Item 1.01 Entry into a Material Definitive Agreement.
“Company”) investment in a student housing complex,
a direct, wholly-owned subsidiary of the Company (“ARF”) entered into guaranties
related to a
the Company has a membership interest. Pursuant to the Guaranty Agreement, dated
the “Guarantors”) for the benefit of
“Lender”), the Guarantors provided limited (“bad boy”) guaranties to the Lender
pursuant to the
Drive East, LLC
Lender (“Loan Agreement”) until the earlier of the payment in full of the
indebtedness or the date of a sale of the property pursuant to a foreclosure of
the mortgage or deed or other transfer in lieu of foreclosure is accepted by the
Agreement for the benefit of the Lender to guaranty the timely completion of the
project in accordance with the Loan Agreement, as well as a Carry Guaranty
Agreement, for the benefit of the Lender to guaranty the prompt and
unconditional payment by Borrower of all customary or necessary costs and
expenses incurred in connection with the operation, maintenance and management
of the property and an Environmental Indemnity Agreement jointly and severally
in favor of the Lender whereby the Guarantors serving as Indemnitors provided
environmental representations and warranties, covenants and indemnification
(collectively the “Guaranties”). The Guaranties include certain financial
covenants required of ARF, including required net worth and liquidity
The foregoing description of the Guaranty Agreement, the Completion Guaranty
Agreement, the Carry Guaranty Agreement and the Environmental Indemnity
Agreement are only summaries, do not purport to be complete and are qualified in
their entirety by reference to the full text of such agreements, which are filed
as Exhibits 10.1, 10.2, 10.3 and 10.4 hereto and are incorporated herein by
Item 9.01 Financial Statements and Exhibits.
Exhibit No. 10.1 Guaranty Agreement executed
January 24, 2023by Jason Pollack, Frank Dellaglioand ACRES Realty Funding, Inc.for the benefit of Oceanview Life and Annuity Company10.2 Completion Guaranty Agreement executed January 24, 2023by Jason Pollack, Frank Dellaglioand ACRES Realty Funding, Inc.for the benefit of Oceanview Life and Annuity Company10.3 Carry Guaranty Agreement executed January 24, 2023by Jason Pollack, Frank Dellaglioand ACRES Realty Funding, Inc.for the benefit of Oceanview Life and Annuity Company10.4 Environmental Indemnity Agreement executed January 24, 2023by Jason Pollack, Frank Dellaglioand ACRES Realty Funding, Inc.in favor of Oceanview Life and Annuity Company104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
© Edgar Online, source
Five Star Bank’s
Larry Alampihas over 20 years of banking experience and serves as Commercial and Industrial Banker, assisting companies with their depository and borrowing needs. He previously worked at HSBC, First Niagara and KeyBank, and most recently served as Business Development Manager for CH Insurance. A graduate of Le Moyne College, he is also a loan committee member of the Greater Syracuse Business Development Corp. Thomas Breed, who has more than 30 years of local banking experience, serves as Commercial and Industrial Banker, assisting companies with all of their depository and borrowing needs. He previously worked for KeyBank, First Niagara, Citizens Bankand JP Morgan Chase Bankand is a graduate of Syracuse University. Andrew Marchserves as Commercial Real Estate Banker. The 34-year banking veteran joined Five Star from Solvay Bank and spent the majority of his career in the Central New Yorkbanking space at institutions including Berkshire Bank, M&T Bank, KeyBank, Community Bankand more. He is a graduate of Clarkson University. Sara Smithserves as a Senior Portfolio Manager for the team, handling the service needs of commercial clients throughout Central New Yorkand beyond. Smith, who previously worked at First Niagara and KeyBank, is a graduate of SUNY Oswegoand the class of 2016 of Leadership Greater Syracuse.
“As part of Five Star Bank’s continued growth and evolution, we’ve expanded beyond our historic rural Upstate New York footprint to serve metros like
Chief Commercial Banking Officer
For additional information contact:
W. Jack Plants II
Chief Financial Officer and Treasurer
2023 GlobeNewswire, Inc., source
New Zealand faces an economic hangover in 2023 – we’re just not sure how bad it will be yet.
We are, as new BNZ chief economist Mike Jones puts it, “well into the hangover phase of the economic cycle”.
To stretch the metaphor a bit further, we’re awake, we’re feeling queasy and we know
The common shares will be issued quarterly and will be subject to a four-month and one-day hold period commencing upon the date of issuance. Under the Shares for Services Agreements, the deemed price per common share to be issued will be no less than the volume weighted average closing price of the Company’s common shares on the last three trading days of each quarter, provided that in any event, the price will not be lower than the discount permitted under applicable
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to.” Forward-looking statements contained in this press release may include statements regarding the timing and pricing of the common share issuances. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: regulatory approvals, obtaining the requisite disinterested shareholder approval, market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
To learn more about
ON BEHALF OF THE BOARD OF RIO2 LIMITED
Tel: +51 99279 4655
Tel: +1 604 762 4720
2023 GlobeNewswire, Inc., source
Gunze Medical is a leading distributor of products used in a wide range of wound and surgical settings, including bioabsorbable devices and materials, such as sutures and sheet products. The company has a team of over 90 sales representatives and clinical support staff nationwide, as well as strong existing clinician relationships.
We are delighted to join forces with the Gunze Medical team to bring EPIFIX to
Since receiving regulatory approval, the Company has collaborated with local physician societies, including the
‘We have been working to create commercial momentum in
EPIFIX offers a proven treatment option for patients dealing with chronic wounds, and we are proud to partner with
EPIFIX is a PURION processed placental tissue allograft that supports the healing cascade by providing a semi-permeable, protective barrier over wounds. The product protects the wound bed to aid in the development of granulation tissue and provides a human biocompatible extracellular matrix that retains 300+ regulatory proteins.
Gunze was founded in
The Medical Device business, established in 1985, has a substantial footprint in over 35 countries. Its head office and manufacturing facility are located in
MIMEDX Safe Harbor Statement
Some of the information and statements contained in this press release and certain oral statements made from time to time by representatives of
David Sharma failed to lodge nearly $100,000 in bond payments while operating a property management company. Photo / Supplied
A disgraced property manager failed to lodge $100,000 in bond money to Tenancy Services and instead sunk the money into his own business.
David Sharma appeared before the Real Estate Agents Disciplinary Tribunal last month facing a charge of misconduct (disgraceful conduct) brought against him by the Complaints Assessment Committee.
It was in relation to his failure to lodge 49 bond payments, totaling $92,210, between the period of 2012 to 2018.
Sharma, who has a history of misconduct within the industry, instead used the money within his property management business.
Tenants are required to pay a bond – usually to the value of two to four weeks’ rent – which is held by Tenancy Services in the event they damage the property or leave before their contract ends. Once they’ve exited the property and filled their contractual obligations, their bond money is returned to them.
Sharma was a director and shareholder of Property Management Out West Limited, a property management company trading as Ray White Henderson. He ran the business through a franchise arrangement with Ray White New Zealand (Ray White).
As part of his business, Sharma, who is no longer a licensed real estate agent, collected rental bond payments from tenants in connection with the management of properties. By law, he was required to forward those bond payments to Tenancy Services.
Following Sharma’s hearing, which he attended via audio-visual link from his bed at the rest home where he is currently residing, the tribunal released its decision in which it upheld the charge.
It said Sharma had accepted the charge and apologised for his actions, saying “mistakes were made”.
The ruling said Sharma’s misconduct came to light in 2018 when he advised Ray White he intended to close his business and terminate the franchise agreement as he was going into voluntary liquidation. He reportedly owed creditors around $1 million.
Shortly after, multiple tenants and landlords contacted Ray White raising issues about the company’s failure to lodge bond payments with Tenancy Services.
Eventually, a liquidator was employed to conduct a forensic audit, and the police and Real Estate Agents Authority were notified.
However, the police abandoned its investigation in 2020, the decision stated.
At the time, the liquidator estimated around 12 tenancy bonds hadn’t been lodged. But according to the tribunal’s decision, that figure eventually ballooned to 49.
Ray White ended up paying the money that was owed from their own pocket – hoping to recoup it from Sharma following an investigation.
During the hearing, the tribunal heard from a number of witnesses, including another property manager at Sharma’s business, who said she became aware some bonds hadn’t been lodged when a number of tenants moved out and submitted a bond refund form.
The missing payments were raised with Sharma who would then authorise the accounts staff to belatedly lodge the bond money with Tenancy Services or to pay it to the tenant directly. The woman said this happened a lot.
Another woman, who had worked for Sharma in accounts, told the tribunal that after bond payments had been received by a tenant or landlord a separate cheque was then sent to Tenancy Services.
However, Sharma was the only one who issued the cheques and the only one with access to the company’s bank accounts.
The tribunal heard that during the investigation period, Sharma acknowledged he was responsible for lodging the bonds.
While initially denying the allegations, claiming his paperwork had not been in order and that the bonds had been kept in a folder and lodged many years later, he eventually accepted that he had failed to place $92,210 worth of payments with Tenancy Services.
He said mistakes were made and apologised for the stress caused to all, including his family.
“If he had the chance, he would get in touch with the others and apologise,” the decision stated.
However, the tribunal described Sharma’s conduct as disgraceful.
“It is self-evident that what is effectively the theft of just over $92,000 in almost 50 transactions is a marked and serious departure from the expected standard of a professional real estate agent, which would be regarded by agents of good standing and by reasonable members of the public, as disgraceful.”
The penalty orders will be determined on the papers.
This was not the first time Sharma has found himself in hot water for his professional conduct.
In 2014, he was reprimanded by the Real Estate Authority for failing to notify potential buyers of a property that there was meth contamination above recommended health levels.
Earlier in 2013, the authority found Sharma had engaged in unsatisfactory conduct in the promotion of another property he was tasked with selling.
And in 2010, Sharma was the subject of an Employment Relations Authority decision after telling an employee to “show him her nipples” and told her to “f*** off and don’t come back”.
Click for Danish
The car subscription company :Dribe has just entered into a partnership agreement with leading esports organization Astralis. The collaboration with Astralis is announced in continuation of Dribe’s announcement of expansion to the rest of Europe, as the future alternative to owning or leasing a car.
Marketing manager for Dribe, Niels Kiel says about the new strategic partnership with Astralis:
– I am very much looking forward to our collaboration. Astralis and :Dribe have common values and are both born digital. It is an interesting partnership for us, because Astralis has paved the way in esports, not only in Denmark, but has also contributed to professionalization internationally. This is the journey that :Dribe faces and our goal is to set the tone in Europe by car, says Niels Kiel and continues:
– I look forward to building a strong partnership, and I have high expectations for the reach Astralis can give us with their large, loyal fan base. There is no doubt that esports in general is facing further growth and reach, of which Astralis will be a central part, says Kiel.
:Dribe and Astralis on Denmark tour
The agreement has entered into force and already before the announcement of the partnership, the first major joint effort was put in place when :Dribe provided the transportation of Astralis’ large fan-tour around Denmark.
Kasper Sindt, commercial director at Astralis, says:
– After a dialogue with :Dribe about the goal of hitting a target audience that is digitally native, we had no doubt about the match. Astralis will help with digital activation and conversely, we have already used :Dribe’s service when we drove around the country with our Counter-Strike players.
– We will make much more use of this in the future, both when it comes to our team and other activities, and we are extremely happy with the trust that :Dribe shows us with the collaboration, which has both a delivery and a purely commercial leg, explains Sindt.
:Dribe has a new franchise concept that will now establish the Danish car subscription model in Europe in the coming years. There are over 280 million cars in Europe and the scaling of Dribe takes place via a franchise model and in the meantime :Dribe continues the development of its digital platform to ensure that the company is also highly competitive in the future. The franchise concept is already in use in Denmark, where :Dribe has chosen Semler Mobility as its first partner.
– One of the many points of similarity that became particularly clear in our dialogue is the passion and dedication of both companies’ employees. That :Dribe now has a complete digital mobility platform, which ensures that we can scale the car subscription without compromising on the high demands we place on the customer’s experience – this is solely due to the efforts of my talented and passionate colleagues over the past years , says Niels Kiel.
Alexander Hatlestad, the Senior Vice President of Operations, gives us an insight into what 5000+ flight hours have given Nordic Unmanned in terms of experience, and what is needed to unlock more of the commercial market.
As Senior Vice President of Operations in Nordic Unmanned, I have the overall responsibility for all flight operations, ranging from lightweight systems that fly line-of-sight, to heavy systems with a range of several hundred kilometers! The systems in our catalog are all different: Our drones perform a range of operations like surveillance, delivery of goods, search and rescue, emission monitoring, and more.
In many ways our day-to-day operations are groundbreaking. Earlier this year, we operated between two states’ airspaces at the same time. This is very it’s exciting because very few companies have what our team does. We can’t look to anyone else for inspiration – this is new territory!
In the summer we created a brand-new business unit at Nordic Unmanned: Nordun. Get ready for a long description: This is the world’s first fully integrated BVLOS (Beyond Visual Line of Sight) drone as a service pure-play business unit, incorporating all functions required to operate complex drone missions with advanced platforms and sensors.
“We created Nordun because we became more alike an airline company. We want to let our operational staff do what they do best, which is conducting operations. Nordun is a full-fledged business unit focused on keeping operations running smoothly and efficiently from the planning phase, all the way through to the end reports, with service quality as its top priority.”
Alexander Hatlestad, Senior Vice President of Operations
Many of our operational crew are certified technicians and pilots that come from the manned industry. They receive training on our drone systems to prepare them for their move into an entirely new field – unmanned aviation! These people also transfer the safety culture, which is well-established in manned aviation. This is crucial because it helps us maintain what has been a success factor for many years: A culture based on safety and professionalism.
Our ability to be on top of the latest rules and regulations has given us an advantage. Nordic Unmanned was number two in Europe to get the Light UAS operator Certificate (LUC) and the first operator to get approval for more than one system. This certificate is the most important tool we have. To be able to self-authorize operations for multiple systems has created a breakthrough for us within the current regulations, and it has given us the ability to scale our BVLOS operations. We are now able to bring this experience into new markets, such as the USA, where BVLOS operations are not as common.
We have a tremendous track record with long-range drone operations. With +5000 flight hours, it is reassuring for clients to know that we are an experienced operator, especially in maritime environments and in sparsely populated areas. When systems and operators become mature enough to be certified to operate over populated areas, we will see immense growth in the commercial market, because you can offer brand-new services and be available to a whole new group of customers. We look at this market development with incredible excitement.
The big future trends of drone operations:
Integration between manned and unmanned aviation
Drone operations will be in the same airspace as manned aviation and gradually go from only being able to only fly over sparsely populated areas, to being able to fly over populated areas as well.
Centralisation of operations
Pilots will have a centralised location where they can control multiple drones. This means that the number of staff needed on-site goes down, which also reduces travel costs. This allows pilots to operate more flights at one time resulting in lower prices per flight hour for the customer.
Shared drone operations
In the future, we will see more share drone operations between countries. Multiple countries collaborating on the same operations gives more data at a lower cost. Additionally, the ability to fly in different airspaces has become important to our customers because it shows we are not limited to regional borders during an operations
Future challenges for the drone industry:
The success of the drone industry is dependent on the synergies between these four stakeholders:
- The manufacturers that build the drones (OEMs).
- The regulators who organize the frameworks.
- The operators who are operating the equipment according to the regulations.
- The customers, which decide which services and products are worth the investment.
Certifications and regulations are still in development, and before a standard regulation is in place, it’s difficult for OEMs to make something that is according to a certification standard. This means operators must constantly evolve and develop procedures to match the available equipment with the client’s wishes and regulators’ rules. The OEMs and the operators must therefore be aligned to succeed. Therefore, an open dialogue between these four parties is crucial.
To ensure that drones remain a relevant and sustainable alternative in the years to come, the whole industry must use the forums available to drive development as fast as possible, enabling us to unlock a bigger part of the market. Some forums already address these topics, such as the Safety Summit, between Nordic Unmanned and Avinor, the UNC, organized by UAS Norway, and other international forums.
To unlock more of the commercial market, we need to:
- Have systems and operators certified to fly over populated areas
- Create synergies between OEMs, operators. regulators and customers to achieve these certifications.
- Centralise drone operations, which will lead to lower costs
- Integration between manned and unmanned aviation in the same airspace
- Educate customers on the possibilities and limitations of drones.
- Use the available forums to drive development as fast as possible forward and keep drones a relevant and sustainable alternative for the future.
Vancouver, BC, November 16th, 2022 – NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD, OTC: NEWDF, FSE: M4K-FF) (“Newfoundland Discovery” or the “Company”) is pleased to announce that, further to its news release dated October 4, 2022, the Company has entered into a definitive and assignment agreement (the “Agreement”) whereby the Company has granted LI2O Pty Ltd. (“LI2O”), an Australian company, the right to acquire a 100% interest in the Chubb Lithium Property, consisting of thirty-five (35) mineral claims comprising approximately 1,509 hectares, located in Quebec, Canada (the “Property”);
Under the terms of the Agreement, LI2O may acquire a 100% interest in the Property by paying the Company C$500,000 and issuing such amount of shares having a value of C$1,200,000 in a company listed on the Australian Securities Exchange (“ASX”), using the Volume Weighted Average Price over the five (5) days prior to closing. In addition, LI2O must pay the Company C$10,000 every thirty days until closing occurs, which aggregate amount shall be deducted from the consideration payment. Closing shall occur no later than February 7, 2023 and shall be subject to LI2O entering into some form of merger or acquisition agreement with an ASX listed company.
About Newfoundland Discovery Corp.
Newfoundland Discovery is a Canadian junior mining exploration company focused on exploration and development along the Detour Gold trend in Quebec and the Central Gold Belt in Newfoundland and Labrador. The Company is one of the largest mineral claim holders in the Detour trend and retains significant landholdings in Newfoundland.
On Behalf of the Board of Directors,
NEWFOUNDLAND DISCOVERY CORP.
President, CEO & Director
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Bags of cocaine seized as part of the operation. Photo / NZ Police
A major police operation has busted a record-breaking $38 million cocaine haul, with nearly 200kg of the drug allegedly smuggled into Auckland from South America with the help of a gang member.
The month-long investigation, dubbed Operation Depot, targeted a drug syndicate alleged to have imported 190kg of cocaine into New Zealand, hidden inside a boiler imported from Ecuador.
Seven people have now been charged with importation and possession for supply of cocaine, and participating in an organised criminal group, after a series of arrests during the past several days.
All were remanded in custody and granted interim name suppression after their appearances in the Auckland District Court this week, including a gang member. The cocaine importation charges carry a maximum sentence of life imprisonment.
Raids following the investigation by the Police National Organised Crime Group found enormous of the white powder at a commercial property in New Lynn.
The cocaine was allegedly hidden within pipes inside a large boiler originally exported from Ecuador.
Police allege 190kg of cocaine was extracted from the boiler. If proven by police, this would make the bust New Zealand’s largest single seizure haul of cocaine leading to arrests, the Herald understands.
Police say the cocaine seized so far is worth up to $38m on the street.
“This was a very sophisticated method of concealment with excellent collaboration of border authorities, which was key to identifying and flagging this import as suspicious,” detective inspector Paul Newman said.
Court documents viewed by the Herald show the date of the alleged importation of the Ecuadorian heavy machinery to New Lynn in West Auckland was October 3.
The search warrants were executed during the past few days at a several homes across Auckland, the culmination of a month-long investigation, police said.
Those arrested are listed in court documents as living at a range of properties in central and south Auckland. The accused range in age from 21 to 37.
Newman said the seizure is a significant find for both police and Customs.
“Organised crime groups are investing increasingly large amounts of money and resources to conceal drugs as they come across the border,” he said.
Police are not ruling out further seizures or arrests.
Authorities are set to further deconstruct the boiler to establish the full extent and amount of cocaine concealed inside the machinery.
In March this year, Customs seized 700kg of cocaine in transit at Tauranga in a shipping container, but this did not lead to any arrests in New Zealand.
In 2016, a US man and a Mexican national were arrested and charged after 35kg was found concealed inside a Diamante horse head.
Ronald Wayne Cook Senior was jailed for 17 years and nine months, while Agustin Suarez-Juarez received 19 years and nine months.
Five of the men arrested this month, aged in their 20s and 30s and living across Auckland, appeared in court on Monday and were all granted interim name suppression.
Two of the men who applied for bail failed in their applications and were remanded in custody until early next year. Another two were remanded in custody until later this month while their lawyers prepare applications for electronically monitored bail.
A fifth man was remanded in custody by consent until Thursday.
Two additional men were scheduled to appear in court this afternoon on the same charges as the others.
Along with the drug and organised crime charges he faced an additional under the Search and Surveillance Act of failing to carry out obligations in regards to a computer system search.
He was granted interim name suppression by Judge Belinda Sellars.
His lawyer Tiffany Buckley, appearing on behalf of Ron Mansfield KC, sought and was granted leave to adjourn his application for bail until later this week. He was remanded in custody by consent until then.
The fifth man who appeared on Monday was in court again on Tuesday before Judge Sellars.
His lawyer Steven Lack did not seek ordinary bail but indicated he would be applying for electronically monitored bail.
Lack entered a not guilty plea for his client and elected trial by jury on all charges.
Lawyers for three other men have indicated on Monday they would also be pleading not guilty.
The seventh and final man to be charged in connection with the operation also appeared on Tuesday before Judge Sellars and was remanded in custody until Thursday.
He also received interim name suppression.