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Propel Completes Acquisition of QuidMarket

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 15, 2024 /CNW/ – Propel Holdings Inc. (“Propel” or the “Company”) (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced today the successful completion of its previously announced acquisition of Stagemount Limited (dba “QuidMarket”), a leading digital UK-based fintech lender specializing in credit for underserved consumers (the “Acquisition”). The final purchase price was US$71 million, excluding closing adjustments, and was paid all in cash.

“The closing of the Acquisition of QuidMarket is a critical step in our journey to become a global leader in building financial opportunity. A leading UK fintech lender, QuidMarket is focused on the 20 million underserved consumers in the UK. Backed by Propel’s AI-powered technology, financial and operational expertise, and capital resources, we believe QuidMarket will be able to accelerate its growth while broadening access to credit for more underserved consumers,” said Clive Kinross, CEO of Propel.

Management believes that the Acquisition will be immediately accretive to Propel’s 2024 and 2025 Adjusted Earnings Per Share1, on a pro forma basis, and excluding transaction costs and before any synergies. 

“I want to officially welcome the QuidMarket team to Propel. Together, we will build a UK leader,” Mr. Kinross added.

“We have ambitious plans for the UK, and QuidMarket is a critical first step,” said Sheldon Saidakovsky, CFO of Propel and the executive in charge of leading the QuidMarket integration. “In advance of the closing, we outlined a multi-phased integration plan for QuidMarket. Initially we will focus on building financial and operational infrastructure that mirrors our own.  Once complete, we will begin to accelerate QuidMarket growth at both the top and bottom line. Laying the foundation to grow QuidMarket into the UK’s market leader will be a key focus as we head into 2025.”

Acquisition Financing and Subscription Receipt Conversion
The US$71 million purchase price for the Acquisition was funded from the net proceeds of Propel’s previously announced C$115 million bought deal offering of subscription receipts (the “Subscription Receipts”), which closed on October 3, 2024.

Upon closing of the Acquisition, each holder of a Subscription Receipt will be entitled to receive, automatically and without additional consideration or further action on the part of the holder, (i) one common share of Propel (the “Common Shares”) and (ii) a cash amount equivalent to the C$0.15 dividend per Common Share payable by the Company to holders of Common Shares of record on November 15, 2024, with payment occurring on December 4, 2024.

Trading in the Subscription Receipts is expected to be halted, the transfer register maintained by the subscription receipt agent will be closed and the Subscription Receipts will be delisted from the Toronto Stock Exchange (the “TSX”), in each case, effective as of the close of trading today. The Common Shares to be issued pursuant to the terms of the Subscription Receipts are expected to commence trading on the TSX on November 15, 2024.

About Propel
Propel Holdings (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel’s operating brands — Fora Credit, CreditFresh and MoneyKey — and our Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its AI-powered platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel.  Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at propelholdings.com

About QuidMarketLaunched in 2011, QuidMarket is a leading UK-based digital only consumer lender specializing in providing short-term installment loans to individuals with limited access to traditional financial solutions. QuidMarket is committed to responsible lending, offering tailored financial support to help consumers manage unexpected expenses.

Non-IFRS Financial Measures
This press release makes reference to “Adjusted Earnings Per Share” which is a non-IFRS financial measure. This measure is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

This non-IFRS financial measure is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other similar companies.

Definitions and reconciliations of non-IFRS financial measures to the relevant reported measures can be found in our Q3 2024 MD&A available on SEDAR+.

Forward-Looking Information 
This press release contains certain forward-looking statements that may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation that are based on Propel’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In particular, this press release contains forward-looking statements pertaining to Propel’s business strategy, plans and other expectations, beliefs, goals and objectives including, without limitation, the following: the Acquisition, the anticipated synergies and accretive value to Propel and its shareholders; statements regarding the effects of the Acquisition on Propel’s ability to accelerate growth and its plans and integration of the QuidMarket team, and statements around the dividend and dividend equivalent payments. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “intend”, “estimate”, “continue”, “anticipate” or the negative of these terms or variations of them or similar terminology suggesting future outcomes, events or performance. The forward-looking statements in this press release reflect management’s current beliefs and are based on information currently available to management, and are based on certain assumptions that Propel has made in respect thereof as at the date of this press release regarding, among other things: that Propel has and will have available capital to fund its capital expenditures; the success of Propel’s operations; the ability of Propel to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs, including costs associated with regulatory compliance in the UK; prevailing regulatory and tax laws and regulations; maintenance of operating margins; and certain other assumptions in respect of Propel’s forward-looking statements detailed in Propel’s Annual Information Form for the year ended December 31, 2023 (the “AIF”), Management’s Discussion and Analysis for the years ended December 31, 2023 and 2022 (the “Annual MD&A”) and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 (the “Interim MD&A”) and from time to time in Propel’s public disclosure documents available at www.sedarplus.ca and through Propel’s website at www.propelholdings.com.

Notes:

See “Non-IFRS Financial Measures” below. See also “Key Components of Results of Operations” in the Company’s Q3 2024 MD&A for further details concerning the non-IFRS financial measures used in this press release including definitions and reconciliations to the relevant reported IFRS measure.

 

SOURCE Propel Holdings Inc.

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Capital Advantage, Inc. Offers Tailored Financial Services for Kaiser Permanente® and TPMG Employees

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WALNUT CREEK, Calif., Jan. 10, 2025 /PRNewswire/ — Capital Advantage, Inc., a trusted name in wealth management, is proud to highlight its specialized services designed to meet the unique financial needs of Kaiser Permanente® and The Permanente Medical Group (TPMG) employees.

At Capital Advantage, we understand the complexities of Kaiser Permanente® and TPMG benefit plans. Our team is dedicated to helping healthcare professionals navigate their robust and often intricate benefit options. With over 30 years of expertise and a deep understanding of Kaiser’s offerings, we craft personalized financial plans to help maximize the value of our clients’ benefits.

“We recognize the unique challenges and opportunities that healthcare professionals face in managing their financial lives,” says Ian Castille, CFP®, Principal and Senior Financial Advisor at Capital Advantage, Inc.

Donna Zinman, CRPC®, Principal and Senior Advisor, adds, “Our goal is to educate our clients about their attractive benefit options and help them make the most of these opportunities.”

Key services for Kaiser Permanente® and TPMG employees include customized portfolio strategies and personalized guidance on retirement savings plans, identification of ideal pension options and annual open-enrollment benefit selections, advice on traditional vs. Roth 401(k) options, advanced tax-saving strategies (such as mega-backdoor Roth contributions), and simplification of retirement planning by working directly with Kaiser/TPMG’s benefits department. These services are designed to provide Kaiser/TPMG employees with peace of mind, confidence, and financial empowerment as they navigate their retirement and benefits planning.

About Capital Advantage, Inc.

Capital Advantage is a trusted, independently owned wealth management firm with over 40 years of experience helping individuals and families to achieve their financial goals. As a 100% fee-only fiduciary, Capital Advantage strives to provide financial peace of mind to each and every client, delivering large institution expertise with the personalized care and attention of a boutique firm. Our experienced advisors work closely with pre-retirees and retirees, women navigating unique financial journeys, and Kaiser Permanente® and The Permanente Medical Group (TPMG) employees to create strategies that provide clarity, confidence, and long-term success.

For more information on Capital Advantage’s services visit: Kaiser/TPMG Employees – Capital Advantage, Inc. or call (925) 299-1500 to contact one of our advisors for a no-cost initial consultation.

Disclaimer: Capital Advantage, Inc. is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Kaiser Permanente® or TPMG (The Permanente Medical Group)

Limitations: No amount of experience, recognition, or past success, nor the achievement of any professional designation, certification, degree, or license should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Capital Advantage is engaged, or continues to be engaged, to provide investment advisory services. Please see Important Disclosure.

View original content to download multimedia:https://www.prnewswire.com/news-releases/capital-advantage-inc-offers-tailored-financial-services-for-kaiser-permanente-and-tpmg-employees-302348316.html

SOURCE Capital Advantage, Inc.

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NASA Sets Coverage for Firefly First Commercial Robotic Moon Launch

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WASHINGTON, Jan. 10, 2025 /PRNewswire/ — Carrying NASA science and technology to the Moon as part of the agency’s CLPS (Commercial Lunar Payload Services) initiative and Artemis campaign, Firefly Aerospace’s Blue Ghost Mission 1 is targeting launch Wednesday, Jan. 15. The mission will lift off on a SpaceX’s Falcon 9 rocket from Launch Complex 39A at the agency’s Kennedy Space Center in Florida.

Live launch coverage will air on NASA+ with prelaunch events starting Monday, Jan. 13. Learn how to watch NASA content through a variety of platforms, including social media. Follow all events at:

https://www.nasa.gov/live/

After the launch, Firefly’s Blue Ghost lander will spend approximately 45 days in transit to the Moon before landing on the lunar surface in early March. The lander will carry 10 NASA science investigations to further our understanding of the Moon’s environment and help prepare for future human missions to the lunar surface, as part of the agency’s Moon to Mars exploration approach. 

Science investigations on this flight aim to test and demonstrate lunar subsurface drilling technology, regolith sample collection capabilities, global navigation satellite system abilities, radiation tolerant computing, and lunar dust mitigation methods. The data captured could benefit humans on Earth by providing insights into how space weather and other cosmic forces impact Earth. 

The deadline has passed for media accreditation for in-person coverage of this launch. The agency’s media accreditation policy is available online. More information about media accreditation is available by emailing: ksc-media-accreditat@mail.nasa.gov.

Full coverage of this mission is as follows (all times Eastern):

Monday, Jan. 13
2:30 p.m. – Lunar science media teleconference with the following participants:

Chris Culbert, CLPS program manager, NASA’s Johnson Space CenterMaria Banks, CLPS project scientist, NASA Johnson

Audio of the teleconference will stream live on the agency’s website:

https://www.nasa.gov/live/

Media may ask questions via phone only. For the dial-in number and passcode, please contact the Kennedy newsroom no later than 1:30 p.m. EST Jan. 13, at: ksc-newsroom@mail.nasa.gov.

Tuesday, Jan. 14
1 p.m. – Lunar delivery readiness media teleconference with the following participants:

Nicola Fox, associate administrator, Science Mission Directorate at NASA HeadquartersJason Kim, CEO, Firefly AerospaceJulianna Scheiman, director, NASA science missions, SpaceXMark Burger, launch weather officer, Cape Canaveral Space Force Station’s 45th Weather Squadron

Audio of the teleconference will stream live on the agency’s website:

https://www.nasa.gov/live/

Media may ask questions via phone only. For the dial-in number and passcode, please contact the Kennedy newsroom no later than 12 p.m. EST on Tuesday, Jan. 14, at: ksc-newsroom@mail.nasa.gov.

Wednesday, Jan. 15
12:30 a.m. – Launch coverage begins on NASA+ and the agency’s website.

1:11 a.m. – Launch

NASA Launch Coverage
Audio only of the media teleconferences and launch coverage will be carried on the NASA “V” circuits, which may be accessed by dialing 321-867-1220, -1240, or -7135. On launch day, the full mission broadcast can be heard on -1220 and -1240, while the countdown net only can be heard on -7135 beginning approximately one hour before the mission broadcast begins.

On launch day, a “tech feed” of the launch without NASA TV commentary will be carried on the NASA TV media channel.

NASA Website Launch Coverage
Launch day coverage of the mission will be available on the NASA website. Coverage will include live streaming and blog updates beginning no earlier than 12:30 a.m. EST Jan. 15, as the countdown milestones occur. On-demand streaming video and photos of the launch will be available shortly after liftoff. For questions about countdown coverage, contact the Kennedy newsroom at 321-867-2468. Follow countdown coverage on our launch blog for updates.

NASA Virtual Guests for Launch
Members of the public can register to attend this launch virtually. Registrants will receive mission updates and activities by email, including curated mission resources, schedule updates, and a virtual guest passport stamp following a successful launch. Print your passport and get ready to add your stamp!

Watch, Engage on Social Media
Let people know you’re following the mission on X, Facebook, and Instagram by using the hashtag #Artemis. You can also stay connected by following and tagging these accounts:

X: @NASA, @NASAKennedy, @NASAArtemis, @NASAMoon

Facebook: NASA, NASAKennedy, NASAArtemis

Instagram: @NASA, @NASAKennedy, @NASAArtemis

Coverage en Español
Did you know NASA has a Spanish section called NASA en español? Check out NASA en español on X, Instagram, Facebook, and YouTube for additional mission coverage.

Para obtener información sobre cobertura en español en el Centro Espacial Kennedy o si desea solicitar entrevistas en español, comuníquese con Antonia Jaramillo o Messod Bendayan a: antonia.jaramillobotero@nasa.gov o messod.c.bendayan@nasa.gov.

For media inquiries relating to the launch provider, please contact SpaceX’s communications department by emailing: media@spacex.com. For media inquiries relating to the CLPS provider, Firefly Aerospace, please contact Firefly’s communication department by emailing: press@fireflyspace.com.
For more information about the agency’s CLPS initiative, see:

https://www.nasa.gov/clps

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/nasa-sets-coverage-for-firefly-first-commercial-robotic-moon-launch-302348344.html

SOURCE NASA

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Universal Brain Announces Publication of Groundbreaking Depression Research Using Multiple Event-Related Potentials

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New findings support the company’s neuroscience-driven approach to precision psychiatry, offering actionable insights for personalized depression treatment

PALO ALTO, Calif., Jan. 10, 2025 /PRNewswire/ — Universal Brain, a pioneering technology company focused on transforming mental healthcare through neuroscience, today announced the publication of its latest peer-reviewed study, “Neurotyping depression using multiple event-related potentials (ERPs): Leveraging task-based variation to predict remission in depression,” the paper introduces a novel framework for detecting unique neurophysiological patterns that can help predict which depressed patients are most likely to achieve remission from depression.

“By combining several EEG paradigms with novel statistical analyses, we’re moving closer to a future where depression therapies can be precisely tailored to each individual,” said Kazu Okuda, Chief Executive Officer of Universal Brain. “In particular, we are poised to leverage a battery of EEG paradigms to better subtype depression – which will pave the way for more precision in treatment development and selection.  These functional measures of brain activity (i.e., neurotypes) will be used to determine what treatment works best for whom.”

Key Highlights of the Study

Multi-Task ERP Analyses
The study leveraged multiple cognitive and emotional tasks to capture a broader spectrum of brain responses, thereby enabling more robust classification of distinct depression subtypes.Predictive Neurotyping
Through comprehensive ERP assessment, researchers identified patterns linked to a higher likelihood of remission in depression, paving the way for more targeted clinical strategies. Combining ERPs from multiple tasks outperformed classifications based on more traditional single-task analyses.Implications for Precision Psychiatry
These findings underscore the potential of individualized treatment pathways—an approach backed by emerging research in the field of precision psychiatry, which calls for data-driven, personalized solutions to improve outcomes in mental health.

“This work is especially exciting because it bridges the gap between laboratory-based assessments and potential real-world clinical practice. We believe our new method can help physicians potentially select treatment but also help clinicians fine-tune therapeutic interventions to an individual’s unique neural signature,” commented Greg Hajcak, Chief Scientific Advisor of Universal Brain. “By leveraging multiple ERPs in varying tasks, we can aim to better predict who will respond to specific treatments, a key step in transforming how we approach depression management.”

Championing Precision Psychiatry

Universal Brain’s overarching mission is to integrate cutting-edge neuroscience with clinical insights to advance precision psychiatry—a transformative model of care that personalizes interventions based on individual biological, behavioral, and environmental factors. This focus resonates with emerging trends in psychiatric research to enhance treatment outcomes.

In close collaboration with academic institutions, research hospitals, and clinical partners, Universal Brain continues to drive neuroscience-based innovation that bridges the gap between academic discoveries and real-world patient care.

For more information on Universal Brain’s research and the company’s commitment to developing neuroscience-driven solutions for mental health, please visit universal-brain.com or email us at media@universal-brain.com.

About Universal Brain

Universal Brain is a science-driven technology company dedicated to revolutionizing mental healthcare by unlocking the power of precision psychiatry. Drawing on advances in neuroscience, data analytics, and engineering, Universal Brain develops innovative tools and platforms that personalize psychiatric treatment and improve patient outcomes. To learn more, visit www.universal-brain.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/universal-brain-announces-publication-of-groundbreaking-depression-research-using-multiple-event-related-potentials-302348351.html

SOURCE Universal Brain

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