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Aviat Networks to Delay Form 10-K Filing for Fiscal Year 2024

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AUSTIN, Texas, Sept. 11, 2024 /PRNewswire/ — Aviat Networks, Inc. (NASDAQ: AVNW), (“Aviat” or the “Company”) the leading expert in wireless transport and access solutions, announced today that it has filed a Notification of Late Filing on Form 12b-25 with respect to the Annual Report on Form 10-K for the fiscal year ended June 28, 2024.

Aviat has determined that it is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 by the prescribed filing due date because the Company requires additional time to finalize its assessment of internal control over financial reporting and to complete certain closing processes and procedures. The Company is working diligently and expects to file the Form 10-K on or before the expiration of the fifteen calendar day extension period.

Management has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting for the fiscal year ended June 28, 2024. The Company has initiated and will continue to implement measures designed to improve its internal control over financial reporting to remediate these material weaknesses with oversight from the Audit Committee of the Board of Directors and assistance from its external advisors.

In connection with the preparation of the Company’s annual financial statements for the fiscal year ended June 28, 2024, the Company identified certain errors impacting previously reported financial information for the fiscal years 2024 and 2023. While the Company currently believes the effects are not material to the previously issued consolidated financial statements for any of its prior reporting periods, it continues to evaluate to determine whether revision or restatement of prior periods is required.

The Company estimates the following results for the fiscal year ended June 28, 2024:

Revenues

The Company estimates revenues for the year ended June 28, 2024 between $400 million and $409 million, compared to revenues of $347 million reported in the prior year ended June 30, 2023.

Operating income

The Company estimates operating income for the year ended June 28, 2024 between $15 million and $20 million, compared to operating income of $26 million reported in the prior year ended June 30, 2023.

Net income

The Company estimates net income for the year ended June 28, 2024 between $8 million and $12 million, compared to net income of $12 million reported in the prior year ended June 30, 2023.

Cash and cash equivalents

The Company estimates cash and cash equivalents for the year ended June 28, 2024 of approximately $65 million compared to cash and cash equivalents of $22 million reported in the prior year ended June 30, 2023.

Debt

The Company estimates total outstanding debt for the year ended June 28, 2024 of approximately $48 million. The company had no debt outstanding in the prior year ended June 30, 2023.

These figures are preliminary, unaudited and subject to change pending the filing of the 2024 Form 10-K.

Forward-Looking Statements
Certain matters discussed constitute forward-looking statements within the meaning of the federal securities laws. All statements contained in this notification that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the potential revision or restatement of certain historical financial statements, the material weaknesses in the Company’s internal control over financial reporting as of June 28, 2024, and the Company’s expectations regarding the timing of the filing of the Form 10-K. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; the risk that the completion and filing of the Form 10-K will take longer than expected; additional information that may arise during the finalization of the Form 10-K; and the risks discussed in detail in “Item 1A. Risk Factors” of the Company’s most recent Annual Report on Form 10-K, as updated by its other filings with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

About Aviat Networks, Inc.
Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Investor Contact
Andrew Fredrickson
Corporate Development and Investor Relations
(512) 582-4626
andrew.fredrickson@aviatnet.com 

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SOURCE Aviat Networks, Inc.

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Fosi Audio Launches 7th Anniversary Celebration with the Theme “Your Voice Rocks & Sparks”

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6 mins ago

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September 20, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — Fosi Audio, a beloved brand among audiophiles worldwide, has officially launched its grand 7th-anniversary celebration under the theme “Your Voice Rocks & Sparks.” This milestone event has garnered significant attention within the audio community, with well-known audio reviewers and influencers such as Cheapaudioman, Z Reviews, Utilitarian TV, and numerous Fosi Audio fans and distributors recording special video messages to celebrate the occasion.

Achievements Powered by User Voice

Valuing the voice of its users and driven by their needs, Fosi Audio has always strived to create products that truly resonate with its audience. In 2024, Fosi Audio released several co-created audio products with global audiophiles, including the LC30, a VU meter amplifier/speaker switcher adored by vintage audio enthusiasts; the PH05, a headphone splitter amplifier recognized by music education charities; and the highly anticipated V3 Mono monoblock amplifier, which captured the attention of home audio enthusiasts worldwide. With its exceptional sound quality, ample power output, compact modern design, and outstanding value for the price, the V3 Mono received an overwhelming response on Kickstarter, selling over 4,000 units and earning widespread acclaim from users. This success marks another milestone in Fosi Audio’s rapid growth.

As part of this 7th-anniversary celebration, Fosi Audio is introducing yet another co-created product with its users—the ZD3 fully balanced desktop DAC. Following the launch of the ZA3 dual-mode balanced amplifier and V3 Mono, the ZD3 was developed with deep user involvement and feedback, making it a flagship desktop DAC inspired by audiophiles worldwide. The ZD3 is now available for pre-order, and subscribers to the Fosi Audio website can enjoy a 20% early bird discount. The first 300 customers to place an order will also receive special 7th-anniversary edition items, including a custom ZD3 knob, a VOL20 wireless volume knob, and other branded merchandise.

Next Action in Prioritizing VOC

Fosi Audio’s commitment to customer-driven innovation has resulted in numerous achievements, but the company is not resting on its laurels. Recently, Fosi Audio has strengthened its connection with users through one-on-one interviews, surveys, and community interactions on specialized forums and social media platforms. By deeply listening to user feedback, the company transforms these insights into innovative product ideas. During this anniversary celebration, renowned influencer Z Reviews shared a video showcasing the idea of the LC40, a VU meter preamp co-designed with Fosi Audio, which is now in the early stages of development. This collaboration is expected to receive positive market feedback. Additionally, Fosi Audio is hosting a special “External Product Manager” program, inviting audiophiles to share their creative product design proposals on its official forum. The most innovative and feasible proposals will be selected for development, and Fosi Audio will collaborate with these enthusiasts to create the next product.

Special Offers for Fans

Moreover, Fosi Audio has prepared various exclusive perks for audiophiles during this celebration. Users can participate in a slot machine giveaway on the event page for a chance to win prizes such as free ZD3 DACs, VOL20 volume knobs, 7th-anniversary merchandise, and shopping vouchers with discounts of up to 30%. As a long-standing Best Seller across major online sales platforms, Fosi Audio is also launching special anniversary promotions with discounts of up to 20%, giving back to audio enthusiasts around the world and celebrating this milestone together.

About Fosi Audio

Guided by its mission of “Redefining HiFi with Unmatched Value”, Fosi Audio is dedicated to developing and bringing more amazing HiFi gear with high value for the price, innovative design, cutting-edge technology, and premium quality, all backed by a 24-month warranty, to audiophiles worldwide. Fosi Audio has won sincere recognition from a wide range of audiophiles and well-known media such as Wirecutter, HowToGeek, TNT-Audio, and Headphonesty, authoritative forums like AudioScienceReview, and well-known HiFi enthusiasts such as Cheapaudioman, Z Reviews, and A British Audiophile, etc.

For more information, please visit:

Official Website: https://www.fosiaudio.com/Official Forum: https://community.fosiaudio.com/Official Facebook Community: https://www.facebook.com/fosiaudioglobalOfficial YouTube Channel: https://www.youtube.com/@fosiaudio

PR Contact:
Email: marketing@fosiaudio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/fosi-audio-launches-7th-anniversary-celebration-with-the-theme-your-voice-rocks–sparks-302253820.html

SOURCE FOSI INTERNATIONAL CO., LIMITED

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The Commerce Casino & Hotel Partners with ESPN LA 710AM for Exclusive Monday Night Football Pregame Radio Show

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6 mins ago

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September 20, 2024

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The Commerce Casino & Hotel continues to expand its entertainment offerings through a collaboration with ESPN LA 710AM, enhancing the experience for guests and fans alike.

LOS ANGELES, Sept. 20, 2024 /PRNewswire/ — The Commerce Casino & Hotel is excited to announce an exciting new partnership with ESPN LA 710AM, bringing an exclusive pre-game Monday Night Football Radio Show with Sedano & Kap to listeners throughout the 2024-2025 football season. Filmed on-site at the Commerce Casino and Hotel, sports fans can tune in live to the ESPN LA 710AM pregame show every Monday night starting September 2nd, from 3:00 PM to 6:00 PM, 

Live on YouTube: In addition to airing live on the radio, the pre-game show will be live-streamed on ESPN LA 710AM Radio’s YouTube, offering fans an immersive experience as they watch the excitement unfold from The Commerce Casino and Hotel. 

Exclusive Watch Party: Following the pre-game show, fans are invited to continue the fun at The Commerce Casino & Hotel’s Event Center for an exclusive Monday Night Football Watch Party. The event is free to attend, with a variety of food and drink specials available. 

“We’re thrilled to bring this exclusive pre-game experience to our fans in partnership with ESPN LA 710AM,” said [ESPN LA 710AM Spokesperson]. “Filming live from The Commerce Casino and Hotel adds a unique energy to the show, and we’re excited to share it with our audience both on the radio and online.”

Spencer Villaseñor, Director of Guest Experience at The Commerce Casino & Hotel added, “This partnership with ESPN LA 710AM allows us to offer our guests a unique Monday night experience. We’re excited to continue expanding Commerce’s offerings, making it the ultimate entertainment destination. Whether you’re tuning in on the radio, watching the live stream, or joining us in person, it’s going to be an unforgettable season.”

Don’t miss out on the action! Tune in every Monday night for the live pre-game show and join us at the Commerce Casino and Hotel’s Events Center for the ultimate Monday Night Football experience.

Event Details:

Pre-Game Radio Show: Live every Monday night from 3:00 PM to 6:00 PM through the NFL season. Location: The Commerce Hotel and Casino, 6131 Telegraph Rd, Commerce, CA, 90040Live Stream: Available on @ESPN LA 710AM Radio’s Youtube ChannelWatch Party: Following the pre-game show at the events centerAdmission: Free (Food and drinks available for purchase)

For more information, visit www.commercehotella.com or follow us on Instagram or Twitter for updates.

About The Commerce Casino & Hotel
Located just a few miles from Downtown Los Angeles, The Commerce Casino & Hotel, commonly known as “The Commerce,” stands as a world-renowned cardroom with an impressive array of over 320 tables, making it the largest cardroom globally. Established in 1983, The Commerce offers an extensive range of amenities, including a newly-renovated 200-room hotel, multiple dining venues and bars, the luxurious Meridian Spa, a pool and sundeck, banquet facilities, and more. Additionally, the casino hosts a wide variety of events, including concerts, poker and baccarat tournaments, live boxing, MMA, and wrestling matches, and other special events throughout the year. For further information, please visit: www.commercecasino.com

ABOUT GOOD KARMA BRANDS  
In 1997, Good Karma Brands started as a broadcasting company, utilizing the power of local marketing to build brands, connect with fans and serve the local communities in which we operate.  As GKB grew and transitioned into a media and marketing company, its partnership with ESPN expanded to represent the ESPN Radio Network and Podcasts, the full portfolio of ESPN Digital Products, ESPN Events and eight local ESPN affiliated radio stations. Today, with over 550 teammates across the country and a Home Office based in Milwaukee, Wisconsin, GKB has been consistently recognized as a “Best Place to Work” by multiple organizations, including Front Office Sports and Sports Business Journal. 

Good Karma is fueled by the desire to do things differently, align with premium brands and offer customized solutions for their advertising partners and fans. 

Media contact:
Abegail Cal
abegail@ajc-pr.com 

 

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SOURCE The Commerce Casino & Hotel

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EU Olive Oil: Promoting European Extra Virgin Olive Oil at the Plant Based Expo in New York

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September 20, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — Following the success of the June event dedicated to journalists, opinion leaders and food professionals, the EU Olive Oil project returned to New York to participate in the Plant Based Expo (Sept. 11-12), the benchmark event in the United States for 100% plant-based products.

The three-year EU Olive Oil program, promoted by the O.P. Associazione Olivicola Cosentina and co-financed by the European Union, was conceived with the aim of promoting the consumption of extra virgin olive oil produced in Europe. During the New York trade show, visitors had a unique opportunity to explore the distinctive characteristics of extra virgin olive oil, appreciating its organoleptic qualities and discovering its many health-promoting properties.

To better engage the audience, daily cooking demos were held, during which the oil could be tasted in various culinary preparations. These demonstrations were not only able to enhance the unique flavor of the oil, but also demonstrated its extraordinary versatility in cooking.

During the event, restaurant professionals, retailers, distributors and buyers had the opportunity to receive valuable advice on how to select a high-quality, safe and obtained through a sustainable agribusiness production system. This system respects ecological and economic principles, minimizing the use of synthetic chemicals and optimizing fertilization, in line with toxicological best practices.

“Our presence at the Plant Based Expo in New York,” says Pierpaola Occhiuto, president of the O.P. Associazione Olivicola Cosentina, “offered us the opportunity to educate American consumers about the importance of the quality of raw materials and to promote a healthy and balanced diet, in which extra virgin olive oil occupies a central role. In addition, it was an opportunity to tell the indissoluble link between olive growing and the land, a cultural and human heritage that for many European countries represents a value to be handed down from generation to generation.”

With a consumption of 365.9 thousand tons and a total value of $1,494.3 million (UN Comtrade data), the United States is confirmed as the main non-EU market for olive oil. In recent years, this product has become increasingly important on American tables, reflecting a growing trend toward a quest for high-quality foods.

www.euoliveoil.eu

The O.P. Associazione Olivicola Cosentina Soc.Coop.a.r.l. is an organization of Olive Producers in the Province of Cosenza that has been playing an active role in the Cosenza area since 1982, the date of its establishment, through a dense network of actions in support of its members.

Gathering within itself the presence of about 7100 member producers, one can easily infer the deep rootedness of the Association with the territory: all this makes it one of the most representative associations in the sector, taking care with scrupulous attention every aspect of the olive-growing activity both from the technical-productive point of view and from the economic-commercial one. The Association, in this sense, acts as an efficient intermediary and bridge between its members and the distribution channels.

Its work, in fact, moves in the light of the pursuit of a single relevant macro-objective: to enhance olive production and the careful and conscious consumption of the product, through its protection and promotion.

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SOURCE EU OLIVE OIL – O.P. Associazione Olivicola Cosentina

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