News Article | April 20, 2017
ABERDEEN, Scotland, 20-Apr-2017 — /EuropaWire/ — Wood Group has been awarded a new three year contract valued at $8 million to deliver process automation engineering services to TPC Group, a leading producer of value-added products derived from C4 hydrocarbons. Effective immediately, Wood Group will serve as TPC’s main automation contractor providing automation, technical, systems, process, software, fabrication and construction support to the company’s manufacturing facilities in Houston and Port Neches in Texas and a terminal in Lake Charles, Louisiana. Bob MacDonald, Wood Group’s Specialist Technical Solutions CEO, said: “This new contract with TPC to act as their main automation contractor reflects this client’s confidence in our ability to provide innovative technical solutions that will increase the productivity and efficiency of their operations. “Our commitment is to work in close collaboration with our client, leveraging our 20 years’ expertise and capabilities in automation engineering to proactively add value to the performance of their assets.” For media and press enquiries please contact email@example.com
News Article | May 2, 2017
We can now look at how many times golfer Jordan Spieth will try landing his ball on the iconic "Island Green" in virtual reality. Fans will be able to watch The Players Championship in VR as opening play tees up on May 11 using Intel's True VR technology. Golfing's best already face pressure on the 17th hole during the TPC at the Sawgrass golf course, and now three VR cameras are being added to one of the most famous (and challenging) holes in golf. The 17th hole is on a small isle and, well, balls have a tendency of landing and occasionally bouncing in the water. "This is going to give fans a totally new experience," Intel Sports Group managing director David Aufhauser told me during a brief call Monday. You can watch the action on Samsung Gear VR headsets through the PGA TOUR VR Live app. For those without a VR headset, there will be a 360-degree video stream on Twitter and Periscope as part of the social network's ongoing PGA Tour coverage. It will be the first time Twitter, which announced a slew of new livestreaming deals on Monday, is showing live 360 video during a major sporting event. Maybe fans will get to see a (rare) hole-in-one on the 17th, similar to what Will Wilcox did last year.
News Article | May 24, 2017
Medpricer, the only complete cost management solution for purchased services, together with TPC, a partnership of independent hospitals formed as a regional purchasing coalition across Arkansas, Missouri and Texas, have announced a complimentary webinar on “How TPC Uses Precision Benchmarking to Supercharge Negotiation Success and Savings.” The webinar will take place at 11:00 am EDT on Wednesday, May 31st. Healthcare organizations are under extreme pressure to reduce operating costs and they use benchmarks to help them determine how much cost reduction is possible. However, using the same approach for purchased services as for purchased goods and capital is ineffective. “In purchased services, many organizations rely on simple ratios comparing purchased services spend to number of beds, square footage, etc. While this may work as a rough cut to judge relative orders of magnitude, it’s not generally effective data for a successful supplier negotiation. But with Medpricer precision benchmarking you have the exact data you need,” said Medpricer CEO Chris Gormley. “Medpricer precision benchmarking leverages contract details and Medpricer’s competitive bidding results to create a detailed assessment of what price and terms you should be paying so that you can provide suppliers with data-backed expectations,” he explained. In this impactful webinar participants will learn: “TPC has proven itself as a frontrunner in purchased services contracting. Through our dedicated focus, we have demonstrated industry-leading results for our Members year after year. By partnering with Medpricer, we have had the opportunity to enhance our purchased services strategy and thus increase the value we can provide to our Members,” says TK Khen, Director of Purchased Services at TPC. “At this event, participants will gain insights into how we leveraged Medpricer’s nationwide data to confidently challenge existing suppliers on their pricing, service levels and terms resulting in increased savings and a more efficient process to advance negotiations faster,” he added. For more information and to register for the webinar, visit http://info.medpricer.com/precision-benchmarking-tpc. About the presenters: TK Khen, TPC Director of Purchased Services, collaborates with the TPC Purchased Services team and TPC Members to identify, evaluate and execute savings opportunities. TK holds an MBA in MIS and Marketing, and a BS in Business Administration from the University of Texas at Dallas and is certified as a Master Project Manager. Chris Gormley, CEO of Medpricer, sets the strategic direction for continuous innovation, improvement, and growth at Medpricer, drawing from a wealth of experience in Cloud Technology, electronic Sourcing, and Healthcare. Chris earned an MBA in Finance & Strategy from the Wharton School and a BS degree with high distinction in Chemical Engineering from Worcester Polytechnic Institute. About Medpricer Medpricer provides a complete Purchased Services cost management platform that improves operating margins through superior visibility, savings, and control over unmanaged spending. Medpricer empowers healthcare providers with technology so that they can independently find, get, and keep purchased services savings. For more information, please visit http://www.medpricer.com/. About TPC Based in Plano, Texas, TPC is a partnership of community-based hospitals that work together as a single system to aggregate business volume and leverage economies of scale without sacrificing individual independence or local ownership. By working through a committed platform, TPC drives collaboration and innovation across a range of clinical, operational and economic areas enabling providers to maximize the financial and non-financial value they receive. TPC represents 11 health systems and approximately $1 billion in purchasing volume, and has achieved $180 million in savings since 2010. TPC exists for the sole purpose of helping healthcare organizations remain strong and independent. For more information, visit http://www.tpc1.com.
News Article | May 9, 2017
"I am very pleased with our continued success in advancing the Nektar pipeline, driven by our expanding research in immuno-oncology and immunology that continues to generate highly valuable new clinical candidates," said Howard W. Robin, President and Chief Executive Officer of Nektar. "In March, we announced overwhelmingly positive efficacy and safety results from our Phase 3 study of NKTR-181 in patients with chronic low back pain. Our Phase 1/2 study evaluating NKTR-214 as a combination regimen with Opdivo® in collaboration with Bristol-Myers Squibb is advancing and we look forward to reporting initial data from the first patients in this trial at ASCO. In Q1, we also initiated a first-in-human trial for NKTR-358, our proprietary Treg stimulator, which has the potential to become a first-in-class resolution therapeutic for a wide range of immune-mediated disorders. We plan to report the results from this trial at a medical meeting in the second half of 2017." Revenue for the first quarter of 2017 was $24.7 million as compared to $58.9 million in the first quarter of 2016. Revenue in the first quarter of 2016 was higher primarily because of the recognition of $28.0 million received from AstraZeneca for the sublicense of MOVENTIG® to Kirin in Europe. In addition, product sales were $4.8 million in the first quarter of 2017 as compared to $14.1 million in the first quarter of 2016. Total operating costs and expenses for the first quarter of 2017 were $79.2 million as compared to $68.4 million in the first quarter of 2016. Total operating costs and expenses increased primarily as a result of higher research and development (R&D) expense in the first quarter of 2017. R&D expense in the first quarter of 2017 was $61.1 million as compared to $49.3 million for the first quarter of 2016 and was higher in the first quarter of 2017 primarily due to expenses for our NKTR-214 and NKTR-358 programs. General and administrative expense was $12.0 million in the first quarter of 2017 as compared to $10.2 million in the first quarter of 2016. In the first quarter of 2017, net loss was $63.9 million, or $0.42 loss per share as compared to net loss of $19.5 million, or $0.14 loss per share in the first quarter of 2016. The loss was higher year over year primarily because of the recognition of $28.0 million received from AstraZeneca for the sublicense of MOVENTIG® to Kirin in Europe in the first quarter of 2016. The company also announced upcoming presentations at the following scientific congresses during the second quarter of 2017: Oral Presentation: "NKTR-255: Accessing The Immunotherapeutic Potential of IL-15" Presenter: Jonathan Zalevsky, Ph.D. Session: Pre-clinical Immuno-Oncology Date and Time: May 15, 2017 – 2:20 p.m. - 2:50 p.m. BST Key Note Address: "NKTR-181: Separating Analgesia from Euphoria in a Novel Opioid Agonist for Chronic Pain" Presenter: Stephen Doberstein, Ph.D. Session: Opioid Addiction Date and Time: May 23, 2017 – 9:50 a.m. - 10:30 a.m. BST Abstract 2545/Poster 37: "Effect of a novel IL-2 cytokine immune agonist (NKTR-214) on proliferating CD8+T cells and PD-1 expression on immune cells in the tumor microenvironment in patients with prior checkpoint therapy." Bernatchez, C., et al. Poster Session: Developmental Therapeutics—Clinical Pharmacology and Experimental Therapeutics Date and Time: June 5, 2017 – 8:00 a.m. - 11:30 a.m. CDT Location: Hall A Abstract TPS1120/Poster 105a: "ATTAIN: Phase 3 study of etirinotecan pegol (EP) vs treatment of physician's choice (TPC) in patients (pts) with metastatic breast cancer (MBC) who have stable brain metastases (BM) previously treated with an anthracycline, a taxane, and capecitabine (ATC)." Tripathy, D., et al. Poster session: Breast Cancer – Metastatic Date and Time: June 4, 2017 – 8:00 a.m. - 11:30 a.m. CDT Location: Hall A Abstract e14040: "A phase 1/2 study of a novel IL-2 cytokine, NKTR-214, and nivolumab in patients with select locally advanced or metastatic solid tumors." Diab, A., et al. Publication abstract to be included online in the 2017 ASCO Annual Meeting Proceedings, a Journal of Clinical Oncology supplement. 2017 International Conference on Opioids (ICOO 2017), Boston, MA Poster 31: "NKTR-181 Produces Full CNS µ-Opioid Agonism With Significantly Lower Abuse Potential": Odinecs, A., et al. Poster session: Session 2 Date and Time: Monday, June 12, 2017 – 8:00 a.m. - 6:00 p.m. EDT Oral Presentation: "NKTR-214 Plus NKTR-262, a Scientifically-Guided Rational Combination Approach for Immune Oncology" Presenter: Jonathan Zalevsky, Ph.D. Session: Rational Combination Immunotherapy Date and Time: June 15, 2017 – 12:00 p.m. EDT Nektar will host an analyst and investor event with clinical investigators during the 2017 American Society of Clinical Oncology (ASCO) Meeting in Chicago. The program will include a presentation and discussion of updated clinical data for the company's CD122-biased agonist, NKTR-214. Data from two studies of NKTR-214 will be reviewed at the event, including the Phase 1 dose-escalation study of NKTR-214 in combination with nivolumab in patients with melanoma, renal cell carcinoma and non-small cell lung cancer (PIVOT-02); and the Phase 1 study of monotherapy NKTR-214 in patients with advanced solid tumors (EXCEL). Presenters will include Dr. Adi Diab, Assistant Professor, Melanoma Medical Oncology at the University of Texas MD Anderson Cancer Center, Dr. Nizar Tannir, Professor, Genitourinary Medical Oncology at the University of Texas MD Anderson Cancer Center and Dr. Michael Hurwitz, Assistant Professor of Medicine (Medical Oncology) at Yale Cancer Center. Conference Call to Discuss First Quarter 2017 Financial Results Nektar management will host a conference call to review the results beginning at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time today, Tuesday, May 9, 2017. This press release and a live audio-only webcast of the conference call can be accessed through a link that is posted on the home page and Investors section of the Nektar website: http://www.nektar.com. The web broadcast of the conference call will be available for replay through June 12, 2017. To access the conference call, follow these instructions: In the event that any non-GAAP financial measure is discussed on the conference call that is not described in the press release, or explained on the conference call, related information will be made available on the Investors page at the Nektar website as soon as practical after the conclusion of the conference call. Nektar Therapeutics is a research-based biopharmaceutical company whose mission is to discover and develop innovative medicines to address the unmet medical needs of patients. Our R&D pipeline of new investigational medicines includes treatments for cancer, auto-immune disease and chronic pain. We leverage Nektar's proprietary and proven chemistry platform in the discovery and design of our new therapeutic candidates. Nektar is headquartered in San Francisco, California, with additional operations in Huntsville, Alabama and Hyderabad, India. Further information about the company and its drug development programs and capabilities may be found online at http://www.nektar.com. This press release contains uncertain or forward-looking statements which can be identified by words such as: "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the potential therapeutic benefits of NKTR-181, the risks of opioid abuse resulting from pain medicines, future development plans for NKTR-181, the availability of data for NKTR-214 in combination with Opdivo, clinical development plans for our products (including NKTR-358), availability of future clinical results, the timing of planned regulatory filings, the potential of NKTR-214 in combination with other immunotherapy agents, and the potential of our research and development pipeline. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements and you should not rely on such statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include: (i) clinical study outcomes remain very unpredictable and it is possible that a clinical study could fail; (ii) the regulatory pathway to review and approve NKTR-181 for use in patients is subject to substantial uncertainty; (iii) regulations concerning access to opioid-based pharmaceuticals are strict and there is no guarantee which scheduling category will apply to NKTR-181 if regulatory approval is achieved; (iv) the CHMP and FDA have substantial discretion as to whether to grant marketing approval for pharmaceutical products; (v) our drug candidates and those of our collaboration partners are in various stages of clinical development and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval for numerous reasons including negative safety and efficacy findings even after positive findings in previous preclinical and clinical studies; (vi) the commencement or end of clinical trials and the availability of clinical data may be delayed or unsuccessful; (vii) patents may not issue from our patent applications for our drug candidates, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (viii) certain other important risks and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission on March 1, 2017. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nektar-therapeutics-reports-financial-results-for-the-first-quarter-of-2017-300454595.html
News Article | May 11, 2017
Bishop Rudolph W. McKissick, Sr., right, escorts former U.S. Rep. Corrine Brown outside the courthouse on Thursday, May 11, 2017, in Jacksonville, Fla. Brown was found guilty on Thursday of taking money from a charity that was purported to be giving scholarships to poor students. (Bruce Lipsky/The Florida Times-Union via AP) JACKSONVILLE, Fla. (AP) — After a historic, nearly 25-year career representing Florida in Congress, former U.S. Rep. Corrine Brown was found guilty on Thursday of taking money from a charity that was purported to be giving scholarships to poor students. The verdict came after prosecutors outlined a pattern of fraud by Brown, 70, and her top aide that included using hundreds of thousands of dollars from the One Door for Education Foundation for lavish parties, trips and shopping excursions. She was convicted of 18 of the 22 charges against her, including lying on her taxes and on her congressional financial disclosure forms. Wearing a lavender suit, Brown watched the judge read each verdict in a silent courtroom with no visible reaction. She later left the courthouse holding onto the arm of a companion, surrounded by dozens of reporters. A few supporters shouted "We love you Corrine!" and "Keep the Faith!" as she silently made her way to a waiting car. Brown, a Democrat who was one of the first three African Americans to be elected to Congress from Florida since Reconstruction, represented the district that included Jacksonville since 1993. Since her indictment last summer, she had been publicly defiant of the government's charges, saying in a statement she was among black elected officials who have been "persecuted." She had pleaded not guilty to all of the charges, including the fraud, but lost re-election last fall after her indictment. "Former Congresswoman Corrine Brown violated the public trust, the honor of her position, and the integrity of the American system of government when she abused one of the most powerful positions in the nation for her own personal gain," Acting Assistant Attorney General Kenneth A. Blanco, said in a statement after the verdict. Key to the government's conviction was the testimony of Brown's former chief of staff, Elias "Ronnie" Simmons, and the charity's president, Carla Wiley. Both pleaded guilty after their federal indictments for misusing the charity's funds, and testified against Brown. Federal prosecutors said Brown and her associates used One Door to bring in more than $800,000 between 2012 and 2016, including a high-profile golf tournament at TPC Sawgrass. Brown's indictment said the Virginia-based One Door only gave out one scholarship for $1,200 to an unidentified person in Florida. Simmons said Brown ordered him to take cash and checks from One Door's account. On dozens of occasions, Simmons said he was told to take out of One Door's account the maximum $800 from an ATM near his house and deposit hundreds of it in Brown's personal account. Sometimes he kept some for himself. Brown testified in her own defense, saying she was left in the dark about the goings-on with One Door's money, and blamed the theft on Simmons. Brown said she left those details to Simmons and other hired staffers, and said she should have paid more attention to her personal and professional finances. Her attorney, James Smith, said he plans to file a motion for a new trial and said Brown respects the American judicial system and the jury's verdict, even though she disagrees with it. "She's strong and fighting for her innocence," Smith said outside the courthouse. "And she will continue to do that." The judge did not set a date for Brown's sentencing, which could include many years of jail time.
News Article | May 12, 2017
FILE- In this May 5, 2017 file photo, former U.S. Rep. Corrine Brown walks to the federal courthouse in Jacksonville, Fla. Brown was found guilty on Thursday, May 11, 2017, of taking money from a charity that was purported to be giving scholarships to poor students. (Bob Self/The Florida Times-Union via AP, File) JACKSONVILLE, Fla. (AP) — Former U.S. Rep. Corrine Brown could spend the rest of her life in prison after being found guilty of taking money from a charity that was purported to be giving scholarships to poor students. The Thursday verdict came after prosecutors outlined a pattern of fraud by Brown, 70, and her top aide that included using hundreds of thousands of dollars from the One Door for Education Foundation for lavish parties, trips and shopping excursions. She was convicted of 18 of the 22 charges against her, including lying on her taxes and on her congressional financial disclosure forms. "Corrupt public officials undermine the integrity of our government and violate the public's trust, and that is why investigating public corruption remains the FBI's top criminal priority," FBI Jacksonville Division Special Agent in Charge Charles Spencer said in a statement. It was the final act in the downfall of Brown, who had represented the Florida district that included Jacksonville since 1993. Brown, a Democrat, was one of the first three African Americans to be elected to Congress from Florida since Reconstruction. She watched the judge read each verdict in a silent courtroom with no visible reaction. She later left the courthouse holding onto the arm of a companion, surrounded by dozens of reporters. A few supporters shouted "We love you Corrine!" and "Keep the Faith!" as she silently made her way to a waiting car. Since her indictment last summer, she had been publicly defiant of the government's charges, saying in a statement she was among black elected officials who have been "persecuted." She had pleaded not guilty to all of the charges, including the fraud, but lost re-election last fall after her indictment. Key to the government's conviction was the testimony of Brown's former chief of staff, Elias "Ronnie" Simmons, and the charity's president, Carla Wiley. Both pleaded guilty after their federal indictments for misusing the charity's funds, and testified against Brown. Watch news, TV and more Yahoo View, available on iOS and Android. Federal prosecutors said Brown and her associates used One Door to bring in more than $800,000 between 2012 and 2016, including a high-profile golf tournament at TPC Sawgrass. Brown's indictment said the Virginia-based One Door only gave out one scholarship for $1,200 to an unidentified person in Florida. Simmons said Brown ordered him to take cash and checks from One Door's account. On dozens of occasions, Simmons said he was told to take out of One Door's account the maximum $800 from an ATM near his house and deposit hundreds of it in Brown's personal account. Sometimes he kept some for himself. Brown testified in her own defense, saying she was left in the dark about the goings-on with One Door's money, and blamed the theft on Simmons. Brown said she left those details to Simmons and other hired staffers, and said she should have paid more attention to her personal and professional finances. Her attorney, James Smith, said he plans to file a motion for a new trial and said Brown respects the American judicial system and the jury's verdict, even though she disagrees with it. "She's strong and fighting for her innocence," Smith said outside the courthouse. "And she will continue to do that." The judge did not set a date for Brown's sentencing, which could include many years of jail time.
News Article | May 11, 2017
Tee up a top dining experience at these golf destinations As summer approaches, recreational golf season is in full swing. The perfect excuse to take a vacation or just unwind on the weekend, a day spent on the course is tough to improve—except with the promise of great food and wine afterward. These 16 restaurants are in close proximity to world-class golfing, and their first-rate menus and award-winning wine programs will ensure you finish the day a winner. To check out more wine and food destinations, see Wine Spectator’s more than 3,500 Restaurant Award–winning picks, including the 85 Grand Award recipients worldwide that hold our highest honor. Do you have a favorite you’d like to see on this list? Send your recommendations to firstname.lastname@example.org. We want to hear from you! Fairmont at the Grand Del Mar, 5200 Grand Del Mar Way, San Diego, Calif. Telephone (858) 314-1900 Website www.addisondelmar.com Open Dinner, Tuesday to Saturday Grand Award In San Diego, the Fairmont at the Grand Del Mar's restaurant Addison provides prime dining for golf and wine lovers. Work up an appetite at the resort’s own 18-hole Grand Golf Club (which the dining room overlooks), or opt for one of the many first-rate courses nearby. Chef William Bradley’s menu changes with the seasons, emphasizing local ingredients, with French flair, while wine director Rafael Sanchez’ Grand Award–winning, 3,200-selection list goes big with Burgundy, California, Italy, Bordeaux, the Rhône, Spain, Germany and Champagne. Now open for more than 60 years, Bern’s Steak House is a Tampa institution in close proximity to a wealth of golf courses. The restaurant is renowned not only for its dry-aged steaks and fresh produce grown on the Bern’s farm, but also for its colossal wine list. Bern’s has been a recipient of the Grand Award since 1981; today its list has 6,800 selections, including more than 200 wines available by the glass. For those with any room left after steaks, one of the restaurant’s unique features is the Harry Waugh Dessert Room, where guests can enjoy nearly 50 desserts, along with Ports, Sherries and Madeiras. A stone’s throw from the Atlantic Ocean, the restaurant now called HMF at the Breakers has earned a Grand Award at the resort since 1981, and today serves creative small plates under its vaulted ceilings and chandeliers that evoke old-school Palm Beach. The glamor is enhanced by HMF’s massive and meticulously organized 2,000-selection wine list, overseen by wine director and Master Sommelier Virginia Philip, with strengths in Burgundy, Bordeaux, California, Italy, the Rhône, Spain and Champagne. The Breakers boasts two high-caliber golf courses: the historic Ocean Course, created in 1896, and the Rees Jones Course, a more modern counterpart 10 miles from the resort grounds. For an East Coast golf retreat that aces wine and dining, head to Crystal Springs Resort in northwestern New Jersey. The resort is home to six golf courses for all skill levels, as well as a Grand Award–winning wine cellar at its Restaurant Latour. Chef Anthony Becco’s contemporary American fare can be enjoyed in the form of the five-course “Anthology” menu, where guests choose dishes from five different categories, or the seven-course chef’s tasting menu. The 7,200-selection wine list has earned a Grand Award since 2006; highlighting bottles from Bordeaux, California, Burgundy, Italy, the Rhône, Champagne and Oregon, the program is managed by wine director Robby Younes. LaPlaya Beach & Golf Resort, 9891 Gulf Shore Drive, Naples, Fla. Telephone (239) 598-5707 Website www.laplayaresort.com Open Lunch and dinner, daily [Closed for maintenance June 5–12, 2017 and August 14–21, 2017] Best of Award of Excellence Naples, Fla., is a popular travel destination for golfers, and LaPlaya Beach & Golf Resort is among its draws. The resort’s Baleen restaurant overlooks the waves, with a few tables on the beach itself. Chef John Sexton’s menu enhances the seaside atmosphere with a focus on seafood, offering dishes like bayou mussels, blackened gulf grouper and seared sea scallops with coconut cauliflower puree. Wine director Martin Diehr’s 1,080-selection list has earned a Best of Award of Excellence since 2011 and homes in on wines from California, Burgundy, Italy, Bordeaux, Argentina and Washington. You can hit the links at the resort's own course or one of several nearby. 8 New Orleans Road, Hilton Head Island, S.C. Telephone (843) 785-9277 Website charliesgreenstar.com Open Lunch and dinner, Monday to Saturday Best of Award of Excellence Some of the best golfing in the country can be found on Hilton Head Island, with its abundance of courses and pristine beaches. After a day in the South Carolina sun, cool down with a great meal and a glass of wine at Best of Award of Excellence winner Charlie's L'Etoile Verte. Having earned its first Restaurant Award in 1993, the restaurant has accumulated an impressive cellar. Today, wine director and owner Margaret Pearman’s list spans 625 selections, with a focus on California, the Rhône and Bordeaux. Chef Lloyd Alberson’s menu celebrates seafood with dishes like Parmesan-crusted tilapia, blackened redfish and locally caught mahi mahi with mango vinaigrette. Bandon Dunes Golf Resort, 57744 Round Lake Road, Bandon, Ore. Telephone (541) 347-5220 Website www.bandondunesgolf.com Open Lunch and dinner, daily Best of Award of Excellence Surrounded by rugged natural beauty, Bandon Dunes Golf Resort on southern Oregon’s Pacific coast boasts five distinct golf courses. Close out the day in style at its Best of Award of Excellence–winning Gallery Restaurant, and enjoy chef Don McCradic’s seasonal dishes like tempura Dungeness crab, lamb chops with new potatoes and pork cheeks with spinach-chorizo risotto. The 555-selection wine list pays tribute to local bounty with an abundance of bottles from Oregon, and also features favorites from California, Washington, France and Italy. Sea Island, Ga., impresses with peaceful beaches, jaw-dropping views and plethora of golfing experiences. Sea Island alone offers three 18-hole courses, as well as classes and a professional golf center. At the end of the day, unwind at the resort’s Best of Award of Excellence–winning Georgian Room restaurant, where wine director Ryanne Carrier’s list showcases 1,600 selections, with a focus on Bordeaux, Burgundy, California, Italy, Australia and Portugal. Chef Julian Scheibel’s menu is a perfect complement, with dishes like tagliatelle with uni and crème fraîche, butter-poached Maine lobster and wagyu beef Rossini with foie gras. 330 A1A N., Ponte Vedra Beach, Fla. Telephone (904) 273-7980 Website www.jjbistro.com Open Dinner, Tuesday to Saturday; lunch, Monday to Saturday Best of Award of Excellence Overlooking the Atlantic Ocean, Ponte Vedra Beach is one of the nation’s top golf destinations: The PGA Tour is headquartered there, and its home club, TPC Sawgrass, hosts the annual Players Championship, taking place this week. And the town is no slouch on the culinary front. At JJ’s Liberty Bistro, owner JJ Vigoureux oversees the Best of Award of Excellence–winning 625-selection wine program, which highlights California, Burgundy and Bordeaux. On the French-inspired menu, find baked brie en croute, lobster bisque, moules frites and grilled beef tenderloin with foie gras butter. After the meal, head next door to the restaurant’s chocolate shop for ice cream and other sweet treats. The Greenbrier, 300 W. Main St., White Sulphur Springs, W.V. Telephone (855) 729-3778 Website www.greenbrier.com Open Dinner, daily Best of Award of Excellence Situated in the Allegheny Mountains of West Virginia, the Greenbrier has been a travel destination since its founding in 1778; guests have long come to bathe in its restorative spring waters. Today, the resort’s five golf courses—some host to PGA Tour events—as well as picturesque grounds, casino, mineral spa and renowned dining attract patrons from around the globe. The wine list at the resort’s upscale Main Dining Room, overseen by Brian McClure, earned a Best of Award of Excellence in 2016 for its 1,165 selections, many from California, Burgundy, Italy, Bordeaux, Spain and Oregon. Maui famously provides myriad golf options, and when it comes to wine and dining, the island delivers in spades as well. Best of Award of Excellence winner Merriman’s Kapalua is a particularly good choice. Sift through wine director Dave Horsman’s 690-selection list, featuring depth in Burgundy, California and Italy. Chef Peter Merriman’s menu captures the flavors of the island with eclectic dishes like Kalua pig and sweet onion quesadilla with kimchi, wok-charred ahi sashimi and pan-seared diver scallops with macadamia nut brown rice. The Ritz-Carlton Grande Lakes, 4012 Central Florida Parkway, Orlando, Fla. Telephone (407) 393-4333 Website www. www.normans.com Open Dinner, daily Best of Award of Excellence Central Florida's sunny weather and natural beauty make it a first-rate setting for numerous great golf courses, including the Ritz-Carlton Grande Lakes’ own 18-hole Golf Club Orlando. Don’t miss the resort’s Best of Award of Excellence–winning restaurant, Norman’s, where James Beard Award winner Norman van Aken’s menu blends Latin, Caribbean, Asian and European influences to create dishes like Brazilian-style conch chowder, Serrano ham–crusted sea bass and a 22-ounce dry-aged, bone-in rib eye with Spanish potato torta. The wine list, engineered by wine director Yusuf Yildiz, offers 630 selections, with a focus on California, Bordeaux and Italy. In the Appalachian Mountains, surrounded by the Nantahala National Forest, the North Carolina town of Highlands is a great base camp for chasing waterfalls, hiking trails and golfing. Despite the bucolic setting, the dining is top-notch. After a day in the great outdoors, try Ristorante Paoletti, a Best of Award of Excellence winner since 2005, and select one of the 750 choices on wine director and owner Arthur Paoletti’s list, which showcases Tuscany, Piedmont, California, Bordeaux and Burgundy. The Italian menu is full of hearty classics like ricotta and basil gnocchi, eggplant lasagna and veal chop marsala, as well as lighter seafood options like grilled North Carolina rainbow trout. The Lodge At Pebble Beach, 1700 17 Mile Drive, Pebble Beach, Calif. Telephone (831) 625-8524 Website www.pebblebeach.com Open Lunch and dinner, daily Best of Award of Excellence On California’s Monterey Peninsula, the Lodge at Pebble Beach boasts five picturesque golf courses. Overlooking Carmel Bay and the gorgeous 18th hole of the Pebble Beach Golf Links is the resort’s Best of Award of Excellence–winning gem, Stillwater Bar & Grill. The restaurant’s wine program, overseen by Wendy Heilmann, offers plenty of pours for diners taking in the stunning views. With over 1,000 selections, the list concentrates on California, Burgundy, Bordeaux, the Rhône and Italy—a lovely match for chef Jeremy Tummel’s California-inspired seafood-focused cuisine. Four Seasons Resort Scottsdale at Troon North, 10600 E. Crescent Moon Drive, Scottsdale, Ariz. Telephone (480) 513-5085 Website talaverarestaurant.com Open Dinner, Monday to Saturday Best of Award of Excellence In the foothills of Pinnacle Peak at the Four Seasons Resort Scottsdale, Talavera is a wine-and-dining lover’s dream, with evocative desert views. The resort is home to two golf courses—the Pinnacle and the Monument—and also provides free shuttle service to the nearby Troon North Golf Club. Talavera wine director Shaun Adams’ program has earned Restaurant Awards since 2005 for its impressive cellar of bottles from California, Burgundy, Bordeaux and Italy. Chef Chuck Kazmer’s farm-to-table cooking is steak-centric, but he also serves up eclectic dishes like foie gras bánh mì, bacon-wrapped buffalo tenderloin and Chilean sea bass with a pecan-herb crust. At the Arizona Biltmore, golf and dine to your heart’s content: The resort boasts two 18-hole courses, as well as a classic restaurant, Wright’s at the Biltmore. Chef Brian Peterson’s menu presents seared foie gras with huckleberry buckle and foie gras ice cream, beet-cured salmon with chicharrón and grapefruit, buffalo rib eye with buffalo chorizo and smoked veal T-bone with blue corn cakes. The 350-selection, moderately priced wine list, managed by wine director Dolan Olson, is especially strong in California and Bordeaux, and earned its first Award of Excellence in 2015.
News Article | May 11, 2017
LOS ANGELES--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today announced that the Company has prevailed in defending on appeal the judgment obtained by its subsidiary, Tutor-Saliba Corporation, in the previously disclosed Westgate Planet Hollywood Matter. With only minor adjustments, the Supreme Court of Nevada affirmed the lower court’s judgment and, following further proceedings in the lower court, the anticipated final award to the Company is estimated to exceed $20 million, including interest and recovery of certain attorneys’ fees and costs. The Company anticipates the final award will have no material impact on its consolidated financial statements, and will reflect the impact of this judgment, upon collection, as a reduction of accounts receivable. Separately, the Company also today announced that its subsidiary, Lunda Construction (“Lunda”), has been awarded a contract for the $322.7 million I-74 Steel Twin Arch Bridge Replacement Project in Iowa. The Company had previously announced that Lunda was the apparent low bidder for this project. The Company will reflect the contract value in its second quarter 2017 backlog. Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures. The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company’s intentions, expectations or beliefs regarding the Westgate Planet Hollywood Matter and the I-74 Steel Twin Arch Bridge Replacement Project. The Company’s current expectations and beliefs are expressed in good faith and the Company believes there is a reasonable basis for them. There can be no assurance, however, that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
News Article | May 8, 2017
President Donald Trump's health care bill, American Health Care Act (AHCA), was passed in the House last week and has now moved to Congress' upper chamber for approval. Reports however say the debate has already begun regarding who will win and lose from Trump's health care act, which could transform health insurance system in the U.S. The Senate, most likely, will demand changes in the bill, however, if it becomes a law in its current form, it will repeal and replace large portions of the Affordable Care Act (ACA), also known as Obamacare. Any change in the health care system implies insurance will become more affordable for some, while others may lose out on financial support or health care coverage, the New York Times reported. The bill would benefit the wealthy Americans, especially those households with annual incomes above $200,000, as they would not have to pay two major taxes levied on them as part of the Affordable Care Act while the very rich families would fare even better. Tax Policy Center (TPC) — a nonpartisan think tank based in Washington D.C.— said the average household from the top 0.1 percent of income distribution would save around $196,000 a year if the tax on high salaries as well as investments are repealed under Trump's health care, Chicago Tribune reported. Experts say Trump's health care bill gives huge tax cuts to the richer people. Howard Gleckman , a senior fellow at TPC said in March: "The effects are really very dramatic. We found that a typical middle-income family would get a tax cut averaging about $300, while people in the top 0.1 percent would get a tax cut of about $207,000," according to Reuters. Under Trump's health care bill, the Medicare surtax on wages for rich people will be eliminated. In Obamacare, the high-income group used to pay 1.45 percent Medicare payroll tax on wages up to $200,000 ($250,000 if married). They would also pay an additional 2.35 percent on wages above those levels. However, under Trump's health care plan, the surcharge of 2.35 percent would be repealed. That income group will also forego a 3.8 percent Medicare tax on a portion of their investment income, CNN Money reported. The tax cuts for the rich are not randomly chosen. When the Democrats introduced the ACA in 2010, they had increased taxes for the higher-income group to help the benefits of the ACA, and Republicans had opposed those increases at the time. They have been arguing ever since to remove those tax increases. When Trump's health care bill was passed in the House last week, many AHCA supporters framed the vote as an initial victory over those tax increases. Thomas J. Donohue, the president and CEO of the U.S. Chamber of Commerce, said in a statement the bill would “pull back on job killing tax hikes that have been stifling economic growth across the country.” However, those who are against the new health care bill have criticized it for being beneficial just for the wealthy classes, while neglecting the lower income groups. The opinion seems to have been seconded by Warren Buffet, Berkshire Hathaway Chairman. During Berkshire's annual shareholders' meeting Saturday in Omaha, Nebraska, Buffet said: "So it is a huge tax cut for guys like me…And when there's a tax cut, either the deficit goes up or they get the taxes from somebody else."
News Article | May 9, 2017
MENLO PARK, Calif.--(BUSINESS WIRE)--TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company” or "TPVG"), the leading financing provider to venture growth stage companies backed by a select group of venture capital firms in the technology, life sciences and other high growth industries, today announced its financial results for the first quarter of 2017. TPVG also declared a second quarter 2017 distribution of $0.36 per share. “We are pleased to announce a record quarter for investment income that demonstrates our differentiated venture growth lending model,” said Jim Labe, chairman and chief executive officer of TPVG. “The yield profile of our loans, portfolio exits, and prepayment activity together reflect the quality of our portfolio, our significant expertise, and strong brand.” “We continue to see attractive venture growth stage lending opportunities to grow our portfolio and our franchise,” said Sajal Srivastava, president and chief investment officer of the Company. “We will maintain our disciplined underwriting and redeploy the proceeds from prepayments, while increasing our use of leverage and continuing to deliver attractive risk-adjusted returns to our stockholders.” During the first quarter of 2017, the Company entered into $37.0 million of new commitments, funded three loans totaling $12.0 million in principal balance, funded two equity investments totaling $2.4 million, and acquired warrants valued at $0.2 million. The Company had prepayments of $53.3 million during the quarter, resulting in a weighted average annualized portfolio yield on debt investments for the first quarter of 16.8%. The Company calculates weighted average portfolio yield as the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio at the beginning of each month in the period.1 As of March 31, 2017, the Company had 51 debt investments with 18 companies and 38 warrant and equity investments with 33 companies. The total cost and fair value of these investments were $326.7 million and $328.4 million, respectively. Total portfolio investment activity for the three months ended March 31, 2017 and 2016 was as follows: During the first quarter of 2017, TriplePoint Capital LLC (“TPC”) entered into $48.8 million of non-binding term sheets to venture growth stage companies. All of these opportunities are subject to a number of conditions including completion of due diligence, negotiation of definitive documentation, and investment committee approval, as well as compliance with TPC’s allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or assigned to the Company even though the Company is the primary vehicle through which TPC focuses its venture growth stage business. As of March 31, 2017, the Company’s unfunded commitments totaled $117.4 million of which $50.0 million is dependent upon customers reaching certain milestones. Of the $117.4 million of unfunded commitments, $72.4 million will expire during 2017, $40.0 million will expire during 2018 and $5.0 million will expire during 2019 if not drawn prior to expiration. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. For the first quarter of 2017 the Company’s total investment and other income was $14.3 million, as compared to $11.1 million for the first quarter of 2016, representing a weighted average annualized portfolio yield on its debt investments of 16.8% during the first quarter of 2017 as compared to 15.7% for the first quarter of 2016. Operating expenses for the first quarter of 2017 were $6.4 million as compared to $4.4 million for the first quarter of 2016. Operating expenses for the first quarter of 2017 consisted of $2.4 million of interest expense and amortization of deferred credit facility costs, $1.6 million of base management fees, $1.5 million of income incentive fees, $0.4 million of administration agreement expenses and $0.5 million of general and administrative expenses. Operating expenses for the first quarter of 2016 consisted of $1.8 million of interest expense and amortization of deferred credit facility costs, $1.4 million of base management fees, $0.4 million of administration agreement expenses and $0.8 million of general and administrative expenses. For the first quarter of 2017, the Company recorded net investment income of $7.9 million, or $0.50 per share, as compared to $6.7 million, or $0.41 per share for the first quarter of 2016. For the first quarter of 2017, the Company recorded net realized losses of $1.7 million, or $(0.11) per share, due to the termination of warrants as a result of the acquisitions of Simplivity, Inc. and ModCloth, Inc., as compared to net realized losses of $0.7 million, or $(0.04) per share, for the first quarter of 2016. Net unrealized losses for the first quarter of 2017 were $2.5 million, or $(0.15) per share, primarily related to the reversal of prior gains associated with Simplivity, Inc. which were recognized as interest income during the quarter, as compared to net unrealized losses of $13.3 million, or $(0.82) per share, for the first quarter of 2016. The Company’s net increase in net assets resulting from operations for the first quarter of 2017 was approximately $3.8 million, or $0.24 per share, as compared to a net decrease of $7.3 million, or $(0.45) per share, for the first quarter of 2016. The Company maintains a credit watch list with borrowers placed into one of five categories, where Clear, or 1, is the highest rating and all new loans are initially assigned a rating of White, or 2. As of March 31, 2017, the weighted average investment ranking of the Company’s debt investment portfolio was 1.94, as compared to 1.85 at the end of the prior quarter. Additional information regarding our credit rating methodology is detailed in our Form 10-Q for the three months ended March 31, 2017. Subsequent to quarter’s end, one borrower rated Yellow, or 3, repaid its loans with $22.5 million of outstanding principal balance and was removed from the credit watch list. The following table shows the credit rankings for the Company’s debt investments at fair value as of March 31, 2017 and as of December 31, 2016. As of March 31, 2017, the Company’s net assets were $213.9 million, or $13.38 per share, compared to $215.9 million, or $13.51 per share, as of December 31, 2016. As of March 31, 2017, the Company had total cash of $36.6 million, with available capacity of $114.0 million under its revolving credit facility. As of March 31, 2017, the Company had short term investments of $79.9 million in fair value, consisting of U.S. Treasury bills that the Company sold on April 4, 2017. The Company’s board of directors declared a quarterly distribution of $0.36 per share for the second quarter of 2017 payable on June 16, 2017, to stockholders of record as of May 31, 2017. The Company will host a conference call at 5:00 p.m. Eastern time today, May 9, 2017, to discuss its financial results for the first quarter ended March 31, 2017. To listen to the call, investors and analysts should dial 1 (866) 652-5200 (domestic) or 1 (412) 317-6060 (international) and ask to join the TriplePoint Venture Growth call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through June 9, 2017, by dialing 1 (877) 344-7529 or 1 (412) 317-0088 (international) and entering conference ID 10105632. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, http://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for 30 days after the call. The Company serves as the primary financing source for the venture growth stage business segment of TriplePoint Capital LLC, the leading global provider of financing across all stages of development to technology, life sciences and other high growth companies backed by a select group of venture capital firms. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by primarily lending with warrants to venture growth stage companies. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. More information is available at http://www.tpvg.com. Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. 1 The Company’s weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an investment in shares of its common stock. The weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be incurred by the Company. In addition, the Company’s weighted average annualized portfolio yield on debt investments disclosed above does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of its common stock. Weighted average portfolio yield on debt investments for periods shown are the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio at the beginning of each month in the period.