News Article | August 4, 2017
TEMPE, Ariz., Aug. 04, 2017 (GLOBE NEWSWIRE) -- University of Advancing Technology (UAT) recognizes the deficit of skilled workers entering STEM careers and is proud to announce a partnership to kick off this fall with East Valley Institute of Technology (EVIT), a local technology institute for high school students. The EVIT partnership will offer a new High School Cyber Security Program under the guidance of UAT Cyber Security Program Champion, Dr. Greg Miles, who will provide the curriculum and support in the training of EVIT Faculty. EVIT students who successfully complete the High School Cyber Security Program will earn 12 college credits toward UAT’s Network Security program. UAT is serious about making a difference in Arizona and recently have made an impact in the community by hosting STEM workshops for local Boy and Girl Scout groups, Startup AZ Code Day as well as the Chief Science Officer (CSO) training sessions and now in offering the new EVIT partnership to high school students interested in Cyber Security. “There’s a huge gap of students enrolled in STEM classes in the K-12 age group at the national level. The sooner these students are exposed to technology, the more likely they are to continue learning and engaging with tech-related clubs, activities, classes and careers. Events and partnerships like this inspire young students to see themselves working in tech fields well into the future” said UAT President Jason Pistillo. President Pistillo is also a recipient of EVIT’s biggest community honor, the Sam and Olga Bender Award, for UAT’s contribution and support of EVIT over the last decade. UAT Provost Dr. David Bolman said, “With a cyber curriculum that launched in the 1990s, UAT was the nation's first accredited higher education institution to offer information and network security degree programs. The thousands of graduates from UAT's cyber programs provide leadership and shape how information and transactions are secured within every sector of the U.S.” UAT is an advocate in STEM, making this collaboration a perfect partnership opportunity in the Phoenix community. Encouraging youngsters to explore STEM skills and careers is critical to the development of our workforce. About EVIT: Career & Technical Education for the Phoenix Area. The East Valley Institute of Technology is one of the best resources Arizona's students have to guarantee themselves success. Upheld as a model for career and technical education by the U.S. Department of Education, EVIT provides students with the advanced skills and training needed to thrive in today's competitive job market. EVIT offers more than 40 tuition-free, career specific classes for high school students. EVIT provides 3 elective credits each year. Classes are also available to adults for competitive tuition. http://www.evit.com/ About UAT: University of Advancing Technology (UAT) is an elite, private technology University in Tempe, Arizona, focused on educating students in advancing technology who desire to innovate for our future. Our technology infused, urban campus is a technology nexus; a collection of technophiles, tech geeks and mavens of the digital world that evolve into top technology executives, master programmers, cyber warriors, forensic sleuths, robotic engineers, interactive filmmakers, and game innovators for entertainment and government animation applications. www.uat.edu
News Article | July 21, 2017
TEMPE, Ariz., July 21, 2017 (GLOBE NEWSWIRE) -- University of Advancing Technology (UAT) is proud to partner with Southwest Autism Research & Resource Center (SARRC) and New Way Academy to host the G33K College Prep Summer Camp, the only program of its kind created specifically for young adults with autism spectrum disorder (ASD) to take place the week of July 23 - 29, at University of Advancing Technology’s Tempe campus. Many individuals on the spectrum love computers and possess a skill set well-suited for a career in technology or engineering. Without this camp, there are dozens of young adults who may think that attending college is out of their reach. Because of UAT’s focus on culture and socialization, camp participants are more likely to feel at home. "The UAT Tech Camp offers a perfectly inclusive and naturalistic learning environment. Every aspect of the campers' day provides an opportunity to try a different skill needed for college life and for assimilation into the workforce in the future. UAT’s atmosphere is ideal for this program because their faculty and staff have the experience and training to responsibly and effectively nurture our students," said Brad Herron-Valenzuela, Transition Academy Instructor at SARRC. During this weeklong camp, SARRC and New Way Academy camp participants will have the opportunity to complete the college admissions process, reside in Founder’s Hall dormitory, attend classes, collaborate in teams, use new technology, complete a group project, eat meals at the university café and take part in student life activities. The G33K College Prep Summer Camp accepts 10 participants, ranging in age from 16 to 26. The participants fall into three categories: those who are looking to go on to college, those with some college experience and may plan to enroll in the future and those who have never attended college and may lack the confidence to participate in the college experience. “We look forward to our fourth year of partnering with UAT and welcome our new community partner, New Way Learning Academy. With elements that touch on all aspects of the college experience, our participants are given an inclusive and impactful opportunity to try out college. The results of these experiences can guide and shape future post-secondary academic endeavors,” said Paige Raetz, Ph.D., BCBA-D, Transition Academy Director at SARRC. Participants gain a deeper understanding of all the skills needed for a successful college experience: admissions, academics, extra-curricular activities, life skills and social gatherings with other college students. “Without an opportunity to learn how to navigate the college experience, these young adults may find creative STEM jobs to be out of their reach. This is why I am so excited about UAT's partnership with SARRC. We are great at mentoring and growing individuals in a tech space. Because of UAT’s approach, camp participants are more likely to feel at home in college settings and ready to take that next step in their lives, pursuing a degree and finding a career that fills a genuine economic need,” said UAT Provost Dr. David Bolman. At the conclusion of the program, camp participants will celebrate their achievements with family members during a graduation and group project presentation ceremony. After the camp, participants will be offered an online class that they can take on an open entry and exit basis to practice their college skills. Participants who complete the course will then receive college credit. About SARRC: Established in 1997, the Southwest Autism Research & Resource Center (SARRC) is an internationally recognized, community-based, nonprofit organization dedicated to autism research, education, evidence-based treatment and community outreach. SARRC is one of the only autism organizations in the world that provides a lifetime of services for individuals and their families while conducting cutting-edge research. For more information about SARRC, visit autismcenter.org. About New Way Academy: New Way Academy is Arizona's premier independent K-12 school specializing in students with learning differences such as dyslexia, ADHD, and executive functioning difficulties. Small class sizes, individualized instruction and on-campus therapists empower learning in the classroom. Our large campus with sports and numerous after-school activities promotes building friendships and learning outside the classroom. For more information, please visit www.newwayacademy.org. About UAT: University of Advancing Technology (UAT) is a private university offering an immersion for the elite of technology, those with the most passion, all of whom are prepared and focused to achieve their highest potential within their chosen discipline. In addition to contemporary residence halls and 100% STEM degrees, the university is proud to offer the most comprehensive suite of game majors and is the first in the nation to award degrees in cyber security, business technology, and digital maker and fabrication. UAT’s urban campus in Tempe, Arizona is a technology nexus; a collection of technophiles, geeks and mavens of the digital world ever evolving into top technology executives, master programmers, cyber warriors, forensic sleuths, robotic engineers, interactive filmmakers, and game innovators for entertainment and government animation applications. www.uat.edu
News Article | July 11, 2017
SCOTTSDALE, Ariz., July 11, 2017 (GLOBE NEWSWIRE) -- Trusona, the leader in secure identity authentication, recently launched “Trusona for Salesforce” - which bypasses the need for usernames and passwords for Salesforce.com users. The University of Advancing Technology (UAT) has adopted Trusona to keep vital university information managed in Salesforce.com safer while providing users a frictionless, no passwords login experience. “We recently transitioned to Salesforce to manage the university’s contacts,” said Jason Pistillo, President of UAT. “We were experiencing slow adoption since users were reluctant to create yet another username and password. Implementing Trusona has been a delight. Not only was the solution simple to install, Trusona makes it easy for my team to access their Salesforce accounts with a single click. I also feel more secure knowing that our accounts will not be compromised by malware or weak user passwords.” “We are delighted to help UAT expedite the adoption of Salesforce,” said Ori Eisen, founder and CEO of Trusona. “Everyone is fed up with passwords. Trusona’s Identity Authentication solution can make logging into any online service more convenient and more secure.” Trusona's #NoPasswords solution can be integrated into any service requiring secure identity authentication and completely eliminates the need for username and passwords. Trusona is already being utilized across government, health care, finance, and media. For more information visit www.trusona.com. About Trusona Trusona is the global leader in simply secure Identity Authentication. Trusona’s Identity Authentication Suite provides a spectrum of solutions spanning from frictionless, no password login to world's only insured authentication protecting the world’s most precious assets. Trusona’s solutions leverage patented anti-replay technologies that use the unique nature of every action to ensure the True Persona behind every digital interaction. Trusona is leading the #NoPasswords revolution where there are no passwords to be created, remembered, stolen, or compromised. The company was founded in 2015 by CEO and cyber security expert Ori Eisen and is funded by Kleiner Perkins, Microsoft Ventures and Seven Peaks Ventures. For more information about visit www.trusona.com About UAT University of Advancing Technology (UAT) is a private university offering an immersion for the elite of technology, those with the most passion, all of whom are prepared and focused to achieve their highest potential within their chosen discipline. In addition to contemporary residence halls and 100% STEM degrees, the university is proud to offer the most comprehensive suite of game majors and is the first in the nation to award degrees in cyber security, business technology, and digital maker and fabrication. UAT’s urban campus in Tempe, Arizona is a technology nexus; a collection of technophiles, geeks and mavens of the digital world ever evolving into top technology executives, master programmers, cyber warriors, forensic sleuths, robotic engineers, interactive filmmakers, and game innovators for entertainment and government animation applications. www.uat.edu
News Article | May 11, 2017
Advizr, an innovative financial planning technology platform announced today the addition of veteran financial planning executive talent to the firm. Joining Advizr as President, Chief Revenue Officer is Chad Blythe, former Head of Sales at Money Guide Pro. Blythe brings over a decade of experience in financial planning software to Advizr and will be responsible for driving Advizr’s growth strategy. Also joining the firm is Rachel Sanborn, the new Director of Financial Planning at Advizr, formerly Head of UAT and SME at Learnvest. Sanborn brings 10 years experience as a practicing financial advisor and is also pursuing a Masters Degree in Financial Planning from Bentley University. “We are thrilled to bring on such rare industry talent to accelerate our growth, while deepening our platform functionality, content and capabilities,” said Hussain Zaidi, CEO and co-founder of Advizr. “As we look to scale our business in this next chapter, it is critical that each of our executives are passionate about our mission to make financial planning advice available to more end clients. Both Chad and Rachel are a substantial addition to the Advizr team, in that they not only embody this passion, but also have extensive experience and insight to help make this a reality. With the many macro-changes impacting the industry such as new digital competition, changing regulatory requirements and shifting consumer expectations, now more than ever, advisors need comprehensive, yet easy to use financial planning technology to remain primary in their clients’ lives.” Advizr has recently expanded its core functionality by leveraging its powerful cash flow engine to add new features and capabilities, while maintaining its elegant design interface to drive user adoption. As a result, Advizr has been experiencing rapid growth and strong demand from leading RIAs such as AdvicePeriod and Waldron Private Wealth in addition to enterprise organizations, such as The Leaders Group, which recently selected Advizr as its exclusive financial planning technology for its over 1,000 advisor force. “The future of financial planning technology is Advizr,” said Blythe. “I look forward to further developing our industry relationships to bring much needed innovation to advisors and their organizations through the Advizr platform.” By hiring strong talent with domain expertise, the company is reaffirming its commitment to the financial planning practice as it continues to focus on developing the best financial planning software in the industry. To learn more about the Advizr platform, log onto http://www.advizr.com. Advizr, based in New York, NY is dedicated to creating software that will expand consumer and advisor access to high-quality financial planning services in an accessible format. The powerful, automated, interactive financial planning solution empowers advisors to serve clients in a cost-effective way, regardless of net worth. To learn more about Advizr, please visit http://www.advizr.com.
News Article | May 11, 2017
Mr. Horowitz continued, "As announced in our press release on April 6th of this year, we completed the acquisition of the Jiffy Air Tool Inc. business. Jiffy is one of the preeminent brands of air tools used to manufacture commercial jets and other aircraft, both in North America and internationally. As Jiffy is a subsidiary of Florida Pneumatic, its financial results will be consolidated with those of Florida Pneumatic, moving forward. This acquisition expands our product offering in the aerospace sector of the pneumatic tool market and gives us even greater horizontal integration to a portion of our customer base. Additionally, we believe we have a significant opportunity to enhance Jiffy's growth due to the manufacturing, marketing and engineering resources and expertise provided by our other companies. The acquisition of the Jiffy Air Tool business, I believe, is clear evidence of our ongoing resolve to expand P&F's presence in the air tools and related accessories markets." Mr. Horowitz further added, "With respect to Hy-Tech, a primary factor for the shortfall in revenue this quarter, compared to the same period a year ago, is the reduction in shipments to a customer acquired in the ATSCO acquisition that has, since mid-2016, dramatically reduced its purchases. We believe the decline in orders from this customer has been caused primarily due to their possessing excess tools and parts, which they market to the depressed oil and gas sector. However, I am pleased to report that orders from this customer have begun to significantly improve. Further, our ongoing effort to develop new markets, where we can exploit our manufacturing expertise, is beginning to show positive results. Although Hy-Tech's revenue may have declined this quarter, compared to the first quarter of 2016, its gross margin and gross profit has improved over such periods. Lastly, Hy-Tech, with its new president and reenergized management team is extremely optimistic about future opportunities. They have started to turn the business around and, as a result, its open order status has improved by more than fifty percent compared to this time a year ago." The Company will be reporting the following. Florida Pneumatic markets its air tool products to three primary sectors within the pneumatic tool market; retail, industrial/catalog and the automotive market. It also generates revenue from its Berkley products line as well as a line of air filters and other OEM parts ("Other"). The decline in Florida Pneumatic's first quarter 2017 Retail revenue presented in the table above was driven primarily by a 7.1% reduction in shipments to Sears this quarter, compared to the same period in 2016, and a 2.3% drop in revenue attributable to The Home Depot. When comparing the three-month periods ended March 31, 2017 and 2016, our Automotive revenue, which consists primarily of sales of our AIRCAT product line, declined by 2.9%. Revenue in USD from our UAT division, headquartered in the United Kingdom, is also included in our Automotive revenue. UAT revenue in local currency (GBP), increased 8.2% this quarter compared to the same period in 2016, however when converted to USD its revenue declined 6.4% or approximately $47,000, due to a 13.6% decline in the foreign currency exchange rate. Lastly, although our Industrial/catalog revenue declined the first quarter of 2017, compared to the same period a year ago, revenue for this sector began to improve during the third quarter of 2016. However no assurance can be given that this trend will continue. Hy-Tech focuses primarily on the industrial sector of the pneumatic tools market. Hy-Tech manufactures and markets its own value-added line of air tools and parts, including the ATSCO product line, as well as distributes a complementary line of sockets, which in the aggregate are referred to as "ATP". Hy-Tech Machine also manufactures products primarily marketed to the mining, construction and industrial manufacturing sectors. These products along with gears, sprockets, splines, and hydraulic stoppers are aggregated as "Other". Approximately $686,000 of the decline this quarter of ATP revenue, compared to the same period a year ago, is due to a large customer that was acquired in the ATSCO acquisition dramatically reducing its purchases. We believe the decline in orders from this customer is due primarily to their possessing excess tools and parts, which they market to the oil and gas sector. Further, as mentioned in previous filings, we significantly curtailed our shipment of very low gross margin tools to one customer, accounting for $157,000 of the decline in ATP revenue. The largest component of Hy-Tech's revenue is derived from the oil and gas sector. Currently this revenue, which accounts for approximately 30% to 35% of their total revenue, is driven by a number of factors, such as, the number of off-shore rigs located in the Gulf of Mexico, "turn-arounds" or plant maintenance activities and land rigs. During the first quarter of 2017, according to Baker Hughes Incorporated, the number of off-shore rigs in operation at March 31, 2017 was 22, compared to 26 in operation on March 31, 2016. While the number of land rigs has increased recently, we believe that there remains excess inventory of tools and spare parts. Additionally, we believe that the turn-around activities continue to lag, compared to historic levels, further negatively impacting Hy-Tech's revenue. Further, we believe lower-priced imported tools and spare parts are impacting the marketplace. However, at March 31, 2017, Hy-Tech's backlog increased approximately 50%, compared to a year ago, with orders from both existing and new customers. In 2016 we began to pursue alternate markets where we believe we can exploit our manufacturing expertise, and develop different applications for our tools, motors and accessories. We believe the development of this new marketing strategy has provided an opportunity to generate revenue from the new markets in 2017. Revenue from these new sources during the first quarter of 2017 was approximately $203,000, and is included in the ATP grouping. At March 31, 2017, Hy-Tech had more than $460,000 in orders for products within this new initiative. Florida Pneumatic's first quarter of 2017 gross margin improvement over the same period a year ago was driven primarily by improved product mix. The increase of 1.7 percentage points in Hy-Tech's first quarter of 2017 gross margin, compared to the same period in 2016, was also driven primarily by product mix. Selling, general and administrative expenses, ("SG&A") include salaries and related costs, commissions, travel, administrative facilities, communications costs and promotional expenses for our direct sales and marketing staff, administrative and executive salaries and related benefits, legal, accounting and other professional fees as well as general corporate overhead and certain engineering expenses. During the first quarter of 2017, our SG&A was $5,047,000, compared to $5,019,000 for the same three-month period in 2016. The increase was due in large part to an increase of $201,000 of professional fees and other related expenses incurred during the three-month period ended March 31, 2017, primarily due to the acquisition of Jiffy Air Tool, Inc., and our on-going merger and acquisition efforts. This increase was partially offset by the reduction this quarter compared to the same period a year ago in depreciation and amortization expenses of $107,000, due primarily to the impairment of intangible assets of Hy-Tech related to both its original acquisition in 2007 and the acquisition of ATSCO in 2014. Variable expenses declined this quarter by $12,000, compared to the same period in 2016. Our compensation expense, which is comprised of base salaries and wages, accrued performance-based bonus incentives, associated payroll taxes and employee benefits, declined $12,000. The real property that generated $14,000 of Other income – net during the three-month period ended March 31, 2016, was sold in November 2016. As such, there is no income of a similar nature for the first quarter of 2017. In accordance with accounting guidance we have reported our short-term and term loan interest expense incurred during the period January 1, 2016 through February 11, 2016, which was the effective date of sale of Nationwide, in Discontinued operations. Further, as the result, of the Company and the Bank agreeing to significantly modify the Credit Agreement, we were required to write down and recognized as interest expense, the deferred financing costs associated with the then existing Credit Agreement. As such, $80,000 is included in amortization expense of debt financing costs in our interest expense for the three-month period ended March 31, 2016. Primarily the result of the sale of Nationwide and the real property located in Tampa Florida, occurring in February and November 2016, respectively, our bank borrowings have, during the first quarter of 2017, been minimal. As a result, our average balance of short-term borrowings during the three-month period ended March 31, 2017, was $103,000, compared to $5,227,000 during the same three-month period in 2016. However, as the result of the acquisition of Jiffy Air Tool Inc. in April 2017, our Revolver, (as defined below) or short-term borrowings will increase in future periods. At the end of each interim reporting period, the Company estimates its effective tax rate expected to be applied for the full year. This estimate is used to determine the income tax provision or benefit on a year-to-date basis, and may change in subsequent interim periods. Accordingly, our effective tax rate for the three-month period ended March 31, 2017 was benefit of 28.6%, compared to the effective tax provision rate of 39.4% for the three-month period ended March 31, 2016. The Company's effective tax rates for both periods were affected primarily by state taxes, non-deductible expenses and foreign tax rate differentials. Nationwide's results of operations in our consolidated financial statements presents their revenue and cost of goods sold for the period January 1, 2016 through February 11, 2016. The SG&A incurred during the same period includes that of Nationwide plus $19,000 of expenses incurred at the corporate level that is specifically attributable to Nationwide. In accordance with current accounting guidance, we included, as part of discontinued operations, all interest expense incurred attributable to our Bank borrowings during the period January 1, 2016 through February 11, 2016. We recognized a gain of $12,185,000, on the sale of Nationwide during the three-month period ended March 31, 2016, which represented the difference between the adjusted net purchase price and the carrying value of Nationwide. We monitor such metrics as days' sales outstanding, inventory requirements, inventory turns, estimated future purchasing requirements and capital expenditures to project liquidity needs, as well as evaluate return on assets. Our primary sources of funds are operating cash flows and our Revolver Loan ("Revolver") with our Bank. We gauge our liquidity and financial stability by various measurements, some of which are shown in the following table: In October 2010, we entered into a Loan and Security Agreement ("Credit Agreement") with an affiliate of Capital One, National Association ("Capital One", or the "Bank"). The Credit Agreement provides for Revolver borrowings under which are secured by the Company's accounts receivable, mortgages on its real property ("Real Property"), inventory and equipment. P&F and certain of its subsidiaries are borrowers under the Credit Agreement, and their obligations are cross-guaranteed by certain other subsidiaries. At our option, Revolver borrowings will bear interest at either LIBOR ("London InterBank Offered Rate") or the Base Rate, as the term is defined in the Credit Agreement, plus the Applicable Margin, as defined in the Credit Agreement. The interest rate, either LIBOR or Base Rate, which is added to the Applicable Margin, is at the option of the Company, subject to limitations on the number of LIBOR borrowings. Contemporaneously with the sale of Nationwide in February 2016, we entered into a Consent and Second Amendment to the Restated Loan Agreement (the "2016 Amendment") with Capital One. The 2016 Amendment, among other things, provided the Bank's consent to the transactions contained in the Stock Purchase Agreement and the repurchase of certain shares and amended the Restated Loan Agreement by: (a) reducing the aggregate Commitment (as defined in the Restated Loan Agreement) to $11,600,000; (b) reducing the Term Loan A to $100,000; (c) reducing the Revolver Commitment to $10,000,000 (less the new Term Loan A balance of $100,000); (d) reducing the Capex Loan Commitment to $1,600,000; (e) modifying certain financial covenants; (f) lowering interest rate margins and fee obligations, and (g) extending the expiration of the Credit Agreement to February 11, 2019. The net funds provided by the sale of Nationwide of approximately $18,700,000 were used to pay down the Revolver, the Cap-Ex loans and the Term Loan A; however, the Amendment provided for $100,000 to remain outstanding under the Term Loan A, rather than pay it off in full so that the Company and Capital One could facilitate potential increased future term loan borrowings more inexpensively and efficiently. At March 31, 2017 and December 31, 2016, we had no Revolver borrowings outstanding. Applicable LIBOR Margins in effect as of March 31, 2017 and December 31, 2016 was 1.50%. The Applicable Base Rate Margins in effect as of March 31, 2017 and December 31, 2016 was 0.50%. Contemporaneously with the acquisition of the Jiffy Air Tool, Inc. business, the Company entered into a Second Amended and Restated Loan and Security Agreement, effective as of the Closing Date (the "Second Amended and Restated Loan Agreement"), with Capital One. The Second Amended and Restated Loan Agreement amended and restated the 2016 Amendment. The Second Amended and Restated Loan Agreement, among other things, amended the Credit Agreement by: (1) increasing the maximum amount the Company can borrow under the Revolver Commitment (as defined in the Second Amended and Restated Loan Agreement) from $10,000,000 to $16,000,000, subject to certain borrowing base criteria, and (2) modifying certain borrowing base criteria as well as financial and other covenants. We believe that should a need arise whereby the current credit facility is insufficient, we can borrow additional amounts against our Real Property, as well as secure additional funds. During the three-month period ended March 31, 2017, our net cash decreased to $1,413,000 from $3,699,000 at December 31, 2016. Our total bank debt at March 31, 2017 and December 31, 2016 was $100,000. Our reduction in debt is primarily due to the sale of Nationwide. The total debt to total book capitalization (total debt divided by total debt plus equity) at March 31, 2017 and December 31, 2016 was 0.2%. In March 2016, our Board of Directors approved the initiation of a dividend policy under which the Company intends to declare quarterly cash dividends to its stockholders in the amount of $0.05 per quarter. During the three-month period end March 31, 2017, our Board of Directors voted to approve the payment of a quarterly dividend. As such in February 2017, we paid a $0.05 per share dividend to the shareholders of record as of February 2017. The total of such dividend payment was $180,000. The Company continues to maintain the dividend policy; however, the declaration of dividends under this policy going forward is dependent upon the Company's financial condition, results of operations, capital requirements and other factors deemed relevant by the Company's board of directors. During the three-month period ended March 31, 2017, we used $231,000 for capital expenditures, compared to $242,000 during the same period in the prior year. Capital expenditures for the balance of 2017 are expected to be approximately $693,000, some of which may be financed through our credit facilities or financed through independent third party financial institutions. The remaining 2017 capital expenditures will likely be for machinery and equipment, tooling and computer hardware and software. We believe that net cash flows from operations, plus the more than likely receipt in August 2017 of approximately $2,100,000 of escrow funds from the sale of Nationwide and available borrowings under our Credit Facility should provide sufficient cash to fund our consolidated cost structure for at least the next twelve months. Florida Pneumatic has two customers, Sears and The Home Depot that, in the aggregate, at March 31, 2017, and December 31, 2016, accounted for 48.5% and 53.5%, respectively of our accounts receivable. To date, these customers remain at or close to complying with their payment terms. Further, these two customers in the aggregate, accounted for 40.5% of our revenue for the three-month period ended March 31, 2017, compared to 38.3%, for the same three-month period in 2016. As mentioned in prior filings, we have elected not to renew an agreement with Sears, which will terminate September 30, 2017. We believe the loss of Sears's revenue will have a negative impact on our financial condition, but will not affect our ability to remain a going concern. P&F Industries Inc. has scheduled a conference call for today, May 11, 2017, at 11:00 A.M., Eastern Time, to discuss its first quarter of 2017's results and financial condition. Investors and other interested parties who wish to listen to or participate can call 866-548-2693. It is suggested you call at least 10 minutes prior to the call commencement. For those who cannot listen to the live broadcast, a replay of the call will also be available on the Company's web-site beginning on or about May 12, 2017. P&F Industries, Inc., through its wholly owned subsidiaries, manufactures and/or imports air-powered tools and accessories, sold principally to the retail, industrial, automotive and aerospace markets. P&F's products are sold under its own trademarks and other trade names, as well as under the private labels of major manufacturers and retailers. Statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, the inclusion of the words "believe," "expect," "intend," "estimate," "anticipate," "will," "may," "would," "could," "should" and their opposites and similar expressions identify statements that constitute forward looking statements within the meaning of the Reform Act. Any forward-looking statements contained in this press release and those contained in the comments of management, including those related to the Company's future performance, are based upon the Company's historical performance and on current plans, estimates and expectations, which are subject to various risks and uncertainties, including, but not limited to, those relating to: and those other risks and uncertainties described in the Company's most recent Annual Report on Form 10-K and its other reports and statements filed by the Company with the Securities and Exchange Commission. These risks could cause the Company's actual results in future periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. The Company cautions you against relying on any of these forward-looking statements. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pf-industries-inc-reports-results-for-the-three-month-period-ended-march-31-2017-300455671.html
News Article | November 2, 2016
LONDON, Nov. 2, 2016 /PRNewswire/ -- Enterprise mobility solution provider Infostretch has been accepted as a supplier of Specialist Cloud Services in the latest update of the UK government's procurement framework, G-Cloud 8 (G8). G-Cloud is a service provided by the Crown Commercial Service (CCS) which acts on behalf of the Crown to drive savings for the taxpayer and improve the quality of commercial and procurement activity. Infostretch's services for software and Internet of Things (IoT) development and testing can now be used by organisations across the UK public sector including central government, local government, health, education, devolved administrations, emergency services, defence and not-for-profit organisations. Specifically, Infostretch is approved to supply eight services: User Acceptance Testing (UAT), Automation Testing, Functional Testing, Internet of Things (IoT) Testing, DevOps Strategy and Implementation, Security Testing, Mobile Testing and Performance Testing. "With our acceptance onto the G-Cloud 8 Framework, we look forward to working with more UK public sector organisations," said Manish Mistry, VP of UK Operations. "We are able to offer the UK public sector the tools and expertise necessary for developing, testing and integrating future-ready mobile, web and IoT technologies and connecting them with the enterprise systems that make them work." For more information, visit the Infostretch UK Limited supplier profile on the G-Cloud Digital Marketplace: https://www.digitalmarketplace.service.gov.uk/g-cloud/supplier/702780 Infostretch provides solutions and services that help enterprises rapidly launch new mobility and IoT initiatives faster, with less risk and greater success. The company provides the tools and expertise necessary for developing, testing and integrating future-ready, omni-channel technologies and connecting them with the enterprise systems that make them work. Infostretch is an expert in Continuous Integration (CI) and Continuous Development methodologies and tools and helps businesses in their transition from Quality Assurance (QA) to Quality Engineering (QE). For more information on how solutions and services from Infostretch accelerate enterprise mobility and the Internet of Things (IoT), visit www.Infostretch.com. For further information Sonus PR for Infostretch Chevaan Seresinhe +44 20 3751 0330 firstname.lastname@example.org
Tlelo-Cuautle E.,National Institute of Astrophysics, Optics and Electronics |
Sanchez-Lopez C.,UAT |
Moro-Frias D.,National Institute of Astrophysics, Optics and Electronics
International Journal of Circuit Theory and Applications | Year: 2010
New nullor-based models are introduced to describe the behavior of the first generation current conveyor (CCI), second generation current conveyor (CCII), third generation current conveyor (CCIII), their inverting equivalents (ICCI(II)(III)), and/or their multiple output topologies (MO(I)CCI(II)(III)). These nullor equivalents include only grounded resistors to improve the formulation of equations in symbolic nodal analysis. In this manner, it is highlighted the usefulness of the proposed models to calculate analytical expressions in MO(I)CCI(II)(III)-based analog circuits. Copyright © 2009 John Wiley & Sons, Ltd.
News Article | December 7, 2016
BRUSSELS, BELGIUM--(Marketwired - Dec 7, 2016) - The Association of National Numbering Agencies (ANNA) is pleased to announce the membership of the Product Committee determining the specifications and maintaining the technical integrity of the International Securities Identification Number (ISIN) for OTC derivatives. The committee is comprised of a balanced representation of end users and those institutions that will be mandated by European regulations to obtain and use ISINs for some OTC derivative products -- buyside, sellside and trading venues. The committee members are as follows in alphabetical order by last name: "ISO standards development is always a collaborative industry process, leveraging the knowledge of firms that will use the standard. The newly formed Product Committee is building on the work of the ISO study group for OTC derivative identification, continuing the development of the most complex and expansive level of ISIN coverage to date," said Dan Kuhnel, chairman of the ANNA board of directors. "We welcome and look forward to supporting the members of the Product Committee in this important work." Also on the committee will be representatives of Etrading Software, the management services provider of the DSB, who will serve in the following roles: Sassan Danesh as chairperson, and Jason Fernandez and Tony Birrell as secretariats. The first meeting of the Product Committee was held on December 5. Minutes from committee meetings will be published under Chatham House rules upon committee approval. DSB Product Committee members will participate for a two-year term. Their activities include product governance and direct involvement in the creation and maintenance of correct data specifications for OTC derivative ISINs and related descriptive taxonomies, including addressing emerging new products. They will also participate in a series of open industry consultations with tight timelines to ensure the DSB is ready for the industry UAT due to launch at the end of Q1. More information on the DSB Product Committee framework can be found here. The DSB is being developed to serve the needs of the OTC derivatives market participants and regulators for unique identification of these financial products through allocation of the International Securities Identification Number (ISIN). The ISIN is a globally recognized and adopted ISO standard for identifying financial instruments. The development timeline is keyed to industry implementation before the in-force date of MiFID 2 in January 2018. As mentioned, the DSB Product Committee will be responsible for the product stewardship. It will operate alongside the DSB Board which will focus on delivering the technology, finalizing the overall structure and running the numbering agency on a cost-recovery basis. The diagram shows the proposed DSB structure. More detailed information on the DSB can be found in recent announcements at the ANNA website. About ANNA Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN numbering standard, under appointment by the International Organization for Standardization (ISO). Under ANNA's stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. The number by national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally. For information about ANNA, its members and activities, please visit anna-web.org.
News Article | December 19, 2016
BRUSSELS, BELGIUM--(Marketwired - Dec 19, 2016) - The Association of National Numbering Agencies today announced the launch of its second industry consultation with the publication of a consultation paper on key technical and operational aspects of the NNA Derivatives Service Bureau. In an additional announcement, the response time has been extended for the current DSB consultation on the work of the Product Committee. The new tech/ops consultation provides transparency on the current proposition and solicits stakeholder comments to ensure the service will meet the industry's requirements for the delivery of ISINs for OTC derivatives. "This industry consultation is the first to address the way the DSB numbering agency will be operated," notes Sassan Danesh of Etrading Software, which serves as the management services partner for the DSB. "As with all in this series of consultations, it is being run on an aggressive schedule that reflects the rapid timeframe of DSB development. We aim to have management decisions in place before UAT testing begins in April and to be fully operational in October of 2017." The consultation paper can be downloaded now from the Tech/Ops Consultation page of the ANNA website. Topics covered include the following: The consultation paper also introduces the opportunity for market participants to conduct early testing of FIX connectivity and functionality on the DSB Demo site, which will begin in February and offer a two-month head start on the formal UAT period beginning in April. Responses to the consulting paper may be sent to the DSB-TO-Secretariat@etradingsoftware.com. Responses will be made public unless anonymity is requested by the respondent or specified by the question. The deadline for response to the technical and operational consultation is 9 January 2017. After consideration of the feedback received, the DSB expects to publish its conclusions by 5 February 2017. The next industry consultation will concern fee models for the numbering agency services of the DSB, and is scheduled to begin 9 January 2017. Extended Response Window for Consultation on Product Committee Principles Due to the multiple requests for additional response time for the currently-running consultation on Product Committee, the response deadline has been extended to 4 January 2017. The consultation paper can be downloaded from the DSB Product Committee Consultation page of the ANNA website. About the DSB Product Committee DSB Product Committee members will participate for a two-year term. Their activities include product governance and direct involvement in the creation and maintenance of correct data specifications for OTC derivative ISINs and related descriptive taxonomies, including addressing emerging new products. More information on the DSB Product Committee framework can be found here on the ANNA website. About the ANNA Derivatives Service Bureau The DSB is being developed to serve the needs of the OTC derivatives market participants and regulators for unique identification of these financial products through allocation of the International Securities Identification Number (ISIN). The ISIN is a globally recognized and adopted ISO standard for identifying financial instruments. The development timeline is keyed to industry implementation before the in-force date of MiFID 2 in January 2018. As mentioned, the DSB Product Committee will be responsible for the product stewardship. It will operate alongside the DSB Board which will focus on delivering the technology, finalizing the overall structure and running the numbering agency on a cost-recovery basis. More detailed information on the DSB can be found in recent announcements at the ANNA website. About ANNA Established in 1992 by 22 founding numbering agencies, ANNA is the membership organization of national numbering agencies, which are operated by depositories, exchanges, government agencies, nationally central data vendors and other financial infrastructure organizations. ANNA also serves as the registration authority for the ISIN numbering standard, under appointment by the International Organization for Standardization (ISO). Under ANNA's stewardship, the role of the ISIN in enabling global financial communications has been established worldwide. ISINs are issued today more than 200 jurisdictions worldwide. The number by national numbering agencies and nations working to establish national numbering agencies continues to grow each year, now surpassing 120 jurisdictions globally. For information about ANNA, its members and activities, please visit anna-web.org.
News Article | December 7, 2016
With Already Over 200 Global Customers, Panaya Sees the Growing Need for an End-to-end Business Process Testing Solution Panaya, the leader in end-to-end business process testing tailored to ERP, announced that Shiseido is using Panaya Test Center to undergo a major IT transformation project. With business experts spread globally, with different languages and processes, Shiseido needed a solution for test management and execution that would increase adoption and efficiency while reducing project time. To date, using Panaya, Shiseido has already completed an ERP migration that took only five months, with User Acceptance Testing (UAT) throughout its entire European division taking only five weeks. Sébastien Hebert, Technical Director EMEA at Shiseido, remarked, "To ensure we go live smoothly with our business-critical applications, we had to mobilize over 80 business users spread across 11 countries in Europe to perform user acceptance testing. Panaya helped us save 30% of our testing effort while improving the quality of our testing." Panaya Test Center delivered test acceleration and offered Shiseido a more efficient way to manage the business process testing from an end-to-end perspective. "I could easily track the project in real time to increase our efficiency and avoid any bottlenecks. We will continue to partner with Panaya in our upcoming rollout and expect even greater value," Hebert stated. In their most recent test cycle, Shiseido used Panaya Test Center to manage and execute 840 unit tests, and 850 business process tests with 4400 transactions recorded in just under 2 months. With Panaya's SaaS solution that features easy onboarding, collaborative communications and intuitive reports, Shiseido gained greater visibility and adoption to the end-to-end business process testing cycles, which are often neglected in today's traditional testing tools. "Panaya Test Center addresses the gaps that traditional testing tools like HPQC can create, which is why more companies like Shiseido are coming onboard. In addition, with many enterprises worldwide considering a move to S/4HANA, we are pleased with the quick adoption of Panaya Test Center in the past few weeks," commented Tim Bisley, Executive Vice President EMEA sales at Panaya. "This is a next-generation platform for ERP change, strengthened by efficient business user testing, which dramatically cuts the time of a lengthy upgrade project." With Panaya, an Infosys company, organizations reach ERP agility faster - with zero time to change, zero risk, and zero defects. Panaya CloudQuality™ Suite enables all types of SAP® and Oracle® EBS changes. Panaya CloudQuality™ Suite delivers insights that tell you what will break, how to fix it, and what to test, helping organizations manage the testing process and collaborate between IT and business during the entire release process. Since 2008, 1,600 companies in 62 countries, including a third of the Fortune 500, have been using Panaya CloudQuality™ Suite to achieve ERP agility. http://www.panaya.com .