at www.symantec.com.

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Dollar General Corporation Scheduled to Host Second Quarter 2018 Earnings Conference Call on August 30, 2018

GOODLETTSVILLE, Tenn.–()–Dollar General Corporation (NYSE: DG) today announced that it plans to release its financial results for the fiscal 2018 second quarter on Thursday, August 30, 2018.

In connection with the release, Todd Vasos, chief executive officer, and John Garratt, chief financial officer, will host a conference call at 9:00 a.m. CT/10:00 a.m. ET on the same day.

To participate via telephone, please call (877) 868-1301 at least 10 minutes before the conference call is scheduled to begin. The conference ID is 6591008. There will also be a live webcast of the call available at www.investor.dollargeneral.com under “News & Events, Events & Presentations.” A replay of the conference call will be available through Thursday, September 13, 2018, and will be accessible via webcast replay or by calling (855) 859-2056. The conference ID for the telephonic replay is 6591008.

About Dollar General Corporation

Dollar General Corporation has been delivering value to shoppers for over 75 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares and seasonal items at everyday low prices in convenient neighborhood locations. In addition to high-quality private brands, Dollar General sells products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo. Learn more about Dollar General at www.dollargeneral.com.

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REN Using Kalkitech Sync Platform at Substations for Automated Disturbance Record Collection and Data Conversion

BANGALORE, India–()–Kalkitech, a global leader in solutions that simplify field data collection, protocol translation, and IT-OT transformation for utilities, announced Redes Energéticas Nacionais, S.A. (REN) has installed an automated file collection solution for its transmission network. It is used to automatically supply near-time data to an automated fault analysis and protection behavior software application. The solution utilizes Kalkitech’s SYNC 3000 Substation Data Concentrator in 64 out of a total of 82 substations located throughout the utility’s coverage area to collect data from multiple vendors and multiple types of protection relays which use several different communication protocols.

SYNC 3000 collects disturbance record data using standard protocols like IEC 61850 and IEC 60870-5-103 as well as proprietary protocols like ABB SPA Bus and Alstom Courier. In the cases where data is not originally in a COMTRADE format, SYNC 3000 makes the required conversion into this standard format. An IEEE recommendation for file naming convention is also made available for better file archiving. COMTRADE files are then automatically sent to a central server at REN headquarters.

In addition to disturbance data collection and file conversion, SYNC 3000 builds remote communications for the protection relays using proprietary master-slave serial protocols, that overrides the disturbance data collection mechanism and gives high priority to vendor software for remote access to the protection relays. In some cases, SYNC 3000, which is time synchronized by redundant NTP servers, synchronizes protection relays in their proprietary protocol.

To simplify and accelerate analysis of fault events, to improve fault location and analyze protection and circuit breaker behavior using a dedicated analytics software tool, REN wanted to install an automatic fault recording file collection solution. They wanted to aggregate the data in COMTRADE format, converting it from a variety of proprietary and standard protocols.

Infocontrol, Kalkitech’s system integration partner in Portugal, worked closely with Kalkitech and REN to define, test and implement a fault file collection solution that met all of the utility’s requirements. A successful pilot was conducted in several substations to test Kalkitech’s gateways for its IED disturbance data collection and protocol translation abilities. A tender to install the solution at 64 substations was won by Infocontrol. To date, deployment of the SYNC 3000 has been completed in over 55 of REN’s substations.

“We have many utility customers that select our SYNC 3000 to aggregate and convert data into an industry standard format for a wide range of applications including fault file collection and protocol conversion,” said Prasanth Gopalakrishnan, CEO, Kalkitech. “We uniquely support nearly 100 communication protocols and strive to keep pace with the evolution of these as well as related standards and technologies including cyber security.”

Kalkitech will be demonstrating its solutions at PAC World Americas, Booth #11, in Raleigh, North Carolina, August 21-23 and CIGRE 2018, Stand #131, in Paris, France, August 26-31.

About Kalkitech

Kalkitech is a global leader in development and delivery of vendor agnostic products and services that securely bridge the data communications gap between legacy and intelligent power utility field devices and head-end systems. By transforming and accelerating accessibility to real-time data and analytics, our solutions help utilities improve system reliability and operational efficiencies while extending the life of legacy SCADA systems.

For more information, visit www.kalkitech.com. Follow us on Twitter and LinkedIn. Check out our videos on YouTube to learn more.

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Experian Launches Powerful Analytics Solution to Help Businesses Harness the Benefits of Big Data

LONDON–()–Experian has launched a new analytics solution in the UK to help organisations make fast, reliable decisions with deeper insight than ever before. Experian Ascend Analytics on Demand is an integrated data and analytics platform which offers cutting-edge insights to businesses of all sizes.

The UK launch follows a successful introduction in North America. Ascend allows Experian’s clients to access a full range of Experian’s anonymised trended data, delivering results securely in real time in a range of formats to suit the user’s preference.

Enabled by open-source technology, the platform allows users to build their own predictive models to develop business strategies, including machine learning and Artificial Intelligence techniques, and make decisions.

The Ascend launch marks the first time this level of tailored self-service and instant analysis has been available to in-house analytics teams.

Tom Blacksell, Managing Director of B2B at Experian, said: Businesses must be able to call upon and understand a range of data assets to compete in today’s economy. Ascend brings the very latest in analytical innovation to help them turn vast quantities of data into actionable insights. Leading in turn to more accurate and well-informed decisions, and ultimately bringing better services to market, more quickly, and increasing their revenues.”

Experian’s combination of data, technology and analytics helps businesses unlock insights and take decisive actions in the moments that matter. Bringing unique scale, speed and intelligence that deliver the best results for both businesses and their customers.

Ascend is an integral part of a suite of market leading Experian innovations, all of which will accelerate the ability of UK businesses to harness the full potential of big data.

Experian Ascend Analytics on Demand is being rolled out across UK&I and EMEA in the Autumn. Organisations can register interest here.

The launch comes as research shows organisations are struggling to extract the full potential of the data available to them despite the variety of advanced analytics available. Experian’s Business Review found only one in three businesses currently use advanced analytics techniques and technologies to develop a deeper, more meaningful understanding of their data.

Just 29% combine both traditional and non-traditional data sources to gather more insight. Two in five businesses still rely on instinct and subjective opinion to make decisions.

However, 78% of organisations have made investments in advanced analytics to ensure they can deliver better business outcomes, while 71% plan to enhance analytics capabilities in the next 12 months – making it one of the biggest priorities overall.

To read the full results of the research, click here.

– ENDS –

About the research

This Technology Adoption Profile was commissioned by Experian. The custom survey questions were fielded to 590 C-level professionals (26%) and functional leaders (74%) in Europe, the Middle East, Russia, and South Africa. The study focused on traditional brick-and-mortar organisations in the financial services, retail, and telecommunications industries. Respondents were responsible for, or had a significant role in, the decision-making process for enterprise risk, analytics, customer data management, fraud management, and customer data management. The auxiliary custom survey was completed in June 2017. For more information on Forrester’s data panel and Tech Industry Consulting services, visit Forrester.com

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 16,500 people operating across 39 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

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ID.me Becomes First Identity Provider to Be Approved as NIST 800-63-3 Conformant

MCLEAN, Va.–()–ID.me, the next generation identity platform, is announcing today that it has been granted Approval by the Kantara Initiative’s Board of Directors as a full Credential Service Provider conformant to NIST’s recently issued Special Publication (SP) 800-63-3 guidelines at Identity Assurance Level 2 (IAL2) and Authenticator Assurance Level 2 (AAL2). ID.me is the first Credential Service Provider to be recognized under Kantara’s new NIST 800-63 rev.3 Class of Approval, reinforcing ID.me’s leading place in the identity ecosphere. Kantara is the leading global consortium improving trustworthy use of identity and personal data through innovation, standardization and good practice.

In addition to the NIST 800-63-3 IAL2 / AAL2 ID.me-branded credentialing service available today, ID.me will extend its IAL2 / AAL2 infrastructure to government agencies and healthcare organizations as a white label service, starting in 2019.

The new NIST digital identity guidelines are vital for security, citizen access and interoperability across government and healthcare. Federal agencies are expected to meet the requirements of, and be in compliance with, the new NIST guidelines for all new and existing citizen-facing applications that require a high degree of trust. In healthcare, the Drug Enforcement Administration (DEA) requires NIST 800-63 compliant credentials for healthcare providers to electronically prescribe controlled substances. Moreover, the U.S. Department of Health and Human Services (HHS) is working on the Trusted Exchange Framework and Common Agreement set for publication in late 2018 to define standards for interoperability between healthcare systems. The Trusted Exchange Framework recommends the adoption of NIST 800-63-3 IAL2 / AAL2 identity guidelines for patient portals.

“The opioid crisis and a growing demand for patient-directed data exchange have created a perfect storm for trusted digital identity in healthcare. Securing the identities of prescribing physicians and the patients they treat is a critical step in fighting the opioid crisis, controlling costs and creating efficiencies in healthcare,” said Blake Hall, ID.me CEO. “With requirements like 800-63-3, the industry can trust a shared login service so users can bring their identity and data with them across websites without having to take the time-consuming and frustrating steps to re-verify their identity at each new site.”

ID.me is simplifying how individuals securely prove and share their identity online. The company is building a digital identity network where users verify their identity once and never have to re-verify their identity again across any organization where ID.me is accepted — mimicking the role of their driver’s license in the physical world.

“ID.me achieved a significant industry milestone and competitive advantage by becoming the first company to earn approval from Kantara Initiative as a Credential Service Provider conformant to the NIST 800-63-3 Digital Identity Guidelines,” said Colin Wallis, executive director, Kantara Initiative. “Kantara is the world’s premier US Federal Trust Framework Provider as part of its mission to improve the trustworthy use of identity and personal data for people to regain control in a secure, privacy-enabled connected world.”

NIST published SP 800-63-3 on June 22, 2017, outlining new identity management and digital authentication standards required to issue a secure and trusted digital credential. NIST organized credentialing guidelines around component steps with IAL2 and AAL2 replacing the previous SP 800-63-2 Level of Assurance (LoA) 3 requirements. ID.me’s new Approval is in addition to ID.me’s current Approval as a Credential Service Provider at LoAs 1, 2, and 3. ID.me currently boasts the highest LoA 3 identity verification success rates in the industry – enabling government agencies to deliver high-value services to citizens online at scale. ID.me’s high verification success rate is a result of the company’s next generation identity platform that connects to multiple authoritative databases and a focus on enabling access pathways for all demographics.

Under the new guidelines, NIST no longer accepts knowledge-based authentication (KBA) as a free-standing method to complete online identity-proofing. Large-scale data breaches have compromised the static identifiers and passwords of millions of Americans. Since the secret knowledge KBA relied upon is easily found or bought on the dark web, NIST is moving away from KBA in favor of possession-based methods of authentication. The requirements also require strong identifiers such as driver’s licenses and passports to be paired with selfies to prevent criminals from using stolen documents to claim another person’s identity online.

“To provide best-in-class capabilities to our partners, it’s essential to stay up to date with the industry’s strictest standards,” said Mike Brown, CTO of ID.me. “Our platform has been accredited by the General Services Administration under the previous NIST requirements (800-63-2) since 2014. We are proud to be on the leading edge with the adoption of the new 800-63-3 guidelines and stand ready to help our federal and healthcare partners modernize their digital identity systems.”

About ID.me

ID.me is the next-generation digital identity platform that provides for trusted and convenient interactions between individuals and organizations. Government agencies and commercial partners use ID.me for online identity proofing and authentication to ensure their platforms and users are protected from fraud and identity theft.

ID.me’s identity platform meets the highest standards for online identity proofing and authentication, without compromising access for hard-to-identify groups. The federally-accredited platform uses a combination of remote verification of physical IDs, mobile network operator data, fraud algorithms, and FIDO U2F capabilities to securely verify a user’s identity.

ID.me currently supports more than 200 partners, including federal and state agencies, healthcare organizations, financial institutions, nonprofits, and retailers. For more information, visit www.id.me.

About Kantara Initiative

Kantara Initiative is an ethics based, mission-led non-profit organization passionate about giving control of data back to people. It provides real-world innovation and development of specifications and conformity assessment programs for the digital identity and personal data ecosystems. Beyond its flagship eID-assisting Identity Assurance Trust Framework, developing initiatives including Identity Relationship Management, User Managed Access (EIC Award Winner for Innovation in Information Security 2014), Identities of Things, and the Consent Receipt, Kantara Initiative connects a global, open, and transparent leadership community, including CA Technologies, digi.me, Experian, ForgeRock, the Internet Society, and SecureKey Technologies. More information is available at https://kantarainitiative.org/.

Follow Kantara Initiative on Twitter — @KantaraNews

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