NEW YORK, NY / ACCESSWIRE / July 28, 2020 / ​We all know that extending credit to retailers is treacherous. A large retailer in chapter 11’s 5.65% bonds were trading at 94% as recently as March 12, 2020. Then COVID19 lockdowns forced the company to shut all its stores and file for chapter 11 bankruptcy two months later. Those bonds are trading at 1% today. Cherokee Acquisitions has created Claims Put Market to help vendors protect their accounts receivable. Cherokee Acquisitions is an investment banking firm focusing on claims, vendor put options, and receivables finance.

What is not as well-known is how risky it can be to extend credit to a retailer after it files for chapter 11 bankruptcy. Conventional wisdom held it was reasonably safe to ship on terms to a retailer in bankruptcy since retailers are able to obtain new money from a Debtor-in-Possession loan. Additionally, bankruptcy law gives post-petition creditors “administrative expense” status that ranks their claims higher in priority than general unsecured claims.

The recent Toys R Us bankruptcy was a rude awakening that showed just how risky it can be to ship to a retailer in bankruptcy, even if it has obtained new money from a Debtor-in-Possession loan. Vendors to Toys were owed $800 million, mostly from shipping to Toys after the bankruptcy had commenced. The vendors relied on their status as administrative expense priority creditors as well as the cash proceeds from Toys’ Debtor-in-Possession loan for payment. In March 2018, Toys decided to wind-down its business and liquidate. Cash proceeds from the liquidation, after partially paying down secured debt, left only 23% to pay priority unsecured vendors. This represents a loss of over $600 million for vendors beyond getting wiped out on their pre-petition unsecured claims.

Toys is not an isolated case. Sears liquidated and paid less than 29% to vendors holding administrative expense priority claims after wiping out pre-petition unsecured claims. Forever 21 vendors are likely to suffer a similar fate.

So what’s a vendor to do? Traditionally, factoring firms like CIT would purchase post-petition receivables and take on the risk of a potential chapter 7 liquidation. Credit insurers such as Euler Hermes might also insure vendors against chapter 7 liquidation risk. However, in a COVID19 world, traditional factoring firms and credit insurers have sustained large losses, and their support might not be available.

Vendor Put Options are a good way for vendors to obtain protection from either a customer’s chapter 11 bankruptcy or an already bankrupt customer’s chapter 7 liquidation. In exchange for an option fee, the vendor purchases the option to sell its receivables subject to a potential bankruptcy reorganization or liquidation to an investor. The option is non-cancellable for the requested term. The best way to obtain a Vendor Put Option is through Claims Put Market, the only online marketplace connecting vendors with large hedge funds. The benefit of Claims Put Market to a vendor is that their requested put option is shown to multiple investors that are competing to offer the best price. Claims Put Market also uses simple legal documents and a transparent market structure.

Should you have any questions or require additional information, feel free to contact Vladimir Jelisavcic at 212-259-4305 or vjel@cherokeeacq.com.

SOURCE: Cherokee Acquisitions

ReleaseID: 598888

CHICO, CA / ACCESSWIRE / July 28, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction and forestry conservation, announced that it has received an order totaling $200,000.

The order is for a refurbished Caterpillar forklift with 92,000-pound capacity. The equipment is in inventory and will ship in early August to a logistics company located Northern California.

About AmeraMex International

AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional corporate information, online heavy equipment inventory/ pricing and videos.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Company's filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Investor and Media Relations

McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com

SOURCE: AmeraMex International, Inc.

ReleaseID: 599171

Quarterly Net Income of $3.1 Million as Assets Top $2.0 Billion

CORAL GABLES, FL / ACCESSWIRE / July 28, 2020 / Professional Holding Corp. (the "Company") (NASDAQ:PFHD), the parent company of Professional Bank (the "Bank"), today reported net income of $3.1 million, or $0.22 per diluted share for the second quarter of 2020 compared to a net loss of ($1.3 million) for the first quarter of 2020, and income of $0.5 million or $0.08 per diluted share for the second quarter of 2019. For the first six months of 2020, net income totaled $1.8 million, or $0.15 per diluted share, compared to net income of $0.9 million, or $0.14 per diluted share for the same period of 2019.

"I am proud of our team which continues to perform and adapt to the COVID-19 pandemic," said Daniel R. Sheehan, Chairman and Chief Executive Officer. "We remain committed to the welfare of our employees, clients, and the South Florida community by taking steps to safely remain open assisting existing clients and helping new ones. The Company issued $225.6 million of funds to small businesses through the Paycheck Protection Program ("PPP"), where our average loan amount was $152,616 and median loan was $44,650." Chief Financial Officer Mary Usategui commented that the Company realized efficiencies related to the successful integration of Marquis Bancorp. ("MBI") which led to a profitable second quarter.

Results of Operations:

For the second quarter of 2020:

Net interest income was $16.3 million, an increase of $9.5 million, or 139.7%, compared to the same period in 2019.
For the current quarter, net income was $3.1 million compared to $0.5 million for the same period in 2019. Pre-Tax Pre-Provision net income (non-GAAP, see Explanation of Certain unaudited non-GAAP Financial Measures) was $5.7 million for the current quarter, an increase of $6.1 million compared to a loss of ($0.6) million in the previous quarter, and 375% increase compared to the $1.2 million during the same period in 2019.
Noninterest income totaled $1.0 million for the second quarter 2020 unchanged from the second quarter 2019.
Noninterest expense totaled $11.5 million, an increase of $5.0 million, or 76.9%, compared to the same period in 2019. Increases in employee headcount and MBI acquisition expenses were primarily responsible for the increase.

Financial Condition:

At June 30, 2020:

Total assets increased to $2.0 billion, an increase of $0.3 billion, or 17.6%, compared to March 31, 2020 primarily due to SBA Paycheck Protection Program (PPP) funding. New loan originations were $62.6 million for the quarter, compared to $65.2 million the prior quarter, excluding PPP loans. Net new, non-PPP loan growth was relatively flat, with a modest $2.0 million increase.
Net loans increased to $1.6 billion, an increase of $0.3 billion, or 23.1%, compared to March 31, 2020 and an increase of $0.8 billion or 128.6% compared to June 30, 2019. We experienced growth across all loan types due to new organic origination and the MBI merger in the first quarter.
Nonperforming assets totaled $6.2 million compared to $4.0 million at March 31, 2020 and $1.1 million at June 30, 2019.
The Company maintained its strong capital position. As of June 30, 2020, the Company was well-capitalized with a total risk-based capital ratio of 15.9%, and a leverage capital ratio of 10.5%.

COVID-19 Operational Response and Bank Preparedness:

In early March 2020, the Company began preparing for potential disruptions and government limitations of activity relating to the COVID-19 pandemic. Preparations included: (i) conducting COVID-19 testing, (ii) publishing a "work from home" guide, (iii) phasing in remote operations with a focus on employee safety, redundancy, and business continuity, and (iv) hardware upgrades. The hardware upgrades included increased mobile/laptop capabilities, increased VPN licenses & bandwidth, and expanded technologies for video and conference line functionality.
The Company issued multi-level communications including the reinforcement of best practices with staff and clients about business and safety precautions and escalation procedures. Steps were taken to reduce branch traffic; additionally, all non-client facing employees are working remotely.
Policies and Procedures have been established to (i) take immediate precautionary steps with any exposed employees and (ii) for the eventual safe and orderly return to the office. The policy and procedures incorporate social distancing and alternating in-office schedules. Branches are given regularly scheduled deep cleanings to ensure workspaces are safe for our employees and clients.
The Company participated in the PPP and processed/closed/funded 1,478 small business loans representing over $225 million in relief proceeds. These loans were subsequently pledged to the Federal Reserve as part of the Paycheck Protection Program Liquidity Facility (PPPLF). The PPPLF pledged loans are non-recourse to the Bank.
The Company added an online PPP application form and automated the PPP loan closing documentation process.
As of July 10, 2020, we have reviewed and processed 181 debt service relief requests in accordance with Interagency guidelines published on March 13, 2020. As currently interpreted by the agencies, the guidelines assert that short-term modifications made in good faith for reasons related to the COVID-19 pandemic to borrowers who were current prior to such relief are not considered troubled debt restructurings. These modifications include deferrals of principal and interest, modification to interest only, and deferrals to escrow requirements. The modifications have varying terms up to six months. As of July 10, 2020, 13.1% of all loans have been approved for modification. Payment deferrals represent 7.6% of all loans and are comprised of 62 residential real estate loans totaling $43.4 million, 16 loans secured by owner occupied commercial real estate totaling $21.2 million, 20 loans collateralized by non-owner occupied commercial real estate totaling $36.2 million and 5 commercial and industrial loans totaling $2.6 million.

PROFESSIONAL HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except per share data)

 
June 30,
 
 
December 31,
 

 
2020
 
 
2019
 

ASSETS

Cash and due from banks

 
$
38,034
 
 
$
21,408
 

Interest-bearing deposits

 
 
215,007
 
 
 
150,572
 

Federal funds sold

 
 
39,444
 
 
 
26,970
 

Cash and cash equivalents

 
 
292,485
 
 
 
198,950
 

Securities available for sale, at fair value

 
 
105,213
 
 
 
28,441
 

Securities held to maturity (fair value June 30, 2020 – $1,652, December 31, 2019 – $224)

 
 
1,635
 
 
 
214
 

Equity securities

 
 
995
 
 
 
971
 

Loans, net of allowance of $9,045 and $6,548 as of June 30, 2020 and December 31, 2019, respectively

 
 
1,559,861
 
 
 
785,167
 

Federal Home Loan Bank stock, at cost

 
 
4,291
 
 
 
2,994
 

Federal Reserve Bank stock, at cost

 
 
4,745
 
 
 
2,074
 

Accrued interest receivable

 
 
5,495
 
 
 
2,498
 

Premises and equipment, net

 
 
5,300
 
 
 
4,307
 

Bank owned life insurance

 
 
17,113
 
 
 
16,858
 

Deferred tax asset

 
 
6,901
 
 
 
1,859
 

Goodwill

 
 
14,728
 
 
 
–
 

Core deposit intangibles

 
 
3,783
 
 
 
–
 

Other assets

 
 
9,207
 
 
 
8,808
 

 
$
2,031,752
 
 
$
1,053,141
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits

Demand – non-interest bearing

 
$
495,086
 
 
$
184,211
 

Demand – interest bearing

 
 
763,108
 
 
 
599,318
 

Time deposits

 
 
258,249
 
 
 
109,344
 

Total deposits

 
 
1,516,443
 
 
 
892,873
 

Federal Home Loan Bank advances

 
 
65,077
 
 
 
55,000
 

Subordinated debt

 
 
9,932
 
 
 
–
 

Official checks

 
 
4,439
 
 
 
6,191
 

Line of credit

 
 
–
 
 
 
9,999
 

PPP loan advances

 
 
218,080
 
 
 
–
 

Accrued interest and other liabilities

 
 
15,347
 
 
 
9,776
 

Total liabilities

 
 
1,829,318
 
 
 
973,839
 

Commitments and contingent liabilities

Stockholders' equity

Preferred stock, 10,000,000 shares authorized, none issued

 
 
–
 
 
 
–
 

Class A Voting Common stock, $0.01 par value; authorized 50,000,000 shares, issued 13,252,745 and outstanding 12,692,451 shares as of June 30, 2020 and authorized 50,000,000 shares, issued 5,360,262 and outstanding 5,115,262 shares at December 31, 2019

 
 
132
 
 
 
53
 

Class B Non-Voting Common stock, $0.01 par value; 10,000,000 shares authorized,752,184 shares issued and outstanding at June 30, 2020 and December 31, 2019

 
 
7
 
 
 
7
 

Treasury stock, at cost

 
 
(9,132
)
 
 
(4,155
)

Additional paid-in capital

 
 
202,438
 
 
 
77,019
 

Retained earnings

 
 
8,265
 
 
 
6,451
 

Accumulated other comprehensive gain (loss)

 
 
724
 
 
 
(73
)

Total stockholders' equity

 
 
202,434
 
 
 
79,302
 

 
$
2,031,752
 
 
$
1,053,141
 

PROFESSIONAL HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
(Dollar amounts in thousands, except per share data)

 
Three Months Ended June 30,
 
 
Six Months Ended June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Interest income

Loans, including fees

 
$
17,897
 
 
$
8,712
 
 
$
27,912
 
 
$
16,787
 

Taxable securities

 
 
438
 
 
 
161
 
 
 
660
 
 
 
332
 

Dividend income on restricted stock

 
 
131
 
 
 
70
 
 
 
210
 
 
 
127
 

Other

 
 
56
 
 
 
555
 
 
 
760
 
 
 
1,024
 

Total interest income

 
 
18,522
 
 
 
9,498
 
 
 
29,542
 
 
 
18,270
 

Interest expense

Deposits

 
 
1,617
 
 
 
2,398
 
 
 
4,243
 
 
 
4,411
 

Federal Home Loan Bank advances

 
 
287
 
 
 
269
 
 
 
565
 
 
 
507
 

Other borrowings

 
 
327
 
 
 
–
 
 
 
382
 
 
 
–
 

Total interest expense

 
 
2,231
 
 
 
2,667
 
 
 
5,190
 
 
 
4,918
 

Net interest income

 
 
16,291
 
 
 
6,831
 
 
 
24,352
 
 
 
13,352
 

Provision for loan losses

 
 
1,750
 
 
 
495
 
 
 
2,595
 
 
 
382
 

Net interest income after provision for loan losses

 
 
14,541
 
 
 
6,336
 
 
 
21,757
 
 
 
12,970
 

Non-interest income

Service charges on deposit accounts

 
 
307
 
 
 
281
 
 
 
529
 
 
 
357
 

Income from Bank owned life insurance

 
 
126
 
 
 
85
 
 
 
255
 
 
 
142
 

Gain on sale of securities

 
 
11
 
 
 
3
 
 
 
15
 
 
 
3
 

Other

 
 
524
 
 
 
554
 
 
 
1,025
 
 
 
781
 

Total non-interest income

 
 
968
 
 
 
923
 
 
 
1,824
 
 
 
1,283
 

Non-interest expense

Salaries and employee benefits

 
 
6,912
 
 
 
4,558
 
 
 
12,175
 
 
 
8,872
 

Occupancy and equipment

 
 
1,081
 
 
 
602
 
 
 
1,855
 
 
 
1,123
 

Data processing

 
 
421
 
 
 
162
 
 
 
597
 
 
 
324
 

Marketing

 
 
151
 
 
 
133
 
 
 
288
 
 
 
272
 

Professional fees

 
 
806
 
 
 
307
 
 
 
1,161
 
 
 
582
 

Acquisition expenses

 
 
560
 
 
 
–
 
 
 
2,223
 
 
 
–
 

Regulatory assessments

 
 
300
 
 
 
145
 
 
 
514
 
 
 
307
 

Other

 
 
1,317
 
 
 
630
 
 
 
2,221
 
 
 
1,567
 

Total non-interest expense

 
 
11,548
 
 
 
6,537
 
 
 
21,034
 
 
 
13,047
 

Income before income taxes

 
 
3,961
 
 
 
722
 
 
 
2,547
 
 
 
1,206
 

Income tax provision

 
 
830
 
 
 
223
 
 
 
733
 
 
 
352
 

Net income

 
 
3,131
 
 
 
499
 
 
 
1,814
 
 
 
854
 

Earnings (loss) per share:

Basic

 
$
0.23
 
 
$
0.08
 
 
$
0.16
 
 
$
0.14
 

Diluted

 
$
0.22
 
 
$
0.08
 
 
$
0.15
 
 
$
0.14
 

Other comprehensive income:

Unrealized holding gain (loss) on securities available for sale

 
 
743
 
 
 
215
 
 
 
1,067
 
 
 
483
 

Tax effect

 
 
(188
)
 
 
(54
)
 
 
(270
)
 
 
(122
)

Other comprehensive gain (loss), net of tax

 
 
555
 
 
 
161
 
 
 
797
 
 
 
361
 

Comprehensive income (loss)

 
$
3,686
 
 
$
660
 
 
$
2,611
 
 
$
1,215
 

Capital

The Company's capital position remained strong as of June 30, 2020, with a total risk-based capital ratio of 15.9%, and a leverage capital ratio of 10.5%. The total risk-based capital ratio was 12.3% at December 31, 2019 and 14.1% at June 30, 2019 and the leverage capital ratio was 7.8% at December 31, 2019 and 9.6% at June 30, 2019. Each of the Company's capital ratios remain well in excess of regulatory requirements.

On March 2, 2020, the Company's Board of Directors authorized the purchase from time to time of up to $10 million of the Company's Class A Common Stock. Under this program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. As of June 30, 2020, purchases totaling $5.0 million at an average price of $15.79 had been made under this program. Purchases during the quarter totaled $2.9 million or 182,097 shares. The Company has not made any repurchases since May 18, 2020.

Liquidity

The Company maintains a strong liquidity position. At June 30, 2020, in addition to its balance sheet liquidity, the Company had the ability to generate approximately $194.3 million in additional liquidity through available resources.

Net Interest Income and Net Interest Margin Analysis

The following table shows the average outstanding balance of each principal category of the Company's assets, liabilities and shareholders' equity, together with the average yields on assets and the average costs of liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the respective periods.

 
For the Three Months Ended June 30,
 
 
 
 

 
2020
 
 
2019
 

 
Average
 
 
Interest
 
 
 
 
 
Average
 
 
Interest
 
 
 
 

 
Outstanding
 
 
Income/
 
 
Average
 
 
Outstanding
 
 
Income/
 
 
Average
 

(Dollars in thousands)

 
Balance
 
 
Expense(4)
 
 
Yield/Rate
 
 
Balance
 
 
Expense(4)
 
 
Yield/Rate
 

Assets

Interest earning assets

Interest-bearing deposits

 
$
170,658
 
 
$
44
 
 
 
0.10
%
 
$
65,671
 
 
$
403
 
 
 
2.49
%

Federal funds sold

 
 
32,965
 
 
 
12
 
 
 
0.15
%
 
 
23,723
 
 
 
152
 
 
 
2.60
%

Federal Reserve Bank stock, FHLB stock and other corporate stock

 
 
7,598
 
 
 
131
 
 
 
6.93
%
 
 
4,291
 
 
 
70
 
 
 
6.62
%

Investment securities

 
 
109,338
 
 
 
438
 
 
 
1.61
%
 
 
28,930
 
 
 
161
 
 
 
2.26
%

Loans(1)

 
 
1,501,590
 
 
 
17,897
 
 
 
4.79
%
 
 
673,884
 
 
 
8,712
 
 
 
5.24
%

Total interest earning assets

 
 
1,822,149
 
 
 
18,522
 
 
 
4.09
%
 
 
796,499
 
 
 
9,498
 
 
 
4.84
%

Noninterest earning assets

 
 
102,663
 
 
 
 
 
 
 
 
 
 
 
47,026
 
 
 
 
 
 
 
 
 

Total assets

 
 
1,924,812
 
 
 
 
 
 
 
 
 
 
 
843,525
 
 
 
 
 
 
 
 
 

Liabilities and shareholders' equity

Interest-bearing liabilities

Interest-bearing deposits

 
 
994,972
 
 
 
1,617
 
 
 
0.65
%
 
 
543,668
 
 
 
2,398
 
 
 
1.79
%

Borrowed funds

 
 
230,516
 
 
 
614
 
 
 
1.07
%
 
 
45,055
 
 
 
269
 
 
 
2.42
%

Total interest-bearing liabilities

 
 
1,225,488
 
 
 
2,231
 
 
 
0.73
%
 
 
588,723
 
 
 
2,667
 
 
 
1.84
%

Noninterest-bearing liabilities

Noninterest-bearing deposits

 
 
475,613
 
 
 
 
 
 
 
 
 
 
 
162,269
 
 
 
 
 
 
 
 
 

Other noninterest-bearing liabilities

 
 
19,540
 
 
 
 
 
 
 
 
 
 
 
12,438
 
 
 
 
 
 
 
 
 

Shareholders' equity

 
 
204,171
 
 
 
 
 
 
 
 
 
 
 
80,095
 
 
 
 
 
 
 
 
 

Total liabilities and shareholders' equity

 
$
1,924,812
 
 
 
 
 
 
 
 
 
 
$
843,525
 
 
 
 
 
 
 
 
 

Net interest spread(2)

 
 
 
 
 
 
 
 
 
 
3.36
%
 
 
 
 
 
 
 
 
 
 
3.00
%

Net interest income

 
 
 
 
 
$
16,291
 
 
 
 
 
 
 
 
 
 
$
6,831
 
 
 
 
 

Net interest margin(3)

 
 
 
 
 
 
 
 
 
 
3.60
%
 
 
 
 
 
 
 
 
 
 
3.48
 

Includes nonaccrual loans.
Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest-bearing liabilities.
Net interest margin is a ratio of net interest income to average interest earning assets for the same period.
Interest income on loans includes loan fees of $891 thousand and $148 thousand for the three months ended June 30, 2020 and 2019, respectively.

Provision for Loan Losses

The Company's provision for loan losses amounted to $1.8 million for the second quarter of 2020 compared to $0.5 million for the second quarter of 2019. The increased provision was intended to address the elevated credit risk levels related to the COVID-19 pandemic. The Company's allowance for loan losses as a percentage of total loans (excluding PPP loans) was 0.67% at June 30, 2020, compared to 0.55% at March 31, 2020. When taking into consideration the purchase accounting marks on the MBI loan portfolio our allowance for loan losses as a percentage of total loans (excluding PPP loans) would be approximately 1.95% (non-GAAP, see Explanation of Certain unaudited non-GAAP Financial Measures).

Investment Securities

The Company's investment portfolio increased by $83.8 million, or 349.2%, from $24.0 million at June 30, 2019 to $107.8 million at June 30, 2020. The investment of a portion of the proceeds from the Company's initial public offering is the primary reason for this increase. The Company invested these proceeds into liquid assets to provide more liquidity to fund loan growth, as well as securities available for sale. To supplement interest income earned on the Company's loan portfolio, the Company invests in high quality mortgage-backed securities, government agency bonds, corporate bonds, community development district bonds and equity securities (including mutual funds).

Loan Portfolio

The Company's primary source of income is derived from interest earned on loans. The Company's loan portfolio consists of loans secured by real estate as well as commercial business loans, construction and development loans, and other consumer loans. The Company's loan clients primarily consist of small to medium sized businesses, the owners and operators of those businesses, and other professionals, entrepreneurs and high net worth individuals. The Company's owner-occupied and investment commercial real estate loans, residential construction loans, and commercial business loans provide higher risk-adjusted returns, shorter maturities, and more sensitivity to interest rate fluctuations and are complemented by the relatively lower risk residential real estate loans to individuals. The Company's lending activities are principally directed to the Miami-Dade MSA. The following table summarizes and provides additional information about certain segments of the Company's loan portfolio as of June 30, 2020:

 
June 30, 2020
 
 
December 31, 2019
 

(Dollars in thousands)

 
Amount
 
 
Percent
 
 
Amount
 
 
Percent
 

Commercial real estate

 
$
704,947
 
 
 
44.8
%
 
$
270,981
 
 
 
34.2
%

Owner Occupied

 
 
259,345
 
 
 
–
 
 
 
112,618
 
 
 
–
 

Non-Owner Occupied

 
 
445,602
 
 
 
–
 
 
 
158,363
 
 
 
–
 

Residential real estate

 
 
388,613
 
 
 
24.6
%
 
 
342,257
 
 
 
43.2
%

Commercial

 
 
393,020
 
 
 
24.9
%
 
 
129,477
 
 
 
16.3
%

Construction and development

 
 
76,684
 
 
 
4.9
%
 
 
41,465
 
 
 
5.2
%

Consumer and other loans

 
 
13,281
 
 
 
0.8
%
 
 
8,287
 
 
 
1.1
%

Total loans

 
$
1,576,545
 
 
 
100.0
%
 
$
792,467
 
 
 
100.0
%

Unearned loan origination (fees) costs, net

 
 
(7,639
)
 
 
 
 
 
 
(752
)
 
 
 
 

Allowance for loan losses

 
 
(9,045
)
 
 
 
 
 
 
(6,548
)
 
 
 
 

Loans, net

 
$
1,559,861
 
 
 
 
 
 
$
785,167
 
 
 
 
 

Non-Performing Assets

As of June 30, 2020, the Company had nonperforming assets of $6.2 million, or 0.30% of total assets compared to nonperforming assets of $4.0 million, or 0.26% of total assets at March 31, 2020.

The Company learned on July 15, 2020 that one of its borrowers, Coex Coffee International Inc. ("Coex"), filed a Petition Commencing an Assignment for the Benefit of Creditors in the Circuit Court of the 11th Judicial Circuit in Miami-Dade County, Florida. Coex is primarily in the business of purchasing and selling green coffee beans. Coex has financed its business through various credit facilities from ten financial institutions totaling $191.9 million. The Company currently has a total of thirty-one (31) advances for the purchase of coffee from growers for periods of up to 90 days with an aggregate outstanding balance of $12.4 million. However, $4.1 million has been participated out without recourse to another financial institution leaving the Company with a current balance of $8.3 million. The loans are required to be over-collateralized. While at the time of petition, the advances were current, through court documents and legal inquiry (by the Company's counsel), the Company is presently investigating the status of its security and collateral. The situation remains fluid and as more information is obtained by the Company, we will evaluate the status and reserve associated with this loan.

Allowance for Loan and Lease Losses ("ALLL")

The Company's allowance for loan losses was $9.0 million at June 30, 2020, compared to $7.4 million at March 31, 2020, an increase of $1.6 million or 21.6%. The increased size of the Company's loan portfolio and the anticipated economic stress on the Company's customers resulting from the actual and projected effects of COVID-19 were primarily responsible for this increase. At March 31, 2020, the Company had an allowance for loan losses to total gross loans (net of overdrafts) ratio of 0.55%. At June 30, 2020, the Company's allowance for loan losses was 0.67% of total gross loans (net of overdrafts and excluding PPP loans) and provided coverage of 146.5% of nonperforming loans.

Explanation of Certain unaudited non-GAAP Financial Measures

This press release contains financial information determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP"), including adjusted net income and adjusted net income per share, which we refer to "non-GAAP financial measures." The table below provides a reconciliation between these non-GAAP measures and net income and net income per share, which are the most comparable GAAP measures.

Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these measures are useful supplemental information that can enhance investors' understanding of the Company's business and performance without considering taxes or provisions for loan losses and can be useful when comparing performance with other financial institutions. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures.

Reconciliation of non-GAAP Financial Measures

 
Three Months Ended June 30,
 
 
Three Months Ended
 
 
Six Months Ended June 30,
 

 
2020
 
 
2019
 
 
March 31, 2020
 
 
2020
 
 
2019
 

Adjusted net income (non-GAAP)

Net income (GAAP)

 
$
3,131
 
 
$
499
 
 
$
(1,317
)
 
$
1,814
 
 
$
854
 

Less: income tax provision (benefit)

 
 
830
 
 
 
223
 
 
 
(97
)
 
 
733
 
 
 
352
 

Less: provision loan losses

 
 
1,750
 
 
 
495
 
 
 
845
 
 
 
2,595
 
 
 
382
 

Adjusted net income (non-GAAP)

 
$
5,711
 
 
$
1,217
 
 
$
(569
)
 
$
5,142
 
 
$
1,588
 

Adjusted net income per share (non-GAAP)

Earnings per share (GAAP)

 
$
0.23
 
 
$
0.08
 
 
$
(0.14
)
 
$
0.16
 
 
$
0.14
 

Effect of non-GAAP adjustments

 
 
0.19
 
 
 
0.12
 
 
 
0.08
 
 
 
0.29
 
 
 
0.12
 

Adjusted net income per share (non-GAAP)

 
$
0.43
 
 
$
0.21
 
 
$
(0.06
)
 
$
0.45
 
 
$
0.27
 

 
6/30/2020
 

Total Loans (less PPP loans)

 
 
1,352,556
 

Allowance for Loan Loss

 
 
9,045
 

GAAP: Allowance for Loan Loss as a % of Total Loans (excluding PPP loans)

 
 
0.67
%

Purchase Accounting Loan Marks

 
 
17,696
 

Total Loans (less PPP and excluding loan marks)

 
 
1,370,252
 

Non-GAAP: Loan Marks + Allowance / Total Loans (excluding PPP loans and loan marks)

 
 
1.95
%

Additional Materials

There is also a slide presentation with supplemental financial information relating to this release that can be accessed at https://myprobank.com/ir/.

Forward Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements preceded by, followed by or including words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should" and similar expressions. Forward looking statements represent the Company's current expectations, plans or forecasts and involve significant risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, without limitation, current and future economic and market conditions, including those that could impact credit quality and the ability to generate loans and gather deposits; the duration, extent and impact of the COVID-19 pandemic, including the governments' responses to the pandemic, on our and our customers' operations, personnel, and business activity (including developments and volatility), as well as COVID-19's impact on the credit quality of our loan portfolio and financial markets and general economic conditions; the effects of our lack of a diversified loan portfolio and concentration in the South Florida market; the impact of current and future interest rates and expectations concerning the actual timing and amount of interest rate movements; competition; our ability to execute business plans; geopolitical developments; legislative and regulatory developments; inflation or deflation; market fluctuations; natural disasters (including pandemics such as COVID-19); potential business uncertainties related to the integration of Marquis Bancorp (MBI), including into our operations critical accounting estimates; and other factors described in our Form 10-K for the year ended December 31, 2019, Form 10-Q for the fiscal quarter ended March 31, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any of the forward-looking statements included herein to reflect future events or developments or changes in expectations, except as may be required by law.

About Professional Holding Corp. and Professional Bank:

Professional Holding Corp. (NASDAQ:PFHD), is the financial holding company for Professional Bank, a Florida state-chartered bank established in 2008. Professional Bank focuses on providing creative, relationship-driven commercial banking products and services designed to meet the needs of small to medium-sized businesses, the owners and operators of these businesses, other professional entrepreneurs and high net worth individuals. Professional Bank currently operates through a network of nine locations in the regional areas of Miami, Broward, and Palm Beach counties. It also has a Digital Innovation Center located in Cleveland, Ohio. For more information, visit www.myprobank.com. Member FDIC. Equal Housing Lender.

Media Contacts:

Todd Templin or Eric Kalis
BoardroomPR
ttemplin@boardroompr.com/ekalis@boardroompr.com
954-370-8999

SOURCE: Professional Holding Corp.

ReleaseID: 599204

Outdoor warning siren manufacturers continue to seek strategic, long term collaborations with corporate and government bodies to sustain funding and sales.

ROCKVILLE, MD / ACCESSWIRE / July 28, 2020 / The outdoor warning sirens market is expected to grow sluggishly to a valuation of US$ 206 Mn during the assessment period between 2020 to 2030. The Fact.MR report says that extensive lockdown measures, suspension of manufacturing activities, and trade restrictions during the covid-19 pandemic, are all having a negative impact on the outdoor warning siren market in the short term. Recovery is likely to be gradual as economic uncertainty from the pandemic is expected to continue in the near future.

"Aimed towards large-scale, outdoor signaling purposes, outdoor warning siren manufacturers are increasingly pushing for the development of high-powered, customized voice warning systems. Research and development on controllers, sirens, software solutions, and intelligent systems, enables a greater degree of customization for myriad applications," says the Fact.MR analyst.

Request a report sample to gain more market insights at

https://www.factmr.com/connectus/sample?flag=S&rep_id=1435

Outdoor Warning Sirens Market – Important Takeaways

Omni-directional variants of outdoor warning sirens are increasingly replacing rotational alternatives, driven by superior warning amplification, and lower maintenance requirements.
Cloud based siren systems are gaining popularity, owing to remote upgrades, and wider range of product functionality.
North America is a major consumer of outdoor warning sirens, driven by frequent incidences of natural disasters, and higher government investments.

Outdoor Warning Sirens Market – Driving Factors

Growing numbers and frequency of natural disasters on a global scale are a primary factor driving demand for outdoor warning sirens.
Strict workplace safety regulations imposed by government bodies bolster adoption rates.

Outdoor Warning Sirens Market – Leading Constraints

High costs associated with purchase and installation of outdoor warning sirens holds back sales.
Data security issues and false positive warnings are continuing challenges for manufacturers.

Anticipated Market Impact by Coronavirus Outbreak

The coronavirus outbreak is negatively influencing the outdoor warning siren market. Disruption of production and testing activities during the pandemic has reduced demand in the near term. Concerns of the contagion spreading amid the workforce in the industry is a key challenge for manufacturers. Also, governments are increasingly redirecting resources towards handling the pandemic, which limits budgets of local administrations towards the installation of new outdoor warning sirens, hurting short term market prospects.

Explore the global outdoor warning siren market with 130 figures, 41 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/1435/outdoor-warning-sirens-market

Competition Landscape

Some of the leading manufacturers in the global outdoor warning siren market include but are not limited to Federal Signal, Sentry Siren Inc., Mid-State Communications, Darley, Monroe Communications, and American Signal Corp.

Outdoor warning siren systems manufacturers are largely interested in entering into long term contracts with local government bodies that are prone to natural disasters to sustain revenue streams through sales and maintenance activities.

For example, Monroe (La.) Communications has recently won project approval for setting up an early-warning emergency siren system for El Dorado city. Similarly, Federal Signal has entered into a contract to set up automated outdoor warning sirens in Rock Island County, which is integrated with a mobile app to boost accuracy and timeliness of warnings. American Signal Corp has been shortlisted by FEMA to deploy early warning systems with multilingual capabilities, in the Caribbean.

More on the Report

The FACT.MR's market research report provides in-depth insights on outdoor warning siren market. The market is scrutinized according to coverage pattern (directional, rotating, and omni-directional), source (mechanical, electromechanical, and electronic), and range (below 2500 feet, 2500 to 5000 feet, and above 5000 feet) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East and Africa).

Explore Wide-ranging Coverage of FACT.MR's Industrial Goods Landscape

Marine Airbag Market: Find insights on the global marine airbag market with analysis of segments, statistics, influencers, market players and business strategies adopted over a 10-year forecast period.

Outdoor Power Equipment Market: FACT.MR's report on the global Outdoor Power Equipment Market offers insights on the market set for strong growth during 2018-2028, including restraining forces, revenue sources, market leaders, and market strategies.

Onboard Maintenance Systems Market: Read an analysis on the onboard maintenance systems market with insights on growth factors, opportunities, restraints, regional market forecast, regulatory policies, and strengths of market leaders.

About Fact.MR

Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, Ireland, and has delivery centers in the U.S. and India. FACT.MR's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

Contact:

Fact.MR
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Web: https://www.factmr.com/
PR- https://www.factmr.com/media-release/1547/global-outdoor-warning-sirens-market

SOURCE: Fact.MR

ReleaseID: 599203

Developments to be Shared by Dr. Jack Reich, Director, Dr. Bankole A. Johnson, Chief Medical Officer, William B. Stilley, III, Chief Executive Officer, and Joseph A. M. Truluck, Chief Financial Officer

CHARLOTTESVILLE, VA / ACCESSWIRE / July 28, 2020 / Adial Pharmaceuticals, Inc. (NASDAQ:ADIL; ADILW) ("Adial"), a clinical-stage biopharmaceutical company focused on the development of treatments for addiction, today announced that it will host a conference call at 11:00 AM, Eastern Time on Thursday, July 30, 2020, to provide material updates regarding the Company's business and operations and landmark ONWARD™ pivotal Phase 3 trial.

The conference call will be available via telephone by dialing toll free 844-407-9500 for U.S. callers or + 862-298-0850 for international callers, or on the Company's Investors section of the website: https://ir.adialpharma.com/.

A webcast replay will be available on the Company's Investor section of the website, https://ir.adialpharma.com/, through July 30, 2021. A telephone replay of the call with be available approximately one hour following the call, through Thursday, August 13, 2020 and can be accessed by dialing 877-481-4010 for U.S. callers or + 919-882-2331 for international callers and entering conference ID: 36297.

About Adial Pharmaceuticals, Inc.

Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of treatments for addictions. The Company's lead investigational new drug product, AD04, is a genetically targeted, serotonin-3 receptor antagonist, therapeutic agent for the treatment of Alcohol Use Disorder (AUD) and is currently being investigated in the Company's landmark ONWARD™ pivotal Phase 3 clinical trial for the potential treatment of AUD in subjects with certain target genotypes, which are to be identified using the Company's proprietary companion diagnostic genetic test. A Phase 2b clinical trial of AD04 for the treatment of AUD showed promising results in reducing frequency of drinking, quantity of drinking and heavy drinking (all with statistical significance), and no overt safety concerns (there were no statistically significant serious adverse events reported). AD04 is also believed to have the potential to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. www.adialpharma.com

Note on Forward-looking Statements

This communication contains certain "forward-looking statements" within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding the potential of AD04 to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, our ability to expand the use of AD04 for use in patients with Opioid Use Disorder, gambling and obesity, the ability of AD04 therapy to perform as designed, to demonstrate safety and efficacy, as well as results that are consistent with prior results, our ability to enroll patients and complete the clinical trials on time and achieve desired results and benefits, our ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, regulatory limitations relating to our ability to promote or commercialize our product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, our ability to maintain our license agreements, the continued maintenance and growth of our patent estate, our ability to establish and maintain collaborations, our ability to obtain or maintain the capital or grants necessary to fund its research and development activities, and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2019, subsequent Quarterly Reports on Form 10-Q, current reports on Form 8-K and other documents filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Contact:

Crescendo Communications, LLC
David Waldman / Natalya Rudman
Tel: 212-671-1021
Email: dwaldman@crescendo-ir.com

SOURCE: Adial Pharmaceutical, Inc.

ReleaseID: 599206

NEW DELHI, INDIA / ACCESSWIRE / July 28, 2020 / Mati Greenspan's Quantum Economics has partnered with major Indian crypto media group CoinGape to provide quality cryptocurrency analysis. As a result, readers of Coingape will enjoy expert insights into the state of the market from one of the most knowledgeable figures in the industry.

The partnership will provide CoinGape readers with quality cryptocurrency analysis, courtesy of Mati Greenspan and the Quantum Economics team. It will supply the information they need to profit from favorable trading setups. CoinGape will publish expert analysis and insights into the crypto markets submitted directly by renowned cryptocurrency influencers.

Quantum Economics founder Mati Greenspan stated: "We feel strongly there is a huge potential for digital asset disruption in India, and this partnership with the leading crypto publication in the country puts us in an excellent position to captivate this budding audience."

Sunil Sharma, founder at CoinGape, said: "We stand firm on our commitment to provide quality information, and partnerships with renowned experts like Mati Greenspan and Charles Bovaird will help us achieve our mission."

As digital currencies and blockchain technology experience rising adoption, particularly in India where CoinGape is based, the need for accurate analysis and actionable information is expected to grow. As the broader industry continues to evolve, investors are becoming more selective in their decisions, and demand actionable insights.

By partnering with Quantum Economics, CoinGape will be able to provide its readers with more sophisticated analysis of digital currency projects and markets. CoinGape believes that Mati Greenspan's unbiased, high-quality research will help traders and investors make smarter decisions, while increasing both the size of its audience, and the engagement of existing members.

About CoinGape

CoinGape is a media group dedicated to serving its readers with the latest updates from the cryptocurrency and blockchain world. One of the fastest growing news channels in the industry, CoinGape prides itself on the quality and originality of its reporting. The Indian media outlet provides analysis of the latest developments from the world of Bitcoin, Blockchain, and DeFi, coupled with regular market analysis.

For more information seehttps://coingape.com/

About Quantum Economics

Quantum Economics is a money management and advisory company founded by former eToro senior analyst Mati Greenspan. Its Analysis on Demand service supplies media organizations with custom market analysis for both the crypto and traditional financial markets. The service is also designed for brokers and exchanges looking to increase customer engagement. Mati Greenspan's market commentary is frequently quoted by financial news sites like Bloomberg, CNBC, and the Wall Street Journal.

For more information seehttps://quantumeconomics.io/

Contact

Abhinav Agarwal, COO
Abhinav@coingape.com

SOURCE: CoinGape

ReleaseID: 599210

SAN JOSE, CA / ACCESSWIRE / July 28, 2020 / After graduating Summa Cum Laude from Oregon State Honors College, Kevin David began his career working as a corporate accountant. This journey led him through several successful and notable companies, including Facebook, before he realized that he could never be happy working for someone else.

It was at this time that Kevin David started to get back to his entrepreneurial roots and meaningfully explore online sources of income. His goal was to find a way to free himself financially so he could travel the world and live life on his own terms. That's how he discovered Fulfillment by Amazon – better known as Amazon FBA. One month later, Kevin launched his first Amazon product and started building the online empire that would help him achieve his dream of independence.

"I'm so humbled by the success I've experienced – especially at my age," says 28-year-old entrepreneur, Kevin David. "It's amazing to me that I started with nothing but an idea – this sense that there was something more to life than working for someone else. Now that I've found what I was looking for, I feel like I'm responsible for sharing how I did it. Everyone should have the opportunity to be as happy as I am."

It is in that spirit that he created four different packages – each meant to address people at different stages of development and financial success in their lives.

Do It Yourself – The Bronze Package by Kevin David

"The Bronze package is the most affordable DIY service for people who are trying to find success through Amazon," says Kevin David. "I developed it for people who have about $3,000 available as working capital to invest in inventory."

Over 10,000 people have signed up for this package since the writing of this article. The package includes Kevin David's Amazon FBA Masterclass, membership to an exclusive student Facebook Group, and access to the Email Support Team.

"I developed the Facebook Group as a sort of support group," says Kevin David. "It's a place to connect with people, network, offer tips and tricks, and discuss the challenges you're facing. It's the network I wish I'd had when I was starting out."

The email support team gives followers access to in-house Amazon Support Assistants. "They do this day in and day out," says Kevin David. "They know the class and the process and the platform like the back of their hands and they are ready to help you with virtually any questions or problems you might be having. It's an incredibly valuable resource that can save you hours of time and frustration."

Done With You – The Silver Package by Kevin David

The Done With You package was developed to help those with around $5,000 of working capital for inventory. It's meant to strike a balance between receiving mentorship and maintaining value. "This package is meant for that enterprising student who's got a foot on the ground and is ready to maximize their Amazon business," says Kevin David.

This package gives you everything you get with the Bronze package in addition to access to 1,000 potential products, 12-weeks of intensive live, one-on-one group mentorship with some of Amazon's top sellers, access to Kevin David's high-level business contacts, help with supplier shipping, listing optimization, and PPC management.

"You also get 7 days of free access to the best underground Amazon Software Suite," says Kevin David. "It's a well-kept industry secret and I'm thrilled to share it with my students."

Semi-Automation – The Gold Package by Kevin David

The suggested working capital for this package is $10,000. "This is the package for people with huge ambitions," says Kevin David. "This is the package for people who want my personalized help while still being hands-on in the business."

Unfortunately, space is extremely limited at this tier and once spots fill up, there is no room for other participants. "I only have so many hours in the day, unfortunately," laughs Kevin David. "But I want to help everyone that I can, which is why I developed some of the smaller, less supervised packages for those who can't get into these sessions."

With this package, two products are tailor picked for you, from which you may choose one. The one you do not choose will be kept in reserve in case you would like to launch it later on. You also receive fully optimized Amazon listings with SEO titles, bullet points, descriptions, and back-end keyword optimization already in place. The company will facilitate shipping and freight forwarding logistics – you're only responsible for finding the lowest bid for the fastest shipping.

"You also get the same mentorship available in the Bronze package, but the groups are limited to 10 members instead of 30, so you're guaranteed more face-time and personalized care," says Kevin David. "And you get 12 weeks of access to the underground software."

Automation – The Emerald Package by Kevin David

The required working capital for this highest level of package is $20,000. "I developed this package for people who would like to start out at the top," says Kevin David. "We handle everything for you – 100% private label."

You get four products – two for immediate launch and two for later launch, all SEO completed for you, three months of PPC management, manufacturer negotiation, an exclusive Mastermind session with Kevin David, complimentary consultation with their Amazon-specialized CPAs, and lifetime preferential rates on products.

"I love to see new businesses grow and more and more people successfully find the financial freedom they've been looking for all their working lives," says Kevin David. "I'm just grateful that I'm in a position to help."

CONTACT:

Kevin David
kevin@officialkevindavid.com
1-800-425-2401

SOURCE: Kevin David

ReleaseID: 599209

VANCOUVER, BC / ACCESSWIRE / July 28, 2020 / After two and a half years of research, development, and testing, Vancouver based Horizontal Sleep is introducing a new, patented sleeping system that exceeds all other bed environmental and health standards. While almost beds are made with petroleum, polymers, plastics, chemicals, coils and carbon, HORIZONTAL is completely different. Its new bed/mattress is 99.8% biodegradable, made with replaceable parts, and designed to last a human lifetime. The change it heralds is certainly welcome.

THE NEED FOR CHANGE IS URGENT

The Bed and Mattress Industry is a major source of toxic pollution caused by near total reliance petroleum ingredients. In recent years, bed waste has exploded due to shorter product replacement cycles and marketing gimmicks. The Bed Industry, through the Better Sleep Council, the plethora of bed-in-a-box concepts, and large mattress chains, now makes beds intended to last less time than ever before. Product warranties are shorter and product returns have quadrupled. In the United States, nearly 10 billion pounds of mattress/bed waste is discarded every year. From 2010 to 2015 bed/mattress waste increased by 66% and it is accelerating. Western countries are now so overwhelmed, bed/mattress waste is surreptitiously exported worldwide by container to poor countries for dumping. The Bed Industry takes nearly no responsibility for the health and environmental catastrophe it has created.

Horizontal Sleep's breakthrough bed design directly addresses the alarming increase in toxic mattress and bed waste. If toxic beds can be eliminated, illness and environmental harm can be vastly reduced. Horizontal's positive impact will be felt well beyond the bedroom. Following Horizontal's lead, it will become possible to significantly reduce exposure to the petroleum based plastic products and the shadowy fire retardants that fill our homes and characterize our petroleum-soaked lifestyles.

HORIZONTAL REDEFINES WHAT IS ACCEPTABLE

By introducing Four Biophilic design standards to consumer product design, Horizontal redefines what is acceptable for human health and environmental safety in the bedroom.

Horizontal Sleep's founder Len Laycock says, "Design has to provide responsible solutions. It has to consider all the stakeholders. Horizontal provides a holistic solution for sleeping well in the time of Climate Breakdown." He explains that Horizontal innovates on four needed product attributes:

1. 99.8% BIODEGRADABLE

The presence of DNA in our materials confirms they are: 1) Created by biological processes. 2) Already a design approved by Nature. 3) Contain valuable nutrients for future life. 4) Safely biodegrade. 5) Are not toxic petrochemicals.

2. REPLACEABLE PARTS

Horizontal aims to end consumer ‘throwawayism'. Would you throw away a bicycle because it had a flat tire? Of course not. Replaceable parts extend longevity and anticipate future innovations. The Right to Repair supports the economic and environmental security of all people. The company's eco-engineering and natural material choices make planned obsolescence, obsolete!

3. LASTS A LIFETIME

With Climate Breakdown upon us, all consumer products must be re-thought and re-conceived to reduce carbon and last longer. If consumption does not decrease, reducing carbon and methane emission will be impossible. We have to live with less, and live with better. A well-made bed that can be maintained and restored for all the days of your life means Horizontal may be the last bed you ever purchase.

4. ECO LUXURY

The Horizontal bed is so well made its comfort compares favorably too far more expensive beds like Duxiana, Hastens and Naturepedic. Unlike almost all beds, its design is lean, focused on optimal spine alignment and superior air flow from below. All materials are natural, carefully vetted, and there are no metal parts. Innovative bedding makes it easier to make the bed, with fitted sheets that simply and quickly button in place, and stay in place. Horizontal is a complete sleeping system that lowers the entry price for eco-luxury, and by virtue of its longevity, actually costs less than lower priced bed over a lifetime of enjoyment.

ABOUT HORIZONTAL SLEEP LTD

Horizontal is a consumer product technology startup dedicated to reducing consumption and solving problems caused by Climate Breakdown, of which sleep is one. The well-being, health and environmental safety of humans, their happiness, the protection of wild life and wild spaces, the integrity of Earth's air, water and soil are all paramount and interdependent, because in this 21st century, you can't sustain any one of these without the others. Accordingly, our business model considers all of these as our stakeholders.

The company has developed special expertise in the fields of natural material solutions, industrial design, manufacturing, marketing and sleep. The company has nurtured a network of technical resources to support its goals, including a successful association with University of British Columbia Wood Sciences Faculty and an international network extending to Europe, Asia and the United States. Horizontal Sleep Ltd was founded by Len Laycock, former Marketing Director of IKEA, entrepreneur, environmentalist and lover of good sleep.

Contact:

Len Laycock, Founder & CEO
Horizontal Sleep Ltd.
len@horizontal.eco
+1 604 657 9191
www.horizontal.eco

SOURCE: Horizontal Sleep

ReleaseID: 599107