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SurgePays Announces Second Quarter 2024 Financial Results

Published

1 month ago

on

$5 Million Share Repurchase Authorized

BARTLETT, Tenn., Aug. 13, 2024 /PRNewswire/ — SurgePays, Inc. (NASDAQ: SURG) (“SurgePays” or the “Company”), a technology and telecom company focused on the underbanked and underserved, today announced its financial results for the second quarter ended June 30, 2024.

Management Commentary

Chairman and CEO Brian Cox commented on the quarter’s results, “The second quarter of 2024 begins a transition phase for SurgePays.  ACP funding has run out and there is no guarantee it will return.  Fortunately, in the first quarter we shored up our balance sheet and began implementing growth initiatives outside of the ACP program to continue to pursue our strategic goal of being one of the country’s largest providers of prepaid wireless and underbanked financial technology services.

“Second quarter sales of $15.1 million were about as expected, but were well below the first quarter 2024 revenues of $31.4 million and the year ago second quarter 2023 revenues of $35.9 million due to the ending of the government’s ACP funding in mid-May, which we knew was coming.  Both the first quarter of 2024 and the second quarter of 2023 had full ACP funding.

“Gross profits in the 2024 second quarter were a loss of ($3.4) million compared to a profit of $10.0 million in the year ago quarter as the original ACP funding ran out mid-quarter. Additionally, we made the strategic decision to have our balance sheet take on the funding to maintain continuity within our subscriber base for three main reasons: 

Congress could renew the ACP program at any time, and if we terminated service, we would have to go out and re-acquire customers from a standing start, which would cost tens of millions of dollars.If Congress delayed or didn’t fund the program, we had plan B to acquire a company with licenses to provide a similar wireless subsidy and offer our subscribers the option to remain on a free monthly plan subsidized by a sister program. This is in conjunction with incentivizing customers to switch to LinkUp Mobile, our non-subsidized prepaid wireless brand. We know how critical broadband service is in everybody’s life, and we believe it was simply the right thing to do. 

“We are in a transition phase and are looking to get back to generating positive free cash flow by the end of this year through the following initiatives:

Continue to grow our ACP revenue stream should Congress begin funding it again.Offer our ACP subscriber base a free monthly service plan utilizing the Lifeline program while enticing customers with a cost-saving LinkUp Mobile prepaid wireless plan.Scaling up our third-party wholesale transactions for other prepaid wireless company payments at convenience stores. We believe this initiative is necessary because it is a relationship gateway product for LinkUp Mobile activations and subscriber growth.Expand our offerings outside of wireless.  For instance, we recently launched our ClearLine customer engagement platform for convenience stores at last month’s RetailNOW Conference in Las Vegas.Expand product and service offerings to the same nationwide network of convenience stores we are building by exploring and executing prospective partnering or product distribution opportunities.Identify unique market opportunities that represent potential positive short-term cash flow.

“As we said last quarter, we knew that the ACP funding could run out, and we are not waiting around for Congress to provide additional funding. Many initiatives are underway to expand SurgePays’s footprint among the underbanked and underserved, who remain our key customers. We recognize that the expiration of ACP funding has adversely impacted our business and stock price. Therefore, we feel it’s an opportune time to announce a corporate stock buyback so our long-term investors know our interests are aligned. Until December 31, 2024, we will implement a buyback of up to $5 million (the “Maximum Amount”) of SurgePays common stock in the open market. Repurchases may be made from time to time at management’s discretion. The program will end upon the earlier of 6 months after the commencement of the program or the date upon which the Maximum Amount has been purchased and can be discontinued at any time. No shares have been repurchased under the program to date. There can be no assurance as to the timing or number of shares of any repurchases.”

Second Quarter 2024 Results Conference Call

SurgePays management will host a webcast at 5 p.m. ET / 2 p.m. PT to discuss these results. The live webcast of the call can be accessed on the company’s investor relations website at ir.surgepays.com, or by registering at the following link: Second Quarter Financial Results Call. 

Telephone access to the call will be available at 877-545-0320 (in the U.S.) or by dialing 973-528-0002 (outside the U.S.). Participant access code is 650138.

A telephone replay will be available approximately one hour following completion of the call until August 27, 2024. To access the replay, please dial 877-481-4010 (in the U.S.) or 919-882-2331 (outside the U.S.). Replay passcode is 51057.

Share Repurchase Authorization

As indicated above, SurgePays’s board of directors has authorized the company to repurchase up to $5 million of common stock through the open market until December 31, 2024.

About SurgePays, Inc.

SurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePays’ technology-layered platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. SurgePays prepaid wireless companies provide services to over 250,000 low-income subscribers nationwide. The company ranks as the 345th fastest-growing tech company in North America according to the 2023 Deloitte Technology Fast 500. Please visit SurgePays.com for more information.

Cautionary Note Regarding Forward-Looking Statements

This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “attempting,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

Although we believe that the expectations reflected in these forward-looking statements such as regarding our market potential along with the statements under the heading Management Commentary are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements including but not limited to, our plans to expand our prepaid wireless company and the stock buyback program,  our ability to retain our subscribers on a free monthly plan subsidized by a sister program, our ability to obtain a company that has the license to subsidize our subscribers through a sister program and our expanded service and offerings. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, whether the ACP is funded again, our ability to obtain a company that has the license to subsidize our subscribers through a sister program, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; and our predictions about our industry. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

 SurgePays, Inc. and Subsidiaries

Consolidated Balance Sheets

30-Jun-24

31-Dec-23

(Unaudited)

Assets

Current Assets

Cash

$

38,434,580

$

14,622,060

Accounts receivable – net

1,412,177

9,536,074

Inventory

8,363,434

9,046,594

Prepaids and other

507,927

161,933

Total Current Assets

48,718,118

33,366,661

Property and equipment – net

221,075

361,841

Other Assets

Note receivable

176,851

176,851

Intangibles – net

1,799,716

2,126,470

Internal use software development costs – net

428,010

539,424

Goodwill

4,166,782

1,666,782

Investment in CenterCom

498,273

464,409

Operating lease – right of use asset – net

396,475

387,869

Deferred income taxes – net

–

2,835,000

Total Other Assets

7,466,107

8,196,805

Total Assets

$

56,405,300

$

41,925,307

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable and accrued expenses

$

4,297,557

$

6,439,120

Accounts payable and accrued expenses – related party

499,853

1,048,224

Accrued income taxes payable

100,000

570,000

Deferred revenue

–

20,000

Operating lease liability

96,332

43,137

Note payable – related party

1,606,654

4,584,563

Total Current Liabilities

6,600,396

12,705,044

Long Term Liabilities

Note payable – related party

2,730,796

–

Notes payable – SBA government

474,758

460,523

Operating lease liability

317,470

356,276

Total Long Term Liabilities

3,523,024

816,799

Total Liabilities

10,123,420

13,521,843

Stockholders’ Equity

Common stock, $0.001 par value, 500,000,000 shares authorized 19,431,549 and 14,403,261 shares issued and outstanding, respectively

19,435

14,404

Additional paid-in capital

72,967,169

43,421,019

Accumulated deficit

(26,827,373

(15,186,203

Stockholders’ equity

46,159,231

28,249,220

Non-controlling interest

122,649

154,244

Total Stockholders’ Equity

46,281,880

28,403,464

Total Liabilities and Stockholders’ Equity

$

56,405,300

$

41,925,307

 

SurgePays, Inc. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2023

2024

2023

Revenues

$

15,085,699

$

35,886,433

$

46,514,834

$

70,662,876

Costs and expenses

Cost of revenues

18,528,774

25,860,705

41,775,243

52,942,665

General and administrative expenses

7,432,978

3,823,227

13,863,783

6,812,648

Total costs and expenses

25,961,752

29,683,932

55,639,026

59,755,313

Income (loss) from operations

(10,876,053)

6,202,501

(9,124,192)

10,907,563

Other income (expense)

Interest expense

(116,722)

(156,267)

(249,305)

(348,593

Other income

636,868

–

636,868

–

Gain on investment in CenterCom

17,711

10,713

33,864

43,742

Total other income (expense) – net

537,857

(145,554)

421,427

(304,851

Net income (loss) before provision for income taxes

(10,338,196)

6,056,947

(8,702,765)

10,602,712

Provision for income tax benefit (expense)

(2,547,000)

–

(2,970,000)

–

Net income (loss) including non-controlling interest

(12,885,196)

6,056,947

(11,672,765)

10,602,712

Non-controlling interest

(19,431)

90,955

(31,595)

90,379

Net income (loss) available to common stockholders

$

(12,865,765)

$

5,965,992

$

(11,641,170)

$

10,512,333

Earnings per share – attributable to common stockholders

Basic

$

(0.66)

$

0.42

$

(0.63)

$

0.74

Diluted

$

(0.66)

$

0.4

$

(0.63)

$

0.71

Weighted average number of shares outstanding – attributable to common stockholders

Basic

19,431,549

14,191,083

18,562,416

14,154,163

Diluted

19,431,549

15,076,466

18,562,416

14,811,785

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

SurgePays, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

For the Three and Six Months Ended June 30, 2024

(Unaudited)

Common Stock

Additional

Accumulated

Non-Controlling

Total

Paid-in

Stockholders’

Shares

Amount

Capital

Deficit

Interest

Equity

December 31, 2023

14,403,261

$

14,404

$

43,421,019

$

(15,186,203)

$

154,244

$

28,403,464

Stock issued for cash

3,080,356

3,081

17,246,913

–

–

17,249,994

Cash paid as direct offering costs

–

–

(1,395,000)

–

–

(1,395,000

Exercise of warrants – cash

1,860,308

1,861

8,797,396

–

–

8,799,257

Exercise of warrants – cashless

40,238

41

(41)

–

–

–

Stock issued for services

47,386

48

411,692

–

–

411,740

Recognition of stock based compensation – unvested shares – related parties

–

–

1,497,417

–

–

1,497,417

Recognition of stock-based compensation – related party

–

–

6,196

–

–

6,196

Non-controlling interest

–

–

–

–

(12,164)

(12,164

Net income

–

–

–

1,224,595

–

1,224,595

March 31, 2024

19,431,549

19,435

69,985,592

(13,961,608)

142,080

56,185,499

Recognition of stock based compensation – unvested shares – related parties

–

–

2,981,577

–

–

2,981,577

Non-controlling interest

–

–

–

–

(19,431)

(19,431

Net loss

–

–

–

(12,865,765)

–

(12,865,765

June 30, 2024

19,431,549

$

19,435

$

72,967,169

$

(26,827,373)

$

122,649

$

46,281,880

SurgePays, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

For the Three and Six Months Ended June 30, 2023

(Unaudited)

Common Stock

Additional

Accumulated

Non-Controlling

Total

Paid-in

Stockholders’

Shares

Amount

Capital

Deficit

Interest

Equity

December 31, 2022

14,116,832

$

14,117

$

40,780,707

$

(35,804,106)

$

127,535

$

5,118,253

Stock issued for services

60,082

60

307,398

–

–

307,458

Recognition of stock based compensation – stock options

–

–

9,294

–

–

9,294

Non-controlling interest

–

–

–

–

(576)

(576

Net income

–

–

–

4,546,341

–

4,546,341

March 31, 2023

14,176,914

14,177

41,097,399

(31,257,765)

126,959

9,980,770

Stock issued for services

64,927

65

311,121

–

–

311,186

Recognition of stock based compensation – stock options

–

–

9,294

–

–

9,294

Exercise of warrants for cash

43,814

44

207,196

–

–

207,240

Non-controlling interest

–

–

–

–

90,955

90,955

Net income

–

–

–

5,965,992

–

5,965,992

June 30, 2023

14,285,655

$

14,286

$

41,625,010

$

(25,291,773)

$

217,914

$

16,565,437

 

SurgePays, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

For the Six Months Ended June 30,

2024

2023

Operating activities

Net income (loss) – including non-controlling interest

$

(11,672,765)

$

10,602,712

Adjustments to reconcile net income (loss) to net cash provided by (used in) operations

Depreciation and amortization

467,520

467,519

Amortization of right-of-use assets

46,995

21,494

Amortization of internal use software development costs

111,414

64,530

Stock issued for services

411,740

618,644

Recognition of stock based compensation – unvested shares – related parties

4,478,994

–

Recognition of share based compensation – options – related party

6,196

18,588

Interest expense adjustment – SBA loans

19,750

–

Right-of-use asset lease payment adjustment true up

(97,346)

–

Gain on equity method investment – CenterCom

(33,864)

(43,742

Changes in operating assets and liabilities

(Increase) decrease in

Accounts receivable

8,123,897

(1,059,014

Inventory

683,160

(6,900,674

Prepaids and other

(345,994)

(56,131

Deferred income taxes – net

2,835,000

–

Increase (decrease) in

Accounts payable and accrued expenses

(4,641,563)

(1,351,218

Accounts payable and accrued expenses – related party

(49,380)

(270,665

Accrued income taxes payable

(470,000)

–

Installment sale liability – net

–

(1,668,744

Deferred revenue

(20,000)

(199,910

Operating lease liability

56,134

(19,329

Net cash provided by (used in) operating activities

(90,112)

224,060

Investing activities

Capitalized internal use software development costs

–

(281,304

Net cash used in investing activities

–

(281,304

Financing activities

Proceeds from stock issued for cash

17,249,994

–

Proceeds from exercise of common stock warrants

8,799,257

207,240

Cash paid as direct offering costs

(1,395,000)

–

Repayments of loans – related party

(746,104)

(467,385

Repayments on notes payable

–

(1,520,954

Repayments on notes payable – SBA government

(5,515)

(9,213

Net cash provided (used in) by financing activities

23,902,632

(1,790,312

Net increase (decrease) in cash

23,812,520

(1,847,556

Cash – beginning of period

14,622,060

7,035,654

Cash – end of period

$

38,434,580

$

5,188,098

Supplemental disclosure of cash flow information

Cash paid for interest

$

259,765

$

209,840

Cash paid for income tax

$

–

$

–

Supplemental disclosure of non-cash investing and financing activities

Reclassification of accrued interest – related party to note payable – related party

$

498,991

$

–

Exercise of warrants – cashless

$

41

$

–

Right-of-use asset obtained in exchange for new operating lease liability

$

98,638

$

–

Goodwill (ClearLine Mobile, Inc.)

$

2,500,000

$

–

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

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SOURCE SurgePays

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Technology

Global Times: Xi calls for accelerating progress in space endeavors amid fruitful results of lunar exploration

Published

58 mins ago

on

September 24, 2024

By

BEIJING, Sept. 23, 2024 /PRNewswire/ — Chinese President Xi Jinping on Monday encouraged personnel in China’s space industry to continue to work hard and accelerate progress in space endeavors while meeting with the representatives of space scientists and engineers who participated in the research and development in the Chang’e-6 lunar mission at the Great Hall of the People in Beijing.

The Chang’e-6 probe was launched from China on May 3 this year. On June 25, its returner made a landing in north China, bringing back 1,935.3 grams of samples from the far side of the moon.

Xi noted that Chang’e-6, for the first time in human history, collected samples from the moon’s far side, breaking through a number of key technologies, marking another landmark achievement in China’s endeavors in space as well as in science and technology. It is an important milestone for China’s lunar exploration project.

Over the past 20 years, the lunar exploration project has focused on key core technologies and achieved fruitful results in scientific discovery, technological innovation, engineering practice, achievement application, and international cooperation. It has blazed a path of high-quality and cost-effective lunar exploration, making a major contribution to the development of China’s space industry and human space exploration, he said.

Xi stressed that over the past 75 years since the founding of the People’s Republic of China, the space industry has grown from weak to strong, and achieved historic, high-quality and leap-forward development.

Since the 1950s, there have been more than 100 lunar exploration missions worldwide, achieving 10 successful sample return missions from the near side of the moon. However, it has always been a challenge to explore the far side of the moon, Xinhua News Agency reported.

In January 2019, China’s Chang’e-4 overcame the world challenge of landing on the far side of the moon. In December 2020, Chang’e-5 mission brought back the country’s first samples collected from the moon’s near side, which was the world’s freshest lunar samples since the 1970s.

And on June 25, 2024, carrying the first batch of lunar samples ever collected from the far side of the moon in human history, Chang’e-6 probe safely touched down in the Siziwang Banner, in North China’s Inner Mongolia Autonomous Region.

The mission not only set a new record for China’s lunar exploration program but it also has a profound impact on the global aerospace field, Kang Guohua, a professor of Aerospace Engineering at Nanjing University of Aeronautics and Astronautics, told the Global Times. 

Through the Chang’e-6 mission, China has demonstrated its leadership and influence in space exploration, Kang said, noting that samples collected from the far side of the moon hold immense value for scientific research and deep space exploration due to its uniqueness.

Such a large-scale, complex and highly integrated project has successively overcome key technologies such as the design of Earth-moon transfer orbits, soft landing on the lunar surface and high-speed re-entry and return. 

It has also driven technological innovations in new devices, materials and energy sources, observers said. 

Meanwhile, China’s “circle of friends” in lunar exploration is continuously expanding. 

Chang’e-6 mission carried four international scientific payloads from the European Space Agency, France, Italy and Pakistan. The Chang’e-7 mission has selected six international payloads, while the Chang’e-8 offers approximately 200 kilograms of payload capacity to the international community and has received over 30 cooperation applications to date, according to media reports. 

Looking beyond the moon, China announced earlier this month its ambitious plan to carry out Tianwen-3 mission, eyeing to retrieve samples from Mars and bring them back to Earth by around 2028, chief designer of the mission Liu Jizhong disclosed. The mission is expected to become the world’s first such attempt on the Red Planet, and will involve international payload cooperation, as well as global collaboration in sample and data sharing. 

View original content:https://www.prnewswire.com/news-releases/global-times-xi-calls-for-accelerating-progress-in-space-endeavors-amid-fruitful-results-of-lunar-exploration-302256376.html

SOURCE Global Times

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Technology

Hillhouse-Backed Ascentium Launches Global Business Services Platform in Singapore

Published

58 mins ago

on

September 24, 2024

By

Lennard Yong Appointed as Founding Management and Group CEO to Spearhead Ascentium’s Global Expansion

SINGAPORE, Sept. 24, 2024 /PRNewswire/ — Ascentium, a new global business services platform backed by Hillhouse Investment, today announced its official launch, the opening of its Singapore headquarters, and the appointment of Lennard Yong as Founding Management and Group CEO.  This milestone marks the culmination of an extraordinary year for Ascentium, which has consolidated 5 strategic corporate services acquisitions to form the foundation of its current enterprise in Asia Pacific. 

Under the group name Ascentium, the platform aims to globalise business operations and assist clients in scaling greater heights. The company’s mission extends beyond Asia Pacific, with plans to expand into key jurisdictions in offshore territories, the UK, and EMEA in the near future.

Ascentium’s launch comes at a pivotal moment in global business trends. The world has evolved into multipolar markets, increasing the need for clients to de-conglomerate their global corporations and adapt decisions regionally and locally.  This shift coincides with the emergence of a new wave of leaders and talent, inspired by different social and work values, who are driven to excel in organisations that recognise and value their professional service contributions.  Furthermore, the advent of technological advancements now allows Ascentium to prioritise improvements in client pain points and internal efficiency.  Finally, with the end of more than a decade of low interest rates and higher core inflation globally, there is a growing necessity for investments that prioritise core operating productivity and sustainable real business growth.

Ascentium’s first acquisition was InCorp Global, based in 8 markets with headquarters in Singapore. Following 4 additional acquisitions, Ascentium now boasts approximately 1,500 professionals across 9 markets in the Asia-Pacific region, delivering solutions for over 20,000 active clients across diverse industries. With this foundation, Ascentium aims to become a global leading technology-enabled corporate service provider anchored in Singapore, helping its clients and people to scale to greater heights.

Lennard Yong, Founding Management and Group CEO of Ascentium, shared his vision: “I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse.  From the beginning, Hillhouse shared our observations about shifting global trends and recognised the need for business service providers to capitalise on these changes.  Ascentium’s core mission is to globalise the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients.” 

Lennard continued, “Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in 9 markets, employing nearly 1,500 people.  I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets.  We are excited for the future and look forward to our partnership with Hillhouse, our clients and our people.”

Sean Carney, Partner, Co-Head of Global Buyout at Hillhouse Investment, expressed his support: “Lennard is an experienced industry leader with a proven track record in building business services platforms globally.  We are thrilled to partner with his team on Ascentium’s growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium’s understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a  complex global environment.”

About Ascentium

Ascentium is a leading global business services platform dedicated to helping businesses scale greater heights. Headquartered in Singapore and backed by Hillhouse Investment, we empower extraordinary growth through specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services. Our team of 1,500 professionals spans 9 markets in the Asia-Pacific region, serving over 20,000 active clients across diverse industries. Through innovative, technology-enabled solutions and collaborative approach, Ascentium drives transformative growth, helping clients navigate complex global environments.

For more information, visit: ascentium.com

About Hillhouse Investment

Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the business services, healthcare, consumer, and industrials sectors. Operating an integrated platform spanning private equity, credit, real assets and public equity, the firm manages capital on behalf of global institutions such as non-profit foundations, endowments, sovereign wealth funds, and pensions.

Media Contacts

Nancy So – Associate Director, Group Marketing, Ascentium
nancy.so@ascentium.comRoger Ng – Head Edelman Smithfield Singapore  
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Appeal of Conscience Foundation to Honor His Eminence Archbishop Elpidophoros of America, the leader of the Greek Orthodox Archdiocese of America and Humanitarian Marta Batmasian at the 59th Annual Appeal of Conscience Gala

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September 24, 2024

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******Leaders of Faith and Business Communities Gathered at Time of Unprecedented Divisiveness and Antisemitism in America******

NEW YORK, Sept. 23, 2024 /PRNewswire/ — Appeal of Conscience Foundation, an interfaith organization dedicated to religious freedom and human rights, and its President and Founder Rabbi Arthur Schneier, presented the 2024 Appeal of Conscience Award to His Eminence Archbishop Elpidophoros of America, the leader of the Greek Orthodox Archdiocese of America and Humanitarian Marta Batmasian at the 59th Annual Appeal of Conscience Awards at The Pierre Hotel in New York.

Appeal of Conscience Award: The Appeal of Conscience Award is presented to visionary religious leaders and business leaders with a sense of social responsibility who use their resources and vast reach to better serve the global community.

“The Appeal of Conscience Foundation is pleased to present the Appeal of Conscience Award to two exemplary honorees,” stated Rabbi Arthur Schneier.  “His Eminence Archbishop Elpidophoros of America was recognized for his outstanding dedication to inter-religious cooperation to advance peaceful co-existence and mutual acceptance, instilling the message for all ages in particular our youth, to “Respect the Other”. Marta Batmasian, a woman of faith and a humanitarian, for her commitment to religious freedom, global and community philanthropy benefiting education, the underserved and humanity.”

“It is truly a profound honor and a most humbling privilege to receive this esteemed recognition from the Appeal of Conscience Foundation, and from a cherished friend of the Ecumenical Patriarch and the Orthodox Church, Rabbi Arthur Schneier,” said His Eminence Archbishop Elpidophoros of America. “Since 1965, Rabbi Schneier and Appeal of Conscience have steadfastly upheld the sacred pillars of coexistence, acceptance, respect, and love among peoples of all faiths.  I am pained that we are witnessing an alarming outbreak of antisemitism. Rather than looking for commonality, there are those who choose to embrace a philosophy of hate. But at times like this we need to speak up in the clearest way possible and say that antisemitism is not merely an insult to common sense but a profound stain on our culture. As I pray that we will see better times, I accept this Award with deep humility and with the solemn pledge to continue our shared journey of peace and reconciliation, ever inspired by our mutual commitment to foster harmony and healing throughout the world.”

“As a grandchild of a genocide survivor, raised in a country where my family was subject to religious intolerance when I arrived in the United States, I wanted to dedicate my life to giving back to others, creating a more just society,” said Marta Batmasian.  “With increased divisiveness and hatred, our world needs peace now, more than ever. I applaud the vision of Rabbi Schneier for founding the Appeal of Conscience Foundation, promoting the principles of human rights and religious freedom. Our world will be a better place if we adhere to these basic principles and spread it to the world.”

About the Honorees:
His Eminence Archbishop Elpidophoros of America, Most Honorable Exarch of the Atlantic and Pacific Oceans, is the eighth Archbishop of America elected since the establishment of the Greek Orthodox Archdiocese in 1922.  He studied at the Aristotle University of Thessaloniki, School of Pastoral and Social Theology, from which he graduated in 1991. In 1993, he finished his postgraduate studies at the Philosophical School of the University of Bonn.

In 1995, he was appointed Deputy Secretary of the Holy and Sacred Synod. In March 2005, at the proposal of His All Holiness Ecumenical Patriarch Bartholomew, he was promoted by the Holy and Sacred Synod to the position of Chief Secretary. He was the Secretary of the Pan-Orthodox Synods in Sofia (1998), Istanbul (2005), Geneva (2006), and Istanbul (2008). He has been an active member of the World Council of Churches serving on its Central Committee and also serving on its Faith and Order Commission since 1996. On May 11, 2019, he was elected Archbishop of America by the Holy and Sacred Synod of the Ecumenical Patriarchate and was enthroned at the Archdiocesan Cathedral of the Holy Trinity in New York City on June 22, 2019

Marta Batmasian is a Humanitarian and Real Estate Investor. She serves on the boards of the Centre for the Arts at Mizner Park, Fund for Armenian Relief, the National Association for Armenian Studies, and Research, Propel Inc., South Florida PBS, and WXEL Public Broadcasting Corporation. She attended Robert College in Istanbul, Turkey, a branch of Columbia University receiving the Bulbenkain Academic Achievement Award and the Hagopian Scholarship Awards for highest academic achievement. She then continued her studies at Leiden University in Holland, and Emerson College in Boston, where she graduated Magna Cum Laude. She completed joint M. A. and Ph. D. programs at Brandeis University where she earned its high Scholastic Award. After graduating from Brandeis, she became superintendent of the Sahag Mesrob Armenian School in Watertown, Massachusetts and was a full-time professor at the University of Massachusetts for eight years. She moved to Boca Raton, Florida in 1983, where she began investing in local shopping centers, amassing more than 36 properties within her first 33 months, and today is among the largest landowners in South Florida, with a billion-dollar empire reaching from Florida to New England.

Faith Leaders Lend Their Support:
“The Appeal of Conscience Foundation’s efforts during these past six decades underscores the pressing need for interfaith dialogue to facilitate mutual respect,” said Archbishop Khajag Barsamian, Pontifical Legate and Vice President, ACF “I have had the pleasure to work along both of our honorees, truly exemplary in their efforts to better humanity. The coming together of those in the business community and so many representatives of different faith communities at the invitation of Rabbi Arthur Schneier underscores the need for understanding and cooperation among people of different religious backgrounds which will ultimately contribute to the promotion of peace and harmony on a global scale.”

“No matter our religion, race, ethnic background, or political beliefs, we must put our differences aside and come together in faith and love,” said Cardinal Timothy Dolan, Archbishop of New York. “I salute my brothers, Archbishop Elpidophoros and Rabbi Arthur Schneier, and applaud the work of the Appeal of Conscience Foundation to unite the worlds of faith and business as together we strive to work towards greater respect and understanding among all people.”

“The National Council of Churches is excited that our vice chair of the Governing Board, His Eminence Archbishop Elpidophoros of America was honored at the 59th Annual Appeal of Conscience Awards Dinner, said Bishop Vashti Murphy McKenzie, NCC’s President /General Secretary. This prestigious award celebrates the Archbishop’s unwavering commitment to promoting peace, religious freedom, and interfaith dialogue. His leadership and dedication inspire us all to work towards a more harmonious and just society.”

Secretary of State of the Vatican, Cardinal Pietro Parolin extended greetings from Pope Francis.

A Leading Business Voice Calls for Unity:
“We live in a time of extreme divisiveness and unprecedented Antisemitism in the United States, it has never been more important for faith leaders from across the spectrum and our business leaders to stand together to promote unity, justice and peace through interfaith dialogue and cooperation. Archbishop Elpidophoros and Marta Batmasian truly exemplify these values,” said John Catsimatidis, Chair of the 59th Appeal of Conscience Annual Awards Dinner and CEO of the Red Apple Group. “I know personally and have witnessed Archbishop Elpidophoros and the efforts of the Appeal of Conscience Foundation, emphasize the positive role that faith can play in fostering understanding and reconciliation during difficult times.”

Previous Honorees:
The ACF has recognized prominent business leaders with the Appeal of Conscience Award including: Bernard Arnault, Mary Barra, Barbara Bush, Michael Bloomberg, Albert Bourla, Robert Iger, Muhtar Kent, Coretta Scott King, Robert Kraft, Brian Moynihan, Virginia Rometty, Stephen A. Schwarzman, Masayoshi Son, Paul Volcker Timotheus Höttges, Stephen M. Ross, Susan Wojcicki and Dr. Rong Yiren.

About Appeal of Conscience Foundation:
Appeal of Conscience Foundation, under the leadership of Rabbi Arthur Schneier, has worked worldwide on behalf of religious freedom, human rights, peace and tolerance since 1965. To uphold the principle “live and let live” is the Appeal of Conscience Foundation’s continuing goal. An interfaith coalition of business, religious and foreign policy leaders, this international organization promotes mutual understanding, peace and interreligious cooperation and provides a voice of conscience to protect minorities.  The Appeal of Conscience Foundation believes that freedom, democracy and human rights are fundamental values that give nations of the world their best hope for peace, security and shared prosperity. www.appealofconscience.org

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SOURCE Appeal of Conscience Foundation

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