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German far-right AfD leader is Chinese-speaking lesbian economistTransaction Unifies Two Leaders in Decentralization, Rumble CEO Retains Controlling Stake Strategic Investment Results in Mission-Aligned Investor and Supporter Rumble Will Use $250 Million of Proceeds to Further Solidify Balance Sheet and Accelerate Growth Initiatives Remaining Proceeds Will Be Used to Fund Self Tender Offer for up to 70 Million of Rumble’s Class A Common Stock to Provide Liquidity to Stockholders at Same Price as Tether Investment LONGBOAT KEY, Fla., Dec. 20, 2024 (GLOBE NEWSWIRE) -- Rumble (NASDAQ:RUM) (“Rumble” or the “Company”), the video-sharing platform and cloud services provider, announced today that it has entered into a definitive agreement for a strategic investment of $775 million from Tether ($USDT) (“Tether”), the largest company in the digital assets industry and the most widely used dollar stablecoin across the world with more than 350 million users. Over the last few years, Tether has become one of the most recognized symbols for financial inclusion. The Company will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self tender offer for up to 70 million of its Class A Common Stock, at the same price ($7.50 per share) as Tether’s investment. Following the completion of the transaction, Chris Pavlovski, Rumble’s Chairman and CEO, will retain his controlling stake in the Company. Chris Pavlovski stated, “I could not be more excited about this collaboration with Tether for a number of reasons. First, many people may not realize the incredibly strong connection between the cryptocurrency and free speech communities, which is rooted in a passion for freedom, transparency, and decentralization. Second, the immediate commitment of adding $250 million in cash to our balance sheet not only confirms the level of support and commitment to a collaboration between our companies, it also fuels our growth initiatives. And, third, this transaction provides an immediate liquidity event for all of our stockholders who elect to participate in the self tender offer. I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.” Paolo Ardoino, CEO of Tether, added, “Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives. Rumble’s dedication to fostering open communication and innovation makes them an ideal ally as we continue building the infrastructure for a more decentralized, inclusive future. Lastly, beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.” Transaction Details Investment: Tether has agreed to purchase 103,333,333 shares of Rumble Class A Common Stock at a price per share of $7.50, totaling $775 million in gross proceeds to Rumble. The Company will use $250 million of the proceeds to support growth initiatives. Self Tender Offer: With the remaining gross proceeds, the Company will fund a self tender offer for up to 70 million shares of Rumble Class A Common Stock at a price per share of $7.50, net to the holder in cash. All holders of Rumble Class A Common Stock will be eligible to participate in the tender offer on the same terms. Certain Rumble stockholders have signed support agreements committing to tender 70 million shares in the aggregate, subject to the same proration and other terms of the tender offer that apply to all Rumble stockholders participating in the tender offer. Chris Pavlovski has committed to tender, and does not intend to sell more than 10 million shares of Class A Common Stock in the tender offer. Closing Conditions: The completion of the investment and the tender offer are subject to the satisfaction of customary closing conditions, including the expiration of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Governance: Rumble’s existing Board and governance structure, including Chris Pavlovski’s super-majority voting control, will remain unchanged following the closing of the transaction and Tether will own a minority position in our outstanding common stock but will not have the right to designate any members of the Board. Timing: The investment and the tender offer are expected to close in the first quarter of 2025. The foregoing description is qualified in its entirety by reference to the definitive agreements for the transaction, which will be filed on a Current Report on Form 8-K with the Securities and Exchange Commission. Advisors Cantor Fitzgerald & Co. is acting as placement agent and dealer manager for Rumble. Oppenheimer & Co. is serving as capital markets advisor to Rumble, and Willkie Farr & Gallagher LLP is serving as legal counsel to Rumble. McDermott Will & Emery LLP is serving as legal counsel to Tether. DLA Piper LLP (US) is serving as legal counsel to Cantor Fitzgerald & Co. ABOUT RUMBLE Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble's mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com. ABOUT TETHER Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape. With a mission to provide accessible and efficient financial, communication, artificial intelligence, and energy infrastructure. Tether enables greater financial inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike. As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance. Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are forward-looking statements and include, for example, statements regarding our expectations or beliefs regarding our proposed transaction with Tether, the use of the proceeds therefrom and the acceleration of our expansion into cryptocurrency. Certain of these forward-looking statements can be identified by using words such as "anticipates," "believes," "intends," "estimates," "targets," "expects," "endeavors," "forecasts," "well underway," "could," "will," "may," "future," "likely," "on track to deliver," "on a trajectory," "continues to," "looks forward to," "is primed to," "plans," "projects," "assumes," "should" or other similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, and our actual results could differ materially from future results expressed or implied in these forward-looking statements. The forward-looking statements included in this release are based on our current beliefs and expectations of our management as of the date of this release. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include uncertainties as to the timing of the transactions; uncertainties as to the percentage of shares of Rumble stock tendered in the offer; the possibility that competing offers will be made; the possibility that various closing conditions for the transactions may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transactions; the risk that we may be unable to derive additional benefits from the relationship with Tether, including increased advertising revenue, cloud revenue, and expansion into cryptocurrency payments; the risk that stockholder litigation in connection with the transactions may result in significant costs of defense, indemnification and liability; risks inherent with our increasing affiliation with crypto assets, including volatility; as well as regulatory and reputational risks; the risks of implementing a new treasury diversification strategy; our ability to grow and manage future growth profitably over time, maintain relationships with customers, compete within our industry and retain key employees; the possibility that we may be adversely impacted by economic, business, and/or competitive factors; our limited operating history makes it difficult to evaluate our business and prospects; our recent and rapid growth may not be indicative of future performance; we may not continue to grow or maintain our active user base, and may not be able to achieve or maintain profitability; risks relating to our ability to attract new advertisers, or the potential loss of existing advertisers or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets; Rumble Cloud, our recently launched cloud services business, may not achieve success and, as a result, our business, financial condition and results of operations could be adversely affected; negative media campaigns may adversely impact our financial performance, results of operations, and relationships with our business partners, including content creators and advertisers; spam activity, including inauthentic and fraudulent user activity, if undetected, may contribute, from time to time, to some amount of overstatement of our performance indicators; we collect, store, and process large amounts of user video content and personal information of our users and subscribers and, if our security measures are breached, our sites and applications may be perceived as not being secure, traffic and advertisers may curtail or stop viewing our content or using our services, our business and operating results could be harmed, and we could face governmental investigations and legal claims from users and subscribers; we may fail to comply with applicable privacy laws; we are subject to cybersecurity risks and interruptions or failures in our information technology systems and, notwithstanding our efforts to enhance our protection from such risks, a cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss; we may be found to have infringed on the intellectual property of others, which could expose us to substantial losses or restrict our operations; we may face liability for hosting a variety of tortious or unlawful materials uploaded by third parties, notwithstanding the liability protections of Section 230 of the Communications Decency Act of 1996; we may face negative publicity for removing, or declining to remove, certain content, regardless of whether such content violated any law; paid endorsements by our content creators may expose us to regulatory risk, liability, and compliance costs, and, as a result, may adversely affect our business, financial condition and results of operations; our traffic growth, engagement, and monetization depend upon effective operation within and compatibility with operating systems, networks, devices, web browsers and standards, including mobile operating systems, networks, and standards that we do not control; our business depends on continued and unimpeded access to our content and services on the internet and, if we or those who engage with our content experience disruptions in internet service, or if internet service providers are able to block, degrade or charge for access to our content and services, we could incur additional expenses and the loss of traffic and advertisers; we face significant market competition, and if we are unable to compete effectively with our competitors for traffic and advertising spend, our business and operating results could be harmed; we rely on data from third parties to calculate certain of our performance metrics and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business; changes to our existing content and services could fail to attract traffic and advertisers or fail to generate revenue; we derive the majority of our revenue from advertising and the failure to attract new advertisers, the loss of existing advertisers, or the reduction of or failure by existing advertisers to maintain or increase their advertising budgets would adversely affect our business; we depend on third-party vendors, including internet service providers, advertising networks, and data centers, to provide core services; hosting and delivery costs may increase unexpectedly; we have offered and intend to continue to offer incentives, including economic incentives, to content creators to join our platform, and these arrangements may involve fixed payment obligations that are not contingent on actual revenue or performance metrics generated by the applicable content creator but rather are based on our modeled financial projections for that creator, which if not satisfied may adversely impact our financial performance, results of operations and liquidity; we may be unable to develop or maintain effective internal controls; potential diversion of management's attention and consumption of resources as a result of acquisitions of other companies and success in integrating and otherwise achieving the benefits of recent and potential acquisitions; we may fail to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows; changes in tax rates, changes in tax treatment of companies engaged in e-commerce, the adoption of new tax legislation, or exposure to additional tax liabilities may adversely impact our financial results; compliance obligations imposed by new privacy laws, laws regulating social media platforms and online speech in certain jurisdictions in which we operate, or industry practices may adversely affect our business; and those additional risks, uncertainties and factors described in more detail under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and in our other filings with the Securities and Exchange Commission (the “SEC”). We do not intend, and, except as required by law, we undertake no obligation, to update any of our forward-looking statements after the issuance of this release to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Rumble on Social Media Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (investors.rumble.com), press releases, SEC filings and public conference calls and webcasts. We also intend to use certain social media accounts as a means of disclosing information about us and our services and for complying with our disclosure obligations under Regulation FD: the @rumblevideo X (formerly Twitter) account (x.com/rumblevideo), the @gamingonrumble X (formerly Twitter) account (x.com/gamingonrumble), the @rumble TRUTH Social account (truthsocial.com/@rumble), the @chrispavlovski X (formerly Twitter) account (x.com/chrispavlovski), and the @chris TRUTH Social account (truthsocial.com/@chris), which Chris Pavlovski, our Chairman and Chief Executive Officer, also uses as a means for personal communications and observations. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our investor relations website. Important Information and Where to Find It The tender offer described in this press release has not yet commenced, and this press release is neither an offer to purchase nor a solicitation of an offer to sell any shares of Rumble common stock or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the SEC by Rumble. The offer to purchase shares of Rumble Class A Common Stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT REGARDING THE OFFER, AS IT MAY BE AMENDED FROM TIME TO TIME, WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Information Agent for the tender offer which will be named in the tender offer statement. Copies of Rumble’s filings with the SEC may be obtained free of charge at Rumble’s investor relations website (investors.rumble.com) or by contacting investor relations at investors@rumble.com. Certain Information Regarding Participants Rumble and its directors, executive officers and other members of its management and employees may be deemed under SEC rules to be participants in the solicitation of proxies of Rumble’s stockholders in connection with the proposed transactions. Information concerning the interests of Rumble’s participants in the solicitation, which may, in some cases, be different from those of Rumble’s stockholders generally, will be set forth in materials to be filed by Rumble with the SEC. These documents can be obtained free of charge (when available) from the sources indicated above. For investor inquiries, please contact: Rumble IR Shannon Devine MZ Group, MZ North America 203-741-8811 rumble@mzgroup.us Rumble PR press@rumble.com Tether Contact press@tether.to
As in his first term, Donald Trump has selected two executives with both deep pockets and deep ties to Wall Street to lead the United States’ most important Cabinet posts for the economy – a top concern for American voters. Markets roared their apparent approval Monday of the Nov. 22 nomination of billionaire hedge fund CEO Scott Bessent for U.S. treasury secretary. Days earlier, the president-elect selected billionaire Howard Lutnick, head of a brokerage and investment bank, as commerce secretary. “These are more consensus-oriented, market-friendly, business-friendly Cabinet appointments,” says Mark Zandi, chief economist at Moody’s Analytics. That said, the economic team – and it is not filled out yet – is looking at plenty of fiscal and economic challenges. On Monday, after U.S. markets closed, Mr. Trump announced that on the first day of his administration, he will impose a 25% tariff on Canadian and Mexican goods and add a 10% tax to Chinese goods – many of which are already taxed. Economists say China has already accounted for coming tariffs. “At the end of the day, it’s about jobs,” says Mr. Zandi. “That’s going to be how President Trump’s economic policies are ultimately going to be judged.” As in his first term, Donald Trump has selected two executives with both deep pockets and deep ties to Wall Street to lead the United States’ most important Cabinet posts for the economy – a top concern for American voters. U.S. stock markets rose in apparent approval Monday following the Nov. 22 nomination of billionaire hedge fund CEO Scott Bessent for U.S. treasury secretary. Days earlier, the president-elect selected billionaire Howard Lutnick, head of a brokerage and investment bank, as commerce secretary. “These are more consensus-oriented, market-friendly, business-friendly Cabinet appointments,” says Mark Zandi, chief economist at Moody’s Analytics. “Investors are OK with these choices, and that’s because they are mainstream.” That said, the economic team – and it is not filled out yet – faces plenty of fiscal and economic challenges, with no clarity as to how American workers will fare. The incoming president promised in a statement Friday that under Mr. Bessent’s leadership, “No Americans will be left behind in the next and Greatest Economic Boom.” But of Mr. Trump’s promised tax cuts, some economists wonder: Will they explode government borrowing – and interest rates? Likewise, of Mr. Trump’s promised tariffs, or taxes on imports: Will they trigger higher prices for imported goods? Will they start a trade war? On Monday, after U.S. markets closed, the incoming president announced that on the first day of his administration, he will impose across-the-board tariffs on America’s biggest trading partners: a 25% tariff on all Canadian and Mexican goods, and a 10% tax on all Chinese goods. Many Chinese goods are already taxed under tariffs imposed in President Trump’s first term and continued in the Biden administration. The new Chinese tariff would be on top of that. It could just be an opening salvo, given that Mr. Trump has talked about a 60% tariff on China. Mr. Trump said in Truth Social posts that the tariffs are meant to force these countries to crack down on border security, including fentanyl exports. The tariff announcement was met with disquiet from abroad. Mexican President Claudia Sheinbaum Pardo warned the incoming president that “Neither threats nor tariffs will solve the issue of migration or drug consumption” and said in a letter that Mexico would retaliate in kind if the U.S. follows through. She pointedly reminded him that 70% of illegal weapons seized from criminals in Mexico are from the U.S. “Tragically, it is in our country that lives are lost to the violence resulting from meeting the drug demand in yours.” In Canada, Ontario Premier Doug Ford called the plan “devastating.” Prime Minister Justin Trudeau phoned Mr. Trump in a brief call focused on border security and trade. His remarks to his Cabinet were measured: “This is a relationship that we know takes a certain amount of working on, and that’s what we’ll do.” Chinese Embassy spokesperson Liu Pengyu said that “no one will win a trade war” and flatly denied that China “knowingly” allows fentanyl precursors into the U.S. Mr. Trump’s use of tariffs to get what America wants jives with Mr. Bessent’s comments that they are negotiating tools to achieve America’s economic and foreign policy aims. He rejects the claim that they are inflationary, saying there was “no discernible rise in inflation” after the first round of tariffs in Trump 1.0. “Whether it is getting allies to spend more on their own defense, opening foreign markets to U.S. exports, securing cooperation on ending illegal immigration and interdicting fentanyl trafficking, or deterring military aggression, tariffs can play a central role,” Mr. Bessent wrote in a Nov. 15 opinion piece for Fox News. America is the world’s largest importer, bringing in $3 trillion worth of goods from other countries. It needs to use that leverage to raise revenue, protect strategic industries, and work out deals with America’s trading partners, he wrote. Mr. Lutnik sees things similarly. As he puts it, tariffs are “a bargaining chip” to force other countries to lower their import taxes and create a freer market. Some economists see a solid rationale behind a more assertive U.S. trade policy, given that the current chronic imbalances suggest that “free trade” isn’t the status quo. “Bessent is right. ... The global trading system is badly broken and needs to be fixed,” Michael Pettis, an economist at the Carnegie Endowment, wrote in a series of posts on the social media platform X Monday. But many economists and other observers are skeptical. Jack Zhang, the director of the Trade War Lab at the University of Kansas, says China has already accounted for coming tariffs. During his first trip back to China since the pandemic, he encountered a collective shrug as he traveled through that nation’s rust belt this summer. To be sure, targeted tariffs can be effective, says the political scientist, but global supply chains have grown even more complex since the pandemic, meaning that tariffs have lost political potency while their impacts on consumers and producers remain steady. “Trench economic warfare is where we are with tariffs and have been there for the last eight years, and the costs have mounted on businesses and consumers,” says Dr. Zhang. Indeed, “China is a different animal” compared with Mexico and Canada, says Scott Lincicome, vice president of General Economics and Stiefel Trade Policy Center at the libertarian Cato Institute. “The Canada-Mexico thing is totally different. A 25% tariff on everything from Canada and Mexico would have substantial economic ramifications, including on produce. It defies belief that Trump, on the first day, would impose a guacamole tax right before the Super Bowl.” At the same time, he says, “We should all step away from the ledge on this.” He says the once-and-future president tends to post tariff threats on social media fairly regularly, and then companies and governments “scramble around to find some sort of chit to give him that isn’t substantively important” but allows him to declare victory. Nonetheless, he warns, “This kind of uncertainty is bad for investment, and it’s bad for the economy.” There’s an inherent tension in a tariff strategy, explains Kyle Pomerleau, an economist at the American Enterprise Institute. While Mr. Trump promises to lower consumer costs, he says that tariffs will increase prices. If that fuels inflation and triggers the Federal Reserve to raise interest rates to tamp it down, Americans might find it harder to afford mortgages and car loans. Similarly, he sees problems with the president-elect’s promise to make permanent his first-term tax cuts – which expire at the end of 2025 – and to lower them further by eliminating taxes on tips, overtime pay, and Social Security. This would lead to more government borrowing, putting upward pressure on prices and higher interest rates – at a time when borrowing is more expensive, warns Mr. Pomerleau. Meanwhile, the nation is set to hit its national debt ceiling next year, with a new ceiling needed to be negotiated with Congress. “Trump, his administration, and Congress need to tread lightly here,” says Mr. Pomerleau. Because of the incoming president’s campaign promises, “There’s going to be immense pressure to extend the individual tax cuts. There may be additional pressure to cut taxes even further. ... But the fiscal challenges currently make that quite difficult.” Again, Mr. Bessent sees things differently. In interviews and writings, he argues that cutting taxes and deregulation lead to economic growth, which throws more revenue into government coffers. But he also wants to cut government spending, including subsidies for electric vehicle manufacturers. He touts a “3-3-3” policy – cutting the budget deficit to 3% of gross domestic product, spurring economic growth to 3%, and producing an additional 3 million barrels of oil a day. He has said that boosting energy output would decrease oil prices, which are the lead driver of inflation expectations. The three-pronged plan is based on a similar one by the late Japanese Prime Minister Abe Shinzo. The agency he would lead is the most powerful of the federal government’s economic policymaking agencies. The Department of the Treasury carries out tax policy, handles the national debt, leads financial regulators, and controls sanctions – though not directly tariffs, though it has influence (those are handled by the U.S. trade representative, a position not yet filled). Other members of the president-elect’s named economic team want to drastically reduce the size of the federal government. Russell Vought was nominated to once again lead the Office of Management and Budget. A key figure in The Heritage Foundation’s conservative blueprint, Project 2025, Mr. Vought supports greatly expanded presidential powers, including the ability to withhold monies that Congress has allocated – an idea that Bobby Kogan, of the progressive Center for American Progress, described as “illegal.” When impoundments like that were adjudicated in the 1970s, “Nixon lost every case that was decided on the merits,” he said in a statement. Then there are Elon Musk and Vivek Ramaswamy, leaders of the Department of Government Efficiency. The DOGE, as Mr. Musk likes to call it for its allusion to cryptocurrency dogecoin, has no actual authority, though Mr. Musk has big ideas – like cutting about 30% of the federal budget of $6.75 trillion. Medicare and Social Security alone account for about a third of the budget, defense 13%, and 10% on interest for the federal debt. Whatever cuts the administration might propose would need to be worked out with Congress, as they control the nation’s purse strings. Economist Mr. Zandi says it’s too soon to tell whether all of this will add up to better lives for working Americans. Mr. Trump’s nominee for labor secretary, Oregon Republican Rep. Lori Chavez-DeRemer, is staunchly pro-union. Her father was a Teamster, and Teamster President Sean O’Brien welcomes the nomination – even as he writes that it “remains to be seen what she will be permitted to do.” How tariffs will work out for workers is “way too early” to call, says Mr. Zandi. Equally uncertain is the extent of mass deportations and how deeply they may impact migrant workers in the agriculture sector – and food prices. “At the end of the day, it’s about jobs,” says Mr. Zandi. “That’s going to be how President Trump’s economic policies are ultimately going to be judged – whether he created more jobs, good paying jobs, union jobs.” He’s skeptical that the administration’s policies will add up to that. But America is about to find out.Giants will try to snap a 7-game losing streak when they host the SaintsDULUTH, Ga.--(BUSINESS WIRE)--Dec 9, 2024-- Landcar Casualty Company (Landcar), a subsidiary of Asbury Automotive Group (Asbury), received AM Best’s upgraded Financial Strength Rating to A (Excellent) from A- (Excellent). AM Best is a global credit rating agency, news publisher, and data analytics provider which completes an annual rating review of Landcar. This refined assessment from AM Best establishes Landcar to the classification from stable to positive. “We are pleased to receive this enhanced recognition from AM Best demonstrating the financial strength of the company,” says Kimberlee Reese, President of Landcar. “We continue to work hard to ensure we conduct all business with the utmost integrity and efficiency while providing best-in-class service to our guests.” “Landcar maintains its balance sheet strength at the very strong level, supported by AM Best’s strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and solid balance sheet liquidity,” shared AM Best. “Landcar benefits from its niche business profile as a writer of auto-related insurance products through a network of affiliated automotive dealerships as a part of the Asbury group. Landcar’s expansion has diversified its geographic footprint and enhanced its growth opportunities.” About Asbury Automotive Group, Inc. Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multi-year plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury’s constant North Star. As of September 30, 2024, Asbury operated 153 new vehicle dealerships, consisting of 202 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, and prepaid maintenance. Asbury is recognized as one of America’s Fastest Growing Companies 2024 by the Financial Times and the Company is listed in World’s Most Trustworthy Companies 2024 by Newsweek. For additional information, visit www.asburyauto.com . Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, beliefs, expectations and assumptions, projections regarding Asbury's financial position, liquidity, results of operations, cash flows, leverage, market position, the timing and amount of any stock repurchases, and dealership portfolio, revenue enhancement strategies, operational improvements, projections regarding the expected benefits of Clicklane, management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies from acquisitions, capital allocation strategy, business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, adverse outcomes with respect to current and future litigation and other proceedings, including, without limitation, our inability to realize the benefits expected from recently completed transactions; information and cybersecurity, and other issues related to technology; our inability to promptly and effectively integrate completed transactions and the diversion of management’s attention from ongoing business and regular business responsibilities; our inability to complete future acquisitions or divestitures and the risks resulting therefrom; any supply chain disruptions impacting our industry and business, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God, natural disasters, acts of war or other incidents and the shortage of semiconductor chips and other components, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges; risks associated with Asbury's indebtedness and our ability to comply with applicable covenants in our various financing agreements, or to obtain waivers of these covenants as necessary; risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, including changes in automotive state franchise laws, and Asbury's ability to execute its strategic and operational strategies and initiatives, including its five-year strategic plan, Asbury's ability to leverage gains from its dealership portfolio, Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information, visit www.asburyauto.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241209397997/en/ CONTACT: Morgan Irwin Head of Corporate Communications, Asbury Automotive Group mirwin@asburyauto.com | (678) 537-6593 KEYWORD: GEORGIA INDUSTRY KEYWORD: GENERAL AUTOMOTIVE AUTOMOTIVE MANUFACTURING INSURANCE SOURCE: Asbury Automotive Group Copyright Business Wire 2024. PUB: 12/09/2024 06:00 PM/DISC: 12/09/2024 05:58 PM http://www.businesswire.com/news/home/20241209397997/en
German far-right AfD leader is Chinese-speaking lesbian economist
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Patterson scores 33, Northwestern State takes down Southern University at New Orleans 89-79The world has been warming faster than expected. Scientists now think they know why
The Salvation Army will be losing one of its longest-working soldiers next summer, Debi Leighton. When Leighton retires from her dual roles as service center coordinator (Klamath County) and Oregon service extension representative in June next year it will be after 43 years of dedicated service to not only the Salvation Army’s mission, but also to the communities of Southern Oregon and Northern California. “The people who come here (to the Service Center) are my people. While I can’t remember every name, I remember their faces and I love each one,” Leighton said. Saying that the Salvation Army has always been her home, Leighton, while growing up, would attend its Sunday School and was a frequenter of its youth programs and summer camps, soon becoming a counselor for those activities. After that, it was on to working in the organization’s thrift stores. “I probably would have been a wild child running the streets if it weren’t for the (Salvation) Army,” she said. “I love the Army and what it does for people and what it has done in my life.” The Klamath Falls center provides food boxes and a Friday produce giveaway (the Produce Connection), rent and utility assistance and bus passes. According to a member of the local Salvation Army advisory council, Don Boyd, the Klamath Falls center hands out upwards of 800 food boxes monthly (distributed Tuesday, Thursday and Friday) in addition to an average of 600 produce boxes. The center operates “shopping style” so a family or individual picks what is placed inside their boxes instead of the boxes being pre-arranged. For Christmas, the center also gives roughly 700 more holiday food boxes and provides presents for local kids by way of Giving Trees that are tagged with a gift wish filled out by a child. “Thanks to the giving people of Klamath,” Boyd said, over 80 percent of those requests are fulfilled with the exact asked for present. “There’s a lot of time and effort that goes into (the work) and it’s all done by volunteers,” Boyd said. “We, the Salvation Army, do a lot of good and we’d love to do more, but like all nonprofits, we have our limits.” In addition to Leighton, the Klamath Falls center has one part-time employee, a 12-member advisory council and numerous volunteers that without nothing would be accomplished, Leighton said. “I have amazing volunteers and I shouldn’t say that; they aren’t my volunteers, they are my family,” Leighton said. The Klamath Falls Service Center offers the above-listed services to all Klamath County municipalities and some that are a part of Northern California, such as Tulelake, Dorris, Newell and Macdoel. Leighton, in her position as the Oregon Service Extension Representative, also oversees 20 other service units across southern Oregon. Sign up to get our free daily email of the biggest stories! Leighton came to Klamath Falls in the late 1970s from Medford and joined the Salvation Army corps (church). She was approached in 1984 by Klamath Falls corps officers to transfer to social services and begin working as the Klamath Falls service coordinator. Although she’d never seen herself in that position, she was willing to take on the challenge and has done so ever since. “God sometimes will take you out of where you are and plant you in a different pot,” she said. In her role, Leighton guided the Klamath Falls Salvation Army through the closing of its corps in 2015, and has led the center through multiple location changes including to the first free-standing building for the Klamath Falls Salvation Army in decades, located at 3420 Maywood Drive. Coordinating much of the behind-the-scenes work, Leighton said her favorite part of the job is interacting with the community and people that she serves, and can often be found sharing devotionals and joking with them, providing them with spiritual and emotional care. “People crave kindness. They crave for someone to sit down with them and talk. Some (clients) can be very difficult, but for the most part, each has a certain quality about them. God loves all of us,” she said. Her longtime friend and a member of the advisory council, Chris Eddy, said Leighton continually goes out of her way and goes the extra mile to help as many people as she possibly can. “(Leighton) goes out of her way to make sure that someone needing help doesn’t feel shamed and really brings out the humanity of the work,” Eddy said. “She has the largest heart and deserves every bit of happiness that can come to her.” Last year, The Salvation Army acknowledged Leighton’s many years of service during the Western Territory’s Testify Congress. Salvation Army international leader Gen. Lyndon Buckingham presented her with the Certificate in Recognition of Exceptional Service, an honor awarded to Salvationists or friends whose work for The Salvation Army is of such outstanding value that it should be permanently recorded. “I was blown away,” Leighton said, holding back tears. “I got to meet the general of the Salvation Army and see all of my peers. You’re not supposed to be doing it for awards or recognition, you’re supposed to do it because it’s what you’re supposed to and it’s what God wants. Had I never received the award I would’ve been just as happy as I am now.” With retirement set for June 30, 2025, Leighton said she plans to stay in Klamath Falls, the town she loves, and hopes to spend more time with her grandchildren with goals of one day fishing the Umpqua River. She intends to continue serving the Salvation Army as a volunteer. “When God calls on you to do something, you better do it because he needs you to do it right now. I’m really going to miss this job. Maybe not all the paperwork or the programs on the computer, but I am going to miss the people,” she said. “These are my people — the volunteers and the clients — and I love them all.”TORONTO — Canada's main stock index ended Tuesday narrowly in the red, weighed down by losses in energy and base metals stocks, while U.S. markets moved higher. The S&P/TSX composite index closed down 5.21 points at 25,405.14. In New York, the Dow Jones industrial average was up 123.74 points at 44,860.31. The S&P 500 index was up 34.26 points at 6,021.63, while the Nasdaq composite was up 119.46 points at 19,174.30. The Canadian dollar traded for 71.01 cents US compared with 71.53 cents US on Monday. The January crude oil contract was down 17 cents at US$68.77 per barrel and the January natural gas contract was up three cents at US$3.47 per mmBTU. The December gold contract was up US$2.80 at US$2,621.30 an ounce and the March copper contract was down four cents at US$4.12 a pound. This report by The Canadian Press was first published Nov. 26, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
Michail Antonio had video call with West Ham team before their win over Wolves
SAO PAULO (AP) — Brazil’s former far-right President Jair Bolsonaro was fully aware of and actively participated in a coup plot to remain in office after his defeat in the 2022 election , according to a Federal Police report unsealed Tuesday. Federal Police last Thursday formally accused Bolsonaro and 36 other people of attempting a coup. They sent their 884-page report to the Supreme Court, which lifted the seal. “The evidence collected throughout the investigation shows unequivocally that then-President Jair Messias Bolsonaro planned, acted and was directly and effectively aware of the actions of the criminal organization aiming to launch a coup d’etat and eliminate the democratic rule of law, which did not take place due to reasons unrelated to his desire,” the document said. At another point, it says: “Bolsonaro had full awareness and active participation.” Bolsonaro, who had repeatedly alleged without evidence that the country's electronic voting system was prone to fraud, called a meeting in December 2022, during which he presented a draft decree to the commanders of the three divisions of the armed forces, according to the police report, signed by four investigators. The decree would have launched an investigation into suspicions of fraud and crimes related to the October 2022 vote, and suspended the powers of the nation's electoral court. The navy’s commander stood ready to comply, but those from the army and air force objected to any plan that prevented Lula’s inauguration, the report said. Those refusals are why the plan did not go ahead, according to witnesses who spoke to investigators. Bolsonaro never signed the decree to set the final stage of the alleged plan into action. Bolsonaro has repeatedly denied any wrongdoing or awareness of any plot to keep him in power or oust his leftist rival and successor, Luiz Inácio Lula da Silva. “No one is going to do a coup with a reserve general and half a dozen other officers. What is being said is absurd. For my part, there has never been any discussion of a coup,” Bolsonaro told journalists in Brazil’s capital Brasilia on Monday. “If someone came to discuss a coup with me, I’d say, that’s fine, but the day after, how does the world view us?” he added. “The word ‘coup’ has never been in my dictionary.” The top court has passed the report on to Prosecutor-General Paulo Gonet. He will decide whether to formally charge Bolsonaro and put him on trial, or toss the investigation. Ahead of the 2022 election, Bolsonaro repeatedly alleged that the election system, which does not use paper ballots, could be tampered with. The top electoral court later ruled that he had abused his power to cast unfounded doubt on the voting system, and ruled him ineligible for office until 2030 . Still, he has maintained that he will stand as a candidate in the 2026 race. Since Bolsonaro left office, he has been targeted by several investigations, all of which he has chalked up to political persecution. Federal Police have accused him of smuggling diamond jewelry into Brazil without properly declaring them and directing a subordinate to falsify his and others’ COVID-19 vaccination statuses . Authorities are also investigating whether he incited the Jan. 8, 2022 riot in which his followers ransacked the Supreme Court and presidential palace in Brasilia, seeking to prompt intervention by the army that would oust Lula from power. Bolsonaro had left for the United States days before Lula’s inauguration on Jan. 1, 2023 and stayed there three months, keeping a low profile. The police report unsealed Tuesday alleges he was seeking to avoid possible imprisonment related to the coup plot, and also await the uprising that took place a week later. Hughes reported from Rio de Janeiro