Revenue of $44.6M with $4M Adjusted EBITDA1 (6th Consecutive Positive Quarter) Historic Positive Cash Flow from Operations and Improved Gross Margins Approval of $51million direct loan from The Export-Import Bank of the United States expected to fund Electrovaya's lithium ion cell and battery manufacturing facility in Jamestown, New York Removal of Going Concern note in the financial statements due to improved financial performance TORONTO, ONTARIO / ACCESSWIRE / December 12, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today reported its financial results for the fourth quarter and fiscal year ended September 30, 2024 ("Q4 2024" & "FY 2024", respectively). All dollar amounts are in U.S. dollars unless otherwise noted. Financial Highlights: Revenue for FY 2024 was $44.6 million, compared to $44.1 million in the fiscal year ended September 30, 2023 ("FY 2023"). Gross margin was 30.7% in FY 2024, an improvement of 377 basis points compared to FY 2023. Battery system margins remained strong at 31.3% for the fiscal year. Adjusted EBITDA1 was $4.1 million, a significant improvement of $0.8 million compared to $3.3 million in FY 2023. Q4 2024 was the Company's sixth consecutive quarter of positive Adjusted EBITDA1. The Company generated positive cash from operating activities of $1.0 million for FY 2024, compared to cash used in operating activities of $5.2 million in FY2023, a significant improvement in operating cash flow of $6.2 million. Given the improved financial performance of the Company, management and the Company's auditors concluded that the going concern note in the company's financial statements is no longer required. Key Operational and Strategic Highlights - Q4 FY 2024 & Subsequent Events: Added New Global Construction Equipment OEM customer: The Company announced the receipt of its first purchase orders from a global Japanese-headquartered manufacturer of construction equipment. Electrovaya will be powering an electric excavator product line with an estimated scaled production start in 2026. The initial shipments are expected to be delivered in Q2 FY2025 to a manufacturing site in Japan. Sumitomo Corporation Power and Mobility is the trading company partner. Received Follow-On Orders from Global Aerospace & Defense Company: The Company announced repeat orders following significant validation testing for its high voltage battery systems from a Global Aerospace and Defense company. The Company believes that its products and technologies provide mission critical sectors, including defense applications, key competitive advantages due to inherent safety and performance benefits. Received Direct Loan Approval from Export-Import Bank of the United States: On November 14, 2024, the Company announced that it had secured approval for a direct loan in the amount of US$50.8 million from the Export-Import Bank of the United States ("EXIM") under the bank's "Make More in America" initiative. This financing is expected to fund Electrovaya's battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility. Electrovaya is currently in the process of finalizing loan documentation and terms with an anticipated funding date in CY Q1 2025. Continued Growth from Leading End-Customers: The Company recently announced new orders from its two largest end customers, including a Fortune 100 e-commerce company and a leading Fortune 500 retailer. These orders are significant due to both the renewed demand and in the case of the Fortune 500 retailer, an intention to revamp its significant existing warehouse infrastructure. Management Commentary: "Electrovaya, with its core technology advantages and proven performance, is poised to lead mission-critical and heavy-duty energy storage solutions," said Dr. Raj DasGupta, Electrovya's CEO. "With growing demand from existing and new customers, we expect robust growth in 2025 and onwards. This includes increasing revenue, enhancing profitability, and expanding domestic lithium-ion cell manufacturing in the U.S." "Reaching record revenue, achieving six consecutive quarters of positive adjusted EBITDA1, generating positive cash flow from operations, and removing the going concern note are pivotal milestones for Electrovaya," stated John Gibson, Electrovaya's CFO. "These achievements solidify our financial position and set the stage for anticipated revenue growth exceeding $60 million with profitability in Fiscal 2025, driven by strong demand from key end users. Finally, the approved $51 million direct loan by the Export-Import Bank of the United States will support building up additional domestic manufacturing capacity and vertical integration to support our anticipated growth beyond 2026. " Positive Financial Outlook & Fiscal 2025 Guidance: The Company anticipates strong growth into FY2025 with estimated revenues to exceed $60 million driven by renewed demand from the Company's largest end users of material handling batteries. This guidance considers its existing purchase orders, along with anticipated orders in its pipeline from key end users and customers. This guidance also takes into consideration a percentage of anticipated revenue that may be deferred to FY 2026 (please see Forward Looking Statements for further clarification). Selected Annual Financial Information for the Years ended September 30, 2024, 2023 and 2022: Results of Operations (Expressed in thousands of U.S. dollars) Summary Financial Position (Expressed in thousands of U.S. dollars) Cash flow statement (Expressed in thousands of U.S. dollars) Quarterly Results of Operations (Expressed in thousands of U.S. dollars) 1 Non-IFRS Measure: Adjusted EBITDA is defined as income/(loss) from operations, plus stock-based compensation costs and depreciation and amortization costs. Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. Management believes that certain investors and analysts use adjusted EBITDA to measure the performance of the business and is an accepted measure of financial performance in our industry. It is not a measure of financial performance under IFRS, and may not be defined and calculated in the same manner by other companies and should not be considered in isolation or as an alternative to IFRS measures. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is income (loss) from operations. The Company's complete Financial Statements and Management Discussion and Analysis for the fourth quarter and fiscal year ended September 30, 2024 are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov , as well as on the Company's website at www.electrovaya.com . Conference Call & Webcast details: Date: Thursday, December 12, 2024 Time: 5:00 pm. Eastern Standard Time (EST) Toll Free: 888-506-0062 International: 973-528-0011 Participant Access Code: 193374 Webcast: https://www.webcaster4.com/Webcast/Page/2975/49582 To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call. For those unable to participate in the conference call, a replay will be available for two weeks beginning on December 13, 2024 through December 27, 2024. To access the replay, the dial-in number is 877-481-4010 and 919-882-2331. The replay access ID is 49582. Investor and Media Contact: Jason Roy Director, Corporate Development and Investor Relations Electrovaya Inc. jroy@electrovaya.com 905-855-4618 Brett Maas Hayden IR elva@haydenir.com 646-536-7331 About Electrovaya Inc. Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications.Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown New York state for its planned gigafactory. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com . Forward-Looking Statements This press release contains forward-looking statements, including statements that relate to, among other things, revenue growth and revenue guidance of approximately $60 million in FY 2025, other financial projections, including projected sales, cost of sales, gross margin, working capital, cash flow, and overheads anticipated in FY 2025, the expected timing of deliveries of pre-production battery modules in Japan, anticipated cash needs and the Company's requirements for additional financing, purchase orders, mass production schedules, funding from EXIM and the ability to satisfy the conditions to drawing on any facility entered into with EXIM,, use of proceeds of the EXIM facility,, ability to deliver to customer requirements. Forward-looking statements can generally, but not always, be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward looking statements, and actual results may differ materially from those expressed or implied in such statements. In making the forward-looking statements included in this news release, the Company has made various material assumptions, including but not limited to assumptions with respect to the Company's customers deploying its products in accordance with communicated intentions, the Company's customers completing new distribution centres in accordance with communicated expectations, intentions and plans, anticipated new orders in FY 2025 based on customers' historical patterns and additional demand communicated to the Company and its partners, but not yet provided as a purchase order together with the Company's current firm purchase order backlog totaling approximately $80 million, a discount of approximately 25% used in the revenue modeling applied to the overall expected order pipeline to account for potential delays in customer orders, expected decreases in input and material costs combined with stable selling prices in FY 2025, delivery of ordered products on a basis consistent with past deliveries, and that the Company's customer counterparties will meet their production and demand growth targets, ]the Company's ability to successfully execute its plans and intentions, including with respect to the entry into new business segments and servicing existing customers, the availability to obtain financing on reasonable commercial terms, including any EXIM facility. Factors that could cause actual results to differ materially from expectations include but are not limited to customers not placing orders roughly in accordance with historical ordering patterns and communicated intentions, macroeconomic effects on the Company and its business, and on the lithium battery industry generally, not being able to obtain financing on reasonable commercial terms or at all, including not being able to satisfy any condition of drawdowns under any EXIM facility if entered into, that the Company's products will not perform as expected, supply and demand fundamentals for lithium-ion batteries, the risk of interest rate increases, persistent inflation in the United States and Canada and other macroeconomic challenges, the political, economic, and regulatory and business stability of, or otherwise affecting, the jurisdictions in which the Company operates, including new tariff regimes. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2023 under "Risk Factors", and in the Company's most recent annual and interim Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities and filed or furnished with the SEC.. The Company does not undertake any obligation to update publicly or to revise any of the forward looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. Revenue guidance for FY2025 described herein constitute future‐oriented financial information and financial outlooks (collectively, "FOFI"), and generally, is, without limitation, based on the assumptions and subject to the risks set out above under "Forward‐Looking Statements". Although management believes such assumption to be reasonable, a number of such assumptions are beyond the Company's control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management's current expectations and plans relating to the Company's future performance, and may not be appropriate for other purposes. The FOFI does not purport to present the Company's financial condition in accordance with IFRS, and it is expected that there may be differences between audited results and preliminary results, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such. SOURCE: Electrovaya Inc. View the original on accesswire.comThe Ministry of Defence recently issued a statement on the issue of medical pension for military personnel declared unfit for duty due to physical or mental disability. Minister of State for Defence Sanjay Seth addressed questions in the Lok Sabha on the updated measures taken by the government to ensure fairness and transparency in assessment of disability and grant of pension benefits. Updates in Pension Regulations In order to bring the Defence Disability Pension Rules in line with civilian standards, the government brought out Eligibility Rules for Accidental Pensionary Awards 2023 and Guide Medical Officers 2023. These regulations will seek to standardise the process of the Medical Board and ensure objective assessment. Also Read: India's GDP Growth Seen At 6.5% In FY25, FY26: EY Report Types of Pensions Offered The Ministry of Defence offers the following pensions to disabled military personnel: 1. War Injury Pension-For injuries sustained during operations. 2. Disability Pension-For disability sustained during service. 3. Invalid Pension/Gratuity - For disability other than service resulting in discharge. 4. Terminal Gratuity – for officers who cannot be granted pensionable service. Transparency Measures The Medical Board has three members, who adjudicate cases in the light of the RMSAF-2010 guidelines of the Armed Forces. Psychiatric assessments are more closely scrutinised by high-ranking officers to prevent false or biased reports. P ending Pension Cases Responding to concerns about personnel awaiting pension benefits, the Minister informed that pension is disbursed under the updated Eligibility Rules (ER) 2023, Pension Regulations for Army (PRA) 2008 and other relevant frameworks. These updates reflect the Ministry’s continued commitment to support disabled military personnel through streamlined processes and fair assessment. Also Read: Sanathan Textiles IPO Allotment Status: Know Steps To Check Shares Allotment Status On Kfin Technologies Website8 marketing strategies that drive successful M&A
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Pittsburgh Steelers free safety Minkah Fitzpatrick was fined $11,255 for a late hit after Isaiah Likely’s fumble in last Sunday’s 18-16 win over the Baltimore Ravens, according to the NFL’s operations page . Fitzpatrick and left guard Patrick Mekari were flagged for unsportsmanlike conduct on the play, for offsetting penalties, but only Fitzpatrick got fined. Minkah Fitzpatrick jumped into the pile at the conclusion of the play and got into a skirmish with Mekari. The league office must have thought that Fitzpatrick initiated it, hence why Mekari was not fined. The confrontation between Fitzpatrick and Mekari continued after Patrick Queen ran into the end zone to celebrate his force fumble and recovery. Members of both teams had to separate the two. This is the first time this year that the league has fined Fitzpatrick. Steelers S Minkah Fitzpatrik was fined $11,255 for this late hit on Ravens OL Patrick Mekari. pic.twitter.com/o7tFhj8Mot — Jonas Shaffer (@jonas_shaffer) November 23, 2024 Ravens All-Pro safety Kyle Hamilton also received a fine from last Sunday’s heated AFC North battle. He was docked $11,255 for taunting after a hit on Steelers running back Najee Harris . Hamilton stood right over Harris and was talking trash. He was not flagged on the play. Ravens S Kyle Hamilton was fined $11,255 for taunting after this hit on Steelers RB Najee Harris. pic.twitter.com/u7jrqGQM76 — Jonas Shaffer (@jonas_shaffer) November 23, 2024 The Steelers-Ravens game was an emotional and physical battle. Steelers right tackle Broderick Jones and even kicker Chris Boswell got into post-play skirmishes. That AFC North intensity continued in the Steelers’ Thursday night game against the Cleveland Browns. Steelers wide receiver George Pickens was involved in a fight with Cleveland Browns cornerback Greg Newsome II in the end zone after the final whistle in Thursday night’s 24-19 loss. A fan at Huntington Bank Field recorded the entire scene. Pickens and Newsome were going back and forth on the Hail Mary play and then got into a skirmish near the front row. The fight wasn’t captured during the broadcast, but Pickens was seen being held back by security near the stands. It will not be surprising if Pickens receives another fine from the league for his latest action. George Pickens fighting Greg Newsome during the Hail Mary LMFAO pic.twitter.com/1QT1sN1w5o — Clay Fink (@clay_fink) November 22, 2024 This article first appeared on Steelers Now and was syndicated with permission.Getting there: Coeur d’Alene Airport built a control tower from shipping containers
CHICAGO (WLS) -- The Chicago Automobile Trade Association (CATA), producer of the Chicago Auto Show, released the dates and plans for the 2025 event, which will be held Feb. 8-17 at McCormick Place. Showgoers can once again expect an engaging show with the latest new vehicles, outdoor ride-and-drives and indoor test tracks, including the return of Chicago Drives Electric, a one-stop-shop for electric vehicle ride-alongs and education, organizers said. "The Chicago Auto Show is a cherished winter tradition, and we can't wait to once again welcome attendees to experience the thrill of the latest technology and safety features of today's cars, trucks, and SUVs," Chicago Auto Show Chairwoman Kelly Webb Roberts said. "The vehicle offerings on the show floor are more diverse now than ever before. So, whether you're looking for a sporty sedan, full-sized family car, electrified vehicle, off-roading wheels, luxury ride or something in between, you will certainly find it at the show." The Chicago Drives Electric indoor EV test track will return, expanding from one track to two, providing attendees the opportunity to get inside the latest EVs to experience the power of electrified vehicles. In addition to the ride-alongs, consumers may visit the EV education hub to learn more about pressing EV topics including at-home charging, range anxiety, maintenance, and associated EV ownership costs. During the 2024 Chicago Auto Show , 71% of attendees who test drove or rode along in an EV at the show cited that their experience improved their opinion of owning an EV, and 53% of attendees who experienced an EV at the show said they were now more likely to purchase an electric vehicle, organizers said. "Based on the research, we learned that once people experience an EV, they feel more comfortable with the idea of owning one," Chicago Auto Show General Manager Jennifer Morand said. "We look forward to bringing this popular, educational and hands-on experience back indoors to the Chicago Auto Show. In 2025, attendees will encounter more brands and models added to two EV test tracks, allowing consumers to cross-shop and experience a wide range of EVs all in one location." The 2025 show is bringing back special themed days and events including: -Toyota Miles Per Hour Run on Sunday, Feb. 9: Runners can experience the auto show via a 2.4-mile loop inside McCormick Place before the event doors open to the public. - First Responders & Military Appreciation Day on Tuesday, Feb. 11: Present your badge or military ID for free entry. Guests that accompany first responders or military personnel on this day receive a voucher for $5 off adult admission. - Automotive Career Day on Wednesday, Feb. 12: Students of all ages are encouraged to come learn more about various careers within the automotive industry through a series of presentations and activations; special ticket price offered for advanced sales at $10 per ticket. - Chicago Auto Show Food Drive held Wednesday-Friday, Feb. 12-14: Bring three cans of food for A Safe Haven's Food Bank and get a $5 voucher off regular admission. - Chicago Friday Night Flights on Friday, Feb. 14: A one-of-a-kind indoor craft beer sampling event, along with full access to the show. New and exciting experiences at the 2025 show will include: - Overlanding Chicago is a space dedicated to overlanding and outdoor lifestyle. This new area on the show floor is expected to draw a unique crowd of show goers looking to explore a life outside the urban jungle with their vehicles. With a focus on the overlanding lifestyle, the space will feature manufacturer displays of specialty vehicles, upfitting vendors, off-road accessories, and much more. Plus, a dedicated space focusing on demonstrations, education, and specific product features. - Family Fun Zone is an exciting, dedicated area on the show floor designed for families and aimed at entertaining children aged 2-16. This safe and fun environment allows kids to enjoy themselves while being immersed in the auto show experience. - Exclusive VIP Tours of the show floor led in-person by the best and brightest in the automotive industry. Four specialty tours will be offered, allowing guests to find a tour that matches their preferred interests. The 60-minute tours will be focused on family vehicles, SUV and outdoor vehicles, electrified vehicles and auto enthusiasts. VIP tours will only be offered on Friday, Feb. 7, and will include an extended opportunity for an exclusive look at the show floor before it opens to the public. A limited number of tickets for the tours, each offered twice, will be available for pre-purchase at ChicagoAutoShow.com in the coming weeks. "The Chicago Auto Show is always designed with consumers at the heart of everything we do," Morand said. "From hands-on experiences to showcasing the most innovative advancements in the industry, the show is all about connecting people with the technology and vehicles that are shaping the future. This year's show is a testament to our commitment to delivering a dynamic and engaging experience for every attendee." The show's 2025 Media Preview will be held Feb. 6-7 and its black-tie charity gala, First Look for Charity, will be held the evening of Friday, Feb. 7 at McCormick Place. Since its inception, First Look for Charity has raised more than $63 million for local charities, positively impacting individuals in the Chicagoland community. Attendees can once again expect an evening of gourmet food, beverages, musical entertainment and even the chance to win a brand-new 2025 Chevrolet Equinox EV or a 2025 Hyundai Palisade, all while supporting those in need. Tickets and more information for First Look for Charity can be found at FirstLookforCharity.org . Tickets to the 2025 Chicago Auto Show are currently on sale at ChicagoAutoShow.com . The 2025 show runs Feb. 8-17 at McCormick Place and opens to the public daily at 10 a.m. Adult ticket prices are $17; seniors ages 62 and older are $12; children ages 4-12 are $12; kids 3 and younger are free. Show hours vary by day so please check the site for details. To purchase tickets or for more information, visit ChicagoAutoShow.com . First staged in 1901, the Chicago Auto Show is the nation's longest running auto exposition in North America. The show is produced by the Chicagoland's new-car dealer association, the Chicago Automobile Trade Association, which has staged the show since 1935. The 2025 public show is Feb. 8-17 at McCormick Place. For more information and the latest updates, visit ChicagoAutoShow.com . Founded in 1904 and located in Oakbrook Terrace, the Chicago Automobile Trade Association is comprised of more than 400 franchised new-car dealers and an additional 150 allied members. The group's dealer members employ about 19,000 people in the metropolitan area. The association has produced the world famous Chicago Auto Show since 1935. For more information, please visit www.CATA.info . The video in the player above features the 2024 auto show.On Tuesday, Dec. 10, The Business Journal hosted its 11th annual Best of Central Valley Business Awards dinner. Some of the Valley’s biggest names in business were in attendance at Pardini’s Catering to celebrate their achievements and be featured as one of the Valley’s top honorees, voted on by readers of The Business Journal. Today, The Business Journal highlights its professional services and business support award recipients. Congratulations to all winners. 1st Finalist: Mike Karbassi 2nd Finalist: Nathan Magsig Fresno Mayor Jerry Dyer has had a busy year capped off by readers voting him Best Elected Official for three years in a row. Dyer was re-elected as mayor in March, capturing over 81% of the vote for his second term. The mayor can tout some successes that resonated with voters, including addressing homelessness near freeways, graffiti, blight and lowering the crime rate. Dyer continues to spread his message of “One Fresno” to unify the city, and has also been a longtime advocate for the Downtown area. Just this October, he announced the start of infrastructure improvements to water and sewer systems in Downtown Fresno and Chinatown. Last month, Dyer visited the Persian Gulf country of Qatar to promote Fresno as a prime investment opportunity. The trip was funded by the Qatari Embassy. “They’ve already invested over $70 billion in the US, and I’m here to ensure they see Fresno as an excellent opportunity,” said Dyer. Dyer has also been active in bringing attention to the city’s Façade Improvement Program to enhance the public-facing side of small businesses. He has also been busy securing state funds to improve various facets of the city. Including $52.1 million in funding for improvements to local road and air transportation systems. 1st Finalist: Ratzlaff Tamberi & Wong 2nd Finalist: Moore, Grider & Co. Moss Adams LLP for the third year straight has been voted the best accounting firm in the Central Valley by Business Journal readers. “We’re always honored and humbled to be nominated for these kind of awards,” said Chris Morse, partner in charge at the Moss Adams Fresno branch. “I think it’s validation of all the hard work that the team puts in taking care of our clients, but also taking care of each other.” Founded in Seattle, Washington, Moss Adams got its start in the Valley in 2016 with a team of just 25 accountants, according to Morse. Today the Fresno branch alone has about 90 active accountants, each specialized in one or more industry groups. Going into the New Year, Morse said the Moss Adam team’s focus will be on the possible impacts of the “micro” and “macro” economy on their client base. “For us, it’s staying focused on our two main assets, which are our people and our clients, putting them at the forefront of our decisions,” Morse said. 1st Finalist: Fennemore Dowling Aaron 2nd Finalist: Baker Manock & Jensen Since 1951, McCormick Barstow LLP has grown to be one of the biggest law firms in the Central Valley with more than 80 attorneys working across three different states and representing clients in a variety of industries. For the 11th year in a row, McCormick Barstow LLP has secured its spot as Best Law Firm in the Central Valley. This accomplishment is thanks to the quality of not just the work that they do, but the quality of the lawyers they employ and a “client first” mentality, according to Dave McNamara, a partner with the firm. To McNamara, fostering a collaborative environment amongst the team, as well as mentoring younger lawyers, helps make the firm stronger and opens more doors for growth. “When I started with the firm, there were many people I could go to for mentoring,” said McNamara, who started with McCormick Barstow in 1987. “There’s always opportunities to learn and people have an open door policy, so here we get the benefit of learning, not only from your own mistakes, but those of your colleagues.” 1st Finalist: Jeffery Scott Agency 2nd Finalist: Cohen Communications This year marks many things for JP Marketing, including continuing their now 11-year streak as Business Journal readers’ best marketing agency in the Central Valley. “It’s an honor, and we’re so excited to be able to be part of the business award since the very beginning. I’d like to say that we’re just really about celebrating and supporting Central Valley businesses. I know that we’re excited to see a lot of our business partners on the list,” said Jeanna Antonino, vice president of operations. Antonino also talked about how for around the last year and a half, the company has been refining its brand story and looking toward the future leading up to its 30th anniversary this month. Specifically, how they have tried to position themselves as the “creator” that collaborates closely with its clients, who it refers to as the “heroes” working to support the local community. “It’s important to us to make sure that we’re helping the community and helping our clients within the community achieve their goals,” Antonino said. Founded by current CEO Jane Olvera Majors in 1994, the company has kept its California/Central Valley focus helping its clients achieve their goals regardless of the type of campaign. Antonino explained how their team sees their role as “creators” helping “heroes.” In recent years the company has worked on campaigns like Beautify Fresno and the California Highway Patrol 2023 anti-street racing/sideshow campaign. 1st Finalist: Clovis Chamber of Commerce 2nd Finalist: Central California Hispanic Chamber of Commerce For the 11th straight year, the Fresno Chamber of Commerce has been voted as the best chamber of commerce. The Fresno Chamber of Commerce has won the award every year since the debut of the “Best of” awards in 2014, when it was known as the Greater Fresno Area Chamber of Commerce. Scott Miller has been CEO of the Fresno Chamber of Commerce since 2021 when he took over as interim CEO. “We’re very appreciative,” Miller said of being named a finalist for the award. “We’re very honored that we have made the list again and can’t wait to come to the event.” It was another successful year for the Fresno Chamber of Commerce. One of the several bright sports was Leadership Fresno Class 39. Leadership Fresno is a nine-month program “designed to empower you to shape and understand our community like never before. Have conversations with our incredible LF alumni, hear their inspiring stories, and uncover the endless benefits this program offers,” according to a Facebook post from the Fresno Chamber of Commerce. While mentoring current community leaders through Leadership Fresno, the chamber is also preparing future leaders with its Junior Board program. “It is made up of mostly valedictorian level kids from around the county who are learning about all of the different things that it takes to make Fresno County run,” Miller said. “It’s really been a great year for the chamber.” 1st Finalist: Denham 2nd Finalist: Hire Up Staffing Services This year marks the ninth in a row that PrideStaff has been voted as best employment service in the Central Valley. Headquartered in Fresno, PrideStaff was founded in 1978, expanding with franchises in 1995. There is a total of 85 PrideStaff locations across the country, with more opening in 2025. PrideStaff works with more than 200 companies in the counties of Fresno, Kings, Madera and Tulare, issuing approximately 30,000 W-2 forms annually — with more than 5,000 of them being local. PrideStaff Vice President of Branch Operations Sean Akin said 2024 was both challenging and rewarding, with the team navigating a competitive talent market where finding skilled candidates remains a challenge. Despite the challenges, Akin said PrideStaff is able to connect their clients with the talent they needed. He said many professionals are reevaluating their career paths, leaving traditional industries for roles with more flexibility, work-life balance and opportunities in emerging fields. The transitioning presidential administration is leaving businesses optimistic, Akin said, and its expected demand for talent will continue across all sectors. He said the team at PrideStaff is honored to be nominated once again. “This nomination reflects the hard work and dedication of our team and the trust of our clients and candidates,” Akin said. “It’s a testament to our mission of making meaningful connections that drive success. Regardless of the outcome, we’re grateful for the recognition and inspired to continue delivering excellence in staffing.” 1st Finalist: Caltronics Business Systems 2nd Finalist: Automated Office Systems For the past 10 years straight, California Business Machines has been Business Journal readers’ best office equipment company. President Teri Brymer credits this decade’s achievement to their focus on customer service and flexibility for the future. “We’ve always had a mission that our customer comes first,” Brymer said. “We have to understand their needs and figure out what the solution is to their needs.” Founded by her parents in 1953 selling typewriters and adding machines, Brymer has grown the business since taking over in 2011 to now include but not limited to phone systems, EV chargers and copiers/printers. With no plans to end her run with the business, Brymer started making moves to have the company continue after her. Despite receiving many offers over the years, she searched for someone who held the same values as her and would keep both the company and employees intact. She would eventually find the perfect fit in WiZiX Technology Group, with the merger announced in August of this year. “[WiZiX] had its beginnings in Fresno, and they’ve operated in the Central Valley and then in the Northern California,” Brymer said. “So, I consider them still a local company or a small company. Rather than in our industry, there are what we call mega dealers.” As California Business Machines looks to the future, Brymer is confident that the WiZiX merger will only strengthen the company’s position as the premier office equipment provider in the region. With a renewed focus on growth and innovation, the next decade of excellence is sure to be even brighter. 1st Finalist: Turner Security Systems, Inc. 2nd Finalist: Geil Enterprises, Inc. D.B.A. CIS Security Matson Alarm Co. is once again victorious in the Best Local Security Company category for The Best of Central Valley Business Awards. Trina Paige, general manager of Matson Alarm, expresses her deep gratitude for the award. She notes that the company has a long history in the Central Valley, dating back to 1974. “Founded in 1974 by brothers Larry and Mike Matson, Matson Alarm joined the Pye-Barker Fire & Safety family of companies in 2022 with the goal of enhancing its service offerings to customers and providing more growth opportunities for its team members,” said Paige. They offer a full selection security products for commercial and residential customers, such as alarm monitoring, fire alarm systems, commercial security systems, cameras, video monitoring, and access control systems. Paige explains that they always consider the needs of their consumers first. “The Matson Alarm team is local to the community, and work is completed in-house by individuals who know the area and are committed to protecting the community,” said Paige. “While local, the company also has the advantage of being supported with additional resources and the expertise of Pye-Barker Fire & Safety, the U.S. leader in fully integrated life safety systems.” Paige mentions that security is important today because there have been “emergent threats” to people’s and businesses’ safety. They want to collaborate with their customers to help them feel safe. “With modern technology used by Matson, customers are empowered to manage their properties from wherever they are and know that they are backed by 24/7 monitoring,” said Paige. “That peace of mind is important.” On Tuesday, Dec. 10, The Business Journal hosted its 11th A Fresno County wildlife sanctuary is being recognized for its Party City, a national retail chain specializing in party supplies, A Fresno area nonprofit organization whose goal is to reduce
(The Center Square) – After an Iranian national was arrested on Monday in a Boston suburb for his alleged ties to a terrorist attack that killed three U.S. service members, the town's leaders unanimously voted to pass a sanctuary city ordinance. On Monday, Iranian-born Mahdi Mohammad Sadeghi, a resident of Natick, Mass., was charged in federal court in Boston "with conspiring to export sophisticated electronic components from the United States to Iran in violation of U.S. export control and sanctions laws," The Center Square reported. Sadeghi and others allegedly conspired to evade U.S. export control and sanctions laws by procuring goods, services, and technology from American companies and exporting them to an Iranian-based company that contracts with the Islamic Revolutionary Guard Corps, a US-designated foreign terrorist organization. The company allegedly manufactured the drones used by the IRGC that killed U.S. soldiers stationed in Jordan in January. Sadeghi faces up to 20 years in prison for his role in a conspiracy that goes back nearly 10 years , according to the complaint . His arrest occurred after an unprecedented number of Iranian and special interest aliens were apprehended after illegally entering the U.S., The Center Square reported . It also occurred after Islamic terrorist incidents increased under President Joe Biden and after he extended a national emergency regarding Iran last month. The U.S. has been in a perpetual state of national emergency related to Iran since Nov. 14, 1979, The Center Square reported . Forty-eight hours after Sadeghi's arrest , on Wednesday night, Natick's Select Board members unanimously passed a sanctuary city policy, 5-0. It prohibits taxpayer-funded town employees from inquiring about or collecting information about residents' citizenship status, among other provisions. Natick joined Boston, Somerville, Northampton, Amherst Cambridge, Concord, Lawrence and Newton in adopting so-called sanctuary city policies ahead of President-elect Donald Trump's stated mass deportation policy. The policy is being implemented in response to more than 14 million illegal border crossers being reported under the Biden administration as crime and national security threat escalated, The Center Square reported. Natick's actions followed the all-Democratic Boston City Council unanimously voting to reaffirm the Boston Trust Act, which prohibits Boston Police Department officers from cooperating with U.S. Immigration and Customs Enforcement (ICE) with some exceptions. It also comes after Boston's mayor said the city wasn't planning on cooperating with ICE, The Center Square reported. Massachusetts' sanctuary policies work against law enforcement tasked with protecting residents, Todd Lyons, acting assistant director of field operations for ICE's Enforcement and Removal Operations in New England, argues. Elected officials "preaching their sanctuary city status are making it easier for those who commit sex crimes and fentanyl dealers. We need cities and towns to work with us to keep these criminals out of neighborhoods. "We focus on the worst of the worst and all the political rhetoric is not helping," he told the Boston Herald. Democratic leaders describing Massachusetts "as a sanctuary to the international community and that they won't cooperate with federal authorities, sends a dangerous signal to bad actors around the world," the chair of the Massachusetts Republican Party, Amy Carnevale, said , "It tells them that Massachusetts is a safe haven where they can evade prosecution from the United States federal government." Last year, Massachusetts Lt. Gov. Kim Driscoll urged residents to house illegal border crossers, saying, " step up if you're willing to have an additional family be part of your family." One year later, the state converted an empty former prison to house them, resulting in local outrage, The Center Square reported . Carnevale said it was time for Driscoll to "stand with the people of Massachusetts and declare that our state will no longer serve as a sanctuary for criminals whether they're here legally or illegally. For the safety and security of our communities, Massachusetts must send a clear message: there is no sanctuary for international criminals in our Commonwealth." ICE agents have been arresting violent criminals in Massachusetts, including men convicted of aggravated rape, assault and battery, and fugitives wanted in their home countries for violent sexual crimes. In many cases, sanctuary jurisdictions refused to cooperate with ICE, and instead released violent offenders into the community who then committed additional crimes, The Center Square reported . New Hampshire's incoming-Gov. Kelly Ayotte has had harsh words for Massachusetts, saying, "Our neighbors to the south seem intent on proving that the definition of insanity is doing the same thing and expecting a different result. As they struggle with a billion-dollar illegal immigrant crisis, they are instead choosing to double down," she told Fox News Digital. Ayotte, who is replacing outgoing Gov. Chris Sununu, ran on a campaign against the "Mass-i-fication" of New Hampshire. "Here in New Hampshire, we are going to ban sanctuary policies and give law enforcement the tools to work together to ensure this crisis never comes to our towns," she said.Stem cell therapy to correct heart failure in children could ‘transform lives’
The partnership between the NFL and Jay-Z and his entertainment company, Roc Nation, won’t change despite a woman accusing the rapper and business mogul of raping her when she was 13 years old, league commissioner Roger Goodell said Wednesday. Jay-Z, whose real name is Shawn Carter, was added as a defendant Sunday to a civil lawsuit filed against fellow hip-hop star Sean “Diddy” Combs in U.S. District Court in New York. The complaint, originally filed in October , now alleges that the two men raped the 13-year-old at a party after the MTV Video Music Awards in 2000. Combs and Jay-Z have denied the accusations, with the latter issuing a lengthy statement Sunday vowing to fight the “idiotic” charges . Goodell addressed the issue with reporters following the conclusion of the NFL owners meetings in Irving, Texas. “We’re aware of the civil allegations and Jay-Z’s really strong response to that,” Goodell said. “And we know obviously the litigation’s happening now. And from our standpoint, our relationship is not changing with them, including our preparations for the next Super Bowl.” In 2019, Roc Nation signed a deal with the NFL to consult on live music entertainment and social justice issues . The partnership has resulted in several well-received Super Bowl halftime shows — including performances by the Weeknd , Shakira and Jennifer Lopez as co-headliners, Rihanna and a West Coast hip-hip lineup that featured Dr. Dre , Snoop Dogg, Eminem and more — and was renewed in October. Kendrick Lamar , the Pulitzer Prize-winning rapper who had three Billboard No. 1 hits in 2024, will be the halftime performer at Super Bowl LIX on Feb. 9 at the Caesars Superdome in New Orleans. Music superstar Beyoncé , who is Jay-Z’s wife, will perform during halftime of the Baltimore Ravens-Houston Texans game on Christmas Day on Netflix. “I think they’re getting incredibly comfortable with not just the Super Bowl but other events they’ve advised us on, helped us with,” Goodell said of Roc Nation . “They’ve been helpful in the social justice area to us on many occasions. They’ve been great partners that have provided a lot of great value for us.” Combs has been charged by federal prosecutors with crimes including sex trafficking and racketeering . No co-conspirators have been named, but the prosecutors have stated their investigation is ongoing.
Airlines Have No Excuse Not to Find Your Bag If You Use This AirTag FeatureEat Don't miss out on the headlines from Eat. Followed categories will be added to My News. OPINION Every Australian kid knows the joy of fairy bread – soft white bread slathered with butter and topped with a rainbow of hundreds and thousands. It’s a symbol of childhood nostalgia, and with National Fairy Bread Day happening today (Sunday, November 24), families across the country are ready to indulge. But as a pediatric nutritionist and a mother, I can’t help but ask: what’s lurking in those bright little sprinkles? It’s not about taking the fun out of birthdays or demonising a beloved treat. It’s about understanding what we feed our kids and making informed choices. The truth is, many of the traditional hundreds and thousands we grew up with that can still be found on supermarket shelves contain artificial colours like Amaranth (123) and Tartrazine (102) – dyes that have been banned in the United States and carry warnings in Europe for their potential health risks. Yet here in Australia, they’re still found in party food and even everyday staples. The celebrity spotlight on harmful dyes This isn’t just a fringe issue. High-profile advocates like Cindy Crawford , Eva Mendes and even US health officials are speaking out about the dangers of artificial food dyes. Their campaigns have highlighted that these additives are linked to behavioural problems, allergies and even cancer. Outside Kellogg’s headquarters in the United States, a wave of frustrated parents have been making their voices heard. Armed with colourful signs reading “Ditch the Dyes” and “Our Kids Deserve Better”, they are chanting slogans demanding the removal of harmful artificial food colourings from popular breakfast cereals. These parents have been sharing personal stories of hyperactivity, allergies and health concerns they believe are linked to these additives. As a mum and nutritionist, I entirely understand the desire to want to protect our kids and have been campaigning for this in Australia. But I also understand the need to let kids be kids and enjoy a bit of fairy bread and have fun. However, we must ask ourselves: why are these chemicals still allowed in our food? Amaranth (123), for example, is banned in the US due to its links to cancer and behavioural issues, yet it’s still colouring our fairy bread here in Australia. Another harmful dye, Brown HT (155), is found in products like Oak chocolate milk and Big M. So, imagine a child enjoying fairy bread washed down with a glass of chocolate milk – it’s the cumulative exposure that adds up. Why it’s time to think beyond sugar When we talk about healthy eating for kids, the conversation often centres on sugar. Don’t get me wrong – limiting sugar is essential, especially for toddlers. The American Dietary Guidelines recommend no added sugars for children under two, not because sugar itself is harmful in small amounts, but because it can create a preference for sweet foods. But sugar isn’t the whole story. The real danger lies in the artificial chemicals that are laced into so many of our foods. These additives aren’t just in fairy bread; they’re in wraps, jams, yoghurts and even seemingly healthy products that carry high Health Star Ratings. The problem? The Health Star Rating system doesn’t account for harmful additives, so products with artificial dyes can still get a high rating, misleading parents into thinking they’re making a good choice. Fairy bread has a dark side. Picture: Supplied The case for natural alternatives The good news is that safer alternatives are more accessible than ever. Supermarkets like Aldi have already removed artificial colours from their product ranges, including their hundreds and thousands, and natural options made with ingredients like beetroot, carotene, turmeric and spirulina are widely available. As parents, we don’t have to give up on fairy bread or fun party treats. It’s about being intentional and making smarter choices. For example, my own Real Food Rating system ranks all the available hundreds and thousands so parents know exactly what they’re buying: 1. Best option: Hopper 100s and 1000s Rainbow (no artificial colours or preservatives). 2. Okay options: Aldi Hundreds And Thousands and Coles 100s and 1000s (both free from artificial colours but contain preservatives). 3. Avoid: Dollar Sweets 100s and 1000s (contain artificial colours and preservatives). Nutritionist Mandy Sacher is warning parents about fairy bread. Picture: Supplied What parents can do If you do celebrate National Fairy Bread Day, here are a few simple steps to it safely and deliciously. 1. Choose naturally coloured sprinkles: These are widely available and free from harmful dyes. 2. Read labels carefully: Learn to spot artificial colours and avoid them wherever possible. Numbers to avoid include 124, 102, 133, 110, 123 and 122. 3. Limit exposure to artificial colours in everyday foods: Opt for additive-free versions of staples like wraps, yoghurts, muesli bars, bread, cheese and lunch box snacks. 4. Save fairy bread for special occasions: Let it be an occasional food, not an everyday snack. 5. Advocate for better labelling : Push for transparency and improvements to the Health Star Rating system to include harmful additives. Choosing naturally coloured sprinkles is a better option. Picture: Ben Clark Mandy’s 3-step fairy bread overhaul: 1. Choose a good-quality bread: A preservative-free white bread, sourdough white bread or even a wholemeal bread would be the best choice for your child’s fairy bread. 2. Swap margarine for unsalted butter: Unsalted butter provides numerous health benefits for children, unlike margarine, which often contains inflammatory oils and emulsifiers that can disrupt gut health. 3. Choose hundreds and thousands coloured with natural colours: Choose products that use natural colours like anthocyanins, carotene, spirulina and turmeric and avoid ones with artificial food colourings. A rainbow for the future Fairy bread isn’t just food, it’s a symbol of joy and celebration for many Australian families. And I believe we can preserve its magic without compromising on safety. It’s time to demand better from our food industry, to protect our kids from unnecessary risks and to embrace natural alternatives that keep the fun alive. The good news is that these natural options do exist, and kids wouldn’t know the difference. So, this National Fairy Bread Day, let’s enjoy the tradition while taking a step toward a healthier, brighter future – a rainbow that’s just as colourful but free from harmful chemicals. Together, we can make change happen. Follow Mandy on Instagram Mandy Sacher is Australia’s leading pediatric nutritionist, the best-selling author of Wholesome Child, and media commentator across Australian TV, radio and online with over 20 years of experience and qualifications More Coverage Ban is proof Australia has lost the plot Caleb Bond What Aussies got wrong about ‘ham debate’ Natalie Brown Originally published as ‘Real danger’: Popular food item that should be banned Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? Register Join the conversation, you are commenting as Logout More related stories Eat Woolies, Coles busted over discount Supermarkets claim to be cutting down on it, yet continue to drive customers towards it by making it substantially cheaper. Read more Eat Aussies are ‘stocking up’ on this Woolies item Customers are going mad for a brand new supermarket range that has been designed to be easily cooked in a common household appliance. Read more
Jimmy Spithill introduces his new Red Bull Italy SailGP TeamBUFFALO, N.Y. — First responders and Buffalo high school students came together Saturday for an annual tradition. The group Agents for Advocacy helped out Y.A.L.E. Academy as it faced the Buffalo Police and Fire departments on the basketball court. RELATED: Local school district making sure all students have breakfast Y.A.L.E. Academy's goal is to make sure young people understand the role of first responders in our community. "I'm hoping to obtain some sort of camaraderie, number one, between the collective groups and teams that they have, but as well as form that with the individuals they are playing against, which is Buffalo PD," Y.A.L.E. Academy executive director LeAnthony Freeman said. "The goal is to bridge the gap between community service men and women, to allow them to see that there's nothing to fear, and neither side is the opposition." First responders also led workshops and CPR training.
Rocket the therapy dog first pawed into his sheriff’s job in 2023, mainly to comfort first responders and residents affected by violent or tragic incidents. Part of the Kootenai County Sheriff’s K9 unit, the Brittany spaniel has since touched hundreds of people. His handler, John McSwain, who is a department chaplain and brings Rocket to work, said the dog seems to sense when individuals are stressed or sad, and goes to them for snuggles. Now, the 2-year-old Rocket is nominated for national recognition: First Responder Paws Therapy Dog Award. He’s among 19 therapy dogs in the running, and one cat, but the feline technically can’t win the title. People can vote for Rocket online Nov. 25 through Dec. 4. Rocket instantly changes people’s moods wherever he goes, said Paula Pelka, who works at the department. “In the mornings, John will bring Rocket through the doors into the hallway, and it’s right as the deputies’ night shift is coming off,” Pelka said. “You’ve probably got 10 deputies standing around, and they’re kind of, ‘Ugh,’ after dealing with everything all night. The minute Rocket hits that door, all you hear is, ‘Rocket, Rocket, Rocket,’ and there’s smiles and joy and laughter. He’s touched all of us.” Registered “Sir Rocket the Kindhearted” with the American Kennel Club, the Brittany also visits veterans, school children and people at hospitals and hospice facilities. “He’s a community dog,” McSwain said. When not on duty, Rocket lives with McSwain. “Our chaplains get called out all the time to traumatic situations. If I happen to be one of the chaplains who responds, Rocket goes with me.” But there’s a reason Rocket is called a first-responder therapy dog. McSwain said law enforcement officers see “the worst of the worst all the time,” responding to crimes and accidents. He asked the department to add a therapy dog and offered to cover most costs, other than for training. Rocket was certified through First Responder Therapy Dogs in August 2023. McSwain worked as an officer with the King County Sheriff’s Office for more than 30 years. He retired there in 2021 and moved to North Idaho. He also worked in peer support, as he does here. First responders need to emotionally and mentally process difficult events, such as a traumatic death scene or an officer-involved shooting, McSwain said. “Inserting Rocket into those environments, just having him around the offices and in and out of briefings, it’s beneficial because the officers get to interact with something that just unconditionally says, ‘I love you. I’m a dog and you’re great. Come and pet me,’ ” he added. “It’s not the trauma that knocks you off the rails; it’s the body’s response to trauma. When you introduce something like an animal, it directly impacts that officer’s ability to process what they’ve seen. It changes brain function, and your body releases all these good chemicals that can help your body reset a lot faster.” McSwain offers to introduce Rocket while out on calls. “We went to a call where a lady had a pretty traumatic thing happen,” he said. When he introduced Rocket, she laid down on the ground and hugged him. “People have appreciated that support in that moment.” Rocket is the only therapy dog in the K9 unit, which currently keeps three other dogs for tracking and drug detection work. McSwain said the entire canine crew relies on community donations. Although Brittany spaniels typically have high energy levels, Rocket is unusually calm, McSwain added. That’s especially true when he puts on his therapy vest, knowing “it’s time to go to work,” he said. “He’s also super smart. When I first got him, I’d shut the door to my office. He didn’t like that, so he would just open the door.” And he’ll leave if duty calls. McSwain’s office is across from a conference room, where job candidates are interviewed. “There have been a couple times he just decided that, ‘Hey, there is something stressful going on in here, and I’ve got some work to do,’ ” said McSwain, describing how Rocket went directly up against the person being interviewed. Another time, McSwain said he watched Rocket single out a few people who seemed the most upset opening up within a large group talking after a fire. “I watch Rocket, and he only goes to the ones I know are struggling,” he said. “I don’t tell him.” Pelka saw that touch when McSwain brought the dog to visit her husband at Kootenai Health’s hospital in July. Fighting an infection, Ross Pelka had to have an amputation. Her husband was struggling and missing his own dog, Cairo. She was in his hospital room, and Rocket usually goes directly to her at the office, but Pelka said the dog merely glanced at her. He then jumped up on her husband’s hospital bed to snuggle, staying there 45 minutes. Both she and McSwain said during the visit that they watched as Ross Pelka calmed and his heart rate and blood pressure lowered. “Rocket wouldn’t leave me for anything,” Ross Pelka said. “He just knew, and he helped me pull through.” Another reason for first-responder therapy dogs is to help those professionals talk about their work and understand they need to take care of their own health, McSwain said. Statistics show that too many officers after retirement tend to have short lifespans because of heart issues, suicides and unmet medical needs, he added. “If we can do things that intentionally help them to be healthy at the end of their career and retire, maybe with some scars but not open wounds, they can be healthier,” McSwain said. Behavioral health provider FHE Health is running the online vote. The top dog and handler get a $2,000 check, Chewy gift basket and social media feature. They’re also honored in a $2,500 donation to First Responders Pack Foundation, which seeks to increase the number of first-responder therapy dogs. Paula Pelka plans to rally for Rocket. “We don’t know any of the other therapy dogs, but he’s our therapy,” she said. “He’s proven therapy for a lot of people.”
It was well known that Dr. Albert Starr was one of the world’s top few cardiovascular surgeons, (“ Dr. Albert Starr, Oregon co-inventor of the first successful artificial heart valve, dies at 98, ” Dec. 20) . I gave anesthesia for his pediatric cases at OHSU Hospital. It takes someone on the inside with a fascination for the technology and clinical aspects to appreciate and tell you just how good the man was. He was a perfectionist in every move. This led him to inspire greater efforts in all who were in his team. He never gave up. Henry Casson, Portland To read more letters to the editor, go to oregonlive.com/opinion .
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New Collaboration with Green Dot Enables Cash Deposits at Over 7,500 CVS Pharmacy Locations AUSTIN, Texas and SAN FRANCISCO , Dec. 20, 2024 /PRNewswire/ -- Varo Bank , the first all-digital nationally chartered bank in the U.S., today announced a collaboration with Green Dot Corporation (NYSE: GDOT) and CVS Health (NYSE: CVS) to enable deposits for no fee for millions of Varo Bank customers at over 7,500 participating CVS Pharmacy locations nationwide. 1 Utilizing Green Dot's embedded finance platform (Arc) and expansive money movement network, the "Green Dot Network," Varo customers can now deposit cash at participating CVS Pharmacy locations 2 with zero fees. For customers who deposit cash regularly, this means saving $120 or more per year. Traditional banks often charge fees unless customers maintain specified minimum balances in their accounts or meet monthly direct deposit requirements. In addition, unlike fintech companies that must work through partner banks to set their fee policies, Varo's charter enables the bank to offer preferential fees and products to its customers. "As an all-digital bank, Varo is creating low-cost financial solutions designed specifically for the needs of everyday Americans," said Colin Walsh , Chief Executive Officer at Varo Bank. "This Green Dot collaboration at participating CVS Pharmacy locations eliminates cash deposit fees, making basic banking more convenient and affordable." Varo customers have access to a suite of primary banking products that support their financial stability and wellness, including: "We are thrilled to work with Varo and CVS Pharmacy to make banking accessible to millions of American consumers," said Crystal Bryant-Minter , SVP, Money Movement at Green Dot. "With more than 20 years' experience delivering seamless banking and payment solutions to consumers and businesses, Arc by Green Dot powers some of the world's most trusted brands and thousands of other businesses at all stages of growth with seamless, secure and useful financial tools and experiences." About Varo Bank Varo Bank is a new kind of bank - the first nationally chartered consumer tech bank in the U.S., built from the ground up with a focus on the needs of Americans striving to get ahead. From credit building to savings to faster payments, Varo has a complete solution to help everyday Americans make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering one of the nation's highest APYs. Varo has been named as one of the Inc. 5000 2023 fastest growth companies in the U.S., CNBC's 2023 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit www.varomoney.com , like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. ©2024 Varo Bank, N.A. Member FDIC. About Arc by Green Dot Arc is the embedded finance platform of services featuring all of Green Dot's secure banking and money processing capabilities designed to fuel value, loyalty and growth for consumers and businesses. Arc by Green Dot powers some of the world's most trusted brands and thousands of other businesses with seamless, secure and useful financial tools and experiences. Integrated with Green Dot Bank 3 Arc provides partners with leading FDIC-insured banking products and tools, plus regulatory and compliance expertise, oversight and support. The Arc platform is cloud-based, modular and scalable by design – configurable to meet a wide range of business needs and goals, and flexible to adapt as our partners grow. Arc's end-to-end banking services are powered by enterprise-grade APIs and offer partners access to comprehensive customer support, fraud protection, the largest retail deposit and ATM network in the U.S., and much more. For more information, visit greendot.com/arc . Media Contact Audrey Jacobson , for Varo Bank: varobank@consortpartners.com 1 Fees for optional service may apply 2 Cash deposit is available at all stand-alone CVS locations (through Green Dot Network®) with a cashier in the U.S. except those located within hospitals, on military bases, or in Target. You can deposit between $20 - $500 per transaction. A fee may apply for depositing cash at other Green Dot Network® locations. 3 Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank . All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Green Dot Corporation NMLS #914924; Green Dot Bank NMLS #908739. View original content to download multimedia: https://www.prnewswire.com/news-releases/varo-bank-introduces-zero-fee-cash-deposits-at-participating-cvs-locations-302337565.html SOURCE Varo BankWe're Not Quite Sure Why You Don't Own These 32 Genius Home Products Yet
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