Trova Commercial Vehicles Strengthens Advisory Board’s Global Perspective, Pursues 575mEuro Alliance

PULASKI, Va., Feb. 17, 2021 /PRNewswire/ — Electric vehicle design, engineering and manufacturing company Trova Commercial Vehicles has added European supply chain veteran Paul Kegels to its advisory board as the startup explores European zero emissions plans and potential funding of 575 million euro.

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PULASKI, Va., Feb. 17, 2021 /PRNewswire/ — Electric vehicle design, engineering and manufacturing company Trova Commercial Vehicles has added European supply chain veteran Paul Kegels to its advisory board as the startup explores European zero emissions plans and potential funding of 575 million euro.

«Paul is a Belgium-based automotive industry expert who will provide important market insight and manage our overseas supply base,» says Patrick Collignon, TrovaCV founder/CEO. «He is well connected to zero-emission vehicle activity happening in Europe and will help us gain a foothold and key funding there while we continue building momentum in North America

In addition to joining TrovaCv’s advisory board, Kegels will manage the company’s European enterprise model, help find a suitable manufacturing location in Europe and develop relationships that will allow TrovaCV to tap into available funding opportunities.

Kegels has two decades of international experience in automotive sourcing and systems at several overseas subsidiaries of General Motors and as an independent supply chain consultant. He currently serves as a consultant on purchasing and supplier management, training and change management coaching and remote business services.

His most recent corporate role was as international purchasing manager for General Motors Europe in Spain, with responsibilities for machinery and equipment and ACDelco service parts for all makes and models programs. Past roles include purchasing manager of after sales, GM-Fiat Worldwide Purchasing in Belgium; national sales manager, GM Europe GmbH in Germany; worldwide purchasing manager, Opel Belgium N.V. in Belgium; and corporate auditor, GM Europe.

He earned a bachelor’s degree in building and construction engineering from St. Lucas School of Architecture in Belgium, a master’s degree in applied economics and business management from University of Antwerp in Belgium and a master’s degree in demand chain management from Antwerp Management School in Belgium.

«I look forward to being part of an experienced team that is well-positioned to develop driveline conversion on an industrial scale with a solid OEM approach,» says Kegels. «It’s exciting that my after sales, global sourcing and worldwide purchasing experience will be used for something as meaningful as developing an innovative multi-platform solution for zero-carbon mobility that will have a real impact on the climate crisis.»

Kegels has worked and lived in nine countries and is fluent in Dutch, English, German and French. He and his wife have four children and live in Belgium.

About Trova Commerical Vehicles 

Trova Commercial Vehicles provides customized engineering, design and manufacturing expertise for fully electric commercial vehicles. Located in southwestern Virginia, TrovaCV also offers cost-effective end-to-end electric vehicle manufacturing and supply chain management for OEMs seeking to achieve increased volume production.

For more information, call 540-818-7661 or visit trovacv.com.

 


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SOURCE Trova Commercial Vehicles

IQST – iQSTEL Eliminates All Debt In Form Of Notes Becoming Debt Free Company

NEW YORK, Feb. 17, 2021 /PRNewswire/ — iQSTEL, Inc. (USOTC: IQST), an international provider of Telecom, Technology, Fintech and Blockchain solutions, today announced that it has eliminated all remaining debt from its balance sheet associated with any Promissory Note.  With the exception of routine operational payables, the Company is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements.

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NEW YORK, Feb. 17, 2021 /PRNewswire/ — iQSTEL, Inc. (USOTC: IQST), an international provider of Telecom, Technology, Fintech and Blockchain solutions, today announced that it has eliminated all remaining debt from its balance sheet associated with any Promissory Note.  With the exception of routine operational payables, the Company is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements.

«Since the fourth quarter of 2020, we have eliminated over $3.3 million of debt from our balance sheet, which not only strengthens our financial condition, but also improves our financial performance as net income is no longer burdened with interest expense.  Eliminating all debt is a key milestone as we prepare for a potential up-list onto a major stock exchange,» commented Leandro Iglesias, iQSTEL’s CEO.

«With our strengthened balance sheet, we can better focus on our growth strategy and the development of our Telecom (SMS, VoIP, 5G Fiber-Optic Network), Technology (IoT Smart Gas/Tank/EV Platforms & iQBatteries for EV), Fintech (Visa Debit Card & Remittances) and Blockchain Platforms (MNPA & Settlement/Payments Marketplace) segments, with a keen eye on maximizing shareholder value.  We look forward to continuing to report further corporate execution, as well as our progress in the up-listing process,» added Mr. Iglesias.

Through an agreement with its Promissory Note holders, IQST exchanged IQST restricted common shares to eliminate outstanding Promissory Note balances. 

Under the agreement with the Promissory Note holders, the issued shares will be priced at $0.68 each, and will be restricted for a period of six months from the date of issuance. The debt holders have one year from the date of execution of the agreement to request the issuance of the shares totaling 2,230,400. As a result of the execution of the agreement, each Promissory Note will be considered paid in full.

About iQSTEL Inc.:

iQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries.  The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).

Safe Harbor Statement: Statements in this news release may be «forward-looking statements». Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

iQSTEL Inc.

IR US Phone: +1 646-740-0907
IR Email: investors@iqstel.com

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SOURCE iQSTEL, Inc.

ElmTree Funds Has Deployed Over $1.5 Billion In the Last Year

ST. LOUIS, Feb. 17, 2021 /PRNewswire/ — ElmTree Funds («ElmTree»), a leading real estate private equity manager, has deployed over $1.5 billion in the past year in a variety of industrial net lease build-to-suit assets leased to investment grade tenants located across the United States.   

Focusing on acquiring build-to-suit properties net leased to investment grade tenants, ElmTree expects demand for industrial facilities to steadily increase as tenants look…

ST. LOUIS, Feb. 17, 2021 /PRNewswire/ — ElmTree Funds («ElmTree»), a leading real estate private equity manager, has deployed over $1.5 billion in the past year in a variety of industrial net lease build-to-suit assets leased to investment grade tenants located across the United States.   

Focusing on acquiring build-to-suit properties net leased to investment grade tenants, ElmTree expects demand for industrial facilities to steadily increase as tenants look to expand supply chains to meet e-commerce growth and achieve shorter delivery times. Particularly in a low yield environment, investors like ElmTree have been looking to investment grade net lease assets for predictable long-term cash flow streams. 

«The COVID-19 pandemic has further highlighted the need for continued investment in and development of industrial facilities that support cold storage, last mile, and third-party logistics capabilities, and we expect this interest to continue,» said James Koman, CEO and Founder of ElmTree. «We are ready to continue our strong progress into 2021 by deploying our expertise in these critical industrial assets, while paying close attention to tenant credit quality.» 

About ElmTree Funds
ElmTree Funds, LLC, headquartered in St. Louis, Missouri, is a real estate private equity firm that manages capital on behalf of institutional and private investors. ElmTree’s investment philosophy focuses on making investments in the commercial real estate net lease and build-to-suit sectors with a focus on industrial and office properties. Since its founding in 2011, ElmTree Funds has acquired, developed, or financed an extensive portfolio of commercial real estate. ElmTree Funds targets investments in primary and secondary markets across the United States that are net-leased to investment grade tenants on a long-term basis.

Media Contact

Ryan Windels
Ryan.Windels@fticonsulting.com

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SOURCE ElmTree Funds

Fredrick D. Scott, Announces Successful Completion Of Supervised Release Term

NEW YORK, Feb. 17, 2021 /PRNewswire-HISPANIC PR WIRE/ — Fredrick D. Scott announced today that he has successfully completed his three-year term of supervised release in connection with his previous guilty plea for conspiracy to commit wire fraud and making a materially false statement to the Securities and Exchange Commission; a plea that was garnered through intimidation and forced by the prosecution after failing to successfully secure an indictment.

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NEW YORK, Feb. 17, 2021 /PRNewswire-HISPANIC PR WIRE/ — Fredrick D. Scott announced today that he has successfully completed his three-year term of supervised release in connection with his previous guilty plea for conspiracy to commit wire fraud and making a materially false statement to the Securities and Exchange Commission; a plea that was garnered through intimidation and forced by the prosecution after failing to successfully secure an indictment.

Though never indicted by a jury of his peers and being the only person ever charged in any capacity in his case, due to pressure applied by the Prosecution and threats to charge and deport his then wife, who was in the process of receiving her Green Card, Fredrick waived his right to indictment and entered into a plea bargain based on a prosecutor’s information, subsequently being sentenced to five years in federal prison and three years of supervised release.

«Though I am not happy about the circumstances and situations surrounding my guilty plea, nor am I happy about all the time I lost with my children. The net effect of what happened, oddly enough, was the best thing that could have ever happened to me at that time. It gave me time, time to find me, learn to love and accept me for exactly who and what I am, find my purpose and calling in this life and realize what it truly means to be ‘Black in America’. I have been everywhere a person wants to be and everywhere they don’t and because of that I can now effectively use my Knowledge, Experience and Execution abilities to bring about real impact and change in disadvantaged communities in the United States and abroad and am looking forward to doing so!»

About Fredrick D. Scott:

Fredrick D. Scott is the CEO of The Scott Family Office Intl. A single-family office structure from which Fredrick stewards his family’s assets. He is also the Chairman of the Board for the New York City–based foundation, The Scott Family Foundation Intl., a Civil Society Organization (CSO) and member of the United Nations Global Compact. Fredrick is a business consultant, private equity investor, motivational speaker, social activist, and philanthropist. Named one of Ebony magazine’s «Top 30 Under 30» in May 2010 at the age of 25, Fredrick was, at the time, the youngest African American hedge fund founder in history.

Fredrick is the pioneer of the #GetRealWoke movement. Designed to foster economic stability, viability, and the uplifting of our community by advancing financial literacy initiatives and combating policing, incarceration and economic tactics that are used to perpetually disenfranchise communities of color and render these communities modern day slaves in the United States. You can learn more about Fredrick and his endeavors by visiting: https://fredrickdscott.com and on Instagram: @fredrickdscott

Contact: Terracia Wilkinson, BTaylor & Associates,
404.631.6700, twilkinson@btaylorandassociates.com

Photo – https://mma.prnewswire.com/media/1439873/Fredrick_D_Scott.jpg  

SOURCE Fredrick D. Scott LLC

Fredrick D. Scott, Announces Successful Completion Of Supervised Release Term

NEW YORK, Feb. 17, 2021 /PRNewswire/ — Fredrick D. Scott announced today that he has successfully completed his three-year term of supervised release in connection with his previous guilty plea for conspiracy to commit wire fraud and making a materially false statement to the Securities and Exchange Commission; a plea that was garnered through intimidation and forced by the prosecution after failing to successfully secure an indictment.

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NEW YORK, Feb. 17, 2021 /PRNewswire/ — Fredrick D. Scott announced today that he has successfully completed his three-year term of supervised release in connection with his previous guilty plea for conspiracy to commit wire fraud and making a materially false statement to the Securities and Exchange Commission; a plea that was garnered through intimidation and forced by the prosecution after failing to successfully secure an indictment.

«I have been everywhere a person wants to be and everywhere they don’t…»

Though never indicted by a jury of his peers and being the only person ever charged in any capacity in his case, due to pressure applied by the Prosecution and threats to charge and deport his then wife, who was in the process of receiving her Green Card, Fredrick waived his right to indictment and entered into a plea bargain based on a prosecutor’s information, subsequently being sentenced to five years in federal prison and three years of supervised release.

«Though I am not happy about the circumstances and situations surrounding my guilty plea, nor am I happy about all the time I lost with my children. The net effect of what happened, oddly enough, was the best thing that could have ever happened to me at that time. It gave me time, time to find me, learn to love and accept me for exactly who and what I am, find my purpose and calling in this life and realize what it truly means to be ‘Black in America’. I have been everywhere a person wants to be and everywhere they don’t and because of that I can now effectively use my Knowledge, Experience and Execution abilities to bring about real impact and change in disadvantaged communities in the United States and abroad and am looking forward to doing so!»

About Fredrick D. Scott:

Fredrick D. Scott is the CEO of The Scott Family Office Intl. A single-family office structure from which Fredrick stewards his family’s assets. He is also the Chairman of the Board for the New York City–based foundation, The Scott Family Foundation Intl., a Civil Society Organization (CSO) and member of the United Nations Global Compact. Fredrick is a business consultant, private equity investor, motivational speaker, social activist, and philanthropist. Named one of Ebony magazine’s «Top 30 Under 30» in May 2010 at the age of 25, Fredrick was, at the time, the youngest African American hedge fund founder in history.

Fredrick is the pioneer of the #GetRealWoke movement. Designed to foster economic stability, viability, and the uplifting of our community by advancing financial literacy initiatives and combating policing, incarceration and economic tactics that are used to perpetually disenfranchise communities of color and render these communities modern day slaves in the United States. You can learn more about Fredrick and his endeavors by visiting: https://fredrickdscott.com and on Instagram: @fredrickdscott

Contact: Terracia Wilkinson, BTaylor & Associates,
404.631.6700, twilkinson@btaylorandassociates.com

 

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SOURCE Fredrick D. Scott LLC

TAZO Joins the Fight for Climate Justice in Partnership with SZA and American Forests

ENGLEWOOD CLIFFS, N.J., Feb. 17, 2021 /PRNewswire/ — Today, TAZO announces its commitment to fight for climate justice, in partnership with Top Dawg Entertainment recording artist and singer-songwriter SZA, and nonprofit organization <a target="_blank"…

ENGLEWOOD CLIFFS, N.J., Feb. 17, 2021 /PRNewswire/ — Today, TAZO announces its commitment to fight for climate justice, in partnership with Top Dawg Entertainment recording artist and singer-songwriter SZA, and nonprofit organization American Forests. Together, they are launching the TAZO Tree Corps: a paid, locally hired workforce that will use tree planting and maintenance to help combat climate change and create new jobs in economically disadvantaged neighborhoods and communities of color – because trees have the power to transform neighborhoods. Across the U.S., trees absorb 17.4 million tons of air pollutants, and in addition to making a community greener and cooler, trees can increase air and water quality, improve mental health, lower energy costs and lead to more overall economic opportunity.1

For decades, Black, Indigenous and People of Color (BIPOC) communities nationwide have been disproportionately impacted by the negative effects of climate change. In fact, some neighborhoods can be five to 20 degrees hotter than predominantly white neighborhoods in the same city.2 Environmental inequities are so pervasive in low-income communities and communities of color that environmental experts have used the term «sacrifice zones» to describe areas that carry a greater burden of air, land, and water pollution and warmer temperatures because they are situated near chemical treatment plants, highways, or heavy polluters.

«The climate crisis is no longer a future problem – it’s here now and BIPOC communities are disproportionately at risk,» said Laraine Miller, President, Unilever Tea Americas. «As a brand rooted in challenging the status quo, we believe we have a role to play in fighting for a sustainable and equitable future, which is why TAZO is announcing the first steps of a long-term purpose ambition to fight for climate justice. Climate change is not only an environmental issue, but also a human rights issue, so we’re getting started by focusing on the racial injustices that must be addressed to make meaningful progress within the climate crisis.»

The TAZO Tree Corps will be a paid cohort of 25 locally hired fellows employed by The Davey Tree Expert Company who will receive training in climate justice advocacy as well as tree planting and maintenance. They will work over the next two years to achieve measurable Tree Equity in five cities – Minneapolis, MN, Detroit, MI, the San Francisco Bay Area, CA, Richmond, VA and The Bronx, NY – where historical discriminating zoning practices have left many low-income communities and communities of color with less green space. Tree Equity, a term coined by American Forests, means all communities, regardless of income or race, can experience the benefits trees provide.

«Across the country, BIPOC communities are facing the worst effects of climate change because they live in neighborhoods that are disproportionately burdened with more pollutants and fewer trees,» said SZA. «Planting trees can help improve everything  from air quality to economic opportunity to mental health  and everybody deserves these benefits. I’m proud to partner with TAZO and American Forests to stand up for environmental justice and start making an impact in neighborhoods that need it the most.» 

«Trees do more than beautify a neighborhood – they’re life-and-death infrastructure for health equity and climate justice,» said Jad Daley, President and CEO of American Forests. «Trees can transform neighborhoods and lives, and every person needs this healing power, regardless of income, race or location. But achieving Tree Equity is about more than just planting trees. The TAZO Tree Corps will help us turn this work into new economic opportunity for people in these disproportionately impacted communities. That is our full vision for Tree Equity.»

Additionally, TAZO is working with sustainability consulting firm Pure Strategies to conduct an environmental and social impact audit of its business – from evaluating workers’ rights in the regions where the brand sources its 50+ globally grown ingredients, to understanding the carbon footprint of its products, and more.

To expand the brand’s environmental justice commitments, TAZO has also committed to support WE ACT for Environmental Justice and Intersectional Environmentalist, two BIPOC-led climate justice organizations that provide economic opportunities, education, resources, community and training for BIPOC youth.

TAZO, SZA and American Forests encourage those eligible to apply to the TAZO Tree Corps by visiting TAZO.com/TreeCorps. To learn more about our pursuit to measure Tree Equity with American Forests and TAZO’s commitments to climate justice, head to TAZO.com and AmericanForests.org/About-Us/TAZO, and follow along for updates on Instagram, Facebook and Twitter.

1 American Forests, 2021. Trees as a Pathway for Social Equity. Retrieved from https://www.americanforests.org/why-it-matters/social-equity/
2 The New York Times, 2020. How Decades of Racist Housing Policy Left Neighborhoods Sweltering. Retrieved from https://www.nytimes.com/interactive/2020/08/24/climate/racism-redlining-cities-global-warming.

About TAZO
TAZO exists to challenge the status quo to better society. Founded in 1994 by Steven Smith, TAZO has a rich history of pushing taste and blend boundaries in the specialty tea segment, with its core values rooted in supporting a sustainable and equitable future for all. Carefully crafted with the most delicious tea leaves, spices and botanicals, TAZO’s portfolio includes hot and iced tea, concentrates, k-cup pods, bottled tea and tea bags. For more information, including where to purchase, please visit TAZO.com.

About American Forests
Since our founding in 1875, American Forests has been the pathfinder for creating healthy forests nationwide. We create healthy and resilient forests, from cities to wilderness, that deliver essential benefits for climate, people, water and wildlife.  Now we are focused on building a reforestation movement in America, from cities to large, rural landscapes. And we are driven by two critical issues: climate change and social inequities that people in socioeconomically disadvantaged communities face.

Too often, there are far fewer trees in socioeconomically disadvantaged communities than wealthier ones. This concerns us because it means that not everybody experiences the many benefits trees provide. That’s why we created a tool that determines whether a neighborhood has Tree Equity, defined as the right number of trees so all people experience the health, economic and other benefits that trees provide. The tool, aptly named Tree Equity Score, creates a score for the neighborhood that is based on such things as existing tree cover and ethnicity. The score can be used to build support for planting more trees in the neighborhood. 

But we know that planting trees is not enough. The trees also need to be taken care of, and there are not enough people trained in how to do so. American Forests is helping to address this through urban forestry workforce partnerships that train and employ people from the neighborhoods that need more trees. Learn more at www.americanforests.org/TreeEquity.

About Unilever North America
Unilever is one of the world’s leading suppliers of Beauty & Personal Care, Home Care, and Foods & Refreshment products with sales in over 190 countries and reaching 2.5 billion consumers a day. It has 150,000 employees and generated sales of €50.7 billion in 2020. Over half of the company’s footprint is in developing and emerging markets. Unilever has around 400 brands found in homes all over the world. In the United States and Canada, the portfolio includes brand icons such as: Dove, Knorr, Hellmann’s, Lipton, Magnum, Axe Ben & Jerry’s, Degree, Dollar Shave Club, Q-tips, Seventh Generation, St. Ives, Suave, TRESemmé and Vaseline.

For years, we have been taking action through our sustainability efforts to help more than a billion people improve their health and well-being, halve our environmental footprint and enhance the livelihoods of millions of people as we grow our business. We have made significant progress and continue to expand our ambition – in 2019 committing to ensure 100% of our plastic packaging is fully reusable, recyclable or compostable by 2025. While there is still more to do, we are proud to have been recognized in 2019 as sector leader in the Dow Jones Sustainability Index and in 2020 – for the tenth consecutive year – as the top ranked company in the GlobeScan/SustainAbility Sustainability Leaders survey.

For more information on Unilever U.S. and its brands visit: www.unileverusa.com 
For more information on Unilever Canada and its brands visit: www.unilever.ca 

Contact: Aleigha Whitmore / Edelman
332-206-5071 Aleigha.Whitmore@edelman.com 
Michele Kurtz / American Forests 
617-803-9293 mkurtz@americanforests.org  

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SOURCE TAZO

Statement of Exchange Bondholder Group on Economic Policy in Argentina

NEW YORK, Feb. 17, 2021 /PRNewswire/ — The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government’s policies:

Argentina’s Backdrop Should be Positive.  With a multi-decade restructuring of its external debt burden at low interest rates, agricultural commodity prices near record highs and a natural rebound in…

NEW YORK, Feb. 17, 2021 /PRNewswire/ — The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government’s policies:

Argentina’s Backdrop Should be Positive.  With a multi-decade restructuring of its external debt burden at low interest rates, agricultural commodity prices near record highs and a natural rebound in economic activity from pandemic lows, Argentina should be benefiting from significant tailwinds.  However, since the government concluded its historic restructuring of  international and domestic foreign currency bonds in September, local macroeconomic conditions have continued to deteriorate.

Yet Poor Policy Choices are Undermining Chances for a Sustainable Recovery. Rather than moving policy in a positive direction, the government has largely used the respite as an opportunity to delay difficult decisions and continue unsustainable policies.  Price controls, frozen tariffs and rationing of access to foreign exchange are short-term palliatives that are bound to fail and only store up greater problems down the road.  

Triggering Concerning Trends in External Accounts.  Argentina’s trade balance in December posted its first negative print since 2018. A closer look at the difference between trade on a customs-cleared versus cash payment basis reveals a worrying trend of over-invoicing of imports: cash imports increased by 22% over 2020, amidst an economy severely hit by COVID-19, even as accrued imports showed a far more plausible contraction of 14%. Capital account developments are proving even more discouraging as Argentines have shown little faith in their government’s policies and clamor for US dollar banknotes. During 2020, residents’ purchases of dollars drained $5.75 billion from the BCRA’s reserves.

The Rebuilding of Argentina’s Foreign Exchange Reserves is of Paramount Importance to Foster Domestic Confidence and Restore External Stability.  Only by demonstrating an ability to accumulate reserves can Argentina stem capital flight, reduce country risk premiums and generate investment that can create economic growth and sustainable employment for its citizens. Argentina does not lack foreign exchange: over $130 billion in US dollar banknotes circulate inside the country and Argentines hold net foreign assets of $300 billion. Rather, it lacks a credible policy framework that would trigger the return of these dollars to the financial system.

Even with the Debt Restructuring Completed, the Government has Still Not Laid out a Comprehensive Medium-term Macroeconomic Policy Framework.  With no appetite for fiscal adjustment, monetization of deficits continues fueling rising inflation. The government’s 29% inflation forecast for 2021 is not credible—estimates by private economists for inflation to top 45% are more realistic. Erratic, ad hoc policymaking amid a growing list of policy mistakes and u-turns such as initiatives to limit corn exports and intervene in wheat markets, a needlessly confrontational effort to restructure YPF’s debt and frozen tariffs in electricity, gas and other services all erode confidence.

A Desperately Needed IMF Agreement has been Subordinated to Politics.  An IMF program is the only likely source of policy anchors and a credible medium-term framework that can bring stability. However, the government appears to be seriously contemplating delaying an agreement with the IMF in order to have the freedom to continue its unsustainable policies even longer. With reserves already at dangerously low levels, such a strategy amounts to a reckless bet.

Debt Capital Markets Provide a Transparent Measurement of How Little Confidence Investors have in Argentina.  While yields on Argentina’s newly restructured bonds stand near 16%, Paraguay, a neighbor which historically provides migrant labor to Argentina, recently issued 12-year bonds at a yield of 2.74%. Benin, where per capita GDP is $1200 and the literacy rate stands at 42%, issued 11-year bonds at 5.125%. Capital to fund growth and alleviate poverty requires low country risk that can come only from good policies and clear communications with markets. Bondholders provided Argentina with $37 billion in cash flow relief on the premise that Argentina would use this space to implement policies that could bring down the cost of country risk. Argentina has yet to even begin to take seriously the commitments it made to creditors during debt negotiations, and the cost of this failure could not be clearer.

Argentina Cannot Default and Restructure its Way to Prosperity.  The great tragedy is that the failure to articulate a credible policy path prevents stability and growth in what could be a competitive economy if only the Authorities chose to anchor economic policies around a consistent macroeconomic framework with the support of the IMF. The timing could not be more auspicious for the country to unlock its formidable potential with prices of its main exports at historically high levels, global liquidity abundant and the world set for a growth rebound from the COVID-19 pandemic. All that is missing is clearly communicated, credible policies.

About The Exchange Bondholder Group
The Exchange Bondholder Group is comprised of 18 investment institutions, all of which voluntarily participated in Argentina’s recently-consummated exchange offer by tendering Exchange Bonds.  Prior to that exchange, Exchange Bondholder Group collectively held over 15% of the outstanding Exchange Bonds issued by Argentina under its 2005 indenture and 2010 indenture supplement.  Exchange Bonds were issued to investors who participated in the 2005 and 2010 debt exchanges, through which bondholders voluntarily accepted large reductions in net present value to assist Argentina’s recovery from the 2001 default.

Media Contacts:
Unboxed Communications
argentina@unboxedcommunications.com

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SOURCE The Ad Hoc Group of Argentina Exchange Bondholders

Survey Finds Lower-Income People of Color Are More Interested in Smart Energy Technologies, More Concerned About Climate Change

ATLANTA, Feb. 17, 2021 /PRNewswire/ — A new paper from the Smart Energy Consumer Collaborative (SECC) found that low- and moderate-income Black and People of Color (POC) households are significantly more likely to support initiatives that address climate change and are more interested in…

ATLANTA, Feb. 17, 2021 /PRNewswire/ — A new paper from the Smart Energy Consumer Collaborative (SECC) found that low- and moderate-income Black and People of Color (POC) households are significantly more likely to support initiatives that address climate change and are more interested in smart energy technologies than White households in the same income brackets.

SECC’s «Racial Disparities Among Lower-Income Energy Consumers» white paper was developed from a national online survey of 1,000 Americans with incomes under $50,000 annually. The survey asked respondents how and when they engage with their electricity providers; how interested they are in smart energy technologies (e.g., community solar, smart thermostats, smart appliances); where they typically receive information on saving electricity; what they think about climate change and the environment; how the COVID-19 pandemic has impacted their households and more.

The paper found that while lower-income Black and POC consumers often have greater financial and household struggles, particularly during the COVID-19 pandemic, these consumers are much more likely to be concerned with climate change and the environment. Black and POC consumers are more likely to:

  • Say the government should invest in renewable energy (88% and 86% vs. 79%).
  • Vote for representatives based on their environmental concerns (74% and 72% vs. 49%).
  • Want electricity from clean sources (88% and 86% vs. 74%).
  • And worry about the health effects of pollution (91% and 86% vs. 83%).

In addition, lower-income Black and POC households are more interested than lower-income White households in all eight of the smart energy technologies tested. For example, 39% of Black households and 36% of POC households are very interested in smart thermostats compared to 21% of White households, and 38% of Black households and 34% of POC households are very interested in community solar compared to 25% of White households. However, Black and POC households are also more likely to cite financial barriers for accessing these technologies.

The «Racial Disparities Among Lower-Income Energy Consumers» white paper can be downloaded here, and the key findings will be presented during a one-hour webinar with the research team on Thursday, Feb. 18 at 1 p.m. (ET).

To learn more about SECC, visit www.smartenergycc.org or follow @seconsumer on Twitter.

Jonathan Field                                                                                  
Smart Energy Consumer Collaborative
404-348-8015
jonathan.field@smartenergycc.org

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SOURCE Smart Energy Consumer Collaborative

Over 20 New Mexico Business Groups Call on State Legislature to Refocus on Economic Recovery Now

ALBUQUERQUE, N.M., Feb. 17, 2021 /PRNewswire/ — Today, the New Mexico Chamber of Commerce and 21 business groups launched a new campaign to urge the New Mexico state legislature to refocus its efforts on economic recovery and expanding opportunities for workers…

ALBUQUERQUE, N.M., Feb. 17, 2021 /PRNewswire/ — Today, the New Mexico Chamber of Commerce and 21 business groups launched a new campaign to urge the New Mexico state legislature to refocus its efforts on economic recovery and expanding opportunities for workers and businesses. The campaign kicked off with a full-page ad running today in nine of the state’s largest newspapers.

The New Mexico legislature is currently working to fast-track more than 20 bills that will make economic recovery more difficult. A partial list of the harmful legislation shows everything from bills that would potentially close our rural hospitals to eliminating billions of dollars in revenue for New Mexico schools. These bills would not only create regulatory uncertainty, but stymie efforts to safely reopen the state’s economy, working against the best interests of more than two million New Mexicans who call the state home. As the ad points out, neighboring states of Arizona, Colorado and Texas rank among the top 20 states for business; New Mexico ranks 48th.

«New Mexico is at a crossroads, and we need to decide what kind of opportunities we want our children and future generations to have,» said Rob Black, President and CEO of the New Mexico of Commerce. «Unfortunately, so many of the bills being fast tracked through state legislative committees will put our shared vision for the future at risk. We must work together to ensure an equitable and prosperous future for all, and the time for that is now.»

«Santa Fe is the tourism hub for New Mexico and the industry is essential for both our local and state economy. We need the legislature to focus on re-starting and supporting this crucial sector of the economy. We are at a turning point where we can salvage and then recover beyond the losses, we have experienced in the tourism industry.» said Bridget Dixson, President and CEO of the Santa Fe Chamber of Commerce.

«As our state struggles to overcome a tumultuous and economically devastating year, we look to our state elected officials to provide a legislative environment that creates new opportunities for our children and attracts new investments, revenue streams and jobs for New Mexico – now and for the future,» said Hayley Klein, Executive Director of the Artesia Chamber of Commerce. «We are particularly concerned at how some of these bills will impact the backbone of our local economy here in southeast New Mexico, namely the energy sector. If these high paying jobs disappear, there are few if any other opportunities for our workers.»

«We work hard to advance the civic and business interests of not only Farmington, but the entire Four Corners region,» said Jamie Church, President and CEO of the Farmington Chamber of Commerce. «Unfortunately, several proposed bills in the state legislature would kneecap these efforts and make an already bleak economic outlook worse. We have suffered considerably in recent years as state and federal efforts targeted energy producers in our region, and these bills aren’t providing any relief; they’re piling on. We all deserve better. Our lawmakers must collaborate with us to ensure we do not continue to lose out on valuable investments and opportunities to neighboring states.»

«New Mexicans are already struggling to provide for their families and make ends meet amid the devastating economic impacts of the COVID-19 pandemic,» Bill Lee, CEO of the Gallup McKinley-County Chamber of Commerce, said. «Now, proposed bills circulating through our state legislation stand to cost New Mexicans billions of dollars in revenue in the near term – creating an insolvable business climate and jeopardizing the quality of life for our friends, families and neighbors. We need the help of our state legislators to provide economic relief to our state.»

The full coalition includes: Alamogordo Chamber of Commerce, Albuquerque Hispano Chamber of Commerce, Angel Fire Chamber of Commerce, Artesia Chamber of Commerce, Carlsbad Mainstreet, Clovis Industrial Development Corporation, Economic Development Corporation of Lea County, Economic Forum of Albuquerque, Farmington Chamber, GallupMcKinley County Chamber of Commerce, Greater East Mountain Chamber of Commerce, Greater Las Cruces Chamber of Commerce, NAIOP, New Mexico Cattle Growers’ Association, New Mexico Chamber of Commerce, New Mexico Chile Association, New Mexico Farm & Livestock Bureau, New Mexico Oil and Gas Association, Portales Roosevelt County Chamber, Rio Rancho Regional Chamber, Ruidoso Valley Chamber of Commerce and the Santa Fe Chamber of Commerce.

Visit OpportunityNM.org for more information.

 

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SOURCE New Mexico Chamber of Commerce

Empire Diversified Energy Closes $13,100,000 of Bridge Financing to begin Development of a Solid Waste Recycling Facility

FORT LAUDERDALE, Fla., Feb. 17, 2021 /PRNewswire/ — Empire Diversified Energy Corporation (OTCQB:MPIR) announced today that it has closed on a $13,100,00 Bridge Loan with Principal Street Partners to provide funding for its Solid Waste Recycling Plant in Follansbee, WV. The bridge loan matures on February 1, 2022.

Empire Diversified Energy Inc. intends to begin the engineering and permitting phase for the construction of the recycling plant, which is located…

FORT LAUDERDALE, Fla., Feb. 17, 2021 /PRNewswire/ — Empire Diversified Energy Corporation (OTCQB:MPIR) announced today that it has closed on a $13,100,00 Bridge Loan with Principal Street Partners to provide funding for its Solid Waste Recycling Plant in Follansbee, WV. The bridge loan matures on February 1, 2022.

Empire Diversified Energy Inc. intends to begin the engineering and permitting phase for the construction of the recycling plant, which is located adjacent to the Empire Trimodal Terminal, beginning sometime this month.

Commenting on the transaction, Empire’s C.E.O. Mr. Frank Rosso said, «I’m very happy to report that this bridge loan has been completed and now our team can focus on the construction phase of the recycling plant.»

About Empire Diversified Energy, Inc.

Empire Diversified Energy, Inc. is a full-service company offering logistic and service solutions to the dynamic changing needs of the energy industry. The Company’s goal, based on years of demonstrable experience, is to develop a network of logistics and storage facilities to promote international sales of petrochemicals.

Statements contained in this communication that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements, including our intent to begin the engineering and permitting phase of the recycling plant construction project s, reflect current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.

 

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SOURCE Empire Diversified Energy Inc.