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ACC Makes Cooper Flagg Announcement After Duke-Louisville Game~ Deepens Investor’s Dedication to Horizon Aircraft Supporting Continued Operations and Development ~ TORONTO, Dec. 20, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, announced today it has received an investment from a strategic investor (the “Investor”) and aerospace supporter, for aggregate proceeds of $8.4 million (the “Investment”). The strategic financing will fortify Horizon Aircraft’s balance sheet, provide stability in the operations, governance and regulatory priorities, and fund further development and flight testing of its hybrid eVTOL, the Cavorite X7. Brandon Robinson, Chief Executive Officer and Co-Founder of Horizon Aircraft commented, "We are deeply appreciative for this second investment from our strategic partner. The principle’s continued support through this second tranche of funding provides our business with a solid working capital position in support of our initiatives. With this commitment Horizon Aircraft is on solid footing, and our focus is on the development of our full-scale hybrid eVTOL." Under the terms of the Investment, the Investor will receive an aggregate $2.1 million in Horizon Class A ordinary shares totaling 4,166,667 shares offered at $0.50 CAD per share to be issued from treasury (the “Common Shares”). Additionally, the Investor will exchange $6.3 million for 4,500 preferred shares to be issued from treasury (the “Preferred Shares”), each will be convertible to Common Shares at a price of $0.63 CAD per share for a period of five (5) years. The Preferred Shares shall have a priority liquidation preference over the Common Shares. The Company shall register the Common Shares with the United States Securities and Exchange Commission as soon as practically possible, but no later than 90 calendar days from filing. About Horizon Aircraft Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. Visit www.horizonaircraft.com for more information. Forward-Looking Statements The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the business combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding Horizon’s industry and market size; (vi) financial condition and performance of Horizon, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vii) Horizon’s ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (viii) successful completion of testing and certification of Horizon’s Cavorite X7 eVTOL; (ix) the targeted future production of Horizon’s Cavorite X7 aircraft; and (x) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties described and to be described in New Horizon’s public filings with the Securities and Exchange Comission. 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. 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 while Horizon may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Horizon does not give any assurance that Horizon will achieve its expectations. Contacts Horizon Aircraft Inquiries (PR): Phil Anderson Phone: +44 (0)7767 491 519 Phil@perceptiona.com Investor Contacts: Shannon Devine and Rory Rumore MZ Group Phone: (203) 741-8841 HorizonAircraft@mzgroup.usNEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (MTI), a global specialty minerals company, today announced the closing of a new seven-year $575 million senior secured Term Loan B (TLB) along with the increase of its Revolving Credit Facility (Revolver) from $300 million of capacity due 2027 to $400 million due 2029. Proceeds from the TLB will be used to refinance MTI’s existing $523 million Term Loan A and repay outstanding Revolver borrowings. This transaction extends the weighted average tenor of MTI’s capital structure to more than five years, increases the company’s liquidity by $150 million, and is neutral to the company’s leverage position. “We are pleased with this refinancing, which reflects the strong credit profile of the company. We improved our balance sheet flexibility by extending maturities and increasing liquidity,” said Erik Aldag, Chief Financial Officer. “Our balance sheet is now even stronger and is well-positioned to support our long-term growth strategy.” About Minerals Technologies Inc. New York-based Minerals Technologies Inc. (MTI) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems, and services. MTI serves a wide range of consumer and industrial markets globally, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. The company reported global sales of $2.2 billion in 2023. For further information, please visit our website at www.mineralstech.com . Investor Contact: Lydia Kopylova, (212) 878-1831
Woman who lost jaw in Ukraine war can smile again thanks to doctors in New York
Why Ford Motor (F) Is Among the Best Autonomous Driving Stocks to Buy According to Hedge FundsVenezuela's Nicolas Maduro: 'Artificial Intelligence' Is Plotting a 'Cyber-Fascist Coup'Restoring functionJapanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world’s third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors Corp. also had agreed to join the talks on integrating their businesses. Automakers in Japan have lagged behind their big rivals in electric vehicles and are trying to cut costs and make up for lost time as newcomers like China’s BYD and EV market leader Tesla devour market share. Honda’s president, Toshihiro Mibe, said Honda and Nissan will attempt to unify their operations under a joint holding company. Honda will lead the new management, retaining the principles and brands of each company. They aim to have a formal merger agreement by June and to complete the deal and list the holding company on the Tokyo Stock Exchange by August 2026, he said. No dollar value was given and the formal talks are just starting, Mibe said. There are “points that need to be studied and discussed,” he said. “Frankly speaking, the possibility of this not being implemented is not zero.” A merger could result in a behemoth worth more than $50 billion based on the market capitalization of all three automakers. Together, Honda, Nissan and Mitsubishi would gain scale to compete with Toyota Motor Corp. and with Germany’s Volkswagen AG. Toyota has technology partnerships with Japan’s Mazda Motor Corp. and Subaru Corp. News of a possible merger surfaced earlier this month, with unconfirmed reports saying Taiwan iPhone maker Foxconn was seeking to tie up with Nissan by buying shares from the Japan’s company’s other alliance partner, Renault SA of France. Nissan’s CEO Makoto Uchida said Foxconn had not directly approach his company. He also acknowledged that Nissan’s situation was “severe.” Even after a merger Toyota, which rolled out 11.5 million vehicles in 2023, would remain the leading Japanese automaker. If they join, the three smaller companies would make about 8 million vehicles. In 2023, Honda made 4 million and Nissan produced 3.4 million. Mitsubishi Motors made just over 1 million. “We have come to the realization that in order for both parties to be leaders in this mobility transformation, it is necessary to make a more bold change than a collaboration in specific areas,” Mibe said. Nissan, Honda and Mitsubishi earlier agreed to share components for electric vehicles like batteries and to jointly research software for autonomous driving to adapt better to electrification. Nissan has struggled following a scandal that began with the arrest of its former chairman Carlos Ghosn in late 2018 on charges of fraud and misuse of company assets, allegations that he denies. He eventually was released on bail and fled to Lebanon. Speaking Monday to reporters in Tokyo via a video link, Ghosn derided the planned merger as a “desperate move.” From Nissan, Honda could get truck-based body-on-frame large SUVs such as the Armada and Infiniti QX80 that Honda doesn’t have, with large towing capacities and good off-road performance, Sam Fiorani, vice president of AutoForecast Solutions, told The Associated Press. Nissan also has years of experience building batteries and electric vehicles, and gas-electric hybrid powertrains that could help Honda in developing its own EVs and next generation of hybrids, he said. But the company said in November that it was slashing 9,000 jobs, or about 6% of its global work force, and reducing its global production capacity by 20% after reporting a quarterly loss of 9.3 billion yen ($61 million). It recently reshuffled its management and Uchida, its chief executive, took a 50% pay cut while acknowledging responsibility for the financial woes, saying Nissan needed to become more efficient and respond better to market tastes , rising costs and other global changes. “We anticipate that if this integration comes to fruition, we will be able to deliver even greater value to a wider customer base,” Uchida said. Fitch Ratings recently downgraded Nissan’s credit outlook to “negative,” citing worsening profitability, partly due to price cuts in the North American market. But it noted that it has a strong financial structure and solid cash reserves that amounted to 1.44 trillion yen ($9.4 billion). Nissan’s share price also had fallen to the point where it is considered something of a bargain. On Monday, its Tokyo-traded shares gained 1.6%. They jumped more than 20% after news of the possible merger broke last week. Honda’s shares surged 3.8%. Honda’s net profit slipped nearly 20% in the first half of the April-March fiscal year from a year earlier, as its sales suffered in China. The merger reflects an industry-wide trend toward consolidation. At a routine briefing Monday, Cabinet Secretary Yoshimasa Hayashi said he would not comment on details of the automakers' plans, but said Japanese companies need to stay competitive in the fast changing market. “As the business environment surrounding the automobile industry largely changes, with competitiveness in storage batteries and software is increasingly important, we expect measures needed to survive international competition will be taken,” Hayashi said. -- Mari Yamaguchi and Elaine Kurtenbach, The Associated Press
Rupert Murdoch in Reno, Nevada, U.S. on Sept. 23, for hearings about succession to his global media and publishing empire. Fred Greaves/Reuters A Nevada commissioner has rejected Rupert Murdoch’s bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times reported on Monday, citing a sealed court document. Nevada commissioner Edmund Gorman concluded in a decision filed on Saturday that Rupert Murdoch and his eldest son, Lachlan, who is the head of Fox News parent Fox Corp and News Corp, had acted in “bad faith” in their effort to amend the irrevocable trust, the Times reported. The court docket indicates it issued a recommendation or order Saturday under seal. The trust currently would divide control of the company equally among Rupert Murdoch’s four oldest children – Lachlan, James, Elisabeth and Prudence – after his death. Potentially, three of the heirs could out-vote a fourth, setting up a battle over the future of the companies, even as Lachlan Murdoch runs Fox and is sole chair of News Corp. A spokesman for Rupert Murdoch, 93, could not immediately be reached for comment. Rupert Murdoch’s proposed amendment would have blocked any interference by three of Lachlan’s siblings, who are more politically moderate. In his opinion, Gorman said the plan to change the trust was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” inside the empire “regardless of the impacts such control would have over the companies or the beneficiaries” of the family trust, the Times said. A lawyer for Rupert Murdoch, Adam Streisand, said they were disappointed with the ruling and intended to appeal, the Times reported.
Mystery drone sightings continue in New Jersey and across the US. Here's what we knowIt would appear that Bill Belichick is heading to the college game after all. The legendary head coach is reportedly filling the vacancy at North Carolina, per multiple reports, after rumors had linked him to the Tar Heels for the past week. According to Ralph D. Russo of The Athletic, the deal is for three years and worth $30 million. And that had fans and pundits alike at the NFL and college levels fairly stunned: There are countless questions about the fit between Belichick and North Carolina. How will a coach who worked in the NFL for parts of five decades adjust to the college game or the demands of recruiting? Will his coaching methods translate with kids in the same way they did with professionals? Will North Carolina be able to compete with other major football programs on the NIL front, given the resources that go to the men's basketball team? There's no doubt that he's a major splash as a hire, and his name-brand appeal and the pedigree of being a six-time champion as an NFL head coach should aid in recruiting. More than likely, he'll delegate many of the recruiting obligations to his staff, instead focusing on program-building and Xs and Os. During an appearance on The Pat McAfee Show earlier in the week, he laid out his vision for leading a college program. "If I was in a college program, the college program would be a pipeline to the NFL for the players that had the ability to play in the NFL," he said. "It would be a professional program—training, nutrition, scheme, coaching and techniques that would transfer to the NFL." Belichick now becomes the most intriguing and high-profile college coach outside of Deion Sanders. While it's unlikely he'll turn North Carolina's sideline into a celebrity sighting bonanza like Colorado, the Tar Heels are now a team to watch going forward, if only to see if Belichick can come anywhere close to replicating his NFL success.Budzinski testifies about ‘Sphinx’
PITTSBURGH (AP) — Pittsburgh Steelers wide receiver George Pickens was a full participant in practice on Monday, opening the door for him to return from a three-game absence on Wednesday when Pittsburgh hosts the Kansas City Chiefs. Pickens hasn't played since tweaking his hamstring earlier this month. The Steelers (10-5) have struggled to generate much in their passing game with their leading receiver watching from the sideline in sweatpants. Though Monday's practice was a walkthrough, Pickens said he felt good and hopes he'll be able to face the two-time defending Super Bowl champions. The 23-year-old was going through post-practice drills on Dec. 6 when he felt his hamstring tighten up, forcing him to miss the first games of his three-year career. Pittsburgh has gone 1-2 in his absence, including back-to-back losses to Philadelphia and Baltimore in which Russell Wilson passed for just 345 yards while missing one of the NFL's top downfield threats. Wilson is encouraged by the way the sometimes mercurial Pickens — who has been flagged and fined multiple times this season for infractions ranging from facemasks to unsportsmanlike conduct — has remained engaged. “He’s been great in the midst of his little trial here over the past few weeks,” Wilson said. “And so we’re excited to have him back if that’s the case fully and let him do his thing.” Safety DeShon Elliott (hamstring) and defensive tackle Larry Ogunjobi (groin) were also listed as full participants on Tuesday. Neither veteran has played since getting hurt against Cleveland on Dec. 8. While Pickens, Elliott and Ogunjobi could be available as Pittsburgh tries to hold off Baltimore for the AFC North lead, cornerback Joey Porter (knee) and WR Ben Skowronek (hip) are likely out after missing practice for a second straight day. ___ AP NFL: https://apnews.com/hub/nfl The Associated Press* Top three candidates are all ''qualified adults,' analysts say * Kevin Warsh leads bets for Treasury secretary role * Investors worry about Fed independence under Trump administration By Davide Barbuscia Nov 22 - Investors are hoping President-elect Donald Trump will name a Treasury secretary soon who will assuage their concerns about the Republican's policy promises that have weighed on an already sagging U.S. government bond market. The benchmark U.S. 10-year yield, which moves inversely to bond prices, is hovering near a five-month high as traders fret about the potential for a rebound in inflation and increase in the federal budget deficit from Trump’s economic plans such as tax cuts and import tariffs. More recently, uncertainty over who will fill the Treasury role has added to investor concerns. The latest leg of the Treasury selloff is due to worries over “fiscal concerns, increased spending and Treasury secretary,” said George Catrambone, head of fixed income and trading at DWS. According to a Wall Street Journal report on Thursday, former investment banker Kevin Warsh, who served on the Federal Reserve Board, is one of Trump's Treasury secretary candidates on the understanding that he could later become Fed chairman. That deepened uncertainty and fueled investors’ hopes that a resolution would be quick in coming. Other top candidates include investor Scott Bessent and Apollo Global Management Chief Executive Marc Rowan. Wagers on who will get the job have drawn over $5 million in bets on the Polymarket prediction platform with Warsh in the lead, followed closely by Bessent. The Treasury secretary oversees U.S. economic and tax policy, and Trump's nominee will be tasked with carrying out his plans. As a result, the investment world, from global bond traders to U.S. corporate treasurers, is keenly interested in the individual's economic views and the kind of counsel they will give Trump behind closed doors. Campe Goodman, Wellington Management Company fixed income portfolio manager, said yields would ease if Trump nominated a Treasury secretary who makes a point of addressing worries that key Trump policies will add to the budget deficit and inflation. “I think whoever gets is probably going to talk a little more fiscally responsible than the market expects,” he said. “I think he’ll want someone who talks somewhat responsibly.” Analysts at BMO Capital Markets said investor anxiety over the pick has been comparatively subdued because all three top contenders “fall into the category of qualified adults in the room” though the market prefers the question be settled quickly. Investors are also focused on the new administration’s position on Fed independence since central bank policy is a key factor in Treasury price moves. Trump in August said the president should have a "say" in Fed decisions, and according to media reports, his allies have drafted proposals to erode the Fed's independence. "I hope the Fed stays independent because that’s good for the bond market,” said Goodman. This article was generated from an automated news agency feed without modifications to text.