Connect with us

Technology

CHESSWOOD PROVIDES STRATEGIC REVIEW UPDATE

Published

5 months ago

on

TORONTO, June 14, 2024 /CNW/ – Chesswood Group Limited (“Chesswood” or the “Company”) (TSX: CHW) is providing an update on its previously announced evaluation of the strategic direction of the Company being supervised by a special committee of its board of directors (the “Committee”).

Over the course of its review to date, the Committee has come to the view that, based on a variety of factors, including the challenging economic conditions facing specialty finance companies, together with ongoing capital constraints of the Company, it is in the best interests of the Company to actively pursue a sale of one or more of its business units or the Company as a whole, and failing such sale or sales, to commence an orderly winddown of one or more of its business units.  During this process, several parties have indicated an interest in acquiring the Company or certain of its business units, although the current macro-economic environment has dampened valuations from what may be achievable in the future once interest rates are lowered and other performance issues are resolved.

Recently, it came to the Company’s attention that, after properly adjusting for a system error, the Company is not in compliance with its minimum borrowing base covenants under its U.S. $300,000,000 syndicated revolving credit facility (the “Credit Facility”). The system error does not affect the calculation of the Company’s receivables and other assets or the liabilities reported in its financial statements and related MD&A.

Chesswood has received a waiver from its syndicate of lenders under the Credit Facility for the period to July 15, 2024 which will permit it to pursue transactions to remedy the breach, all while allowing its day-to-day operating activities to substantially continue. This waiver will need to be revised and extended as Chesswood executes on its plans that will bring it back into compliance with the terms of the Credit Facility.

The Company’s intention is to continue negotiations with the various parties that have expressed an interest in the Company or its business units while at the same time, augmenting its capital position through various initiatives, including capital-raising activities.

While the Company has obtained an initial waiver in relation to the Credit Facility covenant breach, there can be no assurance that any required changes or extensions to the waiver will be obtained. Further, there can be no assurance as to the timing for completion of any other capital raise or sale transaction for the Company or one or more of its business units.  As such, no undue reliance should be placed on any expectations as to the occurrence of any of the foregoing and any impact on the Company or shareholder value arising therefrom. 

ABOUT CHESSWOOD GROUP LIMITED

Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors. Our shares trade on the Toronto Stock Exchange (under the symbol CHW).

For information on Chesswood Group Limited and its operating subsidiaries:

www.ChesswoodGroup.com                                       
www.PawneeLeasing.com                                          www.TandemFinance.com 
www.VaultPay.ca                                                         www.VaultCredit.com 
www.Rifco.net                                                              www.WaypointInvestmentPartners.com 
www.EasyLegal.ca 

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release may include, but are not limited to, statements relating to the Committee’s strategic review process including the ongoing pursuit of selling one or more of the Company’s business units or the Company itself or any resulting winddown, the revision and extension of the temporary waiver of the Company’s breach under the Credit Facility and impact of such breach on its operations, and other statements that are not material facts. Forward-looking statements are typically identified by words such as “believe”, “expect”, “anticipate”, “project”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions or the negative of these words or variations of them or similar expressions.

Although the Company believes that the forward-looking statements in this press release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors, risks and uncertainties, both general and specific in nature, that could cause actual results to differ materially form those expressed or implied by these forward-looking statements, including, without limitation, the possibility that a waiver in relation to the Credit Facility covenant breach may not be obtained and the availability, timing or completion of any other capital raise or sale transaction for all or part of the Company’s business. The Company cautions that the foregoing assumptions and factors are not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause the Company’s actual results to differ from current expectations, please refer to the Company’s publicly filed documents, including the Company’s annual information form and management’s discussion and analysis of financial condition and performance, which are available electronically at www.sedarplus.ca.

Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained in this press release describe the Company’s expectations as at the date of this press release and, accordingly are subject to change after such date. Except as may be required by applicable securities laws, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

SOURCE Chesswood Group Limited

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Guidehouse Adds Two Leaders to Growing Health Segment

Published

16 minutes ago

on

November 18, 2024

By

Mark Korth and Angela Hunt, RN, join as partners to help healthcare organizations advance clinical and operational performance

MCLEAN, Va., Nov. 18, 2024 /PRNewswire/ — Guidehouse, a global consultancy providing advisory, digital, and managed services to the commercial and public sectors, has added two partners, Mark Korth and Angela Hunt, RN, to the firm’s Health segment.

A former health system C-suite executive, Korth will support providers with optimizing large-scale mergers and integrations, transformations, and operating model implementation. Hunt will assist providers with improving quality, clinical documentation and coding, payer contracting, and operating performance.

“We are thrilled to welcome Angela and Mark to Guidehouse,” said Tim Kinney, Guidehouse partner and Payer/Provider practice leader. “Their deep expertise and proven leadership in the healthcare industry will enhance our ability to provide innovative, patient-centered solutions that address our clients’ most pressing challenges. Angela’s and Mark’s unique perspectives will be invaluable as we continue to help healthcare leaders meaningfully serve their communities.”

Korth joins Guidehouse following a more than 25-year career leading large health systems, hospitals, and medical groups. A strategic executive with a proven ability to guide mergers, partnerships, and systemwide transformations, he has consistently advanced initiatives that improved population health and delivered sustainable margins. Korth’s experience spans large for-profit and nonprofit hospitals and health systems, having served as CEO, regional president, system chief transformation officer, and chief operating officer. 

With close to 30 years of strategic experience, Hunt brings a proven track record of leading teams through complex projects that have helped health systems and physician enterprises improve clinical and operational outcomes. Her proficiency spans data analytics, change management, clinical data management, strategic communication, and detailed outcomes improvement. This includes working with IT departments to develop analytics to better focus clinical integrity teams through benchmark opportunities in high volume MS-DRGs.

With 19 Best in KLAS® awards, Guidehouse’s Health segment serves providers, government agencies, life sciences companies, payers, and other healthcare organizations. Backed by proven success in modernizing and innovating healthcare services, finances, and operations, the firm delivers a comprehensive approach to solving interrelated industry challenges.

About Guidehouse
Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Guidehouse is purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries. Disrupting legacy consulting delivery models with its agility, capabilities, and scale, the firm delivers technology-enabled and focused solutions that position clients for innovation, resilience, and growth. With high-quality standards and a relentless pursuit of client success, Guidehouse’s more than 17,000 employees collaborate with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future. guidehouse.com

Media Contact:
Guidehouse
Cecile Fradkin cfradkin@scprgroup.com  

View original content to download multimedia:https://www.prnewswire.com/news-releases/guidehouse-adds-two-leaders-to-growing-health-segment-302307957.html

SOURCE Guidehouse

Continue Reading

Technology

Northern Virginia: The Hidden Giant of U.S. Tech? NVTC Study Reveals World Class Talent, Investments in AI, Cybersecurity, and Cloud

Published

16 minutes ago

on

November 18, 2024

By

Survey of 82 Northern Virginia Companies Underscores Region’s Tech Opportunity and How it Is Poised for Continued Growth

MCLEAN, Va, Nov. 18, 2024 /PRNewswire-PRWeb/ — The Northern Virginia Technology Council (NVTC) today announced the findings of a groundbreaking study of top technology executives in Northern Virginia. The findings highlight the region’s position as one of the nation’s leading technology hubs, while exploring the opportunities and challenges that will shape the region’s future growth and innovation.

The study is based on a survey of 82 top technology organizations in the Northern Virginia (NOVA) region, as well as in-depth interviews with 30+ senior executives, and evaluates the region across five key dimensions: Talent, Innovation, Ecosystem, Business Attractiveness, and Proximity to the U.S. Federal Government.

“Northern Virginia is finally getting the recognition it deserves as a technology powerhouse,” said NVTC President and CEO, Jennifer Taylor. “We have the second highest tech employment of any U.S. metro area with 11.2% of the workforce, we are the largest data center market in the world with over two-times total inventory of the next largest market, and we have 2.5 times more computer science graduates than peer-tech hubs like New York, San Francisco, and Seattle. The growth opportunity in this region is clear.”

What the study found:

Talent Access, Skills Gaps: 73% of employers consider access to talent a key advantage, with 55% ranking it as the top factor defining a leading tech hub. Tech leaders noted challenging skills gaps in AI/ML (62%), Cybersecurity (43%), and Software Development (39%). The Northern Virgina region boasts the nation’s second highest net tech employment by metro area – only behind New York City — with 376K tech industry and tech occupation workers, providing a rich and diverse talent pool. In net tech employment, the region is slightly ahead of tech hubs including San Francisco, San Jose, Los Angeles, and Dallas.

Innovation Focus: GenAI, cybersecurity, and cloud computing are the top three emerging technologies that organizations are investing in for NOVA-specific operations over the next 2-3 years. 89% of NOVA tech leaders are investing in Generative AI, 83% in Cybersecurity and Digital Identity, and 61% in Cloud and Edge Computing. Early-stage tech like Space and Quantum are in the early stages of tech adoption.

Ecosystem: NOVA excels in developing growth-stage companies, ranking #1 in the number of firms that scaled up (>50 employees within 10 years) and #1 in the density of high-growth companies (>$2M revenue per 1K firms), compared to peers. Northern Virginia excels at scaling growth-stage companies, and recent surges in VC funding, start-ups, and five-year survival rates highlight its potential. However, one in three tech leaders still cite investment capital and entrepreneurial ecosystem as barriers. Leaders say more support is needed, including tech accelerators and incubators.

Business Attraction: Tech organizations are committed to Northern Virginia – 77% of surveyed organizations plan to stay in NOVA, with 29% considering expanding within the region in the next three years. NOVA boasts the nation’s largest data center market (~5x capacity of Silicon Valley). Still, executives say the high cost of living and transportation issues make it harder to attract and retain key talent.

Federal Government: Tech firms value Northern Virginia’s unique access to the federal government, prompting many major technology companies to have large offices in the region to be close to the federal government to bring IT solutions that address their mission challenges. In fact, companies in Northern Virginia received 31% of federal government’s IT contracting spend in 2023, totaling $24B. However, start-ups and niche firms face high barriers to entry due to contract procurement hurdles.

“This research confirms what many of us have long known – Northern Virginia is a powerhouse in the tech industry,” said Bruce Caswell, chair of the NVTC Board and CEO, Maximus. “Our unique combination of world-class talent, proximity to the federal government, and our focus on cutting-edge technologies like AI and cybersecurity positions us for continued growth and innovation. As we look to the future, NVTC is committed to addressing the challenges identified in this study and further strengthening our region’s tech ecosystem.”

The study, in line with NVTC’s mission, is intended to foster collaboration across the region to address challenges and drive future innovation. As Jennifer Taylor commented, “We see this as the start of an important conversation about the region and the path forward to address the challenges. We are enthusiastic about working with stakeholders across Northern Virginia – including both private sector leaders, university leaders and our public officials – to put these insights into strategic action.

Read the Study & Watch the Webinar

The full study, which provides a comprehensive analysis of Northern Virginia’s technology ecosystem, is available for download at: https://www.nvtc.org/communities/2024-northern-virginia-tech-innovation-study/

An NVTC webinar on Tuesday, November 19, 2024 will review the study findings with a panel of local technology leaders from Amazon Web Services, GDIT, Maximus and ScienceLogic. Register to join the live webinar at: https://www.nvtc.org/event/hidden-in-plain-sight-northern-virginias-rise-as-a-us-tech-giant/

Contact:
Tarin Horan
Northern Virginia Technology Council (NVTC)
thoran@nvtc.org
703.946.0319

About the Northern Virginia Technology Council:
NVTC is where the region’s tech community comes together. From bold startups to Fortune 100 giants, we represent over 470 members across sectors shaping the future of technology. NVTC drives innovation, fosters connections, and advocates for policies that fuel growth and position Northern Virginia as a global leader in technology. Through its initiatives in cybersecurity, AI, cloud computing, and beyond, NVTC empowers the tech community to shape the future. Whether it’s through policy advocacy, peer networks, or industry promotion, NVTC drives innovation that’s transforming the world. Learn more at http://www.nvtc.org

Media Contact

Tarin Horan, NVTC, 7039460319, thoran@nvtc.org, www.nvtc.org

View original content to download multimedia:https://www.prweb.com/releases/northern-virginia-the-hidden-giant-of-us-tech-nvtc-study-reveals-world-class-talent-investments-in-ai-cybersecurity-and-cloud-302308165.html

SOURCE NVTC; NVTC

Continue Reading

Technology

Record-Breaking Pledge to USD Will Transform University’s STEM Programs

Published

16 minutes ago

on

November 18, 2024

By

SAN DIEGO, Nov. 18, 2024 /PRNewswire/ — The University of San Diego (USD) received a record-breaking pledge from Darlene Marcos Shiley, philanthropist and Chair Emerita of USD’s Board of Trustees, totaling $75 million. It’s the largest gift in university history and among the largest ever given to any Catholic university in the country. The gift will touch several different areas of USD’s campus, with a primary emphasis on creating what will be known as the ‘Shiley STEM Initiative‘, expanding innovative STEM (science, technology, engineering and math) programs, and funding new, state-of-the-art STEM facilities on USD’s campus.

“Darlene Shiley is one of the most generous and kind individuals that anyone could ever meet. She’s always looking out for humanity and the best interests of our society, and she loves our students,” said USD President James T. Harris III, DEd. “We are a better institution because of Darlene Shiley and her late husband, Donald, and what they’ve decided to do for this institution and for this world.”

The Shiley-Marcos School of Engineering and College of Arts and Sciences embody USD’s mission to shape well-rounded leaders with a liberal arts education. Both schools boast impressive alumni in STEM, including two NASA astronauts. This gift will build upon USD’s commitment to STEM, meet the needs of growing biotechnology and scientific sectors in San Diego, and help train future STEM leaders and researchers.

“STEM fields touch all different aspects of our lives, and I believe they can be a force for good in our society,” Shiley said. “I was drawn to USD because of its emphasis on a values-based education. This gift fulfills my husband’s and my goals and makes me feel like I’ve made an impact. Now I hope it helps future students take what they learn at USD and make a positive impact of their own.”

Shiley’s gift comes at a key time for USD, where the number of students majoring in STEM disciplines has grown by 50 percent in the past decade. This gift will help expand USD’s STEM offerings by establishing a new integrated STEM space that connects engineering and the natural sciences, as well as expanded opportunities for undergraduate students to participate in research.

The pledge will also be directed to scholarships and programs benefiting veterans and military-connected students, as well as additional funding for USD’s top-ranked MFA in acting, The Old Globe and USD Shiley Graduate Theatre Program.

View original content to download multimedia:https://www.prnewswire.com/news-releases/record-breaking-pledge-to-usd-will-transform-universitys-stem-programs-302307922.html

SOURCE University of San Diego

Continue Reading

Trending