The Bank of Canada has unveiled its latest plastic bank notes this week — but documents show some people found one of the new bills too cartoonish and the other too old-fashioned.
The Bank of Canada has unveiled its latest plastic bank notes this week — but documents show some people found one of the new bills too cartoonish and the other too old-fashioned.
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2021) - Esstra Industries Inc. (TSXV: ESS) ("Esstra" or the "Company") is pleased to announce, subject to approval by the TSX Venture Exchange (the "Exchange"), that Mr. Greg Kuenzel has been appointed to the Board of Directors.Mr. Kuenzel is a Fellow of the Institute of Chartered Accountants in England & Wales with over 25 years of corporate and financial experience. He began his career providing audit and ...
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of Harvest Health & Recreation Inc. (OTC: HRVSF) to Trulieve Cannabis Corp. (OTC: TCNNF). Under the terms of the proposed transaction, shareholders of Harvest will receive 0.1170 shares of Trulieve for each share of Harvest that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed merger of Extraction Oil & Gas, Inc. (NasdaqGS: XOG) (the "Company") with Bonanza Creek Energy, Inc. (NYSE: BCEI). Under the terms of the proposed transaction, shareholders of Extraction will receive only 1.1711 shares of Bonanza for each share of Extraction that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of MSG Networks Inc. ("MSG") (NYSE: MSGN) to Madison Square Garden Entertainment Corp. ("Madison Square") (NYSE: MSGE). Under the terms of the proposed transaction, shareholders of MSG will receive only 0.172 shares of Madison Square for each share of MSG that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
A Michigan Republican known for challenging the results of the 2020 presidential election has turned his attention to those who fact-check the claims of public officials. State Rep. Matt Maddock this week introduced the “Fact Checker Registration Act," which would force journalists and others who perform fact checks to register with the state and insure themselves with a $1 million fidelity bond. The proposal, which critics argue would violate First Amendment protections for the press and free speech, appears unlikely to be a priority, even in a legislature controlled by his fellow Republicans.
QUEBEC — While political and business leaders across the country scramble to avoid a shutdown of Enbridge Inc.'s Line 5 pipeline, Quebec could be spared the most serious consequences if the oil stops flowing. Michigan Gov. Gretchen Whitmer, backed by environmentalists and Indigenous groups, says the pipeline that runs under Lake Huron and Lake Michigan is vulnerable to a catastrophic spill. She ordered the critical piece of energy infrastructure closed by May 12. Federal Natural Resources Minister Seamus O'Regan said in a recent statement “Line 5 does not just affect one province or one region — it supports our entire country." The Canadian government has filed a brief in connection with the legal dispute between Michigan and Enbridge. The Canadian and U.S. chambers of commerce have also joined forces with their counterparts in Ohio, Michigan and Wisconsin by filing a joint brief in court arguing against Whitmer's bid to shut down the cross-border pipeline. "It remains the safest, most efficient way to transport fuel to refineries and markets and is a reliable source of energy for Michigan, Ohio, Pennsylvania, Ontario and Quebec," O'Regan said, adding that close to half of Quebec’s fuel supply derives from that pipeline. But Suncor's refinery in Montreal and Valero's refinery in Lévis, Que., south of Quebec City, say they have contingency plans in place. And Pierre-Olivier Pineau, chair in energy sector management at HEC business school in Montreal, says Quebecers wouldn’t be seriously impacted if Line 5 were to close. “If there’s such a strong political reaction in Canada, it’s because to the contrary of Quebec, other provinces don’t have options,” Pineau said. Shutting down Line 5, Pineau explained, would be like going back in time. In 2015, before Enbridge received the authorization to operate their pipeline in Quebec, Valero and Suncor received crude oil by boat, rail or from the pipeline between Portland, Maine, and Montreal. If Line 5 is closed, then Quebec's refineries could be served by those three other options, he said. Suncor and Valero didn't want to give details about where they would look to fill the gap left by Line 5. Marina Binotto, spokeswoman for Valero, says the location of Lévis’s refinery along the St. Lawrence River is key when it comes to diversifying fuel suppliers. “We have access to a deepwater port, allowing us to be supplied by ships,” Binotto said. “It is always desirable to have flexibility in our sources and ways of supply.” Sneh Seetal, a spokeswoman for Suncor, said the company and its refinery in Montreal "have contingency plans in place, but as it’s commercially sensitive, I can’t provide specifics." But she added that places such as Eastern Canada, Michigan and neighbouring states might have to import refined fuel products to fill any gaps and "this will come at a cost." Quebec Energy Minister Jonatan Julien said in a statement on Tuesday the pipeline is a “crucial infrastructure” for the province and the government is in favour of keeping Line 5 in operation. Julien, however, also said Quebec “continues efforts to ensure the diversification of our sources of energy." Michigan's governor and Enbridge have agreed to mediation sessions but Enbridge won’t budge. The company says it won’t cease operations unless ordered by a court, arguing that the pipeline is running safely and reliably. An expert who studies the Great Lakes region disagrees. David Schwab, a research oceanographer at Michigan Technological University, has been studying the Great Lakes for the past 45 years. He pointed to a 2013 investigation by the National Wildlife Federation, which revealed that the 68-year-old pipeline, which runs beneath the Straits of Mackinac and carries 540,000 barrels per day of propane and crude oil, was unsupported and vulnerable to strong water currents. “What happened is over time, the sand, mud and certain sections of the pipeline have been washed away,” Schwab said in a recent interview. “If we were to try and build that pipeline today, would it even be allowed?” Schwab argues that the aging pipeline is a catastrophe waiting to happen if nothing is done. The researcher conducted more than 800 simulated spills in 2016, which he said indicated that depending on weather conditions and currents, the oil could reach Canadian shores. “The Straits of Mackinac is the worst place in the Great Lakes to have an oil spill,” Schwab said. “There are so many different places that the oil could go. It could go anywhere!” This report by The Canadian Press was first published on May 12, 2021. — with files from The Associated Press. Virginie Ann, The Canadian Press
An outside investigation into the death of a Black doctor while she battled COVID19 has found that the treatment she received at a suburban Indianapolis hospital did not contribute to her death, its parent organization said Wednesday.
Americans can begin applying for $50 off their monthly internet bill on Wednesday as part of an emergency government program to keep people connected during the pandemic. The $3.2 billion program is part of the $900 billion December pandemic-relief package. The government is increasing spending on broadband as the pandemic made stark that millions of Americans did not have access to, and could not afford, broadband at a time when jobs, school and health care was moving online. It's unclear how long the money will last but it's expected to be several months. Tens of millions of people are eligible, although the Federal Communications Commission, which is administering the program, did not specify a number. For example, your household is eligible if you receive food stamps, have a child in the free or reduced-price school lunch program, use Medicaid, or lost income during the pandemic and made $99,000 for single filers, or $198,000 for joint filers, or less. There are other eligibility requirements, too — see https://getemergencybroadband.org to find out if you qualify. The website, where people submit applications for the benefit, on Wednesday afternoon said the program was having “connectivity issues" due to “high demand.” Submitting an application resulted in an error message. A phone number for the program played a message saying there was a “high volume of calls” and to try back later. The FCC said it is working to resolve issues and increasing resources to meet demand for the program. The agency did not say how long the fix will take. You can get the discount even if you owe your phone or cable company money. That's important because some people have been barred from low-cost plans offered by internet service providers when they owed their service provider money. More than 800 cellphone and home-internet companies are participating, including AT&T, Charter, Comcast, T-Mobile and Verizon. People in tribal areas are eligible for up to $75 off their bill. There is also a $100 reimbursement for desktop computers, laptops or tablets — in that case, you must pay between $10 and $50 of the cost of the device yourself and buy it through your broadband provider. The discount could apply to a household's whole bill, or you can use it to trade up to a more expensive offering and your bill is partly covered. The Emergency Broadband Benefit is a more robust, although temporary, program to help people afford internet than Lifeline, the FCC's other affordability program, which subtracts only $9.25 a month from phone or internet bills. A household can use both the Lifeline and EBB programs. The Biden administration has proposed $100 billion to get Americans connected, and even before that, billions of dollars are going to improve internet access. The FCC on Tuesday approved a $7.2 billion program for schools and libraries to connect students in their homes. The Treasury Department is also setting up a $10 billion fund for improving internet connectivity. The money for both came from the $1.9 trillion March pandemic relief package. There has also been hundreds of billions more in general funds sent to states that could be spent on broadband access. Tali Arbel, The Associated Press
Chelsea slipped up in their push for a Champions League spot when they lost 1-0 at home to Arsenal in the Premier League on Wednesday with Emile Smith Rowe's first-half goal settling the London derby after a defensive mix-up by the hosts. The visitors capitalised on a wayward back pass by Chelsea's Jorginho to goalkeeper Kepa Arrizabalaga who scrambled back to palm it off the line. The ball fell to Pierre-Emerick Aubameyang who cut it back for Smith Rowe to score in the 16th minute.
BROOMFIELD, Colo., May 12, 2021 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) today announced Yvon Cariou has retired from the Company’s Board of Directors. Mr. Cariou, 75, was appointed to DMC’s board in 2006 and was the Company’s president and CEO from 2000 to 2013. He did not stand for reelection at today’s annual meeting of stockholders. Kevin Longe, president and CEO, said, “On behalf of the board of directors and the entire DMC family, I want to thank Yvon for his more than two decades of dedicated service to the Company and its stakeholders. We are extremely grateful for his many contributions, and wish him an enjoyable and rewarding retirement.” In anticipation of Mr. Cariou’s retirement, Ruth Dreessen was appointed to DMC’s board as an independent director in October 2020. About DMCDMC Global is a diversified holding company. Our innovative businesses provide differentiated products and services to niche industrial and commercial markets around the world. DMC’s objective is to identify well-run businesses and strong management teams and support them with long-term capital and strategic, legal, technology and operating resources. Our approach helps our portfolio companies grow core businesses, launch new initiatives, upgrade technologies and systems to support their long-term strategy, and make acquisitions that improve their competitive positions and expand their markets. DMC’s culture is to foster local innovation versus centralized control, and stand behind our businesses in ways that truly add value. Today, DMC’s portfolio consists of DynaEnergetics and NobelClad, which collectively address the energy, industrial processing and transportation markets. Based in Broomfield, Colorado, DMC trades on Nasdaq under the symbol “BOOM.” For more information, visit the Company’s website at: http://www.dmcglobal.com CONTACT:Geoff HighVice President of Investor Relations303-604-3924
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of Domtar (NYSE: UFS) to Paper Excellence. Under the terms of the proposed transaction, shareholders of Domtar will receive $55.50 in cash for each share of Domtar that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors communities, today reported its financial results for the first quarter ended March 31, 2021.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of Ferro Corporation (NYSE: FOE) to Prince International Corporation. Under the terms of the proposed transaction, shareholders of Ferro will receive only $22.00 in cash for each share of Ferro that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
MINNEAPOLIS, May 12, 2021 (GLOBE NEWSWIRE) -- Predictive Oncology Inc. (Nasdaq: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, today reported financial results for the quarter ended March 31, 2021 and provided an update on business activities. Q1 2021 Highlights: Net proceeds of $35.6 million from Private Placement, Registered Direct Offerings, and warrant exercises contributing to a cash and cash equivalents balance of $27.3 million on March 31, 2021 compared to $3.1 million for the same period in 2020.Total Stockholders’ Equity increased to $35.5 million from $2.6 million on December 31, 2020.Strengthened balance sheet by repayment in full of outstanding debt incurred in 2018 through 2020.Introduced J. Melville Engle, current chairman of the Board, as the Company’s new Chief Executive Officer.Signed contract with a large pharmaceutical company through subsidiary Soluble Biotech, to use Soluble Biotech’s proprietary protein formulation technology to improve the solubility and stability of a protein therapeutic destined for future clinical use.Initiated in-house drug repurposing project, focused on ovarian cancer, using subsidiary Helomics’ proprietary AI-driven, patient centric discovery platform (PeDAL™) to rapidly and cost-effectively profile panels of existing drugs against hundreds of patient cell lines, delivering both proof data for the PeDAL approach and valuable IP for the Company.Researchers from Helomics completed key sequencing milestones for ovarian cancer to help build AI-driven models of the disease. J. Melville Engle, the Company’s Chief Executive Officer, remarked, “The combination of equity transactions and retirement of our outstanding debt has brought substantially increased value to our shareholders this quarter, as total Stockholder’s Equity increased by nearly $33 million. The Company’s subsidiaries continue to create value for the Company in addition to compelling value propositions for our growing customer base as well. “Soluble Biotech’s contract with a large pharmaceutical company will allow the use of Soluble’s proprietary protein formulation technology to improve the solubility and stability of a protein therapeutic destined for future clinical use, which may also lead to strategic partnerships for other therapeutics currently being developed by the pharma company. “Following the integration of Quantitative Medicine’s novel active-learning Computational Research Engine (CoRE™) with Helomics’ proprietary TumorSpace™ knowledgebase of 150,000 tumor drug response profiles and the TruTumor™ patient primary tumor cell line assay, Helomics can now offer a revolutionary new AI-driven patient-centric drug discovery service to pharmaceutical companies which we believe will ultimately translate into lowered costs and enhanced ‘speed-to-patient’ for new therapies. Helomics also completed key sequencing milestones for ovarian cancer to help build AI-driven models of the disease, helping to further extend the Company’s clinical offering as it helps oncologists to individualize patient therapy. “Subsidiary TumorGenesis’ products aided researchers at a top-tier laboratory in Massachusetts to capture, culture, and identify how ovarian cancer cells ‘break through’ the protective lining in the abdomen, a valuable contribution in the understanding of how these cells migrate outside the abdominal cavity. The results of this research could represent several billion dollars in future revenue for biotech and pharma companies, underscoring the value of TumorGenesis’s services and product lines to our customers. “We are pleased with the direction the Company and its subsidiaries are moving, as we work to achieve our vision of leveraging our databases and Intellectual Property to fill the unmet market need of pharmaceutical companies to deliver more targeted approaches to therapy, increasing our value to these companies while all working together to improve patient outcomes.” Q1 2021 Financial results The Company recorded revenue of $280,317 for the quarter, compared to $294,943 for the same quarter in 2020. However, we also had fewer expenses, resulting in a loss per share of $0.11, compared to a loss of $0.93 in 2020. During the three months ended March 31, 2021 and 2020, all revenue was derived from the Skyline Medical business except for $1,989 and $15,130 in Helomics revenues, respectively and $14,075 during the three months ended March 31, 2021 in the Soluble reportable segment. The gross profit margin was approximately 65% in the three months ended March 31, 2021 compared to 69% in the prior year. Our margins decreased in the current year as costs were higher, which more than offset the revenue earned in the current period. Our (G&A) expenses increased by $442,301 for the three months ended March 31, 2021 compared to 2020. The increase was primarily due to an increase of severance and share-based compensation associated with the retirement of our previous CEO, increased depreciation due to newly acquired assets placed in service during the first quarter of 2021 and increased audit and related fees. However, these increases were offset by declines in expenses related to share-based compensation for awards made in 2020 and other share-based payments as well as lower franchise taxes. Operations expenses increased by $26,059 to $574,812 in the three months ended March 31, 2021 compared to 2020. The increase was primarily due to higher costs related to staff and higher AI computing costs. The Company continues to decrease sales and marketing expenses, dropping $149,768 to $114,641 in the three months ended March 31, 2021. Such expenses related almost exclusively to the Skyline Medical business. The decrease in 2021 was a direct result of the strategic decision focus on the precision medicine business and reduce the emphasis on expenditures in the Skyline Medical business. Net cash used in operating activities was $3,322,091 for the quarter, compared with net cash used of $2,972,981 in the first quarter of 2019, which increase was primarily due to the increase in cash used for working capital and the additional costs related to the Helomics and Soluble Biotech business. Cash flows used in investing activities were $393,121 for the three months ended March 31, 2021 and cash flows used in investing activities was $32,510 for the three months ended March 31, 2020, respectively. Net cash provided by financing activities was $30,336,287 and $5,910,903 for the three months ended March 31, 2021 and March 31, 2020, respectively. The cash provided in the three months ended March 31, 2021 was primarily due to proceeds from the issuance of common stock and warrant exercises and issuances related to various transactions, and proceeds from the issuance of common stock pursuant to the Company’s existing equity line agreement, all of which are discussed in the Company’s 10-Q filing with the Securities and Exchange Commission. About Predictive Oncology Inc. Predictive Oncology (NASDAQ: POAI) operates through three segments (Skyline, Helomics and Soluble Biotech), which contain four subsidiaries: Helomics, TumorGenesis, Skyline Medical and Soluble Biotech. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. TumorGenesis Inc. specializes in media that help cancer cells grow and retain their DNA/RNA and proteomic signatures, providing researchers with a tool to expand and study cancer cell types found in tumors of the blood and organ systems of all mammals, including humans. Skyline Medical markets its patented and FDA cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. Soluble Biotech is a provider of soluble and stable formulations for proteins including vaccines, antibodies, large and small proteins and protein complexes. Forward-Looking Statements:Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, factors discussed under the heading “Risk Factors” in our filings with the SEC. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements. PREDICTIVE ONCOLOGY INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) March 31, 2021 December 31,2020 (unaudited) (audited)ASSETS Current Assets: Cash $27,299,407 $678,332 Accounts Receivable 264,928 256,878 Inventories 292,824 289,535 Prepaid Expense and Other Assets 344,921 289,490 Total Current Assets 28,202,080 1,514,235 Fixed Assets, net 3,975,453 3,822,700 Intangibles, net 3,316,489 3,398,101 Lease Right-of-Use Assets 1,229,773 1,395,351 Other Long-Term Assets 116,257 116,257 Goodwill 2,813,792 2,813,792 Total Assets $39,653,844 $13,060,436 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $1,027,000 $1,372,070 Notes Payable – Net of Discounts of $0 and $244,830 - 4,431,925 Accrued Expenses 1,277,943 2,588,047 Derivative Liability 198,711 294,382 Deferred Revenue 154,195 53,028 Lease Liability 603,054 597,469 Total Current Liabilities 3,260,903 9,336,921 Lease Liability – Net of current portion 684,756 845,129 Other long-term liabilities 163,098 235,705 Total Liabilities 4,108,757 10,417,755 Stockholders’ Equity: Preferred Stock, 20,000,000 authorized inclusive of designated below Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 and 79,246 shares outstanding 792 792 Common Stock, $.01 par value, 100,000,000 shares authorized, 48,794,320 and 19,401,787 outstanding 487,944 198,048 Additional paid-in capital 147,328,172 110,826,949 Accumulated Deficit (112,271,821) (108,383,108) Total Stockholders' Equity 35,545,087 2,642,681 Total Liabilities and Stockholders' Equity $39,653,844 $13,060,436 PREDICTIVE ONCOLOGY INC.CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS(Unaudited) Three Months Ended March 31, 2021 2020Revenue $280,317 $294,943 Cost of goods sold 97,758 92,657 Gross margin 182,559 202,286 General and administrative expense 3,270,777 2,828,476 Operations expense 574,812 548,753 Sales and marketing expense 114,641 264,409 Total operating loss (3,777,671) (3,439,352)Other income 28,259 3 Other expense (234,972) (1,117,075)Gain on derivative instruments 95,671 27,107 Net loss $(3,888,713) $(4,529,317) Loss per common share - basic and diluted $(0.11) $(0.93) Weighted average shares used in computation - basic and diluted 36,513,300 4,866,328 Investor Relations Contact: Landon CapitalKeith Pinder(404) firstname.lastname@example.org
A global shortage of computer chips, along with a surge in demand during the pandemic, has driven up prices of home appliances. Guelph, Ont.,-based appliance company Danby said a shortage in supply can be seen in items such as freezers, microwaves, fridges and other appliances that use chips. "Believe it or not, there's almost no appliances made that doesn't have microchips," said Danby CEO Jim Estill. The chip shortage has exacerbated already inflated prices caused by increased demand during the pandemic from increased use and a rise in home renovations said Estill, noting that consumer spending during the pandemic has switched to goods from from services. "Everybody's cost is going up, so [producers and manufacturers are] increasing their prices to the retailers and the retailers are increasing the prices to the consumers," he said. However, most consumers don't know how much appliances cost and might not notice the price inflation, said Estill. "If I told you freezers [cost] $439, you'd check and make sure that all freezers are $439. So yeah, that's in line and you buy it, what you wouldn't know is last year it was $379," he said. The CEO noted that the microchip shortage has only impacted the industry fairly recently and has only started to ripple through the appliance supply chain. "The supply chain is as close to a year by the time you place your orders with suppliers and get your parts and make a product," he said. With the shortage of supply and the difficulty to meet increased demand, some people would end up substituting products, for example, buying smaller freezers in place of larger ones, Estill added. Meanwhile, Lowes Canada said the shortage mostly affects the supply of gas ranges in its stores. Spokeswoman Valérie Gonzalo said the situation varies depending on the level of complexity of the technology in products, adding that products that rely heavily on technology are more affected. The global chip shortage is also being felt by automakers and tech manufacturers, in some cases forcing a drop in production. The Retail Council of Canada wants to see appliance retailers receive similar support from the government as other industries experiencing an impact from the shortage, similar to the auto sector. The pandemic has made people realize that home appliances are much more essential than previously thought, said council president Diane Brisebois. "We're simply asking for fair (allocation) of the supply of those materials across industry sectors so we can ensure that Canadians are getting the products that they need when they need them," said Brisebois. Lowe's said some of its vendors were affected by the shortage, but it is well-positioned to meet inventory challenges. Product shortages have improved since last year, Gonzalo said, when the initial pandemic lockdown triggered a slowdown at production plants and created significant supply-chain shortages. This report by The Canadian Press was first published May 12, 2021. This story was produced with the financial assistance of the Facebook and Canadian Press News Fellowship. Denise Paglinawan, The Canadian Press
NASHVILLE, Tenn. (AP) — A conservative legal outfit filed a lawsuit Wednesday against President Joe Biden's administration for its prioritization of restaurants and bars owned by women and certain minorities in its COVID-19 relief package, arguing white men are being “pushed to the back of the line" for aid for their eateries. The lawsuit led by the Wisconsin Institute for Law & Liberty targets the period from May 3 until May 24 during which the $28.6 billion Restaurant Revitalization Fund will only process and fund requests from businesses owned by women; veterans; or socially and economically disadvantaged individuals. Eligibility opens broadly after that period. Biden has previously said that female-owned and minority-owned businesses have been disproportionately hurt by the COVID-19 economic crisis. The lawsuit filed in U.S. District Court in East Tennessee names U.S. Small Business Association Administrator Isabella Casillas Guzman as the defendant. The group sued on behalf of plaintiff Antonio Vitolo, owner of Jake’s Bar and Grill in Harriman, Tennessee. Vitolo applied immediately for aid on May 3, but doesn't qualify to receive aid yet because he is a white male, according to the lawsuit. The group argues the gender and race distinctions are unconstitutional and is seeking an immediate halt to payouts under the program until the government starts processing them on a first-come, first-served basis. “Given the limited pot of funds, this puts white male applicants at significant risk that, by the time their applications are processed, the money will be gone,” the lawsuit states. The program relies on a definition of "socially disadvantaged" that is limited to people “subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.” Groups presumed to be socially disadvantaged include: Black Americans, Hispanic Americans, Native Americans, including Alaska Natives and Native Hawaiians; Asian Pacific Americans; and Subcontinent Asian Americans. For the $28.6 billion program, the Small Business Administration announced Wednesday that women, veterans, and socially and economically disadvantaged business owners have applied for $29 billion through more than 147,000 applications. Payments totaling $2.7 billion have already been sent out to 21,000 restaurants, officials said. Beyond just the initial priority groups, the administration said it has received more than 266,000 applications total, representing more than $65 billion. Officials said the application portal will remain open because the administration still has potential money available for businesses with 2019 annual revenue of $50,000 or less. “The numbers show that we’ve been particularly successful at reaching the smallest restaurants and underserved communities that have struggled to access relief," said Guzman, the administrator, in a statement. The program extends to other similar types of businesses that meet a threshold for on-site eating and drinking, from bakeries to breweries. The U.S. Department of Justice and a Small Business Administration spokesperson did not immediately respond to requests for comment on the lawsuit. The lawsuit says Vitolo's wife is Hispanic and owns half of the restaurant, but he is not eligible yet for payment. The law says a business is required to have 51% ownership by someone in one of the priority groups to qualify for the early priority for aid. The Wisconsin Institute for Law & Liberty similarly has spearheaded a lawsuit against the Biden administration on behalf of white Midwestern farmers over another portion of the $1.9 trillion coronavirus relief package, alleging last month that they can't participate in a COVID-19 loan forgiveness program because they’re white. Under the Biden restaurant relief program, restaurants and bars can qualify for grants equal to their pandemic-related revenue losses, with a cap of $10 million per business and $5 million per location. The program has set aside $9.5 billion for the smallest restaurants and bars, and a third of the applications were filed by businesses with annual pre-pandemic revenues of less than $500,000. Jonathan Mattise, The Associated Press
WHY: Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Tarena International, Inc. (NASDAQ: TEDU) resulting from allegations that Tarena may have issued materially misleading business information to the investing public.
VIZIO CFO Adam Townsend to Participate in Needham 16th Annual Virtual Technology & Media Investor Conference
Westwater Resources Strengthens Senior Financial Management Team
Stack Capital Group Inc. ("Stack Capital") is pleased to announce that it has filed today a preliminary prospectus (the "Preliminary Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed public offering (the "Offering") of units of Stack Capital ("Units") at a price of $12.00 per Unit (the "Offering Price"). The Offering will be conducted on a best efforts basis by a syndicate of agents (the "Agents") bookrun by TD Securities Inc., RBC Capital Markets, and Scotiabank.