FORT LAUDERDALE, FL / ACCESSWIRE / April 27, 2017 / VPR Brands, LP (OTC PINK: VPRB) and Gold Nugget teamed up at the High Times Cannabis Cup So-Cal April 21-23. The entries were within the vaporizers and cannabis concentrates categories. All vaporizers were powered by HoneyStick and filled with the best of Gold Nugget Extracts / New Amsterdam Naturals. The team achieved great success by having rankings in all categories entered.

In the hybrid concentrates category Gold Nugget Extracts / New Amsterdam Naturals won a first place trophy with their Strawberry Banana Cake Batter Live Resin proprietary extract. The HoneyStick Sub Ohm starter kit entered as the Full Spectrum Vape Pen finished in 2nd place within the vape pen cartridges category. The team came away with a 3rd place finish within the indica concentrates category for the strain Larry OG Live Resin THCA Sugar and also came in 7th place in the same category with Larry OG THCA Crystalline.

“It was great to be a part of this years Cannabis Cup held in San Bernardino in California, and having our team and our products participate in this yearly event was both an honor & testament to what VPR Brands has achieved in a short period of time. Placing in the top 3 for various categories amongst such a talented and seasoned field has garnered our brands, team and company priceless cache within the industry and we are already reaping the rewards via interest & new clientele. To walk away with awards amongst the best of the best is both humbling and fulfilling. We wanted to thank everyone who believed and supported us in preparation for the competition, specifically the Golden Nugget Extracts team & our loyal & new customers of HoneyStick,” said Dan Hoff, COO of VPR Brands.

“We have set the bar very high for our first Cannabis Cup & industry event with what we can now proudly call our Award Winning HoneyStick Team. We will continue to innovate, grow our product lines & distribution model as this is just the beginning,” said Kevin Frija CEO of VPR Brands.

About HoneyStick:

HoneyStick is a lifestyle brand that combines the features of high tech, high performance, dependability and affordability when it comes to upper tier vaporizers. From being the first to market in creating a Sub Ohm Vaporizer to the latest Rippo, the HoneyStick teams work with a vast network of growers, extractors, and industry figures to bring the needs of patients and recreational users to life. HoneyStick sells online and through a diverse network of distributors, e-tailers, dispensaries and smoke shops. For more information about VPR Brands, please visit the company on the web at http://www.vapehoneystick.com.

About Gold Nugget Extracts:

Gold Nugget Extracts passion for cannabis began in the late 90’s in the San Fernando Valley area of Los Angeles, CA which has driven our team to pursue the purest extracts and craft the finest concentrates of various forms. With a white glove approach throughout the process, the final products are of the ultimate connoisseur grade. Gold Nugget Extracts has developed unique and proprietary methods within the realm of hydrocarbon extraction, while constantly evolving through innovation. It is with these unique techniques that the Gold Nugget Team is able to produce the various extracts such as: THCa crystalline, live resin THCa sugars, distillate and high terpene extractions at groundbreaking quality. Our team is constantly pushing the limits of what can be done with the cannabis plant and is driven by research and development. At Gold Nugget Extracts, we strive to provide a product that is second to none, with both medicinal benefits and recreational pleasure.

About Cannabis Cup:

HIGH TIMES US Cannabis Cup So Cal. Taking place at the National Orange Show in San Bernardino we’re celebrating California’s recent legalization of recreational cannabis! HIGH TIMES taught the world to grow, and now we’re giving you a live cannabis experience, featuring a live grow room, a cannabis career fair, edibles village, topical massage spa, vape lounge and so much more!

About VPR Brands LP:

VPR Brands is a technology company; whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components. The company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the company on the web at www.vprbrands.com.

Forward-looking Statements:

This news release contains statements that involve expectations, plans or intentions, and other factors discussed from time to time in the company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise 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.

Contact Information:

Kevin Frija
CEO of VPR Brands, LP
954-715.7001
info@vprbrands.com

SOURCE: VPR Brands, LP

ReleaseID: 460731

NEW YORK, NY / ACCESSWIRE / April 27, 2017 / Traders News Source, a leading independent equity research and corporate access firm focused on small and micro-cap public companies is issuing a comprehensive report with no obligation on Rite Aid Corporation (NYSE: RAD) a national drugstore chain operator.

On October 27, 2015, Rite Aid entered into a merger agreement with Walgreens Boots Alliance Inc. The merger was approved by Rite Aid shareholders on February 4, 2016, and was intended to be completed within 12 months of the original announcement. However, closing has been delayed by regulatory approvals. Since Rite Aid and Walgreens are two of the three largest drugstore operators in the United States, clearance from the United States Federal Trade Commission (FTC) is required to complete the transaction. The transaction did not close as scheduled and the end date was pushed to July 31, 2017.

Will the Rite Aid/Walgreens merger happen and when? See our analyst review on this – READ MORE

Copy and paste to your browser may be required to view the report – http://tradersnewssource.com/rite-aid/

Revenue for the 14 weeks ended March 4, 2017, totaled $8.5 billion, a three percent increase from the fourth quarter of 2016. This was driven primarily by the Retail Pharmacy segment which benefited from an extra week of sales (versus 13 in the prior year).

The market reacted positively to Rite Aid’s better than expected fourth-quarter results. However, the underlying fundamentals including comparable store sales growth remain weak. Furthermore, in an updated proxy statement filed March 3, 2017, the company provided an internal forecast which projected adjusted EBITDA for the 2018 fiscal year to decline seven percent. Rite Aid is trading primarily on the anticipated success of the Walgreens merger. While there is significant uncertainty surrounding the deal, Walgreens CEO Stefano Pessina is firmly committed to the transaction.

Analyst price target and consensus are available in the full report – READ MORE

Copy and paste to your browser may be required to view the report – http://tradersnewssource.com/rite-aid/

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TNS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES

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TNS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake, or shortcoming. No liability is accepted whatsoever for any direct, indirect, or consequential loss arising from the use of this document. TNS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, TNS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness, or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither TNS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To view our report(s), read our disclosures, or for more information, visit http://www.tradersnewssource.com.

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CONTACT:

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SOURCE: Traders News Source

ReleaseID: 460713

Cannabis Related Entertainment and Informational Channel to Also Debut on German and European Platforms Later this Year

LOS ANGELES, CA / ACCESSWIRE / April 27, 2017 / Innovativ Media Group, Inc. (OTC PINK: INMG) (“Company”), a multi-media content producer and distributor, today announced that it will also be launching its new online, ad supported platform and channel CannaNet.TV http://www.cannanet.tv/ in Europe via http://www.cannanet.eu and will offer a German language version at http://www.cannanet.de. The channels will stream curated and original entertainment, informational and educational video content related to the Cannabis and CBD culture and industries featuring customized programming for the European and German markets. The Company will be represented at the Mary Jane Conference in Berlin, Germany this June http://maryjane-berlin.com/.

“Outside the US the Cannabis industry is growing at an even more rapid pace in less regulated environments so establishing CannaNet as a worldwide brand is a prime objective. We especially see near term opportunities in Germany,” said Company CEO, Tom Coleman.

Both CannaNet Europe and CannaNet DEUTSCH are scheduled to be first available in the 4th Quarter 2017.

About Innovativ Media Group, Inc.

Innovativ Media Group (Innovativ) is a developer, producer and distributor of digital entertainment and other multi-media content which is developing the CannaNet Channels. It distributes the motion picture assets of Lux Digital Pictures and, via New Broadway Cinema, develops adaptations of stage shows utilizing its trademarked DigiTheater™ Virtual Reality process. Innovativ also operates The Alien Interview Channel on YouTube in partnership with Fullscreen, the online channel HPLovecraft.TV and is a principal in the Film Finance Exchange. http://innovativmedia.com

Forward-Looking Statements:

This press release contains certain “forward-looking” statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forwardlooking public statements concerning its expected future operations, performance and other developments. Such forwardlooking statements are necessarily estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such.

Contact:

Investor Relations
info@innovativmedia.com
510-948-4000

SOURCE: Innovativ Media Group, Inc.

ReleaseID: 460684

Presentation Scheduled for Tuesday, May 2 at 3:30pm EST

DENVER, CO / ACCESSWIRE / April 27, 2017 / AmeriCann, Inc. (OTCQX: ACAN), an Ag-Tech company that is developing sustainable, state-of-the-art medical cannabis cultivation properties, announced today that Tim Keogh, Chief Executive Officer, will present at Pioneers 2017 Conference at the Mandarin Oriental Hotel in New York City on Tuesday, May 2, 2017, at 3:30pm EST.

The Pioneers 2017 Conference, presented by Joseph Gunnar, is an exclusive event for institutional and accredited investors who specialize in microcap companies and emerging growth industries to conduct one-on-one meetings with AmeriCann and other participating companies, as well as view formal presentations.

For those interested in attending, please contact Larina Tortotici at ltortorici@jgunnar.com or 212-440-9655 or visit http://www.josephgunnar.com/conferences/upcoming-conferences for more information.

If you are interested in scheduling a 1-on-1 meeting with Tim Keogh of AmeriCann, you may also contact Hayden IR at 917-658-7878 or hart@haydenir.com.

AmeriCann is developing a 53-acre property in Massachusetts (acquired from Boston Beer Company (SAM-NYSE) for $4,475,000 in cash), as the Massachusetts Medical Cannabis Center (the “MMCC”). The MMCC is approved for 1 million square feet and is expected to be one of the largest and most technologically advanced cannabis cultivation facilities in the nation.

The regulated cannabis industry is one of the fastest growing industries in the country. The respected Wall Street firm of Cowen & Co recently released a research report projecting dramatic growth for the industry from the current $7 billion nationally to over $50 billion in ten years.

In November of 2016, Massachusetts, California, Maine, and Nevada voted to legalize recreational marijuana while Arkansas and North Dakota approved medical cannabis initiatives. Florida voters approved medical marijuana in a landslide with over 71% of the vote. With these election results, over 60% of the US Population now live in states where medical cannabis is now legal.

About Joseph Gunnar

Joseph Gunnar & Co., LLC was founded in 1997 as a full service broker-dealer dedicated to assisting investors achieve their financial goals by providing a full array of investment products and vehicles to private and corporate clients. We pride ourselves on our personalized service not often available at many “bulge bracket” firms. We are a member of FINRA & SIPC. For more information, please check out: http://www.josephgunnar.com.

About AmeriCann

AmeriCann (OTCQX: ACAN) is a publicly traded Ag-Tech company that is developing and sustainable, state-of-the-art medical cannabis cultivation properties. The Company has over 1,000,000 square feet of facilities in the planning and design stages of development. The Company has designed a proprietary line of cannabis infused products which will be branded and licensed to companies in regulated markets.

AmeriCann, Inc. is a Certified B Corp, an acknowledgment of the company’s commitment to social and environmental ethics, transparency, and accountability. AmeriCann became the first public cannabis company to earn this respected accreditation. More information about the Company is available at: www.americann.co, or follow AmeriCann on Twitter at @ACANinfo.

About Massachusetts Medical Cannabis Center

The Massachusetts Medical Cannabis Center is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts. The state-of-the-art, sustainable, greenhouse project will consist of multiple planned phases for tenants in the Massachusetts medical marijuana market. AmeriCann’s Cannopy System uniquely combines expertise from traditional horticulture, lean manufacturing, regulatory compliance and cannabis cultivation to create superior facilities and procedures.

The first phase of the project consists of 130,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., based on patient demand.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K for the year ended September 30, 2016, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.

Contact Information:

Corporate:
AmeriCann, Inc.
3200 Brighton Blvd. Unit 114
Denver, CO 80216
(303) 862-9000
info@americann.co
www.americann.co
@ACANinfo on Twitter

Investors:
Hayden IR
hart@haydenir.com
(917) 658-7878

SOURCE: AmeriCann, Inc.

ReleaseID: 460706

Presentation Scheduled for Tuesday, May 2 at 11am EST

ATLANTA, GA / ACCESSWIRE / April 27, 2017 / Meridian Waste Solutions, Inc. (NASDAQ: MRDN) (“Meridian Waste” or the “Company”), a vertically integrated, non-hazardous solid waste services company, announced today that Jeff Cosman, Chief Executive Officer, will present at Pioneers 2017 Conference at the Mandarin Oriental Hotel in New York City on Tuesday, May 2, 2017, at 11:00am EST.

The Pioneers 2017 Conference, presented by Joseph Gunnar, is an exclusive event for institutional and accredited investors who specialize in microcap companies and emerging growth industries to conduct one-on-one meetings with Meridian Waste Solutions and other participating companies, as well as view formal presentations.

For those interested in attending, please contact Larina Tortotici at ltortorici@jgunnar.com or 212-440-9655 or visit http://www.josephgunnar.com/conferences/upcoming-conferences for more information.

If you are interested in scheduling a 1-on-1 meeting with Jeff Cosman of Meridian Waste Solutions, you may also contact Hayden IR at 917-658-7878 or hart@haydenir.com.

About Joseph Gunnar

Joseph Gunnar & Co., LLC was founded in 1997 as a full service broker-dealer dedicated to assisting investors achieve their financial goals by providing a full array of investment products and vehicles to private and corporate clients. We pride ourselves on our personalized service not often available at many “bulge bracket” firms. We are a member of FINRA & SIPC. For more information, please check out: http://www.josephgunnar.com.

About Meridian Waste Solutions, Inc.:

Meridian Waste Solutions, Inc. (NASDAQ: MRDN) is a company defined by our commitment to servicing our customers with unwavering respect, fairness and care. We are focused on finding and implementing solutions to solid waste needs and challenges within the industry and for our customers. Meridian Waste’s core business is centered on residential and commercial waste collection and disposal, but it also includes a fundamental objective to seek rewarding environmental solutions through innovation. Currently, the company operates in St. Louis, Missouri and Richmond, Virginia, servicing over 113,000 residential, commercial, industrial, and governmental customers. In addition to a fleet of commercial, residential, and roll off trucks, the Company operates four transfer stations, one recycling facility and three municipal solid waste landfills.

For more information, visit www.MWSinc.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Meridian Waste Solutions, Inc. may differ materially from those anticipated. Although Meridian Waste Solutions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Meridian Waste Solutions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate.

In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Meridian Waste Solutions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as “may,” “intend,” “expect,” “will,” “anticipate,” “estimate,” or “continue” or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Meridian Waste Solutions, Inc.’s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.” Meridian Waste Solutions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:

Hayden IR
ir@MWSinc.com
(917) 658-7878

SOURCE: Meridian Waste Solutions, Inc.

ReleaseID: 460716

Upcoming AWS Coverage on Zions Bancorp Post-Earnings Results

LONDON, UK / ACCESSWIRE / April 27, 2017 / Active Wall St. announces its post-earnings coverage on Bank of Hawaii Corp. (NYSE: BOH). The Company reported its financial results for the first quarter fiscal 2017 (Q1 FY17) on April 24, 2017. The Honolulu, Hawaii-based bank’s net income per diluted share increased on a year-over-year basis, outperforming market consensus forecasts. Register with us now for your free membership at:

http://www.activewallst.com/register/

One of Bank of Hawaii’s competitors within the Regional – Pacific Banks space, Zions Bancorp (NASDAQ: ZION), reported its Q1 2017 results after the NASDAQ close on April 24, 2017. AWS will be initiating a research report on Zions Bancorp in the coming days.

Today, AWS is promoting its earnings coverage on BOH; touching on ZION. Get our free coverage by signing up to:

http://www.activewallst.com/register/

Earnings Reviewed

In the three months ended on March 31, 2017, Bank of Hawaii’s, net interest income was $109.87 million, rising from $103.02 million in Q1 FY16. Meanwhile, total noninterest income was marginally down to $55.92 million in Q1 FY17 from $56.21 million in the prior year’s same quarter. Furthermore, the Company reported total noninterest expense of $88.57 million in Q1 FY17 compared to $87.39 million in Q1 FY16.

The bank holding Company reported net income of $51.18 million, or $1.20 per diluted share, in Q1 FY17, compared to $50.21 million, or $1.16 per diluted share in Q1 FY16. Net income per diluted share topped analysts’ expectations of $1.08 per diluted share.

Performance Metrics

During Q1 FY17, Bank of Hawaii reported average loans and leases balance of $9.02 billion, rising from $7.94 billion in Q1 FY16. Average deposits also grew to $14.22 billion in Q1 FY 17 from $13.33 billion in Q1 FY16. During Q1 FY17, total earning assets grew to $15.76 billion from $14.87 billion in last year’s comparable quarter. Furthermore, yield on these assets improved to 3.14% in Q1 FY17 from 3.13% in Q1 FY16.

In Q1 FY17, Bank of Hawaii’s return on average assets stood at 1.26% compared to 1.30% in the previous year’s corresponding period. The Company’s return on average shareholders’ equity was 17.63% in Q1 FY17 versus 17.88% reported in the year ago same quarter. The bank’s efficiency ratio was 53.42% in Q1 FY17 and 54.88% in Q1 FY16. Moreover, Bank of Hawaii’s net interest margin for the reported quarter improved three basis points to 2.89% from 2.86% in Q1 FY16.

As on March 31, 2017, the bank’s Common equity Tier 1 capital ratio was 13.41%, compared with 13.85% as on March 31, 2016. During Q1 FY17, non-performing assets fell to $19.00 million from $22.02 million in Q1 FY16. During the quarter, allowance for loan and lease losses were $105.06 million, or 1.15% of loans and leases outstanding, versus $104.68 million, or 1.30% of loan and lease outstanding, in the last year’s comparable quarter.

Segment Performance

For the reported period, Retail Banking net interest income came in at $65.16 million compared to $58.01 million in Q1 FY16. The segment’s noninterest income also improved to $20.93 million in Q1 FY17 from $20.81 million in Q1 FY16. Additionally, the segment’s net income increased to $19.35 million during Q1 FY17 from $15.01 million in the prior year’s comparable quarter.

Commercial Banking’s net interest income grew to $41.93 million in Q1 FY17 from $38.35 million in Q1 FY16. Meanwhile, noninterest income fell to $5.44 million in Q1 FY17 from $7.60 million the last year’s same quarter. Furthermore, the segment’s net income for the reported quarter stood at $18.95 million in Q1 FY17 compared to $22.65 million in Q1 FY16.

During Q1 FY17, the Investment Services segment reported net interest income of $6.65 million compared to $6.45 million in Q1 FY16. The segment’s noninterest income grew to $14.55 million in Q1 FY17 from $14.02 million in Q1 FY16. Meanwhile, the segment’s net income improved to $3.61 million in Q1 FY17 from $3.19 million in the previous year’s comparable quarter.

Treasury and Other segment’s noninterest income increased to $15.00 million in Q1 FY17 from $13.78 million in Q1 FY16. Additionally, the segment’s net income stood at $9.27 million in Q1 FY17 compared to $9.36 million in Q1 FY16.

Dividend and Share Repurchase

In its earnings press release, Bank of Hawaii’s Board of Directors declared quarterly cash dividend of $0.50 per share. The dividend will be payable on June 14, 2017, to shareholders of record at the close of business on May 31, 2017.

During Q1 FY17, the Company repurchased 114.0 thousand shares of its common stock for $$9.6 million and at an average price of $84.53 per share. The Company has $55.4 million remaining under its share repurchase program as on March 31, 2017. Furthermore, the Company has repurchased additional 31.3 thousand shares at an average cost of $79.97 per share from April 01 through April 21, 2017.

Stock Performance

At the closing bell, on Wednesday, April 26, 2017, Bank of Hawaii’s stock rose slightly by 0.84%, ending the trading session at $83.25. A total volume of 260.70 thousand shares were traded at the end of the day, which was higher than the 3-month average volume of 241.24 thousand shares. In the last six months and previous twelve months, shares of the Company have surged 13.16% and 22.09%, respectively. The Company’s shares are trading at a PE ratio of 19.68 and have a dividend yield of 2.40%. At Wednesday’s closing price, the stock’s net capitalization stands at $3.51 billion.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@activewallst.com

Phone number: 1-858-257-3144

Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active Wall Street

ReleaseID: 460757

Upcoming AWS Coverage on Xylem

LONDON, UK / ACCESSWIRE / April 27, 2017 / Active Wall St. announces its post-earnings coverage on Lennox International Inc. (NYSE: LII). The Company disclosed its first quarter fiscal 2017 results on April 24, 2017. The manufacturer of furnaces, air conditioners, and other products smashed pass top- and bottom-line expectations and also raised FY17 guidance for GAAP EPS. Register with us now for your free membership at:

http://www.activewallst.com/register/

One of Lennox International’s competitors within the Diversified Machinery space, Xylem Inc. (NYSE: XYL), is expected to report its fiscal quarter ending March 2017 earnings results on May 02, 2017 before market open. AWS will be initiating a research report on Xylem following the release of its next earnings results.

Today, AWS is promoting its earnings coverage on LII; touching on XYL. Get our free coverage by signing up to

http://www.activewallst.com/register/

Earnings Reviewed

For the three months ended March 31, 2017, Lennox’s revenue was $793.4 million, up 11% from the prior-year’s same quarter revenue of $715.2 million. The Company’s revenue numbers easily surpassed analysts’ consensus of $747.1 million.

Lennox’s gross profit in Q1 2017 was $211 million, up 15% compared to gross profit of $183.6 million in Q1 2016. The Company’s gross margin was 26.6%, up 90 basis points. Gross profit was positively impacted by higher volume and lower material costs, with a partial offset from investments in distribution expansion.

For Q1 2017, Lennox reported income from continuing operations of $43.5 million on a GAAP basis, or $1.00 per share, compared to income from continuing operations of $24.9 million, or $0.56 per share, in the prior-year’s same quarter. Lennox’s adjusted income from continuing operations in the reported quarter was $38.9 million, or $0.90 per share, compared to $27.0 million, or $0.60 per share, in the prior-year comparable quarter. Lennox’s adjusted earnings from continuing operations for Q1 2017 excludes a benefit of $4.6 million, net of special after-tax charges: a $7.4 million benefit for excess tax benefits from share-based compensation, a charge of $1.1 million for asbestos-related litigation, $0.9 million for special legal contingency charges, and $0.8 million in charges for other items. The Company’s earnings exceeded Wall Street’s estimates of $0.77 per share.

Segment Performance

For Q1 2017, Lennox’s Residential Heating & Cooling business segment generated a first-quarter record revenue of $420 million, up 11% compared to revenue of $377.3 million. The segment’s profit was a first-quarter record $43 million, up 11% on a y-o-y basis. The segment’s profit margin was 10.1% for the reported quarter compared to 10.2% in the prior-year’s same quarter.

Revenue from Lennox’s Commercial Heating & Cooling business segment was a first-quarter record $195.5 million, up 15% compared to revenue of $170.3 million. The segment’s profit surged 35% on a y-o-y basis to a first-quarter record $19 million. The segment’s profit margin was a first-quarter record 9.8%, up 150 basis points.

For Q1 2017, Lennox’s revenue in the Refrigeration business segment was $178.1 million, up 6% compared to Q1 2016 revenue of $167.6 million. At constant currency, revenue was up 5%. The segment’s profit was $14 million in the reported quarter, up 57% on a y-o-y basis. The segment’s profit margin was 7.9%, up 250 basis points as compared to the year ago comparable period.

Cash Flow

Lennox’s net cash from operations in Q1 2017 was $108 million compared to $102 million in Q1 2016. The Company recorded capital expenditures of $25 million in the reported quarter compared to $24 million in the year ago same period. Lennox’s free cash flow was approximately $133 million in Q1 2017 compared to $126 million in the prior year’s corresponding quarter. As of March 31, 2017, Lennox’s total cash and cash equivalents were $49 million. The Company’s total debt at the end of the reported quarter was $1.10 billion. Lennox paid $19 million in dividends and $75 million for stock repurchases in Q1 2017.

Outlook

For Fiscal 2017, Lennox is expecting revenue growth in the range of 3% to 7%. Lennox is expecting FY17 GAAP EPS from continuing operations of $7.65-$8.25 compared to earlier forecast of $7.55-$8.15. Lennox reiterated 2017 guidance for adjusted EPS from continuing operations of $7.55-$8.15. The Company also reaffirmed FY17 capital expenditures of approximately $100 million.

Stock Performance

At the closing bell, on Wednesday, April 26, 2017, Lennox International’s stock slightly slipped 0.83%, ending the trading session at $167.47. A total volume of 498.10 thousand shares were traded at the end of the day, which was higher than the 3-month average volume of 340.84 thousand shares. In the last three months and previous twelve months, shares of the Company have rallied 6.26% and 23.28%, respectively. Moreover, the stock gained 9.61% since the start of the year. The Company’s shares are trading at a PE ratio of 26.40 and have a dividend yield of 1.03%. At Wednesday’s closing price, the stock’s net capitalization stands at $7.04 billion.

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Upcoming AWS Coverage on Procter & Gamble Post-Earnings Results

LONDON, UK / ACCESSWIRE / April 27, 2017 / Active Wall St. announces its post-earnings coverage on Kimberly-Clark Corp. (NYSE: KMB). The Company reported its first quarter fiscal 2017 results on April 24, 2017. The maker of Huggies diapers and Kleenex tissue reported a 5% increase in earnings. Register with us now for your free membership at:

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One of Kimberly-Clark’s competitors within the Personal Products space, The Procter & Gamble Co. (NYSE: PG), disclosed its Q3 earnings results on Wednesday, April 26, 2017. AWS will be initiating a research report on Procter & Gamble in the coming days.

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Earnings Reviewed

For the quarter ended March 31, 2017, Kimberly-Clark’s sales of $4.483 billion were marginally higher compared to sales of $4.476 billion in Q1 2016. Changes in foreign currency exchange rates increased sales by 1%. The Company’s organic sales declined 1%, as net selling prices fell more than 1%, while volumes rose approximately 1%. Kimberly-Clark’s reported numbers came slightly below analysts’ consensus of $4.49 billion.

For Q1 2017, Kimberly-Clark’s operating profit was $834 million as compared to operating profit of $804 million in Q1 2016. The improvement in operating profit was attributed to $110 million in cost savings from the Company’s FORCE (Focused On Reducing Costs Everywhere) program, foreign currency translation effects increased operating profit by $10 million, and transaction effects also benefited the comparison. Results were impacted by lower net selling prices, along with $35 million of higher input costs, driven by increases in raw materials, energy, and distribution costs.

Kimberly-Clark reported Q1 2017 net income of $563.0 million, or $1.57 per share, up from $545.0 million, or $1.50 per share, last year. The Company’s earnings numbers exceeded Wall Street’s estimates of $1.54 per share.

Business Segment Results

For Q1 2017, Kimberly-Clark’s Personal Care segment’s sales increased 2% on a y-o-y basis to $2.25 billion. Changes in currency rates benefited sales by 2%. The segment’s volumes increased 2%, while net selling prices declined 2%. For the reported quarter, the segment’s operating profit increased 7% to $481 million.

During Q1 2017, Personal Care segment’s sales in North America decreased 1% due to lower volumes. Total volumes in infant and child care were off low-single digits, as a mid-single digit decline in Huggies diapers was partially offset by a mid-single digit increase in child care. Baby wipes volumes increased mid-single digits, while feminine care volumes were down mid-single digits. The segment’s sales in developing and emerging markets grew 9% on a y-o-y basis. Volumes increased 9%, including gains in China, Eastern Europe, and Latin America, led by Brazil.

Personal Care segment’s sales in developed markets outside North America (Australia, South Korea, and Western/Central Europe) decreased 8% despite a 1 point benefit from favorable currency rates. The segment’s net selling prices declined 5% and volumes fell 4%, with the changes coming mostly in South Korea.

Kimberly-Clark’s Consumer Tissue segment sales decreased 3% to $1.46 billion in Q1 2017. The division’s volumes fell 2% and net selling prices were off 1%. Consumer Tissue’s operating profit declined 2% to $275 million.

During Q1 2017, Consumer Tissue segment’s sales in North America decreased 6% as volumes were down approximately 7%, with decline mostly in bathroom tissue, including impacts from competitive activity and lower promotion shipments. The segment’s sales in developing and emerging markets increased 6% on a y-o-y basis. Consumer Tissue segment’s sales in developed markets outside North America decreased 2% in the reported quarter. The segment’s volumes improved 4%, primarily in Western/Central Europe, while the combined impact of changes in net selling prices and product mix lowered sales 2%.

For Q1 2017, Kimberly-Clark’s K-C Professional (KCP) segment’s sales of $768 million increased 1%. Changes in currency rates benefited sales 1%. Product mix was favorable by 1%, while net selling prices fell 1%. The segment’s operating profit decreased 3% to $146 million.

For the reported quarter, KCP segment’s sales in North America decreased 2% due to lower net selling prices. Overall volumes were even with the year-ago same period, as low-single digit declines in washroom and wiper products were offset by gains in other categories. The segment’s sales in developing and emerging markets increased 7% compared to the year earlier quarter. The combined impact of changes in net selling prices and product mix had boosted sales by 3%, while volumes were off by 1%.

Cash Flow and Balance Sheet

For Q1 2017, Kimberly-Clark’s cash provided by operations was $436 million compared to $553 million in Q1 2016. The decrease was driven by higher tax payments. The Company’s capital spending for the reported quarter was $215 million compared to $220 million in the prior year’s corresponding quarter. During Q1 2017, Kimberly-Clark’s share repurchases were 2.4 million shares at a cost of $300 million. The Company’s total debt was $7.8 billion at March 31, 2017 and $7.6 billion at the end of 2016.

Outlook and Key Planning Assumptions

For fiscal year 2017, Kimberly-Clark is forecasting net sales to grow in the range of 1% to 2%. The Company expects organic sales to grow 1% to 2%, driven by higher volumes. Net selling prices and product mix are expected to be similar, or down slightly on a y-o-y basis. Kimberly-Clark is expecting input cost inflation to be in the range of $150 million to $250 million compared to previous estimate of $50 million to $200 million.

Stock Performance

On Wednesday, April 26, 2017, Kimberly-Clark’s share price finished its trading session at $130.13, sliding 2.03%. A total volume of 2.14 million shares exchanged hands, which was higher than the 3 months average volume of 1.96 million shares. The stock has surged 7.45% and 16.01% in the last three months and past six months, respectively. Furthermore, since the start of the year, shares of the Company have rallied 14.86%. The stock is trading at a PE ratio of 21.74 and has a dividend yield of 2.98%.

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Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

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LONDON, UK / ACCESSWIRE / April 27, 2017 / Active Wall St. blog coverage looks at the headline from the manufacturer of 3D printer 3D Systems Corp. (NYSE: DDD) and Biotech Company United Therapeutics Corp. (NASDAQ: UTHR) as both companies announced on April 26, 2017, that they have entered into a multi-year collaboration and development agreement. The collaboration will see the combining of 3D Systems’ expertise in 3D printing and precision with United Therapeutics competence in regenerative medicine and organ manufacturing. Register with us now for your free membership and blog access at:

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Sharing his views on the collaboration agreement, Martine Rothblatt, Ph.D., Chairman and CEO of United Therapeutics said:

“Our partnership with 3D Systems is a major step forward in creating an unlimited supply of tolerable transplanted organs. By cellularizing scaffolds created with 3D Systems printers with a patient’s own cells, there will no longer be a need for immunosuppression and a vastly greater number of patients can extend their enjoyment of life through organ transplantation.”

Vyomesh Joshi, CEO of 3D Systems added:

“We believe bioprinting is a powerful opportunity and we are uniquely positioned with the broadest portfolio of technologies to partner with Companies of the calibre of United Therapeutics to provide healthcare solutions of the future.”

Details of the Agreement

The agreement will see 3D Systems joining hands with Lung Biotechnology PBC, an organ manufacturing and transplantation-focused subsidiary of United Therapeutics. The collaboration will focus on the development of 3D printing systems that can be used for solid-organ scaffolds. The project will initially start work on lung scaffolds.

3D Systems will focus on developing a printing system that will target collagen and other building block proteins as raw materials for scaffold. United Therapeutics will focus on cellularizing the scaffolds with patient-specific biological material, including use of re-differentiated stem cells.

The project will be based at 3D Systems’ new bioprinting lab at San Diego, California. The project will require the full utilization of 3D Systems technical capabilities as well as domain knowledge and expertise of professionals at Lung Biotechnology PBC.

United Therapeutics has been working on several technological alternatives for creating a supply of organs that can be easily transplanted in humans. The current project will be a marked attempt in this direction. Its subsidiary Lung Biotechnology PBC is a public benefit corporation is taking this goal forward and working personal regenerative medicine. It is focused on finding a solution to the acute shortage of transplantable lungs and other organs.

What is bioprinting?

Bioprinting is a new emerging technology, and is an offshoot of 3D printing. However, Bioprinting is more complicated than other 3D printing. Bioprinting is the three-dimensional printing of biological tissue and organs through the layering of living cells. Bioprinting helps to replicate human organs. The long-term goal is to create a whole organ. However, this technology is in its embryonic stage.

Bioprinting is being applied to regenerative medicine to address the need for tissues and organs that are suitable for transplantation. It is being used for generation and transplantation of several tissues, including multi-layered skin, bone, vascular grafts, tracheal splints, heart tissue, and cartilaginous structures.

About the Collaborators

3D Systems are the originators of 3D printing and manufacture a range of 3D products and services, including 3D printers, print materials, on-demand parts services and digital design tools. 3D Systems has spent over 30 years enabling professionals and Companies to optimize designs, transform workflows, bring innovative products to market, and drive new business models. These devices and services support advanced applications from product design in a factory to operating room. It has already established itself in the healthcare sector and its precision healthcare capabilities include simulation, Virtual Surgical Planning, and printing of medical and dental devices as well as patient-specific surgical instruments.

Silver Spring, Maryland based United Therapeutics is a biotechnology Company. It is focused on the development and commercialization of unique products to address the unmet medical needs of patients with chronic and life-threatening conditions. Apart from Silver Spring the Company has additional facilities at Research Triangle Park, North Carolina and Chertsey, Surrey, UK and offices in Germany, Canada and China.

Stock Performance

At the closing bell, on Wednesday, April 26, 2017, 3D Systems’ stock climbed 1.80%, ending the trading session at $15.87. A total volume of 2.28 million shares were traded at the end of the day, which was higher than the 3-month average volume of 1.95 million shares. In the last month and previous six months, shares of the Company have surged 11.52% and 12.47%, respectively. Moreover, the stock surged 19.41% since the start of the year. At Wednesday’s closing price, the stock’s net capitalization stands at $1.79 billion.

At the close of trading session on Wednesday, April 26, 2017, United Therapeutics’ stock price fell 1.44% to end the day at $119.99. A total volume of 1.69 million shares were exchanged during the session, which was above the 3-month average volume of 618.59 thousand shares. The Company’s share price has advanced 7.33% and 2.16% in the last six months and past twelve months, respectively. Shares of the company have a PE ratio of 7.91. The stock currently has a market cap of $5.38 billion.

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The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

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LONDON, UK / ACCESSWIRE / April 27, 2017 / Active Wall St. blog coverage looks at the headline from DHT Holdings, Inc. (NYSE: DHT) and Frontline Ltd. (NYSE: FRO). Frontline made a fresh offer to acquire all outstanding shares of DHT Holdings on April 26, 2017. DHT confirmed receipt of the fresh all stock exchange offer from Frontline but termed it as “Unimproved proposal”. Register with us now for your free membership and blog access at:

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Hamilton, Bermuda based Frontline is the world’s largest oil tanker shipping Company and is controlled by Norwegian business and shipping magnate John Fredriksen. Its primarily business is seaborne transportation of crude oil and oil products. Currently, Frontline’s fleet includes 21 VLCCs, 17 Suezmaxes, 14 long-range product tankers, 3 Aframaxes, and 1 medium-range oil tanker.

Hamilton, Bermuda based DHT is an independent crude oil tanker Company which trades internationally. As on January 31, 2017, DHT fleet includes 19 VLCCs and 2 Aframaxes. It is expecting deliveries of 2 VLCC newbuildings in 2018. DHT operates its business via integrated management Companies based in Oslo, Norway, and Singapore.

Frontline’s current offer

Frontline had sent the recent revised proposal via a letter addressed to Erik Lind, Chairman of DHT’s Board on April 25, 2017. The letter came with a request to respond to Frontline’s offer within 24 hours, i.e. by 12:00 p.m., New York City time, on April 26, 2017.

Frontline’s all stock option offered to give 0.8 Frontline’s shares for each DHT’s share. The offer takes into consideration ships delivered and as well as ships yet to be delivered by BW Group Ltd, as well as the $265 million worth of shares issued by DHT to BW Group. Frontline feels that the offer represents 18% premium to DHT’s volume weighted average price as on April 21, 2017.

Frontline feels that the merger with DHT will create one of the largest public tanker Company in terms of the fleet size, market capitalization, and trading liquidity. Frontline feels that the deal would lower general and administrative cost per vessel and help in savings due to cost synergies. Frontline has a better access to the financial markets which would help in improved cash flow generation.

Commenting on the recent offer Robert Hvide Macleod, CEO of Frontline Management AS said:

“We are convinced that the proposed new combination of Frontline and DHT will maximize value for both sets of shareholders. We believe that this outcome is in the best interests of shareholders of both Companies and will seek to ensure that shareholders of DHT have an opportunity to consider our offer.”

DHT’s response

DHT has responded to Frontline’s offer by saying that it the current proposal is very similar to the proposal received from Frontline in February 2017 and has the same share exchange ratio. DHT has assured that as a part of its “fiduciary” duty, the Board of Directors will look into the proposal and evaluate the same in detail. It also mentioned that the time given to respond to the offer was very unreasonable and as such it will react in due course.

Responding to Frontline’s current offer Erik Lind, Chairman of the DHT Board said:

“While the proposed exchange ratio of 0.8 reflects no improvement from the proposal our Board previously considered and unanimously rejected, our Board will carefully and thoroughly review the offer, taking into account the changes to DHT’s fleet, market conditions, and other developments that have occurred over the past two months. I note that, as has been the case with their previous proposals, Frontline is requesting a reply in an unreasonably accelerated timeframe – in this case, less than 24 hours – which does not permit for an appropriate and diligent review by our Board.”

Background

Frontline holds 16.4% outstanding common shares of DHT as on January 30, 2017 and had made numerous attempts to acquire the outstanding shares of DHT. Frontline had made its first offer in January 2017, followed by a revised offer in February 2017. In the January 2017 proposal, Frontline offered 0.725 Frontline’s shares for each DHT’s share. The first offer was rejected by the DHT Board saying that the offer undervalues the Company and it was “wholly inadequate”. Frontline made a revised offer in February 2017 wherein it offered 0.8 Frontline’s shares for each DHT’s share. This proposal was also rejected by the DHT’s Board saying that the proposal is not in the best interest of the Company and was still wholly inadequate as it undervalues DHT’s business.

On March 23, 2017, DHT entered into an agreement with BW Group Ltd. to acquire a fleet of 11 VLCC’s (Very Large Crude Carriers) for a consideration of approximately $538 million. For this transaction, DHT will issue approximately $256 million worth of stock to BW Group at a price of $5.37 per share. Apart from this DHT will pay $177.36 million in cash and take over approximately $104.16 million in debt from BW Group. Once BW Group completes the delivery of all vessels and novation of newbuilding contracts to DHT, BW Group will own approximately 33.5% stake in DHT. On April 18, 2017, Frontline filed a complaint in Court to issue temporary restraining order to stop DHT from acquiring the fleet of VLCC’s from BW Group, which is challenged by DHT. On April 20, 2017, the court rejects Frontline’s complaint.

Given the acrimonious relationship of Frontline with DHT post the DHT/BW Group deal, it is highly likely that DHT’s Board may once again reject Frontline’s latest proposal.

Stock Performance

On Wednesday, April 26, 2017, the stock closed the trading session at $4.82, jumping 3.21% from its previous closing price of $4.67. A total volume of 2.46 million shares have exchanged hands, which was higher than the 3-month average volume of 1.57 million shares. DHT Holdings’ stock price advanced 10.05% in the last month, 11.36% in the past three months, and 13.00% in the previous six months. Moreover, the stock surged 18.36% since the start of the year. The stock currently has a market cap of $444.60 million and has a dividend yield of 6.64%.

At the close of trading session on Wednesday, Frontline’s stock price marginally declined 0.89% to end the day at $6.67. A total volume of 698.26 thousand shares were exchanged during the session. The Company’s shares are trading at a PE ratio of 9.06 and have a dividend yield of 9.00%. The stock currently has a market cap of $1.14 billion.

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Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

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