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Billionaire Owner of Patagonia Donates Company

Patagonia’s billionaire owner, who announced Wednesday that he will give away the entire company to counteract climate change, is setting a new example in corporate environmental leadership.

As the founder of Patagonia, Yvon Chouinard, who transformed his passion for rock climbing into one of the world’s most successful sportswear companies, is giving his entire company to a unique trust and non-profit organisation, designed to dedicate all of its profits to saving the environment.

With the help of his wife, two children, and lawyers from Patagonia, Chouinard was able to create an organisational structure which will allow the company to continue to operate as a for-profit entity, with all proceeds going to environmental causes.

In addition, Chouinard’s family donated 2% of the company’s stock and all decision-making authority to a trust that will oversee the company’s mission and values. Approximately 98% of the company’s stock will be donated to a non-profit organisation called Holdfast Collective, which will use every dollar received to combat the environmental crisis, protect nature and biodiversity, and support thriving communities as quickly as possible.

As a feature of the organisation’s obligation to battle the natural emergency, Patagonia will circulate cash made subsequent to reinvesting in the business to the not-for-profit every year.

As expressed in the proclamation, the design was made to keep away from the organisation being sold or taken public, which would have implied an adjustment of the organisation’s qualities.

Patagonia’s new bearing is intended to set a model that discredits the old investor free enterprise aphorism that corporate objectives other than benefit will simply confound financial backers, composed Patagonia board seat Charles Conn in an assessment piece in Fortune magazine on Wednesday.

Chouinard and Patagonia have for some time been ground breakers in natural activism and worker benefits. In its almost 50 years in activity, the Ventura, California-based organisation has been known for broad advantages for representatives, remembering for site nurseries and evenings off on great surf days.

During the 80s, the organisation started giving 1% of its deals to natural gatherings, a program formalised in 2001 as the “1% for the Planet Plan”. The program has come about in $140m in gifts for safeguarding and reclamation of the common habitat, as per the organisation.

Glass Box Modernises the Private Stock Offering Process

An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Companies must meet requirements by exchanges and the Securities and Exchange Commission (SEC) to hold an IPO.

MCAPMediaWire – TODAY, the GLASS BOX companies have unveiled the first of its kind digital stock offering platform.

The Glass Box platform offers both private and public companies the ability to:

  1. develop fully compliant securities offerings in a digital format,
  2. qualify investors to participate in those offerings,
  3. accept and track subscriptions in those offerings,
  4. apply to have securities included in those offerings electronically registered (so they can appear on investor brokerage statements), and
  5. seamlessly broadcast those offerings to each company’s existing network of investors, the Glass Box network of investors, and accredited investors across the internet via integrated press and social media campaigns.

With the Glass Box Offering Portal System, it is now possible for companies to complete in just a few days what has historically taken a matter of months.

“We are thrilled to be bringing to market a platform that can help emerging companies take full advantage of modern securities laws, and more efficiently raise capital,” said President and Founder of Glass Box Law, Steve Gribben.

“Only since the passage of the Jumpstart Our Businesses Act in 2015, has it been possible for private securities offerings targeted toward accredited investors to be broadly advertised.  And prior to the development of Glass Box platform, there really wasn’t a true turn-key solution that could help issuers fully capitalise on this rule change.”

Glass Box expects to give today’s most innovative companies direct access to capital from individual accredited investors, family offices, venture funds, and other institutions that may have otherwise been beyond their reach.

About Glass Box: Located in Irvine, California, the Glass Box companies bring together a unique suite of services to help both public and private companies raise capital and maintain investor communications.

Glass Box Law (glassboxlaw.com) – As a licensed law firm, Glass Box Law assists issuers in the development of legally compliant digital stock offerings.

Glass Box Agency (glassboxagency.com) – As a digital advertising agency focused on investor relations, Glass Box Agency helps both private and public companies to expand brand exposure and communicate with investors in the public market.

Glass Box MKT (glassboxmkt.com) – As a digital marketplace for emerging companies seeking to raise capital, Glass Box MKT makes it possible to access qualified investors across the internet at large.

To learn more about how the Glass Box companies can be of services, please view our offering or contact Glass Box at info@glassboxlaw.com.

Press Contact:

Glass Box Agency
18201 Von Karman Ave.
Suite 300
Irvine, CA 92612
(949) 878-3740
info@glassboxagency.com

Penn National Gaming Reports Fourth Quarter Revenues

Penn National Gaming today reported financial results for the three months and year ended December 2021. Penn National owns, operates or has ownership interests in 39 gaming and racing facilities, and video gaming terminal operations across the United States of America.

2021 Fourth Quarter Financial Snapshot:

  • Revenues of $1.6 billion, an increase of $545.1 million year-over-year and $231.3 million versus 2019;
  • Net income of $44.8 million and net income margin of 2.8%, as compared to net income of $12.7 million and net income margin of 1.2% in the prior year and net loss of $92.9 million and net loss margin of 6.9% in 2019;
  • Adjusted EBITDAR of $480.5 million, an increase of $115.1 million year-over-year and $81.1 million versus 2019;
  • Adjusted EBITDA of $369.0 million, an increase of $113.1 million year-over-year and $65.0 million versus 2019; and
  • Adjusted EBITDAR margins of 30.6%, as compared to 35.6% in the prior year and 29.8% in 2019.

Jay Snowden, President and CEO commented, “I am pleased to report a strong finish to another transformative year for Penn National. Our fourth quarter revenues of $1.6 billion and Adjusted EBITDAR of $480.5 million exceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic.”

Penn National Gaming expects full-year revenue in the range of $6.07 billion to $6.39 billion.

While the market for online gambling is growing and can be a promising revenue stream for Penn, analysts caution there could be bumps in the road. Two of the so-called Big Four states still do not allow sports betting. New York and Michigan recently passed laws allowing sports wagering, but California and Florida have not.

The company also owns a 36% stake in sports and pop culture blog, Barstool Sports.

Arowana Media Holdings Launches Reg CF

To launch something is to propel it or get it going, usually from a standing position. You can launch a rocket, a career, a product or even a watermelon.

McapMediaWire – Mike The Pike Productions Inc. (OTC: MIKP) (“The Company”), ($MIKP) flagship subsidiary Arowana Media Holdings Inc. officially announces its live offering on NetCapital.com for the company’s growing portfolio of entertainment IP rights which currently includes Dynamite Comics’ iconic Vampirella universe, Barbara O’Connor’s NYT Bestselling novel Wish, and Graeme Reynold’s visceral werewolf saga, High Moor, among others.

Fans, Shareholders, and Investors interested in development stage company opportunities are invited to review the offering and accompanying pitch deck.

A recent Forbes article by Peter Csathy conveys the power of a model like ours given the current state of the industry, and can be found here: Content Ownership Is King: That’s Why Movie, TV & Music Libraries Are In Such High Demand.

Ownership in Arowana shares is separate from ownership in $MIKP shares, however management is confident that funds raised in Arowana will indirectly benefit the parent company and its shareholders.

“We are excited to announce the offering on Netcapital today as part of a soft launch, which will be followed by a robust online and social marketing campaign in the coming days,” states Producer and CEO, Mark B. Newbauer, who has personally funded much of the existing portfolio to the benefit of The Company and its shareholders.

“More than ever, studios/streamers are seeking Entertainment IP as source material for content development, and we have identified a number of exciting properties we feel have significant market potential.  As well, we are honoured to have aligned ourselves with a team of industry renown professionals such as Jon Levin (producer with nearly four decades as an agent with CAA) and Joseph Lanius (entertainment attorney with extensive experience in rights, production, and distribution).

“Jon’s contributions to so many clients and companies reach back 38 years. His ability to pick great stories and entertainment is only surpassed by his character and integrity. He’s going to be one of the great producers in our business; in many ways, he already is” CAA partner, Bryan Lourd.

“Another near-term priority for us is to see Mike The Pike Productions Inc. (OTC: MIKP) through to Pink Current on OTC Markets with updated filings and disclosure in line with stated requirements,” adds Newbauer.

Details on existing and any additional assets will be covered in subsequent announcements alongside the Reg CF campaign.

About Arowana Media Holdings & Mike The Pike Entertainment:

Arowana Company Logo

Arowana Company Logo

Arowana Media Holdings Inc. is an IP Acquisitions and Development Company with a focused plan to build a diverse portfolio of IP to be produced and exploited in the entertainment marketplace via its flagship subsidiary, Mike the Pike Entertainment, LLC, which will acquire, incubate and develop IP which can then be used to complement horizontally integrated subsidiaries focused in Film / Television / Streaming, Publishing, Software / Gaming, esports, AR/VR, and Artificial Intelligence.

Contact:

Mike The Pike Company Logo

Mike The Pike Company Logo

CEO: Mark B. Newbauer
Email: hey@mikethepike.com

Baker McKenzie Grows Transactional Division

Baker McKenzie announced today that Aarthi Belani has joined the Transactional practice as a partner in the Firm’s Palo Alto office, bringing experience advising technology and life sciences companies on mergers and acquisitions and venture capital transactions.

Aarthi joins the Firm from Jones Day, where she was a partner.

Aarthi represents strategic acquirers, especially in cross-border deals, emerging growth technology companies, venture capital funds, and corporate venture capital. She has also represented the sell-side and advised on digital health, financial services, and impact investment deals.

Recent major transactions she has worked on include representing Uniphore Technologies in its Series D fundraising, acquisitions for Five9, a provider of cloud contact-centre solutions, AbbVie in its acquisition of Mavupharma, SAP in its $8 billion acquisition of Qualtrics, and Oclaro in its $1.8 billion sale to Lumentum.

Previously, Aarthi was on the in-house strategy mergers and acquisitions legal team at Credit Suisse in New York, where she was also a member of the Sustainability Network, a Credit Suisse OneBank initiative to develop impact investment products.

She started her legal career at Cleary Gottlieb Steen & Hamilton in New York, where she worked on complex strategic mergers and acquisitions, especially cross-border mergers and acquisitions.

In 2018, she was recognised as a “40 Under 40” honouree by the Silicon Valley Business Journal.

She is a mentor for the Unreasonable Group and a Leadership Committee member of How Women Lead, which is part of the campaign to increase the representation of women on corporate boards.

Our California M&A team has advised on some of the largest and most complex transactions in Silicon Valley, helping clients seize opportunities, mitigate risk, make judgment calls and achieve their goals. With locally trained lawyers around the globe, we serve as a “one-stop shop” for acquisitions, providing a consistent approach and quality, supported by in-depth local knowledge and a global perspective.

Aarthi received her LL.M. and J.D. from New York University and her B.A. from Stanford University.

Product Liability Lawyers Join DLA Piper in LA

DLA Piper law firm announced today that Jayme Long has joined the firm’s Litigation and Regulatory practice as a partner based in Los Angeles.

Long is a first-chair trial lawyer who defends companies faced with complex litigation matters in a broad array of areas, including product liability, premises liability, mass torts and commercial litigation. She represents companies in the energy, chemical, manufacturing, safety and maritime industries in state and federal courts across the country.

In addition to Long, of counsel and certified appellate specialist Justin Sarno and associates Stephanie Peatman and Alexander Giraldo have also joined the Litigation and Regulatory practice in Los Angeles, along with paralegal Hannah Ali and trial assistant David Mitchell.

“Jayme is a deeply experienced trial attorney with an incredible range, demonstrated by a strong understanding of scientific and complex legal issues and an excellent track record in the courtroom. She and her team will add significant value and depth to our capabilities, allowing us to better serve the needs of companies operating in a wide range of sectors,” said James Brogan, United States chair and global co-chair of DLA Piper’s Litigation and Regulatory practice.

“I have followed the growth of Jayme’s practice for years and am very excited that she is joining DLA Piper. She and her team complement and expand our product liability and commercial disputes offerings on the West Coast, and her addition demonstrates our continued dedication to growing our presence in Southern California,” said Angela Agrusa, managing partner of the firm’s Los Angeles offices.

Long joins from Dentons United States LLP. She received her J.D. from Pepperdine School of Law and her B.S. from San Diego State University.