Corporation – Southway Corp http://southwaycorp.net/ Wed, 18 May 2022 12:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://southwaycorp.net/wp-content/uploads/2021/10/southway.png Corporation – Southway Corp http://southwaycorp.net/ 32 32 STEMTECH CORPORATION SWITCHED TO OTCQB https://southwaycorp.net/stemtech-corporation-switched-to-otcqb/ Wed, 18 May 2022 12:30:00 +0000 https://southwaycorp.net/stemtech-corporation-switched-to-otcqb/ MIRAMAR, FL, May 18, 2022 (GLOBE NEWSWIRE) — Stemtech Corporation (“Stemtech”) (OTCQB: STEK), an innovative nutraceutical company pioneering stem cell nutrition, today announced that the company had been approved to move to the OTCQB® Venture Market (the OTCQB®), which is operated by OTC Markets Group, Inc. “This is a significant milestone in our company’s history,” […]]]>

MIRAMAR, FL, May 18, 2022 (GLOBE NEWSWIRE) — Stemtech Corporation (“Stemtech”) (OTCQB: STEK), an innovative nutraceutical company pioneering stem cell nutrition, today announced that the company had been approved to move to the OTCQB® Venture Market (the OTCQB®), which is operated by OTC Markets Group, Inc.

“This is a significant milestone in our company’s history,” said Charles S. Arnold, Stemtech’s president and CEO. “We are delighted that OTC Markets has approved our move to OTCQB®, which we believe will significantly improve our exposure to high-quality investors. Our upgrade demonstrates that we are committed to meeting the disclosure requirements imposed by OTC Markets for this level, including financial reporting, annual audit and management certification of information relevant to existing and potential shareholders. Additionally, we will participate in the OTC Markets Virtual Investor Conferences.

“Our going public is a positive first step towards raising our profile in the investment community and in our industry,” Mr. Arnold continued. “Recently, we were honored to receive recognition for the momentum we are getting in the direct selling industry.” As of April 28and, 2022 Stemtech has been recognized as a business in motion on the Business For Home Momentum Rank list. The Momentum Rank List measures a variety of factors from leading companies in the direct selling industry to determine which companies in the industry are showing positive momentum. Factors include, but are not limited to, activity rate, online visibility, growth, and business relevance. Stemtech moved up 108 places in the rankings from a year earlier, to a ranking of 159 out of a total of 722 top companies in the industry.

In recent weeks, starting May 17and, 2022, Stemtech moved up an additional 61 spots in the Momentum Rankings list to reach a ranking of 98 out of 722 of the top companies in the industry. The results can be viewed on the company’s website at https://www.businessforhome.org. Business For Home is a leading publisher and authority in the direct selling industry, publishing facts, figures and news related to the network marketing industry. According to Business For Home, their website receives approximately 10 million international visitors, the majority of which are network marketing professionals.

On stemtech Companynot

Stemtech Corporation, a leading nutraceutical company with a direct sales distribution model, was founded on April 18, 2018, after acquiring the operations of its predecessor Stemtech International, Inc. which was founded in 2005. From 2010 to 2015 , Stemtech International, Inc. , has been recognized four times on the Inc. 5000 fastest growing companies listing. In 2018, the Company underwent an extensive management reorganization and continued operations under new management. Stemtech specializes in creating products and formulas protected by patents in the United States and certain international markets. The company’s patented formulas promote the release, circulation and migration of the body’s adult stem cells from its bone marrow. The Company markets its products under the following brands: RCM System, stemrelease3™Stemflo® MigraStem®OraStem® (Oral Health Care) and D-Fuze™ (EMF Blocker). Its products are all-natural and herbal and manufactured under cGMP (Current Good Manufacturing Practices) under the auspices of the Dietary Supplement Health and Education Act (DSHEA). For more information, please visit www.stemtech.com.

Forward-looking statements

This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements identified by words such as “believes ‘, ‘expects’, ‘plans’, ‘estimates’, ‘intends’, ‘plans’, ‘target’, ‘projects’ and similar expressions. The statements in this release are based on the current beliefs and expectations of the management of our company and are subject to significant risks and uncertainties. Actual results may differ from those set forth in forward-looking statements. Many factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, challenges inherent in new product development initiatives, the effect any competing products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is needed to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any government review of our products or practices, and other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our last 10-K filed April 1, 2022. We undertake no obligation to update any forward-looking statement or information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Stemtech Corporation that are tolerated by the Company must come from the Company itself and bear our name as the source.

For more information, contact:

Investors: Frank J. Pena, 908-675-0581, fpena@stemtech.com

]]>
Packaging Corporation of America (NYSE:PKG) could become a multi-bagger https://southwaycorp.net/packaging-corporation-of-america-nysepkg-could-become-a-multi-bagger/ Mon, 16 May 2022 12:53:01 +0000 https://southwaycorp.net/packaging-corporation-of-america-nysepkg-could-become-a-multi-bagger/ What are the early trends to look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; first growth to return to on capital employed (ROCE) and on the other hand, growth amount capital employed. Basically, this means that a business has profitable initiatives […]]]>

What are the early trends to look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; first growth to return to on capital employed (ROCE) and on the other hand, growth amount capital employed. Basically, this means that a business has profitable initiatives that it can continue to reinvest in, which is a hallmark of a blending machine. So when we looked at the ROCE trend of Packing Company of America (NYSE: PKG) we really liked what we saw.

Return on capital employed (ROCE): what is it?

If you’ve never worked with ROCE before, it measures the “yield” (pre-tax profit) a company generates from the capital used in its business. Analysts use this formula to calculate it for Packaging Corporation of America:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets – Current Liabilities)

0.20 = $1.4 billion ÷ ($8.1 billion – $968 million) (Based on the last twelve months to March 2022).

So, Packaging Corporation of America has a ROCE of 20%. In absolute terms, this is an excellent return and is even better than the packaging industry average of 9.0%.

See our latest analysis for Packaging Corporation of America

NYSE:PKG Return on Capital Employed May 16, 2022

Above, you can see how Packaging Corporation of America’s current ROCE compares to its past returns on capital, but there’s little you can say about the past. If you’re interested, you can check out analyst forecasts in our free analyst forecast report for the company.

So what is the Packaging Corporation of America ROCE trend?

The trends we’ve noticed at Packaging Corporation of America are quite reassuring. Over the past five years, return on capital employed has increased substantially to 20%. The amount of capital employed also increased by 41%. So we’re very inspired by what we’re seeing in Packaging Corporation of America with its ability to reinvest capital profitably.

Our view on Packaging Corporation of America’s ROCE

In summary, Packaging Corporation of America has proven that it can reinvest in the business and generate higher returns on that capital employed, which is great. And investors seem to expect more in the future, as the stock has rewarded shareholders with an 80% return over the past five years. In light of that, we think it’s worth taking a closer look at this stock, because if Packaging Corporation of America can maintain these trends, it could have a bright future ahead of it.

If you want to know more about the risks faced by Packaging Corporation of America, we found out 2 warning signs of which you should be aware.

High yields are a key ingredient to strong performance, so check out our free list of stocks generating high returns on equity with strong balance sheets.

This Simply Wall St article is general in nature. We provide commentary based on historical data and analyst forecasts only using unbiased methodology and our articles are not intended to be financial advice. It is not a recommendation to buy or sell stocks and does not take into account your objectives or financial situation. Our goal is to bring you targeted long-term analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price-sensitive companies or qualitative materials. Simply Wall St has no position in the stocks mentioned.

]]>
Rio Grande Pacific Corporation Announces Engineering and Construction Teams for Uinta Basin Railroad Project | Business https://southwaycorp.net/rio-grande-pacific-corporation-announces-engineering-and-construction-teams-for-uinta-basin-railroad-project-business/ Sat, 14 May 2022 01:50:04 +0000 https://southwaycorp.net/rio-grande-pacific-corporation-announces-engineering-and-construction-teams-for-uinta-basin-railroad-project-business/ FORT WORTH, Texas–(BUSINESS WIRE)–May 13, 2022– Rio Grande Pacific Corporation (“RGPC” or the Company), through its holding company Rio Grande Pacific Group, Basin Railway Constructors, LLC (“BRC”), today announced that it has selected the engineering companies and construction for the final engineering and construction of the Uinta Basin Railway, the 85-mile-long public transportation railway that […]]]>

FORT WORTH, Texas–(BUSINESS WIRE)–May 13, 2022–

Rio Grande Pacific Corporation (“RGPC” or the Company), through its holding company Rio Grande Pacific Group, Basin Railway Constructors, LLC (“BRC”), today announced that it has selected the engineering companies and construction for the final engineering and construction of the Uinta Basin Railway, the 85-mile-long public transportation railway that will provide the first-ever public transportation rail service in the Uinta Basin region of northeastern Utah.

This press release is multimedia. See the full version here: https://www.businesswire.com/news/home/20220513005554/en/

Rio Grande Pacific Corporation‘s freight railroads include the Nebraska Central Railroad, a 340-mile system in east-central Nebraska that serves diverse industrial, energy and agricultural customers. (Photo: BusinessWire)

Construction and operation of the Uinta Basin Railroad Project was authorized by the U.S. Surface Transportation Board on December 15, 2021. The railroad will serve mining, energy, agriculture, construction, and manufacturing industries in the basin. of Uinta. The railroad project was initiated by the Seven County Infrastructure Coalition, a political subdivision of the state of Utah, in 2018. The Ute Indian Tribe of the Uintah and Ouray Reservation is a financial partner in the railroad.

The engineering and construction companies that have been selected are:

  • AECOM will provide the final design of the track excluding its tunnels. AECOM is the world’s No. 1 engineering company (by revenue) according to Engineering News-Record (ENR).
  • Skanska-WW Clyde Joint Venture will build the railway, excluding its tunnels. Skanska is the 5th construction company in the world according to ENR. WW Clyde is the largest locally owned heavy civil engineering contractor in the State of Utah and has built a significant portion of Utah’s major transportation infrastructure since 1926.
  • Obayashi Corporation will provide the final design and construction of the rail tunnels. Obayashi is the 15th construction company in the world according to ENR and is globally recognized for its expertise in tunnel construction.

RGPC Chairman and CEO Richard Bertel said, “We are delighted to award the engineering and construction of the Uinta Basin Railway project to AECOM, Skanska-Clyde and Obayashi. Many qualified and technically competent engineering and construction companies, including most major US companies, have pursued the Uinta Basin Railway project and provided us with creative and high quality responses. AECOM, Skanska-Clyde and Obayashi provided the best fit for our project goals of the companies we interviewed. »

WW Clyde Regional Manager Garrett McMullin said, “Since 1926, WW Clyde has been known as one of the leading heavy civil contractors in Utah and Intermountain West. We are thrilled to have been chosen for the largest new railroad construction project in the United States since the 1970s. We are excited to help create new jobs and economic opportunity for rural Utah .

A key selection criteria for RGPC was AECOM, Skanska-Clyde and Obayashi’s commitment to tribal and local hiring preference, and to including construction and utility companies in their teams to the greatest extent possible. engineering located in the Uinta basin and counties. of the Seven County Infrastructure Coalition.

About Rio Grande Pacific Corporation

Rio Grande Pacific Corporation (RGPC) is a Fort Worth, Texas-based private holding company for regional freight railroads. Through its various subsidiaries, RGPC provides a full range of services to the railway industry, including railway development, engineering and project management, operation and maintenance of passenger railways, refurbishment of railway track maintenance equipment, rail dispatch services, industrial switching. RGPC’s portfolio companies provide services to Class I, regional and shortline railroads, passenger agencies and railroad industries throughout the United States. Our properties serve many Fortune 500 companies and transport a diverse mix of products in the agriculture, chemical, timber, mineral, energy and recycling sectors. These initiatives provide diversification across the industry spectrum through synergistic businesses and relationships. RGPC provides an international railway consultancy service to clients around the world, including five continents to date, and evaluates major greenfield railway projects for its clients as well as our own portfolio.

In the 36 years since our inception, we have focused on building a company known for its proactive approach to community engagement; strong and strategic partnerships with our customers and communities; efficient and safe train handling operations and transportation solutions; and great customer service. Internally, our company strives to attract strong team players who bring innovative and creative thinking and a drive to go the extra mile. This entrepreneurial and often contrarian style translates into a solid yet stable growth plan. As a result, Rio Grande Pacific continues to evolve to meet the demands of a dynamic rail industry.

At RGPC, we know what it takes to operate in the increasingly complex political, regulatory and logistical challenges to move freight and passengers efficiently.

Forward-looking statements

This press release includes certain forward-looking statements, projections and observations of Rio Grande Pacific Corporation. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Although the Company makes these statements in good faith, neither the Company nor its management can guarantee that the anticipated future results will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements attributable to the Company or persons acting on behalf of the Company expressly qualified in their entirety by the disclaimers. preceding guard. All such statements speak only as of the date made and, except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Related links:

http://www.rgpc.com

https://uintabasinrailway.com/

https://scic-utah.org/

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220513005554/en/

Pamela Julianopjuliano@rgpc.com

KEYWORD: UTAH TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER ENERGY MINES/MINERALS ENERGY OTHER CONSTRUCTION & REAL ESTATE AGRICULTURE NATURAL RESOURCES OTHER MANUFACTURING CONSTRUCTION & REAL ESTATE RAILWAY ENGINEERING TRANSPORTATION LOGISTICS/SUPPLY CHAIN ​​MANAGEMENT MANUFACTURING

SOURCE: Rio Grande Pacific Corporation

Copyright BusinessWire 2022.

PUBLISHED: 05/13/2022 21:49 / DISK: 05/13/2022 21:49

http://www.businesswire.com/news/home/20220513005554/en

]]>
Hampton Roads Housing Development Corporation https://southwaycorp.net/hampton-roads-housing-development-corporation/ Mon, 09 May 2022 21:01:00 +0000 https://southwaycorp.net/hampton-roads-housing-development-corporation/ Thousands of people across Virginia are homeless. A peninsula non-profit is working to reduce that number. NEWPORT NEWS, Va. — Having a place to live is something many of us can take for granted. According to United States Interagency Council on Homelessnessnearly 6,000 people were left homeless in Virginia in 2020. Sister David Ann Niski […]]]>

Thousands of people across Virginia are homeless. A peninsula non-profit is working to reduce that number.

NEWPORT NEWS, Va. — Having a place to live is something many of us can take for granted.

According to United States Interagency Council on Homelessnessnearly 6,000 people were left homeless in Virginia in 2020.

Sister David Ann Niski said everyone deserves a place to call home.

“They are human beings. They have dignity and worth,” Niski said. “A lot of people think that homeless people are necessarily indolent. people lost their jobs. You know, they went through hard times for some reason – excessive medical bills.

Niski oversees the operations of the Housing Development Corporation of Hampton Roads, a non-profit organization that provides affordable housing for families struggling to find housing.

“We wholeheartedly believe that everyone deserves the right to have a home,” Niski said. that they might have a serious mental illness, that they have a history of drug or alcohol abuse.

Nationally, the US Department of Housing and Urban Development found that more than 326,000 people were left homeless at least one night in 2021. This figure only counts people who sought shelter, which means there could be hundreds, if not thousands, of others living on the streets. or in cars.

The Society relies entirely on donations and grants to buy homes for people, but the rising cost of housing is not making it any easier.

“Once upon a time, you could buy a tiny two-bedroom house for $75,000. Now we can’t find anything on the market,” Niski said. “We would like to buy ready-to-move-in houses, but they are more expensive.”

The Society has helped dozens of families in Newport News and Hampton get back on their feet. The association owns an apartment building, a duplex and 15 single-family homes. Now they are trying to buy one more so they can help another family.

“That’s why the money from Give Local 757 will help us a lot. To be able to get that 16th house,” Niski said.

She said everyone deserves the opportunity to feel safe and everyone has the right to a place to call home.

]]>
Blue Ocean Corporation launches ‘Interns-Hub’ https://southwaycorp.net/blue-ocean-corporation-launches-interns-hub/ Sun, 08 May 2022 04:20:53 +0000 https://southwaycorp.net/blue-ocean-corporation-launches-interns-hub/ Blue Ocean Corporation recently announced the launch of its “Interns-Hub” vertical internships, consolidating the full range of its career development initiatives in the field of professional training and employment. Currently, Interns – Hub will provide internship opportunities for students in hospitality, aviation and business management sectors, in countries like Dubai, Abu Dhabi, Malaysia, Maldives, Mauritius […]]]>

Blue Ocean Corporation recently announced the launch of its “Interns-Hub” vertical internships, consolidating the full range of its career development initiatives in the field of professional training and employment.

Currently, Interns – Hub will provide internship opportunities for students in hospitality, aviation and business management sectors, in countries like Dubai, Abu Dhabi, Malaysia, Maldives, Mauritius and Thailand. Students can register individually or apply through university-internal-hub partnership programs.

“As the global economy signals an impressive recovery, businesses are back to actively hiring. Internships are now a guaranteed win-win situation for students. Interns-Hub is a forward-looking strategic investment for students, universities and business groups. Plus, it complements all of our other wings wonderfully,” said Dr. Sathya Menon, CEO of Blue Ocean Corporation.

Summer internships are of great benefit to a student’s career. A Bloomberg report said there was a record number of internship applications between 2021 and 2022. Other research showed that in 2020, when the pandemic crisis was at its peak, there was an increase in 35% of the number of students seeking internships. The new hire category included about 65% of students, who had one or more internship experiences listed on their resume. Considering the multiple benefits offered by internships, there is clearly a growing awareness and increased competition for internships among students.

By evaluating its tagline “Crafting Careers Together”, Interns-Hub marks a crucial step towards Blue Ocean’s vision of supporting the professional and personal development of the student community, as well as meeting organizational needs by connecting them with interns. well trained.

Blue Ocean Corporation President Mr. Abdul Azeez said, “Real learning comes from doing things and not just knowing things. Training the mind is hugely important, and that’s what Interns – Hub is all about. It’s in line with our other verticals, and together the common support will render nothing but the best.

-Ends-

About Blue Ocean Corporation:

Founded in 1998, Blue Ocean Corporation is an award-winning organization recognized for its excellence, quality and innovative services. Based in Dubai, United Arab Emirates, the group has grown significantly over two decades and provides high-end solutions to clients in various verticals – training, consultancy, conferences, recruitment and internships. Winner of Superbrands, Great Place to Work, Best Workplaces in the UAE and more, Blue Ocean caters to a diverse client portfolio and boasts a global community of over 100,000 alumni in over 12 countries with a strong presence in the MENA region and the Indian sub-region. continent. Its latest vertical, Interns-Hub, aims to give students business exposure through international internship programs with leading groups in the hospitality, aviation and business management industries, as well as to meet organizational needs by offering them the opportunity to hire well-trained interns.

For further questions, please contact:
Sriparna Haldar
Senior Manager – Corporate Communications
Email: sri@blueoceanacademy.com
Address: PO Box 116687, Suite B2505,
Latifa Towers, Sheikh Zayed Road,
In front of the Museum of the Future, Dubai, United Arab Emirates

]]>
MARTELA CORPORATION INTERIM REPORT JANUARY 1 – MARCH 31 https://southwaycorp.net/martela-corporation-interim-report-january-1-march-31/ Fri, 06 May 2022 04:30:00 +0000 https://southwaycorp.net/martela-corporation-interim-report-january-1-march-31/ The turnover from January to March 2022 increased and the operating result improved compared to the previous year. January–March 2022 Turnover amounted to 27.0 million euros (19.9), i.e. a variation of 35.9% Comparable operating result was EUR 0.1 million (-1.4) The operating result was €0.1 million (-2.0) Operating profit by revenue was 0.4% (-10.1%) The […]]]>

The turnover from January to March 2022 increased and the operating result improved compared to the previous year.

January–March 2022

  • Turnover amounted to 27.0 million euros (19.9), i.e. a variation of 35.9%
  • Comparable operating result was EUR 0.1 million (-1.4)
  • The operating result was €0.1 million (-2.0)
  • Operating profit by revenue was 0.4% (-10.1%)
  • The result for the period was EUR 0.0 million (-2.3)
  • Earnings per share amount to EUR -0.01 (-0.56)

Outlook

Outlook for 2022

Martela expects its turnover to increase by more than 10% compared to the previous year and its operating result to be positive.

Key figures, millions of euros

2022 2021 Switch 2021
1-3 1-3 % 1-12
Revenue 27.0 19.9 35.9% 91.9
Operational results 0.1 -2.0 -1.3
Operating results % 0.4% -10.1% -1.4%
Earnings before tax -0.1 -2.4 -2.3
Result for the period 0.0 -2.3 -2.4
Earnings/share, euro -0.01 -0.56 -0.53
Return on investment % 2.5 -30.9 -4.7
Return on equity % -0.4 -22.2 -21.3
Equity ratio % 23.6 21.8 8.3% 22.2
% gear 67.8 54.2 25.1% 74.8

Ville Taipale, CEO:

“The first quarter of this year was defined by the corona pandemic and the war in Ukraine, which caused general uncertainty in the market. Despite this, we were able to increase our revenues by 35.9% in the first quarter compared to the same period last year.The turnover for the first quarter amounted to 27.0 million euros.

New orders continued to increase, particularly in the commercial sector and in all market sectors.

Our operating result improved significantly in the first quarter compared to the same period last year and amounted to 0.1 million euros. The operating result has naturally been positively impacted by the increase in turnover, but above all the recent actions that have been taken in terms of improving the cost structure as well as determined work to manage the rise in the price of raw materials. and maintain selling prices.

I am extremely pleased that our hard work to improve our cost structure, our offering and our way of working has started to translate into our performance. This work will further enhance our position as a leading sustainable workplace specialist in the future. This has been achieved through our committed and professional employees and demonstrates what can be achieved with unwavering cooperation.

The war in Ukraine and the resulting uncertainty had a negative impact on the overall market situation as well as on the prices and supply of raw materials. It is difficult at this stage to assess the impact that this will have in the medium term on the development of our turnover and the performance of our results.

We believe work environments will change permanently in the future. The coronavirus pandemic has accelerated the process of changing the way we work. The office is just one of the many places we work, and for some of us, the amount of remote work will increase for good. This will increase the demand for flexible workspaces and the need to invest in remote working arrangements. We will continue with our customers to be a forerunner in creating user-centric work environments, which will improve user experience, efficiency and innovation capabilities while reducing overall costs. We will meet our customers’ needs for increased flexibility in the workplace through our WaaS concept, which we piloted and actively developed over the past winter. Interest in our concept has been encouraging and we expect it to have a positive impact on our business. »

Market situation

The phasing out of restrictions caused by the corona pandemic had a positive impact on Martela’s market environment. Simultaneously, the war in Ukraine sowed uncertainty in the market and caused drastic increases in commodity prices as well as a restriction in the supply of materials. It is too early to say what impact this will have on the overall market situation in the medium term.

REPORT

A briefing will not take place, but additional information may be requested by telephone from the CEO Ville Taipale on Friday 6and of May 2022 from 11 a.m. to 1 p.m. EET

Martela Corporation
board of directors

City of Taipale
CEO

More information
Ville Taipale, CEO, +358 50 557 2611
Kalle Lehtonen, CFO, tel. +358 400 539 968

Distribution
Nasdaq OMX Helsinki
Main news media

www.martela.com

Our strategic direction is defined by our “Work Better” mission and our “People-Centred Workplaces” vision. Martela provides user-centric workplaces where users and their well-being matter most. We focus on the Nordics because, based on our culture and common needs for open work, the Nordics are leaders in hybrid workplaces.

  • 2022_0506 T1 interim report

]]>
Chennai company owes electricity dues of Rs 175 crore | Chennai News https://southwaycorp.net/chennai-company-owes-electricity-dues-of-rs-175-crore-chennai-news/ Wed, 04 May 2022 00:13:00 +0000 https://southwaycorp.net/chennai-company-owes-electricity-dues-of-rs-175-crore-chennai-news/ CHENNAI: Able Utility Tangedco, notorious for taking on electricity bill defaulters, has done little to recoup its electricity dues from the Greater Chennai Corporation. The civic body owes Tangedco Rs 175 crore and failed to pay its electricity bills between 2018 and 2021. In April, the company sent a circular to the electric utility to […]]]>
CHENNAI: Able Utility Tangedco, notorious for taking on electricity bill defaulters, has done little to recoup its electricity dues from the Greater Chennai Corporation. The civic body owes Tangedco Rs 175 crore and failed to pay its electricity bills between 2018 and 2021.
In April, the company sent a circular to the electric utility to assess its dues for 2022.

Therefore, local TNEB staff in various outlying areas such as Ambattur, Manali and Madhavaram temporarily disconnected the power supply to GCC’s streetlights, the company’s area engineers from GCC’s electrical department said. “It is only after the intervention of senior officials that they restore power,” said an assistant engineer.
Prior to 2018, the company had adjusted dues of Rs 43 crore on its land leased from Tangedco for transformers and EB stations. Since then, there has been no formal agreement on dues, which has led to heavy handedness from local authorities.
“In 2015-2016, a written agreement was concluded between the company and Tangedco not to disconnect the electricity even if contributions existed. However, the dues were paid later and the previous agreement was concluded. When dues started accumulating from 2018, no formal arrangements were made,” said an Area 3 EA.
Much of the problem with non-payment of dues lies in the failure to upgrade the society’s revenue model, which relies heavily on property taxes to pay off dues and debts. The civic body also did not allocate money to pay its EB dues in the company’s recent budget.
Officials said that from 1.6 lakh streetlights maintained by the civic body in 2011, the number rose to 2.8 lakh after the company boundaries were expanded and areas such as Tiruvottriyur and Ambattur have entered the limits of society, which has led to an increase in consumption.
The civic body has 10,744 measured electrical connections, including street lights, buildings, Amma canteens, schools and hospitals, among others. The company’s current average annual consumption charge is around Rs 65 crore, double what it was before the expansion in 2011. The civic body’s average annual income has remained at Rs 2,000 crore rupees while its outstanding debt is 3,500 rupees. This keeps EB bills a lower priority for officials as they have larger debts to pay.
The former additional director of the municipal administration department, Dr DS Sivasamy, said that to pay its dues, the company would have to strengthen its collection of property tax to one hundred percent, focusing on large entities such as as colleges, theater owners and commercial establishments. “A certain discipline must be applied in the collection of the property tax.
Currently, the company derives 30% of its total annual income of Rs 2000 crores from property tax. About 70% of people pay their taxes on time. “GCC needs to generate revenue through the maintenance and advertising of bus shelters. Business tax can be increased for large commercial establishments,” he said.
Company officials said they have given 1.14 lakh square feet of land to TNEB for its use. “However, a formal agreement must be reached to settle all debts,” the officials said.
Municipal Corporation Commissioner Gagandeep Singh Bedi said instructions had been given to pay TNEB dues regularly after a recent meeting with Tangedco officials. “Our rights to pay are offset by the land we gave them,” he said.
Experts said administrative arrangements such as adjusting land rental fees do not bring revenue to Tangedco. K Vishnu Mohan Rao, Senior Energy Researcher, CAG, said Tangedco is a business entity and more bad debts cannot be added to its accounts. “GCC may be able to switch to more energy-efficient lighting and explore solar lights,” he said.
Tangedco MD Rajesh Lakhani was not available for comment.

]]>
Salford Group to be acquired by Linamar Corporation – Ohio Ag Net https://southwaycorp.net/salford-group-to-be-acquired-by-linamar-corporation-ohio-ag-net/ Sun, 01 May 2022 23:22:00 +0000 https://southwaycorp.net/salford-group-to-be-acquired-by-linamar-corporation-ohio-ag-net/ Salford Group Inc., a world leader in high quality tillage and application equipment, has announced that it will be acquired by Linamar Corporation, an advanced manufacturing company based in Guelph, Ontario, Canada. The purchase is expected to close in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including obtaining required […]]]>

Salford Group Inc., a world leader in high quality tillage and application equipment, has announced that it will be acquired by Linamar Corporation, an advanced manufacturing company based in Guelph, Ontario, Canada. The purchase is expected to close in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including obtaining required regulatory approval.

The acquisition of the Salford will expand Linamar’s agricultural portfolio, which is currently anchored by MacDon Industries Limited. Besides MacDon, Linamar is steeped in agricultural manufacturing history, having owned White Farm Equipment in the 1980s along with Western Combine, which manufactured combines under the Massy Ferguson brand in the 1990s. Linamar’s OROS division in Eastern Europe also manufactures corn and sunflower headers under the MacDon and OROS brands.

“We are very pleased to join the Linamar family,” said Geof Gray, Chairman of the Salford Group. “Both Linamar and MacDon have excellent reputations in the industry and we believe that the combination of our respective resources, brand strengths and distribution networks will enable Salford to compete and innovate at a higher level with greater market coverage, delivering even more value to dealers and farmers.”

After the sale, Salford Group will continue to leverage its established manufacturing and distribution network to sell products under the Salford brand. Its headquarters will remain in Salford, Ontario, Canada.

“This is an exciting and important acquisition for Linamar,” said Linda Hasenfratz, Executive Chairman and CEO of Linamar. “Salford has a strong differentiated product portfolio in the crop nutrition and tillage application segments. These are areas that we had identified in our agricultural growth strategy as very attractive segments for future product diversification.

]]>
Gold Resource Corporation will hold a first quarter 2022 conference call on May 10, 2022 https://southwaycorp.net/gold-resource-corporation-will-hold-a-first-quarter-2022-conference-call-on-may-10-2022/ Thu, 28 Apr 2022 16:22:00 +0000 https://southwaycorp.net/gold-resource-corporation-will-hold-a-first-quarter-2022-conference-call-on-may-10-2022/ DENVER, April 28, 2022–(BUSINESS WIRE)–Gold Resource Corporation (NYSE American: GORO) (the “Company”) will issue a press release providing a summary of its financial and operating results and file its Form 10-Q with the financial and operating results on EDGAR for the period closed on March 31, 2022 on Monday May 9, 2022 after market close. […]]]>

DENVER, April 28, 2022–(BUSINESS WIRE)–Gold Resource Corporation (NYSE American: GORO) (the “Company”) will issue a press release providing a summary of its financial and operating results and file its Form 10-Q with the financial and operating results on EDGAR for the period closed on March 31, 2022 on Monday May 9, 2022 after market close. The Company will host a conference call on Tuesday, May 10, 2022 at 11:00 a.m. Eastern Time.

The conference call will be recorded and posted on the Company’s website later in the day following the conclusion of the conference call. Following the prepared remarks, Allen Palmiere, President and CEO, Alberto Reyes, Chief Operating Officer, and Kim Perry, Chief Financial Officer will host a live Q&A session. There are two ways to join the conference call.

To join the conference by webcast, please click on the following link: https://app.webinar.net/DG5l9rQ3r7X

To join the call by phone, please use the following login information:
Toll free for participants: (888) 440-2094
International: (438) 803-0544
Conference ID: 2818458

Please connect to the conference call at least 10 minutes before the start time using one of the connection options listed above.

About RCMP:

Gold Resource Corporation is a gold and silver producer, developer and explorer with operations centered on the Don David Gold Mine in Oaxaca, Mexico. Led by an experienced Board of Directors and management team, the company’s goal is to unlock the significant growth potential of its existing infrastructure and extensive land surrounding the mine in Oaxaca, Mexico. , and to develop the Back Forty project in Michigan, USA. For more information, please visit the GRC website, located at www.goldresourcecorp.com and read the company’s Form 10-K to understand the risk factors associated with its business.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220428006035/en/

contacts

Kim Perry
Financial director
Kim.Perry@GRC-USA.com
www.goldresourcecorp.com

]]>
Florida healthcare facilities affected after cybersecurity incident https://southwaycorp.net/florida-healthcare-facilities-affected-after-cybersecurity-incident/ Tue, 26 Apr 2022 23:26:00 +0000 https://southwaycorp.net/florida-healthcare-facilities-affected-after-cybersecurity-incident/ Tenet Healthcare Corporation went through a cybersecurity incident last week, the company reported on Tuesday. The company immediately suspended user access to any impacted technology and took steps to restrict unauthorized activity, according to a press release. Stay informed: Local coverage of WPBF 25 NewsThere was a “temporary disruption” at some acute care facilities, according […]]]>

Tenet Healthcare Corporation went through a cybersecurity incident last week, the company reported on Tuesday. The company immediately suspended user access to any impacted technology and took steps to restrict unauthorized activity, according to a press release. Stay informed: Local coverage of WPBF 25 NewsThere was a “temporary disruption” at some acute care facilities, according to Tenet, but hospitals remained operational and continued to provide patient care through a backup process. Locations affected included St. Mary’s Medical Center and Good Samaritan Medical Center in Palm Beach County, according to Tenet. “Currently, critical applications have been largely restored and the affected subset of facilities have begun to resume normal operations,” Tenet Healthcare Corporation said in a statement. “Tenet is grateful to its doctors, nurses and staff for their dedication to caring for patients safely as society works to address this issue.” Nationwide: National coverage of WPBF 25 NewsThe investigation is ongoing. CORRECTION: WPBF previously sent out a push alert stating that dozens of Tenet locations were impacted. This has been corrected after clarification from the company.

Tenet Healthcare Corporation went through a cybersecurity incident last week, the company reported on Tuesday.

The company immediately suspended user access to any impacted technology and took steps to restrict unauthorized activity, according to a press release.

Stay informed: Local coverage of WPBF 25 News

According to Tenet, there was a “temporary hiatus” at some acute care facilities, but hospitals remained operational and continued to provide patient care through a backup process.

Affected locations included St. Mary’s Medical Center and Good Samaritan Medical Center in Palm Beach County, according to Tenet.

“Currently, critical applications have been largely restored and the affected subset of facilities have begun to resume normal operations,” Tenet Healthcare Corporation said in a statement. “Tenet is grateful to its doctors, nurses and staff for their dedication to caring for patients safely as society works to address this issue.”

Around the country: National coverage of WPBF 25 News

The investigation is ongoing.

CORRECTION: WPBF previously sent out a push alert stating that dozens of Tenet locations were impacted. This has been corrected after clarification from the company.

]]>