WASHINGTON , Dec. 5, 2024 /PRNewswire/ -- NASA Administrator Bill Nelson will fly in aircraft manufacturer Electra's EL2 Goldfinch experimental prototype aircraft on Sunday, Dec. 8 . Members of the media are invited to speak with Nelson and Electra leaders just prior to the flight at 11:45 a.m. EST at Manassas Regional Airport in Manassas, Virginia . Electra designed the experimental aircraft with the goals of reducing emissions and noise and connecting new locations for regional air travel, including underserved communities. Media will be able to view and film the flight, which is set to feature ultra-short takeoffs and landings with as few as 150 feet of ground roll. The flight also is set to include a battery-only landing. Media interested in participating must RSVP to Rob Margetta at robert.j.margetta@nasa.gov . NASA's aeronautics research works to develop new generations of sustainable aviation technologies that will create new options for both U.S. passengers and cargo. Agency-supported research aims to provide industry providers like Electra, and others, data that can help inform the designs of innovative, greener aircraft with reduced operating costs. NASA investments have included projects that explore electrified aircraft technologies, and work that helped refine the electric short-takeoff and landing concept. The agency's work with private sector aviation providers helps NASA in its effort to bring sustainable solutions to the American public. In November, NASA selected Electra as one of five recipients of its Advanced Aircraft Concepts for Environmental Sustainability 2050 awards, through which they will develop design studies and explore key technologies to push the boundaries of possibility for next-generation sustainable commercial aircraft. These new studies will help the agency identify and select promising aircraft concepts and technologies for further investigations. https://www.nasa.gov/aeronautics/ View original content to download multimedia: https://www.prnewswire.com/news-releases/nasa-invites-media-to-administrator-flight-in-electra-hybrid-electric-aircraft-302324434.html SOURCE NASAVANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / November 27, 2024 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) ("Organto" or "the Company"), a provider of branded, private label and bulk distributed healthy and organic fruit and vegetable products today announced its financial results for the three and nine-month periods ended September 30, 2024. All amounts are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS), except where specifically noted. "We are pleased with our financial results for the third quarter of 2024 which reflect the impact of our operational restructuring which has streamlined our product portfolio, shifted our marketing strategy and re-engineered our ongoing operating costs. We believe the results for the third quarter reflect the benefits of our repositioning efforts, including sales growth of 47% versus the prior year, gross profit dollar growth of 63% versus the prior year, and substantially improved bottom line results versus the prior year that are continuing to improve. Our work is not done, and we remain intently focused on leveraging the positive changes we have made as we drive continued business growth combined with operational improvements, all leading to long-term profitability and sustainability. We also continue to focus on the restructuring of our convertible debenture obligations, which is expected to result in reduced cash outlays and greater operating flexibility. We believe the impact of these initiatives will continue to be apparent as we report our results in the coming quarters." commented Steve Bromley, Chair and Chief Executive Officer. Bromley commented further, "Immediately following the filing of our Financial Statements and Management Discussion and Analysis for the second quarter of 2024, we submitted our application to have the current Cease Trade Order lifted. This process is ongoing, and we are hopeful it will be concluded in the near term. We believe we are now fully current with all financial related filings, and when combined with the performance of our restructured business, are looking forward to an exciting future. We truly appreciate the continued support we have received from our shareholders, debenture holders and key operating partners as we have worked through the restructuring of our business. We remain committed to building a world class foods company focused on serving growing global healthy foods markets with the goal of building long-term shareholder value." Third Quarter 2024 Financial Results Overview As a result of the sales of the three subsidiaries in June 2024, all sales and expenses, as well as any gains and losses relating to the operations of the sold subsidiaries have been eliminated from continuing operations and instead are shown as a single line item, loss from discontinued operations, for both the current period and any comparative historical periods. Sales of $5.2 million versus sales of $3.5 million in the prior year, an increase of 47%, driven by strong growth in sales of organic and fairtrade bananas to European customers. Gross profit of $0.6 million or 11.8% of sales versus $0.4 million or 10.6% of sales in the prior year. Third quarter gross profit includes a one-time favorable adjustment of approximately $104,000 to properly allocate sales commissions to selling, general and administration expenses for the first and second quarters of 2024. Excluding this adjustment, gross profit for the third quarter of 2024 was $0.5 million or 9.8% of sales. Cash overhead costs increased to 19% of sales versus 13% in the prior year. Third quarter 2024 costs include approximately $113,000 related to ongoing restructuring, reorganization and cease trade order activities combined with additional costs to complete the 2023 financial audit. Excluding this, the increase in ongoing costs was driven by the retention of costs and resources which were previously included in sold subsidiaries, offset by the savings realized from our efforts to streamline and simplify the business. The current quarter loss for the period was $0.8 million versus a loss of $1.6 million in the prior year, reflecting improvement as the business has been and continues to be restructured and positioned for future growth and profitability. Year to Date 2024 Financial Results Overview Sales of $14.3 million versus sales of $10.9 million in the prior year, an increase of 31%, driven by strong growth in sales of organic and fairtrade bananas to European customers. Gross profit of $1.2 million or 8.2% of sales versus $1.0 million or 9.4% of sales in the prior year, a dollar increase of 15%. Year-over-year gross profit as a percentage of sales was impacted by currency fluctuations and supply chain costs. Cash overhead costs remained flat at 14% of sales. Our third quarter 2024 included approximately $113,000 related to ongoing restructuring, reorganization and cease trade order activities combined with additional costs to complete the 2023 financial audit. These costs plus incremental costs driven by the retention of resources which were previously included in sold subsidiaries were offset by the savings realized from our efforts to streamline and simplify the business. Gain of $2.6 million on the sales of three of our wholly owned Dutch operating subsidiaries (see July 12, 2024 and June 5, 2024 news releases) as well as a gain of $0.4 million on the dissolution of an inactive subsidiary. Loss for the year of $0.3 million versus a loss of $5.9 million in the prior year, reflecting a substantial improvement as the business has been and continues to be restructured and positioned for future growth and profitability. Interested parties may access the Company's filings including Financial Statements and accompanying Management's Discussion and Analysis for the period ended September 30, 2024 at www.SEDARplus.ca or at the Company's website at www.organto.com under the Investors tab. ON BEHALF OF THE BOARD, Steve Bromley Chair and Chief Executive Officer Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For more information contact: Investor Relations info@organto.com John Rathwell, Senior Vice President, Corporate Development and Investor Relations 647 629 0018 ABOUT ORGANTO Organto is an integrated provider of branded, private label, and distributed organic and non-GMO fruit and vegetable products using a strategic asset-light business model to serve a growing socially responsible and health-conscious consumer around the globe. Organto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people, and its shareholders. FORWARD-LOOKING STATEMENTS This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting Organto's business model and markets; Organto's belief that the Company has made good progress in the restructuring of its business and is focused on a clear path to profitability; Organto's belief that its efforts to restructure its convertible debt portfolio is expected to result in reduced debt levels and greater operating flexibility; Organto's belief that as it is now current with its filing obligations and believe that its application to have the current Cease Trade Order revoked as per the terms of securities legislation of British Columbia will be concluded in the near term; Organto's belief that it remains focused on building a world class company focused on growing healthy foods markets with the goal of building long-term shareholder value; management's beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto's business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners, and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavorable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws, and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors, and partners. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law. SOURCE: Organto Foods, Inc. View the original on accesswire.com
In this article FFIC Follow your favorite stocks CREATE FREE ACCOUNT Flushing Bank in New York City. Google Earth Flushing Financial, a New York-based commercial real estate lender, is seeking to raise $70 million to shore up its capital, CNBC has learned. The bank's CEO, John Buran, has told potential investors that he intends to sell low-yielding bonds and loans backed by commercial real estate, including multifamily buildings, moves that would generate a loss and necessitate the sale of fresh stock, people with knowledge of the deal told CNBC. Bankers working on the deal have yet to finalize pricing, but it will likely be between $15 to $15.50 per share, according to one of the people, below the $17.25 level the stock closed at on Thursday. The bank declined to comment to CNBC earlier Thursday, but later issued a release confirming the equity sale. Banks with commercial real estate exposure have struggled after the Federal Reserve hiked interest rates through 2023, leaving them with unrealized losses on their balance sheet. New York Community Bank was forced to raise capital earlier this year after its stock sank amid concerns over its portfolio of commercial loans. Most of the U.S. banks under pressure are community banks with under $10 billion in assets, like Flushing, which had about $9.3 billion in assets as of September. Now, with a rebound in bank stock prices this year and the start of a Fed easing cycle in September, investors expect more banks to raise capital in the coming months. Behind the scenes, regulators have been prodding banks with confidential orders to improve capital levels. "The rate environment is still a challenge, but we're controlling what we can control and setting the foundation for a better future," Buran told analysts in October. Shares of Flushing Financial have risen about 5% this year through Thursday, trailing the 18% rise in the KBW Regional Banking Index.
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49ers' visit gives Packers a chance to damage the playoff hopes of their postseason nemesisArticle content NEW YORK — Angelina Jolie never expected to hit all the notes. But finding the breath of Maria Callas was enough to bring things out of Jolie that she didn’t even know were in her. Recommended Videos “All of us, we really don’t realize where things land in our body over a lifetime of different experiences and where we hold it to protect ourselves,” Jolie said in a recent interview. “We hold it in our stomachs. We hold it in our chest. We breathe from a different place when we’re nervous or we’re sad. “The first few weeks were the hardest because my body had to open and I had to breathe again,” she adds. “And that was a discovery of how much I wasn’t.” In Pablo Larrain’s “Maria,” which Netflix released in theatres Wednesday before it begins streaming on Dec. 11, Jolie gives, if not the performance of her career, then certainly of her last decade. Beginning with 2010’s “In the Land of Blood and Honey,” Jolie has spent recent years directing films while prioritizing raising her six children. “So my choices for quite a few years were whatever was smart financially and short. I worked very little the last eight years,” says Jolie. “And I was kind of drained. I couldn’t for a while.” But her youngest kids are now 16. And for the first time in years, Jolie is back in the spotlight, in full movie-star mode. Her commanding performance in “Maria” seems assured of bringing Jolie her third Oscar nomination. (She won supporting actress in 2000 for “Girl, Interrupted.”) For an actress whose filmography might lack a signature movie, “Maria” may be Jolie’s defining role. Jolie’s oldest children, Maddox and Pax, worked on the set of the film. There, they saw a version of their mother they hadn’t seen before. “They had certainly seen me sad in my life. But I don’t cry in front of my children like that,” Jolie says of the emotion Callas dredged up in her. “That was a moment in realizing they were going to be with me, side by side, in this process of really understanding the depth of some of the pain I carry.” Jolie, who met a reporter earlier this fall at the Carlyle Hotel, didn’t speak in any detail of that pain. But it was hard not to sense some it had to do with her lengthy and ongoing divorce from Brad Pitt, with whom she had six children. Just prior to meeting, a judge allowed Pitt’s remaining claim against Jolie, over the French winery Chateau Miraval, to proceed. On Monday, a judge ruled that Pitt must disclose documents Jolie’s legal team have sought that they allege include “communications concerning abuse.” Pitt has denied ever being abusive. The result of the U.S. presidential election was also just days old, though Jolie — special envoy for the United Nations Refugee Agency from 2012 to 2022 — wasn’t inclined to talk politics. Asked about Donald Trump’s win, she responded, “Global storytelling is essential,” before adding: “That’s what I’m focusing on. Listening. Listening to the voices of people in my country and around the world.” Balancing such things — reports concerning her private life, questions that accompany someone of her fame — is a big reason why Jolie is so suited to the part of Callas. The film takes place during the American-born soprano’s final days. (She died of a heart attack at 53 in 1977.) Spending much of her time in her grand Paris apartment, Callas hasn’t sung publicly in years; she’s lost her voice. Imprisoned by the myth she’s created, Callas is redefining herself and her voice. An instructor tells her he wants to hear “Callas, not Maria.” The movie, of course, is more concerned with Maria. It’s Larrain’s third portrait of 20th century female icon, following “Jackie” (with Natalie Portman as Jacqueline Kennedy) and “Spencer” (with Kristen Stewart as Princess Diana). As Callas, Jolie is wonderfully regal — a self-possessed diva who deliciously, in lines penned by screenwriter Steven Knight, spouts lines like: “I took liberties all my life and the world took liberties with me.” Asked if she identified with that line, Jolie answered, “Yeah, yeah.” Then she took a long pause. “I’m sure people will read a lot into this and there’s probably a lot I could say but don’t want to feed into,” Jolie eventually continues. “I know she was a public person because she loved her work. And I’m a public person because I love my work, not because I like being public. I think some people are more comfortable with a public life, and I’ve never been fully comfortable with it.” When Larrain first approached Jolie about the role, he screened “Spencer” for her. That film, like “Jackie” and “Maria,” eschews a biopic approach to instead intimately focus on a specific moment of crisis. Larrain was convinced Jolie was meant for the role. “I felt she could have that magnetism,” Larrain says. “The enigmatic diva that’s come to a point in her life where she has to take control of her life again. But the weight of her experience, of her music, of her singing, everything, is on her back. And she carries that. It’s someone who’s already loaded with a life that’s been intense.” “There’s a loneliness that we both share,” Jolie says. “That’s not necessarily a bad thing. I think people can be alone and lonely sometimes, and that can be part of who they are.” Larrain, the Chilean filmmaker, grew up in Santiago going to the opera, and he has long yearned to bring its full power and majesty to a movie. In Callas, he heard something that transfixed him. “I hear something near perfection, but at the same time, it’s something that’s about to be destroyed,” Larrain says. “So it’s as fragile and as strong as possible. It lives in both extremes. That’s why it’s so moving. I hear a voice that’s about to be broken, but it doesn’t.” In Callas’ less perfect moments singing in the film, Larrain fuses archival recordings of Callas with Jolie’s own voice. Some mix of the two runs throughout “Maria.” “Early in the process,” Jolie says, “I discovered that you can’t fake-sing opera.” Jolie has said she never sang before, not even karaoke. But the experience has left her with a newfound appreciation of opera and its healing properties. “I wonder if it’s something you lean into as you get older,” Jolie says. “Maybe your depth of pain is bigger, your depth of loss is bigger, and that sound in opera meets that, the enormity of it.” If Larrain’s approach to “Maria” is predicated on an unknowingness, he’s inclined to say something similar about his star. “Because of media and social media, some people might think that they know a lot about Angelina,” he says. “Maria, I read nine biographies of her. I saw everything. I read every interview. I made this movie. But I don’t think I would be capable of telling you who she was us. So if there’s an element in common, it’s that. They carry an enormous amount of mystery. Even if you think that you know them, you don’t.” Whether “Maria” means more acting in the future for Jolie, she’s not sure. “There’s not a clear map,” she says. Besides, Jolie isn’t quite ready to shake Callas. “When you play a real person, you feel at some point that they become your friend,” says Jolie. “Right now, it’s still a little personal. It’s funny, I’ll be at a premiere or I’ll walk into a room and someone will start blaring her music for fun, but I have this crazy internal sense memory of dropping to my knees and crying.”Elon Musk says he’ll use AI to ‘make games great again’ after anti-woke tirade
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