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NORAD's Santa tracker was a Cold War morale boost. Now it attracts millions of kidsFunsho Adegbola, the daughter of the late Chief Bola Ige , has recounted how her father was assassinated. Naija News reports that Ige, Nigeria’s ex-Minister of Justice and Attorney General of the Federation, was assassinated in his Ibadan home on 23 December 2001. Speaking during an interview on the radio talk show State Affairs with Edmund Obilo, as reported by PUNCH Online on Friday, Adegbola shared some eerie premonitions and symbolic warnings she got before her father’s death. According to her, she dreamt that she was wearing a black dress and mourning. Troubled by the dream, she confided in her father. His response was reassuring yet unsettling in hindsight: “ Nobody can kill me; my life is in God’s hands.” Adegbola recounted a peculiar incident at the palace of the late Ooni of Ife, Oba Okunade Sijuade, just days before the assassination. During a chieftaincy ceremony for the late Chief Stella Obasanjo, Ige’s cap was mysteriously removed. “ He told me, ‘In my entire political life, nobody has ever removed my cap,’” Adegbola recalled, emphasising how deeply symbolic and unprecedented her father found the act. Reflecting on her father’s life, Adegbola said, “ As Minister of Power and Steel, he returned 16 official cars assigned to him, saying, ‘I can’t maintain more than two cars. “ His Spartan lifestyle extended to his notably basic security arrangements. “After his assassination, Kema Chikwe visited our home and was shocked to see that our doors were ordinary carpentry wooden doors, easily breakable. “My father had no bulletproof doors or elaborate security, unlike many public officials. ” She recalled a warning from a friend who had read a newspaper article suggesting her father might not return alive from an upcoming visit to Ife. “I told him, ‘Daddy, it appears they will do something to you.’ He replied, ‘I am surrounded by the White Light of Christ through which nothing evil can penetrate.” Adegbola noted that her father fasted daily, except on Sundays, and relied on his spirituality to navigate challenges. She also linked the threats to her father’s political battles, particularly with Iyiola Omisore, then Deputy Governor of Osun State, during the era of Governor Bisi Akande’s administration. “ There were political uprisings in Osun State then, and tensions were high ,” she said. The inability to obtain justice for Ige’s murder remains a devastating wound for the family. Adegbola lamented how her mother, a Justice of the Court of Appeal, was unable to secure justice for her husband. “It was a cruel irony that broke her spirit,” she added.
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Revisiting Jinnah's economic vision: A blueprint for Pakistan's sustainable futureHow to make Masala Chicken Curry at home 10 beautiful animals that are pink in colour 10 easy-to-care-for beautiful freshwater fish for home aquariums 9 vegetarian dishes shine in the ‘100 Best Dishes in the World’ list 10 rare animals found only in Asia In pics: Sai Pallavi's vacation to Australia 8 books that will help develop discipline and good habits in 2025 Sanskrit names for baby boy that sound modern 18 stews and soups shine among the '100 Best Dishes in the World' 9 foods that provide over 30 grams of protein when cookedTORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) confirmed today that it has successfully closed its previously announced private offering (the “Offering”) of debt subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of approximately $129.3 million. The Offering proceeds, less the underwriters’ fee and expenses, are being held in escrow pending the satisfaction or waiver of certain conditions, following which, the Subscription Receipts will convert into Notes, as described below. Mattr intends to use the net proceeds of the Offering to pay a portion of the purchase price for the Company’s previously announced indirect acquisition (the “Acquisition”) of all of the issued and outstanding shares of AmerCable Incorporated. Subject to the satisfaction of certain closing conditions, Mattr expects the closing of the Acquisition to occur during the first quarter of 2025. In order to facilitate an orderly settlement of the Offering, the number of Subscription Receipts issued pursuant to the Offering has been modified to 125,000,000 (from the previously announced 125,000). Holders of the Subscription Receipts will be entitled to receive, upon the satisfaction of certain conditions and without payment of additional consideration or further action, a newly authenticated 7.25% senior unsecured note of the Company due April 2, 2031, in a principal amount of $1,000 (collectively for all Subscription Receipts, the “Notes”) per 1,000 Subscription Receipts held. The Notes issued upon the conversion of the Subscription Receipts shall be issued as “Additional Notes” pursuant to the trust indenture dated April 2, 2024, between TSX Trust Company and the Company, as supplemented by a supplemental indenture, such that, following the issuance thereof, $300 million aggregate principal amount of 7.25% senior unsecured notes of the Company due April 2, 2031, will be outstanding. The Subscription Receipts were offered through TD Securities and National Bank Financial Markets. The Subscription Receipts were offered for sale in Canada to accredited investors on a private placement basis, in accordance with Canadian securities laws. The Subscription Receipts were not registered under the U.S. Securities Act, or any state securities laws, and were offered and sold in the United States to qualified institutional buyers only, pursuant to Rule 144A of the U.S. Securities Act, and outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. About Mattr Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments: Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk. For further information, please contact: Meghan MacEachern VP, External Communications & ESG Telephone: 437.341.1848 Email: meghan.maceachern@mattr.com Website: www.mattr.com Forward Looking Information This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law. Source: Mattr Corp.
-- First Half Revenue of $85.7 million , increase 1.5% year-over-year -- -- First Half GMV of $107.3 million , down 7.0% year-over-year -- SHANGHAI , Dec. 20, 2024 /PRNewswire/ -- Jowell Global Ltd. ("Jowell" or the "Company") (NASDAQ: JWEL), one of the leading cosmetics, health and nutritional supplements, and household products e-commerce platforms in China , today announced its unaudited financial results for the six months ended June 30, 2024 . First Half 2024 Financial and Operational Highlights and June 30, 2023. stores or store-in-shop (an integrated store), selling products they purchased through Jowell's online platform LHH Mall under their retailer accounts, which provides them with major discounts. Total Revenues Total revenues for the first half 2024 were $85.7 million , representing an increase of 1.5% from $84.4 million in the same period of 2023. Our weighted average unit price was $5.16 per unit for the first half of 2024, which represented an increase of 4.2% as compared to $4.95 per unit for the same period of 2023. Our health and nutritional supplements revenue for the first half of 2024 increased by about $11.1 million , or 182.1%, as compared to the same period of 2023. The increase in health and nutritional supplements revenue was mainly due to the increase in sales of premium brand health and nutritional supplements. We have stepped up our promotions on these items during the Chinese New Year holidays in the first half of 2024 in an attempt to offer more promotional discounts in response to the overall market downturn. Operating loss was $4.0 million for the first half of 2024, compared with the operating loss of $6.6 million in the same period of 2023. The decrease in operating loss for the first half of 2024 was mainly due the decrease of marketing expenses, as well as reduction of operating expenses as discussed above. Net Loss Net loss was $3.8 million , a decrease of 47.1% compared with net loss of $7.1 million in the same period of 2023, which was mainly due the factors mentioned above. Loss per Share The Company computes earnings (loss) per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). Each of the Company's Preferred Share has voting rights equal to two Ordinary Shares of the Company and each Preferred Share is convertible into one Ordinary Share at any time. Except for voting rights and conversion rights, the Ordinary Shares and the Preferred Shares rank pari passu with one another and have the same rights, preferences, privileges and restrictions. For the first half ended June 30, 2024 and 2023, respectively, the Company had no potential ordinary shares outstanding that could potentially dilute EPS in the future. Cash and Cash Equivalents For the first half of 2024, the Company reported a net loss of $3.8 million , a negative operating cash flow of $41,012 and an accumulated deficit of approximately $29.8 million . The Company's principal sources of liquidity are sales revenues, proceeds from a private placement and a registered direct offering. As of June 30, 2024 , the Company had cash and restricted cash of approximately $0.8 million , held by the variable interest entity (VIE) Shanghai Juhao Information Technology Co., Ltd. ("Shanghai Juhao") with banks and financial institutions inside China as the Company conducts its operations primarily through the consolidated VIE in China ; the Company's working capital as of June 30, 2024 was $13.4 million . Due to the uncertainty of the current market environment, management believes it is necessary to enhance the collection of its outstanding accounts receivable and other receivables, and to be cautious in terms of its operational decisions and project selections. As of October 31, 2024 , approximately $1.8 million , or 62%, of its accounts receivable balance as of June 30, 2024 were collected, and approximately $9.9 million , or 93%, of its advances to supplier balance as of June 30, 2024 were utilized. In addition, the Company's Form F-3 registration was declared effective on August 31, 2022 , and the Company may also seek equity financing from outside investors if necessary. Based on the latest business plan of the Company, Shanghai Juhao has reduced its promotion efforts and marketing expenditures since the second half of 2023, which reduced the cash used in operating activities. Management believes that the above-mentioned factors, including cash on hand of approximately $0.8 million , will provide sufficient liquidity for the Company to meet its future liquidity and capital requirements for at least the next twelve months. About Jowell Global Ltd . Jowell Global Ltd. (the "Company") is one of the leading cosmetics, health and nutritional supplements and household products e-commerce platforms in China . We offer our own brand products to customers and also sell and distribute health and nutritional supplements, cosmetic products and certain household products from other companies on our platform. In addition, we allow third parties to open their own stores on our platform for a service fee based upon sale revenues generated from their online stores and we provide them with our unique and valuable information about market needs, enabling them to better manage their sales effort, as well as an effective platform to promote their brands. The Company also sells its products through authorized retail stores all across China , which operate under the brand names of " Love Home Store " or "LHH Store" and "Best Choice Store". For more information, please visit http://ir.1juhao.com/ . Exchange Rate The Company's financial information is presented in U.S. dollars ("USD"). The functional currency of the Company is the Chinese Yuan, Renminbi ("RMB"), the currency of the PRC. Any transactions which are denominated in currencies other than RMB are translated into RMB at the exchange rate quoted by the People's Bank of China prevailing at the dates of the transactions, and exchange gains and losses are included in the statements of operations as foreign currency transaction gain or loss. The consolidated financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830, "Foreign Currency Matters". This press release contains translations of certain RMB amounts into U.S. dollars ("USD" or "$") at specified rates solely for the convenience of the reader. The exchange rates in effect as of June 30, 2024 and December 31, 2023 were RMB1 for $0.1403 and $0.1412 , respectively. The average exchange rates for the six months ended June 30, 2024 and 2023 were RMB1 for $0.1407 and $0.1444 , respectively. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov . The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. For investor and media inquiries, please contact: Jowell Global Ltd. Ms. Jessie Zhao Email: [email protected] and outstanding at June 30, 2024 and December 31, 2023, respectively * outstanding at June 30, 2024 and December 31, 2023, respectively *
The era of rhythm games may feel like it’s long been over. As our plastic guitars, drums, and even microphones lay waiting in our closets for the next Guitar Hero or Rock Band game, you may be like me. Jonesing for the return of one of your favorite types of games. May I introduce you to Taiko No Tatsujin , a drumming game that is also one of the most wonderful experiences you may ever have? It Doesn’t Matter Where You Play It, Just Do Yourself a Favor and Try It My obsession with Taiko no Tatsujin started the first time I laid eyes on the box behind the glass at my local K-Mart. Yes, that long ago when that was one of the big box retailers. A PlayStation 2 copy of the game waited in the electronics section for me, but its price tag was always a little too high for my adolescent self. No matter how many chores I did, I never could seemingly come up with the money to finally add this one to my collection. Videos by VICE Fast forward about 15 years, and the release of the Nintendo Switch happened. A particular little game titled Taiko no Tatsujin: Drum ‘n’ Fun was announced, alongside a Hori Drum. Finally, with my adult money, I could afford to buy a copy of the game that I had lusted after for so many years. And I nearly instantly fell in love. Taiko no Tatsujin is deceptively simple, yet incredibly difficult to properly master. There are technically only two notes in the game: red notes, Dons, and blue notes, Kas. I figured, with the sheer number of hours I had spent playing games like Guitar Hero and mastering the Expert level tracks, I would be able to stomp anything that the game threw at me. That was almost 5 years ago, and now? Even with the amount of practice I’ve had over the years? I’m starting to just barely FC hard-level tracks. I took the time to modify my Hori Drum, adding a wooden platter underneath its rubber exterior. I also purchased a set of proper Bachi (drumsticks) to see if that would help my skills improve. But basically, I just need to devote even more time to Taiko no Tatsujin . Something I’ll happily do. I’ve Tried So Hard and Got So Far, but in the end, I Still Can’t Play ‘Oni’ Songs Honesty? Taiko no Tatsujin is basically a more advanced version of Donkey Konga . It follows the same basic principles of two simple notes and a specialty-level note. In Donkey Konga , you have to clap. In Taiko no Tatsujin , you have to hit the Don or Ka with both sticks when you see a big note. It’s pretty simple, but as I mentioned before, it can get out of control quickly. The Expert level tracks are the ultimate test for any rhythm game fan. Some of them, including Knight of Nights , are some of the most difficult things I’ve ever experienced. But once you finally complete this on a higher difficulty? It’s euphoric. Unlike anything else I’ve experienced in a rhythm game. So, I politely implore you. If you’re searching for a new rhythm game to fill your heart and soul with song, kindly give Taiko no Tatsujin a chance. It’s a wonderful experience, and you can even play with a controller if you don’t want to buy the drum. I would strongly suggest getting your hands on one sooner rather than later, however. It makes the experience that much better.Hiroshi Watanabe SP500 NYSEARCA: SPY returning 28.56% year-to-date Palantir Technologies Inc. PLTR Analyst’s Disclosure: I/we have a beneficial long position in the shares of ORCL, PLTR, AMD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
The Los Angeles Chargers are all but in the playoffs but a win over the New England Patriots on Saturday will make it official. There are plenty of other avenues in which the Chargers make the playoffs, but Jim Harbaugh's squad would like to just take care of business on their own. That will require a win on the road in Foxborough and the team will have to get that with a running game that could be at far less than 100 percent . The Patriots are 3-12 but they are a team that is still fighting, just ask the Buffalo Bills, who had to rally to beat them last Sunday. How do the experts see this one shaking out? Let's take a look. NFL Week 17 Expert Picks: Chargers vs. Patriots Marcus Mosher, The 33rd Team: Chargers 23, Patriots 20 Mosher: "The Los Angeles Chargers got a much-needed win against the Broncos to put them in position to make the postseason. They can clinch a spot with a win against the New England Patriots , who were extra feisty against the Bills last week. This won't be an easy game for the Chargers by any stretch, but look for Justin Herbert and the offense to do just enough to squeak by on Saturday afternoon. Gary Davenport, Bleacher Report: Chargers 27, Patriots 20 Davenport: "A pretty good argument can be made here for taking New England and the points at home—it's a sizable spread for a team traveling east for an early game on a Saturday. The Pats also hung around for most of last week's game against the Bills before eventually losing by a field goal. But the Bolts are coming off an impressive win over Denver. The Chargers are playing for something besides pride and screwing up their draft slot (Looking at you, Raiders. Looking. Right. At. You.). And while the Los Angeles run game remains a concern, a combination of Justin Herbert's right arm and a stout L.A. defense will propel the Chargers to a seven-point win and cover." Bill Bender, The Sporting News: Chargers 23, Patriots 14 Bender: "The Chargers' defense needs to get back on track, and this is an opportunity to do that. The Patriots have allowed 167.5 rushing yards per game the past two weeks, so Jim Harbaugh should get that working again, too. Los Angeles needs this one. The Chargers are 4-3 S/U on the road, but Justin Herbert has seven TDS and one interception in those games. Vinnie Iyer, The Sporting News: Chargers 24, Patriots 10 Iyer: "The Chargers tend to take care of bad teams under Jim Harbaugh. The Patriots qualify as such. Los Angeles will keep it simple with Justin Herbert throwing downfield, the power running game handling ample touches, and an attacking defense harassing Drake Maye. The long road trip won't faze them, as the Chargers seem to operate better as nomads away from their lack of home-field edge in Los Angeles." MORE CHARGERS CONTENT NFL Power Rankings: Chargers get little respect despite big win over Broncos Chargers wanted Diontae Johnson, but another team beat them out Los Angeles Chargers: 3 game balls from Week 16 win over Broncos Following win over Broncos, here is how Chargers clinch playoff spot this week Chargers kicker Cameron Dicker does something not seen in the NFL in nearly 50 yearsAnambra state government awards more road contractsThis Software Stock With 88% Expected Profit Growth Offers Entry
Israel hits the Houthis in Yemen after their slow escalation
Doug Ford's Ontario Place plan will make traffic congestion worse: reportTAURANGA, New Zealand--(BUSINESS WIRE)--Dec 19, 2024-- Craigs Investment Partners (“Craigs” or “the Firm”), a leading wealth management firm in New Zealand, today announced that TA Associates (“TA”), a leading global private equity firm, has signed a conditional agreement to make a strategic investment in the Firm. Under the agreement, Craigs’ existing employee and director shareholders will retain 50 percent ownership of the Firm, partnering closely with TA. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241218087239/en/ “TA is an ideal partner to support Craigs’ growth ambitions and ongoing commitment to client outcomes given its significant global experience investing in wealth management, and its strong understanding of the regional market,” said Simon Tong, CEO of Craigs. “Craigs and TA are aligned on a client-first philosophy and the importance of a personalized approach to wealth management. Client outcomes remain our top priority, and there will be no change in the people or our approach to providing outstanding service to our clients.” The partnership between Craigs and TA aims to further enhance Craigs’ position as a leader in the New Zealand wealth management market while enabling its continued expansion. Leveraging over 50 years of experience helping high-quality companies grow, TA will provide deep industry knowledge, strategic resources and a robust global network to accelerate Craigs’ growth strategy. “This is an exciting opportunity that connects our local team with TA’s extensive global experience in wealth management, supporting our ability to deliver enhanced outcomes for clients in an increasingly dynamic environment. Access to TA’s international network, best practices and insights will help us elevate our services while maintaining the personalised approach that sets us apart,” Tong continued. “Over the past 40 years, Craigs has established itself as one of the largest and most respected wealth management firms in New Zealand, offering a comprehensive range of personalised wealth advice and services to its clients,” said Edward Sippel, head of TA Associates Asia Pacific Ltd. and a Managing Director at TA. “We deeply respect this history and are honoured to support the Firm’s continued growth strategy and commitment to delivering best-in-class client outcomes.” “TA has a long history of partnering with world-class wealth managers like Craigs,” said Lily Xu, Vice President at TA. “We are excited to collaborate with the entire Craigs team to expand the Firm’s reach, continue enhancing its service offerings, and explore strategic M&A opportunities.” The agreement remains subject to certain approvals being obtained, including Court approval, Craigs’ shareholder approval and Overseas Investment Office (‘OIO’) consent. Settlement is expected to occur late in the first quarter of 2025. Financial terms were not disclosed. Craigs Investment Partners Limited is a NZX Participant firm. Craigs Investment Partners Limited’s Financial Advice Provider Disclosure Statement can be viewed at craigsip.com/terms-and-conditions . Please visit craigsip.com for more information on Craigs Investment Partners financial advice services. About Craigs Investment Partners (Craigs) Craigs Investment Partners is one of New Zealand's largest investment advisory firms, offering bespoke solutions to both private investors and corporate clients. Craigs provides the complete breadth of private client and wealth management services including investment advice and management, securities trading, research, cash management, institutional dealing, and investment banking. Craigs has over 180 qualified Investment Advisers, servicing over 65,000 private wealth investors across 19 branches in New Zealand. Craigs has a team of 650 employees, $32 billion in funds under advice (“FUA”), and is currently 100% owned by employee and director shareholders. www.craigsip.com About TA Associates (TA) TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and businesses services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241218087239/en/ CONTACT: For more information, please contact: Craigs Investment Partners:Tania Bui |tania.bui@craigsip.com TA Associates:Maggie Benoit |mbenoit@ta.com KEYWORD: AUSTRALIA/OCEANIA NEW ZEALAND ASIA PACIFIC INDUSTRY KEYWORD: BANKING ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE SOURCE: Craigs Investment Partners Copyright Business Wire 2024. PUB: 12/19/2024 04:38 PM/DISC: 12/19/2024 04:36 PM http://www.businesswire.com/news/home/20241218087239/en
Does the Indian Government need a DOGE-like agency for efficiency?WOOD DALE, Ill. , Dec. 19, 2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR) ("AAR" or the "Company") announced today that it has reached resolutions with the Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") to resolve previously disclosed potential violations of the U.S. Foreign Corrupt Practices Act (the "FCPA") relating to certain transactions signed in 2016 and 2017 in Nepal and South Africa. After self-reporting the potential violations to the DOJ and SEC in 2019, and cooperating with both agencies in a multi-year investigation, AAR has entered a Non-Prosecution Agreement ("NPA") with the DOJ, and the SEC has accepted the Company's Offer of Settlement and issued a cease-and-desist order (the "SEC Order"). The resolutions with both the DOJ and SEC make clear that the relevant conduct was principally carried out by a former employee of a Company subsidiary and former third-party agents. The total amount payable by AAR under the NPA and SEC Order is $55,599,653 , inclusive of penalties, forfeiture, and prejudgment interest, which will be reflected as a one-time charge in the Company's consolidated financial statements for fiscal year 2025 second quarter ended November 30, 2024 . The Company expects to fund these payments using a combination of cash on hand and borrowings under its revolving credit facility. "We are pleased to resolve these matters with the DOJ and SEC," said John M. Holmes , AAR's Chairman, President and Chief Executive Officer. "We thank the DOJ and SEC for their collaboration and their recognition of the Company's substantial cooperation. AAR remains committed to transparency and accountability and operating in an ethical and compliant manner as we deliver innovative, value-driven solutions to meet the ever-evolving needs of our customers worldwide." Since self-reporting the potential violations to the DOJ and SEC in 2019, the Company has taken extensive steps to enhance its global compliance program. AAR's remedial actions, along with the significant effort it made to cooperate with the investigations, were acknowledged by the DOJ and the SEC as part of the resolutions. About AAR AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through four operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be found at aarcorp.com . Forward-looking statements This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, which reflect management's expectations about future conditions, including, but not limited to, funding the payments required pursuant to the resolution of the DOJ and SEC investigations. Forward-looking statements often address our expected future operating and financial performance and financial condition, or sustainability targets, goals, commitments, and other business plans, and often may also be identified because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. These forward-looking statements are based on the beliefs of Company management, as well as assumptions and estimates based on information available to the Company as of the dates such assumptions and estimates are made, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including: (i) factors that adversely affect the commercial aviation industry; (ii) adverse events and negative publicity in the aviation industry; (iii) a reduction in sales to the U.S. government and its contractors; (iv) cost overruns and losses on fixed-price contracts; (v) nonperformance by subcontractors or suppliers; (vi) a reduction in outsourcing of maintenance activity by airlines; (vii) a shortage of skilled personnel or work stoppages; (viii) competition from other companies; (ix) financial, operational and legal risks arising as a result of operating internationally; (x) inability to integrate acquisitions effectively and execute operational and financial plans related to the acquisitions; (xi) failure to realize the anticipated benefits of acquisitions; (xii) circumstances associated with divestitures; (xiii) inability to recover costs due to fluctuations in market values for aviation products and equipment; (xiv) cyber or other security threats or disruptions; (xv) a need to make significant capital expenditures to keep pace with technological developments in our industry; (xvi) restrictions on use of intellectual property and tooling important to our business; (xvii) inability to fully execute our stock repurchase program and return capital to stockholders; (xviii) limitations on our ability to access the debt and equity capital markets or to draw down funds under loan agreements; (xix) non-compliance with restrictive and financial covenants contained in our debt and loan agreements; (xx) changes in or non-compliance with laws and regulations related to federal contractors, the aviation industry, international operations, safety, and environmental matters, and the costs of complying with such laws and regulations; and (xxi) exposure to product liability and property claims that may be in excess of our liability insurance coverage. Should one or more of those risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. Those events and uncertainties are difficult or impossible to predict accurately and many are beyond our control. For a discussion of these and other risks and uncertainties, refer to our Annual Report on Form 10-K, Part I, "Item 1A, Risk Factors" and our other filings from time to time with the U.S. Securities and Exchange Commission. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The risks described in these reports are not the only risks we face, as additional risks and uncertainties are not currently known or foreseeable or impossible to predict accurately or risks that are beyond the Company's control or deemed immaterial may materially adversely affect our business, financial condition or results of operations in future periods. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. Contact: Media Team +1-630-227-5100 Editor@aarcorp.com View original content to download multimedia: https://www.prnewswire.com/news-releases/aar-resolves-foreign-corrupt-practices-act-investigations-with-the-doj-and-sec-302336664.html SOURCE AAR CORP.
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