Autor: venred

SAN DIEGO, Jan. 8, 2021 /PRNewswire/ — PriceSmart, Inc. (NASDAQ: PSMT) today announced that for the month of December 2020, net merchandise sales increased 2.8% to $372.6 million from $362.3 million in December a year earlier. Foreign currency exchange fluctuations impacted net merchandise sales negatively by 3.1%, or $10.5 million, versus the same one-month period in the prior year. There were 47 warehouse clubs in operation at the end of December 2020 and 45 warehouse clubs in operation at the end of December 2019.

For the four weeks ended December 27, 2020, comparable net merchandise sales for the 43 warehouse clubs open at least 13 ½ full months decreased 1.7% when compared to the same period last year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 2.9%, or $9.2 million, versus the same period in the prior year.

Sherry S. Bahrambeygui, Chief Executive Officer, commented:

«In December, net merchandise sales grew despite increases in COVID-related cases and restrictions versus the prior month.  Comparable sales decreased primarily in Costa Rica, Panama, and Colombia where COVID cases and related restrictions were on the rise and because of sales transferred from existing clubs to newly opened clubs in Panama and Colombia. In December, we lost approximately 14 club days to closures where in-club shopping was prohibited.  Several clubs also contended with reduced operating hours, restrictions on segments of the population permitted to shop or circulate, limitations on the number of people allowed inside and restrictions on areas of our business such as food services and optical. In addition, sales declined in our Trinidad market, we believe, largely due to our decision to limit U.S. merchandise imports because of  ongoing insufficient U.S. dollar liquidity. We are working on alternative solutions to mitigate the current illiquidity challenges.

Our Click & Go™ service, including curbside pickup and delivery, contributed approximately 2.8% of total net merchandise sales for the month. Delivery through Click &Go™ is now available in all of our markets, and the demand for delivery continues to grow as a portion of total Click & Go™ sales. Developing greater efficiencies remains a priority, especially within these new sales channels. We believe that Click & Go™ curbside and delivery services enabled by our new online platform, will remain important alternative shopping methods and will provide increased value for our Members. Expanded online interaction with our Members also yields opportunities for us to better access and analyze data to support merchandising decisions and enhance the connection with our Members.

On real estate, in early December we celebrated the grand opening of the new Usaquén Club, our third club in the greater metropolitan area of Bogota and located in the heart of a densely populated area. This is the second club we have successfully opened despite travel restrictions. Club Usaquen should drive sales growth, provide greater convenience and strengthen our presence in this market. In mid-December, we also announced that we plan to proceed with the construction of two new clubs, one each in Guatemala and Jamaica which are expected to open in fiscal year 2022.  As I’ve frequently noted, new club openings likely impact adversely our comparable net merchandise sales in the early stages. However, these locations provide strategic opportunities to grow incremental Membership and sales and support our efforts to ensure that our Members continue to enjoy our in-club uniquely curated selection of goods and services at great values.

We are drawing upon the valuable experience gained through this last year and the systems that have been improved to enhance Member experience, strengthen online capabilities and keep our employees and Members safe. I’m proud of our team’s performance for navigating these developments and for continuing to strengthen our core capabilities during our busiest month of the year.»

Fiscal year to date, which includes the four months ended December 31, 2020, net merchandise sales increased 6.1% to $1,211.0 million from $1,141.0 million for the four months ended December 31, 2019. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by 3.4% or $38.0 million versus the same four-month period in the prior year.

For the 17-week period ended December 27, 2020, comparable net merchandise sales increased 2.0% compared to the same 17-week period a year ago. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by 3.3% or $36.2 million versus the same prior year period.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 47 warehouse clubs in 12 countries and one U.S. territory (eight in Costa Rica and Colombia; seven in Panama; five in the Dominican Republic, four in Trinidad and Guatemala; three in Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). The Company also plans to open new warehouse clubs in Guatemala City, Guatemala and Portmore, Jamaica in the fall of 2021 and the spring of 2022, respectively. Once these two new clubs are open, the Company will operate 49 warehouse clubs. 

The Company reports comparable net merchandise sales on a «same week» basis with 13 weeks in each quarter beginning on a Monday and ending on a Sunday. The periods are established at the beginning of the fiscal year to provide as close a match as possible to the calendar month and quarter that is used for financial reporting purposes.  This approach equalizes the number of weekend days and weekdays in each period for an improved sales comparison, as the Company experiences higher merchandise club sales on the weekends. Each of the warehouse clubs used in the calculations was open for at least 13 ½ calendar months before its results for the current period were compared with its results for the prior period.

The term «currency exchange rates» refers to the currency exchange rates the Company uses to convert net merchandise and comparable net merchandise sales for all countries where the functional currency is not the U.S. dollar into U.S. dollars. The Company calculates the effect of changes in currency exchange rates as the difference between current period activities translated using the current period’s currency exchange rates and the comparable prior year period’s currency exchange rates. The Company believes the disclosure of the effects of currency exchange rate fluctuations on the Company’s results permits investors to understand better the Company’s underlying performance.

Club days lost means the total number of days one or more clubs are closed for an entire day because of government prohibitions on offering in-store shopping. For example, if one club was prohibited from offering in-store sales for five days during a month and another club was prohibited from offering in-store sales for two days during that month, we would say that we had seven club days lost during the month.

This press release may contain forward-looking statements concerning the Company’s anticipated future revenues and earnings, adequacy of future cash flows, omni-channel initiatives, proposed warehouse club openings, the Company’s performance relative to competitors, the outcome of tax proceedings and related matters. These forward-looking statements include, but are not limited to, statements containing the words «expect,» «believe,» «will,» «may,» «should,» «project,» «estimate,» «anticipated,» «scheduled,» and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: adverse changes in economic conditions in the Company’s markets, natural disasters, compliance risks, volatility in currency exchange rates, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of member or business information, cost increases from product and service providers, interruption of supply chains, COVID-19 related factors and challenges, including among others, the duration of the pandemic, the unknown long-term economic impact, the impact of government policies and restrictions that have limited access for our Members, and shifts in demand away from discretionary or higher priced products to lower priced products, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law.

For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or send an email to ir@pricesmart.com.

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SOURCE PriceSmart, Inc.

MIAMI, Jan. 8, 2021 /PRNewswire/ — Lifelong advocate for clean energy and global leader in sustainable economic development, Juan Verde, was named one of the 100 Latinos Most Committed to Climate Action for the second consecutive year by Sachamama. This renowned environmental nonprofit (NPO) is celebrated for its work on the climate crisis, and it helps drive a clean energy economy, sustainable attitudes, behaviors and lifestyles.

This recognition comes amidst news of the United States’ upcoming return to the Paris Agreement as part of the Biden administration, positioning the country to once again lead the global charge to combat the climate crisis. «With so many banded together towards the common goal of achieving a greener tomorrow, I’m hopeful that, in the United States, we’ll be able to reach net zero emissions by 2050,» shares this internationally renowned strategist. «In fact, the urgency of the climate crisis brings an unprecedented opportunity for technology transfer with the potential of promoting a surge of global sustainable growth.»  A key asset during the recent elections as founder of Americans Abroad for Biden, Verde continues transforming sustainable initiatives into business strategies and public policy with worldwide impact.

In addition to this prestigious recognition, Verde’s efforts to drive sustainable business practices are demonstrated by his day-to-day work with NPO Advanced Leadership Foundation and private firm Alamo Solutions Consultancy, through which he promotes a green economy, among other issues. Previously, Verde was a key global advocate to Vice President Al Gore’s «The Climate Reality Project,» helping establish two of its international branches, and served as Deputy Assistant Secretary for Europe and Eurasia at the United States Department of Commerce under President Barack Obama, bolstering sustainable development. In 2019, he was featured in the 25^th instalment of the United Nations Climate Change Conference, COP25.

Verde is but one of 100 change agents who were recognized by Sachamama as promoters of the fight towards a greener and more sustainable future. Its executive director Carlos Zegarra notes that the list features executives from recognized companies, high-profile politicians, academics, activists, journalists and Nobel laureates, highlighting renowned public policy figures such as UN Secretary-General António Guterres, Los Angeles Mayor Eric Gracetti and president of Uruguay Luis Lacalle, as well as world-renowned personalities Shakira, Camila Cabello, Alejandro Sanz, Jessica Alba, Penélope Cruz and more. The publication of this list occurs within the framework of No Planet B Latino Summit, the largest meeting of influential Latinos towards the United Nations’ 2021 COP26. The nonprofit hopes that visibility of the 100 Latinos Most Committed to Climate Action promotes advancement towards living in balance with our planet.

About Juan Verde: Verde is an internationally renowned strategist for both the public and private sectors with an extensive and unique 25+ year trajectory at the intersection of sustainable development, public policy and international affairs. As a lifelong advocate for the fight against climate change, he’s regarded as a leader in promoting clean energy and sustainable economies in both the US and across the world. For the latest news on Verde, please visit juanverde.net.

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SOURCE Juan Verde

NEW YORK, Jan. 8, 2021 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) («Ideanomics» or the «Company») is pleased to announce that its CEO, Alf Poor, will present on a panel at the FORCE Family Office & Roth Capital Partners EV Symposium, which is being held virtually, today January 8 at 11:00 AM ET.

«2021 will be the breakout year for commercial Electric Vehicles,» said Alf Poor, Ideanomics CEO. «We are excited to discuss our recent acquisition WAVE alongside  our industry peers as we speak about the future of EV infrastructure.»

«We are looking forward to hosting this important event which brings together some of the brightest minds to discuss the global EV opportunities,» said Steven Saltzstein, FORCE Family Office CEO. «We are excited that Craig Irwin from ROTH Capital Partners will be joining us to moderate both panels as well.»

Ideanomics will participate in the second panel, featuring other leading electric vehicle infrastructure companies; Luokung, Nuvve, Blink Charging, and Beam Global.

For additional information or to register for the event, please visit: https://forcewealth.com/portfolio-items/ffk-ev-2021-01-08/

A replay of the panel will be available on the Company website shortly after the event.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include «forward looking statements». All statements other than statements of historical fact included herein are «forward-looking statements.» These forward-looking statements are often identified by the use of forward-looking terminology such as «believes,» «expects» or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled «Risk Factors» and «Management’s Discussion and Analysis of Financial Condition and Results of Operations» in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact

Ideanomics,Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018
ir@ideanomics.com

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com 

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SOURCE Ideanomics

STAMFORD, Conn., Jan. 8, 2021 /PRNewswire/ — ReneSola Ltd («ReneSola Power» or the «Company») (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into an agreement to sell a portfolio of projects located in Hungary to Obton, a leading international solar investment company headquartered in Aarhus, Denmark.

The portfolio comprises 20 solar plants in five locations, including Sárbogárd, Kömlöd, Szajol, Lukacshaza, and Törökszentmiklós, with a combined capacity of 12.3 MW.  These 20 solar projects, which were successfully connected to the grid in 2020, are now in operation and are qualified under the Hungarian 25-year KAT feed-in tariff scheme.

Mr. Josef Kastner, CEO of ReneSola European Region, commented, «Despite ongoing challenging macro conditions, our team continues to execute on our strategy and optimize our solar assets through strategic sales. Obton remains a valuable partner for us, and we are thrilled to once again collaborate on this transaction. We look forward to working with Obton in Hungary and other geographies across Europe in the future.»

ReneSola Power CEO Yumin Liu added, «Over the past several years, we have demonstrated our expertise in developing and operating solar projects, closing financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe.  Hungary remains an important market for solar power in the EU, and this transaction further strengthens ReneSola Power’s market position in the country.  We are proud of our team, and believe we are well-positioned to drive more profitable growth in the quarters ahead.»

Mr. Anders Marcus, CEO and Co-founder of the Obton Group, said, «ReneSola Power is a trusted partner of Obton’s, and we are excited to increase our participation in the Hungarian solar market with the support from ReneSola Power. Importantly, we are encouraged that we were able to enter into an agreement despite the challenging circumstances.  We are also proud of our team for being effective, creative and goal-oriented, which we believe are the key competences for success.  We look forward to joining forces with ReneSola Power to pursue other project opportunities in Hungary and any other countries in the future.»

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

About OBTON

Obton is an investment and development company that targets land and rooftop owners, developers and financial institutions with the goal of building a broad and risk-diverse portfolio of assets in the field of renewable energy. Our expertise includes development, funding and management of solar PV projects – primarily projects starting from EUR 10m for stable markets in Europe and North America.

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SOURCE ReneSola Ltd.