By MICHAEL RUBINKAM and MATTHEW BROWN Swaths of Pennsylvania and many other states are honeycombed with old, unstable mines that can cause the earth to suddenly give way — a phenomenon known as “ mine subsidence ” that poses a threat to people and property. That’s what searchers in Westmoreland County, just southeast of Pittsburgh, fear led to the disappearance of 64-year-old Elizabeth Pollard . Pollard and a young granddaughter were looking for a lost cat when she went missing Monday evening. At about the same time, a sinkhole appeared roughly 20 feet (6 meters) from where she had parked her car, in an area above an old coal mine. The granddaughter was found safe inside the car hours later, while the difficult and potentially dangerous search for Pollard continues. Mine subsidence has caused billions of dollars in damage in areas of the U.S. where mining once took place. In Pennsylvania alone, coal was mined in nearly half of the state’s 67 counties and there are at least 5,000 abandoned underground mines, leaving behind hazards that officials say can arise at any time. The Marguerite Mine that authorities believe resulted in the sinkhole was last operated in 1952 by the H.C. Frick Coke Co., according to the state Department of Environmental Protection. The coal seam in the area is about 20 feet (6 meters) beneath the surface. The state Bureau of Abandoned Mine Reclamation will examine the scene when the search concludes to see if the sinkhole was indeed caused by mine subsidence, spokesperson Neil Shader said. There are as many as 500,000 abandoned mines in the U.S. — far outnumbering those that are still active, according to the federal Mine Safety and Health Administration. Related Articles National News | Shooting at a Northern California elementary school and suspect is dead, sheriff’s office says National News | Dog food recalled in 7 states for salmonella risk after puppy litter gets sick, FDA says National News | White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign National News | Powell: Fed’s independence from politics is vital to its interest rate decisions National News | United Healthcare CEO kept a low public profile. Then he was shot to death in New York In many cases their owners simply walked away from coal or precious metals mines when they became uneconomical to operate and declared bankruptcy, leaving behind safety hazards and costly pollution cleanups that public agencies must handle. Old mines pose myriad dangers , with 381 people killed and 152 injured at abandoned mine sites nationwide between 2000 and 2013, according to the U.S. Bureau of Land Management. Victims can fall into hidden shafts, get lost in underground tunnels or perish from poisonous gases present in many old coal mines. Mine shafts can extend hundreds of feet beneath the surface and often are unmarked. State and federal agencies have sealed off many old mines. But more are discovered every year and officials have yet to conduct basic risk analyses on most of the abandoned mines on federal land. Besides the safety hazards, millions of gallons of water loaded with arsenic, lead and other toxic metals flows daily from contaminated mine sites without being treated. Rubinkam reported form northeastern Pennsylvania and Brown reported from Billings, Montana.A FLYING ferry is zooming to an Idaho resort at top speeds, and visitors will get to enjoy shorter commutes in style. Swedish boat company Candela teamed up with transportation group FlyTahoe to introduce the fastest EV boat. The Candela P-12 hydro foiling ferry is coming to Lake Tahoe to help 15 million annual visitors fly from ski slope to ski slope . Travelers will get to dodge road traffic by hopping on the fastest electric boat in the world for a quick 30-minute commute. What's more, the boat is cheap to run because it doesn't need diesel, so operator FlyTahoe won't need a ton of cash to keep the program going. The vessel has 30 seats and can fit bikes and ski equipment. read more in motors Industry leaders have called it a "game changer" since it was launched as public transportation in Stockholm, Sweden. Founder and CEO of FlyTahoe Ryan Meinzer praised the new technology and celebrated the positive change to fuel emissions. "It's ironic that while millions, myself included, drive around Lake Tahoe to admire its beauty, the road sediment we generate contributes to the largest threat to the lake's famous cobalt blue clarity," he said. "Our service will provide faster transport than cars or buses while keeping the lake blue." Most read in Motors Travelers with seasickness don't have to worry about the ride, as the ferry's underwater wings keep it soaring above the water. By flying over the surface, the boat doesn't have to expend as much energy, allowing it to run longer and faster without gas. "It basically works like a jet fighter, which is constantly balanced using ailerons," said Gustav Hasselskog, CEO and founder of Candela. "The principle of the P-12 is the same, except our wings fly in water instead of air." FlyTahoe plans to operate the new ferry year-round, as Lake Tahoe never freezes. If the boat is a great success for skiers, it could mean more innovative electric boats are installed worldwide, Meinzer said. SWEDISH electric vehicle Candela has developed an EV boat that can hit top speeds without even touching the water. The Candela P-12 hydro foiling ferry is a shuttle that can carry up to 31 people. It hovers feet over the water by using water wings that propel it forward. This cuts out drag and allows the boat to zoom at around 29 miles per hour. According to Candela, "Today’s ferries travel slowly on urban waterways due to massive wake generation. "But with P-12 electric hydrofoil shuttle ship, you can enjoy faster commuting." The ferry weighs 22046 pounds and can travel 40 nautical miles before it needs a charge. "This fusion of flight and electric technologies not only unveils a powerful new business opportunity with nearly 10 times operational efficiency but also offers an unmatched customer experience of comfort and safety," the FlyTahoe CEO said. "Plus, we'll not just be moving people faster; we'll be boosting socio-economic mobility by connecting the north and south of the lake." According to Hasselskog, the technology will unlock "the potential of US waterways for zero-emission transport. "We’re proud to partner with FlyTahoe to bring this revolutionary technology to the US for the very first time," he said. Read More on The US Sun The same man who created the Apple Watch also invented an electric boat , and The U.S. Sun got video of it zooming on the water. And Elon Musk has a plan to take Tesla's technology to the seas.
ORLANDO, Fla., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a pioneering alternative asset manager specializing in longevity and actuarial technology, today announced the closing of its oversubscribed underwritten public offering of 12,500,000 shares of its common stock, consisting of 10,000,000 shares of its common stock sold by the Company and 2,500,000 shares of common stock sold by certain stockholders of the Company (the “Selling Stockholders”) at the public offering price of $8.00 per share. The gross proceeds raised in the offering, before underwriting discounts and commissions and estimated expenses of the offering, were approximately $100 million, of which approximately $80 million was raised in the primary offering by the Company and approximately $20 million was paid in connection with the sale of shares by the Selling Stockholders. Abacus intends to use net proceeds that it receives for its operations, including the purchase of life settlement policies, to support its overall business strategy, for working capital purposes, and for general corporate purposes, which may include funding previously announced and future acquisitions and repayment and refinancing of its indebtedness. Abacus did not receive any proceeds from the sale of shares of common stock by the Selling Stockholders. Piper Sandler & Co., TD Securities (USA) LLC, KKR Capital Markets LLC, B. Riley Securities, Inc. and SG Americas Securities, LLC acted as joint book-running managers and representatives of the underwriters for the offering. The registration statements on Form S-3 relating to this offering were declared effective by the Securities and Exchange Commission (“SEC”) on November 14, 2024. Final prospectus supplements and accompanying prospectuses relating to and describing the terms of the offering were filed with the SEC on November 25, 2024 and may be obtained from: Piper Sandler & Co. by mail at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020 or by email at prospectus@psc.com; TD Securities (USA) LLC by mail at 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; KKR Capital Markets LLC by mail at 30 Hudson Yards, 75th Floor, New York, NY 10001, Attention: Prospectus Delivery; B. Riley Securities, Inc. by mail at 1300 17th Street North, Suite 1300, Arlington, VA 22209, by telephone at (703) 312-9580 or by email at prospectuses@brileyfin.com; SG Americas Securities, LLC by mail at 245 Park Avenue, New York, NY 10167 or by email at us-ny-prospectus@sgcib.com; or by accessing the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of the Company’s common stock or any other securities, nor shall there be any sale of such shares of common stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About Abacus Abacus is a pioneering global alternative asset manager and market maker specializing in uncorrelated financial products. The Company leverages its longevity data and actuarial technology to purchase life insurance policies from consumers seeking liquidity. This creates a high-return asset class uncorrelated to market fluctuations for institutional investors. With nearly $3 billion in assets under management, including pending acquisitions, Abacus is the only publicly traded global alternative asset manager focused on lifespan-based financial products. Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding the proposed offering, including the expected closing of the proposed offering; Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions). While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the SEC from time to time, including the Annual Report on Form 10-K, as amended, and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations. Contacts: Robert Phillips – SVP Investor Relations rob@abacuslife.com (321) 290-1198 David Jackson – IR/Capital Markets Associate djackson@abacuslife.com (321) 299-0716 Abacus Life Public Relations press@abacuslife.comThe Friends of Hospice recently held its fifth annual Ladies Tournament. A spokesperson said, “Fourteen teams took part in Friends of Hospice’s fifth annual Ladies Golf Tournament, playing 18 holes at Turtle Bay. “The annual event, which is a celebration of women’s partnership and friendship as well as a major fundraiser from Friends of Hospice, has grown in popularity and creativity each year. ‘Butterflies and Bees’ was the chosen theme for the latest event and the golfers embraced it with gusto, dressing in florals and bug inspired outfits and decking out their golf carts festively. “Funds raised will go towards Friends of Hospice’s programmes, which support those requiring hospice and palliative care along with their loved ones. The event was made possible by its sponsors: Chubb, Everen, Markel, Lindo’s and Gosling’s. “The top three winning teams were Markel’s Guardians of the Greens [Ebonie Cox, Dominique Richardson, Tiye Williams and Linda O’Brien] in first place, followed by with Dolly’s B&B’s [Shirley Higgins, Caroline Svensen, Sandy Dyer and Michelle Quinlan] placing second and Chubb’s Ms. Bee-Hiven [Sarah Walsh, Leigh Ann Hobday, Erin Cooney and Olivia Bachelet] coming third. The closest to the pin award went to Ms Bee-Hiven’s Sarah Walsh, on hole #2, jointly with Guardians of the Greens’ Ebonie Cox, who claimed hole #11. “Outside of performance prizes, Arch Re’s Queen Bee Flutter Bies [Tanisha Taylor, Wolette Smith, Phillipa Jones and Shakira Jones] were dubbed the Best Dressed Team while the Markel’s Guardians of the Greens took home the award for Best Decorated Cart. Argo’s Pollination Infiltration were recognised for their extraordinary team building skills during a warm-up game of marshmallow tower. Chubb’s Ms. Bee-Hiven’s Sarah Walsh was the lucky winner of the Butterfly or Bee activity.” Jennifer Mahoney, Executive Director of the Friends of Hospice, said, “We are so grateful to have had so many members of the community show up to support Friends of Hospice’s Fifth Annual Ladies’ Golf Tournament. This is a hugely fun event and an important fundraiser for our programmes supporting those in need of hospice or palliative care, as well as their loved ones. :We also want to give a big thank you to our sponsors, who make these fundraising events possible.” : , , ,
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