LOS ANGELES, CALIFORNIA–(Marketwired – June 10, 2015) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Convalo Health International, Corp. (Convalo) (TSX VENTURE:CXV), an acquisition-oriented company focused on rolling up the US addiction rehabilitation market, announced that it executed today a final binding Purchase Agreements for the acquisition of Hollywood Detox Center (Hollywood Detox) and Accredited Rehab and Treatment Services (ARTS), two profitable southern California companies.
Hollywood Detox and ARTS are behavioral health facilities offering detox and residential treatment services for both men and woman in and around the Hollywood and central Los Angeles area.
When added to the outpatient treatment services currently offered by BLVD Treatment Centers, Convalo now has a full service behavioral health platform spanning Hollywood and Central Los Angeles capable of treating patients at every level of the addiction treatment continuum. The combined annual revenue run-rate for this Hollywood and Central Los Angeles business now exceeds $23,000,000 and annualized run rate Adjusted EBITDA now exceeds $5,500,000.
By the end of the year, Convalo will expand this platform to include additional detox and residential treatment centers for both men and women on the west side of Los Angeles.
Three of the companies’ top level executives, Keith Fowler, Brent Ortner and Ryan Newport, will remain on after the transaction and are expected to play key roles in Convalo moving forward.
Terms of the Acquisition
Management has reported combined trailing 12-month revenues in excess of $14 million and Adjusted EBITDA in excess of $3.6 million. This acquisition is expected to increase Convalo’s revenues by over 150% and Adjusted EBITDA by more than 220%.
According to the Purchase Agreements, Convalo will acquire the businesses for a mix of cash and stock. Convalo will pay a total of $7,937,500 in cash and up to 8,000,000 shares or under 3% of the fully diluted shares of the company. Post-acquisition, Convalo will have over $21,500,000 in cash on the balance sheet with which to make further acquisitions. Convalo has no debt.
“We are now a fully established addiction services company in the heart of Los Angeles with over $23 million in revenues and significant profitability” said Mr. Dalsin, Chairman and CEO of Convalo. “While there is a significant positive impact on revenue and profits, this acquisition really only covers Hollywood and Central Los Angeles. acquisition of the management team gives us the ability to create a similar business in terms of revenues and
|Open||0.6000||P/E Ratio (TTM)||—|
|Last Bid/Size||0.6000 / 231||EPS (TTM)||-0.02|
|Last Ask/Size||0.6100 / 211||Next Earnings||—|
|Average Volume||1,198,365||Dividend Yield||—|
|Day High||0.6100||Ex-Dividend Date||—|
|Day Low||0.5700||Shares Outstanding||159.1M|
|52 Week High||0.8200||# of Floating Shares||154.8618M|
|52 Week Low||0.2300||Short Interest as % of Float||—|
More Application Not Analysis Is Needed
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Do You Have A Plan – or are you just planning to think about a plan ?
Originally posted on International Liberty:
Since I spend considerable time defending tax competition, fiscal sovereignty, and financial privacy, people sometimes think I can give competent advice on how best to protect one’s income from the IRS.
Hardly. Like most people in Washington, I’m all theory and no practice.
Besides, when people ask me about the ideal tax haven for an American citizen, I generally don’t have good news.
I explain that they are already living in a very successful tax haven, but then given them the bad news that only nonresident foreigners can take advantage of America’s tax haven policies. Though we should still be happy about being a haven since the favorable tax rules for foreigners have attracted lots of investment.
With the erosion of financial privacy, the IRS has considerable ability to track your money around the world, so moving your money to an overseas tax haven…
View original 1,150 more words
In 2015 to date, the Guggenheim Shipping ETF (SEA), an index weighted with dry bulk shipping companies, has dropped 5.8%, and the Baltic Dry Index, or BDI, has declined 23.3%.
Dry bulk shipping refers to the transportation of homogenous bulk cargoes by bulk vessels on an irregular scheduled line. The industry is affected by numerous factors such as the growth of world economies (VXUS) and commodity supply and demand. Note that investors can gain exposure to commodities through the SPDR S&P Metals and Mining ETF (XME).
The dry bulk market is likely to be driven by the low cost of commodities across the board, which should lead to more trade among countries. In a recent report by Hellenic Shipping News, market research firm Allied Shipbroking is cited as noting, “with commodity prices still under pressure, and possibly slipping further as the US dollar gains ground, there could be room for extra demand to surface down the line.”
The research firm is also cited as saying that Chinese imports of iron ore have been on the rise since late February 2015. So, this is another factor favoring industry growth. What’s more, with the sliding value of the Brazilian real, Brazilian iron ore could gain the competitive edge. And, this could lead to a sharp increase in demand for longer haul routes.
This would likely force out some of the locally sourced supply in China, rather than affect the Australian-sourced supplies. The result would be positive for the dry bulk shipping industry.
In this series, we’ll look at some of the important metrics that drive the dry bulk shipping industry. For example, China’s PMI (or purchasing manager’s index) is one of the major yardsticks applied to ascertain the economy’s manufacturing growth and related demand for commodities. We’ll also look at vessel values by assessing vessel prices for newbuilds, secondhand vessels, and the orderbook for dry bulk ships.
The Baltic Dry Index, or BDI, tracks a number of shipping routes and the prices paid for transporting major bulk commodities such as coal, iron, steel, and copper across the seas. It factors in the average daily earnings of dry bulk transport vessels such as Capesize, Panamax, Supramax, and Handysize. The index measures the demand for moving these raw materials against the supply of ships that can carry them.
Between January 2015 and March 20, 2015, the Baltic Dry Index recorded a significant trading decrease of 23.3%, down to 591. On a year-over-year basis, the index has declined by 63.5%.
In the month of February, the Baltic Dry Index slumped to its lowest point in 30 years, dragged down by China’s economic slowdown.
The slowdown is reflected in international trade figures as well. Exports in January dipped by ~3%, and imports slumped by 20%. It’s the fall in imports that’s putting pressure on freight rates across the world and contributing to the decline in the BDI.
The dip in the BDI is also due to excess shipping capacity. Shipping companies around the world went on a buying spree when the Chinese thirst for raw materials to fuel its economy seemed to be unquenchable.
Industry analysts expect the Baltic Dry Index to remain depressed for the next two to three years. With the index retreating, companies like DryShips (DRYS), Diana Shipping (DSX), Navios Maritime Partners (NMM), Navios Maritime Holdings (NM), and Safe Bulkers (SB) are likely to be affected. So is the SPDR S&P Metals and Mining ETF (XME), which invests in industries such as steel, coal and consumable fuels, gold, precious metals and minerals, aluminum, and diversified metals and mining.
imilar to wise buying decisions, exiting certain underperformers at the right time helps maximize portfolio returns. Selling off losers can be difficult, but if both the share price and estimates are falling, it could be time to get rid of the security before more losses hit your portfolio.
One such stock that you may want to consider dropping is Frontline Ltd. (FRO), which has witnessed a significant price decline in the past four weeks, and it has seen negative earnings estimate revisions for the current quarter and the current year. A Zacks Rank #4 (Sell) further confirms weakness in FRO.
A key reason for this move has been the negative trend in earnings estimate revisions. For the full year, we have seen 2 estimates moving down in the past 30 days, compared with no upward revision. This trend has caused the consensus loss estimate to widen, going from a loss of 1cent a share a month ago to its current level of a loss of 14 cents.
Also, for the current quarter, Frontline has seen 1 downward estimate revision versus no revision in the opposite direction, dragging the consensus estimate down to 3 cents a share from 11 cents over the past 30 days.
The stock also has seen some pretty dismal trading lately, as the share price has dropped 14.7% in the past month.
So it may not be a good decision to keep this stock in your portfolio anymore, at least if you don’t have a long time horizon to wait.
If you are still interested in the transport shipping sector, you may instead consider a better-ranked stock – Ardmore Shipping Corporation (ASC). The stock currently holds a Zacks Rank #1 (Strong Buy) and may be better selection at this time.
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