rivalry bet
Last season, the Los Angeles Chargers notched a rare win for the franchise in Foxborough, Mass. Another one Saturday will clinch a playoff berth. The Chargers blanked a lowly New England squad 6-0 in December 2023 to move to 2-12 all-time in Foxborough, including the postseason. The previous victory came in 2005 when the franchise was located in San Diego. Drew Brees was the team's quarterback and LaDainian Tomlinson was the NFL's best running back. In other words, wins in Foxborough have been tough to come by for the Chargers. All of that is ancient history to first-year coach Jim Harbaugh, who's expected the Chargers (9-6) to win at least 10 games this season. "We've still got games to win," Harbaugh told reporters. "Nine wins can get you in the playoffs but you need help. Ten wins, most years, can and this year I think it would. Eleven usually gets you in." Los Angeles currently fits in as the sixth seed in the AFC after beating the Broncos 34-27 on Dec. 19 to sweep this season's two-game series with Denver. After the Patriots, the Chargers close the regular season at the Las Vegas Raiders. Quarterback Justin Herbert has 18 touchdown passes against three interceptions, though two of the picks have come in the past two games. New England tight end Hunter Henry, who played alongside then-rookie Herbert in 2020 for the Chargers, is not surprised at Herbert's season-long efficiency. "He was killing it his rookie year, but just the growth that he's continued to have," Henry said. "He has all the tools, strong arm and makes every throw. He's mobile, he can extend plays, he can run. He just presents a lot of challenges for defense. He's a special, special player." The Patriots (3-12) have lost five straight games while breaking in rookie quarterback Drake Maye (14 touchdowns, 10 interceptions). Maye has thrown a touchdown pass in seven straight games to tie Jim Plunkett (1971) for the longest streak by a rookie in franchise history. He has completed 67.6 percent of his passes, just behind the rookie record set by Dak Prescott (67.8) of the Dallas Cowboys in 2016. But Maye also has thrown an interception in seven straight games as he learns on the fly. "Drake is a competitor, and he's always going to try to go out there and make plays," New England coach Jerod Mayo said. "I think just the way that he's played, how well he's played this year, oftentimes we forget that he's a rookie quarterback. Those are lessons learned. "I've been very upfront about this -- the intangible with Drake, besides his even demeanor, is he's learned from his mistakes, and I expect that to continue going forward." Regardless of the opposing quarterback's experience, the Chargers are not taking anything for granted. "It's a playoff game, no different than the last one, man," star pass rusher Khalil Mack said. "By any means necessary. We got to do everything we can to win the game." The Chargers could have running back J.K. Dobbins (knee) back after opening his 21-day practice window on Monday. He has missed the past four games. Dobbins was listed as limited Tuesday and Wednesday, practiced in full on Thursday and was deemed questionable to play. Fellow running back Gus Edwards (ankle), though, was limited for two days before not practicing Thursday and being ruled out. Offensive lineman Trey Pipkins III (hip) and linebacker Denzel Perryman (groin) will also miss Saturday's game, while defensive back Elijah Molden (knee) and tight ends Will Dissly (shoulder) and Hayden Hurst (illness) are questionable. The Patriots ruled out cornerback Marcus Jones (hip). Ten players are considered questionable, including safeties Kyle Dugger (ankle/quadriceps) and Jabrill Peppers (hamstring), center Ben Brown (concussion), leading tackler Jahlani Tavai (groin) and fellow linebacker Anfernee Jennings (knee). --Field Level MediaWESTLAKE, Ohio--(BUSINESS WIRE)--Dec 11, 2024-- Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2024. Sales were $744 million, a 4% increase compared to the prior year’s fourth quarter sales of $719 million. The increase in fourth quarter 2024 sales included the favorable 6% impact of acquisitions and favorable currency translation of 1%, offset by an organic sales decrease of 3%. Net income was $122 million, or earnings per diluted share of $2.12, compared to prior year’s fourth quarter net income of $128 million, or earnings per diluted share of $2.22. Adjusted net income was $160 million, an increase from prior year adjusted net income of $156 million. Fourth quarter 2024 adjusted earnings per diluted share were $2.78 compared to prior year adjusted earnings per diluted share of $2.71. EBITDA in the fourth quarter was $241 million, or 32% of sales, an increase of 4% compared to prior year EBITDA of $227 million, also at 32% of sales. Commenting on the Company’s fiscal 2024 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “I appreciate our team’s focus and commitment to our customers, which delivered results above our fourth quarter guidance expectations. Our Advanced Technology Solutions segment delivered year-over-year fourth quarter sales growth, as electronics demand continued to steadily improve at fiscal year-end. During the down electronics cycle, our ATS team holistically implemented the NBS Next growth framework, making them responsive to the needs of our customers while also delivering a strong incremental operating performance. Our industrial product lines performed well against record comparisons from prior year. I’m also pleased with the early integration of our Atrion Medical acquisition, which contributed positively to the quarter.” Fourth Quarter Segment Results Industrial Precision Solutions sales of $392 million decreased 3% compared to the prior year fourth quarter, driven by a 5% organic sales decrease, a favorable acquisition impact of 1%, and a favorable currency impact of 1%. The organic sales decrease, following record organic sales in prior year fourth quarter, was driven by our industrial coatings, polymer processing and precision agriculture product lines, partially offset by double-digit growth in nonwovens product lines. Operating profit was $126 million in the quarter, or 32% of sales, a decrease of 4% compared to the prior year operating profit. The decrease in operating profit was driven by lower sales. EBITDA in the quarter was $143 million, or 37% of sales, a 3% decrease from the prior year fourth quarter EBITDA of $148 million, which also was 37% of sales. Medical and Fluid Solutions sales of $200 million increased 19% compared to the prior year fourth quarter, driven primarily by the acquisition of Atrion, which offset an organic sales decrease of 3% and a favorable currency impact of 1%. The organic sales decrease was driven by softness in medical interventional solutions product lines, partially offset by modest growth in our medical fluid components and fluid solutions product lines. Operating profit totaled $44 million in the quarter, or 22% of sales, a decrease of 8% compared to the prior year operating profit. EBITDA in the quarter was $72 million, or 36% of sales, an increase versus the prior year fourth quarter EBITDA of $62 million, or 37% of sales. Advanced Technology Solutions sales of $152 million increased 5% compared to the prior year fourth quarter, driven by an organic sales increase of 4% and a favorable currency impact of 1%. The organic sales increase was driven by double-digit growth in select test and inspection product lines and modest growth in our electronics processing product lines. Operating profit totaled $33 million in the quarter, or 22% of sales, an increase of 6% compared to the prior year operating profit due to higher sales and improved profit margins. EBITDA in the quarter was $41 million, or 27% of sales, an increase from the prior year fourth quarter EBITDA of $35 million, or 24% of sales. Fiscal 2024 Full Year Results Sales for the fiscal year ended October 31, 2024, were a record $2.7 billion, an increase of 2% compared to the prior year. This sales growth was driven by a favorable acquisition impact of 5%, partially offset by a 3% decrease in organic volume. Net income was $467 million, or earnings per diluted share of $8.11, compared to prior year’s net income of $487 million, or earnings per diluted share of $8.46. Adjusted net income was $561 million, a decrease from prior year adjusted net income of $567 million. Adjusted earnings per diluted share were $9.73 compared to prior year adjusted earnings per diluted share of $9.85. EBITDA was $849 million, or 32% of sales, compared to prior year EBITDA of $819 million, or 31% of sales. Free cash flow for the full-year was $492 million, which was a conversion rate of 105% of net income. Reflecting on fiscal 2024, Mr. Nagarajan continued, “In 2021, we launched our Ascend strategy with the milestone of achieving $3 billion in annual sales and greater than 30% EBITDA margins by 2025. The strategy is delivering results and has ample runway to accelerate. Our diversified portfolio, built on our leadership in niche end markets with differentiated products, is delivering balanced results in the ever-changing macro environment. Our acquisition strategy is generating growth, and I am pleased with the integration and deployment of the NBS Next growth framework. We also continued to generate strong free cash flow in the year, allowing us to consistently reinvest in the business while returning cash to our shareholders.” Outlook Following four consecutive years of record-setting performance, we enter fiscal 2025 with approximately $580 million in backlog. Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we anticipate delivering sales in the range of $2,750 to $2,870 million in fiscal 2025. Full year fiscal 2025 adjusted earnings are forecasted in the range of $9.70 to $10.50 per diluted share. First quarter fiscal 2025 sales are forecasted in the range of $615 to $655 million with adjusted earnings in the range of $1.95 to $2.15 per diluted share. Commenting on fiscal 2025 guidance, Nagarajan said, “Considering the evolving global macro-environment, we are entering 2025 with a conservative viewpoint. The fiscal first quarter is seasonally Nordson’s weakest quarter due to the holiday and calendar year-end slowdowns and cautious customer spending. While we remain confident about the long-term growth drivers of our end markets, we are being prudent about our expectations for end market recovery timing, particularly for our electronics and agricultural product lines. Even in uncertain times, our team delivers operational excellence and strong cash flow due to our close-to-the-customer business model, diversified niche end markets, differentiated products and the NBS Next growth framework.” Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 12, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com . Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com . Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release. Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com , linkedin/Nordson , or www.facebook.com/nordson . View source version on businesswire.com : https://www.businesswire.com/news/home/20241211087016/en/ CONTACT: Lara Mahoney Vice President, Investor Relations & Corporate Communications 440.204.9985 Lara.Mahoney@nordson.com KEYWORD: OHIO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ELECTRONIC DESIGN AUTOMATION PACKAGING ENGINEERING SEMICONDUCTOR TECHNOLOGY MANUFACTURING OTHER MANUFACTURING SOURCE: Nordson Corporation Copyright Business Wire 2024. PUB: 12/11/2024 04:30 PM/DISC: 12/11/2024 04:32 PM http://www.businesswire.com/news/home/20241211087016/en
South Korean lawmakers impeached acting president Han Duck-soo on Friday, sinking the country even deeper into political crisis two weeks after his predecessor was suspended over a martial law declaration that shocked the world. Han, a career bureaucrat who was serving as prime minister, took over from President Yoon Suk Yeol on December 14 after parliament voted to impeach him on allegations of insurrection. Opposition MPs have now also stripped Han of his duties, arguing that he refused demands to complete Yoon's impeachment process and to bring him to justice. "I announce that Prime Minister Han Duck-soo's impeachment motion has passed. Out of the 192 lawmakers who voted, 192 voted to impeach," said National Assembly Speaker Woo Won-shik. Lawmakers from the ruling People's Power Party (PPP) loudly protested in parliament after the speaker said only a simple majority was required for impeachment to pass, instead of the two-thirds required to remove Yoon. PPP lawmakers began chanting angrily, with many rushing towards Woo, demanding that he resign. They did not take part in the vote. In addition to being the second impeachment of a head of state in just two weeks, Friday's vote was also South Korea's first impeachment of an acting president. PPP leader Kweon Seong-dong said after the vote that Han "must continue to lead state affairs without yielding to the opposition's passage of the impeachment motion". However, Han said in a statement that he "respects the parliament's decision" and would wait for the Constitutional Court's subsequent decision on whether to uphold it. Finance Minister Choi Sang-mok, who is now stepping into the roles of both acting president and prime minister, pledged to do all he can to end the political upheaval gripping his country. "Minimising governmental turmoil is of utmost importance at this moment," Choi said in an address shortly after his appointment as acting leader, adding that "the government will also dedicate all its efforts to overcoming this period of turmoil." Amid the ongoing crisis, South Korea's won touched a 16-year low against the US dollar on Friday, faring worse than in the immediate aftermath of Yoon's martial law declaration. COMMENTS Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see ourCLEMSON, S.C. (AP) — Clemson reserve guard Trent Howard will miss the 12th-ranked Tigers game with No. 16 South Carolina after tearing the ACL in his left knee at practice this week. Tigers coach Dabo Swinney announced Howard's injury Wednesday. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get any of our free email newsletters — news headlines, obituaries, sports, and more.
The condemnation came as the House of Lords debated regulations paving the way for a scheme which would require animal lovers on the British mainland to have documentation in order to visit Northern Ireland. Critics view the move as further evidence of Northern Ireland still having to follow EU rules post-Brexit and being treated differently from the rest of the UK – a major source of contention to the unionist community. The paperwork, which will be free to apply for, includes a declaration that the owner will not travel onwards to Ireland or another EU country with their pet or assistance dog. Animals will have to be microchipped and have their own individual pet travel document, which will be valid for its lifetime. Northern Ireland residents returning after a stay in Great Britain with their pet or assistance dog will not need a travel document. The scheme is being introduced under the Windsor Framework, a revised deal for Northern Ireland’s post-Brexit trading arrangements aimed at tackling issues caused by the protocol. Raising her concerns in Parliament, Baroness Hoey, a Northern Irish Brexit supporter and former Labour MP, said: “These regulations are in effect about a new aspect of the Irish Sea border that has not had expression until this point because of the grace periods.” She added: “The experience of visiting Northern Ireland with your pet dog or cat, or even a ferret, will be made to feel like a visit to a foreign country. Lady Hoey went on: “This could spell the end of holiday trips for pet owners from GB to NI and then on to the Republic, when they want to explore both Northern Ireland and the Republic. “If they have a pet passport, they will have renounced their right to go to the Republic. That makes the border more of an obstruction than having border control posts on it, because at least in that eventuality, you could still cross over it.” Rejecting claims it was a result of the UK leaving the EU, she said: “The reality is that this is happening precisely because Northern Ireland has not got Brexit. “As we say repeatedly, it is still subject to EU rules and the EU could change the rules overnight.” Former DUP deputy leader Lord Dodds of Duncairn said: “Every one of the statutory instruments that come forward under the Windsor Framework must be properly debated, because these laws are being brought forward to implement what a foreign jurisdiction has decided should be the law of the United Kingdom. “In the 21st century, we should not accept colonial rule. We abolished it elsewhere. We believe it should not be tolerated for one second. People should have the democratic right to decide their laws for themselves, in their interests.” He added: “The ridiculous part about this debate is that we are having to debate European laws regulating the movement of pet animals owned by British citizens between one part of the United Kingdom and another. That is an outrage.” Lord Dodds went on: “As I said, there will be hundreds, thousands more of these regulations, in all areas, affecting the daily lives of people in Northern Ireland. They all add up to a grievous assault on Northern Ireland’s constitutional position.” But former leader of the Social Democratic and Labour Party (SDLP) Baroness Ritchie of Downpatrick said: “I support the Windsor Framework because it is a necessary legal device to deal with the complexities that were presented to us in Ireland, north and south, on the issue of Brexit. “We need a pragmatic solution rather than choosing to have political contests and duels simply for the sake of them.” Introducing the regulations, environment minister Baroness Hayman of Ulloch said: “This scheme will simplify the requirements associated with moving pet dogs, cats and ferrets from Great Britain to Northern Ireland significantly. “It replaces single-use animal health certificates with a free-of-charge lifelong travel document and removes the need for costly pet health treatments. “Pet owners who travel frequently with their pets, or those who rely on the services of an assistance dog to travel independently, will benefit substantially from this change in approach.” However, she acknowledged the concerns raised by peers and promised to continue engagement with them.Pet passports for dogs, cats and ferrets to travel within UK ‘an outrage’
Israeli troops burn Gaza hospital after forcibly removing staff, patients: OfficialsThe Reform UK leader pushed back against reports suggesting that legal action would be the next step, saying he would make a decision in the next couple of days about his response if there is no apology for the “crazy conspiracy theory”. Mr Farage also said the party has “opened up our systems” to media outlets, including The Daily Telegraph and The Financial Times, in the interests of “full transparency to verify that our numbers are correct”. His remarks came after Conservative Party leader Kemi Badenoch accused Mr Farage of “fakery” in response to Reform claiming they had surpassed the Tories in signed-up members. Mrs Badenoch said Reform’s counter was “coded to tick up automatically”. A digital counter on the Reform website showed a membership tally before lunchtime on Boxing Day ticking past the 131,680 figure declared by the Conservative Party during its leadership election earlier this year. Mr Farage, on whether he was threatening legal action or not, told the PA news agency: “I haven’t threatened anything. I’ve just said that unless I get an apology, I will take some action. “I haven’t said whether it’s legal or anything.” He added: “All I’ve said is I want an apology. If I don’t get an apology, I will take action. “I will decide in the next couple of days what that is. So I’ve not specified what it is.” Mr Farage, on the move to make membership data available to media organisations, said: “We feel our arguments are fully validated. “She (Mrs Badenoch) has put out this crazy conspiracy theory and she needs to apologise.” The accusations of fraud and dishonesty made against me yesterday were disgraceful. Today we opened up our systems to The Telegraph, Spectator, Sky News & FT in the interests of full transparency to verify that our data is correct. I am now demanding @KemiBadenoch apologises. — Nigel Farage MP (@Nigel_Farage) December 27, 2024 On why Mrs Badenoch had reacted as she did, Mr Farage said: “I would imagine she was at home without anybody advising her and was just angry.” Mr Farage, in a statement issued on social media site X, also said: “The accusations of fraud and dishonesty made against me yesterday were disgraceful. “Today we opened up our systems to The Telegraph, Spectator, Sky News and FT in the interests of full transparency to verify that our data is correct. “I am now demanding Kemi Badenoch apologises.” A Conservative Party source claimed Mr Farage was “rattled” that his Boxing Day “publicity stunt is facing serious questions”. They added: “Like most normal people around the UK, Kemi is enjoying Christmas with her family and looking forward to taking on the challenges of renewing the Conservative Party in the New Year.” Mrs Badenoch, in a series of messages posted on X on Thursday, said: “Farage doesn’t understand the digital age. This kind of fakery gets found out pretty quickly, although not before many are fooled.” There were 131,680 Conservative members eligible to vote during the party’s leadership election to replace Rishi Sunak in the autumn. Mrs Badenoch claimed in her thread that “the Conservative Party has gained thousands of new members since the leadership election”. Elsewhere, Mr Farage described Elon Musk as a “bloody hero” and said he believes the US billionaire can help attract younger voters to Reform. Tech entrepreneur Mr Musk met Mr Farage earlier this month at Donald Trump’s Mar-a-Lago resort in Florida, amid rumours of a possible donation to either Mr Farage or Reform. Mr Farage told The Daily Telegraph newspaper: “The shades, the bomber jacket, the whole vibe. Elon makes us cool – Elon is a huge help to us with the young generation, and that will be the case going on and, frankly, that’s only just starting. “Reform only wins the next election if it gets the youth vote. The youth vote is the key. Of course, you need voters of all ages, but if you get a wave of youth enthusiasm you can change everything. “And I think we’re beginning to get into that zone – we were anyway, but Elon makes the whole task much, much easier. And the idea that politics can be cool, politics can be fun, politics can be real – Elon helps us with that mission enormously.”and will battle it out for €50 million-rated , while free agent has been linked with a return to France. Join us for the latest transfer news, gossip, and rumors from around the globe. TOP STORIES - - - TRENDING RUMORS - are open to letting captain leave the club but will demand a €50 million fee from any interested party, according to . The Frenchman is highly regarded by several European sides and could leave San Siro as early as this January. Hernández's current contract is set to expire in June 2026, meaning Milan have a narrow window in which they can command a large transfer fee for the player. With talks having stalled over a contract extension, and are now said to be considering a move for the 27-year-old. - are weighing-up an audacious move for free agent Paul Pogba, reports. The side are said to be big admirers of the midfielder, who is aiming to return to the national team in the future. As such, the 31-year-old is receptive to the idea of joining Marseille, which could provide Pogba with a platform to showcase his talents. However, the transfer has also been described as "difficult" by the outlet, with the 2018 winner's salary being one potential stumbling block. - are keeping a close eye on and could launch a bid for the Real Madrid youngster next summer, according to . The 19-year-old has found first-team minutes hard to come by since joining Real in 2023 from . While the Spanish giants have no intention of letting Güler go in January, a summer move in 2025 could materialize if he grows frustrated with his current situation. The international is under contract at Real Madrid until 2029. - , alongside several other top European clubs, are keeping tabs on defender , according to . Reds head coach Arne Slot is said to be a long-term admirer of the Dutchman, who joined Bologna from in 2023. The side have ruled out a January exit for their star defender, but the report says that a summer transfer in 2025 could be possible if Liverpool stump up a fee of at least €25m. Real Madrid and are also said to be monitoring Beukema's progress. - has completed a medical at and will soon join the Hungarian side on a one-year loan deal, according to . The former Liverpool midfielder has struggled massively since joining in the summer of 2023, playing just five games. A deal is now in place for Keïta to join the , which also includes a clause to make the transfer a permanent one at the end of his loan spell.The China Fund, Inc. Announces Date of Annual Meeting of Stockholders
The China Fund, Inc. Declares DistributionsCeltics host Pistons looking to avoid first back-to-back lossesTony Gallo to retire as Lorain County Chamber of Commerce president
BOSTON , Dec. 13, 2024 /PRNewswire/ -- The Board of Directors (the "Board") of The China Fund, Inc. (the "Fund") has declared a distribution in the amount of $0.1497 per share. The distribution is comprised entirely of ordinary income. The dividend will be payable on January 10, 2025 , to stockholders of record on December 30, 2024 , with an ex-dividend date of December 30, 2024 . The Fund has a Dividend Reinvestment and Cash Purchase Plan (the "Plan") in which each stockholder automatically participates, unless the stockholder instructs Computershare Trust Company, N.A. (the "Plan Agent"), in writing, to have all distributions, net of any applicable U.S. withholding tax, paid in cash. If the Fund's shares are trading at a premium to the net asset value ("NAV") per share of the Fund on the distribution payment date, the Plan provides that stockholders will be issued Fund shares valued at NAV. If the Fund's shares are trading at a discount to the NAV per share, stockholders will be issued shares of the Fund valued at market price. Stockholders will not be charged a fee in connection with the reinvestment of dividends or capital gains distributions. A stockholder may terminate his or her participation in the Plan by notifying the Plan Agent in writing at the address below. Stockholders who have questions regarding the distribution may contact EQ Fund Solutions, LLC at 1-888-CHN-CALL (246-2255). The Fund is a closed-end management investment company with the objective of seeking long-term capital appreciation by investing primarily in equity securities (i) of companies for which the principal securities trading market is in the People's Republic of China (" China "), or (ii) of companies for which the principal securities trading market is outside of China , or constituting direct equity investments in companies organized outside of China , that in both cases derive at least 50% of their revenues from goods and services sold or produced, or have at least 50% of their assets, in China . While the Fund is permitted to invest in direct equity investments of companies organized in China , it presently holds no such investments. The Fund's shares are listed on the New York Stock Exchange under the ticker symbol "CHN." The Fund's investment manager is Matthews International Capital Management, LLC. For more information regarding the Fund and the Fund's holdings, please call 1-888-CHN-CALL (246-2255) or visit the Fund's website at www.chinafundinc.com . For more information about the Plan or to terminate your participation in the Plan, please contact Computershare Trust Company, N.A. at c/o The China Fund, Inc. at P.O. Box 43078, Providence, Rhode Island 02940-3078, by telephone at 1-800-426-5523 or via the Internet at www.computershare.com/investor . View original content: https://www.prnewswire.com/news-releases/the-china-fund-inc-declares-distributions-302331625.html SOURCE The China Fund, Inc.TORONTO, ON / ACCESSWIRE / December 27, 2024 / SPETZ INC. (the "Company" or "Spetz") (CSE:SPTZ)(OTC Pink:DBKSF) is pleased to announce that it is arranging a private placement offering (the "Offering") of up to 5,000,000 Common Shares, at a price of $0.10 per share, for gross proceeds of up to $500,000. In addition, Spetz is proposing to settle an aggregate of $445,645.89 in accounts payable to arm's length parties by way of the issuance of 4,456,458 shares for debt at an issue price of 0.10 per share (the "Shares for Debt Transactions"), and is negotiating the restructuring of certain outstanding debt, in the aggregate principal amount of $1,017,673, consisting primarily of convertible debentures that have become due, as further described below (the "New Debentures"). The Company has been working on the foregoing initiatives for the past several weeks and believes that they are in the best interests of the Company. The Offering Spetz intends to close the Offering shortly. The proceeds from the Offering will be used for general working capital purposes and to seek additional business opportunities that will create value. Spetz does not anticipate any insider participation in the Offering, or the creation of a new insider or control person as a result of the closing of the Offering. No finder's fees or other compensation will be paid in connection with the Offering. Shares for Debt Transactions The Company is proposing to settle an aggregate of $445,645.89 of current payables to arm's length parties by the proposed issuance of a total of 4,456,458 shares, at an issue price of $0.10 per share. Spetz does not anticipate the creation of a new insider or control person as a result of the closing of the Shares for Debt Transactions. The closing of the Shares for Debt Transactions is anticipated to close concurrently with the Offering. New Debentures Spetz is working to issue new convertible debentures in the aggregate principal amount of $1,017,673, replacing primarily the principal amount of outstanding convertible debentures that have matured and are currently due and payable by Spetz. The principal amount of the new debentures would be convertible into units of the Company ("Units"), at a price per Unit of $0.20, with each Unit comprised of one (1) Common Share and one-half (1/2) of a common share purchase warrant ("Warrant"). Each whole Warrant would be exercisable for one Common Share, at a price of $0.40 per share, for a period of 24 months following the issuance of the Warrants. The New Debentures would be outstanding for a minimum of 18 months following the closing in order to allow Spetz to execute its business. Otherwise, the New Debentures would be unsecured obligations of the Company and bear interest at a rate of 12% per annum. Assuming conversion of the entire principal amount of the New Debentures, the Company would issue an aggregate of up to 5,088,365 Common Shares and up to 2,544,182 Warrants. The Company believes that the Offering, the Shares for Debt Transactions and the New Debentures are in the best interests of the Company, and the foregoing have been approved by the independent directors of the Company as well due to the fact that the completion of the proposed transactions, taken as a whole, would result in the issuance of more than 100% of the currently issued and outstanding Common Shares of Spetz, on a fully-diluted basis. Accordingly, as a result of the potential significant dilution of the Common Shares, the Company intends to issue the securities contemplated in the Offering, the Shares for Debt Transactions and the New Debentures without securityholder approval in reliance on the exceptions outlined in Section 4.6(2)(b) of CSE Policy 4, as the Company is in serious financial difficulty. The Company has explored several avenues to secure additional funding in order to continue ongoing operations and to service its outstanding debt obligations. To date, the Company has been unable to secure any such funding due to challenging capital markets conditions for venture issuers and the Company's current debt obligations. The Company recently secured some interim relief (see press release dated November 29, 2024) wherein the board of directors waived their compensation and the current holders of the outstanding secured debentures agreed to extend the maturity date from October 31, 2024 to December 31, 2024. The Company currently does not have sufficient funding to continue as a going concern, and therefore, if the proposed Offering, the Shares for Debt Transactions and the New Debentures are not completed, and no alternative arrangements are secured, there is significant doubt about the Company's ability to continue as a going concern. The Company's independent directors have also determined that the Offering, the Shares for Debt Transactions and the New Debentures are in the best interests of the Company and reasonable based on the Company's current financial circumstances in order keep the Company solvent. The Company's independent directors have determined that neither (i) seeking shareholder approval for the Offering, the Shares for Debt Transactions and the New Debentures nor (ii) a rights offering to existing securityholders on the same terms as the Offering would be feasible to complete, based on the Company's immediate liquidity requirements. All securities issued pursuant to the Offering, the Shares for Debt Transactions and the New Debentures will be subject to a statutory hold period expiring four months and one day after the closing of the Offering, the Shares for Debt Transactions and the New Debentures, respectively. Completion of the Offering, the Shares for Debt Transactions and the New Debentures is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange. None of the securities issued in the Offering, the Shares for Debt Transactions or the New Debentures will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful. About Spetz Inc. Spetz Inc. is a multinational technology company that operates Spetz, a global online, AI-powered marketplace platform that dynamically connects consumers to nearby top-rated service providers in around 30 seconds. Spetz is available in the USA, United Kingdom, Australia, and Israel. The Spetz vision is to reinvent how people around the world connect to services in their moment of need. Connecting them immediately with the top-matched service provider for any need, anytime, anywhere. Spetz Website: www.spetz.app Spetz Investor information: https://investor.spetz.app/ Company Contacts: Investor Relations Email: Investors@spetz.app Phone: 647-956-6033 NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATION SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Cautionary Note Regarding Forward-looking Statements Certain information herein constitutes "forward-looking information" as defined under Canadian securities laws, which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the Company. The words "plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved", or "continue" and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. SOURCE: Spetz Inc. View the original on accesswire.com
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