Capital Mobility – Minecraft Inventions http://minecraftinventions.com/ Fri, 12 Aug 2022 19:03:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://minecraftinventions.com/wp-content/uploads/2021/04/minecraft-inventions-icon-1.png Capital Mobility – Minecraft Inventions http://minecraftinventions.com/ 32 32 DECISIONPOINT SYSTEMS, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://minecraftinventions.com/decisionpoint-systems-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Fri, 12 Aug 2022 19:03:05 +0000 https://minecraftinventions.com/decisionpoint-systems-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/
The following discussion and analysis should be read in conjunction with the
condensed consolidated financial statements and notes thereto included elsewhere
in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q
contains statements that discuss future events or expectations, projections of
results of operations or financial condition, trends in our business, business
prospects and strategies and other "forward-looking" information. In some cases,
you can identify "forward-looking statements" by words like "may," "will,"
"should," "expects," These statements may relate to, among other things, our
expectations regarding for our financial results, revenue, operating expenses
and other financial measures in future periods, and the adequacy of our sources
of liquidity to satisfy our working capital needs, capital expenditures, and
other liquidity requirements. Our actual results may differ materially from
those anticipated in these forward-looking statements. Among the factors that
could cause actual results to differ materially are the factors discussed under
"Risk Factors" in documents and reports we have filed with the Securities and
Exchange Commission. Some additional factors that could cause actual results to
differ include:


? our plans to obtain any external financing required for our current activities and

proposed transactions and potential acquisition and expansion efforts;

? the impacts of the COVID-19 pandemic, or any other health epidemic, on

our business, and our customers, and the resulting disruptions

to supply chains, labor markets or the global economy as a whole;

? the concentration of our customers and suppliers and the potential effect of

the loss of a significant customer or supplier;

? the debts of the Company arising from our time line of credit

        to time or otherwise;
    ?   our ability to integrate the business operations of businesses that we
        acquire from time to time;
    ?   our prior history of operating losses;
    ?   our ability to compete with companies producing similar products and
        services;
    ?   the scope of protection we are able to establish and maintain for
        intellectual property rights covering our products and technology;

? the accuracy of our estimates regarding expenses, future revenues, capital

additional funding requirements and needs;

? general economic conditions, including the effects of inflation,

volatility, rising interest rates and effects of geopolitical events

        domestically and abroad;
    ?   our ability to develop and maintain our corporate infrastructure,
        including our internal controls;
    ?   our ability to develop innovative new products; and
    ?   our financial performance.



Our financial statements are stated in United States Dollars ("$") and are
prepared in accordance with U.S. GAAP. In this Quarterly Report, unless
otherwise specified, all dollar amounts are expressed in United States dollars
and all references to "common shares" refer to the common shares in our capital
stock.



Overview



We are a provider and integrator of mobility and wireless systems for business
organizations. We design, deploy and support mobile computing systems that
enable customers to access employers' data networks at various locations (i.e.
the retail selling floor, nurse workstations, warehouse and distribution centers
or on the road deliveries via enterprise-grade handheld computers, printers,
tablets, and smart phones). We also integrate data capture equipment including
bar code scanners and radio frequency identification (RFID) readers.



In January 2022we finalized the acquisition of Advanced Mobile Group, LLC
(“AMG”), a private company headquartered in Doylestown, Pennsylvania. We acquired AMG to expand our mobility-focused enterprise solutions and service offerings and grow its mid-range capabilities.Atlantic Region. AMG is a regional leader providing services, hardware, software, integration solutions and wireless networking, with deep experience in the segments of warehousing and distribution, manufacturing, mobile, retail and healthcare workforce automation, with approximately 600 customers.




16




The future impact of the COVID-19 pandemic on our business and results of
operations is unknown and will depend on future developments, which fluctuate
and are highly uncertain and cannot be predicted with confidence, including the
duration and severity of the COVID-19 pandemic, the spread of the new variants
of the virus domestically or abroad, the effectiveness of vaccines and
vaccination rates, and additional preventative and protective actions that
governments, or we or our customers, may implement, which may result in an
extended period of continued business disruption and reduced operations. Certain
of our customers, particularly those in the retail sector, have at times been
significantly impacted by COVID-19 and the pandemic has contributed to
disruptions in supply chains and labor shortages across industries, and we have
experienced supplier shipment delays due to a supply chain and logistic
challenges resulting in delays in product revenue recognition. Our results of
operations during the first half of 2022 are not necessarily indicative of
results to be expected in the remainder of 2022 in light of the uncertainties
surrounding the impact of the COVID-19 pandemic and continuing issues with
logistics and supply chain disruptions through the date of this report.



In addition, general economic uncertainty and volatility arising from
geopolitical events and concerns, inflation, rises in energy prices, changes in
interest rates and general declines in capital spending in the information
technology sector (and the economy in general) make it difficult to predict
changes in the purchasing requirements of our customers and the markets we serve
and whether our results of operations will be materially impacted.



Components of operating results



Net Sales


Net sales reflect revenue from the sale of hardware, software, consumables and professional services (including hardware and software maintenance) to our customers, net of sales taxes.

Revenue is recognized when a customer obtains control of goods or services promised under a contract and is measured as the amount of consideration we expect to receive in exchange for the transfer of goods or the provision of services. We do not have significant extended payment terms, as payment is due at the time of sale or shortly thereafter. Sales, value added and other taxes levied in conjunction with revenue-generating activities are excluded from revenue.

Cost of sales, selling and marketing expenses and general and administrative expenses

Here is an illustration of the major costs categorized into each major expense category:




Cost of sales, include:



  ? Cost of goods sold for hardware, software and consumables;
  ? Cost of professional services, including maintenance;
  ? Markdowns of inventory; and
  ? Freight expenses.



Sales and marketing expenses include:



  ? Sales salaries, benefits and commissions;
  ? Consulting;
  ? Marketing tools;
  ? Travel; and
  ? Marketing promotions and trade shows.



General and administrative costs include:



    ?   Corporate payroll and benefits;
    ?   Depreciation and amortization;
    ?   Rent;
    ?   Utilities; and

? Other administrative costs such as maintenance of company offices,

        supplies, legal, consulting, audit and tax preparation and other
        professional fees.





17




 Results of Operations



The following table summarizes key components of our results of operations for
the periods indicated, both in dollars and as a percentage of our net sales
(in
thousands):



                                             Three Months Ended           Six Months Ended
                                                  June 30,                    June 30,
                                             2022          2021          2022          2021
Statements of Operations Data:                                (unaudited)
Net sales                                 $   27,506     $  15,169     $  47,227     $  31,241
Cost of sales                                 21,179        11,673        36,225        23,907
Gross profit                                   6,327         3,496        11,002         7,334
Sales and marketing expenses                   2,384         1,910         4,560         3,799
General and administrative expenses            1,960         1,474        
4,220         3,094
Total operating expenses                       4,344         3,384         8,780         6,893
Operating income                               1,983           112         2,222           441
Interest expense                                  (9 )         (21 )         (35 )         (50 )
Gain on extinguishment of debt                     -             -         
   -         1,211
Other expense                                    (21 )           -           (16 )           -
Income before income taxes                     1,953            91         2,171         1,602
Income tax (expense) benefit                  (1,232 )          79          (598 )         (99 )
Net income attributable to common
shareholders                              $      721     $     170     $   1,573     $   1,503
Percentage of Net Sales:
Net sales                                      100.0 %       100.0 %       100.0 %       100.0 %
Cost of sales                                   77.0 %        77.0 %        76.7 %        76.5 %
Gross profit                                    23.0 %        23.0 %        23.3 %        23.5 %
Sales and marketing expenses                     8.7 %        12.6 %         9.7 %        12.2 %
General and administrative expenses              7.1 %         9.7 %       
 8.9 %         9.9 %
Total operating expenses                        15.8 %        22.3 %        18.6 %        22.1 %
Operating income                                 7.2 %         0.7 %         4.7 %         1.4 %
Interest expense                                 0.0 %         0.1 %        -0.1 %         0.2 %
Gain on extinguishment of debt                     - %           - %       
   - %         3.9 %
Other expense                                   -0.1 %           - %         0.0 %         0.0 %
Income before income taxes                       7.1 %         0.6 %         4.6 %         5.1 %
Income tax (expense) benefit                    -4.5 %         0.5 %        -1.3 %         0.3 %
Net income attributable to common
shareholders                                     2.6 %         1.1 %         3.3 %         4.8 %





18



Operating results for the second quarter of 2022 compared to the second quarter of 2021 (unaudited)



Net sales



                          Three Months Ended
                               June 30,              Dollar      Percent
                           2022          2021        Change       Change
                               (dollars in thousands)
Hardware and software   $   20,601     $ 10,257     $ 10,344        100.9 %
Consumables                  2,091        1,317          774         58.8 %
Services                     4,814        3,595        1,219         33.9 %
                        $   27,506     $ 15,169     $ 12,337         81.3 %




Net sales increased by 81.3%, or $12.3 million, during the three months ended
June 30, 2022 as compared to the same period of the prior year. The increase in
net sales was primarily driven by two significant, unplanned equipment orders by
two of our large enterprise customers and a $1.9 million increase in overall net
sales associated with sales by AMG which we acquired on January 31, 2022 (and,
thus, there were no corresponding sales by AMG included in our results of
operations for the comparable period in 2021).



Cost of sales



                          Three Months Ended
                               June 30,             Dollar       Percent
                           2022          2021       Change       Change
                              (dollars in thousands)
Hardware and software   $   16,371     $  8,290     $ 8,081          97.5 %
Consumables                  1,498          918         580          63.2 %
Services                     3,310        2,465         845          34.3 %
                        $   21,179     $ 11,673     $ 9,506          81.4 %




Cost of sales increased by 81.4%, or $9.5 million during the three months ended
June 30, 2022 as compared to the same prior year period primarily due to higher
hardware sales volume and a $1.3 million increase in overall cost of sales
associated with cost of sales of AMG that we acquired on January 31, 2022 (and,
thus, there were no corresponding costs of sales of AMG included in our results
of operations for the comparable period in 2021).



Gross profit



                                    Three Months Ended
                                         June 30,
                                    2022             2021
                                  (dollars in thousands)
Gross profit:
Hardware and software           $       4,230       $ 1,967
Consumables                               593           399
Services                                1,504         1,130
Total gross profit              $       6,327       $ 3,496

Gross profit percentage:
Hardware and software                    20.5 %        19.2 %
Consumables                              28.4 %        30.3 %
Services                                 31.2 %        31.4 %
Total gross profit percentage            23.0 %        23.0 %





19




Gross profit increased $2.8 million for the three months ended June 30, 2022 as
compared to the prior year period, primarily as a result of overall higher sales
volume and the other impacts noted above. Overall gross profit margin remained
flat with the prior year period.



Sales and marketing expenses



                                 Three Months Ended
                                      June 30,              Dollar       Percent
                                  2022          2021        Change       Change
                                             (dollars in thousands)
Sales and marketing expenses   $    2,384      $ 1,910     $    474          24.8 %
As a percentage of sales              8.7 %       12.6 %                     (3.9 )%




Sales and marketing expenses increased $0.5 million, or 24.8%, for the three
months ended June 30, 2022 as compared to the prior year period primarily due to
increased commissions on higher sales volume during the second quarter of 2022,
combined with increased expenses for AMG operations that was acquired on January
31, 2022 (and, thus, there were not corresponding sales and marketing expenses
of AMG included in our results of operations for the comparable period in 2021).
As a percentage of sales, sales and marketing expenses decreased 390 basis
points primarily due to higher sales volume for the three months ended June
30,
2022.


General and administrative expenses



                                        Three Months Ended
                                             June 30,              Dollar       Percent
                                         2022          2021        Change       Change
                                                    (dollars in thousands)
General and administrative expenses   $    1,960      $ 1,474     $    486 
        33.0 %
As a percentage of sales                     7.1 %        9.7 %                     (2.6 )%




General and administrative expenses increased $0.5 million, or 33.0%, for the
three months ended June 30, 2022 as compared to the same period of the prior
year. The increase in these expenses was due to higher professional and
accounting fees, increased rent costs and a $0.3 million increase in expenses
primarily associated with the acquisition of AMG on January 31, 2022 (and, thus,
there were no corresponding general and administrative expenses by AMG included
in our results of operations for the comparable period in 2021). As a percentage
of sales, general and administrative costs decreased 260 basis points primarily
due the higher sales volume in the second quarter of 2022.



Interest charges. The decrease in interest expense to $9,000 for the second quarter of 2022 from $21,000 compared to the same period last year was due to lower debt levels compared to the same period last year.




Income tax (expense) benefit. Income tax expense was approximately $1.2 million
for the three months ended June 30, 2022 compared to an income tax benefit of
$79,000 for the three months ended June 30, 2021. The income tax expense was
primarily due to higher income before income taxes.



Net revenue. The net income was $0.7 million compared to $0.2 million at the same time last year.




20



Results of operations for the six months ended June 30, 2022 Compared to the half-year ended June 30, 2021 (Unaudited)



Net sales



                          Six Months Ended
                              June 30,             Dollar       Percent
                          2022         2021        Change       Change
                              (dollars in thousands)

Hardware and software $34,901 $20,721 $14,180 68.4% Consumables

                3,371        2,776          595          21.4 %
Professional services      8,955        7,744        1,211          15.6 %
                        $ 47,227     $ 31,241     $ 15,986          51.2 %



Net sales increased by 51.2%, or $16.0 million, during the six months ended June
30, 2022 as compared to the same period of the prior year. The increase in net
sales was primarily driven by two significant, unplanned equipment orders by two
of our large enterprise customers and a $4.1 million increase in overall net
sales associated with sales by AMG which we acquired on January 31, 2022 (and,
thus, there were no corresponding sales by AMG included in our results of
operations for the comparable period in 2021).



Cost of sales



                          Six Months Ended
                              June 30,             Dollar       Percent
                          2022         2021        Change       Change
                              (dollars in thousands)
Hardware and software   $ 27,907     $ 16,715     $ 11,192          67.0 %
Consumables                2,383        1,942          441          22.7 %
Professional services      5,935        5,250          685          13.1 %
                        $ 36,225     $ 23,907     $ 12,318          51.5 %




Cost of sales increased by 51.5%, or $12.3 million during the six months ended
June 30, 2022 as compared to the same prior year period primarily due to higher
hardware sales volume and a $2.7 million increase in overall cost of sales
associated with cost of sales of AMG that we acquired on January 31, 2022 (and,
thus, there were no corresponding costs of sales of AMG included in our results
of operations for the comparable period in 2021).



Gross profit



                                     Six Months Ended
                                         June 30,
                                    2022             2021
                                  (dollars in thousands)
Gross profit:
Hardware and software           $       6,994       $ 4,006
Consumables                               988           834
Professional services                   3,020         2,494
Total gross profit              $      11,002       $ 7,334

Gross profit percentage:
Hardware and software                    20.0 %        19.3 %
Consumables                              29.3 %        30.0 %
Professional services                    33.7 %        32.2 %
Total gross profit percentage            23.3 %        23.5 %





21



Gross profit increased $3.7 million for the six months ended June 30, 2022 as
compared to the prior year period, primarily as a result of overall higher sales
volume and the other impacts noted above. Overall gross profit margin decreased
20 basis points due to a shift in mix to hardware sales with lower profit
margins.



Sales and marketing expenses



                                 Six Months Ended
                                     June 30,             Dollar       Percent
                                 2022         2021        Change       Change
                                            (dollars in thousands)

Sales and marketing expenses $4,560 $3,799 $761 20.0% As a percentage of sales

             9.7 %      12.2 %                     (2.5 )%



Sales and marketing expenses increased $0.8 million, or 20.0%, for the six
months ended June 30, 2022 as compared to the prior year period primarily due to
increased commissions on higher sales volume during the second quarter of 2022,
combined with increased expenses for AMG operations that was acquired on January
31, 2022 (and, thus, there were no corresponding sales and marketing expenses of
AMG included in our results of operations for the comparable period in 2021). As
a percentage of sales, sales and marketing expenses decreased 250 basis points
primarily due to the higher sales volume for the six months ended June 30, 2022.



General and administrative expenses



                                        Six Months Ended
                                            June 30,            Dollar       Percent
                                        2022         2021       Change       Change
                                                  (dollars in thousands)
General and administrative expenses   $   4,220     $ 3,094     $ 1,126    
     36.4 %
As a percentage of sales                    8.9 %       9.9 %                    (1.0 )%




General and administrative expenses increased $1.1 million, or 36.4%, for the
six months ended June 30, 2022 as compared to the same period of the prior year.
The increase in these expenses was due to increased stock compensation expense,
professional and accounting fees, and business insurance, and a $0.4 million
increase in expenses associated with the acquisition of AMG on January 31, 2022
(and, thus, there were no corresponding general and administrative expenses by
AMG included in our results of operations for the comparable period in 2021). As
a percentage of sales, general and administrative costs increased 100 basis
points primarily due to higher sales volume for the six months ended June 30,
2022.


Interest charges. The decrease in interest expense to $35,000 of $50,000 last year was attributable to a decrease in the average debt balance compared to the same period last year.




Gain on extinguishment of debt. We recorded a gain on extinguishment of debt of
$1.2 million in the first half of 2021 in connection with the SBA's forgiveness
of the PPP Loans.



Income tax (expense) benefit. Income tax expense was approximately $0.6 million
and $0.1 million for the six months ended June 30, 2022 and June 30, 2021,
respectively. The higher income tax rate this period is associated with higher
income before income taxes and in the prior year period, the PPP loan
forgiveness was not subject to federal income tax.



Net revenue. The net income was $1.6 million compared to $1.5 million at the same time last year.




22



Cash and capital resources

As of June 30, 2022, our principal sources of liquidity were cash totaling $8.5
million and $9.0 million of availability under our line of credit. In recent
years, we have financed our operations primarily through cash generated from
operating activities, borrowings from term loans and our line of credit. In
certain prior years, we generated operating losses and negative cash flows from
operating activities as reflected in our accumulated deficit. We have generated
operating income for each of the years ended December 31, 2018 through December
31, 2021. Based on our recent trends and our current projections, we expect to
generate cash from operations for the year ending December 31, 2022. Given our
projections, combined with our existing cash and credit facilities, we believe
the Company has sufficient liquidity for at least the next 12 months.



Our ability to continue to meet our cash requirements will depend on, among
other things, the effect of COVID-19 on U.S. and global economic activity,
continuing disruptions in supply chains and labor shortages across industry
sectors contributed to by the COVID-19 pandemic, the effects of inflation, our
ability to achieve anticipated levels of revenues and cash flow from operations,
our ability to manage costs and working capital successfully and the continued
availability of financing, if needed. We cannot provide any assurance that our
assumptions used to estimate our liquidity requirements will remain accurate due
to, among other things, the unpredictability of the COVID-19 global pandemic and
its effect on our company, customers and suppliers. Consequently, the duration
of the pandemic and our estimates on the severity of the impact on our future
earnings and cash flows could change and have a material impact on our results
of operations and financial condition. In the event of a sustained market
deterioration, and declines in net sales, we may need additional liquidity,
which would require us to evaluate available alternatives and take appropriate
actions. We cannot provide any assurance that we will be able to obtain any
additional sources of financing or liquidity on acceptable terms, or at all.



 Working Capital (Deficit)



                            June 30,      December 31,       Increase/
                              2022            2021           (Decrease)
                                           (in thousands)
Current assets              $  30,367     $      19,334     $     11,303
Current liabilities            32,587            18,352           14,235
Working capital (deficit)   $  (2,220 )   $         982     $     (3,202 )




The working capital deficit as of June 30, 2022 was primarily due to the cash
paid for the acquisition of AMG. Deferred revenue increased at June 30, 2022 as
compared to December 31, 2021 was due to an $8.7 million large enterprise retail
customer order placed in January 2022, all of which was paid in cash as of June
30, 2022. The estimated cost to deliver this order is approximately $7.4
million.



Line of Credit


On July 30, 2021, we entered into a Loan and Security Agreement (the "Loan
Agreement") with MUFG Union Bank, National Association. The Loan Agreement
provides for a revolving line of credit of up to $9.0 million with our
obligations being secured by a security interest in substantially all of our
assets. Loans extended to us under the Loan Agreement are scheduled to mature on
July 31, 2024.


From June 30, 2022we could borrow up to $9.0 millionand had no outstanding borrowings under the line of credit.



EIDL Promissory Note



On August 27, 2020, we received $150,000 in connection with a promissory note
from the SBA under the Economic Injury Disaster Loan ("EIDL") program pursuant
to the CARES Act. Under the terms of the EIDL promissory note, interest accrues
on the outstanding principal at an interest rate of 3.75% per annum and with a
term of 30 years with equal monthly payments of principal and interest of $731
that began on August 27, 2021.




23




Cash Flow Analysis



                                               Six Months Ended
                                                   June 30,
                                              2022          2021
                                                (in thousands)

Net cash flow generated by operating activities $12,872 $2,491
Net cash used in investing activities (5,620 ) (325 ) Net cash used in financing activities (1,380 ) (1,204 ) Net increase in cash

                        $  5,872      $    962




Operating Activities



Net cash provided by operating activities increased to $12.9 million for the six
months ended June 30, 2022 from $2.5 million for the six months ended June 30,
2021. The increase was primarily due to an increase in deferred revenue during
the six months ended June 30, 2022.



Investing Activities



Net cash used in investing activities was $5.6 million for the six months ended
June 30, 2022 which is comprised of cash payments in connection with the
acquisition of AMG, the acquisition of the customer list and relationships of
Boston Technologies, and capital expenditures of property and equipment. Net
cash used in investing activities was $0.3 million for the six months ended June
30, 2021 which is comprised of cash payments delivered in the first half of 2021
in connection with the acquisition of ExtenData and purchases of capital
expenditures of property and equipment.



Financing Activities



Net cash used in financing activities was $1.4 million for the six months ended
June 30, 2022 due to the payment of employee taxes on the cashless exercise of
employee stock options. Net cash used in financing activities was $1.2
million for the six months ended June 30, 2021, which was primarily comprised of
payments on the line of credit.



Stock Issuances


For the six months ended June 30, 2022, certain employees exercised vested stock
options previously granted under the 2014 Plan through a cashless exercise. The
options exercised were net settled in satisfaction of the exercise price and
employee share-based tax withholding. These shares were issued pursuant to an
S-8 Registration Statement dated July 7, 2021 with respect to shares issuable
pursuant to the 2014 Plan. The exercised options, utilizing a cashless exercise,
are summarized in the following table:



                Weighted                                                                              Employee
                 Average        Shares Net         Shares                  

Weighted Exercise of Stock-Based Options Settled for Holdback Net shares Medium

            Tax

Exercise price exercised for taxes issued

Withholding tax on share price

   550,834     $      3.48           194,681         142,479          213,674     $        9.85     $  1,403,191



Significant Accounting Policies and Estimates




The preparation of financial statements in accordance with accounting principles
generally accepted in the United States requires the appropriate application of
certain accounting policies, some of which require us to make estimates and
assumptions about future events and their impact on amounts reported in our
condensed consolidated financial statements. Since future events and their
impact cannot be determined with absolute certainty, the actual results will
inevitably differ from our estimates.




24



The acquisition of Advanced Mobile Group, LLC

We completed the acquisition of Advanced Mobile Group, LLC ("AMG") for $5.1
million on January 31, 2022. We accounted for this transaction under the
acquisition method of accounting for business combinations. Accordingly, the
purchase price was allocated, on a preliminary basis, to the assets acquired and
liabilities assumed based on their respective estimated fair values, including
identified intangible assets of $2.2 million and resulting goodwill of $1.9
million. Our preliminary fair value estimates of intangible assets were
determined using valuation techniques based on estimates and assumptions used
for similar intangible assets we acquired in connection with the acquisition of
ExtenData in December 2020. As disclosed in Note 3 to the accompanying condensed
consolidated financial statements, during the quarter ended June 30, 2022,
management continued to refine its estimates of the fair value of assets
acquired and liabilities assumed. Included in the purchase price of AMG, is
contingent consideration of $0.5 million, subject to EBITDA results of AMG
during each of the two years following the closing of the acquisition. We
estimated the fair value of the contingent consideration based on the financial
forecasts of AMG. The estimated fair values associated with the acquisition of
AMG are subject to change during the measurement period which is not expected to
exceed one year after the date of acquisition. Any adjustments to our
preliminary purchase price allocation identified during the measurement period
will be recognized in the period in which the adjustments are determined and
recorded against goodwill.



For a description of other critical accounting policies and estimates, refer to
Part II, Item 7, Critical Accounting Policies and Estimates in our Annual Report
on Form 10-K for the year ended December 31, 2021. Other than the acquisition of
AMG, there have been no material changes to our critical accounting estimates
since our Annual Report on Form 10-K for the year ended December 31, 2021.

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Swvl of Dubai announces $20 million private placement https://minecraftinventions.com/swvl-of-dubai-announces-20-million-private-placement/ Wed, 10 Aug 2022 18:34:10 +0000 https://minecraftinventions.com/swvl-of-dubai-announces-20-million-private-placement/

Dubai-based shared mobility service provider Swvl has signed a definitive agreement with a US institutional investor for the purchase and sale of more than 12.1 million of its shares as well as securities for a total of almost $20 million.

The Series A warrants and Series B warrants were offered at a combined purchase price of $1.65 per share, in a private placement, the Nasdaq-listed company said Wednesday. in a press release.

Its shares were down 16% at $1.54 per share as of 10 p.m. UAE time on Wednesday. Swvl’s stock price has lost more than 84% of its value since entering the market at $10 in March.

Warrants are a derivative that gives the right, but not the obligation, to buy or sell stocks at a certain price before their expiration date, according to Investopedia.

Series A warrants can purchase up to more than 12.1 million shares and Series B warrants can purchase up to nearly 6.07 million shares, according to the release.

The Series A and Series B Warrants will be exercisable immediately upon issuance and will expire five years and two years respectively from the date of issuance.

Swvl began trading on the Nasdaq in the United States in March after a merger with special purpose acquisition firm Queen's Gambit Growth <a class=Capital. Photo: Swvl” src=”https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/sPqE0ftr21Dl1W3daQpeQReDTWE=/1440×0/filters:format(jpg):quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/UDCJAEMAYRD6BDPA43L5PLII4I.jpg” width=”1440″ height=”0″ loading=”lazy”/>

“If, during their respective five-year and two-year terms, all Warrants are exercised for cash, based on the exercise price of $1.65 per share, the Company will receive additional gross proceeds of $30 million,” Swvl said.

The closing of the private placement and sale of securities is expected to occur by August 12, subject to customary closing conditions.

Alliance Global Partners acts as sole placement agent.

Swvl began trading on the Nasdaq in the United States in March after a merger with special purpose acquisition firm Queen’s Gambit Growth Capital.

Founded in 2017, it is the second Arab tech company to list on the Nasdaq after music streaming platform Anghami, which was also listed via a Spac in February.

Swvl allows commuters to book seats on private buses operating on fixed routes and pay fares using its mobile app. It has intercity and intracity buses and provides business and government transport services in over 135 cities in more than 20 countries.

The company’s platform offers free semi-private alternatives to public transport for people who cannot access or afford private options. Users can book their rides on an app with various payment options and 24/7 access to private buses and vans.

Since last year, the company has been booming with the acquisition of the Spanish Shotl, the Argentinian Viapool, the German door2door and the Turkish Volt Lines.

However, the company announced in May that it would cut its workforce by 32% as part of a plan to generate positive cash flow in 2023.

“We needed to make sure we were able to get to profitability quickly with the cash flow we have and not rely on external access to capital in this environment,” said Swvl chief financial officer Youssef Salem. The National last month.

The company expects its losses to rise to $90 million this year, from $50 million in 2021, before turning profitable next year.

Mr Salem said institutional shareholders, who make up 84% of the total, all voluntarily extended the six-month lockdown “because they believe in the long-term strategy” of the company.

“On the other hand, we have a 16% free float, which is more sensitive and more vulnerable to market conditions,” he said.

Updated: August 10, 2022, 6:28 p.m.

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DigitalBridge and Columbia Capital Launch Xenith IG Fiber Platform in Asia Pacific https://minecraftinventions.com/digitalbridge-and-columbia-capital-launch-xenith-ig-fiber-platform-in-asia-pacific/ Wed, 03 Aug 2022 00:33:00 +0000 https://minecraftinventions.com/digitalbridge-and-columbia-capital-launch-xenith-ig-fiber-platform-in-asia-pacific/

BOCA RATON, Florida and ALEXANDRIA, Virginia–(BUSINESS WIRE)–DigitalBridge Investment Management (“DigitalBridge”), the investment management arm of DigitalBridge Group, Inc., and Columbia Capital-affiliated funds have formed Xenith Infrastructure Group (“Xenith IG”), a new fiber platform serving hyperscalers, data center operators, carriers and enterprises in the Asia-Pacific region. Xenith IG’s initial assets include conduit and fiber assets in Singapore and Hong Kong, which it acquired from Superloop (ASX:SLC).

Xenith IG will be led by Clement Goh, who has been appointed Managing Director, effective August 1, 2022. Mr. Goh brings to Xenith IG over 20 years of experience in the digital infrastructure and technology industry in the Asia- Peaceful.

Mr. Goh said, “I am honored to serve as CEO of Xenith IG and look forward to working with the entire team to meet the growing demand for reliable, high-performance fiber connectivity as digitalization continues to grow in this region. DigitalBridge and Columbia Capital are world leaders in building digital infrastructure businesses, and I am delighted to partner with them to deliver dense, high-quality fiber optic networks that meet our customers’ current and future needs. .

“We believe Xenith IG is uniquely positioned to capitalize on the significant growth in network demand seen in Asia-Pacific,” said Justin Chang, Managing Director and Head of Asia at DigitalBridge. “We are also delighted to welcome Clément in his role as CEO. Clement brings a deep understanding of the connectivity and data center business in this region, and we look forward to working with him to build the Xenith IG platform into a leading fiber optic infrastructure provider in this region.

John Siegel, Partner at Columbia Capital, said, “Growth in data center capacity in Asia Pacific is creating significant demand for resilient fiber infrastructure. We look forward to working with Clement, a leading executive with significant expertise in regional data center and connectivity markets, to build a best-in-class infrastructure platform.

During his career, Mr. Goh has held executive and operating positions in several digital infrastructure and technology companies in the Asia-Pacific markets. He joins Xenith IG from ST Telemedia Global Data Centers (“STT GDC”), where he served as CEO for Southeast Asia and was responsible for leading the company’s growth initiatives in this region. region. Prior to STT GDC, Mr. Goh served as Equinix’s General Manager for South Asia, where he was responsible for the overall performance of Singapore’s IBX centers and the distribution partnership in Indonesia, in addition to playing a instrumental in setting up the Equinix sales office. in India. Earlier in his career, Mr. Goh held business development positions at Dell, Oracle and Hewlett Packard. Mr. Goh holds a Bachelor of Engineering from the National University of Singapore with concentrations in Electrical and Electronic Engineering, and an MBA from the National University of Singapore and the UCLA Anderson School of Management.

About Digital Bridge

DigitalBridge (NYSE: DBRG) is one of the world’s leading digital infrastructure investment firms. With a legacy of more than 25 years of investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells and edge infrastructure, l he DigitalBridge team manages a US$47 billion portfolio of digital infrastructure assets on behalf of its partners and shareholders. Based in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London and Singapore. For more information, visit www.digitalbridge.com.

About Columbia Capital

Columbia Capital is a leading venture capital firm, focused on partnering with top carriers to build companies in the digital infrastructure, enterprise computing and mobility sectors. Since its inception in 1989, Columbia Capital has invested in more than 175 companies in its areas of focus. To date, Columbia Capital has raised approximately US$5 billion in fund commitments. Columbia Capital is headquartered in Alexandria, VA, USA. For more information, visit www.colcap.com.

About Xenith IG

Xenith IG is a dark fiber network infrastructure owner and operator serving the APAC region. Hyperscalers, data center operators, content providers, carriers and enterprises rely on Xenith IG to deliver reliable, robust and high-bandwidth connectivity solutions. Xenith IG’s management consists of fiber optic connectivity professionals with a proven track record in building and maintaining large-scale data networks around the world. Learn more by visiting www.xenithig.com.

Caution Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking words such as “may”, “will”, “should”, “expect”, “intend”, “anticipate”, “anticipate “, “believes”, “estimates”, “predicts” or “potential” or the negative of these words and expressions or similar words or expressions which are predictions or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ materially from those expressed in any forward-looking statement. factors that could cause such a difference include the risks and uncertainties detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Quarterly Report el on Form 10-Q for the quarter ended March 31, 2022 and its other reports filed from time to time with the United States Securities and Exchange Commission (“SEC”). All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but are not guarantees of future performance. The Company cautions investors not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this report. The Company is under no obligation to update any of these forward-looking statements after the date of this release, or to conform any prior statements to actual results or revised expectations, and the Company does not intend to do it.

]]> Hyundai Motor chairman discusses future industries with Indonesian president https://minecraftinventions.com/hyundai-motor-chairman-discusses-future-industries-with-indonesian-president/ Fri, 29 Jul 2022 00:45:46 +0000 https://minecraftinventions.com/hyundai-motor-chairman-discusses-future-industries-with-indonesian-president/
Indonesian President Joko Widodo (L) talks to Hyundai Motor Group Chairman Chung Eui-sun in a car during his visit to Seoul on July 28.



Hyundai Motor Group Chairman Chung Eui-sun exchanged views on future industries, including human-centric smart cities and future smart mobility solutions, during a meeting with Indonesian President Joko Widodo July 28.

“Hyundai Motor Group has a diverse business portfolio that encompasses cars, construction, logistics, robots, advanced air mobility (AAM) and green business,” said Chung, who met with the visiting Indonesian president. at the Lotte Hotel. “We look forward to expanding our cooperation with Indonesia, from green trade to advanced sectors of the future.”

Hyundai Motor Co. sold 454 electric vehicles (EVs) in Indonesia in the first half of this year, accounting for 92% of the Indonesian EV market. Its IONIQ 5 leads the EV sales chart with 395 units, and the actual number of IONIQ 5 purchase contracts exceeds 2,000 units.

The Indonesian government plans to replace more than 10,000 internal combustion engine vehicles with electric vehicles every year from 2021 to 2030, so they will total 130,000 units. In addition, by 2025, Indonesia plans to increase the share of pure electric vehicle sales in total car sales to 20% and ban sales of internal combustion engine vehicles from 2050. These policies will fuel electric vehicle sales in the Southeast Asian country.

Chairman Widodo said he expects Hyundai Motor Group to play an important role in the growth of the green mobility industry in Indonesia. He hopes Hyundai Motor Group will become a partner providing clean mobility solutions in the Indonesian government’s project to build a new administrative capital.

]]> “Indian EV industry attracted $1.67 billion in PE/VC funds in 2021” https://minecraftinventions.com/indian-ev-industry-attracted-1-67-billion-in-pe-vc-funds-in-2021/ Wed, 27 Jul 2022 09:40:21 +0000 https://minecraftinventions.com/indian-ev-industry-attracted-1-67-billion-in-pe-vc-funds-in-2021/

A total of $1.7 billion was invested by private equity and venture capital in India’s electric vehicle (EV) industry in 2021, a senior official at Indian Private Equity and Venture Capital has said. Association (IVCA).

According to Rajat Tandon, Chairman of IVCA, last year, a sum of $1.7 billion was invested by private equity funds and venture capitalists in India’s electric vehicle sector.

He said that in 2022 the investment hit $66 million.

The IVCA has also launched a report on “Indian mobility electrification” in partnership with EY and IndusLaw, which estimates that India’s electric vehicle industry will create over 10 million direct jobs and 50 million jobs indirect by 2030.

Many new and fresh investors are joining the bandwagon. However, experts say there is a need for the government and the wider investment community to come together and work towards more sustainable solutions.

According to Srihari Mulgund, New Age Mobility Partner, EY-Parthenon, the electrification of Indian mobility presents a “unique opportunity” to reinvent the future of the Indian automotive sector.

Technology will be a key factor for a successful transition and with technology moving faster than ever, players need to make multiple bets to survive and grow during this transition. Therefore, capital becomes strategic leverage as we embark on this journey to electrify mobility, Mulgund said.

20220727-150005

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Gadkari to deliver keynote at Mint Mobility Conclave https://minecraftinventions.com/gadkari-to-deliver-keynote-at-mint-mobility-conclave/ Mon, 25 Jul 2022 19:14:28 +0000 https://minecraftinventions.com/gadkari-to-deliver-keynote-at-mint-mobility-conclave/

The Mint Mobility Conclave, a gathering of policymakers and business leaders to discuss the state and future of mobility, will take place in New Delhi on Thursday.

Nitin Gadkari, Union Minister for Road Transport and Highways, will deliver the keynote address on India’s path to leadership in automotive innovation, manufacturing and sustainability.

The conclave aims to provide a forum to discuss mobility across formats and themes – air, rail, water, land, sustainability, finance and logistics.

Vikas Kumar, managing director of Delhi Metro Rail Corp.; Nilesh Kothari, co-founder and managing partner of Trifecta Capital; Tarun Mehta, co-founder and CEO of Ather Energy; Nagesh Basavanahalli, Group Managing Director and Managing Director of Greaves Cotton Ltd; Martin Schwenk, Managing Director and CEO of Mercedes-Benz India; Mahua Acharya, Managing Director and CEO of Convergence Energy Services Ltd; Ashish Kundra, Principal Secretary, Delhi Government; Mahesh Babu, Managing Director India and COO of Switch Mobility; and Amber Dubey, joint secretary at the Ministry of Civil Aviation, will also participate in the event. Several other business leaders will be featured as speakers or panelists.

Connectivity is an important theme of the Indian government’s development model, and it involves building emission-free mobility solutions to leverage its multiplier effect on the Indian economy. As the Indian government articulates its vision to address new age mobility challenges, interest in the Indian economy continues unabated in sectors such as automotive, railways, new metro services, logistics and aviation.

India has become a hotspot for international companies to introduce and develop new technologies as these companies seek to diversify their supply chains and production lines away from China in the wake of the coronavirus pandemic.

Multimodal logistics hubs near dedicated freight corridors are also opening up to large-scale infrastructure. This raises the question of long-term financing and the need for patient capital to meet emerging needs for critical physical infrastructure.

Mint seeks to provide a space for debate and discussion by creating this gathering of the best minds in mobility solutions in India.

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Tech Digest presents the five most successful Nigerian technology startups in the first quarter of 2022 https://minecraftinventions.com/tech-digest-presents-the-five-most-successful-nigerian-technology-startups-in-the-first-quarter-of-2022/ Sat, 23 Jul 2022 21:24:30 +0000 https://minecraftinventions.com/tech-digest-presents-the-five-most-successful-nigerian-technology-startups-in-the-first-quarter-of-2022/
Nigerian startups

FIRS

By Abbas Badmus

Nigeria has taken an unprecedented step in start-ups and innovative product development to meet the challenges of the African continent. From fintech to edtech to proptech, the country’s young innovators are innovating.

It is therefore not shocking that Nigerian start-ups attract more foreign investors than their counterparts from other African countries.

Last year alone, Tech Digest reports that start-ups attracted more than $150 billion, or 35% of the total investment that entered Africa in 2021.

Read also: When tech giants provide digital literacy and skills in Nigeria, by Zeenat O. Sambo

This year, Nigerian startups have racked up nearly $1 billion in the first quarter.

The Tech Digest, a publication of Image Merchants Promotion, features the top five performing startups that made the news in Q1 2022:

Flutterwave ($250 million)

Recognized as one of Nigeria’s most valuable startups, Flutterwave became Africa’s fourth unicorn last year after raising $170 million in a Series C round. In February this year, the company put the icing on its cake by raising $250 million in its biggest funding round yet, valuing the startup at more than $3 billion as it targets mergers and acquisitions and a growing existing customer base.

The latest Series D funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management. According to the company’s CEO, Olugbenga Agboola, “The funding gives Flutterwave the much-needed support to realize our plans to deliver the best experience to our merchants and customers around the world.”

Moove ($105 million)

In March, Nigeria-based mobility fintech startup Moove raised $105m in an oversubscribed Series A2 round to expand into seven new markets in Asia, MENA and Europe over the past few months. next six months.

Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

ThriveAgric ($56.4 million)

ThriveAgric, a technology-focused agriculture company, also secured $56.4 million in debt financing from commercial banks and institutional investors in March this year. Additionally, the company received a $1.75 million co-investment grant from West Africa Trade & Investment, which is funded by USAID.

With this new investment, the company will be able to expand its base of over 200,000 farmers and enter new markets in Africa, including Ghana, Zambia and Kenya.

Reliance Health ($40 million)

In February this year, Reliance Health, an emerging markets-focused digital healthcare provider, completed a $40 million Series B funding round led by General Atlantic, a premier global growth equity investor. plan, with participation from Partech, Picus Capital, Tencent Exploration, AAIC (Asia Africa Investment and Consulting), P1 Ventures, Laerdal Million Lives Fund, M3, Inc. and Arvanitis Social Foundation.

Based in Lagos, Nigeria and Austin, Texas, Reliance Health began operations in Nigeria in 2015 as a telemedicine-focused startup, Kangpe, founded by Femi Kuti, Opeyemi Olumekun and Matthew Mayaki, and later expanded into a single-fee health care provider to better meet the complex and evolving needs of patients.

Credpal ($15 million)

CredPal, an early pioneer of ‘buy now, pay later’ services in Nigeria, also closed a $15 million equity and debt round in March this year to expand its credit offerings. for consumption across Africa.

According to a statement shared by the company, the investment will support its expansion into other African markets, primarily Kenya, Egypt, Ghana and Cameroon.

taraba news

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Verisk Appoints Elizabeth Mann as Chief Financial Officer https://minecraftinventions.com/verisk-appoints-elizabeth-mann-as-chief-financial-officer/ Fri, 22 Jul 2022 11:42:52 +0000 https://minecraftinventions.com/verisk-appoints-elizabeth-mann-as-chief-financial-officer/

Leading global data analytics provider Verisk has appointed Elizabeth Mann as executive vice president and chief financial officer (CFO).

In her new role as Chief Financial Officer, she will lead Verisk’s global finance organization, including accounting and control, financial planning and analysis, investor relations, strategic sourcing and sourcing, taxation and cash flow.

Effective Sept. 15, Mann succeeds Lee Shavel, who left the CFO position vacant when he became CEO in May. David Grover, Verisk’s controller and chief accounting officer, served as interim chief financial officer.

Commenting on Mann’s appointment, Shavel said, “We are delighted to welcome Elizabeth to Verisk. Elizabeth’s global and versatile financial experience, coupled with her leadership, make her the ideal candidate to lead Verisk’s dynamic finance team.

“Elizabeth will be an excellent partner in achieving our long-term growth and return goals and an invaluable resource for valuable stakeholders who want to better understand Verisk’s financial and competitive strengths.”

Tremor - The Modern Way to Place Reinsurance

Mann joins the firm from S&P Global, where she was chief financial officer of the Ratings and Mobility divisions, and before that, senior vice president of capital management.

In addition, she held positions of increasing responsibility at Goldman Sachs, including Managing Director of the Enterprise-Wide Strategy Group and the Technology, Media and Telecommunications Investment Banking Group.

“Verisk is uniquely positioned as a trusted partner for the industries it serves. I look forward to working with Lee and the management team to grow Verisk’s position and accelerate the company’s strong financial performance and growth strategy,” Mann said.

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DLL acquires 20% of Inquieto Moving Attitude https://minecraftinventions.com/dll-acquires-20-of-inquieto-moving-attitude/ Wed, 20 Jul 2022 11:11:27 +0000 https://minecraftinventions.com/dll-acquires-20-of-inquieto-moving-attitude/

Inquieto Moving Attitude, a company of the Spanish multinational GAM specialized in solutions for the sustainable mobility industry, has signed a 20% investment agreement with DLL.

DLL’s investment in Inquieto Moving Attitude continues its support for the energy transition towards net zero through one of the players in the last mile distribution sector of zero emission vehicles in Spain and Portugal. The investment will help Inquieto Moving Attitude continue its expansion in the Iberian Peninsula and market development through solutions to optimize last mile deliveries in an increasingly sustainable and efficient way.

“This is great news for us and, I dare say, also for the present and the future of increasingly common and necessary zero-emission deliveries,” said Pedro Luis Fernández, President and CEO. by GAM and Inquieto Moving Attitude. “Having a sustainability-focused partner like DLL brings much more than new capital; it is a luxury.

“Inquieto is developing a promising future in terms of energy transition. They have a head start in the last mile delivery space and we intend to help them stay there while learning about this huge and growing market,” said Neal Garnett, President of Global Business Unit DLL construction, transport and industry.

Inquieto Moving Attitude operates in Spain and Portugal and covers five vertical markets: Food, Supermarkets, Parcel Delivery, Utilities and Pharma. There are currently over 1,500 Inquieto Moving Attitude vehicles on the streets of Spain and Portugal, with current customers including Closer, Seur, Getir, Uber Eats, GLS, Mahou, San Miguel and Aravinc, and various city councils .

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Berkshire Bank Foundation donates more than $1.1 million to support 180 nonprofits, including three in Vermont https://minecraftinventions.com/berkshire-bank-foundation-donates-more-than-1-1-million-to-support-180-nonprofits-including-three-in-vermont/ Mon, 18 Jul 2022 19:50:19 +0000 https://minecraftinventions.com/berkshire-bank-foundation-donates-more-than-1-1-million-to-support-180-nonprofits-including-three-in-vermont/

Vermont Business Magazine Berkshire Bank, a leading socially responsible bank dedicated to the community with branches in southern Vermont, New England and New York, announced more than $1.1 million in philanthropic investments from its Foundation to during the second quarter of 2022 (April 1 to June 30). Grants awarded cover a wide range of projects that help foster upward economic mobility, support general well-being, and improve opportunities for individual success in the communities the Bank serves. Vermont recipients include The Dorset Equine Rescue; Vermont Women’s Fund; and VNA & Hospice of the South-West Region).

The investments also support the return of the company’s BEST community, which includes planned community contributions of $15 million by the end of 2024.

A total of 180 nonprofits received grants in the second quarter of 2022 to address a wide range of critical projects, including food insecurity, accessible playgrounds, empowering women and youth in disadvantaged neighborhoods, financial literacy, health, well-being, inclusion and housing. The Berkshire Bank Foundation is committed to supporting programs that aim to provide equitable opportunities for economic prosperity. Additionally, the Foundation supports programs that align with Berkshire Bank’s Center for Women, Welfare and Wealth (CWWW) to provide opportunities for women to build a future enriched by financial stability. , balance and growth.

“Berkshire Bank understands that financial support for nonprofits helps maintain vital community services during tough economic times,” said Lori Gazzillo Kiely, director of Berkshire Bank Foundation. She continued, “We are pleased to play a small part in providing grants through our Foundation to support so many important organizations serving individuals, families and small businesses within our Berkshire Bank communities.”

The grant recipients listed below are just a sample of the projects Berkshire Bank has supported to strengthen the organizations it serves across MA, NY, CT, RI and VT. They understand:

Community Development Society Allston Brighton (MA)

Barrington Stage Company (Massachusetts)

Baystate Health Foundation, Inc. (Massachusetts)

Berkshire Theater Group, formerly Festival (MA)

Berkshire United Way (Massachusetts)

Big Brothers Big Sisters of Central Mass & Metrowest, Inc – MA

Massachusetts Black Economic Council (MA)

Boys and Girls Club of Albany (NY)

South Berkshire (MA) Community Development Program

Berkshire Center for Humanity (MA) Habitat

Center for Disability Services (NY)

Commonwealth Cuisine (MA)

Community Foundation of Eastern Connecticut (CT)

Common Capital, Inc. (MA)

Connecticut Science Center (CT)

Massachusetts Cystic Fibrosis Foundation and Rhode Island (MA) Chapter

Elizabeth Freeman Center, Inc. (Massachusetts)

Girl Scouts of Connecticut, Inc. (CT)

Hands on Hartford (CT)

Hartford Gay & Lesbian Health Collective (CT)

Horizons Inc. (RI/CT)

Competitive Downtown Initiative, Inc. (MA)

Central NY (NY) Learning Disabilities Association

Massachusetts Coalition for the Homeless (MA)

MLK Boston (Massachusetts)

New Urban Arts (RI/CT)

Our Piece of the Pie, Inc. (OPP) (CT)

Capital Region (NY) Pride Center

CT and West (MA) Ronald McDonald Houses artwork

SCORE Massachusetts/Boston (MA)

SpeakEasy Stage Company (MA)

The CT Black Expo (CT)

The Dorset Equine Rescue (VT)

St. Joseph University (CT)

· Utica Rescue Mission (New York)

Vermont Women’s Fund (VT)

· VNA & Hospice of the South West Region (VT)

Wildwood Foundation (New York)

Worcester Art Museum, MA (MA)

Worcester Natural History Society – EcoTarium – (MA)

YMCA of Greater Providence (RI)

Additional details on the Foundation’s grant programs and focus areas are available at berkshirebank.com/foundation.

About Berkshire Bank

Berkshire Bank is transforming what it means to bank its neighbors socially, humanly and digitally to empower the financial potential of individuals, families and businesses in its communities as it pursues its vision to be the leading socially responsible omnichannel community bank in the markets. which he serves.

Berkshire provides corporate and personal banking, mortgages, wealth management and investments. The Bank has approximately $12.1 billion in assets and operates 105 branches in New England and New York. Boston-based Berkshire Hills Bancorp (NYSE: BHLB) is the parent company of Berkshire Bank and is a member of the Bloomberg Gender-Equality Index.

www.berkshirebank.com

Pittsfield, MA – Berkshire Bank 07/18/2022

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