Latest news with #OTCQX
Cision Canada
35 minutes ago
- Business
- Cision Canada
Nuclear Fuels Announces Filing and Mailing of Special Meeting Materials in Connection with Proposed Arrangement with Premier American Uranium
CSE:NF OTCQX:NFUNF VANCOUVER, BC, July 15, 2025 /CNW/ - Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") is pleased to announce that it has filed with the applicable Canadian securities regulatory authorities a management information circular dated July 10, 2025 (the " Circular") and related meeting materials (together with the Circular, the " Meeting Materials") of the Company for use at the special meeting (the " Meeting") of Nuclear Fuels shareholders (the " Company Shareholders") to be held in connection with the proposed plan of arrangement under the Business Corporations Act (British Columbia) involving the Company and Premier American Uranium Inc. (" Premier American Uranium" or " PUR"), as previously announced in a news release dated June 5, 2025 (the " Arrangement"). The Company has commenced the mailing of copies of the Meeting Materials to Company Shareholders entitled to vote on the Arrangement at the Meeting. At the Meeting, Company Shareholders will be asked to consider a special resolution (the " Arrangement Resolution") approving the Arrangement pursuant to which PUR will acquire all of the issued and outstanding common shares of Nuclear Fuels (each whole share, an " NF Share"). Pursuant to the Arrangement, each Company Shareholder will receive 0.33 of a common share of PUR (each, a " PUR Share") for each NF Share held (the " Exchange Ratio"). The Board of Directors of Nuclear Fuels recommends that Company Shareholders vote FOR the Arrangement Resolution. Additional details with respect to the Arrangement, the reasons for the recommendation of the Board of Directors of the Company as well as the potential benefits and risks of the Arrangement are described in the Circular, which Shareholders are encouraged to read in its entirety. The Meeting and Voting The Meeting is scheduled to be held at the offices of Morton Law LLP located at 1200 – 750 West Pender Street, Vancouver, BC V6C 2T8, at 11:00 a.m. (Vancouver time) on August 13, 2025, subject to adjournment or postponement. Company Shareholders are encouraged to carefully read the notice of meeting, the Circular and other Meeting Materials for information concerning the Arrangement, the Arrangement Resolution and voting. The Meeting Materials are available under Nuclear Fuels' profile on SEDAR+ at Only Company Shareholders of record as at the close of business on July 7, 2025 are eligible to vote at the Meeting. About Nuclear Fuels Inc. Nuclear Fuels Inc. is a uranium exploration company advancing early stage, district-scale ISR amenable uranium projects towards production in the U.S. Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well-positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee district under single-company control for the first time since the early 1980s. Currently planning its 2025 drill program following successful 2023 and 2024 drilling, the Company aims to expand on historic resources across a 35-mile trend with over 430 miles of mapped roll-fronts defined by 3,800 drill holes. The Company's strategic relationship with enCore Energy Corp., America's Clean Energy Company™, offers a mutually beneficial "pathway to production," with enCore owning an equity interest and retaining the right to back-in to 51% ownership in the flagship Kaycee Project in Wyoming's prolific Powder River Basin. The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act"), or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Cautionary Statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the date of the Meeting and completion of the mailing of the Meeting Materials, Nuclear Fuels' position in the mining sector and anticipated support from the government, expected drilling programs, and benefits of the strategic relationship with enCore. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including receipt of required shareholder, regulatory, court and stock exchange approvals, the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement, and other expectations and assumptions concerning the Arrangement. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management of the Company at the time, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or stock exchange approvals in connection with the Arrangement, material adverse change in the timing of completion and the terms and conditions upon which the Arrangement is completed, inability to satisfy or waive all conditions to complete the Arrangement as set out in the arrangement agreement, failure to complete the Arrangement, failure to realize the anticipated benefits of the Arrangement or implement the business plan for the PUR following completion of the Arrangement, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known current mineral reserves or resources, unsuccessful drill programs, changes in the Company's strategic relationship, reliance on key management and other personnel, potential downturns in economic conditions, unanticipated changes in market price for PUR Shares and/or Company Shares, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals, stock market conditions generally, demand, supply and pricing for uranium; and general economic and political conditions in Canada and other jurisdictions where the Company conducts business, and the risk factors with respect to the Company set out in its management's discussion & analysis filed for its most recent financial year end and period end with the Canadian securities regulators and are available under the Company's profile on SEDAR+ at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Yahoo
2 hours ago
- Business
- Yahoo
FineMark Holdings, Inc. Reports Second Quarter 2025 Earnings
FORT MYERS, FL / / July 15, 2025 / FineMark Holdings, Inc. (OTCQX:FNBT), the parent company of FineMark National Bank & Trust has released its second quarter 2025 financial results. Results can be found on the Bank's website at FineMark Holdings, Inc. is the parent company of FineMark National Bank & Trust. Founded in 2007, FineMark is a nationally chartered bank and trust company, headquartered in Florida. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services, including personal and business banking, lending, trust and investment services. The Corporation's common stock trades on the OTCQX under the symbol FNBT. Investor information is available on the Corporation's website at CONTACT:Ryan RobertsInvestor Relations239-461-3850investorrelations@ College Pkwy Suite 100Fort Myers, FL 33919 SOURCE: FineMark Holdings, Inc. View the original press release on ACCESS Newswire Sign in to access your portfolio
Business Wire
2 hours ago
- Business
- Business Wire
Gold Reserve Wins Appeal at Portugal Supreme Court
PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) ('Gold Reserve' or the 'Company') is pleased to announce that in a recently published decision, Portugal's Supreme Court upheld a decision recognizing the Company's 2014 international arbitration award (the 'Award') against the Bolivarian Republic of Venezuela ('Venezuela') and rejecting the state's sovereign immunity and public policy defenses. The total amount owed by Venezuela under the Award, inclusive of interest, exceeds $1.1 billion. In February 2025, the Lisbon Court of Appeal issued an order granting the Company's application to confirm the Award in Portugal and entered judgment for the Company against Venezuela in the amount of the Award. In the present decision, the Supreme Court of Justice affirmed the Court of Appeal's decision. Venezuela also was ordered to pay costs. A copy of the Supreme Court's decision can be found here. An English translation of the decision is being prepared and the Company's website. The Company's recognition and enforcement efforts in Portugal are in addition to those being undertaken in the United States, including the Company's being named on July 2, 2025 as the Final Recommended Bidder in the U.S. District Court for the District of Delaware for the sale of the shares of PDV Holdings, Inc. ('PDVH'), the indirect parent company of CITGO Petroleum Corp. Any satisfaction of the Company's judgment in the Delaware proceedings may set-off and reduce the amount that can be recovered on the Award in the Portugal legal proceedings, and vice-versa. Cautionary Statement Regarding Forward-Looking statements This release contains 'forward-looking statements' within the meaning of applicable U.S. federal securities laws and 'forward-looking information' within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the 'Bid'). We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to recovery is not certain in the Portugal or Delaware legal proceedings due to multiple factors, including that, in Portugal, further court orders are required to attempt to collect against any of the attached funds, the priority of the Company's attachments on each account is not identical and is not definite, and the priority of the Company's attachments vis-à-vis other creditors is not identical and is not definite; and, in Delaware, the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto; the Bid will not be approved by the Court as the 'Final Recommend Bid' under the Bidding Procedures, and if approved by the Court may not close, including as a result of not obtaining necessary regulatory approvals, including but not limited to any necessary approvals from the U.S. Office of Foreign Asset Control ('OFAC'), the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain sufficient equity and/or debt financing or any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company may forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith); the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by applicable Canadian provincial and territorial securities laws.
Yahoo
2 hours ago
- Business
- Yahoo
Avant Brands Announces Results for Q2 2025
KELOWNA, BC / / July 15, 2025 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BUP) ("Avant" or the "Company"), a leading producer of innovative and award-winning cannabis products, today released its financial results for the second quarter ended May 31, 2025 ("Q2 2025"). With a growing international footprint and deep penetration into key global medical markets, Avant continues to scale as the go-to Canadian exporter for top-shelf cannabis at commercial volume. The Company delivered its sixth consecutive quarter of positive Adjusted EBITDA1, supported by growth in Export Wholesale Revenue2 and disciplined operational execution. (1) Adjusted EBITDA is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at (2) Export Wholesale Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Highlights include: Gross and Net Revenue Increases: Gross Revenue increased 3% to $9.7 million, while Net Revenue increased 3% to $8.5 million as compared to Q2 2024, driven by sustained international demand for premium cannabis and strong relationships with customers. Export Wholesale Revenue2: Export Wholesale Revenue2 reached $4.1 million, representing an 11% increase over Q2 2024, reflecting Avant's expanding presence in key international medical markets such as Germany, Israel, and Australia. (2) Export Wholesale Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Domestic Wholesale Revenue3: Domestic Wholesale Revenue3 reached $1.3 million, representing a 31% increase over Q2 2024. (3) Domestic Wholesale Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Adjusted EBITDA1: Achieved Adjusted EBITDA1 of $1.2 million, marking the sixth consecutive quarter of positive Adjusted EBITDA1. (1) Adjusted EBITDA is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Net Cash Flows Generated from Operating Activities: Net cash flows generated from operating activities year to date ("YTD") increased 7% to $2.6 million as compared to Q2 2024. Avant Brands Founder & CEO Norton Singhavon Comments: "Avant is executing at a global scale. We are establishing ourselves as the leading Canadian exporter of high-grade cannabis, trusted by top-tier distributors in markets like Germany, Israel, and Australia. Our ability to deliver consistent, premium-quality product at scale is what sets us apart. As international demand accelerates, our focus remains on building globally recognized brands and solidifying Avant's position as the standard for Canadian cannabis on the world stage." Fiscal Q2 2025 Financial Highlights (vs. Fiscal Q2 2024): Revenue: Gross Revenue: $9.7 million (+3%) Net Revenue: $8.5 million (+3%) Export Wholesale Revenue2: $4.1 million (+11%) Recreational Revenue4: $2.9 million (-14%) Domestic Wholesale Revenue3: $1.3 million (+37%) (2) Export Wholesale Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at (3) Domestic Wholesale Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at (4) Recreational Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Recreational Revenue4 declined because of a strategic shift toward higher-margin, top-performing SKUs. This realignment is expected to drive long-term profitability, while resources continue to be prioritized toward scaling international operations. (4) Recreational Revenue is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Gross Margin adjusted for fair value adjustments5: Gross Margin adjusted for fair value adjustments5: Decreased to $2.2 million (-27%) due to improved Cost of Sales allocations. Gross Margin % adjusted for fair value adjustments6: Decreased to 26% (vs. 37%). YTD Net Cash Flows Generated from Operating activities increased 7% versus the comparative period, inclusive of the improved allocations to Cost of Sales. (5) Gross Margin adjusted for fair value adjustments is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at (6) Gross Margin % adjusted for fair value adjustments is a non-GAAP performance ratio. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Adjusted EBITDA1 Achieved Adjusted EBITDA1 of $1.2 million, marking the sixth consecutive quarter of positive Adjusted EBITDA1. (1) Adjusted EBITDA is a non-GAAP performance measure. The information is incorporated by reference from the Q2 2025 MD&A filings under "Cautionary Statement Regarding Certain Non-GAAP Performance Measures". The Company's MD&A is available on SEDAR+ at Cannabis Production and Sales: Cannabis Production: 3,327 KG (+4%). Cannabis Sales: 2,799 KG sold (+3%). About Avant Brands Inc. Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) (FRA: 1BUP) is a leading innovator in premium cannabis products, driven by a commitment to exceptional quality and craftsmanship. As one of Canada's largest indoor producers, the company operates multiple production facilities across the country, cultivating unique and high-quality cannabis strains. Avant offers a diverse product portfolio catering to recreational, medical, and export markets. Its renowned consumer brands, including blk mkt™, Tenzo™, Cognōscente™, flowr™, and Treehugger™, are available in key recreational markets across Canada. The company's international footprint spans Australia, Israel, and Germany, with its flagship brand blk mkt™ leading the way. Avant also serves qualified medical patients nationwide through its GreenTec™ medical cannabis brand, accessible via the GreenTec Medical portal and trusted partner network. Avant is a publicly traded company, listed on the Toronto Stock Exchange (TSX) and accessible to international investors through the OTCQX Best Market (OTCQX) and Frankfurt Stock Exchange (FRA). Headquartered in Kelowna, British Columbia, the company operates in strategic locations throughout Canada. Learn More:For more information about Avant, including investor presentations and details about its consumer brands, please visit the company website: Investor Relations:For inquiries, please contact Avant Brands Investor Relations at 1-800-351-6358 or ir@ CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" as defined under applicable Canadian securities legislation, encompassing statements regarding Avant Brands Inc.'s ("Avant" or the "Company") plans, intentions, beliefs, and current expectations concerning future business activities and operating performance. Forward-looking information is often, but not always, identified by the use of words such as "expects," "intends," "anticipates," "believes," "estimates," "plans," "may," "could," "should," "will," or variations of such words and phrases. In particular, this news release includes forward-looking information related to, but not limited to, the Company's expectations for future revenue and sales growth, the continued performance of its international operations, the demand for its premium cannabis products-including the blk mkt™ brand-in key global markets, and the Company's strategic initiatives to prioritize high-performing SKUs, streamline its domestic offerings, and expand its presence in Australia, Germany, Israel, and other international jurisdictions. Forward-looking information also includes statements concerning the Company's ongoing focus on operational efficiencies, profitability, and the anticipated availability of financial statements and management's discussion and analysis ("MD&A") on the Company's SEDAR+ profile and website, providing investors with comprehensive financial information. Investors should be aware that forward-looking information involves inherent risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such information. Management's current expectations may not accurately predict future events or outcomes. Therefore, investors are cautioned not to place undue reliance on forward-looking information. Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates, or projections concerning future results or events based on the opinions, assumptions, and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in consumer demand and preferences; changes in general economic, business, and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in the Company's annual information form dated February 28, 2025 filed with Canadian securities regulators and available on the Company's profile on SEDAR+ at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law. SPECIAL NOTE REGARDING FINANCIAL INFORMATION This document should be read in conjunction with the Company's unaudited interim consolidated financial statements (the "financial statements") and the Company's MD&A for the three months and six months ended May 31, 2025, and audited consolidated financial statements for the year ended November 30, 2024. All dollar amounts are referenced in millions of Canadian dollars, except where noted otherwise. The Company's financial statements and MD&A for the three months and six months ended May 31, 2025 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Additional information relating to the Company, including its Annual Information Form for the year ended November 30, 2024, is available on SEDAR+ at Information on the Company's website does not form part of and is not incorporated by reference in the Company's MD&A. SPECIAL NOTE REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES This document includes references to non-GAAP measures, which include non-GAAP and other financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure. These financial measures are used by the Company to evaluate its financial performance, financial position or cash flow and include non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary financial measures. These financial measures are not defined by IFRS and therefore are referred to as non-GAAP and other financial measures. The non-GAAP and other financial measures used by the Company may not be comparable to similar measures presented by other companies, and should not be considered an alternative to or more meaningful than the most directly comparable financial measure presented in the Company's financial statements, as applicable, as an indication of the Company's performance. Descriptions of the Company's non-GAAP and other financial measures included in this document, and reconciliations to the most directly comparable GAAP measure, as applicable, are provided in the "Cautionary Statement Regarding Certain Non-Gaap Performance Measures" section of the Company's MD&A for the three months and six months ended May 31, 2025, dated July 15th, 2025. SOURCE: Avant Brands Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
3 hours ago
- Business
- Business Wire
AM Best Withdraws Credit Ratings of First Acceptance Corporation and Its Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'b+' (Marginal) of the subsidiaries of First Acceptance Corporation (Delaware) [OTCQX: FACO], collectively referred to as First Acceptance Insurance Group (First Acceptance). (See below for a detailed list of the companies and ratings.) Concurrently, AM Best has affirmed the Long-Term ICR of 'ccc-' (Weak) of First Acceptance Corporation. The outlook of these Credit Ratings (ratings) is stable. At the same time, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best's interactive rating process. The ratings reflect First Acceptance's balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The weak balance sheet assessment reflects the significant volatility in policyholder surplus, elevated underwriting leverage measures and adverse reserve development during the latest five-year period. In recent years, additions to policyholder surplus have been reported due to net income from operations and capital contributions from its parent. Overall risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio (BCAR) remains strong. Despite improvement in recent periods, the position remains highly sensitive to premium growth and reserve adequacy. First Acceptance's marginal operating performance is driven by persistent underwriting losses and fluctuating operating results. However, underwriting losses are partially offset by fee and other income. The group's limited business profile reflects operations that are focused solely on non-standard automobile business. ERM is viewed as marginal as the framework continues to evolve. While steps have been taken to integrate a more formalized structure, risk management capabilities are not fully aligned with the organization's profile. The FSR of C++ (Marginal) and the Long-Term ICRs of 'b+' (Marginal) have been affirmed, with stable outlooks. Concurrently, AM Best has withdrawn the ratings at the company's request for the following pooled subsidiaries of First Acceptance Corporation: First Acceptance Insurance Company, Inc. First Acceptance Insurance Company of Georgia, Inc. First Acceptance Insurance Company of Tennessee, Inc. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
