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News Article | April 17, 2017
Site: www.forbes.com

In early March, a bearish inventory report from the Energy Information Administration's (EIA) Weekly Petroleum Status Report (WPSR) caused a sell-off in oil prices. The price of West Texas Intermediate (WTI) dropped below $50 a barrel (bbl) for the first time since December and proceeded to remain below $50/bbl for the next three weeks. At the time I noted that the inventory report wasn't as bearish as it seemed. Although the EIA reported an 8.2 million barrel crude oil build, there were mitigating factors. One is that this is refinery maintenance season, the time of year that crude oil tends to pile up as refinery utilization falls. Lower refinery utilization also results in product inventories being drawn down, and that happened as well during that week. More than offsetting the 8.2 million barrel crude oil build was a gasoline inventory draw of 6.6 million barrels and a distillate fuel inventory draw of 2.7 million barrels. When all finished products were included in the mix, total commercial inventories actually decreased by 2.4 million barrels that week. But the other mitigating factor was one for which I had no solid explanation until now. Despite record high crude oil inventories in the U.S., crude oil imports have been rising. During that week in March with such a large inventory build, imports had averaged 8.2 million barrels per day (BPD) of crude oil. The inventory build was equal to only a single day of U.S. crude oil imports. One reason the U.S. imports crude oil is that some refineries are better suited to handle crudes that are heavier than those produced in the Bakken or Permian Basin. It may be more economical for a Gulf Coast refiner to import oil from Venezuela and then either sell those finished products locally or export them. But I suspected there was more to it than that, so I recently posed the question to Tamar Essner, who is a lead energy analyst at Nasdaq Advisory Services. I asked why, in the face of record inventories, crude inventories in the U.S. remain so high. She replied: "I think there are a few things going on here. Of course, a lot of U.S. refineries are geared to take heavy, sour crudes that are imported since most of the domestically sourced crude is light and sweet. I think there is a fear of a border adjustment tax, and refiners are hoarding oil ahead of that. Second, since the market has been in contango, there was a strong incentive to store oil in vessels to sell in the future at higher prices. The market is moving toward backwardation, making it less economical to do so. The U.S. has the cheapest storage in the world, so I think you are seeing a lot of floating storage come to the U.S. Also some of these imports reflect agreements made from before the OPEC cuts and we expect the pace of imports to the US to slow over coming weeks." Those were both interesting points that I hadn't heard before. Over the past year, a lot of oil was stored offshore, but now the potential payoff for storing that crude oil has vanished. That is removing the incentive to store oil, and it is coming onshore in the U.S. where it is cheaper to store. Second is a fear from U.S. refiners that a border adjustment tax is coming. It is certainly possible that this is something refiners fear. But I also think it's going to be one of those things that when President Trump learns a bit more about the overall implications (such as the possibility Mexico would tax U.S. natural gas exports) he will have second thoughts about going through with that idea. In any case, the market seems to have recovered from its fear that the U.S. is drowning in oil, with the price recovering back to above $50/bbl. Whether it remains there will depend very much on what OPEC decides to do at next month's meeting. Robert Rapier has over 20 years of experience in the energy industry as an engineer and an investor. Follow him on Twitter @rrapier or at The Energy Letter.


News Article | April 26, 2017
Site: globenewswire.com

Breda, the Netherlands / Ghent, Belgium - argenx N.V. (Euronext Brussels: ARGX), a clinical-stage biopharmaceutical company focused on creating and developing differentiated therapeutic antibodies for the treatment of cancer and severe autoimmune diseases, today announced that all resolutions presented at the Company's Annual General Meeting were duly passed at the meeting, which was held today at 09:00 CEST. Voting results All proposed resolutions on the agenda for this annual meeting were approved. The results of the votes will be posted shortly on the Company's website and are summarized below: Changes to the board of directors In the context of a further alignment of our governance model with international standards, Dr. J. de Koning, a non-executive director has resigned from the Board. Mr. Eric Castaldi also resigned as an executive director but remains the CFO of the Company. The shareholders have appointed Msc. A.A. Rosenberg as a new non-executive Director. Mr. Rosenberg served as Corporate Head of M&A and Licensing at Novartis Pharma from January 2013 until February 2015.  He has also been a Managing Director of MPM Capital, a venture capital firm, since April 2015 and currently serves as CEO of TR Advisory Services GmbH, a consultancy firm advising on business development, licensing and mergers and acquisitions. Peter Verhaeghe, chairman of the board, commented: "I would like to welcome Tony Rosenberg and to thank John de Koning for his long-lasting support to the company as venture capital investor and for his valuable strategic business and scientific contributions as a director. I am also pleased with the gradual transition of our board composition over the past years, with all non-executive directors qualifying now as independent directors." Authorization to use shares in relation to a possible NASDAQ listing Furthermore, the shareholders' meeting has granted the authorization to the board of directors to issue shares in relation to a possible NASDAQ listing of the Company in 2017. About argenx argenx is a clinical-stage biotechnology company developing a deep pipeline of differentiated antibody-based therapies for the treatment of severe autoimmune diseases and cancer. We are focused on developing product candidates with the potential to be either first-in-class against novel targets or best-in-class against known, but complex, targets in order to treat diseases with a significant unmet medical need. Our ability to execute on this focus is enabled by our suite of differentiated technologies. Our SIMPLE Antibody(TM) Platform, based on the powerful llama immune system, allows us to exploit novel and complex targets, and our three antibody engineering technologies are designed to enable us to expand the therapeutic index of our product candidates.   www.argenx.com For further information, please contact: The contents of this announcement include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should", and include statements argenx makes concerning the intended results of its strategy, including its restructuring as a Societas Europaea and its possible NASDAQ listing in 2017. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx's actual results may differ materially from those predicted by the forward-looking statements. argenx undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.


News Article | April 17, 2017
Site: www.prleap.com

(PRLEAP.COM) SALT LAKE CITY, Utah – April 13, 2017 – DFPG Investments, Inc. (DFPG: www.dfpg.com ), a dually-registered independent broker-dealer and investment advisor, recently expanded its RIA product platform to include a hybrid-robo offering. The new platform, called Indexed Managed Solutions (IMS), was formed in partnership with RBC and State Street Global Advisors (SSGA). Ryan Smith , DFPG's President, says "The IMS Platform was developed in an effort to provide a low-cost solution that also allows for lower account minimums." Smith continues, "As the industry prepares for the potential roll out of the DOL Fiduciary Rule and as the robo-advisor trend continues, we believe it is important to have a solution that allows our advisors to work with clients at all account levels while maintaining a competitive fee structure."DFPG's CEO, Mike Bendix , says that "DFPG is widely recognized as an industry leader in alternative investments and securitized real estate. But we also have a very compelling RIA solution that complements our broker-dealer brand and broadens our ability to compete in the marketplace. Our IMS Platform is one example of the types of things we are doing."In addition to its IMS Platform, DFPG provides its advisors with several other platforms . For example, DFPG's Advisor Managed Solutions (AMS) Platform enables advisors to direct their client's investments, whereas the RBC Managed Solutions (RMS) Platform provides advisors with access to a broad array of separate account managers (SMAs) vetted both by RBC as well as DFPG's in house analyst team lead by Dr. Jeff Brimhall, PhD, CFA®.Since January 2015, DFPG's RIA has experienced considerable growth. Ryan Smith, DFPG's President, says that, "As we continue our leadership in the alternative investments space, we feel it is equally important to provide our advisors and their clients access to a best-in-class wealth management division and much of our recent growth stems from advisors who are joining our RIA."Smith says that several factors explain the growth of DFPG's RIA. "As the industry continues to shift towards more fee-based models, advisors still need access to alternative offerings and the due diligence a BD partner can provide. DFPG strives to provide the best of both worlds: a unique and complimentary alternative platform on the BD side, and a competitive wealth management platform on the RIA side."Smith adds, "DFPG's RIA is a great solution for existing investment advisors who need a new partner and want a better relationship with their broker-dealer, or for advisors who are transitioning their business to a fee-based model, but don't want to open their own RIA. We have created a streamlined and comprehensive solution for advisors and their clients."DFPG's RIA Platform features a unique clearing and custody relationship with RBC, a state-of-the-art technology solution for investment advisors and their clients, and an in-house CFA that helps manage the various product platforms.For more information about DFPG's broker-dealer and RIA, including media inquiries, contact Nick Hansen ( nhansen@dfpg.com ).Securities and Investment Advisory Services offered through DFPG Investments, Inc. Member FINRA/SIPC.This is neither an offer to sell nor a solicitation of an offer to buy securities.The information in this press release alone cannot, and should not be used in making investment decisions.Investors should carefully consider the investment objectives, risks, charges and expenses associated with any investment.


News Article | April 26, 2017
Site: globenewswire.com

Breda, the Netherlands / Ghent, Belgium - argenx N.V. (Euronext Brussels: ARGX), a clinical-stage biopharmaceutical company focused on creating and developing differentiated therapeutic antibodies for the treatment of cancer and severe autoimmune diseases, today announced that all resolutions presented at the Company's Annual General Meeting were duly passed at the meeting, which was held today at 09:00 CEST. Voting results All proposed resolutions on the agenda for this annual meeting were approved. The results of the votes will be posted shortly on the Company's website and are summarized below: Changes to the board of directors In the context of a further alignment of our governance model with international standards, Dr. J. de Koning, a non-executive director has resigned from the Board. Mr. Eric Castaldi also resigned as an executive director but remains the CFO of the Company. The shareholders have appointed Msc. A.A. Rosenberg as a new non-executive Director. Mr. Rosenberg served as Corporate Head of M&A and Licensing at Novartis Pharma from January 2013 until February 2015.  He has also been a Managing Director of MPM Capital, a venture capital firm, since April 2015 and currently serves as CEO of TR Advisory Services GmbH, a consultancy firm advising on business development, licensing and mergers and acquisitions. Peter Verhaeghe, chairman of the board, commented: "I would like to welcome Tony Rosenberg and to thank John de Koning for his long-lasting support to the company as venture capital investor and for his valuable strategic business and scientific contributions as a director. I am also pleased with the gradual transition of our board composition over the past years, with all non-executive directors qualifying now as independent directors." Authorization to use shares in relation to a possible NASDAQ listing Furthermore, the shareholders' meeting has granted the authorization to the board of directors to issue shares in relation to a possible NASDAQ listing of the Company in 2017. About argenx argenx is a clinical-stage biotechnology company developing a deep pipeline of differentiated antibody-based therapies for the treatment of severe autoimmune diseases and cancer. We are focused on developing product candidates with the potential to be either first-in-class against novel targets or best-in-class against known, but complex, targets in order to treat diseases with a significant unmet medical need. Our ability to execute on this focus is enabled by our suite of differentiated technologies. Our SIMPLE Antibody(TM) Platform, based on the powerful llama immune system, allows us to exploit novel and complex targets, and our three antibody engineering technologies are designed to enable us to expand the therapeutic index of our product candidates.   www.argenx.com For further information, please contact: The contents of this announcement include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should", and include statements argenx makes concerning the intended results of its strategy, including its restructuring as a Societas Europaea and its possible NASDAQ listing in 2017. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx's actual results may differ materially from those predicted by the forward-looking statements. argenx undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.


News Article | April 26, 2017
Site: globenewswire.com

Breda, the Netherlands / Ghent, Belgium - argenx N.V. (Euronext Brussels: ARGX), a clinical-stage biopharmaceutical company focused on creating and developing differentiated therapeutic antibodies for the treatment of cancer and severe autoimmune diseases, today announced that all resolutions presented at the Company's Annual General Meeting were duly passed at the meeting, which was held today at 09:00 CEST. Voting results All proposed resolutions on the agenda for this annual meeting were approved. The results of the votes will be posted shortly on the Company's website and are summarized below: Changes to the board of directors In the context of a further alignment of our governance model with international standards, Dr. J. de Koning, a non-executive director has resigned from the Board. Mr. Eric Castaldi also resigned as an executive director but remains the CFO of the Company. The shareholders have appointed Msc. A.A. Rosenberg as a new non-executive Director. Mr. Rosenberg served as Corporate Head of M&A and Licensing at Novartis Pharma from January 2013 until February 2015.  He has also been a Managing Director of MPM Capital, a venture capital firm, since April 2015 and currently serves as CEO of TR Advisory Services GmbH, a consultancy firm advising on business development, licensing and mergers and acquisitions. Peter Verhaeghe, chairman of the board, commented: "I would like to welcome Tony Rosenberg and to thank John de Koning for his long-lasting support to the company as venture capital investor and for his valuable strategic business and scientific contributions as a director. I am also pleased with the gradual transition of our board composition over the past years, with all non-executive directors qualifying now as independent directors." Authorization to use shares in relation to a possible NASDAQ listing Furthermore, the shareholders' meeting has granted the authorization to the board of directors to issue shares in relation to a possible NASDAQ listing of the Company in 2017. About argenx argenx is a clinical-stage biotechnology company developing a deep pipeline of differentiated antibody-based therapies for the treatment of severe autoimmune diseases and cancer. We are focused on developing product candidates with the potential to be either first-in-class against novel targets or best-in-class against known, but complex, targets in order to treat diseases with a significant unmet medical need. Our ability to execute on this focus is enabled by our suite of differentiated technologies. Our SIMPLE Antibody(TM) Platform, based on the powerful llama immune system, allows us to exploit novel and complex targets, and our three antibody engineering technologies are designed to enable us to expand the therapeutic index of our product candidates.   www.argenx.com For further information, please contact: The contents of this announcement include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should", and include statements argenx makes concerning the intended results of its strategy, including its restructuring as a Societas Europaea and its possible NASDAQ listing in 2017. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx's actual results may differ materially from those predicted by the forward-looking statements. argenx undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.


Invested Advisors, Inc., Offers Access to Business Experts to Help Companies Accelerate Growth Through Cohesive Services Broad Spectrum of Business Solutions and Expert Resources to Increase Engagement and Improve Performance. San Diego, CA, April 15, 2017 --( The company’s leadership team includes: · Herman C. Collins, Director, Public Sector · Mary Garrett, Director, Public and Media Relations and Crisis Management · Andrea Lane, Director of Corporate Engagement · Kati Morton, Chief Marketing Officer · Briana Olsen, Director of Operations and Client Services · Greg Parry, Director, The Journey Experience · Crystal Sargent, Founder and Chief Executive Officer The firm was built on the framework of offering a robust team of business executives and experts offering solutions in corporate positioning, topline growth in sales, marketing, and product delivery coupled with workforce engagement and productivity, through its Invested Traveler division. The company supports publicly traded, privately held and non-profit organizations realize more sustainable operations and accelerated growth. Invested Advisors is led by Founder and Chief Executive Officer Crystal Sargent who notably developed the corporate positioning for Torrey Pines Bank, where she was Marketing Director from 2005 until she started Invested Advisors in 2016. Her efforts at Torrey Pines Bank centered on client-centric branding, programmatic and technological solutions which helped facilitate growth from $200 million to $2.1 billion during her tenure. She previously was the Manager of Communications for Harris Private Bank, part of a $900 billion financial institution. “Our goal is to provide solutions that further position our clients for accelerated growth in the improving economy, which is reflected in U.S. jobs growth and real GDP. The 4th quarter of 2016 reflected increases in consumer and government spending and business investments,” said Sargent. “Our expanded team will help clients take advantage of market opportunities by intersecting their corporate strategy and optimistic market conditions with solutions that are backed by innovation, research, due diligence, creativity and experience. Further, rather than having advisors operate in silos, our team structure put the client at the center, which saves them time and money by having a team under one umbrella who can support the organization across their business operation.” The company’s Invested Traveler division is also picking up steam, helping clients improve employee productivity and culture to improve financial performance. The company has coined its business practice The Journey Model of Workforce EngagementTM and helps improve results through development of strategic corporate retreats, curated business development experiences and travel-incentive programs. The team’s rich history in developing programmatic solutions such as the Radys Children’s Hospital Ball and Making the Cut, a partnership with the Farmers Insurance Open, which the PGA adopted as a national event strategy across all of its U.S. tournament assets will continue to be a hallmark of the company’s ability to bring forth enthusiasm for its clients’ brand, products and services. “Each member of the Invested Advisors team has experienced great career successes and by bringing this team together, we are poised to provide the highest level of strategic thinking, business acumen and client service to help our clients gain profitability and market share,” stated Kati Morton, Chief Marketing Officer. About Invested Advisors, Inc.: Invested Advisors, Inc., is a fast growing privately-held California-based B2B service firm that offers a broad spectrum of business services and solutions and expert resources, that help business owners, executives and employees increase engagement and improve performance, delivered through its Invested Advisory Services™, Invested Traveler™ and BUY IT/BOX IT™ divisions. Invested Advisory Services offers access to a robust team of top level executives and business experts with proven track records helping publicly traded and privately held businesses accelerate topline growth and improve efficiencies. Invested Traveler™ helps organizations enhance employee engagement and staff development through The Journey Model of Workforce Engagement – including corporate retreats, business development performance management solutions and custom curated travel incentive programs. BUY IT/BOX IT is the company’s eCommerce platform that delivers travel accessory products in the luxury category and shipping and logistics solutions. For more information about Invested Advisors Inc., please visit www.investedadvisors.com or call the firm at 800-672-7560. San Diego, CA, April 15, 2017 --( PR.com )-- Invested Advisors, Inc., a California-based business-to-business professional and business management consulting firm, just announced its expanded leadership team.The company’s leadership team includes:· Herman C. Collins, Director, Public Sector· Mary Garrett, Director, Public and Media Relations and Crisis Management· Andrea Lane, Director of Corporate Engagement· Kati Morton, Chief Marketing Officer· Briana Olsen, Director of Operations and Client Services· Greg Parry, Director, The Journey Experience· Crystal Sargent, Founder and Chief Executive OfficerThe firm was built on the framework of offering a robust team of business executives and experts offering solutions in corporate positioning, topline growth in sales, marketing, and product delivery coupled with workforce engagement and productivity, through its Invested Traveler division. The company supports publicly traded, privately held and non-profit organizations realize more sustainable operations and accelerated growth.Invested Advisors is led by Founder and Chief Executive Officer Crystal Sargent who notably developed the corporate positioning for Torrey Pines Bank, where she was Marketing Director from 2005 until she started Invested Advisors in 2016. Her efforts at Torrey Pines Bank centered on client-centric branding, programmatic and technological solutions which helped facilitate growth from $200 million to $2.1 billion during her tenure. She previously was the Manager of Communications for Harris Private Bank, part of a $900 billion financial institution.“Our goal is to provide solutions that further position our clients for accelerated growth in the improving economy, which is reflected in U.S. jobs growth and real GDP. The 4th quarter of 2016 reflected increases in consumer and government spending and business investments,” said Sargent. “Our expanded team will help clients take advantage of market opportunities by intersecting their corporate strategy and optimistic market conditions with solutions that are backed by innovation, research, due diligence, creativity and experience. Further, rather than having advisors operate in silos, our team structure put the client at the center, which saves them time and money by having a team under one umbrella who can support the organization across their business operation.”The company’s Invested Traveler division is also picking up steam, helping clients improve employee productivity and culture to improve financial performance. The company has coined its business practice The Journey Model of Workforce EngagementTM and helps improve results through development of strategic corporate retreats, curated business development experiences and travel-incentive programs.The team’s rich history in developing programmatic solutions such as the Radys Children’s Hospital Ball and Making the Cut, a partnership with the Farmers Insurance Open, which the PGA adopted as a national event strategy across all of its U.S. tournament assets will continue to be a hallmark of the company’s ability to bring forth enthusiasm for its clients’ brand, products and services.“Each member of the Invested Advisors team has experienced great career successes and by bringing this team together, we are poised to provide the highest level of strategic thinking, business acumen and client service to help our clients gain profitability and market share,” stated Kati Morton, Chief Marketing Officer.About Invested Advisors, Inc.:Invested Advisors, Inc., is a fast growing privately-held California-based B2B service firm that offers a broad spectrum of business services and solutions and expert resources, that help business owners, executives and employees increase engagement and improve performance, delivered through its Invested Advisory Services™, Invested Traveler™ and BUY IT/BOX IT™ divisions.Invested Advisory Services offers access to a robust team of top level executives and business experts with proven track records helping publicly traded and privately held businesses accelerate topline growth and improve efficiencies. Invested Traveler™ helps organizations enhance employee engagement and staff development through The Journey Model of Workforce Engagement – including corporate retreats, business development performance management solutions and custom curated travel incentive programs. BUY IT/BOX IT is the company’s eCommerce platform that delivers travel accessory products in the luxury category and shipping and logistics solutions.For more information about Invested Advisors Inc., please visit www.investedadvisors.com or call the firm at 800-672-7560. Click here to view the list of recent Press Releases from Invested Advisors


— The future of public programs, like those provided by the Affordable Care Act and Social Security, is anything but certain. For many baby boomers who are retiring now, however, Social Security will likely make up a good portion of their income. That means understanding how Social Security works is of paramount importance. Although people tend to think of Social Security as something they “just get” when they reach a certain age, Jeff Gove and his partners, Scott Nachtigal and Tim Kulhanek, founders of Stonebridge Insurance and Wealth Management, note that this isn’t the case. “There are actually hundreds of different ways a person can draw Social Security, but most people don’t know that,” Gove says. An article in USA Today (“How Much Will I Get from Social Security If I Make $50,000?”, Dec. 1, 2016) reports that a worker making $50,000 who has paid into the system for 35 years can expect to draw about $1,800 per month in Social Security after retirement. But this amount can decrease by up to 25 percent or increase depending on how the plan is structured. “It’s important to make choices from the beginning that can provide the optimal benefits,” Gove adds, “because there are penalties for changing the plan, and there’s a very small window when changes are allowed.” One reason many soon-to-be retirees don’t know about their Social Security options has to do with where they’re getting their information. Nachtigal remarks, “By law, the people who work at the Social Security Administration can’t offer advice; they can only answer questions and present options. And most people don’t know what questions to ask.” Not asking the right questions can mean the difference between getting all one is entitled to and getting much less. Although more and more people approaching retirement are turning to financial professionals for assistance with what can be a dizzying array of options including health care and life insurance considerations, not all financial professionals or retirement plans are created equally. Gove, Nachtigal and Kulhanek, who have written articles for Fortune Magazine and have written for and appeared live on Fox Business, stress a holistic approach to planning. “If someone is only securities licensed and not insurance licensed, or vice versa, they will not be able to come up with the most comprehensive plan,” Nachtigal warns, “and if they don’t understand how Social Security works or how it’s taxed, that can really put the client at a disadvantage.” A rounded approach includes considering Social Security, retirement savings accounts like IRAs and 401(k)s, insurance, medical expenses and more. Gove notes that “punching holes” in the plan is important to see where certain aspects of life may need more consideration. “It’s crucial to think about what happens if someone has to go into a nursing home and to consider the very real possibility of high medical expenses,” he adds. Nachtigal agrees, noting that while people tend to focus heavily on life insurance, life insurance needs tend to go down after retirement, and living expenses, such as long-term care, are what retirees need to be thinking about in most cases. With so many moving parts in a retirement plan, and so many different companies offering products that address one or more areas, it can be confusing to discern which one to choose. It might seem that the easiest option is to go with one company and use all of its products, but this approach may not yield the best handling of assets. The partners advocate, instead, choosing the optimal products — regardless of what company is offering them — and curating a custom plan that works. “It’s important to shop around,” Gove advises. “That’s one of the best way to build a comprehensive plan that will help to cover all the bases.” Crucial in all of this is the appropriate guidance. “The last thing a financial professional should be doing is trying to sell a product,” Kulhanek stresses. “The No. 1 concern should be, ‘How will these options make retirees’ lives better?’ The aim is to put together a plan that will be beneficial and for the retiree to understand exactly what each product that was chosen is doing for them.” Gove adds that going into retirement debt-free, if at all possible, is a great move. Although working for an extra year or two may not sound appealing, it may be worth it if the outcome is being able to pay down accounts before retiring and having a potentially higher monthly benefit payout. Although the future of Social Security is unsure, it is currently still the base of most retirement plans. Understanding how it works and choosing the best option available to you right from the start is important to helping ensure that base is strong. Jeffrey Gove, Scott Nachtigal, and Tim Kulhanek are Investment Advisory Representatives of Retirement Wealth Advisors Inc. (RWA), 89 Ionia NW, Suite 600, Grand Rapids, MI 49503, (800) 903-2562. Investment advisory services are offered through RWA. Stonebridge Insurance and Wealth Management and RWA are not affiliated. Securities offered through TCM Securities, Inc. Members FINRA - SIPC. Neither (Rep) nor TCM Securities, Inc., are affiliated with the US Government or a governmental agency. This information has not been approved, endorsed, or authorized by the Social Security Administration. Contact Info: Name: Jeffrey Gove, Principal, President of Investments - Scott Nachtigal, Principal, Director of Insurance - Tim Kulhanek, Principal, President of Advisory Services Email: jeff@stonebridgeiwm.com Organization: Stonebridge Insurance and Wealth Management Phone: 308-698-0144 For more information, please visit http://www.stonebridgeiwm.com


News Article | April 20, 2017
Site: www.businesswire.com

SOUTH BEND, Ind.--(BUSINESS WIRE)--1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported a record high net income of $16.21 million for the first quarter of 2017, an increase of 17.28% compared to $13.82 million reported in the first quarter a year ago. The net income comparison was positively impacted by gains of $1.29 million on the sale of investment securities available-for-sale, mortgage backed security prepayments of $0.45 million and gains on the sale of fixed assets of $0.20 million. These positives were partially offset by the writedown of fixed assets of $0.41 million and a contribution expense of $0.50 million to the 1st Source Foundation. Diluted net income per common share for the first quarter of 2017 was also a record high at $0.62, versus $0.53 in the first quarter of 2016. At its April 2017 meeting, the Board of Directors approved an increase in cash dividend to $0.19 per common share. This is an increase of 5.56% over the $0.18 per common share in the prior quarter. The cash dividend is payable to shareholders of record on May 2, 2017 and will be paid on May 12, 2017. According to Christopher J. Murphy III, Chairman, “1st Source Corporation had a solid first quarter. Credit quality remained stable while we managed an increase in our net interest margin. We have maintained noninterest expenses at a level similar to the same quarter a year ago while seeing an increase in both net interest income and noninterest income.” “During the quarter, we razed our outdated facility on North Calumet Avenue in Valparaiso, Indiana, and broke ground on a new banking center at the same location. We look forward to completing construction and continuing to grow in this market for many years. We also announced the closing of three other facilities in markets well served by other nearby 1st Source banking centers. In addition, we announced the opening of our new Sarasota banking center to serve our clients who move to Florida and wish to continue their strong personal and business relationships with the Bank. This is especially true with our wealth advisory and private banking clients.” “It is important to note that our first quarter was positively impacted from the sale of securities the Bank has held for quite some time and from favorable credit trends, including recoveries, when compared to the first quarter of 2016.” “As always, we will continue to help our clients achieve security, build wealth and realize their dreams,” Mr. Murphy concluded. Average loans and leases of $4.19 billion increased $178.80 million, or 4.46% in the first quarter of 2017 from the year ago quarter and have increased $37.32 million from the fourth quarter. Average deposits of $4.30 billion grew $145.69 million, or 3.51% for the quarter ended March 31, 2017 from the year ago quarter and have decreased $103.26 million, or 2.35% compared to the fourth quarter. First quarter 2017 net interest income of $43.73 million increased $2.44 million, or 5.90% from the first quarter a year ago and increased slightly from the fourth quarter. First quarter 2017 net interest margin was 3.49%, an improvement of 8 basis points from the 3.41% for the same period in 2016 and increased 10 basis points from the 3.39% in the fourth quarter. First quarter 2017 net interest margin on a fully tax-equivalent basis was 3.53%, an increase of 8 basis points from the 3.45% for the same period in 2016 and improved 11 basis points from the 3.42% in the fourth quarter. Noninterest income for the first quarter of 2017 was $23.31 million, up $1.68 million, or 7.77% from the year ago quarter, and up $0.95 million, or 4.25% from the fourth quarter. The growth in noninterest income during the first quarter from the same quarter a year ago was mainly due to gains on the sale of available-for-sale equity securities, higher equipment rental income related to an increase in the average equipment rental portfolio and increased trust and wealth advisory fees, which was offset by reduced partnership gains, resulting from the partial liquidation of an investment during the first quarter of 2016, lower monogram fund income and decreased customer swap fees. The rise in noninterest income from the fourth quarter was primarily as a result of the receipt of insurance contingent commissions, gains on the sale of available-for-sale equity securities, and higher equipment rental income related to an increase in the average equipment rental portfolio. Noninterest expense for the quarter ended March 31, 2017 was $41.12 million, up $0.41 million, or 1.02% over the comparable period a year ago and down $0.64 million, or 1.54% from the fourth quarter. Excluding depreciation on leased equipment, noninterest expenses were down slightly for the quarter ended March 31, 2017. The increase in noninterest expense from the same quarter a year ago was primarily due to charitable contributions, higher depreciation on leased equipment, and increased loan and lease collection and repossession expenses and the writedown of fixed assets, offset by reduced residential mortgage foreclosure expenses, lower FDIC insurance assessments, decreased professional fees and gains on the sale of fixed assets. The reduction in noninterest expense from the fourth quarter of 2016 was due to a decrease in group insurance claims, reduced professional consulting fees, gains on the sale of fixed assets and lower furniture and equipment expense, offset by the writedown of fixed assets and a loss on the sale of a repossessed asset. The reserve for loan and lease losses as of March 31, 2017 was 2.13% of total loans and leases compared to 2.11% at December 31, 2016 and 2.21% at March 31, 2016. Net recoveries of $0.58 million were recorded for the first quarter of 2017 compared with net recoveries of $0.21 million in the same quarter a year ago and down from the $1.10 million of net charge-offs in the fourth quarter. The ratio of nonperforming assets to loans and leases was 0.63% as of March 31, 2017, comparable to the 0.51% on March 31, 2016 and the 0.70% on December 31, 2016. As of March 31, 2017, the common equity-to-assets ratio was 12.47%, compared to 12.26% at December 31, 2016 and 12.39% a year ago. The tangible common equity-to-tangible assets ratio was 11.11% at March 31, 2017 and 10.89% at December 31, 2016 compared to 10.96% a year earlier. The Common Equity Tier 1 ratio, calculated under banking regulatory guidelines, was 12.69% at March 31, 2017 compared to 12.59% at December 31, 2016 and 12.37% a year ago. 1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under the code name “1st Src.” Since 1863, 1st Source has been committed to the success of the communities it serves. For more information, visit www.1stsource.com. 1st Source serves the northern half of Indiana and southwest Michigan and is the largest locally controlled financial institution headquartered in the area. While delivering a comprehensive range of consumer and commercial banking services through its community bank offices, 1st Source has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, and construction equipment. The Corporation includes 82 banking centers, 23 1st Source Bank Specialty Finance Group locations nationwide, eight Wealth Advisory Services locations and ten 1st Source Insurance offices. Except for historical information contained herein, the matters discussed in this document express “forward-looking statements.” Generally, the words “believe,” “contemplate,” “seek,” “plan,” “possible,” “assume,” “expect,” “intend,” “targeted,” “continue,” “remain,” “estimate,” “anticipate,” “project,” “will,” “should,” “indicate,” “would,” “may” and similar expressions indicate forward-looking statements. Those statements, including statements, projections, estimates or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties. 1st Source cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. 1st Source may make other written or oral forward-looking statements from time to time. Readers are advised that various important factors could cause 1st Source’s actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements. Such factors, among others, include changes in laws, regulations or accounting principles generally accepted in the United States; 1st Source’s competitive position within its markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; unforeseen downturns in the local, regional or national economies or in the industries in which 1st Source has credit concentrations; and other risks discussed in 1st Source’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, which filings are available from the SEC. 1st Source undertakes no obligation to publicly update or revise any forward-looking statements. The accounting and reporting policies of 1st Source conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures are used by management to evaluate and measure the Company’s performance. Although these non-GAAP financial measures are frequently used by investors to evaluate a financial institution, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These include taxable-equivalent net interest income (including its individual components), net interest margin (including its individual components), the efficiency ratio, tangible common equity-to-tangible assets ratio and tangible book value per common share. Management believes that these measures provide users of the Company’s financial information a more meaningful view of the performance of the interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures differently. Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent (“FTE”) basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses and lease depreciation), measures how much it costs to produce one dollar of revenue. Securities gains or losses and lease depreciation are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity-to-tangible assets ratio and tangible book value per common share as useful measurements of the Company’s equity. See the table marked “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of certain non-GAAP financial measures used by the Company with their most closely related GAAP measures. The NASDAQ Stock Market National Market Symbol: “SRCE” (CUSIP #336901 10 3) Please contact us at shareholder@1stsource.com


News Article | April 17, 2017
Site: co.newswire.com

2.  Approval of Minutes             Approval of the March 8, 2017 Open Session minutes. 4.  Chairman’s Report             Chairman Kwasneski’s report on activities during the past month. 5.  Directors’ Reports             The Directors’ report on Pace-related activities during the month. 6.  Executive Director’s Report             Executive Director’s report on Pace-related activities during the past month. A.  Ordinance authorizing approval of Board Member travel and business expenses for             the month of March, 2017 pursuant to Public Act 099-0604 Local Government Travel ​            ​Expense Control Act. B.  Ordinance authorizing the award of a contract for Preventative Maintenance and             Repair Service for Compressed Natural Gas (CNG) Fueling Station. C.  Ordinance authorizing a Change Order to Contract Number 223961 for Information             Technology Research and Advisory Services Subscription. This action extends the ​            Contract term for two (2) years and increases the Contract total. D.  Ordinance authorizing a Change Order to Contract Number 216650 for Fixed Route             ​Bus Service on Pace Bus Route 905 – The Schaumburg Trolley.  This action extends to             the Contract term for four (4) months and increases the Contract total. B.  Approval of the settlement recommendation for pending litigation as discussed in             Closed Session on Agenda Item 3A. C.  Approval of the settlement recommendation for pending litigation as discussed in             Closed Session on Agenda Item 3B. D.  Approval of the settlement recommendation for pending litigation as discussed in             Closed Session on Agenda Item 3C. E.  Approval of the settlement recommendation for pending litigation as discussed in             Closed Session on Agenda Item 3D.


Grant
Agency: National Aeronautics and Space Administration | Branch: | Program: STTR | Phase: Phase I | Award Amount: 123.02K | Year: 2016

The multi-months duration and energy constraints of the Earth?Mars journey are forcing an evolution toward the self-sufficiency of human crews in their readiness to adapt to changing circumstances and survive emergencies so far from Earth. The situation is akin to the one faced by the first waves of people brave enough to explore new continents during the course of human history. Limited by the capabilities of their ship or caravan on a long journey, their fate was inevitably tied to their ability to learn, adapt, and use their new environment and its resources as quickly as possible. The planned In Situ Resource Utilization (ISRU) can yield tangible benefits for NASA pioneering missions currently studied under the Evolvable Mars Campaign. Robotic explorations have now established the wide distribution of water in the Martian subsurface with large variations in concentrations and geological contexts (ice-rock mixtures, polyhydrated minerals). Mining and processing Martian water-bearing minerals may prove key to the ultimate success of long stays on Mars via life support and chemical synthesis of methane ascent fuel and oxygen. The prospect of exploring, developing, and exploiting mineral reserves on another planetary body evokes many technical and economic challenges, which often lead to decision paralysis in strategic planners willing to consider ISRU in deep-space missions. This Phase I work will provide NASA with a comprehensive modeling tool built to describe the processes of Off-Earth mining and materials processing in their geological context and deliver comparative technical and economic results on the optimized operations and technologies. It is a unique innovative tool built on the expertise and best practices of the terrestrial mining industry in synergy with expert space technologists in ISRU. It will provide NASA decision-makers with a means to identify and correlate major gaps in knowledge to plan technology investments and knowledge-gathering missions

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